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From Briefing.com: 4:25 pm : Strength in tech, energy, and financial stocks helped the broader market shake off early weakness to finish the session 0.5% higher. Stocks had been down more than 2.6% at their session low.

Google (GOOG 324.70, +18.20) helped drive the tech sector 1.6% higher. Investors bid shares of the Internet titan higher after it announced better-than-expected fourth quarter results, which featured double-digit top and bottom line growth. Google's annual cash flow totaled roughly $25 per share, which is more than double that of Apple (AAPL 88.36, +0.00) or Microsoft (MSFT 17.20, +0.09).

The energy sector (+2.2%) put together a strong advance of its own as crude oil prices rebounded from a 5% loss to finish more than 4% higher at $45.60 per barrel. Crude advanced nearly 25% this week. Though oil staged a strong advance, demand concerns remain in focus.

Oil services outfit Schlumberger (SLB 41.00, +3.73) indicated a sharp drop in oil and gas prices caused a rapid and substantial decline in spending on exploration and production services. Its shares provided leadership to the energy sector in what some pundits believe was a short-covering rally. Schlumberger has been trading at multiyear lows in recent sessions, and reported this morning quarterly earnings results that fell short of the consensus estimate.

Financial stocks logged the best performance of the session. They advanced 3.4% with the support of other diversified financial services companies (+7.0%). Capital One Financial (COF 19.32, -2.62) was a laggard in the sector and traded at new multiyear lows; it reported a loss of $1.59 per share for the latest quarter. The results further underscore profit concerns and the threat of capital raises.

Such concerns have taken their toll on General Electric (GE 12.03, -1.45). The economic bellwether reported in-line earnings results and said it does not see a scenario where it would need to raise capital. Management also reiterated that it is maintaining its dividend. At GE's current share price, GE's dividend yield stands at almost 10%, leading many to quesion whether it is sustainable. GE registered new multiyear lows this session; its weakness undercut the industrial sector (-3.3%) and the Dow Jones Industrial Average.

Though overall credit conditions remain tight, cash rich companies are able to take advantage of depressed asset and securities prices by making acquisitions. According to reports, Pfizer (PFE 17.45, +0.24) may be looking to acquire Wyeth (WYE 43.74, +4.91) in a deal valued at more than $60 billion. Such a deal would help Pfizer rebuff concerns stemming from a narrowing product pipeline and increased competition from generic drug makers.

Stocks finished with a weekly loss of 2.1%, which isn't quite as severe as the 4.5% loss registered last week. Stocks are down almost 8% for the month.DJ30 -45.24 NASDAQ +11.80 NQ100 +0.7% R2K +0.3% SP400 +1.0% SP500 +4.45 NASDAQ Dec/Adv/Vol 1406/1268/2.18 bln NYSE Dec/Adv/Vol 1386/1663/1.42 bln

1:00PM Intel Chairman Craig Barrett to retire in May (INTC) 12.98 +0.17 : Co announces that Craig Barrett intends to retire from active management and his role as chairman and member of the board of directors in May at the company's annual stockholders' meeting. The co also announced that independent director Jane Shaw, who joined the Intel board in 1993, has been elected by the board of directors to replace Barrett as non-executive chairman beginning in May.

8:38AM Suntech Power raises rev guidance, but sees negative impact to gross margin; announces headcount reduction (STP) 8.78 : Co issues upside guidance for Q4 (Dec), sees Q4 (Dec) revs of $405-420 mln vs. $357.68 mln First Call consensus. Suntech expects to make an inventory provision in the range of $46 mln to $58 mln, which would have a negative impact to the gross margin of 11% to 14%. Fourth quarter 2008 consolidated GAAP gross margin is expected to be in the range of -1% to 2%. The co also announced that it had reduced the workforce by approximately 800 employees as a result of ongoing performance evaluation in the fourth quarter of 2008. In addition, Suntech suspended the hiring of a further 2,000 new staff in line with the co's decision to maintain production capacity at 1GW as a result of the difficult economic environment. Suntech will consider further expansion and hiring when market conditions improve. During Q408, Suntech conducted open market repurchases of Suntech's 0.25% Convertible Senior Notes due 2012. Through December 31, 2008, Suntech re-purchased $93.8 mln aggregate principal amount of the Convertible Senior Notes for a total cash consideration of $61.0 mln. As a result, Suntech realized a net gain of approximately $30 mln. Suntech may from time to time seek to make additional repurchases of its Convertible Senior. Due to the rapid decline in silicon prices and difficult financing environment, Suntech expects to incur a $49-52 mln expense related to the impairment of Suntech's investments in Nitol Solar and Hoku Materials.

