First of all remember that the stock dropped by over $1 after Ms. Barnes announced very disappointing 2010 guidance in August. Also look at the 3% drop in Kraft today after the top line disappointed and it showed no organic growth. What I expect to see from SLE is as follows:

1. The average Euro rate will be 1.43 compared to 1.51 in the first quarter of last year. The 5.6% decline in the Euro will negatively impact sales and earnings. However, the 2010 guidance was based on a 1.41 Euro and we will see if the guidance is raised based on the continuing dollar weakness in the first four months of the current year. If the guidance doesn't increase it will tell you something about the underlying business.

2. Look for unit volumes to continue the downward trend we have come to expect from Ms. Barnes and more gibberish on why we should not worry about these declines.

3. As always we can expect more restructuring costs which will be backed out of the "adjusted operating profit". Hopefully the company will start telling us the benefit from these actions so we can better understand year over year performance.

4. The postretirement medical costs should be down given the fact that the company will make the retirees pay all of their health care costs. Don't count on the company to back this one time increase out of its adjusted numbers - they only exclude the bad stuff.

5. The Household and Body Care (H&BC) business will be reported as a discontinued operation. Given the impending sale of this business, analysts will likely be focused on the continuing operations, and the comnpany's guidance on the 2010 continuing operations. I'm sure we will have plenty of questions on the expected after tax proceeds from the sale of the businessas well as what the company will do with the cash. When completed the H&BC disposition will leave a huge hole in the company's cash flow. Without a large acquisition the future earnings / cash flow of the remaining business does not support the current dividend.

6. The H&BC business had a 12.4% operating margin in 2009 while the margin for the total company was 8%. The operating margin for the continuing business looks to be an anemic 7%. Remember when Barnes told us she would transform the company to deliver 12% margins in 2010?

7. The US Fresh Bakery business will continue to be a drag on the company with its 3% margins. The price competition in this business is brutal, the management is not very good and look for lower results. The International Bakery operations continue to encounter difficult economic conditions. The company said it "sold" several of the manufacturing plants in Europe and this may reduce the cost structure - or maybe not. When will the company sell the Bakery business to someone who can do a better job than this management has?

8. The US meat business should continue to improve on lower hog costs and good execution. After coming off a flat 2009, look for Coffee to be up after backing out the impact of currency, restructuring and any other negatives the accountants can think oof.

9.The tax rate is always interesting and maybe we will get some clarity on the burgeoning tax problems in Spain and the ongoing tax issues the company is having with the HBI spin off. Bringing back any of the cash proceeds from the H&BC sale to the US will cost a lot of money - but this is not a quarter 1 issue.

Hopefully the stock can hold $11 but who knows.