Stocks are trading flat heading into midday trading as investors shrug off reports of a Greek deal and a drop in jobless claims. Reports came in this morning of a possible deal out of Greece. The deal would allow the financially struggling nation to receive a second bailout package.
Closer to home, jobless claims fell 15,000 to a seasonally-adjusted 358,000 according to the Labor Department. This is the second lowest level in almost four years. Many economists had expected claims to go up 3,000. While jobless claims fell, wholesale inventories rose 1% in December. This was higher than the 0.4% gain analysts were expecting.
Earnings season continues to be busy with companies releasing earnings earlier today and a few slated for after the market close.
Pepsico, Inc. (NYSE:PEP) shares took a hit this morning after the company reported better than expected profits, but guidance saw a 5% decline in 2012 earnings. This decline comes as Pepsico increases advertising and manufacturing costs. The company also announced it will be cutting nearly 9,000 jobs in restructuring. PEP is down 3.84% right now at $64.18.
Credit Suisse Group (NYSE:CS) is seeing a sell off today after the bank posted a quarterly loss. The company reported a net loss of $698 million, analysts were expecting a profit of $471 million. This loss comes as the company took $1.07 billion of charges to speed up cost cutting and dumping of risky assets. CS is down 3.33% at $26.72.
Visa Inc. (NYSE:V) is rallying today after announcing better than expected earnings late yesterday. The company also announced a share repurchase program worth $500 million. Also, many different brokerages increased their target prices for Visa. V is up 4.28% at $112.99.
Cisco Systems, Inc. (NASDAQ:CSCO) is down slightly in midday trading despite posting better than expected results and raising their dividend. CSCO is down 0.08% at $20.4141.
Apple Inc. (NASDAQ:AAPL) share are up today as Canaccord Genuity raised their price target from $650 to $665. Apple shares are up nearly $40 a share in the past week.
Investors will be eying Activision Blizzard, Inc. (NASDAQ:ATVI) and LinkedIn Corporation (NASDAQ:LNKD) as well as other companies after the market close when they report earnings.