General Electric Co. (GE: chart) reaffirmed its earnings outlook for the second quarter and full year at a meeting with analysts and investors on Friday. The news came a day after some analysts had trimmed their guidance for the company.

The Fairfield, Conn.-based industrial conglomerate said that it sees its second-quarter earnings coming at between 37 cents and 39 cents a share. For the full year, GE still expects to earn $1.55 to $1.70 per share. Analysts had projected earnings of 38 cents for the second quarter and $1.60 a share for the year.

Shares of the diversified company ended up 15 cents, or 0.5%, at 30.01 in regular trading on the New York Stock Exchange (NYSE).

Shares of Halliburton Co. (HAL: chart) dropped more than 5% in regular trading Friday after the No. 2 oil services company lowered its guidance for the second quarter, citing higher estimated costs and schedule extensions for its drilling project in Brazil.

The Houston-based energy-services company expects to record additional operating losses of $104 million, or 24 cents a share, in the second quarter, to cover further costs on the development of the Barracuda-Caratinga project it has undertaken for Brazil's state oil company.

Halliburton now expects its per-share profit to be 'at least' 2 cents a share, significantly below its previous projection of 23 cents a share. Analysts had pegged it to earn 25 cents a share.

The company also predicted that the amount of cash required to fund the asbestos settlement would 'modestly exceed' the $2.78 billion it had previously earmarked due to an increase in the estimated number of claims.

In December, Halliburton agreed to pay $4 billion in cash and stock and seek bankruptcy-court protection for Dresser Industries Inc., a major subsidiary, to settle more than 300,000 asbestos claims. Halliburton inherited most of the asbestos liability from Dresser Industries, which it acquired in 1998.

After the announcement, shares sagged 1.27, or 5.2%, to end the trading day at 23.16. In extended trading, the stock lost another cent to 23.16.

Auto retailer CarMax Inc. (KMX: chart) reported early Friday that its first-quarter profit jumped 21%, mainly driven by strong used-vehicle sales growth. Moreover, the company also issued an upbeat second-quarter outlook.

The Richmond, Va.-based company had a net income of $35.3 million, or 34 cents a share, which was in line with analysts' estimates. The latest results also matched CarMax's recent forecast for a profit of 34 cents a share.

In the year-earlier quarter, CarMax reported a net income of $29.2 million, or 28 cents a share, including costs of $1.9 million, or 2 cents a share, related to the company's separation from electronics retailer Circuit City Stores Inc. (CC: chart).

Revenue for the quarter ended May 31, 2003 hit $1.17 billion, up 17% from $1.01 billion a year ago, as used-vehicle sales surged 21% to $890.1 million. Meanwhile, sales of new vehicles were up 3% to $136.4 million from $132.3 in the comparable quarter last year.

CarMax said that same-store sales, or sales at stores open at least a year, of used-vehicle units rose 10%, which was better than the 7% to 9% growth it had forecast. Same-store sales of new-vehicle units rose 3%.

'Strong used unit sales - both comps and new store - were the primary reason that our first quarter earnings exceeded our original expectations,' said Austin Ligon, the company's president and chief executive, in a prepared statement.

Looking ahead, CarMax expects to earn between 33 cents and 35 cents a share for the second quarter ending August 31, 2003. Analysts polled by Thomson First Call expect second-quarter earnings of 33 cents a share. The automobile dealer also anticipates same-store, used-vehicle unit sales to rise 6% to 8%.

The stock traded down 19 cents, or 0.64% to finish at 29.51 on the NYSE.

The Week Ahead

In the week ahead, a handful of companies are scheduled to release quarterly updates, although the second-quarter earnings season is set to begin in earnest in July. Major drugstore chains, tech companies and international food manufacturers will garner Wall Street's attention. To be sure, market watchers will also pay attention to earnings forecasts for the current quarter, as well as for the quarters ahead.

Before market open Monday, top U.S. drugstore chain Walgreen Co. (WAG: chart) is on the deck to deliver third-quarter results. Analysts look for an average quarterly profit of 29 cents a share.