Futures Higher; Intel Makes Acquisition to Boost Mobile Business

The futures markets are pointing to a higher open this Monday. Crude is at 48 dollars a barrel on news of strikes at U.S. refineries. We also got more evidence of a slowdown in China's economy when we got manufacturing data out of that country. Workers represented by the United Steelworkers union at U.S. refineries that produce nearly 10% of the nation's gasoline, diesel and other fuels went on strike Sunday after contract negotiations broke down over salaries and safety concerns. We will watch some of the major refiners today. Any cut in refining capacity could affect consumption and allow supplies to pile up even more. Exxon Mobil is set to turn in fourth quarter results today of an estimated $1.34 a share. Anadarko Petroleum is also expected to report fourth-quarter earnings of 86 cents a share. Intel has been trying to gain ground in the mobile market, and losing a lot of money. But management says it will reduce the red ink this year and next. To that end, the chipmaker has agreed to buy Lantiq, a maker of communications chips from Golden Gate Capital. Lantiq, based in Germany, makes chips and software used for broadband communications in lets say for example your Sprint smartphone.