At about 7:45 a.m. ET, Germany’s DAX is down -0.62% at 6,128.18 and France’s CAC 40 is down -0.83%, at 3,218.53. In London, the FTSE 100 is up 0.03%, at 5,701.82.

In Asia, Hong Kong’s Hang Seng closed down -0.80%, at 18,727.30. The Nikkei index closed up 1.24%, at 8,560.11, and the Shanghai index closed down -1.37%, at 2,169.39.

Dow futures are down -0.19%, at 12,315.00. The Nasdaq 100 is up 0.03%, at 2,316.75 and the S&P is down -0.17%, at 1,269.90.

In the currency markets, the US dollar is stronger against the euro and the British pound, and weaker against the Japanese yen. The US dollar index is up about 0.375% at 79.962.

In commodities, both WTI and Brent crude are lower this morning, with WTI at $102.34/barrel and Brent at $111.63/barrel. Gold is also lower this morning, down a fraction at $1,599.00/ounce.

Adobe Systems Inc. (NASDAQ: ADBE) rose after reporting earnings of $0.67 EPS on revenues of $1.15 billion, while Thomson Reuters for earnings of 60 cents a share in the quarter on revenue of $1.09 billion. Adobe sees non-GAAP profits of ranging from 54 to 59 cents a share for its fiscal first quarter ending in February and $2.37 to $2.47 a share for the full year. Those views compare to the current average analyst estimates for earnings per share of 58 cents and $2.44 in the respective periods. Shares are up 4.7% at $27.70.

athenahealth, Inc. (NASDAQ: ATHN) is trading up about 3% at $50.50 after both Leerink Swann and Oppenheimer raised their analyst ratings.

Cablevision Systems Corporation (NYSE: CVC) is indicated down 7% after COO Rutledge resigned from the company. Interestingly enough, Reuters said that this means Cablevision could end up being in play after the resignation.

Cameron International Corporation (NYSE: CAM) is trading up about 2.2% at $45.85 after BP agreed to indemnify Cameron against current and future claims in the Deepwater Horizon disaster.

CryptoLogic Limited (NASDAQ: CRYP), which would win from any loosening online gambling regulations in America, surged in the after-hours on news that it has agreed to a buyout offer by the Amaya Gaming Group at $2.50 per share.  Shares were up 35% last night at $2.14 and the 52-week trading range was $0.84 to $2.19.

Ista Pharmaceuticals, Inc. (NASDAQ: ISTA) is seeing a major pop with shares up more than 60% after the proposed $6.50 per share acquisition and buyout proposal from Valeant Pharmaceuticals International, Inc. (NYSE: VRX).  Valeant is about 75-times the size of Ista, and the $6.22 share price of Ista compares to a $3.89 close on Thursday and compares to a 52-week range of $2.88 to $11.39.

Marvell Technology Group Ltd. (NASDAQ: MRVL) has not yet traded but is indicated higher by almost 1% after increasing its share buyback plan by $500 million last night.

Research in Motion Limited (NASDAQ: RIMM) just cannot get its act together.  Despite what appeared to be an earnings beat, RIM guided lower, delayed a new launch due to chipset concerns, it keeps remaining on the same path, and it keeps losing market share despite having nearly 75 million Blackberry subscribers.  This company just needs new management and it really needs to figure out a way to show that its security is far superior than that of smartphones from Apple or Google. Shares are down 10% at $13.58 in the pre-market session.

RSC Holdings, Inc. (NYSE: RRR) is going to be up about 50% on the United Rentals buyout at $18.00 per share.

Sina Corporation (NASDAQ: SINA) is trading lower by more than 4.3% at $50.50 after China is going to start requiring microblog users (which Sina hosts) to get users’ real names before allowing them to access posting privileges.

All of these are pre-market trading indications and some are likely to change substantially throughout the trading day.

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JON C. OGG

Crude oil is at $100.08, down 0.29%

Gold is at $1,750, down 0.02%.

Hong Kong’s Hang Seng closed up 5.61% to 19,002.

Japan’s Nikkei closed higher by 1.93% to 8,597.

The U.S. 10-year is at 2.13%, up 0.o5%.

The FTSE is up 0.43% to $5,529.

The DAX is down 0.66% to $6,053.

Yahoo! Inc. (NASDAQ: YHOO) is up 4.4% to $16.40, relative to a 52-week range of $11.09 – $18.84.

Lululemon Athletica inc. (NASDAQ: LULU) is down 12.3% premarket to $43.51, relative to a 52-week range of $25.82 – $64.49.

Transcept Pharmaceuticals, Inc. (NASDAQ: TSPT) is up 17.2% before market open to $8.17, relative to a 52-week range of $2.58 – $11.88.

The Kroger Co. (NYSE: KR) is up 3.3% premarket to $22.95, within a 52-week range of $20.53 – $25.85.

