Late yesterday, Marvell Technology (NASDAQ: MRVL) reported a lower second-quarter profit, thanks to a large drop in sales amid struggles throughout the chip sector. That said, the company did vault higher after its announcement, thanks to its sales forecast.

The chipmaker reported second-quarter earnings of nine cents per share, down from 11 cents per share a year ago. Adjusted quarterly income checked in at 18 cents per share. Quarterly revenue slipped to $640.6 million, which was down from $842.6 million in the second quarter a year ago. Expectations called for earnings of 13 cents per share on revenue of $615 million.

After the closing bell yesterday, PetSmart (NASDAQ: PETM) announced that its first-quarter profit increased 12%. The results were driven by higher merchandise and service sales.

PETM earned $46.3 million, or 37 cents per share -- a nickel better than last year's same-quarter results. The firm also topped Wall Street's expectations, which called for earnings of 30 cents per share. Quarterly revenue increased 9% to $1.33 billion, which fell short of the consensus estimate of revenue of $1.35 billion.

The company's merchandise sales increased 9% to $1.18 billion, with pet service sales increasing 10% to $142.8 million.

Dow component Caterpillar (NYSE: CAT) appears to be in for a rough day after reporting a first-quarter loss of 19 cents per share. This was the first quarterly loss for the earth mover since 1992. Moreover, a year ago, CAT earned $1.45 per share in the first quarter.

Excluding charges stemming from CAT's workforce reduction, the quarterly earnings would have totaled 39 cents per share -- far better than expectations. Quarterly sales dropped 22% to $9.22 billion, again topping the consensus estimate for $8.33 billion.

After the closing bell sounded last night, Ohio-based utilities firm American Electric Power (NYSE: AEP) issued news that should have a profound impact on the stock in today's trading session. The company lowered its earnings forecast for fiscal 2009 thanks to current operating and economic factors, along with dilution from its planned issuance of new equity. AEP also lowered its capital spending plant for fiscal 2010 and will not provide guidance for 2010 or beyond.

The company now expects fourth-quarter earnings between $2.75 and $3.05 per share, which is lower than the earlier estimate of $3.00 to $3.40 per share. Expectations call for earnings of $3.14 per share on a full-year basis.

Yesterday, payroll specialist Paychex (NASDAQ: PAYX) reported that its third-quarter profit dropped 8%. The company saw investment losses offset gains in other areas, resulting in earnings of 36 cents per share.

A year earlier, PAYX raked in 39 cents per share. Quarterly revenue checked in at $528.6 million, 1% lower than a year ago. Analysts expected earnings of 36 cents, but revenue was forecast to total $536.9 million.

Tiffany (NYSE: TIF) reported fourth-quarter earnings that dropped more than 75% from a year earlier as pocketbooks remained clamped throughout the holidays. It certainly seems that the market for high-end jewelry was far lower during the holidays, thanks to the current economic mess.

The retailer reported earnings of 25 cents per share compared to 96 cents per share a year ago. Taking staff cuts and other costs out of the equation, TIF's earnings checked in at 85 cents per share. The ex-item results were better than Wall Street's expected 80 cents per share. While revenue dropped 20% to $841.2 million, it topped the consensus estimate of $838 million.

Yesterday, tech beast Texas Instruments (NYSE: TXN) announced that it will narrow its revenue forecast for the first quarter. The firm now expects revenue to total $1.79 billion to $2.05 billion. TXN earlier predicted revenue between $1.62 billion and $2.12 billion.

TXN added a revision to its earnings forecast as well, stating that it expects to report anywhere from a loss of 8 cents per share to break even earnings. This range is also a clarification of the company's earlier forecast range of a loss of 11 cents per share to 3-cent-per-share earnings.

Shares of tech giant Hewlett-Packard (NYSE: HPQ) are getting a nice lift today after the company surprised Wall Street by lifting its fourth quarter estimates this morning.

Before today's announcement, analysts had been expecting the company show earnings of $1.00 a share when it announces its official numbers next Monday (Nov. 24), but the company stated today it is now expecting to show adjusted earnings of $1.03.

The decision to lift its forecast has resulted in some nice gains for HPQ shareholders today, as the stock has traded up 10.5% to $32.41, and earlier in the session hit an intraday high all the way up at $33.84.

