Late Surge Pushes Stocks to New Heights

Schering-Plough(SGP Quote) earned a penny a share in its quarter, excluding items, which was below analysts' estimates for 4 cents a share, on top of a 17.8% decline in revenue. The stock improved 33 cents, or 1.9%, to $17.85.

First-quarter earnings at AmerisourceBergen(ABC Quote) were 95 cents a share, excluding items, which beat Wall Street's projections by a penny, on a 10.4% increase in sales. The company's shares lost 11 cents, or 0.2%, to $56.14.

Kimberly Clark (KMB Quote) easily surpassed analysts' expectations, earning 91 cents a share in its fourth quarter after posting a profit of 72 cents last year; the consensus estimate was 88 cents. Revenue at the consumer products company grew by 11% from last year. The stock gained $1.95, or 3.5%, to $58.50.

In research, Bank of America Securities initiated coverage of Research In Motion(RIMM Quote) with a buy rating. The stock climbed $5.61, or 6.6%, to $90.76.

Blaylock downgraded Citigroup(C Quote) to hold from buy. Shares of Citigroup rose 61 cents, or 1.2%, to $50.93.

Time Warner (TWX Quote) was upgraded at Credit Suisse First Boston to outperform from neutral; the broker also raised its price target to $23 from $18. The stock gained 9 cents, or 0.5%, to $19.07.

Tomorrow, the earnings calendar is packed as the fourth-quarter reporting season gathers steam again. Before the bell, Caterpillar (CAT Quote), DuPont (DD Quote) and Merck (MRK Quote) are all due to report. After the close, Amazon.com (AMZN Quote) is expected to report a fourth-quarter profit of 29 cents a share, a 10 cent improvement from last year for the internet bellwether.

In economics, the Conference Board will release consumer confidence for January, which is expected to improve to 98.5 from 91.3. Also, the Fed will begin its two-day FOMC meeting and an interest rate decision is expected on Wednesday.