Alcatel-Lucent (NYSE: ALU) is up only 1.25% at $1.60 and shares are flat in local trading in Paris.  Arcelor Mittal (NYSE: MT) is up 10% at $18.26 and BHP Billiton Ltd. (NYSE: BHP) is up 6.5% at $74.21.

Banco Santander, S.A. (NYSE: STD) is up 5.6% at $7.56 and the stock is up 4% in local trading in Madrid. The Bank of Ireland (NYSE: IRE) is now up 8.6% at $4.92 and shares are up 7% in local trading in Dublin. National Bank of Greece SA (NYSE: NBG) is up 4.9% at $2.55 in New York but shares are up almost 3% in local trading in Athens.

Credit Suisse Group (NYSE: CS) is up 7% at $24.03 and UBS AG (NYSE: UBS) is up 6.1% at $12.18. Deutsche Bank AG (NYSE: DB) is up 7.9% at $38.36 and shares are up 6.6% in local trading in Frankfurt.

France Telecom (NYSE: FTE) is up 4.3% at $17.01 and shares are up 3.4% in local trading in Paris. Koninklijke Philips Electronics NV (NYSE: PHG) is up 4.6% at $20.00 in New York trading. LM Ericsson Telephone Co. (NASDAQ: ERIC) is up 5.5% at $10.37; Nokia Corporation (NYSE: NOK) is up 4.2% at $5.73.  Funny, Nokia’s problems are not really tied to “liquidity” issues or other uncertainties.  Siemens AG (NYSE: SI) is up 5.9% at $101.54 in New York and shares are up 4.1% in local trading in Frankfurt.

Telecom Italia SpA (NYSE: TI) is up 5.6% at $11.32 in New York and shares are up 4% in local trading in Milan.

JON C. OGG

Crude oil is at $101.40, up 1.61%

Gold is at $1,746, up 1.57%.

Hong Kong’s Hang Seng closed down 1.46% to 17,989.

Japan’s Nikkei closed lower by 0.51% to 8,435.

The U.S. 10-year is at 2.11%, down 0.12%.

The FTSE is up 2.89% to $5,491.

The DAX is up 4.77% to $6,076.

Yahoo!, Inc. (NASDAQ: YHOO) is up 1.91% to $16.00, relative to a 52-week range of $11.09 – $18.84.

Apple, Inc. (NASDAQ: AAPL) is up 2.2% before market open to $381.63, relative to a 52-week range of $310.50 – $426.70.

Cisco, Inc. (NASDAQ: CSCO) is up 2.83% before market to $18.18, relative to a 52-week range of $13.30 – $22.34.

Bank of America Corporation (NYSE: BAC) is actually indicated higher this morning by over 1% at $5.57 despite reports that it has been warned by regulators to bolster its financial position.

Brocade Communications Systems Inc. (NASDAQ: BRCD) may have turned in a net loss after items and options, but non-GAAP earnings were $0.16 EPS and $550 million versus estimates of $0.14 EPS and $527.4 million.  Shares were up 6% last night and the $4.48 close of Monday is still up 6.7% at $4.78 on Tuesday morning. 

Campbell Soup Company (NYSE: CPB) reported that normalized earnings were down nominally from a year earlier at $0.82 EPS and that sales fell 1% to $2.16 billion; estimates were $0.79 EPS on $2.2 billion in sales.

Chico’s FAS, Inc. (NYSE: CHS) reported that its third-quarter earnings was $0.16 EPS but after $0.02 in acquisition costs, while estimates were $0.20 EPS.  Sales were $538.5 million versus estimates of $548.5 million. Same-store sales in the quarter rose 3.7% versus 5% or more expected and it turned in another $0.05 dividend for a 1.8% or so dividend yield.

Focus Media Holding Ltd. (NASDAQ: FMCN) was crushed yesterday with roughly a 40% drop after short seller Muddy Waters raised concerns about the company.  The company has denied the allegations and said that the information provided was misrepresented.  Shares are trading up 12% at $17.40 so far this morning, but this is a fluid situation and the “Muddy Waters” stocks tend to remain highly volatile for a period after a report of this sort is issued.

Market Vectors Egypt Index ETF (NYSE: EGPT) has not traded but trading on the Egyptian Exchange was halted after a 4.5% broad market drop due to continues protests and violence in Cairo after reports of dozens of deaths.

Harman International (NYSE: HAR) had its CEO featured on a Jim Cramer interview last night and Cramer said it is now getting to be a bargain at barely 10-times earnings with 20% growth possibilities.  Zacks also named it the value stock of the day this morning. 

Hewlett-Packard Co. (NYSE: HPQ) is now down 1% at $26.59 despite having been up almost 4% after earnings.  Some wanted a better path to a return of growth but frankly the report and even the lower guidance should have been enough to quell at least some fears about the company.

Jack in the Box Inc. (NASDAQ: JACK) was up 4% in the after-hours on Monday after beating earnings estimates with higher same-store sales. Volume is very light and the stock is only indicated up 1% so far in early bird trading.

