Today is another big earnings day. After the close, many tech giants will be reporting. Before the bell, over a dozen large companies will be reporting Q3 earnings, one is a Dow component. We focus on companies reporting before the open. We highlight company information investor expectations on the following companies, Morgan Stanley (NYSE:MS), BB&T Corporation (NYSE:BBT),  Boston Scientific Corporation (NYSE:BSX), KeyCorp (NYSE:KEY), The Travelers Companies, Inc. (NYSE:TRV),  Philip Morris International Inc. (NYSE:PM),  Verizon Communications Inc. (NYSE:VZ), Union Pacific Corporation (NYSE:UNP), Nucor Corporation (NYSE:NUE), Baxter International Inc. (NYSE:BAX), Danaher Corporation (NYSE:DHR), Diamond Offshore Drilling, Inc. (NYSE:DO), Fifth Third Bancorp (NASDAQ:FITB), and Laboratory Corp. of America Holdings.

Earnings Calender

  • Morgan Stanley (NYSE:MS)  is reporting 3Q12 results today, October 18, before the open.  The steet expects revenue of  $6,634.2B  on $0.05 EPS.   Morgan The key issues for Morgan Stanley (NYSE:MS) certainly include the trajectory of overall market tone and the firm’s ability to translate that into higher revenues but also importantly Morgan Stanley (NYSE:MS) specific catalysts including evolved thinking/progress points on fixed income strategy and the timing of potential capital management in the context of the MSSB buy-in/2013 Fed CCAR. For the six months ended 30 June 2012, Morgan Stanley revenues decreased 18% to $16.97B. Net income applicable to common stockholders excluding extraordinary items increased 93% to $424M. Revenues reflect Institutional Securities segment decrease of 23% to $7.26B, Net Interest Spread, Total -% decrease from 0 to -0.15%. Net income reflects Compensation & Benefits decrease of 9% to $8.06B (expense). Morgan Stanley (NYSE:MS) will be the last of the big banks to report earnings. Citigroup Inc. (C), Goldman Sachs Group, Inc. (GS), Wells Fargo  & Company (WFC) and JPMorgan Chase & Co (JPM) all reported earnings, with overall positive results.
  • BB&T Corporation (NYSE:BBT) is expected to report revenue of $2.457.12 billion and EPS of  $0.71. Investors will be looking at possible  NIM compression resulting from lower securities yields/accelerating prepayment speeds; banks with the highest securities yields (biggest reinvestment rate risk) and those with the highest percentage of securities to earning assets, are at the highest risk. MBS prepayment speeds accelerated during the latter part of September (and so far in October). For the six months ended 30 June 2012, BB&T Corporation (NYSE:BBT) interest income increased 3% to $3.47B. Net interest income after loan loss provision increased 19% to $2.34B. Net income applicable to common stockholders increased 77% to $941M. Net interest income after loan loss provision reflects Residential Mortgage Banking segment increase of 100% to $547M, Treasury segment increase of 37% to $503M.
  • Boston Scientific Corporation (NYSE:BSX) will report 3Q earnings today, October 18th before the market opens and hold an 8 AM ET conference call to discuss results. Analysts forecast revenue of $1.76 B and EPS of $0.11. Key focus areas going into the earnings include: 1) CRM growth, market trends, and expectations; 2) Commentary around DES market dynamics, market share trends, and continued shift of Boston Scientific Corporation (NYSE:BSX)’s DES mix to Promus Element from Promus; 3) Guidance; 4) Actions relating to capital allocation; and 5) pipeline (TAVR, MRI-safe Pacer, Synergy). For the six months ended 30 June 2012, Boston Scientific Corporation (NYSE:BSX) revenues decreased 5% to $3.69B. Net loss totaled $3.47B vs. income of $192M. Revenues reflect United States segment decrease of 7% to $1.93B, Foreign currency Fluctuations segment decrease of 93% to $4M, EMEA segment decrease of 3% to $886M. Net loss reflects Foreign currency Fluctuations segment loss increase from $413M to $4.23B.
