I'm Reiterating my Buy rating for Honeywell International, Inc. (NYSE: HON) first recommended on February 25, 2009 at a price of $28.26.

The growth proposition for Honeywell remains intact. Large order backlogs by commercial airline manufacturers, including The Boeing Company (NYSE: BA), will support revenue in FY2009.

In this market, it goes without saying that caution remains the watchword. Until the U. S. Treasury Department's program for toxic asset removal from the banking system has been clarified, there's an added layer of risk for a stock investment. And this unknown sits atop a U.S. recession that enters its 16th month in March.

Still, there are bargains to be had for risk-tolerant investors, and along that line, Honeywell International Inc. (NYSE: HON) is worth a review.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Altria Group Inc. (NYSE: MO) Q4 profit rose on higher prices, and its forecast matched expectations.
• Amgen Inc. (NASDAQ: AMGN) Q4 earnings grew on cost cutting but revenue remained flat.
• Black & Decker Corp. (NYSE: BDK) shares tanked after the dismal Q4 report, and it announced job cuts.
• Carpenter Technology Corp. (NYSE: CRS) Q2 numbers resulted in a downgrade from one analyst.
• ConocoPhillips (NYSE: COP) reported a Q4 loss due to writedowns from recent acquisitions.
• DuPont (NYSE: DD) swung to a bigger-than-expected Q4 loss and its revenue fell as well.
• Eli Lilly & Co. (NYSE: LLY) swung to a Q4 loss on acquisition costs but reaffirmed its guidance.

Honeywell (NYSE: HON - option chain) shares are just about unchanged this morning after the company posted a fourth-quarter profit of $707 million, or 97 cents per share, on revenue of $8.7 billion. Analysts had been looking for a profit of 97 cents per share on revenue of $8.97 billion. In an environment like this, flat on earnings is actually pretty good in my book. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on HON.

HON opened this morning at $32.72. So far today the stock has hit a low of $32.50 and a high of $34.24. As of 11:55, HON is trading at $32.48, down 19 cents (0.6%). The chart for HON looks bullish and S&P gives HON a positive 4 STARS (out of 5) buy ranking.

Honeywell (NYSE: HON) closed at $34.71. HON is scheduled to report Q4 EPS on January 30. HON January option implied volatility of 41 is below its 26-week average of 49, according to Track Data, suggesting decreasing price movement.

Nvidia (NASDAQ: NVDA) closed at $8.79. NVDA is scheduled to report Q4 EPS on February 10. NVDA is scheduled to introduce new notebook chips in late spring. NVDA February option implied volatility is at 74; June is at 69; near its 26-week average according to Track Data, suggesting non-directional price movement.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Adobe Systems Inc. (NASDAQ: ADBE) posted strong Q4 and full-year results, but with flat Q4 revenues.
• Best Buy Inc. (NYSE: BBY) beat Q3 expectations though earnings tumbled, and shares rose about 18%.
• Carnival Corp. (NYSE: CCL) announced that it had lowered its full-year earnings and revenue guidance.
• Discover Financial Services (NYSE: DFS) net income from continuing operations more than doubled in Q4.
• Eaton Corp. (NYSE: ETN) cut its Q4 earnings guidance on weakness in the American auto market.
• FedEx Corp. (NYSE: FDX) Q2 earnings topped expectations and it reaffirmed its guidance.
• General Electric Co. (NYSE: GE) declined to provide quarterly earnings guidance in its annual outlook.
• General Mills (NYSE: GIS) posted a higher-than-expected profit on cost cutting and increased marketing.
• Gilead Sciences Inc. (NASDAQ: GILD) strong earnings growth are expected by one analyst to continue.
• Goldman Sachs Group (NYSE: GS) swung to an anticipated Q4 loss and reported negative revenues.
• Healthcare Realty Trust Inc. (NYSE: HR) was downgraded due to its near-term earnings prospects.
• Honeywell International Inc. (NYSE: HON) affirmed a lower 2009 outlook and said it expects profits to fall.

The earnings crunch begins in earnest this coming week, with companies from Johnson & Johnson (NYSE: JNJ) and PepsiCo Inc. (NYSE: PEP) to Southwest Airlines Co. (NYSE: LUV) and Harley-Davidson Inc. (NYSE: HOG) scheduled to report results for the quarter just ended. But with the ongoing turmoil in the markets, much attention is on the tech and financial sectors. This week will provide plenty to mull over on both counts.

Wall Street expectations for tech stocks are fairly optimistic. Analysts surveyed by Thomson Financial are looking for chip maker Altera Corp. (NASDAQ: ALTR) and software/service company iGate Corp. (NASDAQ: IGTE) to be the sector's biggest earnings gainers of the week. Altera is expected to report earnings of 30 cents per share (up 33.3% from a year ago) on revenue of $355.1 million. Altera had previously forecast flat sales for the quarter, and shares fell to a 52-week low last week. iGate is expected to report earnings of 14 cents per share (up 42.9%) on revenue of $55.6 million. India-based iGate recently spun off its Mastech consulting services. Shares are down 45.0% in the past three months, and also reached a new 52-week low last week.

