We’ve looked at five conglomerates that offer some upside: General Electric Co. (NYSE: GE), 3M Co. (NYSE: MMM), United Technologies Corp. (NYSE: UTX), Honeywell International Inc. (NYSE: HON), and Tyco International Ltd. (NYSE: TYC).

With one exception, implied upside for these companies wanders in the mid- to high-teens. The exception is United Technologies. The second-lowest of the five is Tyco, the de-conglomerated conglomerate.

General Electric Co. (NYSE: GE) traded at $19.06 and has a market value of $203 billion. The consensus target price from Thomson Reuters is $22.57 and the 52-week range is $14.02 to $21.00. GE has a dividend yield of 3.6%. The implied upside to the consensus target is 18%, but we would note that the target is above the 52-week high.

3M Co. (NYSE: MMM) traded at $83.38 and has a market value of around $58 billion. The consensus target price from Thomson Reuters is $95.47 and the 52-week range is $68.63 to $98.19. 3M has a dividend yield of 2.8%. The implied upside to the consensus target is 14.5%, but we would note that the target is also above the 52-week high.

United Technologies Corp. (NYSE: UTX) traded at $73.37 and has a market value of around $67 billion. The consensus target price from Thomson Reuters is $94.60 and the 52-week range is $66.87 to $91.83. UTX has a dividend yield of 2.6%. The implied upside to the consensus target is 29%, but we would note that the target is also above the 52-week high.

Honeywell International Inc. (NYSE: HON) traded at $56.72 and has a market value of around $44 billion. The consensus target price from Thomson Reuters is $67.56 and the 52-week range is $41.22 to $62.00. Honeywell has a dividend yield of 2.6%. The implied upside to the consensus target is 19%, but we would note that the target is also above the 52-week high.

Tyco International Ltd. (NYSE: TYC) traded at $53.59 and has a market value of around $24 billion. The consensus target price from Thomson Reuters is $62.20 and the 52-week range is $37.39 to $57.75. Tyco has a dividend yield of 1.9%. The implied upside to the consensus target is 16%, but we would note that the target is also above the 52-week high.

Based on these numbers, United Technologies offers the most potential upside, but the thing to keep in mind that its acquisition of Goodrich Corp. (NYSE: GR), which is set to close by mid-year, will leave the company with a large debt and not the brightest prospects for profit growth for another year or so.

Tyco, with the lowest implied gain at 16%, is splitting itself into three pieces. The company expects to complete the spin-off of its home security division into The ADT Corp. later this year as well as the spin-off of the fire and security division and the spin-off and merger of the flow control business with Pentair Inc. (NYSE: PNR). All these moves pushed the stock to a year-to-date gain of 20% in late March, which has since been ratcheted back to 15%. And over the past 12 months, only Tyco has shown an increase in share value, up more than 11%.

GE, with its 3.6% dividend yield, and implied upside of 18% is a safe choice here. 3M, with the lowest upside potential, and Honeywell are about equal otherwise. United Technologies has the most potential upside, but it may take a while to materialize. Overall, Tyco, which has withstood the fall in prices better than any of the others, may offer the best reward sooner than any of the others.

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Paul Ausick

Apple Inc. (NASDAQ: AAPL) Raised to Outperform at Scotia; Maintained Buy with $775 target at Canaccord Genuity.

Bank of Ireland (NYSE: IRE) Cut to Neutral at Credit Suisse.

Buffalo Wild Wings (NASDAQ: BWLD) Raised to Buy at Deutsche Bank.

Cymer Inc. (NASDAQ: CYMI) Raised to Outperform at Credit Suisse.

Domino’s Pizza (NYSE: DPZ) Raised to Neutral at BofA/ML.

Ethan Allen Interiors Inc. (NYSE: ETH) Raised to Buy at Stifel Nicolaus.

Fifth Third Bancorp (NASDAQ: FITB) Raised to Buy at Deutsche Bank.

