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Friday, September 16, 2011

CNBC.com - Friday Morning Brief, September 16, 2011

U.S. stocks are coming off their first four-day win streak since the end of August - and trying for the first five-day streak since the beginning of July.

Futures, however, are pointing in a different direction, at least for now, and investors also have the potential volatility of quadruple witching Friday.

That simultaneous expiration of various options and futures contracts happens on the third Friday of the third month of every quarter.

After an extremely busy day for economic reports on Thursday, just one of note today: the University of Michigan issues its preliminary consumer sentiment index for September, expected to come in at 57.0, up from the final August reading of 55.7.
The earnings calendar is virtually empty today, though we're only a few weeks away from third quarter earnings season.

Texas Instruments (TXN) is a stock to watch today, as the chipmaker announces a 31% increase in its quarterly dividend.

Research in Motion (RIMM) was the lone company of note to release earnings after the bell Thursday, with its quarterly numbers falling short of estimates.

Goldman Sachs (GS) will be shutting down its $1.6 billion Global Alpha fund following hefty losses this year.

Gannett (GCI) also makes our watch list, following news that chairman and CEO Craig Dubow will take a medical leave of absence for the second time in three years.
Investors are again watching developments out of Europe regarding the debt crisis, and specifically Poland today, where Treasury Secretary Tim Geithner is meeting with Euro zone finance ministers.

The euro is slipping this morning on profit taking, after getting a spark on news of new central bank liquidity measures on Thursday.

Analysts are expecting UBS (UBS) to cut back on its investment banking business, following news of a $2 billion rogue trading loss.

Separately, the Wall Street Journal reports that it was risk control officers at UBS who discovered the unauthorized trades allegedly made by employee Kweku Adoboli.

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