The Market

Greece talks to resume today after political leaders failed to strike a deal over the weekend.

European stocks fell in midday trading while Asian markets ended mixed.

The dollar rose against the euro, British pound and Japanese yen.

Oil for March delivery lost 93 cents to $96.91 a barrel.

Gold futures for April delivery lost $22.50 to $1,717.80 an ounce.

The price on the benchmark 10-year U.S. Treasury is up, pushing the yield down to 1.93% from 1.95% late Friday.

Disney (DIS) reports earnings on 2/7/2012 after the market close.

Coca Cola (KO) reports earnings on 2/7/2012 before the market open.

Cisco (CSCO) reports earnings 2/8/2012 after the market close.

Home Depot (HD) reports earnings on 2/21/2012 before the market open.

Kraft Foods (KFT) reports earnings on 2/21/2012 after the market close.

Wal-Mart (WMT) reports earnings on 2/21/2012 before the market open.

Hewlett Packard (HPQ) reports earnings on 2/22/2012 after the market close.

Earnings Reports

Earnings reports (confirmed releases): APC-Anadarko Petroleum (earnings consensus $0.63), YUM-YUM! Brands (0.74), SYY-Sysco (0.44), L-Loews (0.90), HUM-Humana (1.21), PXD-Pioneer Natural Resources (1.03), HCA-HCA Holdings (0.76), NLSN-Nielsen Holdings NV (0.49), CNA-CNA Financial (0.70), UNM-Unum Group (0.75), AGNC-American Capital Agency (1.17), UDR-UDR Inc. (-0.08), BWP-Boardwalk Pipeline Partners LP (0.41), TMK-Torchmark (1.24), HAS-Hasbro (1.05), SUN-Sunoco (-0.23).

Financial Calendar

0855 ET St. Louis Fed President James Bullard speaks on inflation targeting in the U.S. at the Union League Club of Chicago.

1130 ET Weekly 3-mo and 6-mo T-bill auctions.

1215 ET Dallas Fed President Richard Fisher speaks to the Institute of International Finance on the economic and monetary outlook.

The Market

Employers went on a hiring spree in January and knocked down the unemployment rate for a fifth straight month to 8.3 percent, its lowest level in almost three years. Employers have added an average of 201,000 jobs per month in the past three months which is 50,000 more jobs per month than the economy averaged in each month last year.

European stocks were higher in midday trading and Asian markets ended mixed.

The dollar was down against the euro and the British pound, but rose versus the Japanese yen.

Oil for March delivery was up 59 cents to $96.94 a barrel.

Gold futures for April delivery was down $8.40 to $1,750.90 an ounce.

The price on the benchmark 10-year U.S. Treasury fell, moving the yield up to 1.83% from 1.82% late Thursday.

Are you ready for the Super Bowl, Madonna half-time show and Goddady ads?

Earnings Reports

Earnings reports (confirmed releases): SPG-Simon Property Group (earnings consensus $0.86), SCCO-Southern Copper (0.63), EL-Estee Lauder (1.01), NLY-Annaly Capital Management (0.56), AON-AON Corp. (0.96), WY-Weyerhaeuser (0.06), CLX-Clorox (0.69), BEAM-Beam (0.67), CEG-Constellation Energy Group (0.62), MAC-Macerich (0.29), TSN-Tyson Foods (0.34), TRIP-TripAdvisor (0.38), UFS-Domtar (2.25), WTM-White Mountains Insurance Group (3.40), BRO-Brown & Brown (0.23).

Financial Calendar

0830 ET Jan non-farm payrolls expected +145,000, Dec +200,000. Jan private payrolls (ex-government) expected +165,000, Dec +212,000. Jan unemployment rate expected unchanged at 8.5%, Dec -0.2 to 8.5%. Jan manufacturing payrolls expected +13,000, Dec +23,000. Jan avg hourly earnings all employees expected +0.2% m/m and +1.9% y/y, Dec +0.2% m/m and +2.1% y/y. Jan avg weekly hours all employees expected no change at 34.4 hours, Dec +0.1 to 34.4 hours.

1000 ET Jan ISM non-manufacturing index expected +0.6 to 53.2, Dec +0.6 to 52.6.

1000 ET Dec factory orders expected +1.5%, Nov +1.8%.

Pre-market, futures are down a bit as we get comments from Fed chairman Ben Bernanke and also keep an eye on Greece’s debt talks. Gainers this morning include JDSU, EA, QCOM, ALL and IPG while losers include MDT, COF, CMG, PRU and ACN. Light crude is down -0.37% at 97.25 and gold is up +0.10% at 1,751.30.