Intuitive Surgical, Inc. (NASDAQ: ISRG) Started as Outperform at Raymond James; Named as Bull of the Day at Zacks.

J. C. Penney Company, Inc. (NYSE: JCP) Raised to Market Perform at BMO.

Leggett & Platt, Inc. (NYSE: LEG) named Bear of the Day at Zacks.

McDonald’s Corporation (NYSE: MCD) Cut to Hold at Argus.

Regions Financial (NYSE: RF) Raised to Buy at Rochdale Securities.

Symantec Corporation (NASDAQ: SYMC) Cut to Sector Perform at RBC.

Time Warner Cable (NYSE: TWC) Started as Buy at Citigroup.

United Technologies (NYSE: UTX) Raised to Buy at Argus.

Wal-Mart Stores, Inc. (NYSE: WMT) Cut to Hold at Argus.

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JON C. OGG

We are monitoring earnings reports from the following companies for Monday and Tuesday: ConocoPhillips (NYSE: COP); Illumina Inc. (NASDAQ: ILMN); Netflix, Inc. (NASDAQ: NFLX); Texas Instruments Inc. (NASDAQ: TXN); Amgen Inc. (NASDAQ: AMGN); Apple Inc. (NASDAQ: AAPL); AT&T Inc. (NYSE: T); Baidu Inc. (NASDAQ: BIDU); Coach Inc. (NYSE: COH); Juniper Networks Inc. (NYSE: JNPR); 3M Co. (NYSE: MMM); Regions Financial Corporation (NYSE: RF); United States Steel Corporation (NYSE: X); and United Technologies Corporation (NYSE: UTX).

More earnings report previews will come on Sunday or Monday for the reports due on Wednesday, Thursday, and Friday.  Consensus estimates and price targets are from Thomson Reuters.  Color has been on added on each if applicable.

MONDAY, April 23

ConocoPhillips (NYSE: COP) is set to report Monday morning and the break-up is going to make any real apples to apples comparison difficult to interpret.  Thomson Reuters has estimates of $2.07 EPS.  Shares are trading around $73.15 and the 52-week range is $58.65 to $81.50; Thomson Reuters had a consensus target as of Friday of $81.05.

Illumina Inc. (NASDAQ: ILMN) is no market mover with a $5.4 billion market cap, but it is a recent merger candidate even if that appears to be off the table.  Earnings estimates are $0.32 EPS and $263.6 million. Shares are trading around $44.00 and the 52-week range is $25.57 to $79.40; Thomson Reuters had a consensus target as of Friday of $52.71.

What investors seem to be banking on is that General Electric is going to not just meet and guide in-line, and they may be hoping for the same from Honeywell.  It is too soon to expect more dividend hikes from either company, so it may be a puzzle as to what investors really think they are going to hear this Friday.

General Electric Co. (NYSE: GE) closed out last Friday at $18.88 but Tuesday’s 2.3% to $19.34 gain seems to have created some new excitement. What investors are hoping for in specifics is a focus not on Europe and a continued improvement at GE Capital.  The year high is $21.00 and the consensus is $22.29, implying upside of 15%.  That is more expected upside than in most analyst targets to most DJIA components.  Thomson Reuters has estimates of $0.33 EPS and $34.66 billion in revenue.  Shares are indicated softer on Wednesday and everyone should be paying very close attention that 50-day moving average which is at $19.34 today.

Honeywell International Inc (NYSE: HON) is trading at $58.93 and is also close to its 50-day moving average up at $59.55.  Suddenly the charts matter here.  The Thomson Reuters consensus targets are $0.99 EPS and $9.16 billlion in revenue.  Te $58.93 compares to a 52-week range of $41.22 to $62.28 and the consensus price target from Thomson Reuters is $67.95.

