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Market Matters:

Can Europe Rebound This Week?
by Staff Writers

February 8, 2010

In After Hours Trading

The sixteenth bank this year was taken over by the FDIC.

What's Happening This Morning

Asia and Europe mixed. S&P 500 and NASDAQ futures higher by 2.50 and 3.80 at 7:55 EDT. Brent Crude is at $69.69 with gold at $1068 and natural gas at $5.62. The Up Dollar ETF (UUP) closed at $23.65 higher by 0.42%. Currencies see the Yen at 90.78 from 90.66 with the Pound at .63 and Euro at .72 from .71. The 20 Year Treasury ETF (TLT) closed at $91.98 higher by 0.22%. High yield bonds and corporate investment grade bonds lower. News of note this morning include New Orleans Saints beat the Colts to capture the Superbowl.

Earnings Expected

Earnings of note expected after the close HIG LNC PFG ERTS VMC QGEN NUAN AXS WRB PPDI LNCR amongs others.

Rags & Mags: Inside Wall Street

NYT reports Goldman Sachs (GS) and AIG relationship continues to be questioned. Toyoya (TM) reacting slowly to issues. Greece problems throw into question the European Union.

Reported Earnings This Morning

Earnings of note this morning that beat estimates include AMRI AGNC BWP GWR HAS HS LFUS LO NDAQ SIRO and those that missed include CHDX CNA L NVE VARI VTNC.

Data Points

Yesterday saw 1326 stocks rise and 1740 fall on the NYSE. NASDAQ saw 1433 rise and 1214 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 due today. Out this week retail sales and Michigan Sentiment Survey.

Politico

Nothing of note today. Federal Reserve Chairman Bernanke testifies on Wednesday. Also, Federal Reserve Governor Tarullo speaks on Wednesday.

Conference & Analyst Meetings

Analyst Meetings with SI. Update from SAP and Dexia. Conferences this week from BB&T Capital Markets Transportation Services Conference, Cowen & Company Aerospace & Defense Conference, Credit Suisse Financial Services Conference, Deutsche Bank Securities Small & Mid Cap Conference, Goldman Sachs Agricultural Biotech Forum, Thomas Weisel Technology & Telecom Conference and the UBS Global Health care Services Conference

Conference of Note

Watch how Siemens (SI) reacts to their analyst meeting.

M & A News

Lions Gate (LGF) to bid for Miramax. Pearson expects bids of $1.6 billion for its stake in IDC.

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan    
Goldman Sachs    
Morgan Stanley    
Deutsche Bank    
Citigroup    
Barclays    
Wachovia/Wells Fargo    
Credit Suisse    
Banc of America    
UBS    
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    
CIBC    
Dresnder    
Key Banc    
HSBC Securities    
Ladenburg Thalmann  
William Blair    
Collins Stewart    
Sun Trust RH   PNRA
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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