Last week marked what was the crest of third quarter earnings season for 2009, yet there is still a flood of earnings reports coming out this next week.  We have four more DJIA components set to report earnings this week, and that should make for 25 of the 30 DJIA components after the week is out.  Verizon Communications Inc. (NYSE: VZ), ExxonMobil Corporation (NYSE: XOM), Procter & Gamble Company (NYSE: PG), and Chevron Corp. (NYSE: CVX) will all be on deck for earnings.

We have included Thomson Reuters consensus data for earnings and revenue estimates and added color on each where applicable along with recent share performance metrics.

Verizon Communications Inc. (NYSE: VZ) may already have been pre-set for an expectation after the AT&T Inc. (NYSE: T) non-reaction this week.  This one reports Monday morning and estimates are $0.59 EPS on $27.17 billion in revenues.  Next quarter’s estimates are $0.60 EPS and $27.1 billion revenues.  This was almost one of our stocks that the rally had left behind.  Shares closed at $28.85 Friday and the 52-week trading range is $24.26 to $34.90.

ExxonMobil Corporation (NYSE: XOM) is on deck for earnings Thursday and there are no expectations for the return of the old $100 billion in quarterly revenue days. Estimates for the integrated oil giant are $1.06 EPS and more than $79 billion in revenues.  Oil companies rarely give formal guidance and our take is that the post-earnings reaction after a few days will revert back to tracking the price of oil.  While a higher dividend has been made, there is still a question about what it can or will do with that mountain of cash.  Exxon is the largest company in America and #1 on our Real-Time 500 Index of stocks by market cap.  Shares closed at $73.57 Friday and the 52-week trading range is $61.86 to $83.64.

Procter & Gamble Company (NYSE: PG) reports earnings Thursday morning and estimates for the consumer products giant are $0.99 EPS and $19.83 billion. P&G’s next quarter estimates are $1.40 EPS and $20.6 billion.  The company had discussed issues in pricing, but the lower cost of materials in the last quarter may have helped.  Be advised that the P&G pharma unit sale for $3.1 billion may create some discrepancies between P&G’s formal guidance ahead and what the analysts will really have as a consensus.  Shares closed at $57.64 Friday and the 52-week trading range is $43.93 to $66.82.

Chevron Corp. (NYSE: CVX) releases third-quarter financial results on Friday morning and will mark either the 24th or 25th DJIA component to report earnings for the Q3 period.  Estimates for the oil giant and DJIA component are for $1.45 EPS and $47.84 billion in revenues.  Oil companies rarely give formal guidance and our take is that the post-earnings reaction after a few days will revert back to tracking the price of oil.  Shares closed at $76.68 Friday and the 52-week trading range is $56.12 to $81.92.

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JON C. OGG
OCTOBER 25, 2009

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