Texas Big Corp Earnings Surge in 2010, Led By Big Oil

Texas Core Pretax Earnings surged to $239.0 bil in 2010 for its 107 largest Big Companies, up 43%, or $71.6 bil higher than 2009. These 107 Big Companies I have defined as those registering profits or losses of roughly $200 mil or more in either 2010 or in 2009. The 107 Big Companies also include some large Oil and Gas Partnerships.

My definition of Core Pretax Earnings here excludes large Asset Impairment Charges, large Gains or Losses on Asset Dispositions, large non-recurring Litigation Charges, large Acquired In Process R&D Charges, and other large non-recurring Credits and Charges.

Even though they are foreign-owned Corps, I have included both BP and Royal Dutch Shell in the below list, since they both have huge Houston, TX operations, generate a significant portion of their worldwide profits and worldwide revenues in the US, and also have a significant portion of their worldwide sales made to US customers.

BP registered a Pretax Loss of $4.8 bil in 2010. However, embedded in this loss were $40.9 bil of Charges due to the Gulf of Mexico Oil Spill. Thus, its Core Pretax Income in 2010 was a massive $36.1 bil, up a very healthy 44% over 2010.

Royal Dutch Shell generated Pretax Income of $35.4 bil in 2010, up a substantial 68% over 2009.

But leading the Big Oil pack was Exxon Mobil, whose 2010 Pretax Earnings were $53.0 bil, up a very healthy 52% over 2009.

The fourth Big Oil company that makes up what I call the Texas 4 Big Oil That Rule was ConocoPhillips. It registered Pretax Income in 2010 of $19.8 bil, up a massive 106% over 2009. Its Core Pretax Income was $15.7 bil, up a lower, but still very substantial, 58% over 2009.

There were another 53 (no, that's not a misprint) Big Oil and Gas Corps, whose total Core Pretax Earnings in 2010 of $49.9 bil, were up 33% over 2009.

There were 50 Texas Big Companies outside the Big Oil and Gas Sector, which registered Total Core Pretax Income in 2010 of $49.0 bil, up a more moderate, but still very healthy, 26% over 2009.

The really positive 2010 profit improvers in the Texas Non-Big Oil and Gas Sectors were Technology, Airlines and Financial. The one very troubled Sector in Texas was its Utilities, which registered, for the most part, substantial profit declines in 2010.

Below here are how Texas' 107 largest publicly-held Corps did as was disclosed in either their most recent annual Fiscal Year Ended (FYE) 2010 earnings releases or in their most recent SEC annual report filings. And let me also break these Earnings down a bit by Major Industry Sector.

Texas 107 Largest Publicly-Held Corps Most Recent Annual Pretax Earnings (PTI)

.................................................................................Increase.......
........................................FYE.....PTI(L).....PTI(L)...(Decrease).....
Texas Big Corp................2010.....2010......2009.....Amount.....%..
.......................................................(millions of dollars)..............

Texas Big Oil 4 That Rule
Exxon Mobil.....................Dec…..52,959....34,777....18,182...52%
BP(1)................................Dec…..36,110.....25,124....10,986...44%
Royal Dutch Shell.............Dec…..35,344....21,020....14,324....68%
ConocoPhillips(2).............Dec…..15,727.....9,957......5,770...58%

Total TX Big Oil 4 That Rule.......140,140...90,878...49,262...54%

Texas Other 53 Big Oil & Gas
Apache(3).........................Dec…..5,206......3,144......2,062.....66%
Marathon Oil(4)................Dec…...4,916......3,236......1,680.....52%
Schlumberger(5)...............Dec…..3,886......3,934.........(48)....(1)%
Halliburton.......................Dec…..2,655......1,682.........973.....58%
National Oilwell Varco......Dec…..2,397......2,208.........189......9%
Transocean(6)...................Dec….2,054......4,258....(2,204).(52)%
Anadarko Petroleum(7)....Dec…..1,857.......(650).....2,507..386%
El Paso(8)..........................Dec…..1,527.......1,250.......277.....22%
Spectra Energy..................Dec…..1,506......1,271.........235.....18%
Valero Energy(9)...............Dec…..1,498.......(94).......1,592..1694%
Enterprise Prods Prtnrs.....Dec…..1,410......1,166.........244......21%
Kinder Morg Egy Prtnrs.....Dec…..1,362......1,340..........22........2%
Diamond Offshore.............Dec…..1,336......1,868........(532)..(28)%
Baker Hughes....................Dec…..1,282.........611.........671....110%
Noble Energy(10).............Dec…..1,175.........340.........835....246%
Southwestern Energy(11)..Dec…....995.........856.........139......16%
EOG Resources(12)...........Dec…....927.........643.........284......44%
Noble Corp.......................Dec…....917.......2,016....(1,099)...(55)%
Newfield Exploration(13).Dec…....829.........459.........370......81%
Pioneer Natural Resorcs...Dec…....788.......(247).....1,035.....419%
Cameron Intl....................Dec…....733.........643..........90......14%
Ultra Petroleum(14).........Dec…....723.........241.........482....200%
EXCO Resources...............Dec…....674.......(506)......1,180....233%
Ensco Intl........................Dec…....645.........935........(290)...(31)%
El Paso Ppln Prtnrs...........Dec…....608.........518..........90......17%
FMC Technologies............Dec…....538.........518..........20........4%
Plains All American Ppln..Dec…....513.........586........(73)....(12)%
Enbridge Enrgy Ptnrs(15).Dec…....465.........401..........64......16%
Petrohawk Energy(16)......Dec…....390..........63.........327....519%
Rowan Companies............Dec…....379.........501.......(122)...(24)%
Denbury Resources(17)...Dec…....377.......(122).........499....409%
Energy Transfr Equity LP.Dec…....352.........707.......(355)...(50)%
Southern Union...............Dec…....350.........251...........99......39%
Nabor Industries(18).......Dec…....343.........169.........174....103%
Atmos Energy..................Sep…....335.........291..........44.......15%
Weatherford Intl(19)........Dec…....323.........283..........40......14%
Atwood Oceanics..............Sep…....320.........296..........24........8%
Concho Resources............Dec…....306........(33).........339..1027%
Oceaneering Intl...............Dec…....305.........290..........15........5%
Boardwalk Ppln Prtnrs......Dec…....290.........163.........127.....78%
Quicksilver Resorcs(20)...Dec…....273.........245..........28......11%
Plains Explor&Prod(21)....Dec…....263.........130.........133....102%
Pride Intl..........................Dec…....252.........412........(160)..(39)%
NuStar Energy LP.............Dec…....251.........235...........16.......7%
Oil States Intl(22).............Dec…....241.........201...........40.....20%
Core Labs NV...................Dec…....209.........171...........38.....22%
Buckeye Partners(23).......Dec…....201.........202..........(1).......0%
Cabot Oil & Gas.................Dec…....198.........223.........(25)...(11)%
Holly Corp........................Dec…....192..........44..........148....336%
Patterson UTI Energy.......Dec…....191........(52)..........243....467%
Kirby Corp.......................Dec…....190.........206.........(16)....(8)%
Helix Energy Sol(24)........Dec…......17.........306........(289)..(94)%
Linn Energy.....................Dec…...(110).......(300)........190....63%

Total Other 53 Big
......Oil & Gas Corps…................49,860.....37,509....12,351....33%

Total 57 Big Oil&Gas Corps....190,000....128,387...61,613....48%

Texas Non-Oil&Gas 50 Big Corps
AT&T...............................Dec…18,238......18,518......(280).....(2)%
Texas Instruments...........Dec…..4,551.......2,017.....2,534....126%
Burlington No Santa Fe....Dec…..3,988........2,641.....1,347......51%
Dell................................Jan 11..3,350.......2,024......1,326.....66%
Kimberly Clark................Dec…..2,550.......2,576.........(26).....(1)%
Sysco..............................Jun…..1,850........1,771.........79.......4%
Waste Management.........Dec…..1,631........1,473........158......11%
USAA(25)....................Dec(25)..1,336.......1,421........(85).....(6)%
Dr Pepper Snapple(26).....Dec…....921..........868.........53.........6%
Torchmark.......................Dec…....779.........577........202......35%
Southwest Airlines...........Dec…....745..........164........581.....354%
CenterPoint Energy..........Dec…....705..........548........157......29%
Cooper Industries(27)......Dec…....665..........483........182.......38%
GameStop......................Jan 10.....589..........634........(45)....(7)%
KBR..................................Dec…....586..........532.........54......10%
JC Penney......................Jan 11.....581..........403........178......44%
Fluor................................Dec…....560........1,137......(577)..(51)%
Celanese...........................Dec…....538..........251........287....114%
Flowserve.........................Dec…....530..........585........(55)...(9)%
BMC Software(28).............Mar…....504..........414.........90.....22%
HCC Insurance..................Dec…....490..........519........(29)....(6)%
METROPCS Comm(29).......Dec…....456..........264........192......73%
Whole Foods Market..........Sep…....412..........251........161......64%
Kinetic Concepts................Dec…....356.........334.........22.......7%
General Motor Fincl(30)....Jun…....353.........(48)........401....835%
Continental Airlines...........Dec…....343........(439)......782....178%
Westlake Chemical.............Dec…....343...........79........264....334%
RadioShack........................Dec…....336..........329..........7.......2%
Comerica...........................Dec…....315.........(115)......430....374%
Alliance Data Systems........Dec…....311..........263.........48.....18%
McDermott Intl..................Dec…....304.........270.........34.....13%
Rent A Center.....................Dec…....275.........270..........5........2%
Cullen Frost Bankers...........Dec…....266.........233.........33......14%
Quanta Services..................Dec…....246.........234.........12........5%
Sally Beauty.......................Sep…....228..........165.........63......38%
Service Corp Intl................Dec…....219..........199.........20......10%
Dresser-Rand.....................Dec…....216..........312........(96)...(31)%
Tenet Healthcare(31).........Dec…....215..........108........107.....99%
American Natl Insur..........Dec…....203.........(10).......213..2130%
Intl Bancshares..................Dec…....201..........221........(20)....(9)%
Dean Foods........................Dec…....151..........380......(229)..(60)%
DR Horton..........................Sep…....100........(557).......657...118%
GenOn Energy(32)..............Dec….....(5)..........727....(732).(101)%
Zale....................................Jul…...(125)........(219)........94.....43%
Energy Future Hldngs(33)..Dec…..(137).........688.....(825).(120)%
Calpine(34)........................Dec…...(139).........201.....(340).(169)%
Dynegy(35)........................Dec…...(284)........(384)......100....26%
AMR...................................Dec…...(506).....(1,752)...1,246...71%
Freescale Semi(36).............Dec…...(661)......(1,449)......788....54%
Clear Channel Comms(37)..Dec…...(683)......(1,136)......453....40%

