DOW JONES NEWSWIRES 
 

Below is a synopsis of major second-quarter releases from Tuesday morning:

Merck Earnings Down 12%, But Results Top Views

Merck & Co.'s (MRK) profit dropped 12% on increased charges while results were also hurt by slow sales of its Gardasil cervical-cancer vaccine and weaker sales of the cholesterol drugs it sells jointly with merger partner Schering-Plough Corp (SGP). But revenue and earnings excluding items topped estimates, helping push shares of Merck up 4.2% to $29.11. Schering, which reported a 45% jump on prior-year charges, rose 2.7% to $26.26.

Caterpillar Earnings Slump 66%, But Raises View

Caterpillar Inc.'s (CAT) profit fell 66% as the heavy-machinery maker posted slumping machinery and engine sales as job-cut charges further reduced earnings. But shares rallied 12% to $40.90 as the profit beat Wall Street's expectations and the company boosted full-year earnings expectations.

United Tech Income Down 23% On Charges, Target Cut

United Technologies Corp.'s (UTX) profit fell a less-than-expected 23% on restructuring charges and a weak performance at its Carrier unit as revenue fell short of estimates. That helped prompt the company to cut its full-year revenue view by $2 billion to $53 billion. Its stock dropped 1.2% to $54.29.

Coke Profit Jumps On 2008 Charges; Sales Miss Views

Coca-Cola Co.'s (KO) earnings rose 43% amid prior-year charges and write-downs as the company reported higher global volumes on solid international sales. But overall revenue was weaker than expected. Shares dipped 1.2% to $50.40.

DuPont Income Down 61% Amid Demand Woes

DuPont Co.'s (DD) profit plunged 61% on lower volumes as the chemical company continued to struggle with weak demand. Earnings results beat expectations, though revenue fell short of analysts' views. Shares edged higher in early trading.

Lockheed Profit Drops On Pension Costs

Lockheed Martin Corp.'s (LMT) second-quarter profit fell 17% on pension-related charges and challenges in its information-systems business. Still, the defense contractor's results beat views and remains on target to meet 2009 expectations. But its stock fell 6.4% to $76.82 as the company expects continued trouble regarding competitor protests on major contracts in its information-technology operations.

UnitedHealth Earnings Surge On 2008 Charges

UnitedHealth Group Inc.'s (UNH) earnings more than doubled amid prior-year charges and an increase in revenue, though enrollment continued to decline as U.S. unemployment mounts. Shares rose 3.3% to $25.66 as earnings topped expectations.

State Street Records Billions In Charges

State Street Corp. (STT) swung to a loss on several billion dollars in charges related to pulling securities back on to its balance sheet consolidation as results missed expectations. Its stock traded down 2.8% at $47.43.

Regions Loss Wider Than Expected As Provisions Soar

Regions Financial Corp. (RF) swung to a loss on surging loan-loss provisions as the Southeast regional bank continues to see its credit quality suffer. Shares fell 14% to $3.49 as the red ink was wider than analysts expected.

Peabody Energy Earnings Slide On Demand Woes

Peabody Energy Corp.'s (BTU) earnings fell a bigger-than-expected 66% as demand remained weak, with President Rick Navarre saying U.S. markets will take longer to rebound owing to higher inventories. That's why the company said Tuesday it plans to concentrate on growing emerging markets in Asia. Shares fell 3.7% to $33.55 as the quarter's results missed analysts' estimates and the company projected 2009 earnings below analysts' expectations.

McClatchy Shares Soar As Profit More Than Doubles

McClatchy Co.'s (MNI) earnings more than doubled on a debt-extinguishment gain as advertising revenue declined 30% amid a prolonged slump and a continued shift from newspapers to the Internet. Still, the company's beaten-down shares surged 56% to 84 cents in recent trading. The stock, though, is still down 82% the past year and has been trading below $1 for most of 2009.