The Dow is up slightly this morning.
Dow stock leaders include GE, CAT, UTX, DD and IBM.
Dow losers include INTC, AXP, PFE, BAC and T.
Asian stocks rallied after China posted stronger-than-expected growth figures, showing its economy expanded at a 7.9% annual rate in the final three months of 2012. The Nikkei surged nearly 3%, helped by a weaker yen. Needless to say, Asian markets closed higher.
General Electric Co. (GE) reported net operating income increased 7% to $4 billion (38 cents per diluted share) in the quarter versus a net gain of $3.73 billion in the year-earlier quarter. Revenue was up 3.57% to $39.33 billion from the year-earlier quarter. GE’s reported net income of 44 cents per share, excluding one-time items, beat the mean analyst estimate of $0.43. It also beat the average revenue estimate of $38.74 billion.
Intel (INTC) is down almost 6% this morning after reporting earnings yesterday.
AT&T (T) announced that it will take a charge of $10 billion in the fourth quarter related to its pension plan.
European markets are mixed.
Earnings reports (estimates): GE-General Electric (+0.43), SLB-Schlumberger (1.07), MS-Morgan Stanley (0.27), STT-State St (1.01), JCI-Johnson Controls (0.51), ED-Consolidated Edison (0.73), STI-Suntrust Bnaks (0.62), PGR-Progressive Corp (0.34), PH-Parker Hannifin (1.12), COL-Rockwell Collins (0.89), MMR-McMoran Exploration (-0.13), FHN-First Horizon (0.18).
0955 ET Early-Jan U.S. consumer confidence (University of Michigan) expected +2.1 to 75.0, Dec -9.8 to 72.9.