** US WRAP **

** TRADING HEADLINES **
– General Motors Cuts Dividend, Executive Pay, Health Benefits for Managers
- Stocks in U.S. Drop, Led by Energy Producers; Shares of Toll Brothers Fall
- Crude Oil Slides to FourWeek Low on Speculation U.S. Inventories Jumped
- Gold Tumbles by Most Since 2004 as Oil Price Drop Eases Inflation Concerns
- Coca-Cola Earnings Fall 28 Percent on Increased Marketing to Revive Sales
- U.S. Consumer Credit Finishes 2005 With Smallest Annual Gain in 13 Years
- Protective Agrees to Buy JPMorgan Chase Insurance Units for $1.2 Billion
- New Freddie Mac Treasurer Bitsberger Says Asian Investors Are Important

** AFTER HOURS **

- Cisco (+5.5% after hours) reported earnings of $1.38b or $0.22 a share, $0.26 excluding stock option expenses (consensus $0.25). Sales rose 9% to $6.63b. Gross profit margins increased to 68%. CEO Chambers said this quarter will be strong and revenue growth will accelerate for the next two periods.

** IN PLAY TODAY **

Mortgage Applications are on the agenda at 13:00 CET. Earnings of note before the open are from Pepsico. After the close we’ll see earnings from Prudential and News Corp amongst others.

Technorati : us wrap