Premarket, futures are up. Gainers this morning include NFLX (+39.61%), HAL, RHT, COV and CF while losers include NE (-2.89%), BRCM, FOSL, IPG and SNDK.

The Market

Procter & Gamble (PG) shares are up 2% this morning on great earnings. For the October-through-December quarter, the world’s largest consumer products maker earned $4.06 billion, or $1.39 per share, up from $1.69 billion, or 57 cents per share, in the same quarter last year. Excluding items, P&G earned $1.22 per share. Revenue increased 2 percent to $22.18 billion. Analysts expected earnings of $1.11 per share on $21.86 billion in revenue. The company also aised its outlook for earnings and share repurchases in 2013.

Microsoft (MSFT) shares sank after hours as the firm reported quarterly sales that fell short of expectations, and AT&T (T) shares were flat after the wireless carrier beat on sales but missed on earnings.

European stocks are up and Asian markets closed mostly down.

The national average price of gasoline is up a penny this morning to $3.331 per gallon.

UPDATE: Jim Cramer really likes Procter & Gamble (PG) stock and its CEO Bob McDonald. Even took him off his wall of shame.

Earnings Reports

Earnings reports (estimates): PG-Procter & Gamble ($1.11), HON-Honeywell (1.10), HAL-Halliburton (0.61), KMB-Kimberley-Clark (1.36), COV-Covidien (1.06), WY-Weyerhaeuser (0.19), SXL-Sunoco Logistics (0.94), NVR-NVR Inc (7.14), SEIC-SEI Investments (0.32), OSK-Oshkosh (0.31), PB-Prosperity Bankshares (0.84), MOG/A-Moog ((0.82), WERN-Werner (0.35).

Financial Calendar

1000 ET Dec new home sales expected +2.1% to 385,000, Nov +4.4% to 377,000.

1500 ET USDA Cattle on Feed.