Stock Futures are down on Italy and Spain debt fears but have bounced following positive US data. • US Empire Manufacturing (Nov) M/M 0.61 vs. Exp. -2.00 (Prev. -8.48); - New Orders: -2.07 vs. Prev. 0.16 - Prices Paid: 18.29 vs. Prev. 22.47 - Employment: -3.66 vs. Prev. 3.37 • US Advance Retail Sales (Oct) M/M 0.5% vs. Exp. 0.3% (Prev. 1.1%) - Retail Sales Less Autos (Oct) M/M 0.6% vs. Exp. 0.2% (Prev. 0.6%, Rev. to 0.5%) - Retail Sales Ex. Auto & Gas (Oct) M/M 0.7% vs. Exp. 0.3% (Prev. 0.5%) • US PPI (Oct) M/M -0.3% vs. Exp. -0.1% (Prev. 0.8%) • US PPI (Oct) Y/Y 5.9% vs. Exp. 6.3% (Prev. 6.9%) • US PPI ex-Food & Energy (Oct) M/M 0.0% vs. Exp. 0.1% (Prev. 0.2%) • US PPI ex-Food & Energy (Oct) Y/Y 2.8% vs. Exp. 2.8% (Prev. 2.5%) • US ICSC Chain Stores (Nov 15) W/W 0.3% vs. Prev. 1.0% • US ICSC Chain Stores (Nov 15) Y/Y 3.1% vs. Prev. 2.7% • FTSE (-0.31%), CAC (-1.39%), DAX (-0.89%), FTSE MIB (+0.45%), IBEX (-1.16%), SMI (-0.20%), prices taken at 1342GMT. DJIA Earnings: Walmart – Co. Q3 EPS cont. ops. USD 0.97 vs. Exp. USD 0.98, boosts forecast - Q3 revenue USD 110.23bln vs. Exp. USD 108.10bln - Sees Q4 EPS cont. ops. USD 1.42- USD 1.48 vs. Exp. USD 1.45 - Quarterly Sam's club comp sales, without fuel, increased 5.7% - Says confident in business for Q4 (RTRS) Home Depot – Co. Q3 EPS USD 0.60 vs. Exp. USD 0.58, boosts dividend - Q3 revenue USD 17.3bln vs. Exp. USD 17.11bln - Boosts dividend by 16% - Co. raises quarterly dividend to USD 0.29 vs. USD 0.25 - Reaffirms forecast for year sales. (RTRS) Other news: Bank of America - Paulson & Co. raises stake in the co. to 64.3mln shares. (theflyonthewall.com) IBM – Co. shares should ‘keep rising”, Buffett and Barron’s contends. The periodical believes IBM’s shares are reasonably priced, with its 10.4% expected long-term earnings-growth rate, 1.6% yield and a return on equity of nearly 70%. (Barron’s) Boeing – Co. announces order for two Boeing 777 Freighters valued at USD 560mln. (theflyonthewall.com) Intel – Co. has added two new processors to its line-up: the Core i7-3960X Extreme Edition and the Core i7-3930K processor. (Digitimes) Coca-Cola – Co. to invest USD 2B in India over the next five years. (FT- More) United Technologies - Co. in USD 15bln credit agreement; available for Goodrich acquisition. In other news the co. is to supply assemblies to Sikorsky. (Sources) Verizon – Co. enhances security for iYogi's global tech support platform. (theflyonthewall.com) Companies paying dividend: Procter & Gamble (USD 0.5250) Companies going ex-dividend: Microsoft (USD 0.2000) S&P 500 Earnings: N/A Other news: Berkshire Hathaway – Co. disclosed a stake in IBM, Visa, Intel, CVS Caremark, General Dynamic, DirecTV and Costco. (RTRS) Goldman Sachs - More than a dozen partners are leaving Goldman Sachs, more than 12 partners have recently said that they're retiring. (NY Times) Capital One – Co. October U.S. delinquency rate 3.73% vs. 3.65% last month. U.S. October net charge-off rate 3.96% vs. 3.90% last month. (Sources) Abbott Laboratories – Co. says results from the aim-high study should not be applied beyond the patient population studies, ans current treatment guidelines would not have recommended that these patients receive additional lipid therapy. Final data showed difference in Ischemic stroke events between two study arms was not statistically significant. (RTRS) Anadarko – Co. provided an update on its Horizontal Niobrara and Codell drilling program in the Wattenberg field of northeastern Colorado. To date, the company is producing from 11 horizontal wells within the Wattenberg field boundaries, with each well achieving strong initial rates and high liquids yields. Future drilling locations of 1,200-2,700; EURs of 300,000-600,000 BOE per well; Net resources of 500M-1.5B BOE; Initial well costs of USD 4mln-USD 5mln; and Liquids ratio of about 70%. (Sources) BNY Mellon – Co. CEO Gerald Hassell said the company will negotiate "reasonable" settlements of lawsuits that have accused it of improperly charging clients in currency trades. (WSJ) Salesforce.com – Co. to acquire Model Metrics; sees no impact on Q4, FY12 EPS/Revenue. The transaction is expected to close in the co.'s fiscal Q4 ending Jan. 31, 2012, subject to customary closing conditions. (theflyonthewall.com) Corning – Co. chose as a primary supplier of optical fiber cable and hardware to NBN Co for the Australian government’s National Broadband Network, or NBN, initiative to bring high-speed broadband services to the residential single-family homes, or SFU, and apartments buildings or multi-dwelling units. (theflyonthewall.com) Freeport McMoRan – Co. workers in Indonesia extend strike. (RTRS) Lowe's –Fitch lowered its Long-Term Issuer Default Rating on the Co. to 'BBB+' from 'A'. The Rating Outlook is Stable. (theflyonthewall.com) Honeywell – Co. signs USD 20mln maintenance support from flydubai to provide