NEW YORK (CNN/Money) - Photography icon Eastman Kodak offered a weaker-than-expected outlook Wednesday, and said it would cut up to 3 percent of its work force after the company reported a lackluster quarterly profit.

Drugmaker Pfizer Inc. said its profit jumped 46 percent, driven by sales of prescription treatments for seizures, high cholesterol and allergies.

J.P. Morgan Chase posted a quarterly loss because of charges taken to cover Enron-related losses and other legal battles, while Merrill Lynch & Co. posted a profit before special items but warned that weak stock markets could erode its revenue.

AMR; Baxter International; Boise Cascade;

Eastman Kodak; E Trade; General Dynamics;

J.P. Morgan Chase; Lucent; Merrill Lynch;

Pfizer; Southwest Airlines; Tyco;

Union Pacific Weyerhaeuser

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NEW YORK (Reuters) -- The photographic products maker posted a fourth-quarter profit of $113 million but missed operating earnings estimates as aggressive cost reductions helped make up for slack demand for cameras and film. Kodak also lowered its 2003 outlook, citing economic weakness and global tensions, and said it plans to cut as many as 2,900 jobs, many of them in the United States and Western Europe.

Rochester, N.Y.-based Kodak (EK: Research, Estimates) earned 39 cents a share, compared with a loss of 71 cents a share, or $206 million, a year earlier, when the company took a hefty $262 million restructuring charge. Excluding costs related to discontinued operations and other one-time expenses, the quarterly profit was 65 cents per share. Wall Street analysts had on average expected a profit of 68 cents a share, with a range of 63 to 78 cents, according to research firm First Call. (more details)

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NEW YORK (Reuters) --The No. 1 U.S. brokerage said its fourth-quarter profit rose on cost-cutting measures. Merrill, which has cut thousands of jobs over the past two years, reported net income of $603 million, or 63 cents a share. Including a $1.7 billion after-tax charge to pay for 9,000 job cuts, Merrill (MER: Research, Estimates) reported a net loss of $1.26 billion, or $1.51 a share, in last year's fourth quarter.

On average, analysts expected the company to earn 63 cents a share, with estimates ranging from 56 cents to 66 cents, according to research firm First Call. (more details)

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NEW YORK (CNN/Money) -- The No. 2 financial services firm reported a fourth-quarter loss Wednesday due largely to its settlement with securities regulators. The company posted a net loss of $387 million, or 20 cents a share, compared with earnings of $247 million, or 12 cents a share, a year earlier.

That loss included a charge of $1.3 billion, or 43 cents a share, for the settlement with regulators dealing with conflicts of interest in its research operations, as well as a charge of $393 million, or 13 cents a share, for merger-related costs. So including the settlement but excluding the merger related costs, J.P. Morgan (JPM: Research, Estimates) lost 7 cents a share in the period. Analysts surveyed by earnings tracker First Call expected a loss of 9 cents a share in the period. (more details)

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NEW YORK (Reuters) -- The world's largest drugmaker said its quarterly profit jumped, driven by sales of prescription treatments for seizures, high cholesterol and allergies. The New York company posted earnings of $2.86 billion, or 46 cents per share, up from $1.96 billion, or 30 cents, a year ago.

Excluding items, Pfizer (PFE: Research, Estimates) earned 48 cents per share. Analyst estimates ranged from 46 to 49 cents, with an average forecast of 47 cents, according to First Call. Revenue rose 14 percent to $9.33 billion.

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NEW YORK (Reuters) -- The industrial conglomerate, which has been embroiled in controversy over the accounting practices of its former management, said its quarterly earnings fell nearly 50 percent, hurt by weaker electronics revenue and higher costs.

Tyco (TYC: Research, Estimates) said its fiscal first-quarter earnings fell to $634.5 million, or 32 cents a share, down from nearly $1.2 billion, or 60 cents, a year earlier. Analysts, on average, had expected Tyco to earn 32 cents, according to research firm First Call.

Looking ahead, the company said earnings for the year are expected to be near the lower end of its previously announced range of $1.50 to $1.75 per share because of its recent debt refinancing activities and higher pension costs.

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DALLAS (Reuters) -- The parent of American Airlines posted a fourth-quarter loss of $529 million Wednesday as the world's largest carrier warned it must cut costs drastically if it wants to keep flying. Fort Worth, Texas-based AMR said the loss amounted to $3.39 a share, compared with a loss of $5.17 a share a year earlier.

Analysts, on average, had expected a loss of $3.73 per share, with loss forecasts ranging from $3.30 to $4.06, according to First Call. AMR (AMR: Research, Estimates) is seeking to cut costs wherever it can, with a goal of about $4 billion in permanent reductions. It says it has identified more than $2 billion in cuts so far. (more details)

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MURRAY HILL, N.J. (Reuters) -- The telecommunications equipment maker posted its 11th straight quarterly loss and lower sales, but stood by its forecast that revenue will be higher going forward despite the telecom spending slump.

