Before the bell 2-2-07: Waiting for January jobs report

Stock futures are somewhat positive in early morning, indicating a flat to higher start for stocks as investors are cautious ahead of the January employment report due this morning and a day after the Dow had another record close.

The employment report is due at 8:30 a.m. before the market opens and could greatly impact the direction markets would take:

• January nonfarm payroll -- economists estimate that 150,000 jobs were added in January, compared to the 167,000 addition in December.
• January unemployment rate is forecast to remain the same as the month before at 4.5%.
• Hourly earnings is expected to have increased by 0.3%, a decline from the 0.5% increase in the previous month.

Other economic indicators due today include December factory orders which is due at 10:00 a.m. and is predicted to have gained 1.8%, double the 0.9% growth from November. Finally, also at ten, University of Michigan's consumer confidence poll for January will be released with an expected down tick.

Oil prices rebounded today as traders watched the cold weather in the U.S. continue and looked for signs of OPEC members cutting output.

In corporate news:

Yesterday, Amazon.com, Inc. (NASDAQ:AMZN) reported quarterly earnings after the close. Despite beating analysts' estimates in both the current results of earnings and sales as well as guidance for the future, AMZN shares are dropping 3.3% in pre-market. Amazon was also upgraded by Piper Jaffray from Underperform to Market Perform with a new target price of $36. Bear Stearns, on the other hand, downgraded the stock from Outperform the Underperform. Banc of America upped its target price from $45 to $48.

Electronic Arts, Inc. (NASDAQ:ERTS) also reported yesterday after the close results that easily beat Wall Street estimates. The stock gained nearly 6% in after-hours trading. Deutsche Bank upgraded ERTS from Sell to Hold.

According to the Wall Street Journal, Dell Inc. (NASDAQ:DELL) is facing an investor lawsuit alleging some improprieties with the way Dell handled monetary payments from long-time partner Intel Corp. (NASDAQ:INTC).

Ericsson (NASDAQ:ERIC) stock is down about 5.3% in pre-market trading after it reported fourth-quarter earnings below expectations Friday and reduced its 2007 forecast.

Reporting this morning are