As far as how this is impacting closed-end funds and ETFs, the moves are below and the 52-week ranges have been offered so that investors can see just how much pain has been there in the last year:

WisdomTree India Earnings (NYSE: EPI) is up 0.9% at $17.93 and the 52-week trading range is $15.44 to $25.58. 

PowerShares India (NYSE: PIN) is up 0.8% at $18.30 and the 52-week range is $15.96 to $24.59.

India Fund, Inc. (NYSE: IFN) is up 0.4% at $21.46 and the 52-week trading range is $18.61 to $33.99. 

Morgan Stanley India Investment Fund, Inc. (NYSE: IIF) is up 0.7% at $15.75 and the 52-week trading range is $13.59 to $24.57.

These are no ETFs nor closed-end funds but there are some key ARDs to watch:

Infosys Limited (NASDAQ: INFY) was recently butchered on its earnings and revenue warnings and shares are only up marginally at $52.00 versus a 52-week range of $46.12 to $74.52.

Tata Motors Ltd. (NYSE: TTM) is up 2.2% at $21.18 versus a 52-week range of $14.33 to $29.06.

ICICI Bank Limited (NYSE: IBN) is up only 0.25% at $30.95 against a 52-week range of $24.14 to $51.50.

Sterlite Industries (India) Limited (NYSE: SLT), which operates as a non-ferrous metals and mining company, is up 1% at $8.67 versus a 52-week range of $6.64 to $16.60.

$35 billion might not sound like much when you consider the U.S.-sized stimulus packages and when you consider that India has almost 1.2 billion people versus about 310 million in the U.S.  The 2010 GDP on a purchasing power parity was put at about $4.06 trillion and that comes to only about $3,500 in GDP per capita.

$35 billion matters, even if it is going to take more to jumpstart the economy after months and months of tightening and restive monetary measures as the nation fought inflation at the expense of growth.

JON C. OGG

Chevron Corporation (NYSE: CVX) was the surprise warnings in the oil and gas sector, sending shares down 2.6% at $104.91.

Eastman Kodak Company (NYSE: EK) was down after a highlighted Moody’s note signals that even with a patent deal the company could run out of cash in the middle of 2012. Shares were down 18% at $0.66 late in the day.

J.P. Morgan Chase & Co. (NYSE: JPM) fluctuated all day ahead of Friday’s earnings report, where we believe many will try to look at book value and other metrics to try to justify the massive gains in the banking sector since the end of 2011. Shares were up $0.03 at $36.69 a few minutes before the closing bell.

Earnings warnings took a bite, as much as double-digit percentage bites, ou of the following stocks: Williams-Sonoma, Inc. (NYSE: WSM), Infosys Ltd. (NASDAQ: INFY), Big 5 Sporting Goods Corporation (NASDAQ: BGFV).

Microsoft Corporation (NASDAQ: MSFT) managed to hold up a day after management gave a cautious PC market outlook.  In analyst calls, it was maintained Outperform but cut target to $34 from $35 at Credit Suisse and it was maintained Hold and lowered estimates at Argus.

Target Corporation (NYSE: TGT) was up 1.4% at $49.73 right before the close on news of a news and expanded $5 billion share buyback plan.

Stay tuned for Friday, particularly since this will be Friday the 13th!  Here are Friday’s economic reports to watch:

• 8:30 AM NOV Trade Balance
• 8:30 AM DEC Import & Export Prices
• 9:50 AM JAN Univ. Michigan Sentiment (preliminary)

JON C. OGG

After the first half hour of trading, Dick’s Sporting Goods is up more than 9% at $39.83. Volume is already more than double the daily average. Volume has already double the daily average. The sporting goods retailer reported lagging sales, but offset that with a new $200 million share buyback program.

Tractor Supply is up more than 7.5% at $78.42, after posting a new 52-week high of $80.11. Volume has already surpassed the daily average. The farm and ranch retailer reported better-than-expected earnings last night and raised 2011 EPS guidance.

Sanderson Farms is up more than 6% at $50.33. Volume is heavy, at about 70% of the daily average already trading hands. The poultry producer is likely getting a boost from the latest federal report on crop prices, especially corn, which is expected to be both abundant and cheaper.

