2/4/10 Thurs am Pfizer's Profits Dissappoint: Cisco's Profits Impress

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Post #277 The following is brought to you by Intellivest Securities Research, Inc. Towards the end of this Blog is a list of the Dow 30 current CEOs, a ranking of the Dow 30 components by market capitalization as of 2/1/10 and an update of the Dow 30 component's most recent SEC filings as of 2/1/10.

A read of Thursday's print editions of: The Wall Street Journal, The Financial Times, The New York Times, Investor's Business Daily, USA Today, Atlanta Journal Constitution & (Ga.) Daily Report yielded the following stories about Dow Jones Industrial Average 30 component companies and the Dow with stories about the Dow aggregated first and then items about Dow Jones Industrial Average 30 companies presented alphabetically, followed by symbol and Wednesday's stock prices and related data.

Dow: The Dow Jones Industrial Average closed Wednesday at 10,270.55 down 26.3 or 0.26% from Tuesday's close of 10,296.85. Year to date the Dow is down 1.51%. Of the 30 Dow Companies: 8 gained and 22 declined. The biggest gainer dollar-wise was McDonald's MCD $65.21 +1.18 1.84% 13,635,290 NYSE and percentage-wise was Disney DIS $30.75 +0.77 2.57% 15,934,460 NYSE. The biggest decliner dollar-wise was Chevron CVX $73.21 -1.24 1.67% 14,502,094 NYSE and percentage-wise was Pfizer PFE $18.62 -0.62 3.22% 113,821,037 NYSE.

WSJ pC1 "Dow Drops 26.30 Points On Pfizer Ills" by Peter A. McKay says a pullback in health care stocks following Pfizer's quarterly report nudged the broader market lower, snapping a 2 day winning streak. The Dow Jones Industrial Average ended up 0.3% and was up 2.3% over the previous 2 sessions, its best run since Nov. Pfizer was the weakest Dow component Wed, off 2.3% after announcing a lower than expected 4Q profit. Pfizer's earnings forecast also disappointed. So far this earnings season, firms have shown improved bottom lines, but have delivered little of a hoped for increase in sales. Investors have been focusing on rev as an indicator of broader strength in the US economy. More than 3/4 of S&P 500 firms have beaten expectations of analysts. But the market has drawn little support from that improvement in corp. bottom lines, with the S&P down 4.3% since Alcoa's erly Jan report marked the start of the reporting season. Cisco Systems bucked that trend after the bell, announcing strong sales that bolstered hopes for a pickup in tech equipment spending. The shares rose 3.6% after hours.

WSJ pC6 "Pfizer and Walgreen Disappoint Investors" by Donna Kardos Yesalavich says stocks fell, snapping a 2 day rally, as investors were disappointed with quarterly earnings and '10 guidance from Pfizer and Ryder systems, along with a drop in Jan same store sales from Walgreens. Pfizer was the Dow's worst performer and is charted in a side bar under "Bad News". Excluding items, Pfizer's 4Q adjusted earnings were a penny short of analysts' mean estimate, even after its doublng of profit. Also, it projected '10 earnings excluding items below Wall St. expectations and lowered its guidance for '12. McDonald's rose 1.8% after Goldman Sachs raised its investment rating to conviction buy from buy citing positive same store sales and accelerating margin gains. and it is charted under side bar "The Good News". WalMart Stores gained 1.5% as it said it would lay off 300 employees at its Bentonville, Ark. headquarters calling the cuts the last major strategic piece of an effort to drive greater growth, leverage and returns.

Fin Times p28 'Rally checked by disappointing corporate earnings" by Samantha Pearson says Wall St. lingered in negative territory yesterday after disappointing firm results gave investors an excuse to pause following the market's strongest 2 day rally this year. Pfizer, the world's largest drugmaker, weighed on the market yesterday, dropping 2.3% as it missed quarterly estimates and also gave a disappointing outlook, citing the impact of a stronger dollar on its internat'l sales. Shares in Alcoa initially rose after UBS upgraded the nation's largest aluminum producer to buy. After noting that the stock's recent correction was overdone given the long term prospects for Chinese growth and restocking by US and European businesses. McDonald's gained 1.8% as Goldman Sachs added the fast food empire to their conviction buy list.

NYT pB8 "Worries Over Jobs & Rev Temper Wall St." by Javier C. Hernandez say investors were cautious on Wed as concerns over high unemployment and the ability of businesses to bring in rev resurfaced, tempering some of the zeal that had marked Wall St earlier this week. Disappointment in the pharma sector contributed to some of the pessimism. Shares of Pfizer fell 2.31 after disappointing profits and Merck fell more than 2%.

Inv. Bus. Daily pA1 Stocks Mostly Retreat, But vol also Downshifts" by Paul Whitfield says stocks sauntered mostly lower in lighter vol Wed as the market took a break from its rebound attempt. Wednesday's action was mostly down in slower trade. The current outlook is the market is in a correction.

USA Today p4B "After big runup, stocks take a breather" by Bloomberg says the stock market paused Wed, following the biggest 2 day rally in the S&P 500 index since Oct, as service industries expanded less than forecast and drug giant Pfizer's profit trailed estimates.

As of the open of the market Thursday, the current divisor for the Dow Jones Industrial Average found at page C4 of today's Wall St. Jrnl is .132319125 unchanged, the trailing P/E ratio is 16.69 down from Wednesday morning's 16.74 (year ago it was 18.83) the P/E estimate is 12.99 unchanged from Wednesday's 12.99 (year ago it was 9.71) and the current dividend yield is 2.65 down from Wednesday's 2.66 (it was 3.93 a year ago).

Wednesday's Dow Jones Industrial Average closing numerator was 1,358.99 down 3.48 from Tuesday's closing Dow numerator of 1,362.47. This is the sum of all 30 closing prices. A short cut to the Dow numerator is to multiply the closing Dow by the Divisor. Now, if you divide the Dow numerator decrease of 3.48 for Wednesday by the divisor you get the decrease in Wednesday's Dow close of 26.30.

The average closing price (the closing numerator divided by 30) of Wednesday's Dow Jones Industrial Average was 45.30 down 0.12 from Tuesday's Dow Jones Industrial Average closing price of $45.42. The median closing price of Wednesday's Dow Jones Industrial Average was 39.51 down 0.53 from Tuesday's median closing price of 40.04. The lowest volume again was 3M MMM $81.5 +1.07 1.33% 3,399,145 NYSE and the highest volume again was Bank of Am BAC $15.53 -0.07 0.45% 128,773,875 NYSE.

