J Crew, OmniVision Guides Higher, But Procter & Gamble Guides Below Estimates

Positive Guidance

OmniVision Technologies Guides Above Estimates
OmniVision Technologies Inc. (OVTI) said it expects a first quarter non-GAAP loss of $0.16 to $0.07 per share on revenue of $90.0 million to $100.0 million. The current consensus estimate is a loss of $0.23 per share on revenue of $73.4 million for the quarter ending July 31, 2009.

J. Crew Guides Above Estimates
J. Crew Group Inc. (JCG) said it expects second quarter earnings of $0.08 to $0.12 per share. The current consensus estimate is for a loss of $0.02 per share for the quarter ending July 31, 2009.


Inline Guidance

Marvell Technology Guides Revenue Above Estimates
Marvell Technology Group Ltd. (MRVL) said during its conference call it expects second quarter earnings of $0.07 to $0.13 per share revenue of $540.0 million to $580.0 million. The current consensus estimate earnings of $0.07 per share on is revenue of $522.3 million for the quarter ending July 31, 2009.

Jackson Hewitt Tax Service Lowers Guidance
Jackson Hewitt Tax Service Inc (JTX) said it now expects 2009 earnings to be at the low-end of its previous guidance range of $1.00 to $1.10 per share and now expects revenue of $247.0 million to $250.0 million. The company's previous guidance was on revenue of $250.0 million to $255.0 million and the current consensus earnings estimate is $1.02 per share on revenue of $253.5 million for the year ending April 30, 2009.

Medco Health Solutions Guides Inline
Medco Health Solutions Inc. (MHS) said in an SEC filing it continues to expect 2009 earnings of $2.67 to $2.77 per share. The current consensus earnings estimate is $2.72 per share for the year ending December 31, 2009.

Genesco Reaffirms Above Estimates
Genesco Inc. (GCO) said it continues to expect fiscal year earnings of $1.70 to $1.80 per share. The current consensus earnings estimate is $1.58 per share for the year ending January 31, 2010.

H.J. Heinz Guides Earnings Inline; Revenue Above Estimates
H.J. Heinz Company (HNZ) said it expects fiscal 2010 earnings of $2.60 to $2.70 per share on revenue of $10.55 billion to $10.76 billion. The current consensus earnings estimate is $2.70 per share on revenue of $10.17 billion for the year ending April 30, 2010.

Big Lots Raises Guidance, but Remains Inline with Estimates
Big Lots Inc. (BIG) said it expects second quarter earnings of $0.26 to $0.32 per share and now expects fiscal year earnings of $1.85 to $1.95 per share. The company's previous guidance was fiscal year earnings of $1.75 to $1.90 per share. The current consensus earnings estimate is $0.30 per share for the quarter ending July 31, 2009 and earnings of $1.89 per share for the year ending January 31, 2010.


Negative Guidance

Esterline Technologies Guides Lower
Esterline Technologies (ESL) said it expects 2009 earnings of $3.00 to $3.20 per share. The company's previous guidance was earnings of $3.70 to $3.90 per share and the current consensus earnings estimate is $3.64 per share for the year ending October 31, 2009.

P&G Guides Below Estimates
Procter & Gamble Company (PG) said during the Sanford C. Bernstein & Co. Strategic Decisions Conference it expects fiscal 2010 earnings of $3.65 to $3.80 per share. The current consensus earnings estimate is $3.96 per share for the year ending June 30, 2010.

Consumer Burrowing Plunged At Fastest Pace In 18 Years

Consumer borrowing plunged in March at the fastest pace in 18 years as Americans put away their credit cards and hoarded cash amid the worst recession in decades.

The Federal Reserve said Thursday that consumer borrowing dropped 5.2 percent in March, the biggest decline since an 8.1 percent fall in December 1990.

In dollar terms, consumer borrowing plunged by $11.1 billion. That's the largest dollar amount on records dating to 1943, and more than three times the $3.5 billion drop that economists expected.

The borrowing category that includes credit cards dropped 6.8 percent in March after a 12.1 percent plunge in February. The category that includes auto loans fell 4.2 percent after rising by 1.2 percent in February.

Is that good news or bad news for the economy ? Short term NO, but long term YES.

Goods news in long term, since savings rate goes up and Americans build true wealth rather than living on credit day in and day out.

Bad news in short term, since company profits go down, which leads to job cuts and cutting expenses. It is definitely bad news for credit card companies like MasterCard (MA) and Visa (V) since their profits take a hit. Car companies also take a hit too with auto loans down.

Read rest of the article....Consumer credit falls at fastest pace in 18years