By Polya Lesova, MarketWatch 

LONDON (MarketWatch) — U.S. stock futures edged higher on Friday ahead of jobs data that will provide more clues about the strength of the economic recovery. 

Futures on the Dow Jones Industrial Average DJ2H +0.17%  gained 24 points to 12,690 and those on the Standard & Poor’s 500 stock index SP2H +0.19%  climbed 2.90 points to 1,325.6. 

Nasdaq 100 futures ND2H +0.35%  rose 8 points to 2,499.5. 

 

Asia's Week Ahead: China Inflation Data Feb. 3, 2012 Investors look to China for a possible easing in the country's inflation numbers. Plus, corporate earnings are expected from Japan's auto giants. Marketwatch reporter Sarah Turner discusses the week ahead in Asia. 

The main event on Friday is the Labor Department’s jobs report due at 8:30 a.m. Eastern time. Economists polled by MarketWatch expect that the U.S. economy added 121,000 jobs in January and the unemployment rate remained at 8.5%. Data for January, however, tend to be distorted by unusual factors. 

“Having been the main disappointment for most of the U.S. recovery, the U.S. jobs numbers have mostly surprised to the upside in recent months, with five of the past six releases coming out stronger than expected on the headline number,” said strategists at FxPro. That has “helped to underpin some of the recent optimism regarding the U.S. economy,” they said. 

At 10 a.m. Eastern, the Institute for Supply Management will release its non-manufacturing report on business for January. 

On the corporate front, several companies will report earnings, including beauty-product firm Estée 

Lauder Cos. EL -0.38%  and cleaning-products company Clorox Co. CLX +0.01% . 

European stocks edged higher on Friday, with the Stoxx 600 index XX:SXXP +0.44%  up 0.5% to 261.35 in morning trade. Investors are keeping an eye on Greece, where talks between the government and private-sector creditors on a debt-restructuring deal are reportedly expected to resume this weekend.

In the currency markets, the euro EURUSD +0.16%  rose 0.4% against the dollar to $1.3177. The dollar index DXY -0.14% , which tracks the performance of the greenback against a basket of other major currencies, slipped to 78.822 from 79.010 in late North American trade Thursday. 

Crude oil for March delivery CL2H +0.46%  gained 66 cents to $97.02 a barrel in electronic trading on Globex. April gold futures edged higher to $1,761 an ounce. 

The blue-chip Dow index DJIA -0.09%  slipped 0.1% on Thursday, while the S&P 500 index SPX +0.11%  gained 0.1%. Federal Reserve Chairman Ben Bernanke told the House Budget Committee on Thursday that the U.S. economy is improving, but the outlook remains uncertain. 

Polya Lesova is chief of MarketWatch’s London bureau.

Commentary Feb. 3, 2012

Stocks To Take Cues From Jobs Report At Open - U.S. Commentary

Investors are focused on better-than-expected employment data headed into the start of trading on Friday. The latest figures showed the best payroll expansion in 9 months, and the unemployment rate unexpectedly declined to its lowest level in almost 3 years. The U.S. economy added 243,000 jobs in January, according to new statistics released by the Department of Labor on Friday. Economists had expected an increase of 135,000. The advance in January was the largest gain since April of 2011. Estee Lauder reported earnings that rose 10 percent from last year, excluding the impact from restructuring activities. Revenue at the cosmetics giant were up 10 percent. Tyson Foods saw its quarterly profit decline, hurt by what the company describes as a "rough patch" for its beef segment. Higher ingredient costs also cut into the firm's bottom line. Wynn Resorts reported a higher fourth-quarter profit. The casino operator attributed the better-than-expected bottom line to improved results in both Macau and Las Vegas. However, revenues fell short of expectations. Panasonic said it now expects a loss for the year of more than $10 billion - nearly double its earlier loss forecast. The company cited sales declines in its digital products, global economic slowdown, the European debt crisis and Thailand flooding. The Senate has passed a new insider-trading bill. The measure bans members of Congress from trading on information they learn as part of their jobs as law makers. The legislation passed the Senate by a vote of 96 to 3. There was a mixed performance in Asia. Japan's market finished lower by 0.5 percent. However, China, Hong Kong and Taiwan all ended the day higher. In Europe, stocks are little changed, though the U.K. is posting a modest gain. France and Germany are basically flat. The U.K. is up 0.4 percent. (Feb 3, 2012) Full Article