If Wednesday morning before the market opened you had purchased 100 shares of each of the Dow Jones Industrial Average 30 shares (assuming you could buy fractional shares and assuming no transaction costs) and sold at the close you would have lost $360 ($136,260 - $135,900).

AT&T T $25.58 -0.11 0.43% 22,795,456 NYSE: Inv. Bus. Daily pA4 "Comcat's Q4 Exceeds Views: Broadbank Up" by Reinhard Kraus says Comcast reported 4Q results that bea tviews, but it lost 200,000 video customers in the period. iPhone companies Verizon Communications and AT&T have ramped up pay TV services, providing more competition for cable firms, while satellite broadcasters DirecTV Group and Dish Network remain tough rivals. In Dec. Comcast hammered out a deal to buy a controlling stake in NBC Universal from GE. Comcast's programming costs continue to rise. It pays media firms fees to provide channels such as Disney's ESPN channel. last quarter, Comcast spent $1.75 bil on programming,up 7.5% from a year earlier.

Alcoa AA $13.49 -0.18 1.32% 35,792,515 NYSE: WSJ pC1 "Dow Drops 26.30 Points On Pfizer Ills" by Peter A. McKay says a pullback in health care stocks following Pfizer's quarterly report nudged the broader market lower, snapping a 2 day winning streak. The Dow Jones Industrial Average ended up 0.3% and was up 2.3% over the previous 2 sessions, its best run since Nov. Pfizer was the weakest Dow component Wed, off 2.3% after announcing a lower than expected 4Q profit. Pfizer's earnings forecast also disappointed. So far this earnings season, firms have shown improved bottom lines, but have delivered little of a hoped for increase in sales. Investors have been focusing on rev as an indicator of broader strength in the US economy. More than 3/4 of S&P 500 firms have beaten expectations of analysts. But the market has drawn little support from that improvement in corp. bottom lines, with the S&P down 4.3% since Alcoa's early Jan report marked the start of the reporting season. Cisco Systems bucked that trend after the bell, announcing strong sales that bolstered hopes for a pickup in tech equipment spending. The shares rose 3.6% after hours.

Fin Times p28 'Rally checked by disappointing corporate earnings" by Samantha Pearson says Wall St. lingered in negative territory yesterday after disappointing firm results gave investors an excuse to pause following the market's strongest 2 day rally this year. Pfizer, the world's largest drugmaker, weighed on the market yesterday, dropping 2.3% as it missed quarterly estimates and also gave a disappointing outlook, citing the impact of a stronger dollar on its internat'l sales. Shares in Alcoa initially rose after UBS upgraded the nation's largest aluminum producer to buy. After noting that the stock's recent correction was overdone given the long term prospects for Chinese growth and restocking by US and European businesses. McDonald's gained 1.8% as Goldman Sachs added the fast food empire to their conviction buy list

American Express AXP $38.33 -0.69 1.77% 10,576,149 NYSE: Fin Times pA1 "Visa Profit Up 31% As Consumers use Plastic Over Cash" by Brad Kelly, WSJ pC8 "Visa Earnings Rise 33% as Payments Jump" by John Kell say Visa's fiscal 1Q profit climbed 33% on higher payments volume and topped analysts' expectations. Lat month, American Express which is both a lender and a processor, said its 4Q profit nearly tripled as loan loss provisions slumped 47% and overall card member spending rose 8%. Unlike American Express, Capital One and other credit card rivals, delinquencies don't hurt Visa and MasterCard because they don't lend to consumers. Instead, they collect fees for each transaction processed.

Bank of America BAC $15.53 -0.07 0.45% 128,773,875 NYSE: WSJ pA6 "GOP chases Wall St. Donors" by Brody Mullins, Neil King Jr. says contributions to fed candidates from employees and political action committees of financial institutions are listed in a side bar to this article. JPMorgan Chase is lsted as giving 51% to Democrats and 49% to Republicans while Bank of America gave 46% to Democrats and 54% to Republicans.

WSJ pC10 "How Banks Can Win from Being Second" by Peter Eavis says gov programs aimed at making first mortgages less burdensome have left second lien mortgages unmodified, meaning in some cases the junior lender is getting bailed out for free. Because junior mortgage portfolios are huge, this benefit helps the banks because my easing terms on the first mortgaged, the borrower has more money to pay the second mortgage. At the end of last last year, Bank of America, Wells Fargo and JPMorgan hase had combined junior mortgage loans of $381 bil, compared with $607 bil of first mortgages.

Boeing BA $61.46 -0.48 0.77% 5,422,489 NYSE: WSJ pB3 "Aircraft makers Place Hopes on Asian Demand" says aircraft makers such as Airbus and Boeing are counting on Asia to pull the industry out of a slump and spur growth for years to come, execs said Wed. at Singapore's Air Show.

WSJ pB3 "Delayed 747-8 Jumbo is Close to maiden Flight" by Peter Sanders & AJC pA14 sas it could make its first test flight as early as Mon. Like the other new jet, the 787 Dreamliner, the newest version of the 747 is well behind schedule with deliveries over a year late. It will be built initially as a cargo plane and is based on the 2 deck 747 that has been in service for 40 years. The new version at 253 feet is the longest commercial plane built by Chicago based Boeing and will have a new wing design.

Caterpillar CAT $53.39 -0.16 0.3% 6,312,256 NYSE: No mentions found.

Chevron CVX $73.21 -1.24 1.67% 14,502,094 NYSE: No mentions found.

Cisco CSCO $23.07 -0.05 0.22% 65,887,817 NASDAQ-GS: NYT pB10 "Cisco Profit Rises 23% on Better Than Expected Sales" by Ashlee Vance, WSJ pA1 "Tech Spending Bounces Back As Profits Rise" by Ben Worthen, Don Clark, USA Today p2B "Tech giant Cisco reports 8% growth in rev" by Jon Swartz & AJC pA14 "Cisco sees dramatic sales improvement" say business spending on eh goods and services is returning as the economy mends, pumping new life into suppliers such as Cisco systems Inc. although it has been slower to reach other sectors. Cisco's CEO John Chambers said he planed to hire 3,000 workers in coming quarters. Fro its fiscal 2Q ended 1/23, Cisco's profit was $1.85 bil, up from $1.5 bil a year ago. Rev rose to $9.8 bil from $9.1 bil a year earlier. Cisco has a track record of emerging from recessions and continuing to grow. Cisco doubled its rev between '04 and the start of the current recession. Story notes that GE's rev fell 10% in 4Q on declining orders for industrial equipment and the shrinkage of GE Capital. Verizon communications Inc. said sales to businesses fell in 4Q and added it wasn't seeing any significant pickup yet in capital or tech spending by its biggest customers. Cisco has $39.6 bi lin cash and investments on hand and has been one of the most aggressive acquirers in the tech industry. IIn the last year alone, Cisco spent more than $7 bil as it sought to advance its Internet video and wireless data product lines. Cisco has used the lull created by the economic downturn to increase its investment in areas that are still nascent, like business and Web software, where it trails Microsoft and IBM by a wide margin in both market share and reputation.

