[R]9:45AM New York – U.S. stocks edges higher on retail sales data.[/R]

U.S. stocks edged higher after a report on retail sales and weekly inventories of crude oil and other fuels.

Retail sales increased 0.3% in January from previous month. The surprise rise in the retail sales lifted market averages and retail stocks. Wal-Mart, Target, and Nordstrom increased after the report. JC Penney and Macy’s edged lower.

Blue Nile, online jewelry retailer, (NILE: chart) fell 15% or $8.06 to $45.95 after reporting fourth quarter net sales rise of 23.3% to $111.9 million and net income increased 31% to $7.5 million. Earnings per share increased 29% 45 cents from 35 cents.

The U.S. Census Bureau announced today that advance estimates of U.S. retail and food services sales for January, adjusted for seasonal variations, but not for price changes, were $382.9 billion, an increase of 0.3% from the previous month and 3.9% above January 2007. Total sales for the November 2007 through January 2008 period were up 4.4% from the same period a year ago.

Retail trade sales were up 0.4% from December 2007 and were 3.8% above last year.

U.S. crude oil refinery inputs averaged nearly 14.6 million barrels per day during the week ending February 8, up 69,000 barrels per day from the previous week''s average. Refineries operated at 85.1% in the last week. Gasoline production moved higher compared to the previous week, averaging 8.9 million barrels per day. Distillate fuel production rose last week, averaging nearly 4.1 million barrels per day.

U.S. crude oil imports averaged 9.7 million barrels per day last week, down 777,000 barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged 10.1 million barrels per day, 210,000 barrels per day above the same four-week period last year.

Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 841,000 barrels per day. Distillate fuel imports averaged 282,000 barrels per day last week.

U.S. commercial crude oil inventories rose by 1.1 million barrels compared to the previous week. At 301.1 million barrels, U.S. crude oil inventories are in the middle of the average range for this time of year. Total motor gasoline inventories increased by 1.7 million barrels last week, and are above the upper limit of the average range.

Distillate fuel inventories decreased by 100,000 barrels, and are in the middle of the average range for this time of year.


Deere sales rise

Deere & Company (DE: chart) announced worldwide net income of $369.1 million, or $0.83 per share, for the first quarter ended January 31, compared with $238.7 million, or $0.52 per share, for the same period last year.

Worldwide net sales and revenues increased 18% to $5.201 billion for the quarter compared with $4.425 billion a year ago. Net sales of the equipment operations were $4.531 billion for the period compared with $3.815 billion last year.

Net sales of the worldwide equipment operations increased 19% for the quarter, including positive effects for currency translation and price changes of 6%. Equipment sales in the United States and Canada were up 9% for the quarter.

Net sales outside the United States and Canada increased 37% including currency translations gains 11%.

Equipment sales are projected to increase by about 17% for full-year 2008 and up 23% for the second quarter. Currency accounts for approximately 3% of the sales increase for both periods. Deere forecasted annual net income of $2.2 billion for the year and in a range of $700 million to $725 million for the second quarter.

Coca Cola earnings rise on international sales

The Coca-Cola Company (KO: chart) today reported fourth quarter earnings per share of $0.52, an increase of 79% versus the prior year on a reported basis, and $0.58 after considering items impacting comparability, an increase of 12%. Earnings per share for the quarter included a net charge of $0.06 per share primarily related to restructuring charges and asset write-downs.