Giddyup, today's festivities should be a rate-cuttin' hootenanny!

Following yesterday's ho-hum trading session in which many investors phoned it in, all eyes turn to Day 2 of the FOMC meeting in Washington. With consumer confidence levels going right

down the commode lately, Wall Street expects that Mr. Greenspan and his band of merry men will cut interest rates by 50 basis points in an attempt to alleviate the pain of an ailing economy.

As for earnings announcements, newly formed Internet and media titan

AOL-Time Warner

(AOL)

struts its stuff today. In addition to reporting its fiscal fourth-quarter numbers, the company plans to discuss its goals for 2001 including how the merger will help broaden its subscriber base and leverage its brand.

Shares of AOL-Time Warner traded down 1.25% to finish at $54.31 yesterday.

Today also promises to be a busy day for economic data as the

Chicago Purchasing Managers Index for January and the

gross domestic product report (of the advance variety) are set for release. The CPMI measures manufacturing activity, whereas the GDP gauges the market value of goods and services produced in the economy. Look for both indicators to have an impact on today's market.

All that should stir up some hootin' and hollerin' on the Street.

Expected Earnings Reports

This table includes S&P 500 companies only. Dates are as expected according to First Call/Thomson Financial, and may change. The full week's earnings calendar is published separately.

Economic Data

(

Forecasts are from

Reuters

. Times are Eastern. For a longer-term economic calendar and more, see

TSC's

Economic Databank.

)

  • 7 a.m.: Mortgage Applications Survey for the week ended Jan. 26. Refinancing Index: Source: Mortgage Bankers Association. Forecast: n.a.. Previous: 2123.3. Purchase index: Forecast: n.a. Previous: 332.6.
  • 8:30 a.m.: Gross domestic product for Q4-advance. Source: Commerce Department. Forecast: +1.9%. Previous: +2.2% (Q3). Implicit price deflator: Forecast: +2.0% Previous: +1.6% (Q3).
  • 9 a.m.: FOMC meeting. Source: Federal Reserve. The Fed's monetary policymaking committee concludes its first meeting of the year in Washington. Any change in monetary policy will be announced at around 2:15 p.m.
  • 10 a.m.: Chicago Purchasing Managers Index for January. National Association of Purchasing Management Chicago. Forecast: 43.2. Previous: 44.7.
  • 10 a.m.: New Home Sales for December. Source: Census Bureau. Forecast: 885,000. Previous: 909,000.
  • 6:30 p.m.: Consumer Comfort Index for the week ended Jan. 27. Source: ABC News and Money Magazine. Forecast: n.a.. Previous: 17.

IPO Lockups Expiring

(TheStreet.com's

Michael Falbo, who writes

TSC's

ipoPros.com subsidiary, keeps a close eye on lockup expirations every week. For more on lockup expirations and why they matter, check out Holmes' primer on the subject. The full current lockup expiration list is published separately. For information on IPO pricings, filings and aftermarket activity, plus a calendar of upcoming IPOs, check out

TheStreet.com's

IPO data section.

)