Pulte Homes 

Pulte Homes (PHM 9.84, +0.61) reported a wider-than-expected third quarter loss, as the troubled U.S. housing market continues to weigh on the Bloomfield Hills, Mich.-based homebuilder.

Pulte Homes reported a third quarter loss of $1.15 per share, $0.46 worse than the First Call consensus that expected a loss of $0.69.

Revenues fell 30.0% year-over-year to $1.09 billion, short of the $1.23 billion consensus.  The lower revenue reflects a 23% decrease in closings to 4,166 homes, combined with a 10% decrease in average selling price to $253,000.

"Pulte's Q3 results reflect a homebuilding industry that continues its transition toward more stable market conditions as lower prices and historically low mortgage rates are helping to support homebuyer demand," said CEO Richard J. Dugas. "Challenges remain, however, as economic weakness, foreclosures, rising unemployment and recent uncertainty over the expiration of the federal tax credit continue to influence buyer behavior."

Transocean 

Transocean (RIG 86.10, +0.19) reported third quarter earnings that missed the consensus estimate as decreased offshore drilling activity took a toll on results.

Transocean reported third quarter earnings of $2.65 per share, excluding nonrecurring items, $0.02 worse than the First Call consensus of $2.67.

Revenues fell 11.6% year-over-year to $2.82 billion; the consensus expected $2.85 billion.  The company said the decrease was primarily due to a $164 million reduction in revenue resulting from the stacking of rigs and decreased activity, partially offset by a $108 million increase in revenue due to the commencement of operations of two newbuild drillships and improvements in dayrates and revenue efficiency.

Comcast 

Comcast (CMCSA 14.55, +0.04) reported third quarter earnings results that came in ahead of the consensus estimate as the company continues to gain customers.

Comcast reported third quarter earnings of $0.33 per share, $0.08 better than the First Call consensus of $0.25.

Revenues rose 3.0% year-over-year to $8.8 billion; the consensus expected $8.85 billion.

As of Sept. 30, Comcast's video, high-speed Internet and voice customers totaled 46.8 million, an increase of 3.4% compared to the same period last year.  Comcast was able to get more from those customers as well, as the monthly average total revenue per video customer increased 5.6% to $116.91 from $110.67 in the same period last year.  The company said that the improvement reflects an increasing number of customers taking multiple products and a higher contribution from Comcast Business Services.

Comcast cut its capital expenditures to $1.2 billion in the quarter, down 6.1% from last year.

Shares of CMCSA have significantly underperformed the market year-to-date, slipping 12.8% while the S&P 500 has gained 16.6%.

Time Warner 

Time Warner (TWX 30.16) reported third quarter earnings that came in ahead of expectations and issued upside guidance for 2009.

Time Warner reported third quarter earnings of $0.61 per share, $0.08 better than the First Call consensus of $0.53.

Revenues fell 5.9% year-over-year to $7.13 billion; the consensus expected $7.08 billion.  Lower revenues at the AOL, Publishing and Filmed Entertainment segments more than offset growth at the Networks segment.

"Time Warner is firmly on track to post solid results this year in spite of the tough economic environment," said CEO Jeff Bewkes.  "Driven by the better-than-expected performance at our Content Group this quarter, we're raising our 2009 business outlook. We still expect to spin off AOL by the end of the year, and we're making great progress on our other longer-term strategic priorities."

Time Warner now expects fiscal 2009 earnings of $2.05 per share, up from prior guidance of $1.98 per share and ahead of the current consensus, which stands at $2.03.

Kraft Foods 

Kraft Foods (KFT 27.54) reported better-than-expected third quarter earnings, but revenues came in below expectations and the company lowered its 2009 organic net revenue forecast.

Kraft reported third quarter earnings of $0.55 per share, $0.07 better than the First Call consensus of $0.48.  Operating income of $1.42 billion was up 38.7% year-over-year.

Revenues fell 5.7% year-over-year to $9.8 billion, short of the $10.32 billion consensus.  Kraft said organic net revenues grew 0.5%, driven by gains in volume/mix but offset to some degree by pricing.

Kraft adjusted its outlook for 2009, saying it sees earnings of at least $1.97 per share, up from an earlier forecast of $1.93 and in-line with the $1.97 consensus. 

The company also also revised its forecast for 2009 organic net revenue growth to be approximately 2% versus a prior expectation of approximately 3%. The change in outlook primarily reflects a lower contribution from pricing as a result of lower-than-expected input costs. It also reflects management's decision to forego unprofitable volume as well as weakening economic conditions in certain countries in Western and Eastern Europe, the company said.

Regarding Kraft's possible offer for Cadbury, CEO Irene Rosenfeld said that Kraft "remain(s) interested but will maintain a disciplined approach."

Shares of KFT are about 1.6% lower an hour ahead of Wednesday's opening bell.