Amazon.com (AMZN ) posted a $0.25 4Q loss vs. a $0.55 loss (pro forma) on a 44% sales rise. The on-line retailer says it will close some distribution centers and cut its overall workforce by 15%. Amazon expects its Q1 operating loss to decrease year-over-year between 10%-13% of net sales.

AOL Time Warner (AOL ) posted slightly better than expected Q4 cash EPS of $0.28 vs. $0.24 (adjusted, pro forma) on an 8.2% revenue rise.

Faced with the rapidly consolidating airline industry, Delta Air Lines (DAL ), has started broad preliminary talks with Northwest Airlines (NWAC ) and Continental Airlines (CAL ) about their futures, according to a report from The Wall Street Journal.

Nortel Networks (NT ) and AOL Time Warner announced a wide-ranging technology and marketing alliance. Nortel will work with businesses to IP voice-enable their sites using AOL's voice services platform.

According to a Wall Street Journal report, Qualcomm (QCOM ) is planning to unveil technology that will enable standard software programs to work on diverse range of mobile phones.

Adobe Systems (ADBE ) says it is experiencing a slowdown in some geographic market areas, primarily in the U.S, adding that softness in U.S. sales could affect the software firm's Q1 revenue outlook.

PeopleSoft (PSFT ) posted $0.13 vs. $0.04 Q4 EPS from operations on a 34% revenue rise. Morgan Stanley DW reportedly downgraded its rating on the shares of the software company.

Applied Material (AMAT ) sees Q1 revenue 7%-10% below early guidance, with its EPS also expected to fall short. S&P maintained its hold ranking on the shares of the semiconductor manufacturer.

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