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Jan. 10 Premarket Briefing: 10 Things You Should Know

Stocks in this article: AA SHLD JPM CVX ANF

Here are 10 things you should know for Friday, Jan. 10:  

1.-- U.S. stock futures were rising Friday ahead of the U.S. jobs report.

European stocks were trading higher. Asian shares ended the session mixed. Japan's Nikkei 225 index rose 0.2%.  

2.-- The economic calendar in the U.S. Friday includes the nonfarm payrolls report for December at 8:30 a.m. EST, and wholesale inventories for November at 10 a.m.

3.-- U.S. stocks on Thursday closed mixed in a choppy session. 

The S&P 500 settled up 0.03% to close at 1,838.13, while the Dow Jones Industrial Average fell 0.11% to16,444.76. The Nasdaq slid 0.23% to 4,156.19.

4.-- Wall Street could pay nearly $50 billion to buy peace from federal authorities who are taking aim at the banks over their role in the mortgage crisis, The New York Times reported, citing interviews and a confidential analysis of the industry's potential legal exposure.

Banks and their outside lawyers are using JPMorgan Chase's (JPM) record $13 billion mortgage settlement in November to help them determine just how much each bank might have to pay to move past the government mortgage litigation, the Times reported.

If the settlements materialize, they could yield, according to the Times analysis, $15 billion in relief for consumers -- a mixture of cash payments and other assistance. A payment of $50 billion, made up of a string of separate deals, would amount to roughly half the total annual profit of large American banks in 2012, according to the Times.

5.-- Sears (SHLD) said it expects a massive loss for the fourth quarter and full year after holiday sales tumbled. 

The retailer said that it expects an adjusted fourth-quarter loss of between $213 million and $316 million, or $2.01 to $2.98 a share. For the year, ears forecast an adjusted loss between $811 million and $914 million, or $7.64 to $8.61 a share.

Analysts surveyed by FactSet had expected a fourth-quarter profit of 38 cents a share.

The company said its Kmart and Sears  chains combined had a 7.4% decline in revenue from stores open at least a year for the nine weeks ended Jan. 6. 

6.-- Alcoa (AA), the aluminum maker, reported fourth-quarter net income of 4 cents a share, excluding special items, 2 cents short of analysts' forecasts.

Sales were $5.6 billion, higher than expectations of $5.34 billion. The increase in revenue came despite aluminum prices dropping 7% from last year.

7.-- Oil giant Chevron (CVX) said oil and gas production fell 4% in the first two months of the fourth quarter from last year because of planned maintenance and other downtime at facilities in the Gulf of Mexico, Australia and Angola.

Chevron said its fourth-quarter earnings would be similar to the third quarter as better refining results make up for lower oil and gas production. The company earned $4.95 billion, or $2.57 a share, on revenue of $56.6 billion in the third quarter.

Wall Street expects Chevron to post fourth-quarter earnings of $2.88 a share.

8.-- Teen retailer Abercrombie & Fitch (ANF) boosted its fiscal-year outlook on better-than-expected sales.

Abercrombie said it expects adjusted fiscal-year earnings of $1.55 to $1.65 a share; it previously expected profit of $1.40 to $1.50 a share. 

9.-- Worldwide PC shipments totaled 82.6 million units in the fourth quarter, a 6.9% decline from a year earlier, according to research firm Gartner. The fourth quarter was the seventh consecutive quarter that PC shipments have declined.

10.-- New Jersey Gov. Chris Christie apologized Thursday for George Washington Bridge lane closures that were ordered by close aides, who did so out of political revenge.

Christie is considered a front-runner for the Republican presidential nomination.

-- Written by Joseph Woelfel

To contact the writer of this article, click here:Joseph Woelfel

To submit a news tip, send an email

Follow @josephwoe58

Copyright 2014 Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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