WSJ pC1 "Dow Drops 26.30 Points On Pfizer Ills" by Peter A. McKay says a pullback in health care stocks following Pfizer's quarterly report nudged the broader market lower, snapping a 2 day winning streak. The Dow Jones Industrial Average ended up 0.3% and was up 2.3% over the previous 2 sessions, its best run since Nov. Pfizer was the weakest Dow component Wed, off 2.3% after announcing a lower than expected 4Q profit. Pfizer's earnings forecast also disappointed. So far this earnings season, firms have shown improved bottom lines, but have delivered little of a hoped for increase in sales. Investors have been focusing on rev as an indicator of broader strength in the US economy. More than 3/4 of S&P 500 firms have beaten expectations of analysts. But the market has drawn little support from that improvement in corp. bottom lines, with the S&P down 4.3% since Alcoa's early Jan report marked the start of the reporting season. Cisco Systems bucked that trend after the bell, announcing strong sales that bolstered hopes for a pickup in tech equipment spending. The shares rose 3.6% after hours.

Inv. Bus. Daily pA4 "Cisco Q2 Improvement Across The Board" by J. Bonasia says the number 1 gear mker's sales outlook for 3Q beats analyst expectations. Cisco last year introduced its first server, its Unified Computing System, a server for data centers that's bundled with networking gear and management software. This product puts Cisco into direct competition with partners Hewlett-Packard, IBM and Dell.

Coca-Cola KO $54.87 -0.18 0.33% 7,926,914 NYSE: AJC pA14 says Coca-Cola will limit its waste and carbon footprint at this month's Winter Olympics in Vancouver, hoping to push its environmental impact to zero once carbon offsets are accounted for. Its bottles will be made partially from plant materials, delivered via hybrid vehicles and stored i ncoolers that turn off at night to save power.

Disney DIS $30.75 +0.77 2.57% 15,934,460 NYSE: Inv. Bus. Daily pA4 "Comcat's Q4 Exceeds Views: Broadbank Up" by Reinhard Kraus says Comcast reported 4Q results that bea tviews, but it lost 200,000 video customers in the period. iPhone companies Verizon Communications and AT&T have ramped up pay TV services, providing more competition for cable firms, while satellite broadcasters DirecTV Group and Dish Network remain tough rivals. In Dec. Comcast hammered out a deal to buy a controlling stake in NBC Universal from GE. Comcast's programming costs continue to rise. It pays media firms fees to provide channels such as Disney's ESPN channel. last quarter, Comcast spent $1.75 bil on programming,up 7.5% from a year earlier.

DuPont DD $33.49 -0.14 0.42% 4,659,076 NYSE: No mentions found.

ExxonMobil XOM $66.6 -0.36 0.54% 23,942,758 NYSE: WSJ pA3 "Gas Sites Spur Air Fears" by Ben Casselman says Ft. Wroth, Tex officials rethink their longtime support for the natural gs industry after a study found high levels of hazardous chemicals in the air near production sites. On Tues, gas producer XTO energy Inc, which last year agreed to be acquired by Exxon Mobil, withdrew a request for Ft. Worth permission to drill sevreal wells on a site that some residents said ws too close to an elementary school.

GE $16.68 -0.17 1.01% 70,462,846 NYSE: WSJ pA1 "Tech Spending Bounces Back As Profits Rise" by Ben Worthen, Don Clark says business spending on eh goods and services is returning as the economy mends, pumping new life into suppliers such as Cisco systems Inc. athough it has been slower to reach other sectors. Cisco's CEO John Chambers said he planeed to hire 3,000 workers in coming quarters. Fro its fiscal 2Q ended 1/23, Cisco's profit was $1.85 bil, up from $1.5 bil a year ago. Rev rose to $9.8 bil from $9.1 bil a year earlier. Cisco has a track record of emerging from recessions and continuing to grow. Cisco doubled its rev between '04 and the start of the current recession. Story notes that GE's rev fell 10% in 4Q on declining orders for industrial equipment and the shrinkage of GE Capital. Verizon communications Inc. said sales to businesses fell in 4Q and added it wasn't seeing any significant pickup yet in capital or tech spending by its biggest customers.

Inv. Bus. Daily pA4 "Comcat's Q4 Exceeds Views: Broadbank Up" by Reinhard Kraus says Comcast reported 4Q results that bea tviews, but it lost 200,000 video customers in the period. iPhone companies Verizon Communications and AT&T have ramped up pay TV services, providing more competition for cable firms, while satellite broadcasters DirecTV Group and Dish Network remain tough rivals. In Dec. Comcast hammered out a deal to buy a controlling stake in NBC Universal from GE. Comcast's programming costs continue to rise. It pays media firms fees to provide channels such as Disney's ESPN channel. last quarter, Comcast spent $1.75 bil on programming,up 7.5% from a year earlier.

Home Depot HD $28.47 -0.56 1.93% 19,297,842 NYSE: No mentions found.

Hewlett-Packard HPQ $48.73 +0.14 0.29% 11,240,457 NYSE: Inv. Bus. Daily pA4 "Cisco Q2 Improvement Across The Board" by J. Bonasia says the number 1 gear mker's sales outlook for 3Q beats analyst expectations. Cisco last year introduced its first server, its Unified Computing System, a server for data centers that's bundled with networking gear and management software. This product puts Cisco into direct competition with partners Hewlett-Packard, IBM and Dell.

Intel INTC $19.68 -0.0725 0.37% 45,243,200 NASDAQ-GS: No mentions found.