  • KeyCorp (NYSE:KEY) is reporting 3Q12 results today, October 18, before the open.  Analysts are looking for revenue of  $1.027.02 billion and $0.21 EPS. KeyCorp (NYSE:KEY) is among the most exposed to higher RMBS prepays/lower reinvestment rates and may be more exposed to C&I pricing pressures given more C&I concentration and its focus on larger loans (the area analysts expect to experience the most pricing pressure). For the six months ended 30 June 2012, KeyCorp (NYSE:KEY) interest income decreased 9% to $1.35B. Net interest income after loan loss provision decreased 15% to $1.03B. Net income applicable to common stockholders excluding extraordinary items decreased 2% to $420M. Net interest income after loan loss provision reflects Corporate Banking segment decrease of 23% to $352M, Reconciling Items segment decrease of 70% to $6M.
  • The Travelers Companies, Inc. (NYSE:TRV)  is expected to report Q3 EPS of $1.61 on revenue of 5,792.51 billion. Losses from Hurricane Isaac expected to be modest: The Travelers Companies, Inc. (NYSE:TRV) management commented in early September that Q3 cat losses at that point were estimated to be well below $100 million (on an after-tax basis). For the six months ended 30 June 2012, The Travelers Companies, Inc. (NYSE:TRV) revenues increased 1% to $12.75B. Net income applicable to common stockholders increased from $470M to $1.3B. Revenues reflect Business Insurance segment increase of 2% to $6.97B, Personal Insurance segment increase of 1% to $4.06B. Net income benefited from Personal Insurance segment income totaling $125M vs. loss of $301M.
  • Philip Morris International Inc. (NYSE:PM) is expected to report 3Q12 EPS of $1.39  and revenue of $8.237.85 billion. Investors will be focusing on  Philip Morris International Inc. (NYSE:PM) management’s volume expectations for the EU region over the remaining portion of the year; color regarding the taxation and regulatory environments in Russia; details about the company’s performance in the EEMA region, particularly in North Africa and Russia; further information regarding plain packaging in Australia and the EU; and an update on market share trends in Japan. For the six months ended 30 June 2012, Philip Morris International Inc. (NYSE:PM) revenues increased 4% to $38.06B. Net income increased 3% to $4.48B. Revenues reflect Asia segment increase of 11% to $10.49B, Eastern Europe, Middle East and Africa segment increase of 10% to $9.13B, Latin America & Canada segment increase of 3% to $4.68B. Net income was partially offset by European Union segment income decrease of 6% to $2.15B.
  • Union Pacific Corporation (NYSE:UNP) is reporting 3Q12 results today, October 18, before the open.  Analysts predict Union Pacific Corporation (NYSE:UNP) to report revenue of  $5.384.53 billion on $0.60 EPS. Investors will be looking to see if lower volumes of coal and agricultural products are offset by higher gasoline prices. For the six months ended 30 June 2012, Union Pacific Corporation (NYSE:UNP) revenues increased 11% to $10.33B. Net income increased 31% to $1.87B. Revenues reflect Freight Revenues increase of 10% to $9.74B. Net income benefited from Interest Expense decrease of 7% to $270M (expense), Gain on non-operating asset disposal increase from $5M to $12M (income), Rental income increase of 5% to $41M (income). Dividend per share increased from $0.86 to $1.20.
  • Nucor Corporation (NYSE:NUE)  is reporting third quarter 2012 results today, October 18, before the open. Analysts expect the Steel giant to report $4.865.99 billion in revenue and $0.37 EPS. Nucor Corporation (NYSE:NUE) provided mid-quarter EPS guidance of $0.39 to $0.44, but has exceeded the high end of guidance 10 out of the last 12 quarters. Items to look for  include: 1) domestic carbon market conditions; 2) Impact of Skyline acquisition; 3) discussion of SBQ market weakness; 4) Nucor Corporation (NYSE:NUE) Wire Products Pennsylvania (wire mesh production) sale details; and 6) construction market update. For the six months ended 30 June 2012, Nucor Corporation (NYSE:NUE) revenues increased 2% to $10.18B. Net income decreased 44% to $257.4M. Revenues reflect Steel Products segment increase of 14% to $1.83B, Steel Mills segment increase of 1% to $7.1B. Net income was offset by Impairment of non-current assets increase from $0K to $30M (expense). Dividend per share remained flat at $0.73. Basic Earnings per Share excluding Extraordinary Items decreased.
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