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

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