Morning Coffee - Pre-Market Wall Street News

Apple’s Tablet Nears.  Apple's (AAPL) much-rumored tablet device, should be unveiled later this month and will ship sometime in March. Sources claim that the device will have a 10- or 11-inch touchscreen with a built-in projector and a price tag of around $1,000.  In either case, many are expecting the device to be a game-changer that could eat into the marketshare of both existing tablet computers from companies like Hewlett-Packard (HPQ) and Toshiba (TOSBF) and e-book readers from Amazon (AMZN), Barnes & Noble (BKS) and Sony (SNE). Additionally, Apple is expected to announce as soon as today that it will spend $275M to acquire Quattro Wireless, a start-up aimed at smartphone advertising.

Bankruptcies Are On The Rise.  Personal bankruptcies rose by nearly a third in 2009, reaching 1.41 million filings as Americans struggled with foreclosures and unemployment.  Industry players are divided as to whether 2009 represented a peak or whether bankruptcies will continue apace into 2010.

IRS Will Oversee Tax Preparers.  The IRS has announced that it has decided to regulate the tax preparation industry for the first time.  The IRS will require both independent preparers and individuals at firms like Jackson Hewitt (JTX) and H&R Block (HRB) to register, pay fees, pass a competency test and attend annual training sessions. The changes, which won't be in effect this year, are designed to minimize fraud and errors among the over one million paid tax preparers.

Economic reports to be released today are Factory Orders and Pending Home Sales.  Additionally, the Auto and Truck Sales numbers will be released.

Mosaic (MOS) is scheduled to release earnings; estimates are $0.35 per share.

• Futures: Dow +0.1%. S&P +0.1%. Nasdaq flat. Crude +0.1% to $81.56. Gold +0.2% to $1120.

• In Asia, Nikkei +0.25% to 10,682. Hang Seng +2.1% to 22,280. BSE+0.7% to 17,686. Shanghai closed.

• In Europe at midday, London +0.5%. Paris +0.05%. Frankfurt -0.1%.