Premarket, futures are up. Gainers this morning include HES (+5.43%), BBY, LM, CRM and CAT while losers include ROP (-2.78%), VRSN, COG and BBBY.

The Market

Caterpillar’s fourth-quarter earnings topped analyst expectations, sending shares of the company up more than 1% in premarket trading. As the biggest seller of construction equipment in the world, with major operations in China, Caterpillar (CAT) is considered a bellwether for the global economy. Caterpillar Inc. net income decreased -54.95% to $697 million ($1.91 per diluted share) in the quarter versus a net gain of $1.55 billion in the year-earlier quarter. That beat analyst estimates for $1.70 per share. Revenue decreased -6.74% to $16.08 billion from the year-earlier quarter missing the average revenue estimate of $16.12 billion.

The Dow is nearing 14,000 which it last reached in July 2007. It is also near it’s all time high of 14,165, which was attained on Oct. 9, 2007.

Earnings Reports

Earnings reports (estimates): CAT-Caterpillar ($1.70), VMW-VMware (0.78), BIIB-Biogen Idec (1.46), YHOO-Yahoo (0.28), AEP-American Electric (0.46), STX-Seagate Technology (1.28), ROP-Roper Industries (1.46), PCL-Plum Creek Timber (0.29), CE-Celanese (0.63), BMC-BMC software (1.02), ILMN-Illumina (0.41), ZION-ZIONS Bancorp (4.11), NEU-Newmarket (4.11), GGG-Graco (0.60), STLD-Steel Dynamics (0.14), CR-Crane (0.96), RCII-Rent-A-Center (0.84), OLN-Olin (0.35), IRF-International Rectifier (-0.47%), ONB-Old National Bancorp (0.23).

Financial Calendar

0830 ET Dec durable goods orders expected +2.0% m/m, Nov +0.8%, Dec durable goods orders ex-transportation expected +0.8% m/m, Nov +1.6%. Dec non-defense ex-aircraft capital goods orders expected -1.0% m/m, Nov +2.7% m/m.

1000 ET Dec pending home sales expected +0.1% m/m and +12.5% y/y, Nov +1.7% m/m and +8.9% y/y.

1030 ET Jan Dallas Fed manufacturing activity expected 3, Dec 6.8.

1100 ET USDA weekly grain export inspections.

1300 ET Treasury auction of $35 billion in 2-year T-notes.