Market Happenings for Tuesday, January 31, 2012

Pre-market, futures are up after European Union leaders agreed to strengthen a financial firewall and sign a fiscal pact. Gainers this morning include MCK, GCI, TER, NWL and LLY while losers include PCL, BBY, EOG, S and WPX. Light crude is up +1.16% at 99.93 and gold is up +0.79% at 1,744.60.

The Market

Exxon Mobil (XOM) announced earnings were $9,400 million, an increase of 2% or $150 million from the fourth quarter of 2010. Earnings per share were $1.97, an increase of 6% from the fourth quarter of 2010.

Pfizer announced fourth-quarter 2011 earnings of $3.9 billion, an increase of 3% compared with $3.7 billion in the year-ago quarter. Adjusted diluted EPS was $0.50, an increase of 6% compared with $0.47 in the year-ago quarter.

Earnings Reports

Earnings reports: XOM-Exxon Mobil (earnings consensus $1.98), PFE-Pfizer (0.47), (0.47), UPS-United Parcel Service (1.26), BIDU-Baidu (0.89), LLY-Eli Lilly (0.81), DHR-Danaher (0.78), BIIB-Biogen Idec (1.49), ITW-Illinois Tool Works (0.88), ACE-ACE Ltd. (1.78), AFL-Aflac (1.51), TYC-Tyco International Ltd. (0.79), ADM-Archer-Daniels-Midland (0.76), BRCM-Broadcom (0.65), VLO-Valero Energy (-0.11), MAT-Mattel (1.00).

Financial Calendar

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

0830 ET Q4 employment cost index expected +0.4%, Q3 +0.3%.

0855 ET Redbook weekly retailer sales.

0900 ET Nov S&P/CaseShiller composite-20 home price index expected -0.4% m/m and -3.3% y/y, Oct -0.6% m/m and 3.4% y/y.

0945 ET Jan Chicago purchasing managers index expected +0.5 to 63.0, Dec -0.1 to 62.5.

1000 ET Jan U.S. consumer confidence (Conference Board) expected +3.5 to 68.0, Dec +9.3 to 64.5.

1130 ET Weekly 4-week T-bill auction.

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