Total 50 Non-Oil&Gas Big Corps..48,996.....38,975...10,021...26%

Total Texas 107 Big Corps........238,996..167,362...71,634...43%

(1) BP 2010 PTI excludes $40.9 bil Gulf of Mexico Oil Spill Charge.
(2) ConocoPhillips PTI in both years exclude both large Gains on Asset Dispositions and large Asset Impairment Charges.
(3) Apache 2009 PTI excluded large Asset Impairment Charge.
(4) Marathon Oil 2010 PTI excludes large Gain of Asset Dispositions, large Asset Impairment Charges and large Loss on Debt Extinguishment. Its 2009 PTI excludes large Gain on Asset Dispositions.
(5) Schlumberger 2010 PTI excludes large Gain on Remeasurement of an Investment.
(6) Transocean PTI in both years exclude large Impairment Charges. Its 2010 PTI also excludes large Gain on Asset Dispositions.
(7) Anadarko Petroleum both years PTI excludes large Asset Impairment Charges. Its 2009 PTI also excludes large Credit Reversal of Accrual in Dispute.
(8) El Paso 2010 PTI excludes large Loss on Debt Extinguishment. Its 2009 PTI excludes huge Asset Impairment Charges.
(9) Valero Energy 2009 PTI excludes large Asset Impairment Charges.
(10) Noble Energy both years PTI exclude large Asset Impairment Charges.
(11) Southwestern Energy 2009 PTI excludes large Asset Impairment Charges.
(12) EOG Resources both years PTI exclude both large Asset Impairment Charges and large Gains on Asset Dispositions.
(13) Newfield Exploration 2009 PTI excludes large Asset Impairment Charges.
(14) Ultra Petroleum 2009 PTI excludes large Asset Impairment Charges.
(15) Enbridge Energy Partners 2010 PTI excludes large Oil Spill Charges.
(16) Petrohawk Energy 2009 PTI excludes large Asset Impairment Charges.
(17) Denbury Resources 2010 PTI excludes large Gain on Asset Sales.
(18) Nabor Industries both years PTI exclude large Asset Impairment Charges.
(19) Weatherford Intl 2010 PTI excludes both Bond Tender Premium Charge and Venezuelan Bolivar Devaluation Charge.
(20) Quicksilver Resources both years PTI exclude Asset Impairment Charges. Its 2010 PTI also excludes large Gain on Asset sale.
(21) Plains Exploration and Production 2010 PTI excludes Asset Impairment Charges. Its 2009 PTI excludes Legal Recovery Gain.
(22) Oil States Intl 2009 PTI excludes Asset Impairment Charge.
(23) Buckeye Partners 2009 PTI excludes Asset Impairment Charge.
(24) Helix Energy Solutions both years PTI exclude Asset Impairment Charges. Its 2009 PTI also excludes Gain on Investment.
(25) USAA is a mutual company. The above numbers are its Net Income for the 6 months ended June 30th.
(26) Dr Pepper Snapple 2010 PTI excludes Loss on Debt Extinguishment.
(27) Cooper Industries 2010 PTI excludes Loss on Sale of Assets.
(28) BMC Software 2009 PTI excludes Acquired In Process R&D Charges.
(29) METROPCS Communications 2010 PTI excludes Loss on Debt Extinguishment.
(30) General Motor Financial 2009 PTI excludes Gain on Debt Extinguishment.
(31) Tenet Healthcare 2010 PTI excludes Loss on Debt Extinguishment. Its 2009 PTI excludes Gain on Debt Extinguishment.
(32) GenOn Energy both years PTI exclude Asset Impairment Charges. Its 2010 PTI also excludes large Gain on Bargain Purchase.
(33) Energy Future Holdings 2010 PTI excludes both a huge Goodwill Impairment Charge and also a large Gain on Debt Extinguishment. Its 2009 PTI excludes a Gain on Debt Extinguishment.
(34) Calpine both years PTI exclude Debt Extinguishment Charges.
(35) Dynegy both years PTI exclude Asset Impairment Charges.
(36) Freescale Semiconductor 2010 PTI excludes large Loss on Debt Extinguishment. Its 2009 PTI excludes both a huge Gain on Debt Extinguishment and a Reorganization Charge.
(37) Clear Channel Communications both years PTI exclude Gains on Debt Extinguishment. Its 2009 PTI also excludes huge Asset Impairment Charges.

With Oil Prices leaping so far in 2011, I think you are going to see a second straight year of explosive earnings growth for Big Oil and Gas Corps, unless the US government fairly and effectively deals with this massive problem.

I hear so many people blame the high US Unemployment Rate, the high US underemployment Rate, the much lower Median Income, the substantially reduced Middle Class, the financially pressured small businesses, and the growing US Deficit all on Wall Street.

Wall Street did play a key role, as did Multinational Corps in their shifting of income and jobs overseas, and as did the US and State Governments in their not being fiscally responsible.

But by far the major cause was US Big Oil, which in the entire 2000 decade, generated year after year of Windfall Profits, and was given massive US Federal Income Tax Breaks for doing just that.

Big Oil has done, and continues to do, devastating structural damage to the US economy. And Big Oil supporters in the US Congress, and particularly in the US House, look the other way while all of this devastation is occurring to the country's economy.

US citizens are getting angry and are sick and tired of the US House, just flat out stuck in a quagmire, continuing to work on what they want to work on, instead of working on solving the critical problems that the US citizens want them to work on.....which is clearly US job creation and making the country energy independent.

These Windfall Profits of Big Oil were generated on the backs of US citizens, on the backs of all US domestic businesses, and also to the detriment of all US government entities....Federal, State and Local.

The country will not be fixed economically until this massive transfer of wealth from everyone else in the US to Big Oil is effectively dealt with by the US government. The key is not just talking about wise energy initiatives, but actually and massively implementing them.

The above research, where I found 107 Texas Big Corps, which had 2010 total earnings growth of 43%, was performed through the end of March 2011. Since then, in April and May 2011, I extended this research, and I found 6 additional Texas Big Corps, which in total had a superb 122% earnings growth in 2010, and are shown here below.

..........................................2010.......2009.........Increase
...........................................Core........Core........(Decrease)
.......State..........................PTI(L)......PTI(L).....Amount.....%
..............................................(millions of dollars)....
Late Big Corp Additions

Texas (6)
Alcon(1)............................2,527.........2,313............214......9%
LyondellBasell NV(2)........1,512........(1,322)........2,834...214%
Energy Trnsfr Prtnrs LP(3)..686............804..........(118)...(15)%
Fossil Inc............................384............220...........164.....75%
Chicago Bridge & Iron(4).....292............295............(3)......(1)%
Kirby..................................190............206...........(16).....(8)%

Total 6 TX Late Additions..5,591........2,516.......3,075....122%

(1) Alcon is a Swiss Company, but with a Texas external CPA firm.
(2) LyondellBasell Industries NV is a Netherlands Corp, but has a Houston, TX external CPA firm.
(3) Energy Transfer Partners LP 2010 PTI excludes asset impairment charge.
(4) Chicago Bridge & Iron NV is a Netherlands Corp, but has a Houston, TX external CPA firm.

California Big Corp High Tech Earnings Explode Upwardly in 2010

With the Great Recession, the jobless recovery, and the horrible housing crisis, California financial State coffers are severely suffering, as are many of its State citizens.

However, I think it would be wise to get an update on how California Big Corps have fared both very recently and also just before, during, and just after the Great Recession, so that we can better assess where California Big Corps stand now financially, as compared with the present financial status of California citizens.

With this update, I think we can get a better insight on what should constitute a fair sharing of the financial burden to balance the State Budget between California Big Corps and California citizens. And frankly, Big Corps outside of California, including foreign-owned Big Corps, that do business in California, should also be included in this mix of a fair sharing of this very expensive financial burden to balance the State Budget of California.

Let me show you below just how California's 85 largest publicly-held Corps did as was disclosed in either their most recent annual Fiscal Year Ended (FYE) 2010 earnings releases or in their most recent SEC annual report filings. And let me also break these Earnings down by Major Industry Sector.

California's 85 Largest Publicly-Held Corps Most Recent Annual Pretax Earnings (PTI)