The Market

Merck (MRK) is up a bit this morning after posting a net fourth-quarter profit of $1.51 billion, or 49 cents per share, compared with a loss of $531 million, or 17 cents a share, a year ago.

Greek officials appear to be making progress toward a debt-reduction agreement with private-sector creditors and a second bailout.

Ben Bernanke heads to Capitol Hill to testify about the Fed’s economic outlook before the House Budget Committee at 10 a.m. ET.

The Labor Department released its latest data on initial unemployment claims and productivity before the bell showing that the number of people filing were slightly lower than expected.

Initial jobless claims for the week ended Jan. 28 totaled 367,000, and were expected to total 375,000.

The government’s jobs report due out Friday morning, is expected to show the U.S. economy added 130,000 jobs in January. That would be a sharp slowdown in hiring versus December, when 200,000 jobs were created. The unemployment rate is expected to move up to 8.6%.

European stocks were little changed in midday trading while Asian markets ended higher.

The dollar was up against the euro and the British pound, but was down versus the Japanese yen.

Oil for March delivery was down 46 cents to $97.15 a barrel.

Gold futures for April delivery rose $2.10 to $1,751.60 an ounce.

The price on the benchmark 10-year U.S. Treasury was down, moving the yield up to 1.83%

Earnings Reports

Earnings reports (confirmed releases): MRK-Merck (earnings consensus $0.95), MA-Mastercard (3.91), DOW-Dow Chemical (0.31), GILD-Gilead Sciences (1.05), NOV-National Oilwell Varco (1.30), AGN-Allergan (1.00), VIAB-Viacom (1.05), SE-Spectra Energy (0.49), CMI-Cummins (2.24), K-Kellogg (0.62), BX-Blackstone Group LP (0.40), CME-CME Group (3.67), GR-Goodrich (1.57), CAH-Cardinal Health (0.76), WYNN-Wynn Resorts Ltd. (1.29), IP-International Paper (0.61).

Financial Calendar

0730 ET Jan Challenger job cuts, Dec +30.6% y/y.

0830 ET Weekly initial unemployment claims expected -6,000 to 371,000, previous +21,000 to 377,000. Weekly continuing claims expected -19,000 to 3.535 million, previous +88,000 to 3.554 million.

0830 ET Q4 non-farm productivity expected +0.8%, Q3 +2.3%. Q4 unit labor costs expected +0.8%, Q3 -2.5%.

0900 ET Chicago Fed President Charles Evans speaks to reporters in Chicago.

1000 ET Fed Chairman Ben Bernanke testifies before the House Budget Committee on the state of the U.S. economy.

1030 ET Jan ICSC chain store sales, Dec +3.5% y/y.

1630 ET Weekly money supply report and Fed balance sheet.

1915 ET Dallas Fed President Richard Fisher speaks on the economy and Fed policy at the Headliners Club of Austin Famous Austinites Dinner.

The Market

Facebook hasn’t yet filed for an IPO but is still expected, Guesstimates so far indicate that Facebook may look to raise $5 billion in its offering. That would make it the largest global IPO by an internet focused company. Facebook could be valued between $75 billion and $100 billion when it starts trading.

European stocks posted solid gains in mid-day trading. Asian markets ended mostly lower.

An ADP report showed that the private sector added 170,000 jobs in January. The report was expected to show that 200,000 jobs were added last month.

Pfizer (PFE) is recalling 1 million packs of birth control pills. Shares are lower by -0.8% so far this morning.

Shares of Amazon (AMZN) are down over 9% this morning after missing analyst estimates after the close yesterday.

The dollar is down against the euro, the Japanese yen and the British pound.

Oil for March delivery rose 24 cents to $98.72 a barrel.

Gold futures for April delivery gained $9.40 to $1,749.80 an ounce.

The price on the benchmark 10-year U.S. Treasury fell, lifting the yield to 1.83% from 1.80% late Tuesday.

Earnings Reports

Earnings reports (confirmed releases): QCOM-Qualcomm (earnings consensus $0.90), EPD-Enterprise Products Partners (0.55), LVS-Las Vegas Sands (0.57), BEN-Franklin Resources (2.09), MRO-Marathon Oil (0.83), TMO-Thermo Fisher Scientific (1.15), EQR-Equity Residential (0.13), AET-Aetna (0.97), NOC-Northrop Grumman (1.67), ALL-Allstate (0.96), HSY-Hershey (0.70), MPC-Marathon Petroleum (-0.05), AVB-AvalonBay Communities (0.55), AMP-Ameriprise Financial (1.40), CMG-Chipotle Mexican Grill (1.83), GMCR-Green Mountain Coffee Roasters (0.36).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous -5.0% with purchase mortgage sub-index -5.4% and refinancing sub-index -5.2%.