Economic News

China Non-Manufacturing Growth Slows In January

Growth in China's non-manufacturing sector eased notably in January due to significant decline in construction activities during the New Year holidays, the latest survey by the China Federation of Logistics and Purchasing (CFLP) revealed Friday. (Feb 3, 2012) Full Article

U.K. Service Sector Expands Most Since March 2011

The U.K. service sector expanded at the strongest pace in ten months in January, reviving hopes that the economy could avoid a recession and rebound in the first quarter of this year. (Feb 3, 2012) Full Article

Eurozone December Retail Sales Drop Unexpectedly

Eurozone retail sales declined unexpectedly in December as consumers were reluctant to spend even during the Christmas season, official data revealed Friday. (Feb 3, 2012) Full Article

Payrolls Rise By 243,000 In January

Payrolls expanded by much more than economists had predicted in January, while the unemployment rate declined. The U.S. economy added 243,000 jobs in January, according to statistics released by the Department of Labor on Friday. Economists had expected an increase of 135,000 (Feb 3, 2012) Full Article

Earnings News

Take-Two Interactive Q3 Profit Slumps

Take-Two Interactive Software Inc. (TTWO) posted Thursday a decline in third-quarter profit as a result of higher cost of goods sold and also lower revenues. Adjusted earnings, however, topped the Street view, while revenues fell short. The company also issued its fourth-quarter financial outlook, with per-share loss and revenues below analysts' consensus. (Feb 3, 2012) Full Article

Wynn Resorts Q4 Profit Jumps

Wynn Resorts Ltd. (WYNN) Thursday posted a jump in fourth-quarter profit thanks to a tax benefit and also higher revenues, mainly at its Macau and Las Vegas operations. Adjusted earnings beat analysts' estimates, while revenues missed. (Feb 3, 2012) Full Article

Fiserv Q4 Profit Rises

Fiserv Inc. (FISV) announced Thursday a rise in fourth-quarter profit from the prior-year, when results were hit by a debt extinguishment loss. Adjusted earnings were on par with Street expectations. The company also guided on 2012 adjusted earnings. (Feb 3, 2012) Full Article

Principal Financial Group Q4 Profit Drops

Principal Financial Group Inc. (PFG) Thursday reported a lower fourth-quarter profit on the back of wider capital losses and narrower margins. Operating earnings, however, edged up year-over-year and topped the market view. (Feb 3, 2012) Full Article

Gilead Sciences Posts Higher Q4 Profit

Gilead Sciences Inc. (GILD) Thursday said fourth-quarter profit increased, benefiting from sharply lower one-time charges. Adjusted earnings dropped from the prior-year, and missed market estimates, while revenues surpassed. (Feb 3, 2012) Full Article

Edwards Lifesciences Q4 Profit Dips

Edwards Lifesciences Corp. (EW) said Thursday fourth-quarter profit fell marginally on the impact of higher special charges. Adjusted earnings and revenues both exceeded Street expectations. The company also guided on first-quarter earnings and revenues, and reiterated its 2012 adjusted earnings view. (Feb 3, 2012) Full Article

BT Group Q3 Profit Up

BT Group plc (BT, BT_A.L) Friday announced a jump in third-quarter profit, largely thanks to wider margins compensating for a drop in revenues. (Feb 3, 2012) Full Article

Panasonic Sinks to Q3 Loss; Sees Sharply Wider FY12 Loss

Panasonic Corp. (PC) reported Friday a third-quarter loss, reversing from a prior-year profit on the impact of a hefty impairment on fixed assets and also lower revenues. The company also widened its fiscal 2012 loss forecast, with unstable markets and supply chain disruptions due to the Thai floods expected to “significantly” pull down digital products' sales. (Feb 3, 2012) Full Article

Estée Lauder Q2 Profit Climbs; Lifts FY12 Adj. EPS Outlook

The Estée Lauder Companies Inc. (EL) Friday posted a higher second-quarter profit reflecting greater one-time charges, and also a rise in revenues led by the Skin Care and Makeup segments. Adjusted earnings were on par with the Street view, while revenues disappointed. The company also upped its fiscal 2012 earnings and adjusted earnings guidance. (Feb 3, 2012) Full Article