Williams-Sonoma is down nearly -13% at $34.02. Volume is already 4x the daily average. The home furnishings company cut its sales guidance and announced a new stock repurchase program this morning.

Infosys is down nearly -9% at $51.76. Volume is already 3x the daily average. The India-based business outsourcing company missed the consensus estimate for fourth-quarter EPS.

Paul Ausick

Infosys and competitor Wipro Ltd. (NYSE: WIT) are two of India’s largest business outsources. The two companies compete with IBM Corp. (NYSE: IBM), Computer Sciences Corp. (NYSE: CSC), Cognizant Technology Solutions Corp. (NASDAQ: CTSH), and Accenture plc (NYSE: ACN).

Business and government spending in the US and elsewhere is expected to grow as companies invest in new equipment and outsourcing for their IT needs. Even Europe is expected to grow if very slowly.

Those estimates, though, may seem to fly in the face of reality. But Infosys, Wipro, Cognizant, and India’s largest outsourcer, privately-held Tata Consultancy Services, could reduce a company’s IT costs significantly by replacing highly paid fired workers with lower paid, outsourced workers.

Goldman Sachs Group Inc. (NYSE: GS), an Infosys client, plans to fire more than thousand employees to meet its cost reduction goals of $1.45 billion. That’s bad news for the terminated employees, but might offer some good news for Infosys — and Goldman for that matter.

Of course, the big question for the India-based outsourcers is how much of growth they can expect to see between now and the end of the year. Infosys got 6.2% quarterly growth in the Americas during the quarter and expects growth to continue. The other issue they face is whether or not they can control costs. Infosys expects wages to eat away about 1% of the company’s operating margin this year.

Growth that depends on a depreciating currency in a weak economic climate is tenuous at best. There are a lot of things that can go wrong and put a serious crimp in growth forecasts.

But all is well today. Just past noon today, Infosys shares are up more than 8%, at $56.88, in a 52-week range of $46.12-$77.92. Wipro shares are up about 3.5%, at $9.77, in a 52-week range of $8.63-$16.81. Cognizant shares are up nearly 6.5%, at $71.82, in a 52-week range of $53.54-$83.48.

Paul Ausick

Housing prices probably continued to fall in July. (Reuters)

Toyota (NYSE: TM) and Ford (NYSE: F) to work together on gas/electric cars. (Reuters)

Oil stock piles expected to fall. (Reuters)

The Chinese flash Purchasing Managers’ Index from HSBC rises slightly to 49.8 in August from 49.3 in July. (Reuters)

UBS (NYSE: UBS) fires 3,500 people. (Reuters)

S&P replaces its president with an executive from Citigroup (NYSE: C). (Reuters)

China Standard Software and Microsoft (NASDAQ: MSFT) to sell cloud computing products in the People’s Republic. (Reuters)

A judge says investors may intervene in the $8.5 billion settlement between companies that lost money on mortgage-backed securities and Bank of America (NYSE: BAC). (Reuters)

Obama to release plans to cut large numbers of business regulations. (WSJ)

The CEO of Hewlett-Packard (NYSE: HPQ) says that investors must accept the evolution of the firm. (WSJ)

More economists cut their forecasts for annual GDP growth close to the 1% level. (WSJ)

Boeing (NYSE: BA) close to a deal to sell 100 planes to Delta (NYSE: DAL). (WSJ)

More large company managers leave to join start-ups. (WSJ)

Mortgage delinquencies rise in the second quarter. (WSJ)

German government officials say they expect the economy to slow for the rest of the year. (WSJ)

The National Transportation Safety Board to spend more time examining planes for structural defects. (WSJ)

Indian software exporter Infosys (NASDAQ: INFY) says tech expenditures will slow this year. (WSJ)

Bank of America shares fall as it reveals it will keep half of its investment in China Construction Bank. (WSJ)

Goldman Sachs (NYSE: GS) CEO Lloyd Blankfein hires a lawyer as government investigations of the bank grow. (WSJ)

The SPDR Gold Shares (NYSE: GLD) passes the SPDR S&P 500 (NYSE: SPY) to become the largest ETF by invested dollars. (WSJ)

The FDA receives 5,000 complaints about hip implants so far this year. (NYT)

