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Movers: Cisco Systems, Wal-Mart, Visa, Mastercard

Cisco Systems (CSCO) posts better-than-expected $0.32, vs. $0.38 a year ago, second quarter non-GAAP EPS on 7.5% sales decline. Street was looking for $0.30. However, says total product order growth fell 20% in second quarter as trends continued to deteriorate throughout the quarter. Expects third quarter revenue to fall 15%-20% year-over-year. Notes it is not planning for major layoffs, but headcount reductions may become necessary. S&P keeps hold; cuts estimate, target. Credit Suisse cuts estimates.

Wal-Mart Stores (WMT) Up 1.23 to 47.65 WMT posts 1.5% higher total U.S. same-store sales, including fuel, in Jan., 1.8% higher total sales. Comps rose 2.1% without fuel. WMT will only be giving same-store guidance on a quarterly basis. Expects U.S. same-store sales without fuel during the period from January 31 through May 1 to increase between 1%-3%. S&P reiterates strong buy.

State Street (STT) announces plan to improve tangible common equity, which includes plans to cut quarterly dividend to $0.01 per share. Says it now expects its operating revenue for 2009 to decline 8%-12% from 2008 levels, operating EPS to decline 12%-16%, return on common equity to approach low end of its 14%-17% long-term range. Adjusted assumption based on a more conservative reinvestment plan, expectation that the S&P 500 will average about 900 for the year, plans to further restrain expenses.

Mastercard (MA) posts better-than-expected $1.84, vs. $2.26, fourth quarter EPS despite 14% revenue rise. Street was looking for $1.61-$1.62. Notes excl. special item, fourth quarter op. expenses dropped 16%.

Visa (V) posts $0.74, vs. $0.55 (pro forma), first quarter EPS on 17% revenue rise. S&P maintains hold.

Harman International Industries (HAR) posts $0.18 second quarter non-GAAP loss vs. $0.74 EPS on 29% sales rise. Says weak market conditions and unfavorable currency exchange contribute to net loss. Notes over 900 jobs were cut during the first half; expects to cut additional 1100 jobs by July 2009. Credit Suisse downgrades to underperform from neutral.

Estee Lauder Companies (EL) posts $0.80, vs. $1.14, second quarter EPS on 6% lower sales (excl. impact of forex). Street was looking for $0.77. Expects fiscal year 2009 sales to be flat to down 3% in constant currency, EPS to be between $1.30-$1.60, incl. expected negative impact of forex of about $0.25-$0.27.

Gymboree (GYMB) posts 2% lower fourth quarter same-store sales, 4% higher total sales. Expects fourth quarter EPS to be in the range of $0.96-$1.00. Says its marketing efforts focus on driving traffic helped drive top-line sales, EPS for quarter. However, continues to see fiscal year 2009 EPS below fiscal year 2008 levels.

THQ (THQI) posts $0.14 third quarter non-GAAP loss, vs. $0.14 EPS, on 24% lower non-GAAP sales. Notes third quarter results came in below plan and, having executed on its previously announced plan to cut costs by $120 million, THQI will cut costs by additional $100 million. This will include elimination of about 600 people, or 24% of THQI's workforce, and a reduction in product development spending. Also, THQI names Paul J. Pucino as Ex. VP, CFO, effective immediately. S&P reiterates strong buy.

Burger King Holdings (BKC) posts $0.33, vs. $0.36, second quarter EPS as negative impact of $0.05 due to forex offset 2.9% higher same-store sales, 3% higher total sales. Updates fiscal year 2009 EPS guidance to $1.44-$1.49, which which incl. estimated $0.10 negative impact due to forex.

Moody's (MCO) posts $0.37, vs. $0.49, fourth quarter EPS on 20% revenue decline. Current quarter results seen better than Street estimates. Expects 2009 revenue to decline in the low single-digit percent range, sees EPS of $1.40-$1.50.

All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. Standard & Poor's Regulatory Disclosure

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