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The 2012 rally has lost some steam.  However, we have yet to see a major sell off.First, the scoreboard:

Dow: 12,708.8, -11.7, -0.1%
S&P 500: 1,316.0, +0.6, +0.1%
NASDAQ: 2,784.2, -2.5, -0.1%

And now, the top stories:

  • Greek lawmakers and private debt holders are still in talks regarding the details of their big debt swap.  In a note this morning, credit rating agency Moody’s warned of the “increased probability and severity of a disorderly default”, which also would “increase the likelihood of Greece exiting the euro area.” However, markets, including the Greek stock market, weren’t fazed.  The euro rallied back above $1.30.
  • It was a relatively quiet day for news in the U.S. with no notable economic data being released. 
  • Natural gas prices spiked today, only after hitting a 10-year low.  NatGas giant Chesapeake Energy announced it would slash its average daily production by 0.5 billion cubic feet per day. Big winners in the sector included Southwestern Energy, which was the best-performing stock in the S&P 500.  In related news, the Energy Information Association (EIA) said shale gas would account for 49% of natural gas production by 2035.
  • One energy company that didn’t benefit from the natgas sector rally was Halliburton.  This morning, the company announced Q4 EPS of $1.00, which came right in line with expectations. However, management noted that delays in Iraq and an unfavorable North African pricing environment put pressure on margins.  Here Are The 20 Most Valuable Energy Companies In The World >
  • Sunday night, Research In Motion announced that its two co-CEOs Jim Balsille and Mike Lazaridis would step down and be replaced by COO Thorsten Heins.  This as the BlackBerry maker struggles to compete with iPhone and Android-powered smartphones.  Investors, however, didn’t seem too crazy about the move.  The stock tanked today.
  • Bank of America reportedly could generate up to $3 billion in annual savings in its cost-cutting plan.  The stock rallied today.
  • Chip giant Texas Instruments and railroader CSX announce quarterly earnings after the bell.  Follow their announcements on Money Game.
  • Don’t Miss: 9 Charts Showing Just How Bad This Recovery Has Been >