3M Co. (NYSE: MMM) and United Technologies Corporation (NYSE: UTX) are both set to turn in their respective conglomerate earnings reports next week on April 24.  For 3M the pre-GE and pre-Honeywell report is $1.49 EPS from Thomson Reuters.  The price this morning of $87.45 compares to a consensus price target of $95.17 and it is worth noting that 3M is trading under its 52-week high of $98.19.

United Tech is expected to report earnings of $1.20 EPS on sales of $12.76 billion. Its $81.00 share price compares to a 52-week high of $91.83 and compares to the Thomson Reuters consensus price target of $94.70.  As it stands, this actually implies almost 17% upside expected in shares of United Tech and that makes it the most anticipated earnings report of the large-cap conglomerate stocks.

Tyco International Ltd. (NYSE: TYC) also reports next week on April 26.  This is turning into more of a “deglomerate” and because of the restructuring and break-up with the ADT spin-off we are not sure how to rank this one other than what the ticker-tape has told you.  At $54.57, the 52-week range is $37.39 to $56.66 and Thomson Reuters has a consensus price target of $60.00.  Because of the restructuring here we are just going

If GE and Honeywell both manage to please Wall Street on Friday, investors are likely going to ratchet their expectations a tad higher for 3M and United Tech ahead of earnings next week.

Stay tuned.

JON C. OGG

Tim Cook, Apple’s CEO, is in China to address production labor problems. (Reuters)

The European Union begins an investigation of the United Technologies (NYSE: UTX) bid for Goodrich (NYSE: GR). (Reuters)

Fed Chairman Bernanke says “easy money” remains necessary because of the slow jobs recovery. (WSJ)

Houston-based Enterprise Products Partners (NYSE: EPD) and Enbridge (NYSE: ENB) of Calgary plan to create a pipeline that will compete with the Keystone XL. (WSJ)

German consumer confidence slips in a recent poll by GfK. (WSJ)

Nokia (NYSE: NOK) will sell its new high-end Lumia 900 smartphone for $99.99 in the U.S. (WSJ)

Chancellor Merkel says she supports a temporary increase in European bailout funds. (WSJ)

The Federal Trade Commission will ask Congress to examine new digital privacy rules. (WSJ)

AstraZeneca (NYSE: AZN) cannot delay the distribution of generic versions of its antipsychotic drug Seroquel. (WSJ)

Banks that did poorly in recent stress tests performed by the Fed want data used to make the decisions. (WSJ)

Some states may run pension plans for companies. (NYT)

BWM recalls 1.3 million cars due to battery flaws. (NYT)

Goldman Sachs (NYSE: GS) plans to enter the electronic bond trading industry. (FT)

Google (NASDAQ: GOOG) inches closer to the release of a self-driving car. (Bloomberg)

Douglas A. McIntyre

Adobe Systems Inc. (NASDAQ: ADBE) Raised to Sector Perform at RBC.

Airgas Inc. (NYSE: ARG) Started as Overweight at Morgan Stanley.

Air Products and Chemicals, Inc (NYSE: APD) Started as Underweight at Morgan Stanley.

Apple Inc. (NASDAQ: AAPL) Reiterated at Buy and raised target to $740 at Stern Agee; Reiterated Buy and raised target to $700 at Credit Suisse.

ARM Holdings PLC (NASDAQ: ARMH) Raised to Overweight at Barclays.

CA Inc. (NASDAQ: CA) Cut to Sector Perform at RBC.

Digital River Inc. (NASDAQ: DRIV) Cut to Sector Perform at RBC.

Domino’s Pizza Inc. (NYSE: DPZ) Cut to Underperform at BofA/ML.

Guess? Inc. (NYSE: GES) named as Bear of the Day at Zacks.

Harley-Davidson, Inc. (NYSE: HOG) Raised to Outperform at BMO.

Kinder Morgan Inc. (NYSE: KMI) Cut to Underperform at BofA/ML.

Lions Gate Entertainment Corporation (NYSE: LGF) Started as Overweight at JPMorgan; Hunger Games looks larger than Twilight.

