The Fed noted that the decrease in utilities output also contributed to a drop in the capacity utilization rate, which fell to 80.9 percent in January from 81.2 percent in December. Economists had expected the capacity utilization rate to come in at 80.9 percent.

INTERNATIONAL MARKETS NEWS

Asian-Pacific benchmarks closed mostly in the red on cautiousness ahead of the inaugural public address of new U.S. Fed Reserve Chairman Ben Bernanke before the Congress today. South Korea’s Kospi was the sharpest decliner with a loss of 1.8%. The Nikkei dropped 1.6%, Singapore Straits Times fell 0.8%, while Shanghai was the only index in the positive with a gain of 0.5%.

European stocks closed mostly below the flat line, hurt by concerns about climbing costs from banks Credit Suisse and BNP Paribas. The German DAX 30 inched up 0.02%, the French CAC 40 slipped 0.55%, and London’s FTSE 100 declined 0.01%.

OIL, METALS, CURRENCIES

Crude oil prices dropped below $59 a barrel on growing crude and gasoline supplies. Light sweet crude for March delivery slipped $1.92 to $57.65 a barrel. London Brent declined 62 cents to $58.90.

European gold declined Wednesday. In London gold traded at the fixed price of $542.50 bid per troy ounce, down from $543.50. In Zurich the precious metal traded at $544.10, down from $545.20. In Hong Kong gold rose $6.50 to close at $545.30. Silver closed at 9.20, down from $9.23.

The U.S. dollar traded mixed against other major currencies. The euro traded at $1.1895, down from $1.1911. The dollar bought 117.41 yen, down from $117.43. The British pound stood at $1.7421, up from $1.7351.

EARNINGS NEWS

Myers Industries, (MYE: chart), automotive repair company, reported Q4 net income of 25 cents a share, up 25% from 20 cents a share in the year-earlier period on 5% revenue growth, topping analyst estimate of 18 cents a share.

Bluelinx Holdings Inc., (BXC: chart), building products distributor, reported Q4 net income of 48 cents a shareswinging from a year-earlier loss of 9 cents a share on 10% revenue growth, topping analysts’ forecasts of 46 cents a share.

Ceridian Corp, (CEN: chart), provider of information services, reported Q4 earnings of 32 cents a share, up from a profit of 7 cents a share a year-earlier on revenue growth, beating analyst estimate of 25 cents a share. The company said that the strong quarter was due to its penetration into new markets, new products, and heavy demand for its Comdata credit, debt, and stored value payment services.

Jones Apparel Group Inc, (JNY: chart), apparel manufacturer, reported net income of 48 cents a share, up from 28 cents a share in the year earlier quarter on revenue growth, beating analyst estimate for a profit of 45 cents a share. Results were given a boost by better than expected results in its licensed businesses and Gloria Vanderbilt moderate apparel business, as well as the Barneys retail stores.

Alfa Corp, ((ALFA), insurance company, reported Q4 earnings of 29 cents a share, a penny up from 28 cents a share in the same period the previous year on 17% revenue growth. If not for investments gains, earnings were 28 cents a share, missing analysts’ expectations for earnings of 31 cents a share.

Caremark Rx Inc, (CMX: chart), pharmaceutical company, reported that Q4 net income advanced 41.7% to 64 cents a share on 4.4% revenue growth. If not for integration expenses and adjustments to income tax provisions, adjusted earnings were 55 cents a share, in-line with analysts’ estimates. The company stated its results were helped by strong growth in generic dispensing rates.

RailAmerica Inc, (RRA: chart), railroad company, reported Q4 net income of 20 cents a share, up from 11 cents a share in the year-earlier period on 9.1% revenue growth. Earnings from continuing operations were 24 cents a share, beating on that basis analyst estimate of 23 cents a share.

Cimarex Energy Co, (XEC: chart), oil and gas company, reported Q4 net income of $1.98 a share, up vs. $1.12 a share in the same period the previous year on revenue growth, topping analyst estimate of $1.52 a share. There were roughly double the average shares outstanding in Q4, following Cimarex''''s 2005 acquisition of Magnum Hunter Resources completed in June. Revenue reached 429.5 million from $142.6 million. Q4 oil and gas production volumes rose 87%, in view of Magnum Hunter contributions and continued positive drilling results, partially offset by hurricane-related disruptions.

Progress Energy, (PGN: chart), electric utility company, reported Q4 net income of 62 cents a share, down from 80 cents a share in the year-earlier period. The company added that earnings from continuing operations came in at 71 cents a share, beating analysts’ estimates of 52 cents a share. Operating revenue went up to $2.58 billion from $2.01 billion in the prior-year quarter.