6:41AM General Electric reports EPS in-line, revs below consensus; no change to Plan for $1.24 Dividend; reaffirms operating framework for 2009 (GE) 13.48 : Reports Q4 (Dec) earnings of $0.37 per share, results included $1.5 billion of after-tax restructuring and other charges, vs the First Call consensus of $0.37; revenues fell 4.8% year/year to $46.21 bln vs the $50.07 bln consensus. Cash generated from GE's operating activities in 2008 totaled $19.1 billion, down 18% from $23.3 billion last year, reflecting a 5% increase from the Industrial businesses. This increase was more than offset by a decrease in GECS' dividends primarily due to a non-repeat $2.7 billion special dividend and a third quarter 2008 reduction in GECS dividend rate to 10% of earnings. The Company had solid Industrial cash flow from operating activities of $16.7 billion, an increase of 5% from 2007. "We expect 2009 to be extremely difficult... However, we have taken strong actions to prepare the Company, including strengthening cash flow and liquidity; managing costs; taking restructuring charges; intensifying risk mitigation; accelerating cycle of management reviews; and protecting revenue. We ended 2008 with $172 billion of Infrastructure equipment and service backlogs. We have solid momentum in services, global growth and margins... We have positioned GE to perform through this cycle and return to double-digit growth in a post recession economy... At the December 16 outlook meeting, we presented a 2009 financial framework of Infrastructure and Media earnings growth of 0-5%. In addition, we have a differentiated financial services model and should earn approximately $5 billion in Capital Finance earnings. This continues to be our operating framework for 2009... The first quarter dividend is done, and we are committed to our plan for $1.24 per share for the year. We believe the GE dividend provides our investors with a solid return in this uncertain time,"

6:08AM Harley-Davidson misses by $0.23, reports revs in-line (HOG) 12.40 : Reports Q4 (Dec) earnings of $0.34 per share, $0.23 worse than the First Call consensus of $0.57; revenues fell 6.8% year/year to $1.29 bln vs the $1.29 bln consensus. In Q109, co plans to ship between 74,000 and 78,000 new Harley-Davidson motorcycles, a 3.0-8.5% increase vs Q108. For FY09 to ship between 264,000 and 273,000 new Harley-Davidson motorcycles, a 10-13% reduction from 2008. Co expects gross margins to be between 30.5-31.5%, which compares to 34.5% for FY08. The decrease is primarily due to an expected unfavorable shipment mix versus 2008, the allocation of fixed costs over fewer units, and expected unfavorable foreign currency exchange rates versus 2008. Given the volatility of the current economic environment, HOG also indicated it would not provide EPS guidance for 2009.

09:59 am Microsoft downgraded to Neutral at Davenport: . Davenport downgrades MSFT to Neutral from Buy. The firm notes that MSFT reported lower than expected Q2 09 results and suspended its fiscal 2009 rev and EPS guidance. The firm believes that given extremely weak PC demand MSFT has limited visibility into its business. They are concerned by MSFT's lack of visibility and the company's reluctance to materially reduce its operating costs.

09:58 am Advanced Micro downgraded to Hold at Collins Stewart: . Collins Stewart downgrades AMD to Hold from Buy following earnings. The firm says at this point they are unable to envision a sustainable long term business model. Firm says the economic recession could not have come at a worse time, the co is still bleeding cash as its core PC processor business continues to be challenged competing with Intel. While the ATI division has certainly improved its competitiveness with NVIDIA, there is not enough revenue and scant profits from ATI.

09:45 am Advanced Micro Devices (AMD)

Advanced Micro Devices (AMD 1.92, -0.10) reported a loss as revenues dropped a steep 33% year-over-year.

