Peter Schacknow, Senior Producer, CNBC Breaking News DeskA back-and-forth week comes to a close on Wall Street today, with the Dow, the S&P 500, and the Nasdaq Composite trying for their first concurrent four week winning streak since December 2010.
The major averages are still modestly positive for the week, though they fell Thursday with the Dow failing to achieve a 3-1/2 year closing high after rising early in the session.
Investors are also watching news out of Europe, largely from a panel discussion with EU finance ministers moderated by CNBC’s Maria Bartiromo.
Among the highlights: EU Commissioner Olli Rehn saying that a deal to restructure Greek private debt will be closed either today or perhaps over the weekend.
The first look at 4th quarter GDP highlights today’s economic releases. That number is out at 8:30am ET, and is expected to show an annual growth rate of 3.0 percent following the third quarter’s 1.8 Ppercent advance.
At 9:55am ET, the University of Michigan’s final January consumer sentiment index is seen coming in at 74.5, higher than the preliminary January reading of 74 and December’s 69.9.
Dow components Chevron (CVX) and Procter & Gamble (PG) lead this morning’s corporate earnings reports, with former Dow components Honeywell (HON) and Altria (MO) also out.
Other reports will come from automaker Ford (F), Newell Rubbermaid (NWL), homebuilder D.R. Horton (DHI), Legg Mason (LM), and T.Rowe Price (TROW).
There are no reports of note scheduled for after the closing bell, as is usually the case on Fridays.
Amgen (AMGN) is among our stocks to watch this morning, with the world’s biggest biotech company falling a penny short with its fourth quarter profit of $1.21 per share, but giving a fairly solid outlook.
Starbucks (SBUX) earned 50 cents per share for its fiscal first quarter, one cent above estimates, with revenues above consensus as well. The company also raised the low end of its full year profit forecast.
Transocean (RIG) saw a 6 percent jump after-hours, as a federal judge ruled that the company won’t have to pay third-party compensatory damages related to the Gulf oil spill, but may still be liable for punitive damages.
Juniper Networks (JNPR) took a 7 percent hit after-hours, after giving a first quarter earnings outlook short of Wall Street estimates.
Seagate Technology (STX) has added $1 billion to its stock buyback plan, as well as boosting its quarterly dividend by 39 percent.
Ryland (RYL) reported a modest fourth quarter profit, with the homebuilder’s new orders rising by 24 percent and the stock closing at a 52-week high on Thursday.
Riverbed Technologies (RVBD) did beat estimates with its fourth quarter profits, but the maker of networking gear gave a first quarter outlook well below consensus.
Also beating for the fourth quarter, but disappointing for the first quarter: Freescale Semiconductor (FSL), which cites a shrinkage in gross margins for the weaker-than-expected outlook.
The story is just the opposite for Eastman Chemical (EMN), which saw fourth quarter earnings well below estimates, but gave a first quarter outlook that exceeded Street forecasts
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