OmniVision Technologies, Inc. (NASDAQ: OVTI) Raised to Buy at Needham.

United Parcel Service (NYSE: UPS) Cut to Hold at Stifel Nicolaus.

United Technologies Corporation (NYSE: UTX) Reiterated near-term Hold and long-term Buy.

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JON C. OGG

Read The Ten Companies Profiting Most from War

The institute recently published its annual report on the leading arms producing companies in the world — SIPRI Top 100. The report identifies the largest companies in the sector and provides each company’s arms sales as a percentage of its total sales. Based on the report, 24/7 Wall St. identified the 10 companies with the highest revenue from arms sales. These companies alone account for $230 billion — over half of all arms sales that year.

While many industries continued to suffer in 2010 as a result of the financial crisis, leaders in the arms and military services were largely unaffected. According to SIPRI arms industry expert Dr. Susan Jackson, when sales dropped, it was not because of the financial crisis. Instead, Dr. Jackson notes that loss in sales was due to “the withdrawal of foreign troops from Iraq and the subsequent expected decrease in related equipment sales.”

The composition of the 10 largest manufacturers reflects the state of modern warfare. More and more, battles are fought remotely through air surveillance and strikes rather than on-the-ground combat. As a consequence, seven of the 10 largest companies are among the leading aerospace companies. Surveillance and battlefield communications also are increasingly important in modern warfare. All of the companies in the top 10 have significant electronics divisions.

Of the 100 companies on the list, 44 are based in the U.S., including Boeing, Northrop Grumman and Lockheed Martin. The American companies account for more than 60% of arms sales revenue of the 100 manufacturers. Seven of SIPRI’s top 10 are American, one is British, one is Italian and one is a multinational EU conglomerate. The U.S. federal government has contract deals with all seven American companies. These seven are among the top 10 U.S. federal contractors by amount procured, according to the government’s Federal Procurement Data System.

24/7 Wall St.’s analysis of the SIPRI 100 includes revenue for arms sales for 2007, 2009 and 2010, as well as percentage of company revenue from arms sales, employees, industry and applicable military division. 24/7 Wall St. also included history of each company and notable weapons systems manufactured.

These are the 10 companies profiting most from war.

Tuesday: E.I. DuPont de Nemours & Co. (NYSE: DD); Johnson & Johnson (NYSE: JNJ); McDonald’s Corporation (NYSE: MCD); Travelers Cos. Inc. (NYSE: TRV); and Verizon Communications Inc. (NYSE: VZ)

Wednesday: Boeing Co. (NYSE: BA) and United Technologies Corporation (NYSE: UTX)

Thursday: AT&T Inc. (NYSE: T) and Caterpillar Inc. (NYSE: CAT)

Friday: Chevron Corporation (NYSE: CVX) and Procter & Gamble Co. (NYSE: PG).

We have compiled Thomson Reuters estimates, when the earnings are due, and what the share pricing has been on each, and added in additional color if applicable.

TUESDAY

E.I. DuPont de Nemours & Co. (NYSE: DD), or just DuPont, just declared its normal dividend but it reports on Tuesday morning.  The chemicals giant is expected to have earnings of $0.33 EPS and $8.53 billion in revenues. Shares are just under $50.00 and the 52-week range is $37.10 to $57.00.

Johnson & Johnson (NYSE: JNJ) has news of a patent loss ahead of its earnings report due Tuesday morning.  The drug, medical products, and consumer products giant is expected to report earnings of $1.10 EPS and $16.28 billion in sales.  With shares close to $65.00, the 52-week range is $57.50 to $68.05.

McDonald’s Corporation (NYSE: MCD) reports on Tuesday morning and the Golden Arches’ estimates for the fast food giant are $1.29 EPS and $6.80 billion in sales.  Shares are within yet another hair of another all-time high and it has recently talked up sales and has already raised its dividend.