......................................FYE.....PTI(L)....PTI(L).....Increase.......
California Big Corp........2010.....2010......2009.....Amount.....%..
..............................................(millions of dollars)..............
Technology (40 Big Corps)
Apple………………………....Sep…..18,540...12,066......6,474......54%
Intel………………………......Dec…..16,045.....5,704....10,341.....181%
Hewlett-Packard…………..Oct…..10,974.....9,415.......1,559......17%
Google……………………......Dec….10,796.....8,381.......2,415......29%
Cisco Systems…………......Jul…....9,415.....7,693.......1,722......22%
Oracle……………………......May…...8,243.....7,834.........409........5%
Qualcomm(1)……………....Sep…...4,034.....3,089.........945.......31%
Ebay(2)………………….......Dec…...2,098.....1,429.........669.......47%
Seagate Technology(3)...Jun…....1,569.....(494).......2,063.....418%
Western Digital…………....Jun…...1,520.......501........1,019.....203%
Yahoo……………………......Dec…...1,466.......824..........642.......78%
Sandisk………………….......Dec…...1,457.......504..........953.....189%
Applied Materials………...Oct…...1,387.....(486).......1,873.....385%
Broadcom………………......Dec…...1,097........72........1,025...1424%
Adobe Systems…………...Nov….....943.......702..........241.......34%
Marvell Technology……Jan 11......910.......343..........567.....165%
Altera………………………....Dec….....868.......306..........562.....184%
Symantec(4)…………….....Mar….....826.......816............10.........1%
Activision Blizzard(5)…...Dec….....818.......401.........417.....104%
Intuit………………………......Jul….....815.......653.........162.......25%
Juniper Networks(6)…….Dec….....778.......494.........284.......57%
Check Point Software…....Dec….....564.......446.........118.......26%
Agilent Technologies(7)..Oct….....560...........7.........553....7900%
Linear Technology………..Jun….....490.......369.........121.......33%
NetApp(8)…………………....Apr….....447.......137........310.....226%
Dolby Labs………………......Sep….....437.......371..........66.......18%
Lam Research………….......Jun….....430......(263).......693.....263%
Xilinx(9)………………….......Mar.......422.......383..........39........10%
VMWare………………….......Dec….....416.......223........193........87%
Adv Micro Devices(10)....Dec….....363......(834).....1,197.....144%
Aecom Technology……....Sep….....341.......278..........63.......23%
Novellus Systems…….......Dec….....305.......(69).......374.....542%
Maxim Integr Products....Dec….....300........35........265.....757%
KLA Tencor(11)……….......Jun….....291......(156).......447.....287%
Autodesk………………......Jan 11......272........85.........187.....220%
Nvidia………………….......Jan 11......271.......(82)........353.....430%
Natl Semiconductor….....May….....269.......114........155......136%
Netflix………………….........Dec….....268.......192..........76.......40%
Atmel(12)……………….......Dec….....216.......(45)........261.....580%
Electronic Arts(13)…...Mar(13)...(348).....(845).......497.......59%

Total Big Technology…………..100,913...60,593...40,320....67%

Oil and Gas (2 Big Corps)
Chevron……………….........Dec….32,055...18,528.....13,527.....73%
Occidental Petroleum.....Dec…...7,636......5,265.......2,371.....45%

Total Big Oil and Gas……………....39,691....23,793....15,898....67%

Financial (7 Big Corps)
Wells Fargo…………..........Dec….19,001...17,998......1,003.......6%
Visa(14)………………..........Sep…..4,638......3,527.......1,111......31%
Franklin Resources….......Sep…..2,070.....1,289.........781......61%
Charles Schwab(15).........Dec…..1,099......1,276.......(177)....(14)%
KKR Fincl Holdings….......Dec…....372...........77.........295.....383%
First American Fincl........Dec…....212..........204............8.........4%
Mercury General……........Dec…....182..........572......(390)....(68)%

Total Big Financial…………........27,574....24,943......2,631......11%

Health Care (11 Big Corps)
Amgen………………............Dec…..5,317......5,204.........113.........2%
Gilead Sciences……..........Dec…..3,914......3,502.........412.......12%
McKesson(16)……….........Mar.....1,864......1,557........307.......20%
Allergan(17)………….........Dec…..1,149.........849.........300......35%
Intuitive Surgical…….......Dec….....572.........396.........176......44%
Varian Medical Systems...Sep….....533.........475..........58......12%
CareFusion…………...........Jun….....357.........343..........14.........4%
Health Net(18)……….........Dec….....331.........256..........75.......29%
Beckman Coulter……........Dec….....309.........184........125.......68%
Watson Pharma……….......Dec….....251.........363.......(112).....(31)%
Bio Rad Labs………….........Dec….....220.........186..........34........18%

Total Big Health Care……………...14,817....13,315.....1,502.......11%

All Other Industries (25 Big Corps)
Disney………………............Sep…..6,627......5,658.........969.......17%
DIRECTV(19)………..........Dec…..3,514......2,325.......1,189.......51%
Northrop Grumn(20)......Dec…..2,826......2,266.........560.......25%
GAP…………………...........Jan 11...1,982......1,816.........166........9%
PG&E…………………...........Dec…..1,660......1,694.........(34)......(2)%
Edison International…....Dec…..1,657.........854........803.......94%
Clorox………………............Jun….....925.........811.........114.......14%
Safeway(21)………….........Dec….....881......1,021.......(140).....(14)%
Mattel…………………..........Dec…....847.........660.........187.......28%
Sempra Energy……..........Dec….....786......1,476......(690)....(47)%
Ross Stores………….......Jan 10......719.........495.........224.......45%
Public Storage(22)….......Dec….....689.........798.......(109).....(14)%
URS………………….............Dec….....514.........468..........46.......10%
Ingram Micro…………......Dec….....438.........269.........169.......63%
Guess?(23)………….......Jan(23).....395.........298..........97.......33%
Jacobs Engineering…......Sep….....392.........624.......(232)....(37)%
Del Monte Foods…….......Apr….....382.........227........155.......68%
Avery Dennison(24).......Dec….....351...........41.........310.....756%
Reliance Steel&Alum......Dec….....296.........195.........101.......52%
Williams Sonoma(25)..Jan(25)....280...........(1).........281.......NM
CB Richard Ellis Grp.......Dec….....272...........(1)........273.......NM
Levi Strauss…………........Nov….....236.........190..........46.......24%
Waste Connections…......Dec….....225.........175..........50.......29%
KB Home……………..........Nov…....(76).......(311)........235.......76%
Ryland Group………........Dec….....(85).......(260).......175.......67%

Total Big Other Industries…….26,733....21,788.....4,945.......23%

Total all 85 CA Big Corps…...209,728..144,432...65,296......45%

(1) Qualcomm 2009 PTI excludes large Litigation and Fine Charges.
(2) Ebay 2009 PTI excludes Gain on Sale of Skype.
(3) Seagate Techonology 2009 PTI excludes huge Intangible Asset Impairment Charge.
(4) Symantec 2009 PTI excludes large Goodwill Impairment Charge.
(5) Activision Blizzard PTI for both years exclude large Intangible Asset Impairment Charges.
(6) Juniper Networks 2009 PTI excludes large Litigation Settlement Charges.
(7) Agilent Technologies 2010 PTI excludes Gain on Sale of Business.
(8) NetApp 2009 PTI excludes large US Government Settlement Charge.
(9) Xilinx 2009 PTI excludes Gain on Debt Extinguishment.
(10) Advanced Micro Devices 2010 PTI excludes Large Legal Settlement Gain and large Deconsolidation Gain. AMD's 2009 PTI excludes huge Legal Settlement Gain.
(11) KLA Tencor 2009 PTI excludes large Intangible Asset Impairment Charge.
(12) Atmel 2010 PTI excludes large Loss on Asset Sale and 2009 PTI excludes large Asset Impairment Charge.
(13) Electronic Arts earnings information in both years is for the 12 Months ended December.
(14) Visa 2009 PTI excludes large Gain on Sale of Visa Brasil Investment.
(15) Charles Schwab 2010 PTI excludes large Litigation Charge.
(16) McKesson 2009 PTI excludes large Litigation Charge.
(17) Allergan 2010 PTI excludes both large Legal Settlement Charge and large Intangible Asset Impairment Charge.
(18) Health Net 2009 PTI excludes both large Asset Impairment Charge and large Loss on Sale of Business.
(19) DIRECTV 2009 PTI excludes large Liberty Transaction Charge.
(20) Northrop Grumman 2010 PTI excludes large Debt Redemption Loss.
(21) Safeway 2009 PTI excludes huge Goodwill Impairment Charge.
(22) Public Storage is an publicly-held REIT.
(23) Guess? earnings information in both years is for the 12 Months ended October.
(24) Avery Dennison 2009 PTI excludes large Intangible Asset Impairment Charge.
(25) Williams Sonoma earnings information in both years is for the 12 Months ended October.

I have researched so far the 2010 Core Pretax Earnings of Big Corps in 14 of the largest US States, and I have now run into my second nearly miraculous occurrence.

The first one is Michigan's Big Corp Total Profits switching from a $31.4 bil Pretax Loss in 2009 to a $25.2 Pretax Profit in 2010, a $56.6 bil positive swing in profits in just one year, driven mainly by the resurrected Auto Industry.

The second one is just what happened to Big Corps in California's High Tech Industry in 2010.

As you can see in the above Earnings Chart, sorted by sector, the Total Pretax Profits of the 40 Big Corps in California's High Tech sector, advanced from $60.6 bil in 2009 to $100.9 bil in 2010, an increase of $40.3 bil, or 67%.

And all 40 California High Tech Big Corps had increases in earnings in 2010, with only 2 of them having single-digit percentage earnings growth, and with an amazing 20 of them, or in other words, precisely half of them, having at least triple-digit percentage earnings growth. I'm not kidding! Just count them.

I knew that Silicon Valley was recently during very well. However, I had no idea it was this incredibly well. Given these outstanding earnings numbers, I am certain that Silicon Valley executives, employees, and stockholders are very happy with how the Obama Administration has worked with them to help revitalize the technology sector.....the country's unparalleled strength.

I don't agree with the many economists who think the payroll tax holiday is going to drive US GDP growth in 2011. Instead, what will drive economic growth is the 100% tax expensing of equipment and the extension of the R&D tax credit for two years.

Thus, I think you'll see the technology sector have another robust year of earnings in 2011.....it won't average another 67% growth, but it will still be a very healthy increase. The 100% tax expensing will apply to all of 2011. Also, I think that the R&D tax credit will be made permanent, and perhaps even enhanced, in a reasonably short period of time.....if we could just get the US Congress to keep from going off target on what issues to address.

The country will find 100% tax expensing so popular and effective that come December 2011, if the US unemployment rate is still above 7% (it probably will be), I think it would be wise to extend it for another year.

I also think you'll see some form of tax credits on Green Energy Efficiency Building Retrofit Upgrades and on Energy Renewables pass this year, and probably fairly soon....again if only we can get the off-target US Congress to focus on the critical issues. This initiative should revitalize a depressed construction industry, should help the very troubled Commercial Property Sector, should put nice dents in the US unemployment and underemployment rates, and should also assist the US on its path to reaching its key goal of energy independence. Silicon Valley will be particularly helped here because it will be one of the places where a lot of the cutting-edge research on Energy Efficiency and Energy Renewables will be conducted.

Reviewing other California Industry Sectors, you can see the Windfall Profits in the Big Oil sector. The earnings growth of California's Big Oil (Chevron and Occidental Petroleum) precisely matched the earnings growth of California's Technology sector....both at nose-bleed 67% growth.

