The market is in a wait and see mode this morning as investors wait for Bernanke’s testimony on the Hill. Currently Dow futures are down 9 points to 12,644. Nasdaq 100 futures are following that lead, down 2.75 points to 2,485. S&P 500 futures are rounding out the decline, off 1.50 points to 1,318.25.

Bernanke’s testimony to the House Budget Committee is expected to be the highlight of the day. With the election cycle almost in full swing, it is almost guaranteed to contain a few fireworks. His comments on the economy will be carefully watched. Anything outside of his normally measured tone can move the market violently in either direction. So expect the market pundits to be parsing what exactly he means by ‘is’.

Jobless claims that just released were slightly better than expected. Weekly claims fell 12,000 to 367,000.

Earnings season continues to be in full swing. Dow Chemical (NYSE:DOW) reported a net loss and that sent shares tumbling in pre-market by nearly 4%.

Drug maker AstraZeneca PLC (NYSE:AZN) is off over 3% this morning after they announced a round of job cuts in order to trim costs. The company is expecting a dip in earnings this year due to patent expirations.

In Europe the markets gyrated between small gains and losses as investors still wait for a resolution to the Greece crisis. There is a possible big merger in the works that is helping boost the market. Xstrata PLC is in talks with Glencore International about a merger of equals.

In Span the government conducted a bond auction that saw yields fall as compared to previous auctions. A French bond auction was also successful, selling 7.96 billion in government bonds.

A bigger-than-expected rise in inventories is sending oil lower on the day. Nymex crude futures are currently down 66 cents to $96.95 per barrel.

Stocks to watch today include Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR), Zynga Inc. (NASDAQ:ZNGA), Qualcomm Inc. (NASDAQ:QCOM), Renren Inc. (NYSE:RENN), Viacom, Inc. (NASDAQ:VIAB), Electronic Arts Inc. (NASDAQ:EA) and AOL, Inc. (NYSE:AOL)

Green Mountain Coffee Roasters, Inc. (NASDAQ:GMCR) is up 21.57% in pre market trading at $65.26. GMCR shares are rallying big after the company announced fiscal first quarter results yesterday. Green Mountain had an adjusted EPS of $0.60 for its first quarter, way above analysts consensus of $0.36. Sales were at $1.16 billion, beating estimates of $1.06 billion. For its second quarter, Green Mountain is expecting adjusted profit of $0.60 to $0.65 per share, lower than analyst estimates of $0.73 a share. GMRC will likely trade above its average volume of 7.2 million shares today on this news. The company has a market cap of 8.29 billion.

Zynga Inc. (NASDAQ:ZNGA) is up 3.77% in pre market trading at $11.00. ZNGA has been trending higher this month as news of a Facebook IPO has sent companies related to the social media sector higher. ZNGA typically trades about 10 million shares a day on average and has a market cap of 7.41 billion.

Qualcomm Incorporated (NASDAQ:QCOM) is up 4.16% in pre market trading at $62.04. QCOM shares are rising this morning after the company’s first quarter net income beat expectations. Adjusted net income was $0.97 for the first quarter, higher than estimates of $0.90. Revenue for the quarter was $4.68 billion. The company forecasted revenue for the current quarter to be between $4.6 billion and $5 billion with adjusted net income between $0.91 and $0.97 per share. Analysts were expecting $0.89 per share with $4.49 billion in revenue. The company has a market cap of 100.12 billion.

Renren Inc. (NYSE:RENN) is up 3.79% in pre market trading at $5.20. RENN along with many companies dealing in the social media space have been rallying over the past week now has Facebook IPO fever has swept Wall Street. RENN shares have seen a pull back in the past two days after rallying more than 50% earlier in the week. The company has a market cap of 1.96 billion.

Viacom Inc. (NASDAQ:VIAB) is down 6.86% in pre market trading at $46.97. VIAB shares are down after the company announced first quarter results. Profit for the quarter fell to $212 million or $0.39 a share, down from $610 million, or $1.01 a share a year ago. Viacom did beat on adjusted profit with $1.06 for the quarter, beating estimates by $0.01. VIAB trades 4.4 million shares a day on average.

Electronic Arts Inc. (NASDAQ:EA) is up 5.75% in pre market trading at $19.50. EA shares are higher following yesterday’s earnings. Its third quarter earnings were strong thanks to its holiday game releases “Batlefield 3” and “Star Wars: The Old Republic.” EA said it sold 2 million units of Star Wars and has 1.7 million daily active subscribers. The company has a market cap of 6.11 billion.

AOL Inc. (NYSE:AOL) is trading down 2.70% in pre market trading at $17.28. AOL released its fourth quarter earnings late yesterday. While its net income fell 66%, the results still beat estimates. Total revenue for the quarter came in at $576.8 million while net income was $22.8 million. AOL trades 1.5 million shares a day on average and has a market cap of 1.73 billion.