Johnson & Johnson (JNJ), despite all its efforts and diversification, couldn't escape doing what most pharmaceutical companies have done in the face of increasing pressures from generic-drug companies and the recession. J&J said on Tuesday it plans to cut 6 percent to 7 percent of its workforce of approximately 117,000 in a bid to prop up profits.

The New Brunswick, N.J.-based company said the cuts, mostly achieved through reducing layers of management, will affect some 7,000 to 8,000 worldwide. But today is Election Day in the company's base state, and one cannot help but wonder if the timing of such an announcement from one of the largest private employers in New Jersey isn't politically motivated in support of the challengers in the three-way race for governor, or at least against the Democratic incumbent, Jon Corzine.

Profits and sales are down for another quarter at UPS (UPS), but investors will be looking ahead to the upcoming holiday season to see if the world's largest shipping carrier - and the U.S. economy - are truly on the road to recovery.

The Atlanta-based company said Thursday its net income for the three months ended Sept. 30 fell more than 43 percent to $549 million, or 55 cents a share, compared to a profit of $970 million, or 96 cents a share, a year ago.

Revenue dropped almost 15 percent to $11.2 billion from $13.1 billion a year ago.

Shares of Travelers Cos. (TRV) shot up more than 4 percent in pre-market action after the insurance giant Thursday reported a much higher third quarter profit, earning $935 million, or $1.65 a share. Per-share earnings far exceeded a consensus estimate of $1.30 a share, according to a poll of 15 analysts by Zacks.com. The company credited fewer losses from national disasters as part of the reason for the boost in profit. Last year, the Minneapolis-based company earned $214 million, or 36 cents a share, in the third quarter. Travelers also declared a 10 percent increase in its regular quarterly dividend and committed to buy back an additional $6 billion in shares.

AT&T (T) reported lower earnings as more and more Americans hang up on landline phone service. The nation's largest communications company reported it earned $3.19 billion, down 1.2 percent from $3.23 billion a year ago. On a per-share basis, AT&T earned 54 cents a share, a penny less than last year. AT&T, which provides cellular phone service for Apple Inc.'s (AAPL) popular iPhone, said it added more than 2 million new wireless subscribers in the quarter, well surpassing expectations. Shares of AT&T were higher in extended hours trading, up more than 3 percent.