Manufacturing, Earnings & Global Events - Ahead of Wall Street

Hey! Has anyone else noticed no one is talking about hitting Dow 12,000 anymore? That darned Egypt -- sure, they may have invented Western society, but what have they done for us lately? ;)

Seriously, protesters in Egypt have staged their largest demonstration against President Mubarak to date, with hundreds of thousands gathering in Tahrir Square to voice their support for his ouster. And Mubarak himself -- the 3rd-longest-serving leader in Egyptian history, which is considerable to say the least -- has yet shown no signs of budging.

Look, while it's true some people like Nicholas Kristof say this kind of thing happens in Egypt all the time, we can't recall a bigger demonstration against the government of a country since citizens gathered at another Square that began with a T -- and that one, as we all remember, did not turn out well...

ANYWAY, today's market activity will also be informed by things like the ISM Manufacturing Survey, which, while smaller than its Services counterpart, has been a standout performer in the economic recovery thus far. The monthly survey rose 0.4 points in December to 57.0, so we will be looking closely to see if the January numbers continue to increase, and if so, by how much. We also advise paying close attention to some of the sub-indexes, such as production, new orders and employment.

EARNINGS: BP, which still looks to be on the recovery path from the worst oil disaster in U.S. history, in a positive sign for its investors is bringing back its dividend yield. Pfizer, on the other hand, has cut its guidance after reporting lower net income. Yet shipping giant UPS is seeing strong pre-market trading after its earnings beat this morning.

Futures are up across the board so far today, as investors are anticipating good ISM Manufacturing news this morning. But there is much to chew on, so we will keep a close eye on world events today, as well.

Mark Vickery

P.S. What is Zacks Ahead of Wall Street? To find out more about Zacks Ahead of Wall Street, click here.
 
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