And look how high Chevron's Earnings are. Chevron's 2010 Pretax Earnings of $32.1 bil, are 73% higher than California's High Tech highest earner, Apple, whose 2010 earnings were $18.5 bil.

And Occidental Petroleum's 2010 Pretax Earnings of $7.6 bil were just below the 6th highest California Tech earner, Oracle, which earned $8.2 bil.

I am looking forward to seeing how the State of Texas Pretax Earnings will come out, as compared to the Big 2 US States: California and New York.

Clearly, something has to be done to put the US on the correct path to energy independence, and to simultaneously rein in the Windfall Profits of US Big Oil. It doesn't seem that the US Congress thinks this is an important enough priority, since it keeps working on other issues. But US citizens know that it clearly is.

I think it is also helpful to see how these California Big Corps have weathered the Great Recession.

Below here is the Pretax Income(Loss) for each of these California Big Corps, sorted by Industry Sector, for each of the past 5 years. These below Pretax Income numbers exclude large Asset Impairment Charges, large In Process R&D Charges, large non-recurring Litigation and Other Charges, and large non-recurring Gains.

.................................................Pretax Income(Loss)....................
................................2010.......2009.......2008.......2007......2006
.............................(all amounts are in millions of dollars)
Technology (40 Big Corps)
Apple……...............18,540.....12,066......8,947......5,008.....2,818
Intel…………...........16,045.......5,704......7,686......9,166.....7,068
HP…………..............10,974.......9,415.....10,473......9,177....7,191
Google…….............10,796.......8,381.......6,948......5,674.....4,011
Cisco Systems..........9,415.......7,693....10,255......9,461.....7,633
Oracle……................8,243.......7,834......7,834......5,986.....4,810
Qualcomm..............4,034........3,089......3,826......3,626.....3,156
Ebay………...............2,098........1,429......2,184.......2,142.....1,547
Seagate Technology.1,569........(494)......1,318..........561.......924
Western Digital........1,520..........501..........981.........443.......382
Yahoo……................1,466..........824.......1,172......1,000....1,210
Sandisk……..............1,457..........504.........(931)........398.......657
Applied Materials....1,387........(486).......1,409......2,440....2,167
Broadcom…............1,097............72..........394.........219........367
Adobe Systems..........943..........702.......1,079.........947.......680
Marvell Technology...910..........343..........171........(118)........87
Altera………................868..........306.........419.........338........360
Symantec…................826..........816.........623.........632........363
Activision Blizzard.....818..........401........(187)........175........106
Intuit……….................815..........653.........690.........696........616
Juniper Networks.......778.........494.........729.........511........386
CheckPoint Software...564.........446.........386.........329........338
Agilent Technologies..560.............7.........815.........670........506
Linear Technology.....490.........369.........509.........570........617
NetApp………..............447.........137.........383.........360........350
Dolby Labs.................437.........371.........302.........209........147
Lam Research............430........(263)........577.........848........440
Xilinx………................422..........383.........469.........431........457
VMWare……..............416..........223..........319.........240........123
Adv Micro Devices....363........(834).....(1,255).....1,479........376
Aecom Technology...341..........278..........236.........164..........93
Novellus Systems......305..........(69)...........(7)........315........339
Maxim Integr Prod....300...........35.........483.........414........572
KLA Tencor…............291.........(156)........560........677........378
Autodesk………..........272............85.........382........470........367
Nvidia…………............271..........(82).........(43)........901........494
Natl Semiconductor..269..........114..........451.........531........695
Netflix…………...........268..........192..........132.........111...........80
Atmel…………............216..........(45)..........(14).........52...........21
Electronic Arts……...(348).......(845).......(369).......138.........389

Total Technology.100,913....60,593....70,336....67,391...53,321

Oil and Gas (2 Big Corps)
Chevron………........32,055....18,528....43,057....32,274....32,046
Oxy Petroleum...……7,636......5,265....12,176......8,578......7,484

Total Big Oil............39,691....23,793....55,233....40,852...39,530

Financial (7 Big Corps)
Wells Fargo….........19,001....17,998......3,300....11,627....12,650
Visa…………..............4,638......3,527......2,806......1,266........722
Franklin Resources..2,070.....1,289.......2,248......2,465......1,836
Charles Schwab........1,099......1,276......2,028......1,853......1,476
KKR Financial…….......372...........77.....(1,078).......217.........126
First American Fincl...212.........204........(116).......(209).......372
Mercury General…......182.........572........(451).......293.........312

Total Big Financial..27,574....24,943.....8,737....17,512....17,494

Big Health Care (11 Big Corps)
Amgen……………........5,317......5,204......5,015......4,551......5,251
Gilead Sciences……….3,914......3,502......2,673......2,270.....1,756
McKesson……….........1,864......1,557......1,457......1,297......1,171
Allergan………….........1,149.........849.........762........688.........559
Intuitive Surgical….....572.........396..........335........237.........120
Varian Medical Systs...533.........475.........426.........346.........319
CareFusion……….........357.........343.........443.........199.........220
Health Net…………........331.........256.........147.........359.........479
Beckman Coulter……...309.........184.........239.........293.........215
Watson Pharma...........251.........363.........358.........224...........87
Bio Rad Labs……..........220.........186.........143.........121..........142

Total Health Care....14,817....13,315....11,998.....10,585....10,319

All Other Industries (25 Big Corps)
Disney……………........6,627......5,658......7,402......7,725.....5,324
DIRECTV………….......3,514......2,325......2,471......2,388......2,299
Northrop Grumman.2,826......2,266......2,540......2,698......2,316
GAP……………….........1,982......1,816......1,584.......1,406......1,315
PG&E……………..........1,660......1,694......1,623.......1,545......1,545
Edison Intl…………....1,657........854.......1,944.......1,799......1,855
Clorox……………..........925........811..........693..........743.........653
Safeway…………...........881......1,021......1,505.......1,404......1,240
Mattel……………..........847........660.........488..........703.........684
Sempra Energy….......786......1,476......1,443........1,550......1,914
Ross Stores……..........719........495.........425...........398.........328
Public Storage……......689........798.........645..........458.........314
URS………………...........514........468.........414..........235.........199
Ingram Micro…….......438........269.........361..........385.........367
Guess?……………..........395........298.........319..........311.........196
Jacobs Engineering….392........624.........658..........449.........305
Del Monte Foods….....382........227.........190..........167.........216
Avery Dennison…......351..........41..........271..........375.........435
Reliance Steel……......296.........195.........767..........654.........571
Williams Sonoma…....280..........(1)..........42...........316.........337
CB Richard Ellis Grp...272..........(1).........133..........592.........523
Levi Strauss…….........236.........190.........369..........376.........345
Waste Connections....225.........175.........172..........174.........139
KB Home…………........(76).......(311)......(968).......1,354.........572
Ryland Group…….......(85)......(260)......(406).......(420)........567

Total Other
....Industries.........26,733...21,788....25,085....27,785....24,559

Total all 85 CA
....Big Corps........209,728..144,432..171,389..164,125..145,223

As you can see in the Total columns just above, here is the five-year Total Annual Pretax Income, as well as the Annual Percentage Change from the immediately preceding year, for all of these 85 California Big Corps.

.....2006 Pretax Income...$145 bil
.....2007 Pretax Income...$164 bil...Up 13%
.....2008 Pretax Income...$171 bil...Up 4%
.....2009 Pretax Income...$144 bil...Down 16%
.....2010 Pretax Income...$210 bil...Up 45%

Unlike in the other 13 large US States that I have studied, California's Total Pretax Income before 2010 peaked in 2008, whereas it peaked in either 2006 or 2007 in the other 13 large US States. This is mainly due to Big Oil company profits peaking in 2008, the last year of the Bush/Cheney Presidential term.

But the incredible thing is that California Big Corps Total Pretax Income is substantially higher in 2010 than it was before the Great Recession. In fact, California Big Corps 2010 Total Pretax Income of $210 bil was a massive $45.6 bil, or 28%, higher than it was just before the Great Recession.

And looking at the individual California Industry Sectors, it amazes me just how powerfully robust California's Tech Sector is. Here is the five-year Total Annual Pretax Income, as well as the Annual Percentage Change from the immediately preceding year, for all of these 40 California Big Tech Corps.

.....2006 Pretax Income....$53 bil
.....2007 Pretax Income....$67 bil...Up 26%
.....2008 Pretax Income....$70 bil...Up 4%
.....2009 Pretax Income....$61 bil...Down 14%
.....2010 Pretax Income...$101 bil...Up 67%

Yeah, since 2006, which included the Great Recession that lasted for nearly three years, California's Tech Big Corps registered 2010 Total Pretax Income of $101 bil, which was $47.6 bil, or an incredible 89%, higher than the $53 bil of Total Pretax Income registered by these same companies in 2006.

And as you can see from the above charts, the Total Pretax Profits in both the California Financial and California Health Care Sectors have also more than recovered from the Great Recession.

So which California Big Corps had the highest Pretax Income in 2010 as compared with their pre-Great Recession average profits in 2006 and 2007? Here's the top ten list:

.............................................Average
.....California...........PTI............PTI.............PTI
......Big Corp...........2010......2006-07.....Step-Up
..............................(in millions of dollars)

Apple…….............18,540.........3,913........14,627
Intel………….........16,045.........8,117..........7,928
Wells Fargo….......19,001.......12,139..........6,863
Google……............10,796........4,843..........5,954
Visa…………............4,638...........994...........3,644
Oracle……..............8,243.........5,398..........2,845
Hewlett Packard..10,974.........8,184..........2,790
Gilead Sciences......3,914.........2,013..........1,901
DIRECTV...............3,514.........2,344..........1,171
Western Digital......1,520...........413...........1,108

And then here's the 14 California Big Corps, whose earnings were so consistent that they increased in each year of the entire most recent five-year period, more than half of which included the Great Recession.

