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News That Moved the Market

IBM Comes Through. International Business Machines (IBM, +5.4%) preliminary fourth-quarter results topped expectations and provided some much needed upbeat news to the markets. IBM said earnings increased 24%, while revenue jumped 10% from last year. Off the news, large-cap tech names like Google (GOOG, +2.4%) and Microsoft (MSFT, 1.4%) also traded higher. IBM will release a full earnings report on January 17th.

SAP Sees Strong Results Too. German business software provider SAP (SAP, +4.2%) said it sees fourth-quarter revenue to come in around $4.9 billion, beating analysts' estimates of $4.7 billion. The strong performance "resulted from a well-balanced contribution from all regions and solid performances from SAP's traditional as well as its focus industries," a statement from SAP read.

Sears Holding Warns. Sears Holdings (SHLD,-5.0%) announced that earnings may fall as much as 51% from last year. Sluggish sales at Sears and Kmart were to blame. The company now sees fourth-quarter earnings coming in between $2.59 - $3.48/share, while analysts were expecting $4.43/share.

Crude Oil Jumps. Crude increased $1.51 to $94.92 as the dollar hit an all-time low against the euro and disruptions in Nigeria was reported. It was crude's first increase in four sessions.

Vytorin Fails. Shares of both Merck (MRK, -1.3%) and Schering-Plough (SGP, -7.9%) slid after a study on the companies' cholesterol-lowering drug Vytorin yielded disappointing results.

Genentech Reports. Genentech (DNA, -1.2% day; -1.7% A.H.) extended losses in after hours trading following the company's earnings release. The company beat analysts' estimates for net income and revenue, but fell on disappointing sales of some individual drugs.

Citi Set to Report Earnings Tuesday. Citigroup (C, +1.8%) advanced as investors expect the company to announce a hefty writedown and convince experts the worst is behind the company. CNBC reported the company is looking at reducing head count by as much as 20,000 and is looking for an additional $15 billion in foreign investment. Citi's board reportedly met Monday as well to discuss slashing the company's dividend.

Tomorrow


Citigroup (NYSE:C) Earnings
USB Bancorp (NYSE:USB) Earnings
Intel Corp. (NASDAQ:INTC) Earnings
8:30 AM:Producer Price Index
8:30 AM: Retail Sales
8:30 AM:Empire State Mfg Survey
10:00 AM: Business Inventories

Source: News That Moved Monday's Market