The futures spiked down after the PPI numbers, (showing inflation is alive and well), but have recovered somewhat.
JAN PRODUCER PRICE INDEX M/M: 1.0% V 0.4%E; PPI EX FOOD and ENERGY M/M: 0.4% V 0.2%E
- PPI YoY: 7.4% v 7.3%e (Largest yearly rise since October 1981)
- PPI Ex Food_Energy YoY: 2.3% v 2.2%e
Bloomberg is reporting that: Goldman Sachs and Lehman’s have troubles ahead in the credit crisis; Home foreclosures jump 90% as mortgages reset.
Home prices continue their deterioration: DEC S&P CASE-SHILLER COMPOSITE: -20 Y/Y; -9.1% V -9.7%E; HOME PRICE INDEX: 184.9 V 188.9 PRIOR
- Q4 S&P Case-Shiller US HPI 170.6 v 180.3 prior, YoY: -8.9% v -4.5%
Home Depot (HD) and Office Depot (ODP) reported crummy earnings.
HD: Q4 $0.40 V $0.43E, R $17.7B V $18.02BE
- Guides FY08 EPS down 19-24%; R down 4-5%, SSS down in the "mid to high single digit range."
ODP: Q4 $0.10 V $0.17E; R $3.87B V $3.83BE
- Reports Q4 SSS -7%