Members of Merkel’s party again say they are against eurozone bonds. (NYT)

Some investors want McGraw-Hill (NYSE: MHP) broken into four pieces. (NYT)

Oil output from Libya may not increase substantially for years. (FT)

The U.S. Postal System is close to insolvency. (FT)

Obama consults Warren Buffett on U.S. investment and economic growth. (Bloomberg)

China passes the U.S. as the largest PC market in the world. (Bloomberg)

Douglas A. McIntyre

Arcelor Mittal (NYSE: MT) Raised to Buy at Goldman Sachs.
BMC Software Inc. (NYSE: BMC) Cut to Hold at Citigroup.
Chimera Investment Corporation (NYSE: CIM) Cut to Market Perform at KBW.
Community Health Systems, Inc. (NYSE: CYH) Cut to Perform at Oppenheimer.
Dynegy Inc. (NYSE: DYN) Reiterated Hold at Argus.
Evergreen Solar Inc. (NASDAQ: ESLR) Cut to Sell at Citigroup.
Everest Re Group, Ltd. (NYSE: RE) named as Bear of the Day at Zacks.
Gap Inc. (NYSE: GPS) Cut to Neutral at BofA/ML; Cut to Sell at Goldman Sachs.
Genuine Parts Company (NYSE: GPC) Reiterated Buy at Argus.
Google Inc. (NASDAQ: GOOG) Maintained Buy but cut estimates at Argus.
Infosys Technologies Limited (NASDAQ: INFY) Cut to Neutral at Credit Suisse;target and estimates cut at HSBC.
J.C. Penney Co., Inc. (NYSE: JCP) named Bull of the Day at Zacks.
J.P. Morgan Chase & Co. (NYSE: JPM) Reiterated Hold at Argus.
Iron Mountain Inc. (NYSE: IRM) Cut to Hold at Citigroup.
KB Home (NYSE: KBH) Raised to Neutral at Credit Suisse.
Kraft Foods Inc. (NYSE: KFT) Cut to Equal-Weight at Morgan Stanley.
Marvell Technology Group Ltd. (NASDAQ: MRVL) Cut to Neutral at Susquehanna.
PG & E Corp. (NYSE: PCG) Raised to Outperform at Credit Suisse.

If you are interested in the top research upgrades and downgrades from last week, those include CYH, GOOG, GTXI, MPEL, KWK, RIG, SLW, RGLD, and THC.

You can join our free daily email distribution list to hear more about analyst upgrades and downgrades, top day trader and active trader alerts, dividend trends, news on Buffett and other investment gurus, IPOs, secondary offerings, private equity, and more.

JON C. OGG

Amylin Pharmaceuticals (NASDAQ: AMLN) is up 12.8% before market open to $12.70, relative to a 52-week range of $9.51-$22.88. The European Medicines Agency is supporting the company’s new diabetes drug.

Bronco Drilling Company (NASDAQ: BRNC) is up 6.83% premarket to $11.11, relative to a 52-week range of $3.25-$11.63. The company was acquired by Chesapeake Energy (NYSE: CHK) for $11 per share.

Google, Inc. (NASDAQ: GOOG) is down on moderate trading nearly $35 (6%) this morning to $544.44, relative to a 52-week range of $433.63-$642.96. The drop, which represents a massive loss in market capitalization, comes after the search engine company announced earnings that fell short of expectations.

Infosys Technologies Limited (NASDAQ: INFY) is down nearly 10% premarket on moderate volume to $65.95, relative to a 52-week range of $53.28-$77.92. The company reported promising fiscal year guidance for 2011 and 2012.

We would also be watching these two:

• Wipro Limited (NYSE: WIT) with a $36 billion market cap in the same space of IT-outsourcing in India. Wipro is indicated down around $14.20 on no volume as of yet versus a close of $15.85 yesterday and versus a 52-week trading range of $11.30 to $16.81.
• Cognizant Technology Solutions Corp. (NASDAQ: CTSH) is technically US-based but has many employees for the same sort of work outside of the United States (including India and many other countries).  Volume is thin, but Cognizant shares are indicated at just under $79.00 versus an $80.78 close on Thursday and versus a 52-week trading range of $45.85 to $82.86.