Medtronic Inc. (NYSE: MDT) has reported earnings of $0.84 EPS adjusted on $4.13 billion in sales; estimates were $0.82 EPS and $4.1 billion in sales. The medical devices giant has guided its fiscal year (April-2012) to $3.43 to $3.50 EPS versus estimates of $3.44 EPS.

Netflix, Inc. (NASDAQ: NFLX) had its secondary and placement offering announcement last night and now shares are getting hit all over again after a SELL rating was slapped on the stock.  Netflix is trading down 5.2% at $70.60 in active trading.

Shanda Interactive Entertainment Ltd. (NASDAQ: SNDA) is getting acquired after receiving a “going private” letter a month ago.  Monday’s ADS close in New York was $39.39 and the buyout price $41.35 per ADS.

JON C. OGG

Gold is at $1,727, up 0.40%.

Hong Kong’s Hang Seng closed down 1.73% to 18,491.

Japan’s Nikkei closed lower by 1.24% to 8,375.

The U.S. 10-year is at 2.00%, up 0.o4%.

The FTSE is down .61% to $5,390.

The DAX is up 0.16% to $5,859.

Rambus, Inc. (NASDAQ: RMBS) is up 5.8% before market open to $9.29, relative to a 52-week range of $4.00 – $22.80.

Marvell Technology Group Ltd. (NASDAQ: MRVL) is up 5.5% premarket to $14.54, relative to a 52-week range of $11.23 – $22.01.

Blue Coat Systems, Inc. (NASDAQ: BCSI) is up 19.2% before market open to $20.16, relative to a 52-week range of $12.25 – $32.22.

Gold is at $1,771, down 0.63%.

Hong Kong’s Hang Seng closed up 0.91% to 19,137.

Japan’s Nikkei closed lower by 0.92% to 8,436.

The U.S. 10-year is at 2.02%, down 0.o2%.

The FTSE is down .76% to $5,476.

The DAX is down 1.06% to $5,871.

Abercrombie & Fitch Co. (NYSE: ANF) is down 7.76% premarket to $51.35, relative to a 52-week range of  $44.31 – $78.25

Dell, Inc. (NASDAQ: DELL) is down 1.34% in very heavy trading to $15.39, relative to a 52-week range of $12.99 – $17.60.

Research in Motion, Limited (NASDAQ: RIMM) is up 3.24% to $19.77, relative to a 52-week range of $17.17, relative to a 52-week range of $17.17 – $70.54.

Gold is at $1,772, down 0.34%.

Hong Kong’s Hang Seng closed down 0.82% to 19,348.

Japan’s Nikkei closed lower by 0.72% to 8,542.

The U.S. 10-year is at 2.05%, down 0.o1%.

The FTSE is up .95% to $5,497.

The DAX is down 1.15% to $5,916.

Netlist, Inc. (NASDAQ: NLST) is up more than 40% before market open to $3.30, relative to a 52-week range of $1.04 – $3.04.

Activision Blizzard (NASDAQ: ATVI) is down more than 5% premarket to $12.18, relative to a 52-week range of $10.40 – $14.40.

Saks Incorporated (NYSE: SAKS) is up 2% before market open to $10.40, relative to a 52-week range of $7.67 – $12.97.

Alcatel-Lucent (NYSE: ALU) is down another 2.5% at $1.92 and shares are down 2.6% in local trading in Paris.

Arcelor Mittal (NYSE: MT) is down 3.3% at $18.36 and BHP Billiton Ltd. (NYSE: BHP) is down 1.5% at $74.85.

Banco Santander, S.A. (NYSE: STD) is down almost 2% at $7.47 and the stock is down 2% in local trading in Madrid.

The Bank of Ireland (NYSE: IRE) is down 2.1% at $4.70 and shares are down 2.3% in local trading in Dublin.

Credit Suisse Group (NYSE: CS) is down 3.6% at $23.32 and UBS AG (NYSE: UBS) is down over 2.5% at $11.60.

Deutsche Bank AG (NYSE: DB) is down 2.2% at $37.68 and shares are down 2.6% in Frankfurt.

France Telecom (NYSE: FTE) has not traded in New York but shares are indicated under $17.00 after a $17.10 close on Monday; shares are down 1% in Paris.

Koninklijke Philips Electronics NV (NYSE: PHG) is down 3.1% at $18.86 in New York trading.

LM Ericsson Telephone Co. (NASDAQ: ERIC) is down 1.8% at $9.99; Nokia Corporation (NYSE: NOK) is indicated down almost 2% at $6.42.

National Bank of Greece SA (NYSE: NBG) is down 5.5% at $0.52 in New York but shares are down 8.5% in local trading in Athens.

Siemens AG (NYSE: SI) is down 1.2% in New York and shares are down 1.7% in local trading in Frankfurt.

Telecom Italia SpA (NYSE: TI) is down almost 3% at $11.55 in New York and shares are down almost 3.1% in local trading in Milan.

JON C. OGG