.................................................Pretax Income(Loss)....................
................................2010.......2009.......2008.......2007......2006
.............................(all amounts are in millions of dollars)
Technology (5 Big Corps)
Apple……...............18,540.....12,066......8,947......5,008.....2,818
Google…….............10,796.......8,381.......6,948......5,674.....4,011
Dolby Labs.................437..........371.........302.........209........147
Aecom Technology....341..........278..........236.........164..........93
Netflix…………............268...........192..........132.........111...........80

Financial (1 Big Corp)
Visa…………..............4,638.......3,527......2,806.......1,266.......722

Big Health Care (5 Big Corps)
Gilead Sciences……….3,914......3,502......2,673......2,270....1,756
McKesson……….........1,864......1,557.......1,457......1,297.....1,171
Allergan………….........1,149.........849.........762.........688........559
Intuitive Surgical…......572.........396.........335.........237........120
Varian Medical Systs...533.........475.........426..........346........319

All Other Industries (3 Big Corps)
GAP………………..........1,982......1,816......1,584.......1,406.....1,315
Ross Stores……............719.........495.........425..........398........328
URS……………….............514.........468.........414..........235........199

With so many Health Care stocks included above, it is easy to see why the stock market values health care stocks at a premium. But then on the downside, these incredibly consistent earnings in the health care industry may provide a clue as to why health care costs in the US keep going up and up, year after year, bankrupting the US government.

When you analyze all of the above data, the key question that has to be asked is....have California citizens fared as well as California Big Corps in the past three years or so? Clearly, they haven't even come close.

I think it is only fair that California's Big Corps pay their fair share of the amount needed to balance the California State Budget. I don't think its right to just put it all on the backs of California citizens.

I do think that the State of California might be under-projecting Corporate Income Tax receipts for the next couple of years. These 85 California Big Corps generated $65 bil of higher Total Pretax Income in 2010 than they did in 2009. My hunch is that most of these California Big Corps probably are making their quarterly estimated corporate income tax payments to the State based on the substantially lower Income numbers of the previous year. Thus, there has to be a huge catch-up Corporate Income Tax Payment shortly coming down the road.

Also, in the next year, most of these California Big Corps will be basing their quarterly estimated income tax payments based on a substantially stepped-up Income number. Thus, this will provide a second dose of much higher than normal Corporate State Income Tax Receipts to the State.

Further, in the next year, most of these California Big Corps should get robust earnings increases, due in no small part to the first-year 100% tax expensing of Equipment purchases. Thus, this will provide a third dose of much higher than normal State Corporate Income Tax Receipts to the State.

Finally, in the following year, most of these California Big Corps will be basing their quarterly estimated income tax payments based on a even much higher Income number. Thus, this will provide a fourth dose of much higher than normal Corporate State Income Tax Receipts to the State.

I'm sure California has its act together and is already decoupled from the US Federal Government on its 100% first-year tax expensing of Equipment. Thus, there won't be any State tax revenue loss from this highly-energized federal tax incentive.

The above research, where I found 85 California Big Corps, which had 2010 total earnings growth of 45%, was performed through the end of March 2011. Since then, in April and May 2011, I extended this research, and I found 18 additional California Big Corps, which in total generated earnings growth of 133%, nearly triple that 45% earnings growth, and are shown here below.

..........................................2010.......2009.........Increase
...........................................Core........Core........(Decrease)
.......State..........................PTI(L)......PTI(L).....Amount.....%
..............................................(millions of dollars)....
Late Big Corp Additions

California (18)
Toyota Mtr Credit Corp(1)..2,618......1,009........1,609....159%
Pacific Life Insurance(1A)....580.........464...........116......25%
Flextronics(2)......................528........(340).........868....255%
First Republic Bank..............470.........606.........(136)...(22)%
Life Technologies.................442.........195...........247....127%
Herbalife Ltd(3)....................380.........291............89......31%
HCP(4).................................389........277...........112......40%
Hansen Natural Corp............349.........336............13........4%
Edwards Lifesciences(5).......268.........217.............51......24%
ResMed................................261.........202.............59......29%
East West Bancorp(6)...........256........(366)..........622....170%
Copart..................................239.........228.............11........5%
Synopsys..............................199.........233............(34)...(15)%
SVB Financial........................198...........46...........152....330%
VCA Antech..........................192.........220...........(28)...(13)%
DreamWorks Animation........176........202...........(26)...(13)%
Tutor Perini..........................159.........205...........(46)...(22)%
PMI Group..........................(799)....(1,061)..........262.....25%

Total 18 CA Late Additions..6,905......2,964........3,941..133%

(1) Toyota Motor Credit Corp has a March fiscal year end. The above earnings numbers are for the 12 months ended December.
(1A) Pacific Life is a Mutual Company.
(2) Flextronics is a Singapore Corp, but with its external CPA firm located in San Jose, CA. Its earnings numbers above are for the 12 months ended December.
(3) Herbalife Ltd is a Cayman Islands Corp, but with a Los Angeles, CA external CPA firm.
(4) HCP is an REIT. Its 2009 PTI excludes both a Litigation Provision and an Asset Impairment charge.
(5) Edwards Lifesciences 2009 PTI excludes Gains on Asset Sales.
(6) East West Bancorp 2009 PTI excludes large Gains on Acquisitions.

====================

Late Addition Not Included Above

..........................................2010.......2009.........Increase
...........................................Core........Core........(Decrease)
.........................................PTI(L)......PTI(L).....Amount.....%
..............................................(millions of dollars)....

Unionbancal......................793.........(226).........1,019....551%

Illinois Big Corp Earnings Rise Sharply in 2010

With the horrible jobless recovery, Illinois financial coffers are severely suffering, as are many State citizens in Illinois.

However, I think it would be wise to get an update on how Illinois Big Corps have fared very recently, so we can better assess where Illinois Big Corps stand now financially, as compared with the present financial status of Illinois citizens.

With this update, I think we can get a better insight on what should constitute a fair sharing of the financial burden to balance the State Budget between Illinois Big Corps and Illinois citizens. And frankly, Big Corps outside of Illinois, including foreign-owned Big Corps, that do business in Illinois, should also be included in this mix of a fair sharing of this very expensive financial burden to balance the State Budget of Illinois.

Let me show you below just how Illinois' 38 largest publicly-held Corps did as was disclosed in either their most recent annual Fiscal Year Ended (FYE) 2010 earnings releases or in their most recent SEC annual report filings:

Illinois 38 Largest Publicly-Held Corps Most Recent Annual Pretax Earnings (PTI)

...................................................................................Increase....
.........................................FYE.....PTI(L).....PTI(L)....(Decrease)...
Illinois Big Corp..............2010......2010......2009.....Amount...%..
.......................................................(millions of dollars)......

McDonalds……………….......Dec…...7,000.....6,487........513.......8%
Abbott Labs(1)………….......Dec…...6,027.....6,279.......(252)...(4)%
Exelon…………………...........Dec…...4,221......4,419.......(198)....(4)%
Caterpillar………………........Dec…...3,750........569......3,181...559%
Kraft Foods…………….........Dec…...3,642.....3,946........(304)...(8)%
Walgreens………………........Aug…...3,373.....3,164.........209.......7%
Deere(2)…………………........Oct…...3,025.....1,628.......1,397.....86%
Accenture plc…………........Aug…..2,914.....2,678.........236.......9%
ArcherDanielsMidland(3).Jun…...2,544.....1,698.........846......50%
Baxter(4)……………….........Dec…...2,478.....2,734........(256)...(9)%
Illinois Tool Works(5)…....Dec…...2,212.....1,320.........892......68%
State Farm Insurance(6)...Dec…...1,800.......777......1,023....132%
CME Group……………..........Dec…...1,722.....1,438........284.....20%
Discover Fincl Svcs(7)......Nov…...1,269.......229......1,040....454%
Allstate…………………….......Dec…...1,126.....1,248........(122)..(10)%
CNA Financial…………........Dec…...1,112........540........572....106%
AON……………………............Dec…...1,059.......949.........110......12%
Northern Trust………….......Dec….....990.....1,255.......(265)...(21)%
WW Grainger……………........Dec….....854.......707........147.......21%
Sara Lee(8)………………........Jun….....795.......672.........123......18%
CF Industries…………….......Dec….....688........696...........(8).....(1)%
Motorola Solutions…….......Dec…....677......(503)......1,180...235%
Fortune Brands………….......Dec….....588.......283.........305....108%
CNH Global NV………..........Dec….....416.......(93).........509....547%
Devry……………………..........Jun….....413........237.........176.....74%
Hospira…………………..........Dec….....392........385............7.......2%
Integrys Energy(9)…….......Dec….....372.......304..........68......22%
RR Donnelley…………..........Dec….....323.........93........230.....247%
Nalco Holding………….........Dec….....305.......136........169.....124%
Navistar Intl……………........Oct…......290.......359........(69)....(19)%
Telephone&DataSyst….......Dec….....281........381.......(100)...(26)%
United Continental…….......Dec….....250......(672).......922....137%
United States Cellular….....Dec…......235.......345.......(110)...(32)%
Sears Holding…………......Jan 11.......186........420......(234)....(56)%
Old Republic…………..........Dec….......28.......(274).......302.....110%
Motorola Mobility………....Dec….......(4)....(1,335)......1,331...100%
Brunswick………………........Dec…......(85)......(685)........600.....88%
USG……………………............Dec….....(439).......337......(776)...230%

Total of 38 IL Big Corps...............56,829...43,151...13,678....32%

(1) Abbott Labs PTI excludes In Process R&D Charges in both 2010 and 2009, and also excludes large Gain on Derecognition of Contingent Liability and Litigation Gain, both in 2009.
(2) Deere 2009 PTI excludes Goodwill lmpairment Charge.
(3) ArcherDanielsMidland numbers are for the 12 months ended December.
(4) Baxter 2010 PTI excludes large Infusion Pump Charge.
(5) Illinois Tool Works 2009 PTI excludes Goodwill Impairment Charge.
(6) State Farm Insurance is a Mutual Company. Its Earnings numbers used here are its Net Income.
(7) Discover Financial Services 2009 PTI excludes huge Litigation Settlement Gain.
(8) Sara Lee 2009 PTI excludes Asset Impairment Charges.
(9) Integrys Energy 2009 PTI excludes Goodwill Impairment Charge.

Yeah, Illinois' 38 largest Corps registered a very strong 32% increase in Total Pretax Income, which was up $13.7 bil in 2010 to $56.8 bil.

I think it is helpful to see how these Illinois Big Corps have weathered the Great Recession.