maintenance support for the carrier's auxiliary power units, or APUs installed on its growing fleet of Boeing 737-800 NG passenger aircraft. (Sources) Raytheon – The co. and Emirates Advanced Investments, or EAI Group completed an operational demonstration of the TALON Laser-Guided Rocket from AH-64D Apache Longbow helicopters in the United Arab Emirates. The demonstration in Abu Dhabi met all objectives and marked the final step leading to production of TALON LGRs in the U.S. and the United Arab Emirates. In other news the co. has been given export approvals for Advanced Maritime Radar. (theflyonthewall.com) Companies paying dividend: Morgan Stanley (USD 0.0500), Colgate-Palmolive (USD 0.5800), Abbott Labs (USD 0.4800) Companies going ex-dividend: Archer-Daniels-Midland (USD 0.1750), L3 Communications (USD 0.4500) Nasdaq 100 Earnings: Urban Outfitters – Co. reports Q3 EPS USD 0.33 vs. Exp. USD 0.32 - Q3 revenue USD 610mln vs. Exp. USD 626.43mln - Q3 total inventories grew 27%. As of October 31, 2011, total inventories grew by $78M or 27%, on a year-over-year basis. - Comparable retail segment net sales, which include the direct-to-consumer channels, decreased 3% for the quarter, while comparable store net sales decreased 7% for the quarter. (RTRS) Staples - Co. reports Q3 EPS USD 0.47 vs. Exp. USD 0.47 - Co. reports Q3 revenue USD 6.6bln vs. Exp. USD 6.71bln - Co. reports Q3 international sales USD 1.3bln - Co. sees Q4 EPS USD 0.39-USD 0.43 vs. Exp. USD 0.43 - Co. reports Q3 North American SSS down 1% (RTRS) Other news: Apple - Australia court to hear Apple-Samsung case in March. In other news the co. MacBook shipments to remain stable in Q4 and 0615-inch MacBook components to begin shipping in November. In more news the co. iPhone demand remains strong, says Barclays. (Sources) (Digitimes/Yahoo Finance) Starbucks – Co. stops surcharge on bagged coffee. (LA Times) Research In Motion – Co. announced two new smartphones based on the BlackBerry 7 operating system, the BlackBerry Bold 9790 and BlackBerry Curve 9380. In other news pictures have been leaked on possible BlackBerry London. The phone is said to be "thinner than the iPhone 4" and about the same size as a Galaxy S II. (Sources/TheVerge.com) Google/Amazon – This week, Google will be joining the digital music sales business with its own online store, with Amazon attempting to follow close behind in the coming months. (New York Post) Amazon – Co. appears to be creating its own version of Google's Android to replace the OS it currently has running on its 7 inch Kindle Fire. (Tech Check) Dell – Co.'s supplies are being adversely affected by the floods in Thailand which is a major producer of hard disk drves. (WSJ) Urban Outfitters – Co. shares are attractive at current levels, says RW Baird. (theflyonthewall.com) Google/Amazon/Apple - Price wars in the tablet market, particularly between Amazon and Barnes & Noble is likely to bring down gross margins for upstream suppliers, according to industry sources. (Digitimes) Companies paying dividend: Paychex (USD 0.3200) Companies going ex-dividend: Starbucks (USD 0.1700), Amgen (USD 0.2800) CNBC’s Jim Cramer on US corporate earnings Tuesday - Wal-Mart reports after having reported three good quarters in a row. Wednesday – Tyco, Cramer would be a buyer, if the company reports strong earnings. Thursday - Ross Stores a great regional to national story, said Cramer, along with Salesforce.com, a battleground stock that Cramer said he'd take a wait-and-see stance towards. Friday - Heinz reports. Cramer said this stock has pricing power and should deliver good news. Broker moves Upgrades: FedEx – Co. price target raised to USD 95 from USD 87 at Citigroup Chesapeake Midstream – Co. upgraded to Conviction Buy from Neutral at Goldman, price target raised to USD 30 from USD 29 J.C. Penney – Co. re-initiated with an Equal Weight at Barclays, price target USD 40 PerkinElmer – Co. upgraded to Outperform from Market Perform at Leerink, price target USD 24- USD 25 Lowe's – Co. price target raised to USD 27 from USD 25 at UBS Downgrades: Tesoro – Co. downgraded to Sector Perform from Outperform at RBC Capital, price target lowered to USD 30 from USD 34 Seagate – Co. downgraded to Hold from Buy at Deutsche Bank, price target to USD 20 from USD 23 Amgen – Co. downgraded to Neutral from Overweight at Piper Jaffray, price target to USD 65 from USD 72 Marathon Oil – Co. downgraded to Neutral from Buy at Goldman Kellogg – Co. downgraded to Market Perform from Outperform at Bernstein, price target cut to UD 55 from USD 62 Western Digital – Co. downgraded to Hold from Buy at Needham Other News Beazer Homes - Co. Q4 cont ops per share loss USD 0.57 vs. Exp. per share loss USD 0.37 - Q4 Revenue USD 335mln vs. Exp. USD 316.1mln (RTRS) Saks – Q3 EPS USD 0.11 vs. Exp. USD 0.09 - Q3 revenue USD 692.3mln vs. Exp. USD 695.1mln (RTRS)