KEY Keycorp

   DOW JONES NEWSWIRES 
 

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

 
   Morgan Stanley Posts Profit Before TARP Impacts 
 

Morgan Stanley's (MS) income plunged 87% on charges related to mergers and its repayment of government funds and weakness at its wealth-management and institutional securities businesses. Shares recently fell 1.3% to $27.20.

 
   Boeing Earnings Up 17% On Prior-Year Charge, Defense 
 

Boeing Co.'s (BA) profit rose 17% on a year-ago charge and strength at its defense business as the company's earnings beat expectations. Boeing, whose stock was flat, also said it has identified a technical solution to the problem that caused another delay with the 787 Dreamliner program. Boeing shares were recently up 4 cents to $43.

 
   Wells Fargo's Results Soar, But Loans A Concern 
 

Wells Fargo & Co. (WFC) reported record revenue thanks, in part, by business at Wachovia. However, the bank's report contained hints that troubles among loans it acquired from toppled lender Wachovia are growing quickly. Its shares are down 5.7% to $23.90.

 
   Lilly, Pfizer Beat Earnings Expectations 
 

Eli Lilly & Co.'s (LLY) profit rose 21% on volume growth, with stronger-than-expected results helping the company boost its 2009 earnings target. Pfizer Inc. (PFE) also topped expectations despite earnings falling 19% on currency impacts and lower sales of Lipitor. Lilly's stock was up 5 cents to $34.50 while Pfizer gained 3.3% to $16.23.

 
   SunTrust, KeyCorp Report Losses 
 

SunTrust Banks Inc. (STI) swung to a loss on increased credit costs and a year-earlier gain as the bank's results beat expectations. Its stock rose 3.6% to $15.74. Fellow regional bank KeyCorp's (KEY) loss narrowed on a year-earlier charge as it again boosted its loan-loss provisions. The results missed expectations. Its shares are down 2.9% to $4.69.

 
   Altria Earnings Up 8.6%, Boosts View 
 

Altria Group Inc.'s (MO) profit grew a bigger-than-expected 8.6% amid its purchase of smokeless tobacco company UST as cigarette volumes continued to fall. The Marlboro maker boosted its 2009 earnings target slightly, helping push shares lower by 2.3% to $4.70.

Pepsi Earnings Down On Currency Impacts

PepsiCo Inc.'s (PEP) earnings fell 2% on currency changes while its food and international divisions turned in solid performances. Shares fell 0.5% to $56.10 as earnings topped expectations and the company reiterated its 2009 view.

St. Jude Earnings Up 14% Despite Forex Impacts

St. Jude Medical Inc. (STJ) posted a 14% profit jump, although foreign exchange ate into sales of its heart-rhythm and cardiovascular products. The company, which reaffirmed its 2009 earnings outlook, also announced a buyback of up to $500 million of its stock and gave a tepid third-quarter earnings forecast. Shares fell 6.5% to $37.03.

 
   Genzyme Income Soars, Cuts View On Plant Shutdown 
 

Genzyme Corp.'s (GENZ) profit more than doubled on as a sales rise fueled partly by acquisitions as the company said the impact from a June plant shutdown had minimal impact on the quarter's results. Genzyme expects the facility should resume production by month's end, with shipments expected by the end of the year. Still, the company cut its 2009 forecast as a result, pushing the stock down 6.7% to $52.15.

Bank of New York Income Down 43% On Investment Woes

Bank of New York Mellon Corp.'s (BK) earnings fell 43% amid securities losses and write-downs related to the ongoing housing woes. Shares dropped 8% to $26.80.