“(Reuters) – Johnson & Johnson (JNJ) reported lower-than-expected quarterly sales on Tuesday and cut its full-year 2012 profit forecast, citing negative foreign-exchange factors, but quarterly earnings narrowly beat Wall Street estimates.

The diversified healthcare company said on Tuesday it earned $1.41 billion, or 50 cents per share, in the second quarter. That compared with $2.78 billion, or $1.00 per share, in the year-earlier period, when the company took a big charge for restructuring its Cordis heart-device unit.

Quarterly sales totaled $16.48 billion, falling short of Wall Street expectations of $16.69 billion.”

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“NEW YORK (AP) — The Coca-Cola Co. says its net income slipped in the second quarter from a year ago, as rising commodity costs offset its expansion overseas.

The world’s biggest beverage maker — which makes Minute Maid, Powerade and Dasani — says its revenue growth was powered by emerging markets such as India. But that growth was offset by higher costs for ingredients and slower growth at home.

For the three months ended June 29, the company said it earned $2.79 billion, or $1.21 per share. That’s down from $2.8 billion, or $1.20 per share, in the year-ago period.”

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“In recent years, more and more companies have announced quarterly earnings that have beaten analysts expectations.

“This is likely attributable to Investor Relations officers guiding the Street analysts to an earnings number the companies know they can beat,” says Rich Bernstein of Richard Bernstein Advisors.

As such, the information that comes from a positive earnings surprise is pretty much worthless.”

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It appears that $JPM’s earnings were not all that rosy.

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“Wells Fargo is reporting higher earnings for the second quarter thanks to a pickup in lending and a decline in the amount of bad loans.

The San Francisco-based bank’s net income rose 18 percent to $4.4 billion, compared to $3.7 billion in the same period a year ago.

On a per-share basis, the bank earned 82 cents, in line with estimates of analysts polled by FactSet. Revenue of $21.3 billion was also in line with analysts’ expectations.”

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Second quarter profits were shaved by 9% and Dimon says the trade is not closed and that the bank could lose an additional $1.7 billion as a worse case scenario.

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“It’s early, but as we pointed out yesterday in our Q2 earnings preview, the background noise is starting to grow louder. With near record levels of negative pre-announcements post the financial crisis (most recently AMD and Cummins), we are shocked (shocked we tell you) that analysts could have got it so wrong. Expectations for Q2 2012 EPS Growth have dropped from a Viagra-based ‘its-always-better-two-quarters-out’ view inAugust 2011 of +11% to -1.8% today. What is not surprising is the hope-filled 14% S&P 500 EPS growth rate expected for Q4 2012!”

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Looking into $AA earnings we get some clues about China.

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$AMD is out this morning with a warning blaming China for their woes.

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Reports Q2 (Jun) earnings of $0.06 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate consensus of $0.06; revenues fell 9.4% year/year to $5.96 bln vs the $5.82 bln consensus, primarily due to an 18 and 17% year-on-year decline in the realized metal price and realized alumina price, respectively. Alcoa recorded revenue growth in the second quarter across global end markets, including packaging (5%), aerospace (4%), and commercial transportation (3%), compared to 1Q12. Alcoa continues to project a global aluminum supply deficit in 2012 and reaffirmed its forecast that global aluminum demand would grow 7% in 2012, on top of the 10% growth seen in 2011. Strength in the midstream and downstream businesses continued to mitigate volatility in the upstream businesses. Engineered Products and Solutions once again turned in record results, with second quarter adjusted EBITDA margin at 19.4%, the highest to date. Despite continued European weakness, Global Rolled Products achieved record first half adjusted EBITDA per metric ton of $409, 74% higher than the 10-year average, and record first half ATOI of $191 million… Alcoa proposed to settle the Alba civil suit by offering Alba a cash payment of $45 million. Alcoa has also offered Alba a long-term alumina supply contract. Based on the cash offer, Alcoa recorded a $45 million charge. Alcoa currently estimates an additional possible charge of up to $75 million to settle the suit. In addition, Alcoa has been in dialogue with the Department of Justice and the Securities and Exchange Commission regarding their investigations. If a settlement of the government’s investigations can be reached, it is probable that the amount would be material in a particular period to Alcoa’s results of operations.

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“Alcoa Inc. (AA), the largest U.S. aluminum producer, may report an 81 percent decline in second-quarter earnings as the eighth straight year of surplus global production drives down the price of the metal.

Profit excluding one-time items will be 6 cents a share, according to the average of 19 analysts’ estimates compiled by Bloomberg. Analysts have lowered their projections by 48 percent in the past 30 days as aluminum traded near a two-year low on the London Metal Exchange.”

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Samsung missed on the top line ,but just manged to beat the bottom line. Going forard analyst expect a peak in earnings next Q.

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Type 5 into earnings releases and then maybe get long for the clam put ?

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“Remember the selective disclosure problem before Facebook’s IPO?

That was when Facebook cut its earnings outlook during the IPO roadshow but only told big institutional investors about it. (Specifically, Facebook told the stock analysts at its IPO underwriters, who then cut their “estimates” and verbally told their big clients about this–leaving everyone else in the dark).”

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Weakening business activity worldwide is hitting U.S. companies where it hurts, with more of them signaling disappointing results than at any time over the past decade.

Pepsico Pepsico’s New Plant-Based Bottle

Many bellwether companies, including two Dow[.DJIA  12573.57  —  UNCH    ] components, have come out in recent days with profit warnings, and the slowing in Europe has been cited as a major factor for those outlooks.

For every company that has raised its second-quarter profit outlook, 3.6 have warned, the worst ratio since the third quarter of 2001, according to Thomson Reuters data.

Firms including PepsiCo [PEP  68.50    -0.41  (-0.59%)   ], package shipper FedEx[FDX  90.63    -0.71  (-0.78%)   ] and tobacco company Philip Morris [PM  85.60   -2.91  (-3.29%)   ] all lowered earnings expectations in recent days, citing concerns about Europe.”

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A slowing China has caused $PG to reduce growth estimates.

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$FDX gave preliminary guidance of $1.45-$1.60 while consensus had been for $1.70 or better. The company still has a little time to hit consensus.

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“Shares of Oracle (ORCL) are up $1.65, or 6.1%, at $28.77 in late trading after the company this afternoon issued a surprise early report for its fiscal Q4 revenue in line with consensus but beat on the bottom line, and said its board approved a $10 billion buyback plan.

The Street had been told to expect the report on Thursday, after the bell.

Revenue in the three months ended in May rose 1%, year over year, to $10.9 billion, yielding EPS of 82 cents, excluding some items.

Analysts had been modeling $10.89 billion and 78 cents.”

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