Zacks Analyst Blog Highlights: The Boeing Company, Lockheed Martin, ConocoPhillips, Comcast and RenaissanceRe Holdings

For Immediate Release

Chicago, IL – July 29, 2010 – Zacks.com Analyst Blog features:

The Boeing Company (BA), Lockheed Martin Corporation (LMT), ConocoPhillips (COP), Comcast Corp. (CMCSA) and RenaissanceRe Holdings Ltd. (RNR ).

Here are highlights from Wednesday’s Analyst Blog:

Boeing Overcomes Pessimism

The The Boeing Company (BA) overcame market pessimism, showing resilience in its core businesses with second quarter fiscal 2010 earnings of $1.06 per share, outpacing the Zacks Consensus Estimate of $1.01. The company’s results reflect solid performance across its core businesses amid lower volumes.

However, the company, like its defense peer Lockheed Martin Corporation (LMT) fell short of year-ago earnings. Last year, Boeing reported earnings of $1.41 for the corresponding period.

The street was apprehensive of Boeing’s ability to recover since its commercial airplane deliveries were badly affected by cancellation and deferment from customers absorbing the after-shocks of the worldwide recession. As a result, Boeing’s quarterly revenue decreased 9.2% year-over-year to $15.6 billion, lower than the Zacks Consensus Estimate of $16.4 billion.

Impressive 2Q for Conoco

ConocoPhillips (COP) reported its second-quarter 2010 earnings of $1.67 per share (excluding a net benefit of $1.7 billion, primarily from dispositions and an impairment), substantially higher than the year-ago quarter earnings of 66 cents as well as the Zacks Consensus Estimate of $1.55. The improved performance primarily reflects a hike in commodity prices associated with improved global refining and marketing margins, partially offset by lower production volumes.

Revenues in the reported quarter improved more than 38% year over year to $50.1 billion, comfortably beating the Zacks Consensus Estimate of $44.7 billion.

We remain optimistic on Conoco, given its ability to generate returns from its fundamental portfolio and recent developments in divestiture programs that are expected to move the needle in the positive direction for shareholders.

We prefer to remain on the sidelines owing to uncertainties related to the impending divestures and an expected downtrend in Conoco’s reserves at year end or in 2011. Additionally, non-exposure to the prolific non-conventional plays and strong exposure to the tentative U.S. natural gas markets also remain as causes for concern. Consequently, our Neutral recommendation for Conoco remains unchanged at this stage.

Comcast Exceeds Zacks Estimates

Comcast Corp. (CMCSA) reported second quarter 2010 financial results, which exceeded the Zacks Consensus Estimates. Adjusted EPS in the reported quarter was 33 cents compared with 29 cents in the prior-year quarter.

Adjusted EPS included $22 million in operating expense, $2 million of interest expense and $35 million of other expense related to the NBC Universal Transaction. Adjusted EPS exceeds the Zacks Consensus Estimate of 32 cents. Better-than-expected results were due to solid customer growth and an improving advertising market.

GAAP net income was $884 million or 31 cents per share, compared with $967 million or 33 cents per share in the prior-year quarter. The decline was due to the expenses related to its highly anticipated acquisition of NBC Universal.

RenaissanceRe Beats Estimates

RenaissanceRe Holdings Ltd. (RNR )reported its second-quarter income from continuing operations of $139.9 million or $2.40 per share, well ahead of the Zacks Consensus Estimate of $2.13. However, this compares unfavorably with an income of $254.1 million or earnings of $4.05 in the year-ago quarter. The year-over-year decline in earnings was attributable to lower revenues on the back of lower premiums earned and a decline in net investment income during the quarter.

RenaissanceRe’s income from continuing operations excludes net realized and unrealized gains on fixed maturity investments of $71.1 million and net other-than-temporary impairments of $0.8 million in the second quarter of 2010 and net realized gains on fixed maturity investments of $18.9 million and net other-than-temporary impairments of $1.8 million in the prior year quarter.

Including these one-time items, RenaissanceRe posted a net income of $210.2 million or $3.66 per share in the reported quarter, declining from $271.2 million or $4.32 per share.

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Read the full analyst report on BA

Read the full analyst report on LMT

Read the full analyst report on COP

Read the full analyst report on CMCSA

Read the full analyst report on RNR