JetBlue, (JBLU: chart), discount airline, reported Q1 earnings loss of 18 cents a share, swinging from a profit of 4 cents a share in the year-ago period despite 31.4% revenue growth, topping analyst estimate for a loss of 20 cents a share. The company has developed a comprehensive plan to return to profitability that includes right-sizing capacity, revenue enhancements and cost reductions and is also deferring 12 aircraft deliveries and selling at least two, and up to five, existing aircraft.

Enterprise Products Partners, (EPD: chart), natural gas and pipeline company, reported that Q1 net income advanced to 28 cents per share, from 25 cents per share in the same period a year earlier, topping analysts forecasts for earnings of 23 cents a share. The company added that revenue advanced 27% in Q1.

Smith International, (SII: chart), oil services company, reported Q1 earnings of 53 cents a share, up from 32 cents a share in the year-ago period on revenue growth, beating analysts expectations for earnings of 48 cents a share.

Applied Industrial Technologies, (AIT: chart), industrial-parts distributor, reported that Q3 net income advanced 22% to 65 cents a share, from 53 cents in the year-ago period on 11% higher sales, topping analysts estimate of 60 cents. Revenue came to $497.2 million versus $446.5 million. The company lifted its estimate of earnings for 2006 and now expects net to range $2.29 to $2.34 a share, up from the previous estimate of $2.10 to $2.20.

Banner Corp, (BANR: chart), specialty finance company, reported Q1 net income surged 44% to 56 cents a share, up from 39 cents a share a year ago, due to improved net interest margin on 18% revenue growth. Loans rose 19% to $2.54 billion. Net interest margin advanced 53 basis points to 4.24%.

State Auto Financial Corp, (STFC: chart), specialty insurance company, reported that Q1 net income fell to 97 cents a share, down from $1 a share a year ago on revenue decline.

Kinetic Concepts Inc, (KCI: chart), medical-technology company, reported that Q1 net income advanced 31% to 66 cents a share, from 51 cents in the year-ago period on 14% higher revenue, topping analyst estimate of 62 cents a share. Kinetic Concepts affirmed its earnings estimates for the year.


[R]8:15AM European averages traded higher at mid-day.[/R]
European markets advanced at mid-day. Strong sales from carmaker Renault and food producer Nestle boosted European averages, although losses for oil giant BP limited gains. Stocks were off earlier highs as recovering crude oil prices erased some of the gains. The German DAX 30 gained 0.2%, the French CAC 40 rose 0.4%, and London FTSE 100 added 0.1%.


[R]7:45AM Asia closed mixed. The Nikkei recovered.[/R]
Asian-Pacific benchmarks finished mixed as strengthening Asian currencies against the dollar weighed on exporter issues and large industrial shares. The Nikkei slightly recovered from the steep decline Monday, helped by property stocks like Mitsubishi Estate, up 1.7% and Mitsui Fudosan, up 2%. Export-related stocks like Toyota Motor, Sony and Canon declined. Following the biggest single-day loss since January, the Japanese index advanced 0.3% to 16,970.23. Across the region, South Korea’s Kospi ended flat, reversing from earlier advance on GDP data as stronger won against the dollar hurt exporter stocks. Hong Kong’s Hang Seng dropped 0.8%, dragged by 6.5% loss for Sinopec. Shanghai Composite also fell 0.7%, followed by Singapore Straits Times, down 0.4%.