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MARKET CURRENTS

  • 4:15 PM Fluor (FLR): Q2 EPS of $0.95 beats by $0.03. Revenue of $7.2B (+18.1% Y/Y) beats by $500M. (PR) Comment! [Earnings]
  • 4:14 PM Activision Blizzrd (ATVI): Q2 EPS of $0.20 beats by $0.08. Revenue of $1.05B (+26% Y/Y) beats by $219M. Expects Q3 revenue of $690M and EPS of $0.07, below consensus of $728.1M and $0.12. Expects 2012 revenue of $4.63B and EPS of $0.99, slightly above consensus of $4.58B and $0.98. Shares -0.6% AH. (PR) Comment! [Tech, Earnings]
  • 4:11 PM PDL BioPharma (PDLI): Q2 EPS of $0.52 beats by $0.08. Revenue of $12.9M (+3.1% Y/Y) in-line. Shares +1.1% AH. (PR) Comment! [Earnings, Healthcare, On the Move]
  • 4:11 PM More on AIG's Q2: Insurance operations operating income grew 26% to $1.9B. Book value per common share up 5% to $60.58. With Maiden Lane III auctions nearly done, AIG has purchased $7.1B of the assets YTD. Comment! [Financials, Earnings]
  • 4:10 PM Kraft (KFT): Q2 EPS of $0.58 beats by $0.06. Revenue of $13.29B (-4.3% Y/Y) misses by $0.67B. Will spin off North American grocery business by October 1. Shares -1.2% AH. (PR) Comment! [Earnings]
  • 4:08 PM Market recap: Stocks recovered from sharp early losses to close moderately lower as the ECB offered no instant satisfaction in the form of a new bond purchase program. Europe was not so lucky, closing on the lows, led by a seemingly bailout-bound Madrid (-5.5%). GM failed to hold onto gains following its earnings beat, while Green Mountain roasted the shorts despite lowered guidance. 1 Comment [Top Stories]
  • 4:08 PM Rubicon Technology (RBCN): Q2 EPS of -$0.06 beats by $0.06. Revenue of $17M (+% Y/Y) beats by $0.6M. Shares -0.5% AH. (PR) Comment! [Earnings, Tech]
  • 4:06 PM AIG (AIG): Q2 after-tax operating income of $1.06, may not be comparable to expectations of $0.57. Shares +1.1% AH. (PR) Comment! [Financials, Earnings]
  • 4:05 PM Hornbeck Offshore Services ([[HOS] -14%) closes out the day punished with a big loss after missing on its Q2 earlier. The miss largely masked an impressive 63% Y/Y increase in revenue, as the provider of offshore supply vessels to the energy industry continued to see improved demand in its key upstream business. Comment! [Energy, Earnings, On the Move]
  • 4:03 PM Yelp's (YELP +16.9%) Q2 beat and guidance hike is yielding a mixed reaction in some circles, as praise for the company's numbers is tempered by concern over its valuation. Raymond James (Market Perform) points out Yelp is now trading at ~60x estimated 2013 EBITDA, and a giant share lock-up expiration is arriving at month's end. Citi, Goldman, and Oppenheimer are also reiterating neutral stances. (previous) (transcript) Comment! [Tech, Quick Ideas]
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