The analysts were right about one thing: Starbucks Corporation (NASDAQ: SBUX) recorded revenues of $2.6 billion in the third fiscal quarter of 2008, ending June 29, 2008. They were not so right, however, about the earnings per share, which they called at 18.3 cents. The coffee giant recorded a loss of $6.7 million, or about a penny a share, due to charges related to store closings. According to financial reports, the comparable figure is 16 cents a share. And Robert W. Baird analyst David Tarantino could have written the report on same-store sales (eerily, it was in his exact words): Starbucks' press release stated that the company suffered "a mid-single-digit decline in U.S. comparable store sales, and was a slight deterioration from the second quarter."

U.S. revenue growth was due to store growth, an odd circumstance in an environment where 600 stores will be closing this month and next. A bright spot is the Global Products Group, which attained a 4% increase in revenues, generated mostly from ready-to-drink products like iced coffee beverages.

Excluding the 19 cents of year-to-date restructuring charges, Starbucks now expects annual earnings per share to be "in the mid-seventy-cent range" with fiscal 2009 results between $0.90 and $1.00 per share. Investors were initially thrilled at the results (maybe they feared worse?), driving Starbucks shares up 63 cents, or 4.29%, to $15.30. I'll be listening to the investor call over the next hour and will update the post with any particularly interesting bits.

I've never used a motorcycle before in my life and don't know much about the vehicles, but I recognize that Harley-Davidson, Inc. (NYSE: HOG) is an American icon whose product represents an aspirational brand. Even so, the company and its stock finds itself on hard times. The company's latest earnings report is reflective of the current economic malaise.

The first paragraph of the Q2 release tells me almost all I need to know. Revenues declined almost 3% to $1.57 billion. Net profit on a dollar basis dropped sharply by 23%, coming in at $222.8 million. Diluted earnings per share decreased by nearly 17% to $0.95. These numbers are not good. Also, in terms of cash flow, cash was used to fund operations for the first six months of the fiscal year as opposed to being generated. Yet another negative.

As I write this, Harley-Davidson's stock is up well over 7%. Am I impressed? Not enough to buy. Undoubtedly some of this rise can be attributed to the retreat in oil futures. But do I believe the economy will now be nice to Harley-Davidson? Not yet. The company, like General Motors Corporation (NYSE: GM) and Ford Motor Company (NYSE: F), will still have a rough time selling things that require fuel to run. According to this article, Harley-Davidson did better than expected, but that's little comfort to me. You can make an argument that the stock is cheap, but at the very least, anyone interested in buying it (again, I'm not) better wait till the euphoric rally of the day has faded.

Disclosure: I don't own any company mentioned; positions can change at any time.

The question facing analysts and investors in Whole Foods International Market (NASDAQ: WFMI) ahead of Whole Food's earnings release next week has got to be the effect of CEO John Mackey's recent "macho posturing" and the FTC anti-trust suit to block the merger with Wild Oats Markets (NASDAQ: OATS). Wild Oats doesn't feel that circumstances warrant anti-trust action, as there are plenty of markets for organic produce. Time will tell if the FTC agrees.

Whole Foods fell short of expectations in the previous two quarters, according to Thomson Financial, but the one-year EPS growth rate is 5.2%, better than the industry average. Wall Street is looking for EPS for the current quarter to be .33. The current consensus recommendation is to hold WFMI.

The share price has dropped from its 52-week high of 66.25 last October, to a 52-week low of 36.00 at close on Friday, in the midst of last week's market downturn. Overall, the price has trended downward this past quarter. In the meantime, investors and analysts will just have to hold their collective breaths and wait to see what next week brings to the market in general, and Tuesday's earnings release to Whole Foods specifically.

More Whole Foods coverage:
Peter Cohan: Whole Foods CEO determined to do himself in -- electronically
Jon Ogg: Meet the next Whole Foods ... Kroger
Sarah Gilbert: Whole Foods acquisition of Wild Oats may be blocked by FTC: Monopolistic organics?
Eric Buscemi: Whole Foods: Multiple signs indicate to stay on the side lines

In breaking after-market-close results, International Business Machines Corp. (NYSE:IBM)'s third-quarter earnings were up 47% with a 5.1% increase in sales to $22.62 billion; a huge bit of good news for Big Blue.

On the other side of the coin was Motorola, Inc. (NYSE:MOT). Oh, how the mighty mobile company has fallen. Third quarter 2006 earnings for Motorola were down 45%, to 39 cents a share, although you could barely tell from the rosy picture painted by the earnings release; full of optimism about sales at $10.7 billion, up 17% from Q3 2005. We're waiting to see how investors react.

Update: investors were thrilled with IBM and sent stock up after hours to $91.32 from a close of $86.95. Motorola was terrible news and investors sent the stock tumbling to $22.90 from its already-lower close of $24.85.