San Jose-based Novellus Systems Inc. (NASDAQ: NVLS), on the other hand, is expected to report that net income tumbled 90.4% from a year ago to 4 cents per share, on revenue of $245.6 million. Novellus fell to a 52-week low early last week, and shares are down 44.5% year to date.

As the second quarter earnings crunch begins in earnest this week, the bear market has investors jittery and prognosticators spinning out dire warnings. In the wake of mixed results from Alcoa (NYSE: AA) and General Electric (NYSE: GE) kicking things off last week, here's a look at what Wall Street is expecting from many of the companies scheduled to report this coming week.

Analysts surveyed by Thomson Financial are expecting the following companies to report a rise in earnings when compared to the same period of the previous year.

• Nucor Corp. (NYSE: NUE): $1.80 EPS (36.6%) on sales of $6.4 billion (+53.0%)
• Google Inc. (NASDAQ: GOOG): $4.74 EPS (24.9%) on sales of $3.9 billion (+41.6%)
• Nokia Corp. (NYSE: NOK): 56 cents EPS (23.2%) on sales of $19.9 billion (+17.8%)
• CSX Corp. (NYSE: CSX): 90 cents EPS (21.1%) on sales of $2.9 billion (+12.8%)
• Altera Corp. (NASDAQ: ALTR): 27 cents EPS (18.5%) on sales of $346.7 million (+8.4%)
• IBM (NYSE: IBM): $1.82 EPS (+17.6%) on sales of $25.9 billion (+9.0%)
• eBay Inc. (NASDAQ: EBAY): 41 cents EPS (17.1%) on sales of $2.2 billion (+18.0%)
• W.W. Grainger Inc. (NYSE: GWW): $1.46 EPS (17.1%) on sales of $1.7 billion (+8.0%)
• Microsoft Corp. (NASDAQ: MSFT): 47 cents EPS (17.0%) on sales of $15.7 billion (+17.0%)
• Honeywell International Inc. (NYSE: HON): 94 cents EPS (17.0%) on sales of $9.2 billion (+7.9%)

Monday, July 14

• Novellus Systems Inc. (NASDAQ: NVLS) to report Q2 earnings; conference call at 4:30 pm.
• Genentech Inc. (NYSE: DNA) to report Q2 earnings; conference call at 4:45 pm.

Tuesday, July 15

• PDUFA date for Sciele Pharma, Inc. (SCRX)'s NDA for Aquelle for the treatment of head lice by asphyxiation.
• Johnson & Johnson (NYSE: JNJ) to report Q3 earnings; conference call at 8:30 am.
• Senate Finance Committee: International Enforcement of Intellectual Property Rights meeting at 10:00 am with Sony Corp. (NYSE: SNE) and Pfizer Inc. (NYSE: PFE) appearing.

Readers of this space know that my investment bias is toward large-cap companies with demonstrated business models that have a competitive advantage in established markets, preferably with a favorable global trend as a support. And with the above in mind, Honeywell is worth a review.

Honeywell (NYSE: HON) is one of the world's leading automation / control manufacturers for heating, air conditioning, ventilation systems and a key aerospace contractor. Further, Honeywell has the diversity Wall Street likes -- in this case, business diversity within a company.

Thermostats and aircraft maintenance would seem like business lines at opposite ends of the spectrum, but they are at Honeywell's core, and they speak to the company's strength.

Analysts like HON's aerospace division (36% of revenue), which manufactures cockpit controls, power generation equipment and wheels/bakes for commercial/military aircraft. The division also makes jet engines for regional/business jet manufacturers.

According to this article at CNBC, industrial manufacturer Honeywell (NYSE: HON) doesn't see the current recession (or slowdown, if you believe recession is too harsh a term) hurting its plans all that much. Shareholders of the company should certainly rejoice at management's assertion that the company will still be able to deliver somewhere between $3.70 and $3.80 in earnings per share for 2008.

Reaffirmation is always a good thing in a market as tempestuous as this one has been. The question is, when you see a news item such as this, what actionable inference can you take from it? In other words, should you be looking at Honeywell? Investors should indeed perform some due diligence on the company, because based on the current price of the stock, Honeywell isn't overly pricey. Plus, the stock is really close to a 52-week high. I'm not the biggest fan of buying at 52-week highs, but for those who believe in trading via chart science, a stock near the top end of a range is oftentimes attractive since, in theory, a majority of the weak holders will be out of it by that point.

But being patient for a pullback is usually a virtue with any strong stock. And here's something else to consider. Competitor United Technologies (NYSE: UTX), which has a similar dividend yield to Honeywell, is further away from its 52-week high, but well off its 52-week low. Does that make UTX more attractive? Possibly. And Goodrich Corp. (NYSE: GR), while not having as high a dividend yield, is also not at a 52-week high. So while the reaffirmation bodes well for Honeywell, definitely kick the company's financial tires a bit before making any decision, and look around to similar companies that you might think are better values.

