Magellan Health Services Inc. (MGLN) reported third quarter results last Friday. The company posted a 31.9% growth in net income to $31.0 million or 88 cents per share, compared to $23.5 million or 58 cents per share in the year-ago period, and easily surpassed the Zacks Consensus Estimate by 21 cents. The strong result was primarily driven by the acquisition of First Health coupled with the solid performance of the Specialty Pharmacy segment. Magellan Health offers managed behavioral healthcare, radiology benefits management and pharmaceutical management services to health plans, insurance companies, corporations, labor unions and various governmental agencies in the U.S. During July this year, the company completed the acquisition of First Health Services Corp., a subsidiary of Coventry Health Care Inc. (CVH). First Health provides pharmacy benefits administration, health care management and IT services to state Medicaid programs. The company said net revenues recorded ...

Shares of Polo Ralph Lauren Corp. (RL) are up nearly 2% today as fiscal fourth-quarter adjusted earnings beat Wall Street expectations.

Though EPS declined year over year, the designer of premium lifestyle products reported adjusted earnings of 86 cents per share, 47 cents ahead of the consensus estimate derived from 12 covering analysts.

Revenue declined slightly to $1.22 billion from $1.24 billion as growth in wholesale segment was more than offset by reduction in retail sales and licensing royalties.

Polo stated that it anticipates fiscal 2010 revenue to decline by high single digit rate. The company did not provide an earnings guidance, citing uncertain economic conditions.

Three covering analysts out of 12 pulled back on full-year earnings estimates, while 1 increased, sending the consensus down 6 cents over the past month to $3.48 per share.

RL, a Zacks #3 Rank ("Hold") stock, is trading on extraordinarily high volume

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Shares of Corning Inc. (GLW) is up more than 4% today as first-quarter earnings came ahead of the consensus.

The maker of specialty glass reported earnings of 10 cents per share, excluding items, which topped the average estimate by 4 cents.

Corning said revenues fell 39% year over year to $989 million due to sluggish sales across Display technologies, Environmental technologies and Telecom segments.

"With increased volume and manufacturing capacity, we should see considerable improvement in both the display segment's and the company's gross margins in the second quarter," said CFO James B. Flaws.

Although Corning did not provide a sales or earnings guidance, it doubled the growth forecast for LCD TV units to 18% from the earlier expectation of 9%.

Analysts have raised full-year earnings estimates by 9 cents over the past 60 days to 73 cents per share. Furthermore, the past month has seen 7 out

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