The IT-outsourcing outfit reported that its fiscal fourth-quarter earnings translated to $0.70 EPS per ADR after revenues grew about 23% to $1.6 billion.  Thomson Reuters had estimates of $0.70 EPS and $1.63 billion in revenues.

The company also issued some mixed guidance for the first fiscal quarter.  It now sees earnings at $0.62 to $0.63 on implied revenues of about $1.64 to $1.66 billion.  Where the problem arises is that Thomson Reuters is calling for estimates of $0.69 EPS and $1.65 billion in revenues. 

For Fiscal-2012, earnings guidance is $2.83 to $2.88 in earnings per ADR and revenues are being forecast at $7.13 to $7.25 billion in revenues.  Thomson Reuters has consensus estimates of $3.10 EPS per ADR and $7.25 billion.  The company’s stance is that it expects the demand environment for its IT services “to be normal this year” in its sector.  Normal?  In short, the company is not seeing a jump up in business and it is asking you to trust what is obviously a back-end loaded year.  Even if the summer months are traditionally not robust in IT, software, and hardware spending, asking investors to be patient and to trust guidance seems a bit much when you consider the markets.

Infosys continues to add to its headcount, with a gross employee additions of 8.930 in the quarter to a whopping 130,820 employees.  The company ended its quarter and fiscal year with right at $3.8 billion in cash and cash equivalents versus what was a $41.7 billion market cap as of yesterday’s close. 

There are two key departures from the Infosys board of directors that investors will want to consider.  Mr. K. Dinesh is co-founder and he is leaving after the annual meeting; Mr. T. V. Mohandas Pai is also leaving after the annual general meeting in June.

Infosys shares at 8:00 AM EST are indicated down around $67.00 on thin volume in pre-market trading after a $73.01 close yesterday and the 52-week trading range is $53.28 to $77.92.

JON C. OGG

In its latest Form 10-Q filing, FedEx noted a jump of 10% in average daily package volume in its international domestic delivery business, which includes all but the company’s US business. That makes it impossible to tease out India’s share of that business, but the company noted that the increased package volume was particularly strong in Asia during its first fiscal quarter of 2011, which ended in August.

Competitor United Parcel Service Inc. (NYSE: UPS) also noted a 40% increase in export volume shipments in Asia during its second fiscal quarter of 2010, ending in June. For UPS, international average daily package volume grew by 24% on domestic deliveries and 14.5% on export deliveries in the quarter. Like FedEx, UPS doesn’t break out shipments by individual country.

Although FedEx sports a market cap less than half that of UPS, the two companies do about the same amount of business internationally. FedEx reported first quarter 2011 revenue from international shipments of about $2.6 billion. UPS reported second quarter 2010 revenue from international shipping of $2.77 billion. FedEx could well have stolen a march on UPS with this acquisition. It shouldn’t be a big surprise to see the positions flip once the FedEx acquisition is completed.

Interest in India and its booming economy is sure to heat up as the US and China continue to wage a clandestine currency battle. There are two ETFs comprised of Indian stocks: PowerShares India (NYSE: PIN) and Wisdom Tree India Earnings Fund (NYSE: EPI). Both funds hold more than 10% of their assets in Reliance Industries Ltd., and the next two largest holdings are Infosys Technologies Ltd. (NASDAQ: INFY) and Oil & Natural Gas Corp. Ltd., or ONGC.

Both FedEx and UPS are down slightly today, ahead of the announcement from the US Federal Reserve on another round of quantitative easing.

Paul Ausick

The India-based IT-outsourcing outfit also recognized that giant currency fluctuations are a large concern.  New hires were said to over 7,000.

The first take is that shares have gotten ahead of themselves and that shares are fully valued.  We’ll pass a final judgment later because of a recent run-upin shares.

Infosys closed at $71.01 yesterday and the 52-week range is $45.24 to $71.99; shares are indicated down 2% at $69.60 in early indications.

Wipro Ltd. (NYSE: WIT) is a direct competitor indicated down over 1% and “The U.S Indian Outsourcer” is Cognizant Technology Solutions Corp. (NASDAQ: CTSH) and shares are indicated down only marginally.

JON C. OGG