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

The mood this week has changed sharply from the post-GE disappointment, despite weak economics still hitting the screens every morning in economic numbers. In fact, the week went much better than it was looking on Monday, and everyone remembered the old chant, "markets climb up a wall of worry." Even oil heading above the $116 per barrel isn't killing things. Here are unofficial closing levels:

• DJIA 12,852.21 (+231.72; +1.84%)
• S&P 500 1,390.55 (+24.99; +1.83%)
• NASDAQ 2,402.97 (+61.14; +2.61%)
• 10YR-TBOND 3.743% (+0.014)

We put together a list of stocks over at 247WallSt.com with household names that we think can double by the end of the recession.

Advanced Micro Devices Inc. (NYSE: AMD) down after reporting a net loss of $358 million on $1.5 billion in revenues. Losses were narrowed from the same quarter last year. The company also released plans to cut additional cost. If insiders want that stock to go up, they need to fire Hector Ruiz. Shares were down 1.6% at $6.09 going into the close.

TheStreet.com's Jim Cramer says the bad news should make sure the Fed keeps cutting.

We haven't broken the spiral yet. The waves off of homes just keep fighting new areas to hurt, new municipal projects to ding, new large jobs numbers lost, new margin calls for places like Thornburg (NYSE: TMA) (Cramer's Take), which I thought was out of the woods.

Then I saw the TMA news and the verbiage that there was another problem in the markets in February that will require margin calls. This is the Alt-A culprit, the hard-to-value loans given to people who look likely to return the money because they have good solo jobs but on paper haven't been performing. TMA has a ton of jumbo loans to these people. Only back-from-the-grave Indymac (NYSE: IMB) (Cramer's Take) is worse.

Truth be told, we know these are all momentary issues. No bank seems willing to let anyone fail here, and neither TMA nor IMB will be so hurt by these new issues that they can crush the market. Same as Fannie Mae (NYSE: FNM) (Cramer's Take) yesterday -- staggering losses, but so what?

The earnings crunch is in full swing, and here are a few of the highlights of this past week's earnings coverage from BloggingStocks:

• AT&T Inc. (NYSE: T) only met earnings expectations despite strong holiday iPhone sales.
• Bank of America (NYSE: BAC) earnings plunged 95% due to mortgage-related write-downs.
• Delta Air Lines Inc. (NYSE: DAL) narrowed its fourth quarter loss and beat expectations.
• eBay Inc. (NADSAQ: EBAY) beat low expectations, but the CEO is to step down in March.
• EI DuPont de Nemours & Co. (NYSE: DD) beat earnings expectations even thought profits fell 37%.
• E*Trade Financial Corp. (NASDAQ: ETFC), posted a bigger-than-estimated fourth quarter loss.
• Fifth Third Bancorp. (NASDAQ: FITB) missed estimates on acquistion costs and a one-time charge.
• Ford Motor Co. (NYSE: F) missed low expectations, prompting further domestic cost reductions.
• Harley-Davidson Inc. (NYSE: HOG) profit declined on weak domestic sales.
• Hershey Co. (NYSE: HSY) profit sank due to rising costs, competition, and management shakeups.
• Honeywell Internationl Inc. (NYSE: HON) only met estimates, despite growth in all business segments.
• Kimberly-Clark Corp. (NYSE: KMB) profit slipped bet met expectations, due to increased paper costs.
• Lennar Corp. (NYSE: LEN) reported a record quarterly loss due to the housing slump.
• Motorola Inc. (NYSE: MOT) profit plunged due to loss of market share, and it forcasts a first quarter loss.
• National City Corp. (NYSE: NCC) posted a bigger-than-expected loss, but shares rose anyway.
• Pfizer Inc. (NYSE: PFE) profit plunged, but beat estimates, due to increased competition for generics.
• UAL Corp. (NASDAQ: UAUA) narrowed its loss despite rising fuel prices and holiday cancellations.
• Wachovia Corp. (NYSE: WB) earnings plunged 98% due to home loan write-downs.
• WellPoint Inc. (NYSE: WLP) met earnings expectations and reaffirmed its 2008 outlook.

It's a Wall Street axiom, but one that's worth repeating in choppy markets: diversity provides greater safety. That's diversity across a portfolio, and diversity within a company, and a good example of the latter is Honeywell International Inc. (NYSE: HON).

Thermostats and aircraft maintenance would seem like business lines at opposite ends of the spectrum, but they are at Honeywell's core, and they speak to the company's strength.

Analysts like HON's aerospace division (36% of revenue), which manufactures cockpit controls, power generation equipment, and wheels/brakes for commercial/military aircraft. The division also makes jet engines for regional/business jet manufacturers.

Further, analysts really like HON's automation/control division (35% of revenue), which makes home/office climate control equipment. Analysts see solid demand for HON's next-generation energy-efficient controls as businesses and homeowner re-emphasize energy efficiency, due to high energy prices. The Reuters F2007/F2008 EPS consensus estimates for HON are $3.16 to $3.73.