March 29th 2011

Uneventful Day
U.S. stocks turned south ahead of the closing bell on Monday, with Dow Jones Industrial Average
finished at 12,197.88, down 22.71 points or 0.19%. The tech-heavy Nasdaq composite slipped
12.38 points or 0.45%, while the S&P 500 index dipped 0.27% or 3.61 points to 1,310.19.

Lack of positive catalysts has pushed the stocks down on profit-taking after few sessions of modest
gains. The personal income and consumer spending data failed to move the markets as well as
pending home sales data.

Events around the world such as Japan’s nuclear crisis, unrests in Middle East and North Africa, and
also the European debt crisis remain the key items watched by the markets. These events have been
rising and falling in terms of importance one after the another, but at the moment all three have seen
reduced influences.

Economic data set for release today will be the US housing prices and consumer confidence.

Corporate News
AXP introduced Serve, a digital payment and commerce platform which is similar to PayPal,
opening a direct competition with EBAY. Consumers will be able to spend, send and receive
money. Purchases and person-to-person payments can be done online or via mobile phones at
merchants accepting AmEx cards. The account could be funded from a bank account, debit card,
credit card or charge card or from another Serve account. Also, AXP declared a regular quarterly
dividend of 18 cents per share, 72 cents annualized, a yield of 1.6%. It would be payable on
May 10th 2010 to shareholders of record date April 8th 2011. Ex-dividend date is April 6th.
CVX may withdraw from its plan to work on the Black Sea project with Rosneft. The $32B deal
may stem from the differences on choice of contractor and arbitration issue.
HD announced share buyback program worth $1B with Barclays Capital
JNJ cancels its clinical trial of injectable antipsychotic drug Invega Sustenna due to
“reconsideration of priorities.”
PFE withdrew Citalopram and Finasteride due to mislabeling. Citalopram is a depression drug
while Finasteride is used to treat prostatic hyperlaxia.
PG plans to raise prices of detergent and soap by 15% next month due to inflaton pressure.
WMT to take Namibia Competition Commission to court over Massmart deal. WMT also plans to
open half of its closed stores in quake-torn Japan.
XOM Japan raises fuel supply to Japan’s Tohoku region.

1 .DJI 12,197.88 (-22.71 ● -0.19%) .SPX 1,310.19 (-3.61 ● -0.27%) .IXIC 2,730.68 (-12.38 ● -0.45%)
 March 29th 2011

Stock Focus: Pfizer, Inc.

PFE
Last Mar 28th Resistances 20.50 20.64 22.56 22.74 28.14
$20.27 0.39% Supports 19.50 19.28 19.18 18.62 18.02
WTD MTD Outlook
0.39% 11.68%
POSITIVE
YTD 12-Month
15.76% 18.19% Strategy BUY above 19.74. PT 22.74 risk < 19.18

PFE has been rising steadily so far this year, collecting 15.76% of gains since the beginning of
January, with 11.68% of it achieved in March. Friday’s losses may be a hiccup in performance, but as
long as PFE holds above $19.74, the outlook remains POSITIVE. Below $19.18 this outlook will be
downgraded to NEUTRAL. For now, look to build up positions should PFE dips.

2 .DJI 12,197.88 (-22.71 ● -0.19%) .SPX 1,310.19 (-3.61 ● -0.27%) .IXIC 2,730.68 (-12.38 ● -0.45%)
 March 29th 2011

Analysts' Upgrades & Downgrades

Ratings Price Target
Code House
Previous Current Previous Current
T RW Baird Neutral Outperform $30.00 $34.00
UTX Deutsche Bank Buy Buy $92.00 $95.00
VZ RW Baird Neutral Outperform $36.00 $42.00
n Sector-wide n Upgrade n Downgrade n Initiation

US Economic Calendar
Date Time Report Period Actual Forecast Previous
28-Mar 8:30 AM Personal income Feb 0.3% 0.4% 1.2%
28-Mar 8:30 AM Consumer spending Feb 0.7% 0.6% 0.2%
28-Mar 8:30 AM Core PCE price index Feb 0.2% 0.2% 0.2%
28-Mar 10:00 AM Pending home sales Feb 2.1% n/a -2.8%
29-Mar 9:00 AM Case-Shiller home prices Jan n/a -0.4%
29-Mar 10:00 AM Consumer confidence March 63.0 70.4
30-Mar 8:15 AM ADP employment March n/a 217K
31-Mar 8:30 AM Jobless claims 26-Mar 380K 382K
31-Mar 9:45 AM Chicago PMI March 68.9% 71.2%
31-Mar 10:00 AM Factory orders Feb 0.5% 3.1%
1-Apr 8:30 AM Nonfarm payrolls March 178K 192K
1-Apr 8:30 AM Unemployment rate March 9.0% 8.9%
1-Apr 8:30 AM Average hourly earnings March 0.2% 0.0%
1-Apr 10:00 AM ISM March 61.6% 61.4%
1-Apr 10:00 AM Construction spending Feb 0.4% -0.7%
1-Apr TBA Motor vehicle sales March 13.1 mln 13.4 mln

Disclaimer: This report is provided for information purposes only. It is not an offer to sell or to buy any securities. This
report has been prepared based on sources believed to be reliable, but there is no assurance or guarantee regarding its
completeness and accuracy. The author accepts no responsibility or liability arising from any use of the report.

3 .DJI 12,197.88 (-22.71 ● -0.19%) .SPX 1,310.19 (-3.61 ● -0.27%) .IXIC 2,730.68 (-12.38 ● -0.45%)