IBM) and General Electric ( GE) were up 2.4% and 2.3%, respectively. During the week, IBM declared a regular quarterly cash dividend of 65 cents per share. Meanwhile, GE, NRG Energy ( NRG) and ConocoPhillips ( COP) announced Thursday that they are forming a joint venture and have committed $300 million to develop new energy technologies. Meanwhile, Argus upgraded GE to buy from hold, citing an improved outlook for the industrial segment on the growing demand for healthcare imaging products and improving commercial air traffic.
Other winners include Alcoa ( AA), Verizon Communications ( VZ), Wal-Mart Stores ( WMT) and United Technologies ( UTX), up 1.9%, 1.7%, 1.5% and 1.5%, respectively. American Express was the top loser, down 4.7%. The company reported adjusted net income of 94 cents vs. consensus 97 cents for the 2010 fourth quarter, although revenue came in at $7.32 billion vs. consensus $7.29 billion. Meanwhile, Bank of America shed around 4.6%. Johnson & Johnson lost 4.2% after its fourth-quarter profit declined 12%, as the company recorded a $922 million charge related to DePuy hip recall. The company guided 2011 earnings at $4.80-$4.90 per share vs. consensus EPS of $4.97. Meanwhile, Davenport has downgraded the stock to neutral from buy. Boeing ( BA) declined 3.4% as the company's outlook for 2011 came in at $3.8-$4.0 vs. consensus $4.59 per share. The company delayed the first delivery of its 787 Dreamliner to the third quarter of 2011. AT & T ( T) traded 3.0% lower, after Cowen cut the stock to neutral from outperform, and UBS downgraded it to neutral from buy. Among others, Kraft Foods ( KFT), Procter & Gamble ( PG), Merck ( MRK), McDonald's ( MCD) and Walt Disney ( DIS) dropped around 2.6%, 2.6%, 2.4%, 2.3% and 2.2%, respectively.