Market Happenings for Tuesday, January 24, 2012

Pre-market, futures are down as investors await progress on Greek debt talks and sift through more earnings results. Gainers this morning include WDC, DGX, EMC, COH and BBBY while losers include ZION, IGT, BHI, VZ and MOS. Light crude is down -0.69% at 98.89 and gold is down -0.69% at 1,666.70.

The Market

Dupont (DD) for the fourth quarter posted net income of $373 million, or $0.40 cents per share, compared with $376 million, or 40 cents per share, a year earlier.

Johnson & Johnson (JNJ) reported fourth quarter net earnings of $3.1 billion and diluted earnings per share were $1.13. This represents increases of +9.3% and +9.7%, respectively, as compared to the same period in 2010.

MCDonald’s (MCD) reported net income of $1.38 billion or $1.33 per share, beating the $1.29 predicted by analysts. Revenue was up 10 percent to $6.82 billion, slightly above expectations of $6.81 billion.

The Travelers Companies (TRV) net income fell to $618 million ($1.51 per share) vs. $894 million ($1.95 per share) a year earlier which translates to a decline of 30.9% from the year earlier quarter. Revenue rose 0.6% to $6.37 billion from the year earlier quarter.

Verizon (VZ) reported a loss of $2.02 billion, or -$0.71 cents per share, in the fourth quarter. That compares with net income of $2.64 billion, or $0.93 cents per share, a year ago. The loss was due to big pension charge. Excluding charges, Verizon earned $0.52 cents per share, a penny shy of analyst estimates.

Earnings Reports

Earnings reports: AAPL-Apple (earnings consensus $10.11), JNJ-Johnson & Johnson (1.09), VZ-Verizon Communications (0.53), MCD-McDonolds (1.30), EMC-EMC Corp. (0.46), DD-EI du Pont de Nemours & Co. (0.33), KMB-Kimberly-Clark (1.30), NSC-Norfolk Southern (1.40), TRV-Travelers Cos. (1.52), BHI-Baker Hughes (1.32), SYK-Stryker (1.02), YHOO-Yahoo! (0.24), APD-Air Products & Chemicals (1.36), COH-Coach (1.15), ALTR-Altera (0.42), BTU-Peabody Energy (1.31), HOG-Harley-Davidson (0.22).

Financial Calendar

0745 ET ICSC (Int’l Council of Shopping Centers) weekly retailer sales.

0855 ET Redbook weekly retailer sales.

0930 ET FOMC begins 2-day policy meeting.

1000 ET Jan Richmond Fed manufacturing index expected +4 to 7, Dec +3 to 3.

1130 ET Weekly 4-week T-bill auction.

1300 ET Treasury auctions $35 billion 2-year T-notes.

2100 ET 2012 State of the Union Address.

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