3:30 PM ET - Commodities Markets

Crude oil rose but all other forms of tradable commodities closed nearly unchanged. Oil closed 31 cents higher to $63.67 per barrel. Gasoline close up 5 cents to $1.7431 and heating oil close nearly up half cent to $1.8128 per gallon and natural gas closed up 3 cents $6.79 per mmBTU.

In the metals market gold dropped $2.40 per ounce to $568 and silver closed 2.7 cents up and copper dropped 35 cents to $2.2640 per ounce.


2:30 PM ET – European Markets

Markets in Europe closed lower except and in the U.K. and Norway. Markets in U.K. were supported by the rise in telecom stocks and in Norway were supported by rise in energy prices.

Vodafon Group, U.K. based and largest telecom operator in Europe, reported that it is in talks to sell its Japanese phone unit to Softbank. The stock closed up 8.5%.

Adecco, the Swiss staffing company, closed up 1.5% on the earnings jump of 64% on revenue growth of 4%. German stocks were under pressure on the news that interest rates may rise in across the globe. Several large German exporting companies were under pressure including Bayer, Siemens and DaimlerChrysler.

Chipmakers in the region were on the decline on the news of lower revenue guidance from Intel. Infineon, STMicroelectronics and Philips Electronics traded lower.


12:30 PM ET – U.S. Earnings Update

Home Store (HOMS: chart), home listing service on the Internet, posted fourth quarter loss and revenue rise from $54 million to $66 million but posted loss of 3 cents vs. 4 cents a year ago. For the year the company generated breakeven results vs. 6 cents a year ago. The stock rose 15% at mid-day.

Dillard’s (DDS: chart) luxury retailer, reported Q4 earnings of $1.24 vs. $1.30 a share on revenue of $2.38 billion. Excluding one time items, the company earned $1.02 vs. estimates of 87 cents.

Checkpoint Systems (CKP: chart) lost as much as 6% but recovered to loss of 3% after reporting first quarter guidance that unnerved investors. For the fourth quarter the company reported 31 cents and 38 cents after excluding one-time charges vs. 30 cents a year ago. For the full-year the company guided earnings of $1.40 to $1.50 including stock based compensation of 11 cents and 12 cents.

Univision Communication (UVN: chart) reported Q4 earnings of 8 cents vs. 19 cents a year ago. Excluding one-time charges the earnings were 25 cents vs. estimates of 23 cents. The company guided for the first quarter earnings of 14 cents to 16 cents excluding items on revenue growth of 7%.


11:30 AM ET – U.S. Market Morning Update

Bond yields are on the rise as concerns for global rise in yields sets in. recent hike in interest rates in Europe and expected rise in Japan short-term rates has caused 10-year bond to rise to 4.67%.

Naturally home builders are taking hit on the account of rising rates. Toll Bros. (TOL: chart) and Hovnaian (HOV: chart) declined better than 2% and Beazer Homes (BZH: chart), Ryland Group (RYL: chart), KB Homes (KBH: chart) and Lennar (LEN: chart) lost more than 1%.

Chicago Board of Trade (BOT: chart) rose another $2.00 on the news that its February contract volume rose 9%.