Weekend Reading for 21-Jan-11 10:34 ET
Features of the Week
The Initial Claims Level Reenters the "Recovery Zone"
The initial claims level tumbled from 441,000 for the week ending January 8...
C Q4 Results Miss Expectations
Citigroup (C $4.93 -0.20) reported fourth quarter earnings of $0.04 per share...
AAPL Guides Q2 Above Consensus
Apple (AAPL $347.04 +6.39) reported first quarter earnings of $6.43 per share...
IBM Guides FY11 In-line
IBM (IBM $154.60 +3.95) reported fourth quarter earnings of $4.18 per share...
GS Q4 Revs Miss Expectations 
Goldman Sachs (GS $170.04 -4.64) reported fourth quarter earnings of $3.79 per share...

WFC Beats Q4 Revs Expectations
Wells Fargo (WFC $32.02 -0.47) reported fourth quarter earnings of $0.61 per share...

The Big Picture: Change on the Margin
The fourth quarter earnings reporting period shifts into high gear this week and S&P 500 operating earnings are expected to be up 32% versus the year-ago period, according to Thomson Reuters.  Revenues are expected to be up 6%.

The financial sector will be the primary earnings growth engine. It is expected to report earnings of $34.3 bln for Q4 2010 versus just $2.4 bln for Q4 2009 as the current constituents in the S&P 500 financial sector lap an easy comparison. That translates to an anticipated growth rate of 1329%.

Read the latest The Big Picture column now... 
Week Ahead
Monday, January 24:
  • Earnings: American Express (AXP), Halliburton (HAL), Ethan Allen (ETH), 
    McDonald's (MCD), Packaging Corp (PKG), Texas Instruments (TXN)... 

  • Economic Data: None

Tuesday, January 25:

  • Earnings: 3M (MMM), BlackRock (BLK), Coach (COH), DeVry (DV), 
    Exar (EXAR), Yahoo! (YHOO)...    
  • Economic Data: Case-Shiller 20-city Index, Consumer Confidence,
    FHFA Housing Price Index,  

Wednesday, January 26:

  • Earnings: Abbott Labs (ABT), Automatic Data (ADP), Boeing (BA), 
    Citrix Systems (CTXS), E*TRADE (EFTC), Netflix (NFLX)... 

  • Economic Data:  MBA Mortgage Purchase Index, New Home Sales,
    Crude Inventories, FOMC Rate Decision 

Thursday, January 27:

  • Earnings: 1-800-FLOWERS (FLWS), AT&T (T), Briggs & Stratton (BGG), 
    Columbia Sportswear (COLM), Green Mtn Coffee (GMCR), SanDisk (SNDK)...

  • Economic Data:   Initial Claims,Continuing Claims, Durable Orders,
    Durable Orders ex Transportation, Pending Home Sales    

Friday, January 28:

  • Earnings: Alliance Resource (ARLP), American Electric (AEP), Chevron (CVX)
    Honeywell (HON), Interactive Intelligence (ININ), T. Rowe Price (TROW)...

  • Economic Data: GDP-Adv., Chain Deflator-Adv., Employment Cost Index,
    Michigan Sentiment- Final

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