Walgreens January Comps Drop 4.6%

Walgeen Co. (WAG) Friday reported a 4.6 percent decline in January comparable sales, partly due to the company no longer being part of the Express Scripts network. Total sales for the month fell 2.3 percent. (Feb 3, 2012) Full Article

Domtar Q4 Profit Plummets

Domtar Corp. (UFS, UFS.TO) said Friday fourth-quarter profit plunged from the past year, when results benefited from a large tax benefit. Adjusted earnings, however, increased and topped market estimates, while revenues fell short. (Feb 3, 2012) Full Article

Broker Ratings Changes

Janney Montgomery Scott Upgrades Urban Outfitters Inc. (URBN) To Buy From Neutral With $31 Price Target

(Feb 3, 2012) 

Robert W. Baird Raises Tetra Tech Inc (TTEK) To Outperform From Neutral With $30 up from $26 Price Target

(Feb 3, 2012) 

Robert W. Baird Ups Peet`s Coffee & Tea Inc (PEET) To Outperform From Neutral With $76 up from $61 Price Target

(Feb 3, 2012)

Todays WS Events

Aon Q4 & FY 11 Earnings Conference Call At 8:30 AM ET

Aon Corp. (AON) will host a conference call at 8:30 AM ET on February 3, 2012 to discuss its Q4 & FY 11 earnings results. To access the live webcast, log on at www.aon.com (Feb 3, 2012)

Clorox Q2 12 Earnings Conference Call At 1:30 PM ET

Clorox Co. (CLX) will host a conference call at 1:30 PM ET on February 3, 2012, to discuss Q2 12 earnings results. To access the live webcast log on to http://investors.thecloroxcompany.com/events.cfm (Feb 3, 2012) 

Estee Lauder Q2 12 Earnings Conference Call At 9:30 AM ET

The Estée Lauder Companies Inc. (EL) will host a conference call at 9:30 AM ET on February 3, 2012, to discuss its Q2 12 earnings results. To access the live webcast, log on at http://investors.elcompanies.com (Feb 3, 2012) 

Genworth Financial Q4 11 Earnings Conference Call At 9:00 AM ET

Genworth Financial Inc. (GNW) will host a conference call at 9:00 AM ET on February 3, 2012 to discuss its Q4 11 earnings results. To access the live webcast, log on at http://investor.genworth.com To hear the live call, dial 866 393.0571 (US) or 206 453.2872 (International). A replay of the call can be heard by dialing 855 859.2056 (US) or 404 537.3406 (International) with ID # 34250287. (Feb 3, 2012)

Principal Financial Group Q4 11 Earnings Conference Call At 10:00 AM ET

Principal Financial Group Inc. (PFG) will host a conference call at 10:00 AM ET on February 3, 2012 to discuss its Q4 11 earnings results. To access the live webcast, log on at www.principal.com/investor To hear the live call, dial 800-374-1609 (US) or 706-643-7701 (International) with Access Code is 39011663. A replay of the call can be heard by dialing 855-859-2056 (US) or 404-537-3406 (International) with Access code 39011663. (Feb 3, 2012)

Simon Property Group Q4 11 Earnings Conference Call At 11:00 AM ET

Simon Property Group Inc. (SPG) will host a conference call at 11:00 AM ET on February 3, 2012 to discuss its Q4 11 earnings results. To access the live webcast, log on at www.simon.com A replay of the call can be heard by dialing 1-888-286-8010 with passcode 83128847. (Feb 3, 2012) 

Tyson Foods Q1 12 Earnings Conference Call At 9:00 AM ET

Tyson Foods Inc. (TSN) will host a conference call at 9:00 AM ET on February 3 , 2012, to discuss Q1 12 earnings results. To access the live webcast log on to http://ir.tyson.com To listen to the call, dial 888-455-8283 (US) or 1-210-839-8865 (International) with Pass Code: Tyson Foods. For a replay call, dial 800-873-2012. (Feb 3, 2012) 

Weyerhaeuser Q4 11 Earnings Conference Call At 10:00 AM ET

Weyerhaeuser Co. (WY) will host a conference call at 10:00 AM ET on February 3, 2012, to discuss Q4 11 earnings results. To access the live webcast log on to http://investor.weyerhaeuser.com To listen to the call, dial 877-296-9413 (US) or 706-679-2458 (International) with access code - 41397589. For a replay call, dial (800) 585-8367 (US) or 404-537-3406 (International) with access code - 41397589. (Feb 3, 2012) 

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