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Market Matters:

EU Backs Greece On Its Deficit Plan
by Staff Writers

February 3, 2010

In After Hours Trading

ACE AFL ADS NLY ATO BRE SOLR IVAC IRF JKHY JDSU MANH MIL MYGN NETL NWSA PXD RSYS RVBD SLGN UNM WBSN beat estimates and AJG CHRW CTRP JLL KNXA MEE SEED SSD TSO VRSN VOCS missed estimates.

What's Happening This Morning

Asia and Europe mostly higher. S&P 500 and NASDAQ futures higher by -0.20 and 2.20 at 7:45 EDT. Brent Crude is at $76.29 from $73.91 with gold at $1119 from $1114 and natural gas at $5.54 from $5.50. The Up Dollar ETF (UUP) closed at $23.27 lower by -0.34%. Currencies see the Yen at 90.66 from 90.65 with the Pound at .63 and Euro at .71 from .72. The 20 Year Treasury ETF (TLT) closed at $91.41 higher by 0.29%. High yield bonds lower and corporate investment grade bonds higher. News of note this morning include the European Union backing the plan from Greece to solve its debt issues.

Earnings Expected

Earnings of note expected after the close CSCO V YUM BRCM AMP EQR AVB KIM WSH AKAM EFX CBG AIZ WLT STLD amongs others.

Rags & Mags: Inside Wall Street

NYT reports Toyota (TM) will test Prius brakes. Time Warner turns the corner and raised dividend. $100 payout to AIG workers draws ire. Sneator Dodd challenges Obama and calls plans too grand. Avatar helps News Corp (NWSA) earnings.

Reported Earnings This Morning

Earnings of note this morning that beat estimates include BDK CSL CMCSA CGX ITT MCHP NOV RL POWL RVSN ROP SLAB TMO TWX UMC and those that missed include AOL BECN BCO DBD ENB HW LAZ MTW OIM R.

Data Points

Yesterday saw 2246 stocks rise and 761 fall on the NYSE. NASDAQ saw 1479 rise and 1164 fall. The S&P 500 is now below its 50 but above its 200 day moving average. The 10 day spread moving average of breadth has weakened in the past ten days and we have a sell signal on a daily basis active since January 21st close.

Economics

None of note.

Politico

Federal Reserve Governor Warsh speaks in NYC.

Conference & Analyst Meetings

Analyst Meetings with AXP NVO Roche and Volkswagen. Update from AUXL CPE TWGP. Credit Suisse Energy Summit is held in Vail, Colorado. Morgan Stanley Financials Conference in NYC.

Conference of Note

Watch how the financials trade off the Morgan Stanley Financials Conference.

M & A News

Microchip (MCHP) is buying Silicon Storage (SSTI) for $2.85.

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan HHS EMR SIVB UBS  
Goldman Sachs    
Morgan Stanley    
Deutsche Bank UPS APKT  
Citigroup ASX  
Barclays    
Wachovia/Wells Fargo    
Credit Suisse    
Banc of America    
UBS AAUKY KFT  
Lazard    
Merrill Lynch    
Jefferies    
Oppenheimer    
RBC    
Bernstein    
Stifel Nicolaus    
Morgan Keegan    
Keefe Bruyette    
Friedman Billings    
Baird    
Needham    
Cowen    
PiperJaffray    
Thomas Weisel    
American Technology    
Raymond James RJF  
CIBC    
Dresnder    
Key Banc    
HSBC Securities    
Ladenburg Thalmann  
William Blair    
Collins Stewart    
Sun Trust RH    
Kaufman    
Brean Murray    
JMP Securities    
Wedbush    
Argus    
Morgan Joseph    
BB&T    
ING    
Roth    
Janney Montgomery    
Susquehanna    
Think Equity    
Merriman    
Pali    
BMO Capital    

 

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