Today's news boiled down to two issues. First was that five DJIA components reporting earnings this morning, with details on three components. The second issue was Ben Bernanke testifying that inflation was not a huge concern because the economy is likely to stay frail for some time. The markets were mixed to down most of the day until a late day rally saved shares. Here were today's unofficial closing bell levels:
Dow 8,911.71 +63.56 (0.72%)
S&P 500 954.10 +2.97 (0.31%)
Nasdaq 1,914.13 +4.84 (0.25%)
Top 10 Analyst Upgrades/Downgrades
Caterpillar Inc. (NYSE: CAT) rose sharply after beating earnings but missing revenues. The major equipment giant posted $0.72 EPS vs. $0.22 estimates, but be advised that the revenues were light. For the year, it sees $1.15 to $2.25 vs $1.01 estimates. Shares were up over 8% at $39.74 ahead of the close.
The Coca-Cola Company (NYSE: KO) earnings were up 44% on items to $0.88, while comparable EPS was down 9% to $0.92 EPS. Estimates were $0.89 EPS. Shares were down over 2% at $49.84 late in the trading day.
DuPont (NYSE: DD) posted $0.61 EPS vs. $0.53 estimates; revenues fell 22% to $6.86 billion vs. the $7.15 billion consensus. Dupont reaffirmed 2009 EPS of $1.70 to $2.10 vs. $1.71 consensus estimates. Shares were down 1.3% at $28.00 late in the day.
International Business Machines Corp. (NYSE: IBM) is getting deeper into the race in virtualization as it announced new systems software for managing virtualized servers. This was a non-event for the stock, as shares were up 0.1% at $116.60 late in the trading session.
Merck & Co., Inc. (NYSE: MRK) posted earnings of $0.83 EPS vs. $0.77 estimates, and revenues were down almost 3% to $5.9 billion vs. $5.84 billion estimates. It reaffirmed FY09 EPS of $3.15 to $3.30 vs. $3.20 consensus. Shares were up 5% at $29.40 late in the day.
UnitedHealth Group, Inc. (NYSE: UNH) posted $0.73 EPS vs. $0.70 estimates. Revenues rose 6.8% to $21.66 billion vs. the $21.77 billion estimate. It also sees in-line guidance for 2009 at $3.00 to $3.15 EPS vs. $3.07 consensus and vs. prior guidance of $2.90 to $3.15. Shares were up almost 2% at $25.31 late in the trading day.
United Technologies Corp. (NYSE: UTX) posted earnings at $1.05 vs. $1.04 estimates. Revenues were soft and earnings and revenue projections for the full year are being brought down. Full year earnings are now seen at $4.00 to $4.20 vs. $4.07 estimates but under their prior target. Shares were down by 2.4% at $53.65 late in the trading session.










