Wall Street Awaits Earnings, Inflation Numbers
Camilla Webster 01.14.08, 6:44 PM ET
After a strong start to the week, Wall Street will digest major earnings news and a fresh batch of inflation data on Tuesday. The market will be digesting a key inflation indicator Tuesday, the Producer Price Index for December.
In the financial sector, Citigroup (nyse: C - news - people ) is set to report fourth-quarter results prior to the market's opening Tuesday, amid reports that the Wall Street titan will cut more than 20,000 jobs and be hit with a $24 billion write-down for the quarter.
Despite the massive write-down that's expected, shares of Citi gained 1.8% on Monday.
Merrill Lynch (nyse: MER - news - people ), also expected to report a huge write-down when it announces fourth-quarter earnings this week, gained 2.3% Monday.
An early tech rally pushed the Dow Jones industrial average to a triple-digit gain, led by an early report of a stellar fourth quarter from IBM (nyse: IBM - news - people ). The multinational tech firm said it will report earnings of $2.80 a share for the fourth quarter, handily beating the Street's estimate of $2.60.
IBM's positive news sparked a furious rally in tech stocks, with the Nasdaq adding 1.6% for the day after having fallen sharply at the start of 2008. Apple (nasdaq: AAPL - news - people ) helped lead the way, gaining 3.5%, a day before the Macworld conference and expo.
Last year at Macworld, Apple CEO Steve Jobs unveiled the iPhone, and investors are hoping to be similarly wowed this year, particularly as Amazon.com (nasdaq: AMZN - news - people ) prepares to ramp up its rival to the iTunes music store. Amazon shares were up over 2%.
Source
Camilla Webster 01.14.08, 6:44 PM ET
After a strong start to the week, Wall Street will digest major earnings news and a fresh batch of inflation data on Tuesday. The market will be digesting a key inflation indicator Tuesday, the Producer Price Index for December.
In the financial sector, Citigroup (nyse: C - news - people ) is set to report fourth-quarter results prior to the market's opening Tuesday, amid reports that the Wall Street titan will cut more than 20,000 jobs and be hit with a $24 billion write-down for the quarter.
Despite the massive write-down that's expected, shares of Citi gained 1.8% on Monday.
Merrill Lynch (nyse: MER - news - people ), also expected to report a huge write-down when it announces fourth-quarter earnings this week, gained 2.3% Monday.
An early tech rally pushed the Dow Jones industrial average to a triple-digit gain, led by an early report of a stellar fourth quarter from IBM (nyse: IBM - news - people ). The multinational tech firm said it will report earnings of $2.80 a share for the fourth quarter, handily beating the Street's estimate of $2.60.
IBM's positive news sparked a furious rally in tech stocks, with the Nasdaq adding 1.6% for the day after having fallen sharply at the start of 2008. Apple (nasdaq: AAPL - news - people ) helped lead the way, gaining 3.5%, a day before the Macworld conference and expo.
Last year at Macworld, Apple CEO Steve Jobs unveiled the iPhone, and investors are hoping to be similarly wowed this year, particularly as Amazon.com (nasdaq: AMZN - news - people ) prepares to ramp up its rival to the iTunes music store. Amazon shares were up over 2%.
Source
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