Morning Movers: MLM, HHS, MA, VNO Down; ADM, BZ, OSK Up

Martin Marietta (MLM) Q3 beat earnings estimates with $1.23 per share in profit, but fell short of the sales estimates, and forecast ’09 EPS well below estimates at $2.20 to $2.45 per share, versus the consensus $2.78. The stock is down 5.4% at $82.25.
Archer Daniels Midland (ADM) missed revenue estimates for Q3 by a cool $3 billion, reporting $14.92 billion, down 30%, while beating EPS estimates by 20 cents with 77 cents per share. The company said it sees demand improving. The stock is up 72 cents or 2.4% at $31.25.
Boise (BZ), maker of paper and packaging products, beat EPS estimates by 2 cents and reported sales down 20%, year over year, to $508 million, missing estimates. The stock is up 19 cents, or 4%, at $4.90.
Direct marketing firm Harte Hanks (HHS) met EPS estimates for 22 cents per share, while reporting a 23% drop in revenue, missing the average $216 million estimate by $7 million. The stock is down 11 cents, or 1%, at $11.31.
Mastercard (MA) beat EPS estimates by a mile with $3.48 per share versus the $2.94 average estimate, as revenue rose 2% to $1.36 billion, beating estimates. Purchases globally were about flat with last year, the company said. The company said it will file a universal shelf registration this month. The stock was down $9.21, or 4.4%, at $213.53.
Rugged vehicle maker OshKosh (OSK) is up $2.25, or 7%, at $34.08, after the company this morning handily beat earnings estimates with 27 cents per share, with sales falling 20% but still beating estimates at $1.49 billion. The company forecast revenue growth in 2010 and expects to be “solidly profitable.”
Hospital owner Tenet Healthcare (THC) beat EPS estimates with a profit of 3 cents versus the average 2-cent loss projected, as revenue rose 6% to $2.26 billion, slightly ahead of estimates. Shares were unchanged at $5.30.
Commercial REIT Vornado Realty Trust (VNO) beat estimates by 8 cents with $1.25 per share a! s revenu e fell about 1% year over year to $671.2 million, ahead of estimates. The stock is down 71 cents, or 1%, at $59.56.

Best Wall St. Stocks Today: BBY,CC

On Wednesday we�ll get to see earnings out of Best Buy Co. Inc. (NYSE: BBY). The estimates from First Call are $1.65 EPS on $13.18 billion in revenues.  Next quarter estimates are $0.39 EPS on $8.58 billion in revenues. Estimates for fiscal Feb-2009 are $3.35 EPS on $43.08 billion in revenues.  These numbers may change by Wednesday morning.
Best Buy Co.�s 52-week trading range is $38.75 to $53.90. Analysts have an average price target north of $52.00 and shares closed at $40.56 on Friday.  Year-to-date, its shares are down close to 25%. We recently noted a Banc of America downgrade in the stock.
Normally we’d say to watch Circuit City (NYSE: CC) as well, but that company is so far imploded that a great Best Buy number would be interpreted as at Circuit City’s loss and a bad report from Best Buy would just imply things are bad there too.
One note that we’d like to point out is that while the stock is close to a 52-week low, these prices are close to lows not seen since mid-2005.  If $40.00 doesn’t act as a base for this electronics and appliances retail giant, then seeing this test $35.00 is not out of the realm of possibilities.  Much weak consumer spending should be factored in already, but Wall Street has been very bad in recent months of pricing in good news or bad news ahead of time.
Jon C. Ogg
March 30, 2008
Jon Ogg produces the Special Situation Investing Newsletter and he can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.