DJIA Components Post Strong Morning Earnings (T, BA, MCD, PFE, WMT)

This morning we had four different DJIA components report earnings and so far all shares of these are indicated higher.

AT&T (NYSE: T) posted $0.76 non-GAAP EPS vs. $0.76 estimates and generated $8.5 Billion cash from operations and $3.2 Billion in free cash flows. The uVerse broadband TV added 170,000 subscribers to 549,000 with target on track for 1 million subscribers by year-end. Shares are indicated up 1% and could be up more considering the sell-off it has seen.

Boeing (NYSE: BA) posted $1.16 EPS vs. $1.23 estimate; reaffirmed 2008 at $5.70 to $5.85 EPS ($5.86 est.) and put 2009 at $6.80 to $7.00 EPS ($6.96 est.). The company still sees about 5% to 7% revenue growth.  In this environment this one looks bullish considering the pullback seen.

McDonalds (NYSE: MCD) $1.04 EPS vs. $0.86 estimates, but $0.94 EPS looks to be the clean number.  It saw a 6.1% gain in global comparable store sales (+3.4%% in U.S.).   Shares are now indicated up over 2% pre-market at $61.77.

Pfizer Inc. (NYSE: PFE) posted $0.55 non-GAAP EPS vs. $0.54 estimates.  It also reaffirmed 2008 revenue at $47 to $49 Billion and non-GAAP EPS $2.35 versus estimates of $48 Billion revenues and $2.35 EPS.   Shares are indicated up 2% pre-market coming off of near multi-year lows.

We would note that shares of Wal-Mart (NYSE: WMT) are indicated down close to $1.00 because of the related earnings warning seen out of competitor Costco Wholesale this morning.

Jon C. Ogg
July 23, 2008