July 29- AK Steel Holding Corp reported a surprise adjusted profit for the second quarter as shipments rose. Steel prices in North America are near two-year highs, helped by firm U.S. economic growth. Net loss attributable to the company narrowed to $17.1 million, or 13 cents per share, in the second quarter, from $40.4 million, or 30 cents per share, a year earlier.
July 29- Sirius XM Holdings Inc reported a stronger-than-expected 10 percent rise in quarterly revenue as it added more paying subscribers, and the satellite radio service raised its full-year revenue forecast.
The "Squawk on the Street" news team discusses the quarterly results of Merck and Pfizer.
Major indexes in Europe and Asia closed with slight gains. On Friday, the Labor Department releases its monthly look at the job market. FROZEN: "The market today looks a little frozen, because it's going to face some really revealing stuff in the next 72 hours," said Jim Paulsen, chief investment strategist at Wells Capital Management.
*Pfizer, Merck rise as results beat expectations. NEW YORK, July 29- U.S. stocks were set to rise slightly at the open on Tuesday following better-than-expected results from companies such as Pfizer and Merck and ahead of data on consumer sentiment. Pfizer's higher-than-expected second-quarter earnings were helped by growing sales of its cancer medicines.
LAS VEGAS— Wynn Resorts Ltd.' s second-quarter earnings increased 57 percent, bolstered by strong results in Las Vegas. The Las Vegas- based company said net income rose to $203.9 million, or $2 per share, from $129.8 million, or $1.28 per share, in the same quarter a year ago.
DETROIT, July 29- Auto systems supplier TRW Automotive Holdings Corp, targeted for takeover by ZF Friedrichshafen, easily beat Wall Street profit expectations for the second quarter as revenue rose 2 percent. Excluding one-time items, TRW earned $2.32 per share in the quarter, versus $2.02 a year earlier, it said on Tuesday.
NEW YORK, July 29- Ally Financial Inc reported a bigger-than-expected quarterly profit on Tuesday as auto lending jumped 11 percent to the second-highest level in the company's history. The former financing arm of General Motors Co said it had earned $323 million, or 54 cents per share, in the second quarter.
HOUSTON— Waste Management Inc. on Tuesday reported that its second-quarter profit fell 14 percent. The Houston- based garbage and recycling hauler also announced that it is selling Wheelabrator Technologies Inc. to Energy Capital Partners for $1.94 billion.
July 29- Merck& Co Inc reported better-than-expected quarterly results on Tuesday, with sales of consumer products and medicines for arthritis and HIV helping to offset the impact of generic competition on other drug sales. Merck, the No. 2 U.S. drugmaker, earned $2.03 billion, or 68 cents per share, in the second quarter.
NEW ORLEANS— Entergy Corp. on Tuesday reported earnings that rose by 16 percent in its second quarter, and fell short of analysts' expectations. The New Orleans- based company said profit after paying preferred dividends increased to $189.4 million, or $1.05 per share, from $163.7 million, or 92 cents per share, in the same quarter a year earlier.
July 29- United Parcel Service Inc, the world's biggest courier company, slashed its earnings forecast for the year as it spends to boost capacity ahead of the holiday shopping season. The Atlanta- based company said it expects full-year adjusted earnings of $4.90- $5.00 per share.
July 29- U.S. steelmaker AK Steel Holding Corp reported a smaller second-quarter loss, helped by higher shipments. Net loss attributable to the company narrowed to $17.1 million, or 13 cents per share, in the quarter ended June 30, from $40.4 million, or 30 cents per share, a year earlier. Net sales rose 9 percent to $1.53 billion.
Youssef Squali, Cantor Fitzgerald, shares his outlook on Twitter and explains why he think the social media company can still make a comeback.
*Net income $1.06/ shr vs. est 99 cents/ shr. July 28- McGraw Hill Financial Inc reported a better-than-expected quarterly profit, driven by growth in its Standard& Poor's ratings unit due to a resurgent bond market. Revenue from the S&P business rose 11 percent to $664 million in the quarter, accounting for nearly half of McGraw Hill's total revenue.
DETROIT, July 29- Auto systems supplier TRW Automotive Holdings Corp, targeted for takeover by ZF Friedrichshafen, easily beat Wall Street profit expectations for the second quarter on Tuesday as revenue rose 2 percent. Excluding one-time items, TRW earned $2.32 per share in the quarter, versus $2.02 a year earlier.
The big Atlanta- based shipping company said it will spend $175 million on improvements that include beefed-up operations on the day after Thanksgiving, more sorting facilities and sped-up deployment of software designed to help drivers find the quickest route to a destination.
RICHMOND, Va.— Reynolds American Inc. said Tuesday that its profit rose by 6.7 percent in its second quarter as higher cigarette and smokeless tobacco prices helped to offset a decline in the number of cigarettes it sold.
Fundamentally, U.S.-based companies are at a disadvantage because of our tax code, says Barbara Ryan, FTI Consulting, sharing her thoughts on tax inversion among the big pharma space.
CORNING, N.Y.— Corning Inc. on Tuesday reported net income that declined by 74 percent in its second quarter. The Corning, New York- based company said earnings fell to $169 million, or 11 cents per share, from $638 million, or 43 cents per share, in the same quarter a year ago.