US stock futures are giving up ground this morning as investors await the release of the Beige Book report on the US economy. Dow futures are down 51 points to 12,339. Nasdaq 100 futures are following the negative pace, off 6.75 points to 2,356.75. The S&P 500 futures are down 5.50 points to 1,281.60. Sign Up For Our Free Weekly Newsletter

Market strategist say that market activity over the next few days may remain subdued as all eyes again turn towards Europe. Most will wait to see how a meeting by the ECB on Thursday turns out. The consensus expectations is for the ECB to hold its rates unchanged.

A Barclays analyst says the European issue gives rise to the fear that the market is still on an unstable base and that any negative news out of Europe could give way to a sharp pullback.

Earnings season is in full force this morning with results expected from home builder Lennar Corp. and grocer Supervalu Inc.

The abrupt resignation late Tuesday of Urban Outfitters CEO has sent shares tumbling in pre-market trading. Glen Senk has been replaced by the company chairman, Richard Hayne.

The majority of Asian markets ended in positive territory overnight. They were helped by the global equities rally yesterday and strong performances by their financial sectors. In Europe, downbeat comments surrounding the sovereign debt crisis led to a sharp sell-off in crude oil which pulled down energy stocks. This in turn accelerated the sell-off and Europe remains mired in the red.

Commodities trading in the states has Nymex crude oil futures falling slightly, down 37 cents to $101.87 a barrel.

Stocks to watch this morning include Bank of America Corp. (NYSE:BAC), Sirius XM Radio Inc. (NASDAQ:SIRI), Dell Inc. (NASDAQ:DELL), Nokia Corporation (NYSE:NOK), Apple Inc. (NASDAQ:AAPL), Crocs, Inc. (NASDAQ:CROX) and Urban Outfitters, Inc. (NASDAQ:URBN).

Bank of America Corp. (NYSE:BAC) is down 0.90% in pre market trading at $6.63. BAC closed yesterday up another 5% as the rally continues for BAC stock. Since around the middle of last month, BAC shares have jumped more than $1.50 a share. The company has a market cap of 67.20 billion.

Sirius XM Radio Inc. (NASDAQ:SIRI) is down 0.49% in pre market trading at $2.05. SIRI trades 42.54 million shares every day on average. SIRI stock is up about $0.20 since last Wedensday after the company announced a big increase in subscribers in 2011. The company has a market cap of 7.69 billion.

Dell Inc. (NASDAQ:DELL) is down 1.14% in pre market at $15.64. DELL trades just over 16 million shares a day on average. DELL has started the new year off good with gains of over $1 a share. According to Reuters, Dell is geraing up for a late 2012 consumer tablet launch. The company has a market cap of 28.42 billion.

Nokia Corporation (NYSE:NOK) is down 0.37% in pre market trading at $5.35. NOK shares saw a 3% increase yesterday as investors reacted positively to the company’s showing at CES. NOK trades 28.39 million shares a day on average. The company has a market cap of 20.19 billion.

Apple Inc. (NASDAQ:AAPL) is up slightly in pre market trading at $423.70. AAPL trades 11 million shares a day on average. AAPL shares have been trading flat the past two days after the stock jumped more than $40 a share over the pat couple of weeks. Investors have been keeping a close eye on what Apple’s competitors have been unveiling at this week’s CES show and if any company is set to compete with them. The company has a market cap of 393.36 billion.

Crocs, Inc. (NASDAQ:CROX) is up 5.64% in pre market trading at $16.85. CROX shares are up this morning following the company’s announcement that it expects fourth-quarter revenue to be at the high end of their forecasted range. CROX trades on average 2.23 million shares a day. The company has a market cap of 1.44 billion.

Urban Outfitters, Inc. (NASDAQ:URBN) is down 18.77% in pre market trading at $24.50. URBN shares are dipping this morning after the company’s CEO resigned. URBN has traded 71 thousand shares in early trading and trades 3.02 million shares a day on average. The company has a market cap of 4.24 billion.