Good morning. Here’s what you need to know:
- Asian stocks were lower in overnight trading, with the Nikkei down 1.56%. Major European indices are higher this morning, and U.S. futures suggest a positive open. Now, here are the 10 unusual stocks to watch this morning >
- Bank of America earnings came in below expectations at $.04 compared to an expected $.14. This was partially the result of the company’s one off charge for its GSE settlement. Here are the details on Bank of America’s mortgage bond exposure >
- Japan has raised its economic outlook for the first time since May of 2010, based on improving demand conditions from its key export markets in the U.S. and China. It is the first positive outlook on production for Japan since June of 2009. Check out why Citi think no sovereign is absolutely safe >
- Both Rio Tinto and Aquila Resources have restarted portions of the mining operations in the flooded region of Queensland in Australia. Floods in December and January had closed 85% of the region’s coal mines. This is what those massive floods look like >
- The manager of the European Financial Stability Facility has denied Greece will need to have its debt restructured and claimed, “markets are overestimating the risk.” European sovereign bond yields are tightening on the news. Not convinced? Check out the 19 countries most likely to default >
- Spain now plans to force its non-listed local banks to go public in an attempt to help them raise capital. Spain’s government then intends to invest in those public offerings. Here’s why Spain is the #1 crisis to fear in Europe >
- GE beat earnings expectations, notching EPS of $.36 over the expected $.32. GE Capital surged back, performing well in Q4 2010.
- Google beat Q4 earnings expectations, but the big story was a management change with Larry Page becoming CEO. Former CEO Eric Schmidt is to become executive chairman. Click here for the 12 companies most likely to beat expectations >
- HP has revamped their board, bringing in ex-eBay CEO Meg Whitman and Patricia Russo, formerly of Alcatel-Lucent. It continues the company’s management shakeup.
- President Obama has named Jeffrey Immelt of GE the new head of his recovery panel. Immelt will replace Paul Volcker, another move in what’s considered Obama’s move to the centre.
- Bonus: Cameron Diaz says she bought weed from Snoop Dogg while in high school, according to Us Weekly.