IBM $125.66 +0.13 0.1% 4,151,874 NYSE: NYT pB10 "Cisco Profit Rises 23% on Better Than Expected Sales" by Ashlee Vance, WSJ pA1 "Tech Spending Bounces Back As Profits Rise" by Ben Worthen, Don Clark say business spending on eh goods and services is returning as the economy mends, pumping new life into suppliers such as Cisco systems Inc. although it has been slower to reach other sectors. Cisco's CEO John Chambers said he planed to hire 3,000 workers in coming quarters. Fro its fiscal 2Q ended 1/23, Cisco's profit was $1.85 bil, up from $1.5 bil a year ago. Rev rose to $9.8 bil from $9.1 bil a year earlier. Cisco has a track record of emerging from recessions and continuing to grow. Cisco doubled its rev between '04 and the start of the current recession. Story notes that GE's rev fell 10% in 4Q on declining orders for industrial equipment and the shrinkage of GE Capital. Verizon communications Inc. said sales to businesses fell in 4Q and added it wasn't seeing any significant pickup yet in capital or tech spending by its biggest customers. Cisco has $39.6 bi lin cash and investments on hand and has been one of the most aggressive acquirers in the tech industry. IIn the last year alone, Cisco spent more than $7 bil as it sought to advance its Internet video and wireless data product lines. Cisco has used the lull created by the economic downturn to increase its investment in areas that are still nascent, like business and Web software, where it trails Microsoft and IBM by a wide margin in both market share and reputation.

Inv. Bus. Daily pA4 "Cisco Q2 Improvement Across The Board" by J. Bonasia says the number 1 gear mker's sales outlook for 3Q beats analyst expectations. Cisco last year introduced its first server, its Unified Computing System, a server for data centers that's bundled with networking gear and management software. This product puts Cisco into direct competition with partners Hewlett-Packard, IBM and Dell.

J.P.Morgan Chase JPM $40.29 -0.26 0.64% 37,161,930 NYSE: WSJ pA6 "GOP chases Wall St. Donors" by Brody Mullins, Neil King Jr. says contributions to fed candidates from employees and political action committees of financial institutions are listed in a side bar to this article. JPMorgan Chase is lsted as giving 51% to Democrats and 49% to Republicans while Bank of America gave 46% to Democrats and 54% to Republicans.

Johnson & Johnson JNJ $63.63 -0.36 0.56% 9,208,835 NYSE: No mentions found.

Kraft KFT $28.48 -0.02 0.07% 27,213,726 NYSE: Fin Times p18 "Kraft in $4Bil bond plan for UK deal" by GregFarrell, Nicole Bullick, Anousha Sakoul & WSJ pC8 "Kraft Offering Appears to Please" by Kellie Geressy-Nilsen, Romy Varghese say Kraft shareholders ahve had their chance to speak out on Kraft's $19.5 bil takeover of Cadbury, now it is the bond market's turn to render a verdict and it appears its up to $8 bil bond offering received a thumbs up from the bond market. Kraft on Wed began marketing a 4 part bond issue, comprising up to 30 year tranches and had $20 bil in orderes by noon.

USA Today pB1 & WSJ pB3 say 3 top execs at Cadbury will step down following shareholder of Kraft's takeover: CEO Todd Stitzer, CFO Andrew Bonfield and Chairman Roger Carr.

Inv. Bus. Daily pB3 "Hershey Raises Its Dividend, Tops Estiamtes" by PatrickCain Heshey may not have won the chocolate wars having seen Kraft take over Cadbury, but in a show of confidence Hershey raised its dividend for the first time since Aug. '07.

McDonald's MCD $65.21 +1.18 1.84% 13,635,290 NYSE: WSJ pC6 "Pfizer and Walgreen Disappoint Investors" by Donna Kardos Yesalavich says stocks fell, snapping a 2 day rally, as investors were disappointed with quarterly earnings and '10 guidance from Pfizer and Ryder systems, along with a drop in Jan same store sales from Walgreens. Pfizer was the Dow's worst performer and is charted in a side bar under "Bad News". Excluding items, Pfizer's 4Q adjusted earnings were a penny short of analysts' mean estimate, even after its doublng of profit. Also, it projected '10 earnings excluding items below Wall St. expectations and lowered its guidance for '12. McDonald's rose 1.8% after Goldman Sachs raised its investment rating to conviction buy from buy citing positive same store sales and accelerating margin gains. and it is charted under side bar "The Good News". WalMart Stores gained 1.5% as it said it would lay off 300 employees at its Bentonville, Ark. headquarters calling the cuts the last major strategic piece of an effort to drive greater growth, leverage and returns.

Inv. Bus. Daily pA2 says Mcdonald's low prices and no frills approach continue to resonate with recession hit consumer s as Goldman Sachs put McDonald's on its conviction buy list.

Fin Times p28 'Rally checked by disappointing corporate earnings" by Samantha Pearson says Wall St. lingered in negative territory yesterday after disappointing firm results gave investors an excuse to pause following the market's strongest 2 day rally this year. Pfizer, the world's largest drugmaker, weighed on the market yesterday, dropping 2.3% as it missed quarterly estimates and also gave a disappointing outlook, citing the impact of a stronger dollar on its internat'l sales. Shares in Alcoa initially rose after UBS upgraded the nation's largest aluminum producer to buy. fFter noting that the stock's recent correction was overdone given the long term prospects for Chinese growth and restocking by US and European businesses. McDonald's gained 1.8% as Goldman Sachs added the fast food empire to their conviction buy list

Merck MRK $38.72 -0.82 2.07% 17,393,135 NYSE: NYT pB8 "Worries Over Jobs & Rev Temper Wall St." by Javier C. Hernandez say investors were cautious on Wed as concerns over high unemployment and the ability of businesses to bring in rev resurfaced, tempering some of the zeal that had marked Wall St earlier this week. Disappointment in the pharma sector contributed to some of the pessimism. Shares of Pfizer fell 2.31 after disappointing profits and Merck fell more than 2%.

Microsoft MSFT $28.63 +0.17 0.6% 61,111,568 NASDAQ-GS: WSJ pB11 "Element of Choice Draws In Online Viewers" by Suzanne Vranica says aiming to wrrest more ad rev from online video, several firms led byad giant Publicis Groupe and Microsoft, Yahoo, CBS and Hulu,, have spent the past year testing online ad formats to figure out what consumers want. Tests found that ad selector, a format that lets online video watchers pick one of 3 firms' ad to watch outscored other ad formats, including the much maligned pre-roll ads that consumers are often required to see before viewing online video clips. Consumers are more likely to remember web video ads if they are allowed to pick which ones to watch.

NYT pA25 "Microsoft's Creative Destruction" by Dick Brass, a former VP of Microsoft, says even though Microsoft's profits are huge and growing, its stifling corporate culture prevents innovations and results in Microsoft actually being a failing company.