Before the market opened today, FedEx Corporation (NYSE:FDX) issued an earnings release for Q1 FY2007. Despite rising fuel prices the news is overall good. Earnings per diluted share are $1.53, up from $1.10 per diluted share in Q1 FY 2006. FedEx has annual revenues of $33 billion and 275,000 current emplopyees. Highlights for Q1 FY2007:

Revenue was $8.54 billion, up 11% from $7.7 billion Q1 FY 2006.

Operating income was $784 million, up 34% from $584 Q1 FY 2006.

Operating margin inreased from 8.5% to 9.2%.

Net income was $475 milion, up 40% from $339 in Q1 FY 2006.

FedEx recently signed a 7 year, $8 billion contract with the USPS for domestic air transportation of mail. Also, Fed Ex reached a tentative 4 year contract with the Air Line Pilots Association. The pilots' contract is expected to have 20 cents per diluted share impact on the overall bottom line. Q2 FY 2007 earnings per diluted share are forecast at $1.45-$1.60. FY 2007 total earnings per diluted share are forecast at $6.30 - $6.65, not at all bad in such a challenging business market. FY 2007 capital spending is forecast to be $3 billion.

FedEx Express revenue was up 10% to $5.64 billion, mainly due to growth in international priority package shipping. Opeating income for this segment was up 64% to $467 million.

FedEx Ground revenue was up 16% to $1.42 billion with a 13% growth in package volume due to an increase in online shopping. Operating income was up 6% to $157 million.

FedEx Freight revenue was up 14% to $1.01 billion. Operating income was up 11% to $150 million despite increased fuel charges. FedEx just completed the purchase of Watkins Motor Lines which operates in the US and Canada. FedEx wants to gorw its less-than--truckload shipping segment. The purchase of Watkins Motor Lines is forecast to add $900 million to FedEx Freight revenue in FY 2007.

FedEx Kinko's revenue was down 3% to $504 million. Operating income was down 38% to $10 million. There is overall decreased demand for photocopies as well as significant price competition. FedEx Kinko's plans to open 200 new pack-and-ship stations in FY 2007.

Amazon.com second quarter earnings did not make investors happy, with net income down sharply from 2005 thanks the severed relationship between the internet retailer and Toysrus.com to $22 million, or 5 cents a share. Investors had driven the stock down below its 52-week low by the time the hold music had come to an end and the conference call had begun. Here's a link to the company's report.

5:04 p.m. After the usual disclaimers, CFO Tom Szkutak ("Tom") takes over to do a dry recap of the results. He sounds very, very, very softspoken. Even, a little ... afraid? Maybe he's just a master of zen.

5:08 p.m. I have to turn my volume up to hear him. "We continue to invest in increased selection." The SKUs in warehouses have increased by 48%, and Tom points out the new grocery selection, as well as the addition of German sporting goods.

5:09 p.m. Revenue grew 23% excluding the impact of Toysrus.com in North America. Gross profit grew 11%, although the gross margin decreased. I think he said 174 basis points of 220 total bps decline -- a huge part of it, but the decrease would have been there regardless. That's interesting and I hope management explains the reason for those missing 50-some basis points in operating margin shortfall.

5:10 p.m. He says that international operating income and margins decreased due to low prices, including free shipping, and a change in mix.

Amazon.com investors are not pleased. Not at all. The internet retailer had major strategy changes this quarter with the embittered breakup with longtime partner Toysrus.com, and that combined with other factors to send net income down 58% from the year-ago quarter. Quarterly net income was $22 million, five cents per diluted share, versus $50 million, or 12 cents per share, in 2005. Sales, however, were good and within Amazon's forecasted range at $2.14 billion, up 22%.

Investors didn't seem to care much that sales showed such a strong growth rate, or that Amazon.com had, indeed, warned of ill effects of the end of the Toysrus.com partnership. After falling 72 cents in intraday trading ahead of the earnings release, shares were down another $3.47, or 12.2% on the day, in after-hours trading a few minutes after the announcement.

Amazon.com's 52-week low is $30, only a few pennies less than where the stock stands in after-hours.

Investors are a hopeful kind of bird. Yahoo! stock, along with many in the tech sector, has been in the doldrums as of late. Earnings are coming out in about an hour, though, and this makes the investor bird preen its feathers and buy in advance of the announcement. Despite intraday lows that were down signficantly from yesterday's close, Yahoo! ended the day at $32.17, up 33 cents or 1.04%.

But Piper Jaffray, among other analysts, are predicting good things, including the consensus 11 cents per share profit (down from 13 cents in the year-ago quarter) and positive news in the search ad revenue department. Check back at 5 p.m. Eastern, when we'll be liveblogging the earnings report.

Despite a 59% rise in net profit [pdf earnings report], a few minutes after the market open Time Warner was already down 17 cents on an early spike in volume. CNBC's Squawk on the Street was reporting that investors were disgusted with poor performance at AOL, which lost 835,000 subscribers - 30% more than people had been anticipating. A 26% increase in AOL advertising revenues, and cable revenue up 50%, was still too little to overcome the disappointment in subscribers.

So far, no one has provided color on Time Warner's earnings: we'll report it here to you as soon as we hear it.