Stock futures are on the rise this morning. Procter and Gamble posted in-line results. 3M guided higher for 2007. Colgate's earnings and revenue were above estimates for the 4th quarter. Countrywide is down 3% after posting earnings that missed estimates by 2c/shr. Revenue at CFC also missed by about 200 mln, and the company guided lower for this year. The markets await the 10 a.m. release of consumer confidence figures with a reading of 110 expected. At noon the 2 day Fed meeting begins.
Motorola is up 4%. Says http://wwww.theflyonthewall.com:
"Motorola-MOT confirms receipt of notice of nomination to the Board from Carl Icahn
Carl Icahn holds approximately 1.39% of outstanding shares. The Company has not yet set a date for its 2007 Annual Meeting. :theflyonthewall.com"
Let the fun and games begin!
As we discussed yesterday, the Saudi's say they're comfy with a $50 per barrel crude oil price. Making sure the price comes close to the target just doesn't happen by itself. The Saudi's are taking steps to make sure it does. (Read about Saudi Oil here). WTI is up 39-cents this morning.
Gold nudging higher at the $644 mark; dollar little changed; 10 yr treasury up 2 ticks.
And you've got to love the story in the Journal this morning about the concern of Chinese regulators over folks in that country doing things like mortgaging their homes or using credit card lines so they can get a piece of the action in the roaring Chinese stock market. The more things change, the more they stay the same; and no matter where you are located, a raging bull market entices many to try to jump in to better their lot in life. Too bad most will lose their money as happened in the internet boom bust here no long ago.