MIDDAY LUNCH

Dow 10704.50  +23.73, Nasdaq 2314.80  +6.90, S&P 1147.02  +1.34 

The markets are currently trading higher but on little conviction. 

Intel (INTC) 21.33, +0.37, is scheduled to report its quarterly results after the closing bell, has led the tech sector to a +0.6% gain.  Although, the Philadelphia Semiconductor Index (SOX) 356.21, -2.88 is off -0.8%.

The Treasury will auction 30-year Bonds today. Many are curious if demand will be as strong as it was for yesterday’s 10-year Notes auction.

Initial jobless claims for the week ended January 9 came in higher than expected with a  week-over-week increase of 11,000, but continuing claims retreated more than expected. The street was expecting an increase of only 3,000.

After 13 consecutive months of contraction, business inventories expanded by a revised +0.4% in October. The expansion continued into November as inventories rose another + 0.4% for the month.  The growth was slightly above the consensus estimate of a +0.3% increase.

Retail sales came in well below expectations, declining -0.3% in December after strong upwardly revised +1.8% growth in November.  The consensus expected retail sales to increase +0.5%.

Upgrades & Downgrades

Google (GOOG) 591.06 +3.97, Barclays Capital reiterated their Overweight rating and changed their price target from 620.00 to 675.00.

Ford Motor (F) 11.68 0.00, Argus reiterated their Buy rating and changed their price target from 10.00 to 15.00.