Overnight action was not as wild as some of the sessions we have experienced in the past many months but they continue to bounce around among support and resistance levels, which there are plenty of.

At this time the futures indicate a flat to soft upward opening. I am still watching 830 and 850 as resistance levels on the upside.

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Some notable reports pre market:

- Volume declined 17% y/y, and was down in all operating segments and in all geographic areas, reflecting the global economic downturn as well as the de-stocking that occurred through most value chains
- The Company reduced production to match market conditions. This resulted in historically low operating rates, particularly in December which was 44%.
- For the quarter, the operating rate was 64%, a rate not seen in more than 25 years

- Forcing merger under current circumstances may harm both Dow and Rohm and Hass; reiterates that it never said that merger would never be completed.

Archer-Daniels-Midland Company Reports Q2 $0.91v $0.68e, R $16.67B v $16.97Be

- Guides Q1 EPS -$0.12 to -$0.10 v -$0.06e
- Q4 Gross Margins: 29.7% v 24.1% y/y
- Q4 Shipped handsets: 19.2M v 25.4M q/q
- Q4 Mobile devices segment sales: 2.35B v $4.81B (-51% y/y)

Liz Claiborne Inc. Undertaking additional cost cutting initiatives, laying off 725 workers (4.5% of staff)

United Parcel Service Inc Exec: Board will evaluate dividend among other decisions at scheduled meeting next week

Pinball Wizard – Pre Market Futures is a post from: Rebel Traders - Stock Market and Economic Analysis

From the news wires:

[...]Motorola will further reduce its workforce in 2009 by approximately 4,000 positions. This reduction will include approximately 3,000 positions associated with the Mobile Devices business and approximately 1,000 positions associated with corporate functions and other business units. The workforce reductions announced today are expected to begin immediately and are incremental to the 3,000 workforce reduction actions previously announced during the fourth quarter of 2008.

Today’s workforce reductions, plus other incremental cost-reduction initiatives, including those announced on December 17, 2008, are expected to result in additional annual cost savings of approximately $700 million in 2009. The savings from these actions, together with the $800 million of savings from other actions announced during the fourth quarter of 2008 are expected to result in aggregate cost savings of $1.5 billion for the Company in 2009.

“The actions we are taking today in our Mobile Devices business will allow us to further reduce our cost structure and positions us for improved financial performance in 2009,” said Sanjay Jha, co-chief executive officer of Motorola. “Together with these actions and the announcements made in the fourth quarter, the Mobile Devices business expects to recognize annual cost savings of approximately $1.2 billion in 2009.”[...]

Motorola (MOT) Announces Job Cuts of 4,000 is a post from: Rebel Traders - Stock Market and Economic Analysis