0815 ET Jan ADP employment change expected +182,000, Dec +325,000.

0830 ET Philadelphia Fed President Charles Plosser speaks to business leaders on the economic outlook at the 2012 Economic Forecast Breakfast of the Main Line Chamber of Commerce in Gladwyne, PA.

0900 ET Treasury announces amounts of 3-year T-notes (previous $32 billion), 10-year T-notes (previous $21 billion) and 30-year T-bonds (previous $13 billion) to be auctioned Feb 7-9 in the Treasury’s Feb quarterly refunding.

1000 ET Dec construction spending expected +0.5%, Nov +1.2% m/m.

1000 ET Jan ISM manufacturing index expected +0.7 to 54.6, Dec +1.2 to 53.9. Jan ISM price paid sub-index expected +2.5 to 50.0, Dec +2.5 to 47.5.

1700 ET Jan total vehicle sales expected 13.56 million, Dec 13.48 million. Jan domestic vehicle sales expected 10.50 million, Dec 10.45 million.

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), AMZN-Amazon.com (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.

The Market

Bank stocks are lower in pre-market trading, with Bank of America (BAC) down -1.9% and JPMorgan Chase (JPM) down -1.3%.

European stocks slumped in midday trading. Asian markets ended lower.

The Commerce Department reported Monday that personal income ticked up 0.5% in December, while spending remained flat.

The Facbook IPO is garnering a lot of buzz on Wall Street.

XOM reports earnings tomorrow before the open this morning.

PFE reports earnings tomorrow before the open this morning.

Earnings Reports

Earnings reports: MCK-McKesson (earnings consensus $1.38), PCL-Plum Creek Timber (0.39), SLG-SL Green Realty (0.03), HOLX-Hologic (0.32), RGA-Reinsurance Group of America (1.84), GCI-Gannitt (0.69), TNB-Thomas & Betts (0.90), TGI-Triumph Group (1.12), GGG-Graco (0.51), SOA-Solutia (0.52), RCII-Rent-A-Center (0.82), WEN-Wendy’s (0.04), ALGN-Align Technology (0.22), CFFN-Capitol Federal Financial (0.10), WWW-Wolverine World Wide (0.45).

Financial Calendar

0830 ET Dec personal spending expected +0.1%, Nov +0.1%. Dec personal income expected +0.4%, Nov +0.1%. Dec PCE deflator expected +2.3% y/y, Nov +2.5% y/y. Dec PCE core deflator expected +0.1% m/m and +1.7% y/y, Nov +0.1% m/m and +1.7% y/y.

1130 ET Weekly 3-mo and 6-mo T-bill auctions.

The Market

Greece continues negotiations with private-sector creditors in an attempt to reduce its debt burden and without an agreement and access to bailout funds might not be able to make a €14 billion debt payment that’s due March 20.

European stocks were mixed in midday trading while Asian markets ended mixed.

Starbucks (SBUX) beat Wall Street estimates with strong earnings and revenue in its fourth quarter.

Procter & Gamble (PG) earned $1.10 per share in its fiscal second quarter, beating forecasts for $1.08 per share. However PG lowered its outlook for the year and shares are down 0.5% in pre-market trading.

Earnings Reports

Earnings reports: CVX-Chevron (earnings consensus $2.85), PG-Procter & Gamble (1.08), MO-Altria Group (0.49), F-Ford Motor (0.26), HON-Honeywell International (1.04), D-Dominion Resources (0.64), NEE-NextEra Energy (0.91), AEP-American Electric Power (0.41), TROW-T Rowe Price Group (0.69), MCHP-Microchip Technology (0.42), NWL-Newell Rubbermaid (0.38), IDXX-IDEXX Laboratories (0.63), DHI-DR Horton (0.04), NS-NuStar Energy LP (0.31), LM-Legg Mason (0.27).

Financial Calendar

0830 ET Q4 U.S. GDP expected +3.0% annualized, Q3 +1.8% annualized. Q4 personal consumption expected +2.4%, Q3 +1.7%. Q4 GDP price index expected +1.9%, Q3 +2.6%. Q4 core PCE expected +0.9% q/q, Q3 +2.1% q/q.

0955 ET Final Jan U.S. University of Michigan consumer confidence expected unchanged at 74.0, previous +4.1 to 74.0.

Caterpillar Inc. (CAT) had record-breaking 2011 sales and revenues of $60.138 billion, an increase of 41 percent from $42.588 billion in 2010. Profit in 2011 was $4.928 billion, an increase of 83 percent from $2.700 billion in 2010. Earnings per share of $7.40 was up 78 percent from $4.15 in 2010 and excluding the impact of the Bucyrus acquisition, 2011 profit was $7.79 per share, up 88 percent from a year ago.

