NEW YORK (
) -- Here are the top stock market headlines for the morning of Monday, Jan. 25, 2010.
Monday's Early Headlines
- Bernanke Expected to Get Second Term -- Federal Reserve Chairman Ben Bernanke appears to have edged closer to a second term. Mitch McConnell, the top Republican in the Senate, told NBC's "Meet the Press," on Sunday he expects Bernanke to be confirmed, without disclosing how he would vote. A spokesman for Harry Reid, Senate majority leader, said the senator hopes for a vote to confirm Bernanke this week. Bernanke's term ends Jan. 31.
- Ferrero Won't Bid for Cadbury -- Italy's Ferrero confirmed Monday that it does not intend to make an offer for Cadbury (CBY) , removing the last hurdle for Kraft Foods (KFT) to acquire the U.K. confectionary maker. Last Tuesday, Kraft Foods agreed to buy Cadbury in a deal valued at about 11.9 billion pounds ($19.5 billion).
- Wal-Mart Cuts More Than 10,000 Jobs -- Wal-Mart (WMT) - Get Report said Sunday that its Sam's Club warehouse stores would eliminate about 11,200 jobs. The majority of the cuts -- affecting about 10,000 jobs, most of them part-time -- are related to a decision to outsource in-store product demonstrations at Sam's Club to Shopper Events, a third-party marketing company.
- Existing Home Sales Expected to Fall -- The National Association of Realtors is expected to say that existing home sales fell to 5.9 million in December from 6.54 million when it releases its report at 10 a.m. EST. The slide in sales is likely due to the extension of the government's homebuyers' tax credit. The deadline was pushed to April 30 from Nov. 30.
- Super Bowl Matchup Set for Feb. 7 -- The New Orleans Saints beat the Minnesota Vikings 31-28 in overtime Sunday, setting up a Super Bowl showdown with the Indianapolis Colts who beat the New York Jets 30-17 earlier in the day. Super Bowl XLIV will be played Feb. 7 at Sun Life Stadium in Miami.
Monday's Earnings Roundup
- LM Ericcson (ERIC) - Get Report said fourth-quarter earnings plummeted 82% to 700 million Swedish kronor ($96.8 million) as customers reduced spending. Sales in the quarter fell 13% to 58.3 billion kronor. Ericsson said fourth-quarter net income attributable to stockholders of the parent company fell 92% to 314 million kronor.
- Halliburton (HAL) - Get Report reported adjusted fourth-quarter earnings of 28 cents a share, a penny better than the Thomson Reuters average estimate. Revenue of $3.7 billion was down from $4.91 billion a year earlier but ahead of the consensus target of $3.63 billion.
- Eaton (ETN) - Get Report posted fourth-quarter earnings, excluding items, of $1.35 a share, well ahead of the $1.23-a-share target compiled by Thomson Reuters. Revenue was down 10.2% to $3.13 billion, also better than forecasts. Looking ahead, Eaton offered in-line guidance for the first quarter and better-than-expected earnings guidance for 2010.
- Apple (AAPL) - Get Report will report earnings after the closing bell Monday, with analysts expecting a profit of $2.07 a share, which would rise from year-ago earnings of $1.78 a share. Revenue should total $12.05 billion, according to Thomson Reuters.
- Amgen (AMGN) - Get Report will also post earnings late Monday. The company is expected to report a profit of $1.13 a share, up slightly from a year ago, on revenue of $3.85 billion.
- Texas Instruments (TXN) - Get Report should say late Monday that it earned 49 cents in the fourth quarter, more than doubling earnings in the year-ago quarter, on sales of $2.97 billion, according to Thomson Reuters.
-- Written by Robert Holmes in Boston
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