- Pre-Market Indications

Wednesday, May 21, 2008

Opening View: Analog Devices, Intuit, and H-P Join Tech Earnings Parade

In earnings news, Hewlett-Packard (HPQ: View sentiment for HPQsentiment, chart, options) reported that its second-quarter profit rose to $2.1 billion, or 80 cents per share. Revenue jumped to $28.3 billion from $25.5 billion. Excluding one-time items, H-P would have earned $2.2 billion, or 87 cents per share. Looking ahead, the company estimates it will earn 76 cents to 77 cents per share on revenue between $27.3 billion and $27.4 billion. Both second-quarter and third-quarter figures were in line with H-P's guidance issued last week.

Meanwhile, Analog Devices (ADI: View sentiment for ADIsentiment, chart, options) reported a second-quarter profit of $133.1 million, or 45 cents per share. Excluding items, earnings would have arrived at 44 cents per share. Revenue rose to $649.3 million from $597.5 million last year. Analysts were looking for a profit of 41 cents per share on revenue of $627.3 million. For the third quarter, ADI forecast earnings from continuing operations of 43 cents to 45 cents per share on revenue of $650 million to $665 million. Analysts estimate a profit of 43 cents per share on revenue of $639.3 million.

Outside of earnings news, Time Warner (TWX: View sentiment for TWXsentiment, chart, options) said it would separate from Time Warner Cable (TWC: View sentiment for TWCsentiment, chart, options) , and expects to receive a $9.25 billion dividend in the process. "We're bullish on Time Warner Cable's prospects, but its strategic goals and capital needs are increasingly different from those of our other businesses," said Jeff Bewkes, president and chief executive of Time Warner.

Rounding out our coverage this morning, Intuit (INTU: View sentiment for INTUsentiment, chart, options) reported that third-quarter profit arrived at $444.2 million, or $1.33 per share. Revenue rose 15% to $1.31 billion. Excluding special items, quarterly earnings would have been $1.39 per share, topping analyst estimates for $1.36 per share.

Opening View: Analog Devices, Intuit, and H-P Join Tech Earnings Parade

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