According to today's announcement, the company is benefiting from "global reach, diverse customer base, broad portfolio and numerous cost initiatives."

Goldman Sachs (NYSE: GS) sure is a downer. I was starting to feel a little better about the market when it decided to say some bad things about the upcoming earnings season. Thanks a lot, Goldman! According to this Bloomberg article, Goldman believes that earnings for companies will be, overall, very bad, and that the broad market will be brought down by them. Already, reports by General Electric (NYSE: GE) and Alcoa (NYSE: AA) have rocked Wall Street -- and not in a good way, let me tell you. Goldman's David Kostin is, in fact, disagreeing with other analysts who believe that the quarter won't be so terrible; he also thinks the S&P 500 will be lower by the end of the year by perhaps 6%.

So, what does this tells us as investors? First of all, let me say that I think the guy has a point -- when you see GE miss like it did on 4/11, you've got to take notice and be on your guard. In other words, if you're planning on doing some cute buy-a-stock-just-before-it's-about-to-report trading, be extra careful! Now is not the time to take ridiculous chances with investment capital. If you are going to do it, make sure you do it with extra-safe stocks -- then again, if GE wasn't a worthwhile trade in the category I just described, what the heck qualifies for "extra-safe" this quarter? Probably not much. All of us have to realize that the recession is, most likely, real, and that stocks are going to be difficult equities to own.

Minneapolis-based food maker General Mills Inc. (NYSE: GIS) announced today that it is raising its fiscal 2008 earnings guidance on higher-than-expected sales growth and cost cutting. For fiscal 2008, ending in May, General Mills expects earnings per share of $3.45 to $3.47. The previous range had been $3.39 to $3.43 per share, and analysts surveyed by Thomson Financial had expected $3.45 per share.

Despite raising grain prices, General Mills has seen strong results from such products as Oat Cluster Crunch cereal, Progresso soups, and Fiber One bars.

Harley-Davidson Inc. (NYSE: HOG) recently revised downward its 1Q 2007 and FY 2007 guidance due to a nearly month-long strike at its York, PA manufacturing plant. The strike was finally settled in late February but the damage has already been done. Instead of shipping 82,000-84,000 motorcycles as had been planned prior to the strike, Harley will ship 64,000-66,000 motorcycles, a loss in production of 18,000 units. That's a lot of disappointed HOG loyalists who will have to spend more time on the waiting list for a bike. Although Harley will increase production in coming months, its still predicts a shortfall of 14,000 units for FY 2007.

As a result of the loss in production, Harley management forecast only moderate growth, lower margins and 4-6% EPS. Harley predicts a return to double-digit EPS growth rate by 2008. Due to the recent labor troubles, the stock has taken a beating. Prior to the strike, the stock traded right around $75 per share. Harley-Davidson stock closed at $63.54, up $.24 on March, down almost 15% since the beginning of the year.

Boston Scientific (NYSE:BSX) issued a weaker than expected forecast for Q3 2006 revenue and earnings, based primarily on problems associated with its pacemakers and defibrillators. These were the products manufactured by Guidant Corporation which Boston Scientific acquired in April 2006 for $27.5 billion. At the time of acquisition, Boston Scientific knew of at least 500 cases against Guidant in the U.S. The suits have since been consolidated. The suits allege that Guidant's cardiac pacemakers and defibrillators are defective and have the possibility to cause harm or death to patients in whom they have been implanted. Boston Scientific has set aside $381 million for legal defense costs, but still does not have an accurate estimate of the cost to settle all the suits related to Guidant's defective products. Also, Boston Scientific's own product, a drug-coated cardiac stent used to open clogged arteries, has suffered a decline in sales as heart surgeons turn to alternative devices perceived to have a lower risk of causing blood clots.

Q3 sales had originally been estimated at $2.18 billion, but have been revised downwards to just under $2 billion. Q2 stent sales in the US were $429 million, but Q3 sales are forecast to drop to $375 million. Global stent sales for Q2 were $647 million, but Q3 global stent sales are forecast to be approximately $565 million.

Boston Scientific stock lost 9% on Friday, 22 September, closing at $14.85, down $1.51. Do not look for an improvement in Boston Scientific's stock performance until the suits are settled or a ballpark settlement estimate has been made public.