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Amazon.com reports EPS in-line, beats on revs; guides Q1 revs above consensus; guides FY08 revs above consensus (AMZN) 74.21 +0.26 : Reports Q4 (Dec) earnings of $0.48 per share, in-line with the First Call consensus of $0.48; revenues rose 42.2% year/year to $5.67 bln vs the $5.37 bln consensus. Co issues upside guidance for Q1, sees Q1 revs of $3.95-4.15 vs. $3.92 bln consensus; Operating income is expected to be between $155 million and $200 million, or to grow between 7% and 38% compared with first quarter 2007. Co issues upside guidance for FY08, sees FY08 revs of $18.75-19.75 bln vs. $18.25 bln consensus; Operating income is expected to be between $785 million and $985 million, or to grow between 20% and 50% compared with 2007.
 
The dollar is posting hefty gains this session despite traders upping their bets on the size of the next fed funds rate cut. The dollar is up 1.24% against the euro. The Dollar Index, which tracks the dollar against a basket of leading currencies, is also up a strong 1.01%
 
Stocks fall back toward their session lows as comments hit the wires from Richmond Fed President Lacker.
Lacker said the most likely path is sluggish growth in the near term, but noted there is a chance of a mild recession. He said if job growth remains positive in the months ahead, the United States could skirt a recession. Lacker also stated that inflation has increased lately, and he is concerned about the gap between overall and core inflation.
 
Philadelphia Fed President Plosser said core inflation likely to remain elevated despite slower conditions. The rate cuts so far have been proactive, and will take a couple of quarters before the begin to affect the economy, he noted.
 
NEW YORK - Stocks turned mixed Wednesday as many investors, still uneasy about the economy, cashed in their earlier gains after a Federal Reserve official suggested that rising inflation could prevent the central bank from making further interest rate cuts.
Although the weakening economy is a big concern, "we must not lose sight of the other part of the Fed's dual mandate _ which is price stability," Federal Reserve Bank of Philadelphia President Charles Plosser said, according to Dow Jones Newswires

http://www.cnbc.com/id/5965814/for/cnbc/
 
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NEW YORK, Feb 6 (Reuters) - Network equipment maker Cisco Systems said on Wednesday that second-quarter year-over-year order growth in Europe was 8 percent and that order growth was 24 percent in emerging markets in the fiscal quarter ended Jan. 25.
For Cisco's fiscal first quarter it had reported order growth of 20 percent in Europe and 35 percent in emerging markets.

http://www.reuters.com/article/marketsNews/idUKWEN382820080206?rpc=44
 
The Senate passed an economic rescue plan Thursday that would speed $600 to $1,200 in rebates to most taxpayers and $300 checks to low-income people, including disabled veterans and the elderly.
 
Omni Financial delays release of 2007 earnings (OFSI) 3.58 -0.02 : Co reported that it will delay releasing its December 31st, 2007 financial results. Co says, "During Q4 of 2007, we detected lending policy violations and internal control deficiencies and promptly commenced a comprehensive internal review of our underwriting, management, compliance and internal control procedures. As a result, we have implemented internal control enhancements and improvements to our loan review and approval process... Our Bank has a strong balance sheet and we remain well-capitalized, with a risk based capital ratio of ~10.5%... we have experienced significant deterioration in our community development lending division and are concentrating our internal review in that area. The weaker macroeconomic climate, general liquidity crisis and downturn in housing will slow the Co's growth in 2008. While there will be opportunities to capitalize on the challenges created by the market turmoil and instability, we expect continued credit deterioration in the first quarter of 2008. In order to preserve capital, the Board of Directors has temporarily suspended the stock repurchase plan and the $0.05 per share quarterly dividend which increases available capital by $2.3 million annually."
 
08:55 am : S&P futures vs fair value: -7.5. Nasdaq futures vs fair value: flat. Futures are holding steady. Crude oil is up 1.1% to $89.05 per barrel. Bloomberg.com reports OPEC may cut output next month to keep oil prices above $80 per barrel.
 
Briefing.com
09:35 am : Stock open modestly higher on news that Warren Buffet's Berkshire Hathaway (BRK.A) has made an offer to several flagging bond insurers.
Berkshire Hathaway sent an offer to reinsure the municipal bond holdings of Ambac (ABK), MBIA (MBI) and FGIC. Berkshire offered to take a liability of $800 billion, adding $5 billion of its resources. Berkshire pledged there would be no distribution or management fees taken for 10 years. Berkshire was turned down by one, and has not heard back from two. The bond insurers were given 30 days to find a better offer. Stocks responded positively to the news, although the offer does not include CDOs and other investment vehicles that have been hit the hardest by the subprime crisis.
In other financial news, six major mortgage lenders are going to announce a plan to help delinquent homeowners avoid foreclosure, according to reports.
 
I wonder, if your house is about to go to foreclosure, is another 30 days really going to help?

Feds Announce Plan to Delay Foreclosures
Tuesday February 12, 12:44 pm ET

Feds Announce Initiative That Would Put Some Foreclosures on Hold for 30 Days

WASHINGTON (AP) -- Homeowners threatened with foreclosure would in some instances get a 30-day reprieve under a new initiative the Bush administration announced Tuesday. Dubbed "Project Lifeline," the new program will be available to people who have taken out all types of mortgages, not just the high-cost subprime loans that have been the focus on previous relief efforts.

http://biz.yahoo.com/ap/080212/mortgage_mess_rescue.html
 
08:32 am : S&P futures vs fair value: +10.9. Nasdaq futures vs fair value: +21.5. Futures get a lift on better than expected retail sales data. The Dept. of Commerce said retail sales rose 0.3%, compared the expected decline of 0.3%. Excluding autos, sales rose 0.3%, compared to the expected rise of 0.2%.
 
Tax Rebate Checks Will Be in the Mail by Spring; Bush Signs Economy-Rescue Bill

WASHINGTON (AP) -- The checks aren't in the mail, but they will be soon. President Bush signed legislation Wednesday to rush rebates ranging from $300 to $1,200 to millions of people, the centerpiece of government efforts to brace the wobbly economy. First, though, you must file your 2007 tax return.

http://biz.yahoo.com/ap/080213/economy_stimulus.html
 
TOKYO, Feb 14 (Reuters) - The Nikkei average jumped over 3 percent on Thursday, powered by news that Japan's economy grew more than twice as much as expected in the final quarter of last year, as well as strong U.S. retail sales figures. The yen retreated against the dollar, boosting blue-chip exporters such as Nissan Motor Co (7201.T: Quote, Profile, Research) in particular, but shares gained across the board as worries about the economy's health temporarily eased.

http://www.reuters.com/article/marketsNews/idCAT22580720080214?rpc=44
 
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