Below here is the Pretax Income for each of these Illinois Big Corps for each of the past 5 years. I have excluded both large In Process R&D Charges and large Asset Impairment Charges in deriving Pretax Income. There are 37 Corps because I combined Motorola Mobility and Mobility Solutions together.

......................................................Pretax Income(Loss).............
.........................................2010...2009.....2008.....2007....2006
.......................................(all amounts are in millions of dollars)
All Big Corps But Ppty/Casualty Insurance Cos
McDonalds...................7,000...6,487...6,158....5,242...4,154
Abbott Labs....................6,027....6,279....5,856....4,470....4,290
Exelon.............................4,221....4,419....4,034....4,172....3,572
Caterpillar.......................3,750......569....4,501....4,953....4,861
Kraft Foods.....................3,642....3,946....2,336....3,362....4,068
Walgreens.......................3,373....3,164....3,430....3,189....2,754
Deere..............................3,025....1,628....3,125....2,676....2,174
Accenture plc.................2,914....2,678....3,108....2,619....1,924
ArcherDanielsMidland....2,544....1,698....2,594....3,154....1,855
Baxter.............................2,478...2,734....2,462....2,114....1,746
Illinois Tool Works..........2,212....1,320....2,352....2,405....2,214
CME Group...................1,722...1,438...1,248....1,096......672
Discover Fincl Svcs.........1,269.......229......794....1,526....1,668
AON................................1,059.......949......879....1,010......728
Northern Trust..................990....1,255....1,276....1,061....1,024
WW Grainger.....................854.......707......773......682.......603
Sara Lee............................795.......672......695......429........189
CF Industries....................688.......696....1,175......626.........66
Motorola..........................673...(1,838).(3,156)....(376)...4,610
Fortune Brands.................588.......283......974....1,120....1,179
CNH Global NV.................416.......(93)....1,156......830.......417
Devry..............................413.......237......172.....105........57
Hospira.............................392.......385......408......188.......325
Integrys Energy.................372......304......176.....267.......197
RR Donnelley.....................323.......93........856.....843.......601
Nalco Holding....................305......136.......264.....207......166
Navistar Intl......................290......359.......549.....(73)......395
Telephone&DataSystems....281......381.......566......685.......323
United Continental.............250....(672)..(3,150)....695.......(45)
United States Cellular.........235......345......453......547.......313
Sears Holding.....................186......420......486....1,452....2,471
Old Republic........................28....(274).....(819).....378......680
Brunswick..........................(85)...(685).....(121)........93......310
USG..................................(439).....337....(355)........88......490
Total All Big Corps But
..Non-Ppty/Cas Ins Cos.52,791..40,586..45,255..51,835..51,051

Property/Casualty Insurance Cos
State Farm Insurance.......1,800......777.....(542)...5,460....5,320
Allstate............................1,126....1,248...(3,025)...6,653....7,178
CNA Financial..................1,112.......540.....(562)....1,222....1,650
Total Property/Casualty
..Insurance Cos...............4,038...2,565..(4,129)..13,335..14,148

Total all 37 Big Corps...56,829..43,151...41,126...65,170...65,199

As you can see in the Total columns just above, here is the five-year Total Annual Pretax Income, as well as the Annual Percentage Change from the immediately preceding year, for these 37 Illinois Big Corps.

.....2006 Pretax Income...$65.2 bil
.....2007 Pretax Income...$65.2 bil...Precisely Even
.....2008 Pretax Income...$41.1 bil...Down a Staggering 37%
.....2009 Pretax Income...$43.2 bil...Up 5%
.....2010 Pretax Income...$56.8 bil...Up 32%

So yeah, Illinois Big Corps were just crushed in 2008. And they still haven't recovered from 2006 and 2007. In fact, their Total Earnings in 2010 of $56.8 bil are $8.4 bil below that earned in both of their 2006 and 2007 peak earnings years of $65.2 bil.

But you need to analyze this further, because there is a major cause of the massive 37% profit decline in 2008, at the peak of the Great Recession.

It's the large Property and Casualty Insurance Corps. Illinois has three: Allstate, State Farm Insurance and CNA Financial.

Let me lay out the annual Total Pretax Income numbers and Percentage Changes from the immediately preceding year again, but this time I will remove the three Big Property and Casualty Insurance Companies.

.....2006 Pretax Income...$51.1 bil
.....2007 Pretax Income...$51.8 bil...Up 2%
.....2008 Pretax Income...$45.3 bil...Down by a much less 13%
.....2009 Pretax Income...$40.6 bil...Down 10%
.....2010 Pretax Income...$52.8 bil...Up 30%

So yeah, sans the Property and Casualty Insurance companies, Illinois Big Corps were hurt by the Great Recession, but not nearly as much. And by excluding the Property and Casualty Insurance companies, the Illinois Big Corps have now recovered from 2006 and 2007. In fact, their Total Earnings in 2010 of $52.8 bil are $1.0 bil above the peak earnings in 2007 of $51.8 bil.

When you examine the individual Illinois Big Corps, there are only three which powered through the Great Recession, with solid earnings growth in each year: McDonald's, CME Group, and Devry, which are all shown in Bold in the five-year Earnings Chart above.

The above research, where I found 38 Illinois Big Corps, which had total 2010 earnings growth of 32%, was performed through the end of March 2011. Since then, in April and May 2011, I extended this research, and I found 13 additional Illinois Big Corps, all of which had double-digit or higher percentage earnings growth, which in total more than tripled that 32% earnings growth, and are shown here below.

..........................................2010.......2009.........Increase
...........................................Core........Core........(Decrease)
.......State..........................PTI(L)......PTI(L).....Amount.....%
..............................................(millions of dollars)....
Late Big Corp Additions

Illinois (13)
Molex(1)...............................364.........(80)..........444....555%
Stericycle.............................332.........278.............54......19%
Career Education(2)..............319.........230.............89......39%
Corn Products Intl(3)............275.........239.............36......15%
LKQ Corp..............................270.........205.............65......32%
Unitrin..................................261.........230.............31......13%
IDEX Corp.............................232.........169.............63......37%
Ventas(4)..............................228..........194.............34......18%
Alberto Culver......................218..........186.............32......17%
Anixter Intl(5).......................211..........117.............94......80%
Jones Lang LaSalle................203.............3............200.....NM
CNA Surety...........................197..........169.............28......17%
HSBC Finance Corp(6).......(2,906).....(7,466).......4,560.....61%

Total 13 IL Late Additions....204......(5,526)........5,730...104%

(1) Molex earnings numbers are for the 12 months ended December, and exclude Asset Impairment charges.
(2) Career Education 2010 PTI excludes Asset Impairment charge.
(3) Corn Products Intl 2009 PTI exludes Asset Impairment charge.
(4) Ventas is an REIT.
(5) Anixter Intl 2010 PTI excludes Loss on Debt Extinguishment. Its 2009 PTI excludes Goodwill Impairment charge.
(6) HSBC Finance Corporation 2009 PTI excludes Intangible Asset Impairment charges.

Missouri Big Corps Register Strongly Accelerating Earnings Growth in 2010

With the horrible jobless recovery, Missouri State financial coffers are severely suffering, as are many State citizens in Missouri.

However, I think it would be wise to get an update on how Missouri Big Corps have fared very recently, so we can better assess where Missouri Big Corps stand now financially, as compared with the present financial status of Missouri citizens.

With this update, I think we can get a better insight on what should constitute a fair sharing of the financial burden to balance the State Budget between Missouri Big Corps and Missouri citizens. And frankly, Big Corps outside of Missouri, including foreign-owned Big Corps, that do business in Missouri, should also be included in this mix of a fair sharing of this very expensive financial burden to balance the State Budget of Missouri.

Let me show you below just how Missouri's 17 largest publicly-held Corps did as was disclosed in either their most recent annual Fiscal Year Ended (FYE) 2010 earnings releases or in their most recent SEC annual report filings:

Missouri 17 Largest Publicly-Held Corps Most Recent Annual Pretax Earnings (PTI)

...................................................................................Increase....
........................................FYE.......PTI.........PTI........(Decrease)...
Missouri Big Corp...........2010......2010......2009.....Amount....%..
.......................................................(millions of dollars)......

Emerson Electric(1)..........Sep…...3,003.....2,346........657.....28%
Express Scripts.................Dec......1,909.....1,308........601.....46%
Monsanto(2).....................Aug…...1,566.....2,189......(623)...(28)%
Peabody Energy................Dec......1,113.......652........461......71%
Ameren(3)........................Dec…...1,065.......956........109......11%
Reinsurance Group...........Dec........864........592........272.....46%
H&R Block........................Apr........784........839........(55)......(7)%
O'Reilly Automotive.........Dec........689........497........192......39%
Sigma Aldrich...................Dec........544........490.........54......11%
Energizer Holdings...........Sep…......543........445.........98......22%
DST Systems.....................Dec........477........355........122......34%
Amdocs, Ltd.....................Dec….....385........366..........19........5%
Ralcorp Holdings..............Sep........314........438.......(124)....(28)%
Great Plains Energy..........Dec........312........182.........130......71%
Kansas City Southern........Dec........289........102........187.....183%
Jones Financial(4)............Dec….....278........188..........90.......48%
Leggett & Platt..................Dec….....256........198..........58.......29%

Total 17 MO Big Corps................14,391...12,143.....2,248......19%

(1) Emerson Electric's numbers are for the 12 months ended December.
(2) Monsanto's numbers are for the 12 months ended November.
(3) Ameren's 2010 PTI excludes large Asset Impairment Charge.
(4) Jones Financial numbers are for the 9 months ended September.

Yeah, Missouri's 17 largest Corps registered a strong 19% increase in Total Pretax Income in 2010. But that's not the main story from studying these companies.

The main story here is of the incredible acceleration of this Earnings Growth very recently by the 6 largest Non-Utility Missouri Big Corps.

As you can see below, the Total Earnings Growth for these 6 Missouri Big Corps was only 3% for their entire most recent fiscal year end 2010. However, this Total Earnings Growth for these 6 Missouri Big Corps accelerated dramatically to 66% in the most recent quarter end. Whoa!....now that is what I call moving the Earnings Needle quickly.

