Volume Spike Investor

Procter & Gamble Co. (NYSE: PG) is a disappointment this morning.  The consumer products behemoth gave earnings saying that quarterly profit fell 18% and said it expects slow sales and choppy earnings to continue for the near future.  Earnings were $2.5 billion or $0.80 EPS and estimates from Thomson Reuters were $0.79 EPS. Revenue fell 11% to $18.7 billion vs. $19.4 billion estimates.  Next quarter was put at $0.95 to $1.00 EPS against estimates of $1.00 EPS and 2009 was put at the same prior guidance of $3.65 to $3.80 EPS vs. $3.76 estimates. Because of the tone and because of weak sales, shares are down 3.8% at $53.36 on about 350,000 shares pre-market as of 8:42 AM EST.  Average volume is over 12 million shares, but that should easily be hit today.   We would watch for secondary action in Colgate-Palmolive Co. (NYSE: CL) based upon this report.  -JON OGG