The Market

The Dow is only 52 points away from a new 52 week high (12,811).

Greece is desperate for an agreement to receive additional bailout funds from the European Union and International Monetary Fund. The country may not be able to make a €14 billion debt payment that’s due March 20 without these funds.

European stocks rose in afternoon trading. Asian markets ended mixed.

Initial jobless claims for the week ended Jan. 21 rose to 377,000, up from a revised 356,000 the prior week.

3M Co. (MMM) earned $954 million, or $1.35 per share, in the last three months of 2011, compared with $928 million, or $1.28 per share, a year ago.

AT&T (T) Excluding charges, net income was 42 cents per share in the latest quarter, a penny shy of analyst expectations. AT&T had net income of $1.09 billion, or 18 cents per share, in the same period a year earlier. Revenue rose 3.6 percent to $32.5 billion, with analysts expecting revenue of about $31.99 billion.

Earnings Reports

Earnings reports: T-AT&T (earnings consensus $0.43), CAT-Caterpillar (1.73), MMM-3M Co. (1.31), AMGN-Amgen (1.23), BMY-Bristol-Myers Squibb (0.55), CL-Colgate-Palmolive (1.29), SBUX-Starbucks (0.49), CELG-Celgene (1.05), BAX- Baxter International (1.17), LMT-Lockheed Martin (1.95), PCP-Precision Castparts (2.21), COV-Covidien PLC (1.03), TWC-Time Warner Cable (1.21), CB-Chubb (1.60), RTN-Raytheon (1.34), ETN-Eaton (1.12).

Financial Calendar

0830 ET Weekly initial unemployment claims expected +18,000 to 370,000, previous -50,000 to 352,000. Weekly continuing claims expected +68,000 to 3.500 million, previous 215,000 to 3.432 million.

0830 ET Dec durable goods orders expected +2.0% and +0.9% ex transportations, Nov +3.7% and +0.3% ex transportation.

1000 ET Dec leading indicators expected +0.7%, Nov +0.5%.

1000 ET Dec new home sales expected +1.9% to 321,000, Nov +1.6% to 315,000.

1300 ET Treasury auctions $29 billion 7-year T-notes.

1630 ET Weekly money supply report and Fed balance sheet.

The Market

Investors are waiting for the results of the latest Federal Reserve meeting, which are due later in the day. The Fed is also set to release forward-looking forecasts for the federal funds rate for the first time ever. The Federal Reserve is expected to leave interest rates unchanged at 0.25%.

Apple (AAPL) remains in focus, after the iPhone and iPad maker reported a huge quarterly profit of $13 billion after the closing bell Tuesday. Apple’s sales for the quarter hit $46.3 billion, sending shares higher by 7% in pre-market trading today.

Boeing (BA) shares are down 2% this morning after reporting a jump in fourth quarter profit and revenue, but issued disappointing full-year earnings guidance. Boeing reported fourth-quarter net profit of $1.4 billion, or $1.84 per share, up from $1.2 billion, or $1.56 per share, a year earlier.

United Technologies (UTX) total net income in the October-December period came in at $1.33 billion, or $1.47 per share, up from $1.2 billion, or $1.31 per share, in the same quarter in 2010.

Nasdaq is set for a higher open this morning, thanks to Apple (AAPL).

This morning Apple (AAPL) has become the biggest Market Cap company in the world, surpassing Exxon Mobil (XOM) and setting a new record high.

Earnings Reports

Earnings reports: COP-ConocoPhillips (earnings consensus $1.80), ABT-Abbott Labs (1.44), OXY-Occidental Petroleum (1.97), UTX-United Technologies (1.46), BA-Boeing (1.01), SO-Southern Co. (0.30), PX-Praxair (1.37), ADP-Automatic Data Processing (0.68), EXC-Exelon (0.88), GD-General Dynamics (1.99), WLP-WellPoint (1.12), GLW-Corning (0.33), HES-Hess Corp. (1.28), MSI-Motorola Solutions (0.82), TEL-TE Connectivity Ltd. (0.70), GWW-WW Grainger (2.12).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous +23.0% with purchase mortgage sub-index +10.0% and refinancing sub-index +26.0%.

1000 ET Nov FHFA house price purchase only index expected unchanged m/m, Oct -0.2% m/m.

1000 ET Dec pending home sales expected -1.0% m/m, Nov +7.3% m/m and +6.9% y/y.

1130 ET Treasury auctions $35 billion 5-year T-notes.

1230 ET FOMC interest rate decision (expected no change to the 0.00% to 0.25% Fed funds rate).

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.