AMD reported a loss of $0.68 per share in the fourth quarter, excluding nonrecurring items. The loss was worse than expected, as the First Call consensus called for a loss of $0.54 per share.

Sharply lower demand led to a 33.1% year-over-year drop in revenues to $1.16 billion. The consensus expected revenues of $1.23 billion.

AMD said that it expects revenue in the first quarter to decline from Q4 2008 levels, but declined to give specifics.

Fourth quarter 2008 gross margin was 23%, including a negative impact of 20 percentage points due to a $227 million incremental write-down of inventory due to weak market conditions.

08:32 am Marvell Technology (MRVL)

Marvell Technology (MRVL 6.21) cut its fourth quarter revenue outlook Thursday and said that "the current macro economic environment is having a significant negative impact on our business."

Marvell now sees fourth quarter revenues between $500 million and $520 million, well below the $700.07 million First Call consensus and below earlier guidance that expected revenue between $690 million and $730 million.

The updated revenue guidance translates to a decline of 34% to 37% from the third quarter and a year-over-year decline between 38% and 41%.

The company said the visibility in future demand in the PC and consumer electronics markets remains uncertain, but, "it is clear an inventory correction process is underway in the near term." Marvell said it will continue to take actions to realign its expense profile to the current environment, but did not give specifics.

08:28 am General Electric (GE)

General Electric (GE 13.48) reported in-line earnings and said it is committed to maintaining its dividend.

The company reported adjusted earnings of $0.37 per share, matching the First Call consensus of $0.37. The results included $1.5 billion in after-tax restructuring and other charges.

Revenues dipped 4.8% year-over-year to $46.21 billion, below the consensus that expected $50.07 billion.

GE's report contained no surprises, as profit downturns in consumer, industrial, capital finance and NBC Universal were all anticipated. The best performers were energy (profits up 11%) and infrastructure (profits up 1%). Infrastructure orders fell 6%, but backlog rose 9%. GE said it ended the year with $172 billion of infrastructure equipment and service backlogs.

While GE's report was generally in-line, it is clear the company was wounded by the financial crisis. Provision for losses on financing receivables rose to $3 billion from $1.3 billion in the same period last year.

GE was able to fund $29 billion of its $45 billion long-term debt. Improvement in GE's debt should help alleviate concerns regarding the company's coveted Triple-A credit rating.

Importantly, GE restated its commitment to its dividend. "The first quarter dividend is done, and we are committed to our plan for $1.24 per share for the year," said CEO Jeff Immelt. "We believe the GE dividend provides our investors with a solid return in this uncertain time."

Looking ahead, Immelt said "We expect 2009 to be extremely difficult. However, we have taken strong actions to prepare the company, including strengthening cash flow and liquidity; managing costs; taking restructuring charges; intensifying risk mitigation; accelerating cycle of management reviews; and protecting revenue."

08:04 am Google (GOOG)

Google (GOOG 306.50) reported strong revenue growth and earnings that topped Wall Street's expectations.

For the fourth quarter, Google reported earnings of $5.10 per share, excluding nonrecurring items, $0.15 better than the First Call consensus of $4.95.

Revenues rose 24.6% year-over-year to $4.22 billion after deducting traffic acquisition costs -- the portion of revenues shared with Google's partners -- of $1.48 billion. The consensus expected revenues of $4.12 billion.

Aggregate paid clicks, which include clicks related to ads served on Google sites and the sites of its AdSense partners, increased approximately 18% year-over-year and increased approximately 10% over the third quarter of 2008.

Half of Google's revenue in the quarter came from outside the U.S. The company said it recognized a benefit of $129 million to revenue through its foreign exchange hedges.

As of the end of 2008, Google had cash, cash equivalents and short-term marketable securities of $15.85 billion. Google said it "expect(s) to continue to make significant capital expenditures" but did not provide specifics.

Looking ahead, CEO Eric Schmidt said, "It's unclear how long the global downturn will last, but our focus remains on the long term, and we'll continue to invest in Google's core search and ads business as well as in strategic growth areas such as display, mobile, and enterprise."