Pfizer PFE $18.62 -0.62 3.22% 113,821,037 NYSE: WSJ pB3 "Pfizer Could Cut Research Spending by $3 Bil" by Jonathan D. Rockoff, NYT pB2 "Pfizer Misses Estimates, and Sahres Slide" by Bloomberg & Fin Times p22 "Pfizer's Guidance Down for '12" by Andrew Jack say the $3 bil research this cut could be done by '12 in an attempt to wring efficiencies following its take over of Wyeth. Pfizer reported 4Q earnings of $767 mil, or 10 cents a share, up from $266 mil, or 4 cents a share, a year earlier.

Fin Times p16 "Pfizer" says Pfizer's disappinting new guidance for rev in '12, after its blockbuster cholesterol dru Lipitor loses exclusivity, puts a rewed urgency on cost cutting which was the main reason Pfizer bought Wyeth last year.

WSJ pC1 "Dow Drops 26.30 Points On Pfizer Ills" by Peter A. McKay says a pullback in health care stocks following Pfizer's quarterly report nudged the broader market lower, snapping a 2 day winning streak. The Dow Jones Industrial Average ended up 0.3% and was up 2.3% over the previous 2 sessions, its best run since Nov. Pfizer was the weakest Dow component Wed, off 2.3% after announcing a lower than expected 4Q profit. Pfizer's earnings forecast also disappointed. So far this earnings season, firms have shown improved bottom lines, but have delivered little of a hoped for increase in sales. Investors have been focusing on rev as an indicator of broader strength in the US economy. More than 3/4 of S&P 500 firms have beaten expectations of analysts. But the market has drawn little support from that improvement in corp. bottom lines, with the S&P down 4.3% since Alcoa's early Jan report marked the start of the reporting season. Cisco Systems bucked that trend after the bell, announcing strong sales that bolstered hopes for a pickup in tech equipment spending. The shares rose 3.6% after hours.

WSJ pC6 "Pfizer and Walgreen Disappoint Investors" by Donna Kardos Yesalavich says stocks fell, snapping a 2 day rally, as investors were disappointed with quarterly earnings and '10 guidance from Pfizer and Ryder systems, along with a drop in Jan same store sales from Walgreens. Pfizer was the Dow's worst performer and is charted in a side bar under "Bad News". Excluding items, Pfizer's 4Q adjusted earnings were a penny short of analysts' mean estimate, even after its doublng of profit. Also, it projected '10 earnings excluding items below Wall St. expectations and lowered its guidance for '12. McDonald's rose 1.8% after Goldman Sachs raised its investment rating to conviction buy from buy citing positive same store sales and accelerating margin gains. and it is charted under side bar "The Good News". WalMart Stores gained 1.5% as it said it would lay off 300 employees at its Bentonville, Ark. headquarters calling the cuts the last major strategic piece of an effort to drive greater growth, leverage and returns.

Fin Times p28 'Rally checked by disappointing corporate earnings" by Samantha Pearson says Wall St. lingered in negative territory yesterday after disappointing firm results gave investors an excuse to pause following the market's strongest 2 day rally this year. Pfizer, the world's largest drugmaker, weighed on the market yesterday, dropping 2.3% as it missed quarterly estimates and also gave a disappointing outlook, citing the impact of a stronger dollar on its internat'l sales. Shares in Alcoa initially rose after UBS upgraded the nation's largest aluminum producer to buy. fFter noting that the stock's recent correction was overdone given the long term prospects for Chinese growth and restocking by US and European businesses. McDonald's gained 1.8% as Goldman Sachs added the fast food empire to their conviction buy list.

NYT pB8 "Worries Over Jobs & Rev Temper Wall St." by Javier C. Hernandez say investors were cautious on Wed as concerns over high unemployment and the ability of businesses to bring in rev resurfaced, tempering some of the zeal that had marked Wall St earlier this week. Disappointment in the pharma sector contributed to some of the pessimism. Shares of Pfizer fell 2.31 after disappointing profits and Merck fell more than 2%.

Procter & Gamble PG $62.65 -0.25 0.4% 10,987,137 NYSE: No mentions found.

3M MMM $81.5 +1.07 1.33% 3,399,145 NYSE: No mentions found.

Travelers TRV $50.57 -0.52 1.02% 3,954,389 NYSE: No mentions found.

United Technologies UTX $68.24 +0.21 0.31% 4,148,185 NYSE: WSJ pB1 "Investment Dollrs Flow to Green Energy Start-Ups" by Russell Gold says start ups developing products aimed at wringing every last drop of efficiency from green technologies have become the standouts in the increasingly crowded field of renewable energy. They are gaining favor because they don't require a lot of cash to bootstrap. Industrial conglomerate United Technologies Crop., best known for its helicopters, has jumped into the wind business.

Verizon VZ $29.19 0.54 1.82% 33,534,279 NYSE: WSJ pA1 "Tech Spending Bounces Back As Profits Rise" by Ben Worthen, Don Clark says business spending on eh goods and services is returning as the economy mends, pumping new life into suppliers such as Cisco systems Inc. athough it has been slower to reach other sectors. Cisco's CEO John Chambers said he planeed to hire 3,000 workers in coming quarters. Fro its fiscal 2Q ended 1/23, Cisco's profit was $1.85 bil, up from $1.5 bil a year ago. Rev rose to $9.8 bil from $9.1 bil a year earlier. Cisco has a gtrack record of emerging from recessions and continuing to grow. Cisco doubled its rev between '04 and the start of the current recession. Story notes that GE's rev fell 10% in 4Q on declining orders for industrial equipment and the shrinkage of GE Capital. Verizon communications Inc. said sales to businesses fell in 4Q and added it wasn't seeing any significant pickup yet in capital or tech spending by its biggest customers.

Inv. Bus. Daily pA4 "Comcat's Q4 Exceeds Views: Broadbank Up" by Reinhard Kraus says Comcast reported 4Q results that bea tviews, but it lost 200,000 video customers in the period. iPhone companies Verizon Communications and AT&T have ramped up pay TV services, providing more competition for cable firms, while satellite broadcasters DirecTV Group and Dish Network remain tough rivals. In Dec. Comcast hammered out a deal to buy a controlling stake in NBC Universal from GE. Comcast's programming costs continue to rise. It pays media firms fees to provide channels such as Disney's ESPN channel. last quarter, Comcast spent $1.75 bil on programming,up 7.5% from a year earlier.

WalMart WMT $54.27 +0.78 1.46% 17,974,296 NYSE: WSJ pB3 & AJC pA14 say Walmart is laying off 300 employees at its Bentonville, Ark headquarters out of 12,000 employees there.

