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EQUITY LETTER

FRIDAY  JANUARY 16 2009

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BLK: CVX HPQ PFE     IP

Economic
08:30 CPI (Dec.): -1.0% cons.
08:30 Core CPI (Dec.): 0.1% cons.
09:15 Capacity Utilization (Dec.): 74.7% cons.
09:15 Industrial Production (Dec.): -0.8% cons.
09:55 Michigan Sentiment (Jan.): 60.0 cons

TOP FINANCIAL NEWS

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After Hours Summary

 INTC +3.8% on earnings/guidance; BAC +4.6% (Co moves Q4 earnings conf call to tomorrow morning; CNBC reports govt deal with BAC could be announced as early as this evening)

Companies trading higher in after hours in reaction to earnings
 INTC +3.8%... 
Companies trading higher in after hours in reaction to news
: BAC +4.6% (Bank of America moves Q4 and full-year 2008 earnings conf call to tomorrow morning at 7 AM EST; CNBC reports the govt deal to guarantee BAC assets could be announced as early as this evening); LCC +3.3% (Co confirms that flight 1549 has been involved in an accident; FAA saying everyone on plane survived - CNBC); PBCT +2.0% (Moody's changes outlook on People's Utd. to stable (A3 issuer))...  Companies trading lower in after hours in reaction to news: RHT -2.6% (completes repurchase of convertible debentures); PPG -1.9% (awarded a contract by Cessna Aircraft to develop and produce all-glass heated cockpit windows; terms were not disclosed); GM -1.8% ($8.5-9 bln improvement in EBIT required in '09-'10 to breakeven -- DJ).

Earnings 

Before: ACO, FHN, JCI, LAB, PPG, SNE

After:

Events

Bond Markets Close Early for Martin Luther King, Jr. Day (14:00)

TWX Special Shareholders Meeting

Fed: Fed's Lacker

 

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2008 U.S. Economic Events & Analysis
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Dennis Lockhart Speaks
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Redbook
[Bullet
8:55 AM ET

 

 

 

Jeffrey Lacker Speaks
5:00 PM ET


 


 

 
Retail Sales
[Report][Star]
8:30 AM ET

 

Charles Plosser Speaks
8:30 AM ET


 

 

Gary Stern Speaks
1:00 PM ET


 
Beige Book
[Bullet
2:00 PM ET
 

Weekly Bill Settlement

 

 

 

 
Jobless Claims
[Report][djStar]
8:30 AM ET

 
RBC CASH Index
[Bullet
9:00 AM ET

 

 

 

 

Dennis Lockhart Speaks
1:40 PM ET


 
Money Supply
[Bullet
4:30 PM ET
 

 

 

 

 

Jeffrey Lacker Speaks
12:15 PM ET



SIFMA Rec. Early Close 2:00 ET
 

Equity Settlement
1-15-09
Equity Settlement
1-16-09
Equity Settlement
1-20-09
Equity Settlement
1-21-09
Equity Settlement
1-22-09

 

the market

MARKET UPDATES

Advanced Sectors Sectoring by Industry Group

BUSINESS WEEK MARKET ANALYSIS

 By Paul Cherney

 Economic Indicators

Top Ten Online Business Newspapers

     1. The New York Times
     2. USA Today (money)
     3. The Washington Post (business)
     4. Los Angels Times (business)
     5The Boston Globe (business)
     6Financial Times
     7Houston Chronicle (business)
     8The Seattle Times (business)
     9Chicago Tribune (business)
   10San Francisco Chronicle (business)