Lucent (LU: Research, Estimates), based in Murray Hill, N.J., reported a fiscal first-quarter net loss of $264 million, or 11 cents a share, compared with a net loss of $423 million, or 14 cents a share, a year earlier.

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FALLS CHURCH, Va. (Reuters)--The defense contractor said rising demand for its warships and naval weapons systems boosted the company's quarterly profit. The company said its fourth-quarter profit rose to $269 million, or $1.33 per share, up from $246 million, or $1.22 per share last year. Sales rose to $3.94 billion from $3.48 billion.

Including a charge from exiting its undersea fiber-optic cable-laying business, General Dynamics (GD: Research, Estimates) said it earned $157 million, or 78 cents per share. Wall Street analysts were expecting the company's fourth-quarter earnings per share to reach between $1.40 and $1.51, with an average estimate of $1.44, according to research firm Thomson First Call.

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DEERFIELD, Ill. (Reuters)--the drugmaker said it swung to a fourth-quarter profit as strong sales in its medical delivery business helped offset special charges. The company reported fourth-quarter net income of $9 million, or 2 cents per share, compared with a net loss of $75 million, or 13 cents per share, a year earlier.

Excluding special charges, Baxter said earnings rose 11 percent to $363 million, or 59 cents per share, in the latest quarter. On that basis, analysts' estimates ranged from 58 cents to 61 cents a share for an average of 60 cents, according to research firm First Call. On Oct. 17, Baxter cut its fourth-quarter and first-quarter sales outlook for the Recombinate hemophilia treatment.

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DALLAS (Reuters) -- The low-cost carrier reported a lower fourth-quarter profit, although it was the only major airline so far to avoid heavy losses as the industry battles a historic downturn. The Dallas-based carrier, the No. 7 U.S. airline, said it earned $42.4 million, or 5 cents per share, down from $63.5 million, or 8 cents, a year earlier. In last year's quarter, earnings excluding certain one-time items totaled $32.4 million, or 4 cents a share.

Analysts had expected Southwest (LUV: Research, Estimates) to earn about 3 cents a share for the fourth quarter, with forecasts ranging from 2 to 5 cents.

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FEDERAL WAY, Wash. (Reuters)--The forest products company reported a fourth-quarter profit, reversing a year-ago loss, as gains from a timberlands sale and an insurance recovery helped offset weak market conditions and merger charges. The company, based in Federal Way, Washington, reported a profit of $126 million, or 57 cents per share, compared with a loss of $15 million, or 7 cents per share, a year ago.

Excluding one-time items, Weyerhaeuser (WY: Research, Estimates) reported earnings of 41 cents per share. Wall Street analysts had expected the company to report earnings of between 23 cents and 36 cents per share with an average view of 26 cents per share, according to research firm Thomson First Call.

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BOISE, Idaho (Reuters)--The forest products company reported a fourth-quarter profit after a year earlier loss, but forecast weak results in early 2003 due to rising pension costs and a sluggish U.S. economy.

The company, based in Boise, Idaho, reported a net profit of $6.2 million, or 5 cents per share, compared with a net loss of $41.7 million, or 78 cents per share, in the year-ago period. On that basis, Wall Street analysts had expected Boise (BCC: Research, Estimates) to report a profit of 3 to 11 cents a share, with an average view of 7 cents per share, according to research firm First Call.

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OMAHA, Neb. (Reuters) -- North America's biggest railroad beat earnings forecasts by 2 cents in its fourth quarter on strong auto, grain and industrial shipments.

Omaha, Neb.-based Union Pacific (UNP: Research, Estimates) said its fourth-quarter profit, including one-time gains, was $378 million, or $1.41 a share. A year earlier, the company reported a profit of $275 million, or $1.06 a share.

Without money from property sales in California and tax adjustments, fourth-quarter per-share earnings were $1.10. (more details)

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MENLO PARK, Calif. (Reuters) -- The online bank and brokerage company said its fourth-quarter profit rose as fees from banking services offset soft customer stock trading. The Menlo Park, Calif.-based company reported net income of $30 million, or 8 cents per share, up from $22 million, or 6 cents, a year earlier. Revenue rose to $349 million from $345 million.

Excluding one-time costs and other items, E Trade (ET: Research, Estimates) reported a profit of $52 million, or 14 cents per share, for the period, up sharply from $24.7 million, or 7 cents, in the year-earlier quarter. On that basis, analysts on average had been expecting an operating profit of 14 cents per share, according to research firm First Call. The company said its first quarter would be the softest in 2003 and that it expects net income from ongoing operations of between 45 and 55 cents for the year.