WSJ pC6 "Pfizer and Walgreen Disappoint Investors" by Donna Kardos Yesalavich says stocks fell, snapping a 2 day rally, as investors were disappointed with quarterly earnings and '10 guidance from Pfizer and Ryder systems, along with a drop in Jan same store sales from Walgreens. Pfizer was the Dow's worst performer and is charted in a side bar under "Bad News". Excluding items, Pfizer's 4Q adjusted earnings were a penny short of analysts' mean estimate, even after its doublng of profit. Also, it projected '10 earnings excluding items below Wall St. expectations and lowered its guidance for '12. McDonald's rose 1.8% after Goldman Sachs raised its investment rating to conviction buy from buy citing positive same store sales and accelerating margin gains. and it is charted under side bar "The Good News". WalMart Stores gained 1.5% as it said it would lay off 300 employees at its Bentonville, Ark. headquarters calling the cuts the last major strategic piece of an effort to drive greater growth, leverage and returns.

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Here are the current CEOs of the Dow 30 Companies:

AT&T T Randall L. Stephenson
Alcoa AA Klaus Kleinfeld
American Express AXP Kenneth I. Chenault
Bank of America BAC Brian T. Moynihan
Boeing BA W. James McNerney, Jr.
Caterpillar CAT Douglas Oberhelman
Chevron CVX John Watson
Cisco CSCO John Chambers
Coca Cola KO Muhtar Kent
Disney DIS Robert Iger
DuPont DD Ellen Kullman
ExxonMobil XOM Rex W. Tillerson
GE Jeffrey R. Immelt
Hewlett-Packard HPQ Mark Hurd
Home Depot HD Frank Blake
Intel INTC Paul S. Otellini
IBM Samuel J. Palmisano
JPMorgan Chase JPM Jamie Dimon
Johnson & Johnson JNJ William C. Weldon
Kraft KFT Irene Rosenfeld
McDonald's MCD Jim Skinner
Merck MRK Robert Clark
Microsoft MSFT Steve Ballmer
Pfizer PFE Jeffrey Kindler
Procter & Gamble PG Bob McDonald
3M MMM George W. Buckley
Travelers TRV Jay S. Fishman
United Technologies UTX Louis Chenevert
Verizon VZ Ivan Seidenberg
Wal-Mart WMT Mike Duke

Here are the Dow Jones Industrial Average 30 ranked in order of market capitalization rounded to the nearest billion as of 2/1/10 followed by number of shares outstanding rounded to the nearest 1/2 billion:

1. Exxon Mobil XOM $318 [5]
2. Microsoft MSFT 252 [9]
3. WalMart WMT 203 [4]
4. Chevron CVX 180 [2.5]
5. Procter & Gamble PG 180 [3]
6. Johnson & Johnson JNJ 174 [3]
7. GE 173 [10.5]
8. IBM 164 [1.5]
9 JPMorgan Chase 156 [4]
10. Pfizer PFE 152 [8]
11. AT&T 150 [6]
12. BAC 134 [8.5]
13. Cisco CSCO 131 [6]
14. Coke KO 126 [2]
15. Hewlett-Packard HPQ 113 [2]
16. Intel INTC 108 [5.5]
17. McDonald's MCD 106 [1.5]
18. Verizon VZ 84 [3]
19. Merck MRK 81 [2]
20. United Technologies UTX 63 [1]
21. 3M MMM 57 [.5]
22. Disney DIS 57 [2]
23. Home Depot 48 [2]
24. American Express AXP 45 [1]
25. Boeing BA 45 [1]
26. Kraft KFT 41 [1.5]
27. Caterpillar CAT 33 [.5]
28. DuPont DD 30 [1]
29. Travelers 28 [.5]
30. Alcoa AA 13 [1]

Here are the latest SEC filings as of 2/1/10 other than ownership filings, registration of shares for employee benefit plans, free writing prospectuses and, except for certain cases, I do not include third party shareholder proposals:

Symbol & Co. Name/Date of Filing/Form Filed/ Comments

T AT&T: 1/29/10 8K re: 29,500 employees represented by Communications Workers of America District 3 failed to ratify the tentative labor agreement announced on December 14, 2009.

1/28/10 8K re: 4Q earnings were $0.51 per diluted share compared with $0.41 per share for the 4Q '08. 4Q net income was $3.0 bil compared with $2.4 bil for 4Q '08. Reported earnings for the full year '09 were $2.12 per diluted share, down from $2.16 per share for the full year '0 &net income for '09 was $12.5 bil, down from $12.9 bil for '08.

Alcoa AA: 1/27/10 8K re: contributions to pension plan of stock.

1/25/10 8K re: quarterly dividend on Alcoa’s common stock and preferred stock and that a contribution was authorized of up to $600 million in Alcoa common stock to Alcoa’s defined benefit pension plans.

1/12/10 8K re: Alcoa finished its 4Q '08 free cash flow positive, the first such quarterly achievement since 2Q '08. In 4Q '09, Alcoa generated free cash flow of $761 million, a $947 million improvement from 3Q '09 driven by strong cash from operations performance of $1.1 billion, a $940 million increase from the third quarter of 2009.

American Express AXP: 1/25/10 8K re: increases to the annual base salaries Kenneth I. Chenault, Chairman & CEO from $1,250,000 $2,000,000; Edward P. Gilligan, Vice Chairman from $1,100,000 to $1,450,000; Stephen J. Squeri, Group President – Global Services & Chief Information Officer from $750,000 to $1,000,000; and Daniel T. Henry, Exec. VP & CFO from $700,000 to $850,000.

1/21/10 8K re: 4Q EPS of $0.59, up from $0.26 a year ago & other fin'l results.

1/15/10 8K re: owned and managed basis delinquency and write-off statistics for the lending portfolio of its U.S. Card Services operating segment for the months of Oct., Nov. and Dec. '09.

Bank of Am BAC: 1/20/10 8K re: '09 net income of $6.3 bil, compared with net income of $4.0 bil '08. Including preferred stock dividends & the negative impact from the repayment of the U.S. gov’s $45 billion preferred stock investment in the company under the Troubled Asset Relief Program, income applicable to common shareholders was a net loss of $2.2 billion, or $0.29 per diluted share.

