Last Updated: January 23rd, 2009: 11:59 AM ET---The major US equity indices are trading mixed, after having pared losses following a number of disappointing earnings results, bar Google's (NASDAQ:GOOG). Defensive sectors are the session's main laggards, with consumer staples trading almost 2% lower and utilities sporting a loss of 1.8%. General Electric (NYSE:GE) shares fell after the economic bellwether reported a 44% decline in its quarterly profit, earning $3.65 billion, or 35 cents per diluted share, down from $6.7 billion or 66 cents per diluted share during the year-ago period. For all of '08, GE netted $17.3 billion, or $1.72 per share, 22% lower then the year earlier. Investors had feared that the company would cut its dividend or lose its 'AAA' credit rating, however, GE reaffirmed its intent to pay its $1.24 dividend as well as uphold its credit rating, which will undoubtedly come under scrutiny at major credit agencies like Standard & Poor's. Following Thursday's close, tech-heavyweight Google (NASDAQ:GOOG) reported its fourth-quarter profit fell sharply to $382 million, or $1.21 per share, down from $1.2 billion, or $3.79 per share during the year-ago period. However, excluding special items, Google said it would have earned $5.10 per share beating estimates of $4.95 per share. Xerox' (NYSE:XRX) fourth-quarter results plunged and missed estimates by 4 cents, excluding one-time items. The world's largest oilfield services provider, Schlumberger (NYSE:SLB), also saw its quarterly profit tumble 17%, printing at $1.03 per share ex-items, short of estimates by 2 cents. In addition, the company also warned that the year ahead would be rough. Harley-Davidson (NYSE:HOG) reported its quarterly profit sank 58% to $77.8 million, or 34 cents per share, down from $186.1 million, or 78 cents per share in the year-ago period and well short of estimates of 57 cents per share. Furthermore, in an effort to curb operating costs, the company says it plans to cut 1,100 jobs over the next two years. According to a report from the Wall Street Journal, Pfizer (NYSE:PFE) is discussing with Wyeth (NYSE:WYE) over a potential acquisition, which could be worth over $60 billion. Harley Davidson (NYSE:HOG) joined the ranks of companies to cut costs by reducing workforce, announcing a 1,100 cut to its workforce. There are no economic readings set to be released today. At the time of this report, the Dow Jones Industrial Average is down 125 points to 7,998, the S&P 500 is trading 6 points lower to 822 and the Nasdaq is trading 2 points higher to 1,467.

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