Market Recap
DJIA +0.72%, Nasdaq +1.04% and S&P +1.09%
Nikkei +0.56%
WTI Crude Oil USD 42.18
USD/EUR 1.3248
U.S. stocks rise modestly on light volume as investors mull earnings and wait for today’s FOMC meeting.
U.S. News
Texas Instrument reported Q4 EPS above the market consensus. The company will cut 12% of its workforce to cut costs.
Valero reported Q4 EPS at USD 1.41 and took a USD 4.1bn goodwill write down on assets.
Verizon reported Q4 results in line, but the company said demand for its mobile phone business has slowed
Yahoo! reported Q4 above the market consensus with EPS at USSD 0.17 vs market consensus at USD 0.13
Newmont Mining announced positive 2008 operating results.
General Electric: Moody’s said it may downgrade the AAA rating of GE sending the conglomerate’s shares down sharply in after-hours trading.
European News
SAP has delivered a solid FY and Q4. Licences are in line. The company will cut 3500 jobs this year as recession curbs software demand
Novartis Q4 profit almost doubles on rebound in drug operation, but sales are still below market expectation. Plans to increase dividend by 25% to CHF 2.-
Germany may take 70% Hypo Real Estate stake after two government bailouts.
Santander will offer USD 1.8bn to end Madoff Investor claims and will close funds.
Schneider reports in line numbers, but near-term visibility is low.
Total is launching a bid for UTS Energy for CAD 617m.
STM reported in line Q4 numbers, but will cut 3500 jobs.
Earnings Watch
USA: AT&T, Boeing, Boston Scientific, Conoco, Starbucks, Wells Fargo
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