Market Happenings for Friday, January 20, 2012

Pre-market, futures are down a bit as investors await the outcome of key Greek debt talks. Gainers this morning include MPC (+4.60%), IBM, MSFT, PKI and KLAC while losers include GOOG (-7.75%),COF, PH, FITB and ISRG. Light crude is down -0.75% at 99.64 and gold is down -0.33% at 1,649.10.

The Market

Dow component General Electric Company (GE) reported today before the market open. GE reported an 18% drop in fourth-quarter earnings and quarterly revenue fell a more-than-expected 7.9%. Earnings per share was $0.39 versus the forecast $0.38.

International Business Machines (IBM) rose 2.0% in European trading after the company forecast earnings will increase to at least $14.85 a share this year, better than analysts’ estimates of $14.81. IBM reported earnings yesterday.

Microsoft (MSFT) climbed 2.1% in pre-market trading after the company reported Q2 profit of $0.78 cents a share, beating analysts’ estimates of $0.77 cents.

Google (GOOG) dropped 8.0% in pre-market trading after the company reported Q4 profit of $9.50 a share, below analysts’ estimates of $10.50.

See all the Dow 30 earnings report dates and results here.

Earnings Reports

Earnings reports: GE-General Electric (earnings consensus $0.38), SLB-Schlumberger Ltd. (1.09), ED-Consolidated Edison (0.72), PH-Parker Hannifin (1.63), FITB-Fifth Third Bancorp (0.35), STI-SunTrust Banks (0.27), CMA-Comerica (0.51), FHN-First Horizon National (0.14), PB-Prosperity Bancshares (0.76), WABC-Westamerica Bancorporation (0.79), HTLD-Heartland Express (0.18), VIVO-Meridian Bioscience (0.19), RBCAA-Republic Bancorp (0.22).

Financial Calendar

1000 ET Dec existing home sales expected +5.2% to 4.65 million, Nov +4.0% to 4.42 million.

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