1/15/10 8K re: Brian Moynihan, CEO's new senior management team: Steele Alphin, chief admin. officer; Cathy Bessant, Global Technology & Operations exec, David Darnell, pres. of Global Commercial Banking; Barbara Desoer, pres. of Home Loans & Insurance; Anne Finucane, global strategy & marketing officer; Sallie Krawcheck, pres. of Global Wealth & Investment Management; Tom Montag, pres. Global Banking & Markets; Ed O’Keefe, gen'. counsel; Joe Price, president of Consumer, Small Business & Card Banking; Neil Cotty interim CFO; Bruce Thompson chief risk officer; & Greg Curl will focus on key strategic partnerships critical to BAC’s global capabilities.

12/17/09 8K re: election of Brian T. Moynihan to succeed Kenneth D. Lewis as the new President and Chief Executive Officer effective January 1, 2010 and his appointment to the Board and Executive Committee of the Board. Moynihan, 50, joined FleetBoston Financial Corporation in April 1993. He was promoted to lead Corporate Strategy and Development and then went on to lead Global Wealth and Investment Management at FleetBoston. Following the Corporation’s 2004 merger with FleetBoston, he served as president of Global Wealth and Investment Management from April 2004 to October 2007. From October 2007 to December 2008, Mr. Moynihan served as president of Global Corporate and Investment Banking. From December 2008 to January 2009, Mr. Moynihan served as the Corporation’s General Counsel. From January 2009 to August 2009, Mr. Moynihan served as president of Global Corporate and Investment Banking and Global Wealth Management. Since August 2009, he has served as president of Consumer and Small Business Banking.

Boeing BA: 1/27/10 8K re: 4Q '09 results: rev grew to $17.9 bil & operating margin grew to 9.4% with net income of $1.75 per share. Operating cash flow increased to $3.2 bil.

Caterpiller CAT: 1/27/10 8K re: supplemental information concerning deliveries to users for its Machinery and Engines lines of business.
12/15/09 8K re: amendments to Bylaws.

1/27/10 8K re: sales & rev of $32.39 bil for '09, a decrease of 37% from $51.32 biln in '08. Profit per share was $1.43, down 75%. 4Q sales & rev. were $7.9 bil, down 39% from 4Q '08. Profit per share for 4Q was $0.36, down 67% from 4Q '08.

Chevron CVX: 1/29/10 8K re: earnings for 4Q '09: net income was $3.1 bil, down 37% from $4.9 bil in 4Q '08.

12/11/09 8K re: a new base salary of $1,500,000 for J.S. Watson (a $500,000 increase) to be effective January 1, 2010 when Mr. Watson assumes the position of Chairman & CEO and other exec compensation changes.

Cisco CSCO: 11/25/09 8K re: Mark Chandler, Senior Vice President, Legal Services, General Counsel & Secretary of Cisco Systems adopting a pre-arranged stock trading plan.

Coke KO: 10/29/09 10QA

Disney DIS: 1/22/10 Proxy Statement for '10 Annual Meeting of shareholders, which will be held on Wednesday, 3/10/10 at 10 a.m. at the JW Marriott San Antonio Hill Country in San Antonio, Texas.

1/12/10 8K re: new form of agreement for the award of stock units and stock options awarded to executive officers.

1/4/10 8K re: new employment agreement with James A. Rasulo and amendment of employment agreement with Thomas O. Staggs. Rasulo will serve as Sr. EVP & CFO with an annual salary of $1,400,000.

DuPont DD: 1/26/10 8K re: 4Q EPS of $.48 compared to a 4Q '08 loss of $.70 per share. Sales of $6.4 bil were up 10% vs prior year, led by sales growth greater than 20% for titanium dioxide, electronic materials, performance polymers & seed products.

ExxonMobil XOM: 2/1/10 8K re: 4Q results: earnings were $6,050 mil, a decrease of 23% or $1,770 mil from 4Q '08. EPS were $1.27, a decrease of 18%. Capital & exploration expenditures were $8.3 bil, up 21% from the 4Q '08.

GE: 1/22/10 8K re: 4Q ’09 EPS of $0.28; FY ’09 EPS of $1.03; rev of $41.4 bil for Quarter; $157 bi for Year.

12/3/09 8K re: GE, NBC Universal, Inc. and Comcast Corporation entering into a Master Agreement pursuant to which they will form a joint venture. The joint venture will consist of the businesses of NBCU, including its cable networks, filmed entertainment, televised entertainment, theme parks and unconsolidated investments, collectively valued at $30 billion, and Comcast’s cable networks including E!, Versus and the Golf Channel, ten regional sports networks and certain digital media properties, collectively valued at $7.25 billion. NBCU will borrow $9.1 billion from third party lenders, and the proceeds of this debt financing will be distributed to GE. Comcast will make a payment of approximately $6.5 billion in cash to GE. GE also entered into a Stock Purchase Agreement with Vivendi SA pursuant to which,GE will acquire Vivendi’s 20% interest in NBCU for $5.8 billion. GE expects to realize approximately $9.8 billion pre-tax in cash after the buyout of Vivendi’s 20% interest. The new venture initially will be 51% owned by Comcast and 49% owned by GE.

Hewlett-Packard HPQ: 1/27/10 Def. Proxy Statement re: annual stockholders meeting on 3/1710 at 2 pm at Computer History Museum, 1401 N. Shoreline Boulevard, Mountain View, Cal.

1/27/10 8K re: Electronic Data Systems Corporation, which HP acquired in '08 is a defendant in litigation filed in the United Kingdom by Sky Subscribers Services Limited and British Sky Broadcasting Limited in '04 alleging deceit, negligent misrepresentation, negligent misstatement and breach of contract. On 1/26/10, the court issued a decision finding EDS UK liable to BSkyB for deceit in one area of the claim, for negligent misrepresentation and negligent misstatement in another area of the claim, and for breach of contract. The court also dismissed all of BSkyB’s other claims. The court will issue a final quantification of damages at a later date. HP plans to appeal.

Home Depot HD: 12/3/09 10Q

Intel INTC: 1/25/10 8K re: promotions of Renee J. James, Thomas M. Kilroy, Brian M. Krzanich & Stacy J. Smith to sr. vp.

1/15/10 8K re: 4Q earnings of revenue of $10.6B, up 13% sequentially; nearly twice the average seasonal sequential growth seen in 4Q; gross margin of 64.7% was a record, and up 7 points compared to 3Q; operating income of $2.5B was down 3% sequentially, and up 62% from a year ago. Net income of $2.3B was up 23% sequentially, and up 875% from a year ago.

12/17/09 8K re: a press release commenting on the suit filed against Intel by the Federal Trade Commission alleging anticompetitive practices.

IBM: 1/29/10 8K re: compensation for its top 5 execs.

