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Before the bell 1-29-07: Futures change direction ahead of busy week

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Stock futures were negative in early morning but have changed direction and are now indicating to a positive start for the S&P 500 and possible higher start for the Nasdaq as well as investors are jittery ahead of a very busy week. This week will be not only busy with earnings results, but with economic reports and a Federal Reserve policy meeting.

After rising in Asia overnight, oil prices eased a little this morning while the dollar gained against the yen, but was unchanged against the euro.

In corporate news, first earnings:

Mattel Inc. (NYSE:MAT) posted a 3% fourth-quarter profit growth. Net income grew to $286.4 million, or 75 cents per share, on revenue of $2.11 billion, a 14% increase over last year. Analysts surveyed by Thomson Financial expected earnings of 67 cents per share on revenue of $1.99 billion.

Schering-Plough Corp. (NYSE:SGP) reported a 75% surge in fourth-quarter profit as net income totaled $182 million, or 12 cents per share. Excluding items, the company posted profit of 17 cents per share, in line with analysts' estimates.

Phelps Dodge Corp. (NYSE:PD) is expected to report per-share income of $4.28 for the fourth quarter today while Verizon Communications NYSE:VZ) is expected to report fourth-quarter per-share income of 61 cents. Both should report before the market opens.

In deal news, Citigroup Inc. (NYSE:C) has agreed to buy British insurer Prudential's Internet bank Egg for $1.13 billion in cash.

US Airways Group Inc. (NYSE:LCC) is willing to increase its hostile takeover offer for Delta Air Lines Inc. by $1 billion, according to people familiar with the matter, the Wall Street Journal reports.

There are a few rumors of deals that could affect certain stocks today, mainly relating Bank of America Corp. (NYSE:BAC) possibly making a bid for Countrywide Financial Corp. (NYSE:CFC), while Sanofi-Aventis and Bristol-Myers Squibb Co. (NYSE:BMY) could announce a merger. BMY shares are gaining 6.8% in pre-market.

Notable analysts calls this morning include upgrades to Buy of Home Depot Co (NYSE:HD) and Lowe's Companies (NYSE:LOW) by AG Edwards while Kroger Co. (NYSE:KR) was upgraded to Buy from Sell by Banc of America. Meanwhile MGM Mirage (NYSE:MGM) was downgraded by Bear Stearns to Peer Perform from Outperform.
Symbol Lookup
IndexesChangePrice
DJIA+30.6910,464.40
NASDAQ+6.872,176.05
S&P 500+4.981,110.63

Last updated: November 27, 2009: 01:09 AM

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