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Indices post small gains after another barrage of earnings reports

  1. US Mid-Morning Recap
    by TradeTheNews Staff

    - Several of the Dow and S&P mainstays reported before the open and generally their share prices are weighing on the Indices. WYE –2% MRK –1.25% PG –1% K –0.25% CL –0.2% MMM –2.5% UPS –3.7% Other names trading heavy post earnings include: PCL –4.7% VLTR –13% HW –3.5% JBLU –2.3% LXK –6% MAN –5.5% CME –3.5% Steel stocks are posting nice gains after a strong earnings report from US Steel. X +3.5% NUE +2.5% STLD +2.7% AKS +4.5% Other names moving higher after reporting include: CNET +8% CNW +6% KRON +8% ZMH +3.5% BKC +1.2% KCI +3.2% ITW +7% BDK +3.9%. Shares of Motorola +6% have ticked to their highest levels since lowering guidance in early January, after it was reported that Carl Icahn is attempting to join their Board.

    - March crude is back above $55 up 2% on the day on continued colder temperatures in the North East and additional production cuts from Saudi Arabia. Higher oil and a strong earnings report from WFT +5% have the Oil Service Index +2% among today’s leading groups. Copper futures are up 1% while Feb gold is up fractionally at $645.10. US Treasuries are posting modest gains ahead of tomorrow’s FOMC rate decision and the release of Q4 GDP. 30-year +7/32 at 4.979%; 10-year +4/32 at 4.873%; 2-year +1/32 at 4.958% The Yen has seen some firming across the board after the German Finance Minster confirmed the Yen will be discussed at the upcoming G7 meeting. EUR/JPY down 21 pips at 157.53 while the USD/JPY is down 16 pips at 121.56.