..........................Most................................Most
........................Recent.Year.Year.Year.Recent..Qtr...Qtr..Qtr...
..........................2010..2010..2009...%.....2010..2010..2009...%
..........................FYE....PTI......PTI...Chg.....Qtr.....PTI....PTI...Chg
...................................(mils of $s).......................(mils of $s)

MO 6 Largest Non-Utility Corps
Emerson Electric.Sep.2,879...2,450..18%...Dec....713...584...22%
Express Scripts...Dec..1,909...1,308..46%...Dec....519...353...47%
Monsanto...........Aug..1,494...2,967.(50)%.Nov.....18...(54)..133%
Peabody Energy..Dec..1,113......652..71%...Dec....266...142...87%
Reinsurance Grp.Dec.....864......592..46%...Dec....275...160...72%
H & R Block.........Apr....784......839...(7)%..Oct...(175).(213)..18%

Total..........................9,043...8,808...3%...........1,616...972..66%

The above research, where I found 17 Missouri Big Corps, was performed through the end of March 2011. Since then, in April and May 2011, I extended this research, and I found 2 additional Missouri Big Corps, which are shown here below.

..........................................2010.......2009.........Increase
...........................................Core........Core........(Decrease)
.......State..........................PTI(L)......PTI(L).....Amount.....%
..............................................(millions of dollars)....
Late Big Corp Additions

Missouri (2)
Cerner.................................362.............293............69.....24%
Commerce Bancshares.........318.............242............76.....31%

Colorado Big Corp Profits On Fire in 2010

With the horrible jobless recovery, Colorado financial coffers are suffering, as are many State citizens in Colorado.

However, I think it would be wise to get an update on how Colorado Big Corps have fared very recently, so we can better assess where Colorado Big Corps stand now financially, as compared with the present financial status of Colorado citizens.

By doing this, I think we can get a better insight on what should constitute a fair sharing of the financial burden to balance the State Budget between Colorado Big Corps and Colorado citizens. And frankly, Big Corps outside of Colorado, including foreign-owned Big Corps, that do business in Colorado, should also be included in this mix of a fair sharing of this very expensive financial burden to balance Colorado's State Budget.

Let me show you below just how Colorado’s 16 largest Corps did as was disclosed in their most recent December 2010 annual report SEC filings . All 16 Corps have December year ends.

Colorado's 16 Largest Publicly-Held Corps Most Recent Annual Pretax Earnings (PTI)

.....................................................PTI.........PTI.........Increase...
Colorado Big Corp........................2010......2009....Amount...%..
..........................................................(millions of dollars)......

Newmont Mining.........................3,997.....2,954......1,043.....35%
DISH Network(1)..........................1,767....1,374.........393.....29%
Liberty Media..............................1,558........621.........937...151%
Western Union.............................1,145.....1,132...........13.......1%
Discovery Communications(2).....1,071.......787........284.....36%
Qwest Communications(3)..............970.......903..........67.......7%
Cimarex Energy(4).........................914........303.........611...202%
Davita(5)........................................819........758..........61.......8%
Molson Coors Brewing....................809........718..........91......13%
Ball Corp.........................................606.......537..........69......13%
Whiting Petroleum..........................541.......(163).......704...432%
Forest Oil(4)...................................348.......143..........205...143%
SM Energy(4)..................................314.........16..........298..1863%
Chipotle Mexican Grill....................289.......204............85.....42%
Janus Capital Group(6)...................245.......107..........138...129%
Emergency Medical Services..........211........181............30.....17%

Total of 16 CO Big Corps............15,604....10,575.....5,029.... 48%

(1) DISH Network PTI excludes large Litigation Charges in both years.
(2) Discovery Communications PTI excludes loss on debt extinguishment in 2010 and also excludes gains on asset dispositions in 2009.
(3) Qwest Communications 2010 PTI excludes loss on debt extinguishment and on convertible debt options.
(4) Cimarex Energy, Forest Oil and SM Energy 2009 PTI exclude Gas and Oil Property Asset Impairment Charges from applying the Ceiling Test.
(5) Davita 2010 PTI excludes loss on debt refinancing charge.
(6) Janus Capital Group 2009 PTI excludes large Intangible Asset Impairment Charge.

Yeah, that's right, all 16 Colorado Big Corps had earnings increases in the most recent year, and the total earnings increase of these 16 largest Colorado Corps was $5.0 bil, or up a very robust 48%.

And yet about half of the country still thinks that the Obama Administration is not helping the US economy. These incredibly strong most recent Colorado earnings numbers in 2010 are telling the same story that the stock market has been saying for the past two years….that the Obama Administration has really helped the US economy.

Earnings drive stock prices. And when you combine these extremely strong most recent Colorado Big Corp earnings, with the superb earnings increases for 2010 that I discovered in all the US States I have studied so far...in Wisconsin, in Indiana, in Ohio, in Michigan, in North Carolina, in Minnesota, in Florida, in Virginia, in Pennsylvania, and in Massachusetts..., I think it tells you that even though the stock market has almost doubled in the past two years, it is going much higher, assuming the US government can effectively and fairly deal with Big Oil windfall profits.

Speaking of Big Oil Windfall Profits, Colorado is certainly not a Texas or even an Oklahoma when it comes to Big Oil and Gas, but let me isolate below Colorado's four Oil & Gas Corps included in the earlier Big Corp Earnings chart.

.....................................................PTI.........PTI.........Increase...
Colorado Oil and Gas Corps.........2010......2009....Amount...%..
..........................................................(millions of dollars)......

Cimarex Energy............................914........303.........611...202%
Whiting Petroleum........................541.......(163).......704...432%
Forest Oil......................................348.......143.........205....143%
SM Energy....................................314.........16..........298..1863%

Total of 4 CO Oil & Gas Corps......2,117.......299.......1,818...608%

I think the country has to effectively deal with these Big Oil and Gas windfall profits. I think that the tax and other incentives should go to the companies that best help make the US energy independent. This goal is not just important for the security of US citizens, but it also is critically important for a long-term Job-full True Economic Recovery.

The above research, where I found 16 Colorado Big Corps, was performed through the end of March 2011. Since then, in April and May 2011, I extended this research, and I found 1 additional Colorado Big Corp, which is shown here below.

..........................................2010.......2009.........Increase
...........................................Core........Core........(Decrease)
.......State..........................PTI(L)......PTI(L).....Amount.....%
..............................................(millions of dollars)....
Late Big Corp Addition

QEP Resources.....CO........453............333...........120......36%

Massachusetts Big Corps Report Very High Quality Earnings Growth in 2010

With the horrible jobless recovery, Massachusetts State financial coffers are severely suffering, as are many State citizens in Massachusetts.

However, I think it would be wise to get an update on how Massachusetts Big Corps have fared very recently, so we can better assess where Massachusetts Big Corps stand now financially, as compared with the present financial status of Massachusetts citizens.

With this update, I think we can get a better insight on what should constitute a fair sharing of the financial burden to balance the State Budget between Massachusetts Big Corps and Massachusetts citizens. And frankly, Big Corps outside of Massachusetts, including foreign-owned Big Corps, that do business in Massachusetts, should also be included in this mix of a fair sharing of this very expensive financial burden to balance the State Budget of Massachusetts.

Let me show you below just how Massachusetts' 24 largest publicly-held Corps did as was disclosed in either their most recent annual Fiscal Year Ended (FYE) 2010 earnings releases or in their most recent SEC annual report filings:

Massachusetts 24 Largest Publicly-Held Corps Most Recent Annual Pretax Earnings (PTI)

...................................................................................Increase....
.........................................FYE.......PTI.......PTI(L).....(Decrease)...
Massachusetts Big Corp...2010......2010......2009.....Amount....%..
.......................................................(millions of dollars)......

EMC..................................Dec…...2,608......1,375......1,233....90%
Raytheon..........................Dec…...2,432......2,930......(498)..(17)%
Liberty Mutual Group(1)...Dec…...2,315......1,210......1,105.....91%
TJX................................Jan 11…..2,164......1,952.........212.....11%
State Street.......................Dec…...2,086......2,525.......(439).(17)%
Covidien plc......................Sep…...1,926......1,807........119.......7%
MassMutual Life Ins(1)......Dec…...1,854......1,794.........60.......3%
Biogen IDEC(2)..................Dec…...1,475......1,333........142.....11%
Staples............................Jan 11….1,357......1,156.........201....17%
Thermo Fisher Scientific...Dec…...1,165.........927.........238....26%
Analog Devices.................Oct….....902.........297.........605...204%
Boston Scientific(3)..........Dec….....754.....(1,308).....2,062...158%
Northeast Utilities............Dec….....605.........516...........89....17%
American Tower...............Dec….....556.........421.........135....32%
Waters..............................Dec….....438.........387..........51.....13%
Nstar Electric...................Dec….....411..........392..........19.......5%
Iron Mountain(4).............Dec….....385.........333..........52....16%
Eaton Vance.....................Oct….....327.........208.........119....57%
Genzyme(5)......................Dec….....285.........544.......(259)..(48)%
Akamai Technologies........Dec…....262.........237..........25.....11%
Hanover Insurance Grp....Dec….....211.........271.........(60)...(22)%
Cabot Corp.......................Sep….....208........(102).......310...304%
BJs Wholesale Club.........Jan 11…...207........227.........(20)....(9)%
OneBeacon Insur Grp.......Dec….....129.........457.......(328)...(72)%

Total of 24 MA Big Corps..........25,062....19,889.......5,173....26%

(1) Liberty Mutual and MassMutual are both mutual companies, and the PTI numbers are "Net Gains from Operations Before Dividends and Federal Income Taxes".
(2) Biogen IDEC 2010 PTI excludes In Process R&D Charge.
(3) Boston Scientific 2010 PTI excludes huge Goodwill Impairment Charge.
(4) Iron Mountain 2010 PTI excludes Goodwill Impairment Charge.
(5) Genzyme 2010 PTI excludes both Consent Decree Charge and Contingent Consideration Expense.

Yeah, Massachusetts 24 Big Corps registered a very strong 26% increase in Total Pretax Income in 2010. But that's not the main story from studying these companies.

The main story here is of the incredible high quality of these 24 Massachusetts Big Corps. Just check out the Total Annual Pretax Earnings of these 24 companies both before the Great Recession, during the Great Recession, and as the country starts to come out of the Great Recession.