1/19/10 8K re: Record diluted earnings per share of $10.01, up 13%; 7th consecutive year of double-digit EPS growth; record net income of $13.4 bil, up 9%; gross profit margin of 45.7%, 6th consecutive year of increase; record free cash flow of $15.1 bil, up $0.8 bil.

JPMorganChase JPM: 1/25/10 8K re: amendments to By-laws re: special meetings of stockholders.

1/19/10 8K re: 4Q results.

Kraft KFT: 2/1/10 8K re: further details about the dealing facilities that will be available to accepting Cadbury Securityholders who hold their Cadbury Shares or Cadbury ADSs in certificated form.

1/27/10 8K re: Kraft reduced the number of acceptances required to fulfil the Acceptance Condition of the recommended Final Offer for Cadbury from 90% to 50% plus one Cadbury Share.

1/12/10 8K re: increase of guidance for '09 diluted earnings per share to at least $2.00 versus the previous expectation of at least $1.97.1 reflecting strong operating gains & a significant increase in marketing investments versus the prior year.

12/22/09 8K re: amendment of By-Laws to expand the Board to twelve members and appointment of Mackey J. McDonald & Jean-Francois M. L. van Boxmeer as directors, effective January 1, 2010. Mr. McDonald will serve on the Audit Committee, and Mr. van Boxmeer will serve on the Public Affairs Committee.

McDonalds MCD: 1/26/10 8K re: compensation to execs.

1/22/10 8K re: '09 results: global comparable sales increase of 3.8%, fueled by the U.S. 2.6%, Europe 5.2% & Asia/Pacific, Middle East & Africa 3.4%; growth in McDonald’s combined operating margin to 30.1%; consolidated operating income increase of 6% (10% in constant currencies) over the prior year; earnings per share of $4.11, up 9% over the prior year; & return of $5.1 bil to shareholders through shares repurchased & dividends paid, bringing the 3-year total to
$16.6 bil under MCD’s $15 bil to $17 bil cash return to shareholders target for '07 through '09.

1/15/10 8K re: Donald Thompson elected Pres. & Chief Operating Officer. He's been with McDonald's for 19 years.

12/23/09 8K re: am agreement re: the retirement of Ralph Alvarez, President and Chief Operating Officer.

Merck MRK: 11/18/09 8KA amending financial stmts re: the earlier announcement of the consummation on November 3, 2009 of the merger of Merck & Co., Inc. &, Schering-Plough Corporation.

Microsoft MSFT: 1/28/10 10Q.

1/28/10 8K re: record revenue of $19.02 bil for 2Q ended 12/31/09, a 14% increase from the same period of the prior year. Operating income, net income & diluted earnings per share for the quarter were $8.51 bil, $6.66 bil & $0.74 per share, which represented increases of 43%, 60% and 57%, respectively, when compared with the prior year period.

12/4/09 8K re: the resignation of Christopher P. Liddell, the former chief financial officer and his settlement agreement.

Pfizer PFE: 12/16/09 8K re: amendment of bylaws & change in fiscal year.

Procter & Gamble PG: 1/28/10 8K re: net sales growth of 6% for the October - December quarter to $21.0 bil. Organic sales grew 5%. Diluted net earnings per share were $1.49.

1/28/10 10Q

1/12/10 8K re: quarterly dividend of $0.44 per share on the Common Stock & on the Series A & Series B ESOP Conv. Class A Pref. Stock, payable 2/16/10 with record date of 1/22/10, which is its consistent dividend since incorporation in 1890. 4 bil times a day, P&G brands are sold globally, products include Pampers, Tide, Ariel, Always, Whisper, Pantene, Mach3, Bounty, Dawn, Gain, Pringles, Charmin, Downy, Lenor, Iams, Crest, Oral-B, Duracell, Olay, Head & Shoulders, Wella, Gillette, Braun Fusion. P&G has 135,000 employees in 80 countries.

1/8/10 8K re:changes to its segment reporting structure & agreement to sell its global pharmaceuticals business to Warner Chilcott plc.

12/11/09 8K re: the purchase of Sara Lee's Ambi Pur brand by PG.

12/8/09 8K re: Angela F. Braly being appointed to the Board of Directors, effective December 8, 2009.

12/8/09 8K re: the retirement of Alan G. Lafley, Chairman of the Board and former President & CEO, will retire from his position as Chairman of the Board effective January 1, 2010 & Robert A. McDonald (56), currently President & CEO being elected to Chairman of the Board effective January 1, 2010.

3M MMM: 1/28/10 8K re: 4Q earnings of $1.30 per share on sales of $6.1 bil, with operating income margins of 21.9%. Sales & per-share earnings increased 11.1% & 69% year-on-year, respectively. Profits grew at double-digit rates in each of the company’s six business segments and in all geographic regions. Free cash flow for 4Q grew by 16% to $770 million. 3M '09 sales of $23.1 bil & earnings per share of $4.52, down 8.5% & 7.6% respectively. Excluding special items, '09 earnings declined 9.3%to $4.69 per share.

Travelers TRV: 1/26/10 8K re: net income of $1.285 bil, or $2.36 per diluted share, for the quarter ended 12/31/09, compared to $801 mil, or $1.35 per diluted share, for the quarter ended 12/3108. Operating income in the current quarter was $1.155 bil, or $2.12 per diluted share, compared to $939 mil, or $1.58 per diluted share, in the prior year quarter.

United Technologies UTX: 1/27/10 8K re: 4Q '09 earnings per share of $1.15 & net income attributable to common shareowners of $1.1 bil, down 7% and 6%, respectively, over the year ago quarter. Consolidated revenues for the quarter of $14.1 billion were 5% below prior year.

Verizon Communications Inc. VZ: 1/26/10 8K re: Consolidated cash flow growth in 4Q '09: $31.6 bil in cash flow from operations in '09, up $4.0 bil, or 14.5 percent, from '08 & other financial results inlcuding a loss of 23 cents per share and adjusted earnings of 54 cents per share, compared with 4Q '08 EPS of 43 cents and 61 cents, respectively.

WalMartWMT: 1/28/10 8K re: business restructurings to leverage operating expenses consistent with its priorities of growth, leverage and returns. These include the closure of 10 Sam’s Clubs announced on 1/11/10, the elimination of Sam’s Club new business membership representatives, the new operations structure for Walmart U.S.; the integration of the Puerto Rican operations into Walmart U.S. and Sam’s Club.
The net impact from the charges for these business restructurings on 4Q earnings for fiscal year 2010 is estimated to be 0.04 per share. Walmart will announce fourth quarter earnings before the market opens on February 18, 2010.

12/8/09 10Q