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Stock Market Preview for 02/09/2011

February 9, 2011

U.S. stock index futures are lower this morning after a weak session in Asia overnight.

China’s mainland markets re-opened after a week-long New Year holiday and finished lower on inflation data and tighter monetary policy. European markets were mixed, with all but Germany’s DAX fractionally lower.

IRIn currency trading, the dollar was mixed against its basket. The euro and Canadian dollar were higher, while the Japanese yen was lower. The net effect is flat so far, though the U.S. dollar has edged lower depending on the varying strength of the euro.

Commodities are mostly higher. Wheat gained after China’s Ministry of Agriculture estimated that 35 percent of the country’s wheat crop had been harmed by unusually dry weather conditions.

In stock-specific news, Ingersoll-Rand is down by more than 4 percent after it missed its estimated fourth-quarter earnings by $0.03 and lowered the lower band of revenues and earnings for its first-quarter this morning.

Disney is trading higher by more than 4 percent after beating first-quarter results by $0.12 after yesterday’s close. Some sell-side firms have upgraded the name or raised its price target this morning since the news came out.

Wells Fargo is down more than 2.5 percent after its CFO retired.

In forthcoming earnings for today, in the S&P 500 we will hear reports in the after-market from Allstate, Cisco, Equifax, FLIR Systems, Kimco Realty, MetLife, Prudential Financial, Torchmark, and Whole Foods Market.

Tomorrow morning we will hear from Dentsply, Goodyear Tire & Rubber, International Flavors & Fragrances, Laboratory Corporation of America, PepsiCo, Sprint Nextel, Scripps Networks Interactive, and Teradata.

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