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Dow -44 S&P -4.8 NASDAQ -27

- Stocks opened on a positive note this morning helped by strength in the European bourses and a slight pullback in oil prices. The pullback in energy was short lived as crude has risen back above $142 following weekly DOE inventory data and a high ranking Pentagon official reiterated the US stance that Iran is still on the path to nuclear weapons. The ADP jobs report certainly has not helped the overall feel after showing the largest a loss of nearly 80K jobs with the service sector is showing its first decline since 2002. Healthcare stocks HUM+2.3%, CI+4% and WLP+4% were rising in the pre-market after UNH cut is guidance for the coming quarter and the full year, but were trading off their highs mid morning. UNH noted that it has been experiencing greater- than-expected pressure on premium yields due to an intensely competitive commercial business environment. BBI is up more than 10% this morning after withdrawing its $1B takover offer for CC-13.5%; Circuit City's CEO noted that the retailer is continuing to explore strategic alternatives. In other M&A news, the Wall Street Journal is reporting Microsoft is talking with other media companies, including News Corp and Time Warner, about forming a group to break up YHOO+7% for mutual benefit. Coal stocks BTU-6%, ACI-9% and MEE-10% are taking a hit after reports circulated that scheduled coal deliveries in Europe have fallen as much as 13%, marking the steepest one- day drop in three years. APOL+24% is helping education names CECO+3.5%, COCO+3.3% and DV+13% rise after beating earnings after the close yesterday. Discount chain FDO+12% is thriving in difficult times, guiding higher this morning for the coming quarter and the year. FDO's CEO sounded a cautionary note on the earnings conference call, noting that he expects the benefit stemming from stimulus checks to be brief and his concern regarding the economic pressures faced by customers in coming year.

The Market Center

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