Travelers Cos. Inc. (NYSE: TRV) is still probably the most forgotten financial stock of the DJIA components.  The insurer is expected to report earnings of $1.52 EPS and $5.47 billion in sales.  With shares above $61.00, the 52-week trading range is $45.97 to $64.17.

Verizon Communications Inc. (NYSE: VZ) is due to lead of the telecom sector on Tuesday morning and earnings are expected to be $0.53 EPS on $28.4 billion in revenues.  With shares around $39.00, the 52-week range is $32.28 to $40.48.

WEDNESDAY

Boeing Co. (NYSE: BA) may have a boost from the rival A380 having cracks in its wings, if the rationale is not one that “all super-jumbos ar scary.”  Boeing reports Wednesday morning and the aerospace and defense giant is expected to report $1.00 EPS and $19.4 billion in revenues. With shares around $75.50, the 52-week range is $56.01 to $80.65.

United Technologies Corporation (NYSE: UTX) still appears to be the conglomerate with the most upside in 2012 according to analysts and GE’s recent earnings reaction has not done much to really amp-up expectations.  The earnings are due Wednesday morning and the consensus targets are $1.46 EPS and $15.07 billion in revenues.  With shares under $77.00, the 52-week range is $66.87 to $91.83 and the consensus price target is $89.44.

THURSDAY

AT&T Inc. (NYSE: T) is due on Thursday morning and estimates are $0.45 EPS and $31.94 billion in sales.  Shares are back above $30 around $30.40 and the 52-week range is $27.20 to $31.94.

Caterpillar Inc. (NYSE: CAT) is expected to report Thursday morning and estimates are $1.73 EPS and $16.04 billion in sales.  With shares back above $105.00, the 52-week range is $67.54 to $116.55 and the consensus price target is now $115.28.

FRIDAY

Chevron Corporation (NYSE: CVX) is due with earnings Friday morning and the oil giant’s consensus estimates are $2.93 EPS and $71.08 billion in sales.  With shares around $106.40, the 52-week range is $86.68 to $110.99 and the consensus price target is $124.95.  Keep in mind that Chevron is the second highest weighting in the DJIA due to its high share price.

Procter & Gamble Co. (NYSE: PG) is due to post the consumer product giant earnings report Friday morning.  The consensus estimates are $1.08 EPS and $22.2 billion in sales.  Shares are trading around $66.10 and the 52-week range is $57.56 to $67.72 and the consensus target is $72.37.

We will be releasing more detailed previews on each of these the day ahead of each earnings report this week.  Additional data will be around forward earnings estimates for guidance, what the implied valuations are, color on what to look for in addition to earnings, as well as opinions from analysts, what the charts are showing, and what the options traders are expecting for a price move.

JON C. OGG

We have compiled Thomson Reuters estimates, when the earnings are due, and what the share pricing has been on each, and added in additional color if applicable.  There are a few additional themes we would watch: dividend coverage, how a strong dollar is impacting earnings and competitiveness, making earnings on cost monitoring while revenues may be soft, and exposure to Europe.

TUESDAY

E.I. DuPont de Nemours & Co. (NYSE: DD), or just DuPont, reports on Tuesday morning.  The chemicals giant is expected to have earnings of $0.33 EPS and $8.53 billion in revenues. Shares are just under $50.00 and the 52-week range is $37.10 to $57.00.

Johnson & Johnson (NYSE: JNJ) is due Tuesday morning.  The drug, medical products, and consumer products giant is expected to report earnings of $1.10 EPS and $16.28 billion in sales.  With shares close to $65.00, the 52-week range is $57.50 to $68.05.

McDonald’s Corporation (NYSE: MCD) is due to report on Tuesday morning and estimates for the fast food giant are $1.29 EPS and $6.80 billion in sales.  Shares are within yet another hair of another all-time high and it has recently talked up sales and has already raised its dividend.

Travelers Cos. Inc. (NYSE: TRV), the most forgotten financial stock of the DJIA, is expected to report earnings of $1.52 EPS and $5.47 billion in sales.  With shares above $61.00, the 52-week trading range is $45.97 to $64.17.

