• Johnson & Johnson (NYSE:JNJ) beat Street estimates, posting second quarter earnings of $1.15 per share, ex-items, four cents ahead of expectations, versus $1.18 a year ago, on revenues of $15.2 billion
• Fastenal (NASDAQ:FAST) reported second quarter earnings miss at 29 cents per share, 4 pennies off Street estimates of 33 cents, as revenues fell short of the $487.10 million target, posting at $474.9 million
• Dell (NASDAQ:DELL) warned of gross margin pressure in the second quarter, likely to generate only slight sequential revenue gains versus estimates of 1.6% growth.Although asserting stabilization in its IT product demand y/y, the firm stated profits were affected by “the result of higher component costs, a competitive pricing environment, and an unfavorable mix of product and business-segment demand”
• CSX (NYSE:CSX) reported better-than-expected earnings of 72 cents a share from continuing operations, a dime ahead of estimates, versus 95 cents a year ago, despite a 21% fall in shipping volume and lower fuel surcharge recovery as expenses were slashed by 27%
• Oppenheimer upgraded Best Buy (NYSE:BBY), asserting the shares currently oversold and not reflective of market share improvement from Circuit City’s bankruptcy
• OSI Pharmaceuticals (NASDAQ:OSIP) reported successful completion of a Phase III study, showing increased survival following initial chemotherapy treatment in patients suffering advanced non-small cell lung cancer
• Citigroup (NYSE:C) upgraded shares of Blue Nile (NASDAQ:NILE) to “buy” from “hold,” maintaining a $50 price target
• Burger King (NYSE:BKC) was downgraded by Bank of America (NYSE:BAC) to “neutral” with a lowered price target of $19 from $22
• Masco (NYSE:MAS) was downgraded at JP Morgan (NYSE:JPM) to “underweight” from “overweight,” with its price target cut to $6.50 from $7.50
• Owens Corning (NYSE:OC) received an upgrade from JP Morgan (NYSE:JPM) to “overweight” from “neutral,” with a price target of $15, up from $13.50
