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The Department of Energy reported crude oil inventories for the week ending April 5 declined 3.1 million barrels. Analysts were expecting a build of 2.3 million barrels.
Oil has jumped on the report, now trading at $110.55 per barrel. Crude oil is up almost 2.0%.
 
Briefing.com
A CNBC report indicated that Merrill Lynch (MER 45.98, -0.82) expects to write-down $6 billion to $6.5 billion, and report a loss for the quarter.
 
Dallas Fed President Fisher stated at a luncheon that the housing crisis may not be over yet and the recent rate cuts have not fully passed to borrowers as the economy continues to suffer a bout of anemia.
 
[BRIEFING.COM] S&P futures vs fair value: -2.2. Nasdaq futures vs fair value: -3.0. Futures point to a lower open. Lehman Brothers (LEH) liquidated three investment funds with a value of $1 billion due to market disruptions, according to the company's SEC filing. Other news this morning has been mostly positive. Wal-Mart (WMT) issued upside guidance for its fiscal first quarter. It expects earnings per share between $0.74 and $0.76, compared to the consensus estimate of $0.72. Banc of America upgraded Intel (INTC) to Buy from Neutral, along with several other semiconductor stocks. Dow component DuPont (DD) issued upside guidance for its first quarter, as it expects earnings per share of $1.29 versus the $1.17 consensus estimate. In overseas news, the Bank of England lowered its interest rate by 25 basis points to 5.00%, the European Central Bank left its rate unchanged at 4.00%.
 
[BRIEFING.COM] S&P futures vs fair value: -2.3. Nasdaq futures vs fair value: -4.5. After falling to session lows, futures pare some losses immediately following the release of the weekly initial jobless claims number. Just hitting the wires, new unemployment claims for the week ended April 5 fell to 357,000 from 410,000. Economists expected a reading of 383,000. Separately, the February trade deficit grew to $62.3 billion, compared to the expected deficit of $57.5 billion. Meanwhile, Target (TGT) reported March same-store sales fell 4.4%, compared to the Briefing.com consensus that called for a delcine of 2.7%.
 
Of the 35 retail firms reporting March same-store sales that Briefing.com follows, 29 have fell short of expectations. However, the S&P 500 retailing Index (+2.0%) is outperforming the broader market, partially due to strength in discount retailers. Wal-Mart (WMT 55.26, +1.12) issued upside first quarter earnings guidance, and Costco (COST 66.85, +0.82) reported same-store sales grew by 7.0%, which topped the Briefing.com consensus estimate of 5.5%
 
08:00 am : S&P futures vs fair value: -10.1. Nasdaq futures vs fair value: -10.5. Futures point to a negative start after erasing early gains. Bellwether General Electric (GE) provided a disappointing earnings report and outlook, citing weakness in financial services. GE said it earned $0.44 per share in the first quarter, which falls short of the consensus estimate of $0.51. Its revenue came in at $42.2 billion, which missed the consensus estimate of $43.7 billion. Looking ahead, GE expects its second quarter earnings per share will be $0.53 to $0.55 per share, which misses the expected earnings of $0.58. For full year 2008, GE expects to earn between $2.20 and $2.30 per share, versus the $2.43 consensus. European markets fell into the red after GE's report, with the FTSE shedding 0.9% and the Dax down 1.2%.
 
[BRIEFING.COM] S&P futures vs fair value: -14.4. Nasdaq futures vs fair value: -18.5. It is shaping up to be a sharply lower start to the trading day. March import prices rose 2.8% month over month, which is larger than the expected 2.0% increase. Year-over-year, imported prices are up 14.8%.
 
Wachovia Could Announce Capital Infusion of Up to $7B Monday, Wall Street Journal Reports

CHARLOTTE, N.C. (AP) -- Wachovia Corp. said Sunday it will move up the release of its first-quarter financial results, an announcement that closely followed a report that the nation's fourth-largest bank is about to get a multibillion-dollar cash infusion.
 
08:30 am : S&P futures vs fair value: -5.5. Nasdaq futures vs fair value: -12.2. After falling to to their worst levels of the morning, futures get a slight boost immediately following a better than expected economic release. Just reported, March retail sales rose 0.2%. Economists expected sales to be unchanged, after falling 0.4% in February. Excluding autos, sales rose 0.1%, which is in-line with expectations.
 
[BRIEFING.COM] S&P futures vs fair value: -3.0. Nasdaq futures vs fair value: -6.2. Futures have climbed off their worst levels, but continue to point to a negative start. Announced earlier this morning, Wisconsin-based Manitowoc (MTW) is going to acquire food product equipment maker Endodis for $2.1 billion. Manitowoc reaffirmed its previous full year earnings guidance of $3.20 to $3.40 per share.
 
10:05 am : Just hitting the wires, February business inventories rose 0.6%, matching the consensus estimate. Inventories rose 0.9% in January.
 
Footwear Maker Crocs Lowers 1Q Forecast on Fewer Sales, Plant Closure; Stock Plummets NIWOT, Colo. (AP) -- Crocs Inc. on Monday lowered its first-quarter forecast, blaming fewer sales of its colorful funky footwear and costs related to the closure of a plant. Its stock fell sharply in after-hours trading.

http://biz.yahoo.com/ap/080414/crocs_outlook.html?.v=2

Trading at 13 and change
 
Summary of Fed's Beige Book -- economic conditions have weakened since the last report (ECONX) : Reports from the twelve Federal Reserve Districts indicate that economic conditions have weakened since the last report. Nine Districts noted slowing in the pace of economic activity, while the remaining three�Euro”Boston, Cleveland, and Richmond�Euro”described activity as mixed or steady. Consumer spending was characterized as softening across most of the country, with some Districts reporting year-over-year declines in retail and/or auto sales. In contrast, tourism was generally described as strong, with a number of Districts noting particular strength in foreign visitors. Reports on nonfinancial services varied by District: demand for transportation services was generally characterized as weak, while business and health services continued to expand; other service industries were said to be mixed. Trends in manufacturing also varied across Districts. Reports on real estate and construction were generally anemic for the residential sector; activity in the commercial sector has slowed. Financial institutions in many Districts indicated some deceleration in consumer loan demand, tightening in lending standards, and deterioration in asset quality. Most Districts reported improved conditions in the agricultural sector and robust activity in the energy industry. Labor markets were mostly described as weakening since the last report, though a few Districts reported ongoing shortages of skilled workers and some Districts noted wage pressures. Increases in input costs were widespread, accompanied by somewhat smaller rises in selling prices.
 
Reuters
IBM profit rises on services, software strength
Wednesday April 16, 4:19 pm ET
SAN FRANCISCO (Reuters) - International Business Machines Corp (NYSE:IBM - News) reported higher-than-expected quarterly earnings on Wednesday despite a weakening U.S. economy, helped by strong revenue from technology services and consulting, sending its shares higher.

http://biz.yahoo.com/rb/080416/ibm_results.html?.v=1
 
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