• Cisco Systems (NASDAQ:CSCO) reported better-than-expected first quarter adjusted earnings of 36 cents a share, versus 37 cents a year ago, beating Zacks estimates of 26 cents a share.  Revenues of $9 billion, though off last year's $10.3 billion, exceeded Zacks projections of $8.75 billion. Current quarter revenue guidance was lifted to 1%-4% growth from a year ago to $9.9 billion-$10.2 billion.  CEO John Chambers said the numbers "continued to reflect strong sequential growth trends," as he noted an improving economic outlook

• Toyota Motor (NYSE:TM) reported a surprise quarterly profit and halved its annual loss estimate as both its revenue and cost-cutting expectations beat estimates after vehicle demand grew in the US and Asia. The company said it now sees a $2.2 billion loss for its fiscal year ending March

• Costco Wholesale (NASDAQ:COST) reported same-store-sales rose 5% in October, ahead of estimates of a 4.7% gain, as a weak dollar

• China Unicom also advised iPhones will be sold in China beginning in October.  Meanwhile, Apple (NASDAQ:AAPL) said iTunes' application downloads exceeded the 2 billion mark

• MBIA's (NYSE:MBI) main bond insurance unit was downgraded by S&P to non-investment grade status

• Dell (NASDAQ:DELL) revealed a new, high-end, ultra thin PC

• Cameron International (NYSE:CAM) reported a $500 million subsea equipment deal with Petrobras

• Howard Shultz, CEO of Starbucks (NASDAQ:SBUX), offered high hopes for its Via Ready Brew instant coffee product, claiming it "perhaps the biggest opportunity" in the company's history, amid today's North American launch

• Walgreens' (NYSE:WAG) reported fiscal fourth quarter results of 47 cents ex-items, topping estimates of 39 cents, on sales of $15.7 billion

• Goldman Sachs (NYSE:GS) lifted price targets on several retailers, including conviction buys on Target (NYSE:TGT) and Macy's (NYSE:M)

• Citigroup (NYSE:C) started coverage of Dr. Pepper Snapple (NYSE:DPS) and Coca-Cola (NYSE:KO) with "buy" recommendations

• Bank of America

• 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

Intel (NASDAQ:INTC) news was mixed this morning. CEO Ottolini reported the firm's second quarter business a "little better-than-expected," with second quarter revenues expected to match first quarter levels. However, the EU imposed its largest-ever fine against the company, a $1.45 billion levy along with orders to cease illegal rebate marketing practices. The company plans to appeal.

Microsoft (NASDAQ:MSFT) CEO Ballmer stated the company has mostly completed its layoffs and advised the firm is not interested in a purchase of SAP (NYSE:SAP).

Liz Claiborne (NYSE:LIZ) reported a first quarter loss of 37 cents per share, missing estimates by 14 cents, as revenues fell 28.8% year-over-year to $780 million.

MGM