.........Total Pretax Income...% Change from Preceding Year

2006......$18,691 mil
2007.....$19,094 mil...........................+2%
2008.....$20,763 mil...........................+9%
2009.....$19,889 mil............................(4)%
2010.....$25,062 mil.........................+26%

These above numbers show that because of the extremely high quality of the 24 Massachusetts' Big Corps, that the Great Recession pretty much skipped them by. And in the most recent year 2010, Total Pretax Income of these 24 Big Corps of $25.1 bil was much higher than it was before the Great Recession....up 31% from 2007 and up 34% from 2006.

Here's the 5 year layout of the Annual Pretax Income of each of these 24 Massachusetts' Big Corps in the most recent 5 years:


..........................................PTI....PTI(L)....PTI(L)....PTI(L)....PTI
.........................................2010...2009.....2008.....2007....2006
.......................................(all amounts are in millions of dollars)

EMC.................................2,608...1,375....1,600....1,963....1,390
Raytheon.........................2,432...2,930....2,522....2,251....1,791
Liberty Mutual Group......2,315....1,210....1,253....2,172....2,258
TJX..................................2,164....1,952....1,451....1,260....1,264
State Street......................2,086...2,525....2,842....1,903....1,771
Covidien plc.....................1,926...1,807....2,035.......351....1,900
MassMutual Life Ins.........1,854...1,794.....1,311....2,173....1,745
Biogen IDEC(1).................1,475...1,333.....1,156......852.......823
Staples.............................1,357....1,156....1,243....1,555....1,471
Thermo Fisher Scientific..1,165......927.....1,128.......861......209
Analog Devices...................902.....297.......666........661......637
Boston Scientific(2).............754.(1,308).....768......(569).....584
Northeast Utilities...............605.....516.......372.......361........62
American Tower..................556.....421.......372.......153........71
Waters................................438.....387.......372.......323......263
Nstar Electric......................411.....392.......366.......352......325
Iron Mountain....................385.....333.......225.......223......225
Eaton Vance.......................327.....208.......323.......238......263
Genzyme(3)........................285.....544.......626.......736......719
Akamai Technologies..........262.....237.......235.......168........98
Hanover Insurance Grp.......211.....271.......164........342......271
Cabot Corp..........................208....(102)......112.......168........97
BJs Wholesale Club.............207.....227.......222.......195.......150
OneBeacon Insur Grp..........129.....457......(601)......402......304

Total 24 MA Big Corps...25,062..19,889..20,763..19,094..18,691

Annual PTI % Change........26%......(4)%.......9%.........2%

(1) Biogen IDEC 2006 PTI excludes In Process R&D Charge.
(2) Boston Scientific 2008 PTI excludes Goodwill Impairment Charge and 2006 PTI excludes huge In Process R&D Charge.
(3) Genzyme 2006 PTI excludes both In Process R&D Charge and Intangible Asset Impairment Charge.

Massachusetts is doing some things that are really working economically. I think the US Government and other US States could learn from studying why the Massachusetts economy was able to avoid, for the most part, the Great Recession.

The above research, where I found 24 Massachusetts Big Corps, was performed through the end of March 2011. Since then, in April and May 2011, I extended this research, and I found 7 additional Massachusetts Big Corps, which are shown here below.

..........................................2010.......2009.........Increase
...........................................Core........Core........(Decrease)
.......State..........................PTI(L)......PTI(L).....Amount.....%
..............................................(millions of dollars)....
Late Big Corp Additions

Massachusetts (7)
Teradyne............................395...........(142)..........537...378%
Affiliated Managers.............379............246...........133.....54%
Boston Properties(1)...........280............274.............6........2%
Varian Semiconducter(2)....248................5...........243.....NM
Skyworks Solutions(3).........231..............86...........145....169%
Sun Life Assurance (US)......205..........1,212......(1,007)..(83)%
Interactive Data Corp(4).......35.............210.........(175)..(83)%

(1) Boston Properties in an REIT. Also, its 2010 PTI excludes a Loss on Debt Extinguishment.
(2) Varian Semiconductor earnings numbers in both years are the for 12 months ended December.
(3) Skyworks Solutions earnings numbers in both years are for the 12 months ended December.
(4) Interactive Data Corp 2010 PTI excludes Merger Costs.

Pennsylvania Big Corp Profits Soar in 2010

With the horrible jobless recovery, Pennsylvania State financial coffers are severely suffering, as are many State citizens in Pennsylvania.

However, I think it would be wise to get an update on how Pennsylvania Big Corps have fared very recently, so we can better assess where Pennsylvania Big Corps stand now financially, as compared with the present financial status of Pennsylvania citizens.

With this update, I think we can get a better insight on what should constitute a fair sharing of the financial burden to balance the State Budget between Pennsylvania Big Corps and Pennsylvania citizens. And frankly, Big Corps outside of Pennsylvania, including foreign-owned Big Corps, that do business in Pennsylvania, should also be included in this mix of a fair sharing of this very expensive financial burden to balance Pennsylvania's State Budget.

Let me show you below just how Pennsylvania’s 32 largest publicly-held Corps did as was disclosed in either their most recent annual Fiscal Year Ended (FYE) 2010 earnings releases or in their most recent SEC annual report filings:

Pennsylvania 32 Largest Publicly-Held Corps Most Recent Annual Pretax Earnings (PTI)

...................................................................................Increase....
.........................................FYE......PTI(L).....PTI(L)...(Decrease)...
Pennsylvania Big Corp....2010.....2010........2009...Amount....%..
.......................................................(millions of dollars)......

Comcast……………………......Dec…....6,104......5,106.......998.....20%
PNC Fincl Svcs(1)………......Dec…....4,061......2,149.....1,912.....89%
ACE, Ltd……………………......Dec…....3,667.....3,077.......590.....19%
Cigna………………………........Dec…....1,870......1,898.......(28)....(1)%
Tyco Electronics, Ltd(2)....Sep…....1,558.......(123)....1,681.1367%
Air Products&Chems……...Sep…....1,394.........837........557....67%
PPG Industries……………....Dec…....1,295.........617........678...110%
HJ Heinz…………………........Apr…....1,290......1,320.......(30)....(2)%
PPL………………………..........Dec…....1,239.........538........701..130%
Lincoln National(3)………..Dec…....1,234.........209.....1,025..490%
AmerisourceBergen……....Sep…....1,028.........824........204.....25%
Erie Indemnity…………......Dec…......999..........524........475.....91%
Hershey…………………........Dec…......809..........671........138.....21%
Santander Hldgs USA(4)...Dec…......653.........(982)....1,635...166%
Allegheny Energy………....Dec…......628..........636...........(8)....(1)%
Crown Holdings…………....Sep…......614...........459.........155....34%
Sunoco……………………......Dec…......586.........(617).....1,203..195%
Alcoa………………………......Dec…......548......(1,498).....2,046..137%
UGI Corp…………………......Sep…......523..........541..........(18)...(3)%
CONSOL Energy……….......Dec…......468..........788......(320)..(41)%
Universal Health Svcs…...Dec…......428..........475........(47)..(10)%
Endo Pharmaceuticals…..Dec…......421..........360............61....17%
Ametek…………………….....Dec…......406..........295...........111....38%
SEI Investments…………...Dec…......370..........362.............8.....2%
Mylan Labs……………….....Dec…......356..........227..........129....57%
EQT………………………........Dec…......355..........254...........101...40%
FMC Corp……………….......Dec…......351..........310.............41....13%
Airgas………………….........Mar…......314..........429........(115).(27)%
Federated Investors……..Dec…......301..........327..........(26)...(8)%
Toll Brothers…………….....Oct........(117).........(496)........379...76%
United States Steel……....Dec…......(385)......(1,845).....1,460...79%
Rite Aid(5)……………….....Feb….....(480)........(773)........293....38%

Total of 32 PA Big Corps............32,888......16,899...15,989...95%

(1) PNC Financial Services 2009 PTI excludes Gain on Sale of BlackRock shares.
(2) Tyco Electronics, Ltd 2009 PTI excludes huge Goodwill Impairment Charge.
(3) Lincoln National 2009 PTI excludes large Intangible Asset Impairment Charge.
(4) Santander Holdings USA numbers are for the 9 months ended September.
(5) Rite Aid 2009 PTI excludes large Goodwill Impairment Charge.

Yeah, Pennsylvania's 32 largest Corps generated $32.9 bil of Total Pretax Earnings in 2010, which increased by $16.0 bil, or by a very robust 95%, over 2009.

And yet about half of the country still thinks that the Obama Administration is not helping the US economy. These incredibly strong most recent Pennsylvania earnings numbers in 2010 are telling the same story that the stock market has been saying for the past two years….that the Obama Administration has really helped the US economy.

The above research, where I found 32 Pennsylvania Big Corps, was performed through the end of March 2011. Since then, in April and May 2011, I extended this research, and I found 12 additional Pennsylvania Big Corps, which are shown here below.

..........................................2010.......2009.........Increase
...........................................Core........Core........(Decrease)
.......State..........................PTI(L)......PTI(L).....Amount.....%
..............................................(millions of dollars)....
Late Big Corp Additions

Pennsylvania (12)
Cephalon(1)..........................719............517..........202......39%
Urban Outfitters...................417............344............73......21%
Vishay Intertechnology.......406............(40)..........446.....NM
Dentysply............................358............363.............(5).....(1)%
Dick's Sporting Goods...........298............223............75......34%
Education Management(2)...297............166...........131......79%
American Eagle Outftrs........295............304.............(9)......(3)%
InterDigital..........................238............113...........125.....111%
Gardner Denver(3)...............232............124...........108......87%
Penn Natl Gaming(4).............230...........204............26......13%
Ansys...................................216............174............42......24%
Radian Group...................(1,580).........(242).....(1,338)..(553)%

(1) Cephalon excludes Acquired In Process R&D Charges and also Asset Impairment Charges.
(2) Education Management 2010 PTI excludes Loss on Debt Retirement.
(3) Gardner Denver 2009 PTI excludes Asset Impairment charge.
(4) Penn National Gaming PTI in both years exclude Asset Impairment charges.