Verizon Communications Inc. (NYSE: VZ) is due to lead of the telecom sector on Tuesday morning and earnings are expected to be $0.53 EPS on $28.4 billion in revenues.  With shares around $39.00, the 52-week range is $32.28 to $40.48.

WEDNESDAY

Boeing Co. (NYSE: BA) is due Wednesday morning and the aerospace and defense giant is expected to report $1.00 EPS and $19.4 billion in revenues. With shares around $75.50, the 52-week range is $56.01 to $80.65.

United Technologies Corporation (NYSE: UTX) may be the conglomerate with the most upside in 2012 according to analysts.  The earnings are due Wednesday morning and the consensus targets are $1.46 EPS and $15.07 billion in revenues.  With shares under $77.00, the 52-week range is $66.87 to $91.83 and the consensus price target is $89.44.

Read Also: Why The DJIA Could Peak Up 12% at 13,678 in 2012

THURSDAY

AT&T Inc. (NYSE: T) is due on Thursday morning and estimates are $0.45 EPS and $31.94 billion in sales.  Shares are back above $30 around $30.40 and the 52-week range is $27.20 to $31.94.

Caterpillar Inc. (NYSE: CAT) is expected to report Thursday morning and estimates are $1.73 EPS and $16.04 billion in sales.  With shares back above $105.00, the 52-week range is $67.54 to $116.55 and the consensus price target is now $115.28.

FRIDAY

Chevron Corporation (NYSE: CVX) is due with earnings Friday morning and the oil giant’s consensus estimates are $2.93 EPS and $71.08 billion in sales.  With shares around $106.40, the 52-week range is $86.68 to $110.99 and the consensus price target is $124.95.  Keep in mind that Chevron is the second highest weighting in the DJIA due to its high share price.

Procter & Gamble Co. (NYSE: PG) is due to post the consumer product giant earnings report Friday morning.  The consensus estimates are $1.08 EPS and $22.2 billion in sales.  Shares are trading around $66.10 and the 52-week range is $57.56 to $67.72 and the consensus target is $72.37.

We will be releasing more detailed previews the day ahead of each DJIA earnings report this coming week.  Additional data will be around forward earnings estimates for guidance, what the implied valuations are, color on what to look for in addition to earnings, as well as opinions from analysts, what the charts are showing, and what the options traders are expecting for a price move.

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GE continues to improve its internal workings and continues to improve its customer credit metrics in the GE Capital operations faster than most expected.  The company’s dividend hike came sooner than expected and this conglomerate is returning to normal sooner than expected even if the total portfolio changes is going to look like a decline in revenues on the surface.  While United Tech might have been the cheapest conglomerate, it was still General Electric which we included in the 24/7 Wall St. 2012 Model Dividend Portfolio.

GE was also listed as one of Jim Cramer’s 4 Favorite DJIA Stocks For 2012.

After a 0.7% rise on Thursday to $19.15, GE shares are up 6.9% year to date.  What is more impressive is that after you adjust for the dividend payment the stock of the conglomerate is up a massive 21.5% from the end of November and shares are up a massive 31.5% if you were lucky enough to buy shares on the day after Thanksgiving and hold them.

The manner in which GE is acting is that it wants to go well back over $20.00.  That is what its chart action is indicating at any rate.  At some point, it will take more continued good news of some sort from the company to make that sustainable.

In case GE manages to disappoint the street, the 50-day moving average is $16.89 and the 200-day moving average is $17.32.  The first support level would come in around $18.00 if any serious disappointment comes up and then down in the $17.60 area if the news is somehow much worse than investors are expecting.  Shares are now back up at levels not seen since last July and the historic 1-year chart shows that all sorts of resistance will come back into play in the $20.10 to $20.30 areas.

Thomson Reuters has a consensus (mean) price target objective of $21.21.

JON C. OGG