• Cisco (NASDAQ:CSCO) reported non-GAAP earnings of $1.8 billion or 31 cents a share, beating estimates of 29 cents, but cautioned first quarter sales likely to fall 15-17% from a year ago, which would reflect a 1-3% sequential quarterly increase, and margins likely to decline

• BankofAmerica/Merrill (NYSE:BAC) upgraded Freeport McMoRan (NYSE:FCX) to “buy”

• Citigroup (NYSE:C) upgraded American Express (NYSE:AXP) shares to “buy”

• Goldman Sachs’ (NYSE:GS) removed Dr. Pepper Snapple (NYSE:DPS) from its conviction buy list

• Hyatt Hotel filed a $1.15 billion IPO; its shares will be listed under the symbol “H”

• Williams Cos (NYSE:WMB) reported second quarter adjusted earnings of 24 cents a share, 8 cents better than expected. The company expects fiscal 2009 earnings of 70 cents to 90 cents a share

• El Paso (NYSE:EP) reported adjusted second quarter earnings of 25 cents, 4 cents above estimates, versus 39 cents a year ago on revenues of $973 million versus $1.1 billion

• Comcast (NASDAQ:CNCSA) reported second quarter earnings of 33 cents a share, beating estimates of 26 cents a share, versus 21 cents a year ago, as revenues increase 4.5% to $8.9 billion from $8.6 billion and ahead of estimates of $8.6 billion

• NASDAQ (NASDAQ:NDAQ) reported in-line second quarter earnings of 47 cents a share on revenues of $367 million, missing expectations for $368.54 million

• DirecTV Group (NYSE:DTV) reported second quarter earnings of 40 cents a share, a 3 penny miss, on in-line revenues of $5.2 billion

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