3M (NYSE: MMM) had a not-that-great first quarter. The declines were significant and ugly. First, net sales plunged over 20%. Second, net income on an adjusted basis likewise spiraled out of control, declining over 40% to $0.81 per share. And no, that didn't meet expectations. Wall Street was looking for $0.86 per share. Sorry, gang.

You've got the dollar and the global recession to blame. Currency translations affected sales, and declines in economic activity didn't help much, either. Many people look to 3M as a staunch dividend play. As such, cash flow is important. Unfortunately, the statement of cash flows this quarter was hard to read. Net cash from operations decreased 30%, and free cash flow lost 35% of its value when compared to the year-ago period. Thankfully, there was enough free cash to cover the dividend.

General Electric (NYSE: GE) reported first-quarter earnings on Friday, and I thought they were okay, all things considered. Basically, when you look at the industrial conglomerate's results, you see a reflection of the bad economy. And, of course, you see that dreaded financial exposure, which, as a shareholder of GE myself, I cringe away from just as I would cringe away from a bloated, poisonous spider crawling on the wall. Makes me feel like I own Citigroup (NYSE: C). Not too far from the truth, right? Anyway...

As one would naturally expect, revenues and profits were down. Sales from continuing operations declined 9%, and net income decreased 40% to $0.26 per share. You have to play the analyst game to really see how GE might be doing. In this regard, the conglomerate won. According to this source, Wall Street was calling for something closer to $0.21 per share.

While watching the Detroit Lions lose to the New York Giants, I was struck with a strange feeling. Once again, Detroit, the historical center of American business through the auto industry, will lose out to New York, the financial epicenter of the world. While millions of heartland Americans are stuck with mortgages they're struggling to pay back, New York and its financial machine continues to roll.

It's amazing how twisted stock picking can get after a couple of cold ones.

In all seriousness, I've been looking through a lot of the mess in housing and auto, and I have to admit, it's pretty slim pickings. What I did find, and my loss for not knowing about this jewel before, is a nifty company called Illinois Tool Works (NYSE: ITW). This company competes in industrial products in markets including welding, food equipment, polymers, industrial, construction, auto, and packaging. This company reminds me of the diversity of a General Electric (NYSE:GE) or Tyco (NYSE: TYC).