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We are following the broad Nikkei weakness into the U.S. open here as the S&P is set to open down 15 points and the Nasdaq is trading down 28 points. The Asian weakness was probably started by the afternoon weakness in the U.S. as the S&P swung from a solid gain to a sizeable loss on good volume. After that, the weak data from Chinese Purchasing Manager's Index put a scare into the Chinese growth story, and subsequently led stocks in the region lower. Europe's PMI data was better, but it has not helped the slide in their stock markets this morning.

On the trading front, we are looking at 1588 as the first level of major support for the S&P. There is also some support at the 1625 level, and the last two minor corrections have been 4% and 3%, putting the same measure on the current market would lead to 1619 and 1636 respectively. It is also important to keep in mind that Monday is a market holiday, so if the selling continues, it may be accelerated by those who want to take risk off over the weekend.

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We are about flat this morning following yesterday's push to 1672 then afternoon retreat. We have entered the end of earnings season which tends to be dominated by retail firms and got results this morning from two bellweathers, Home Depot and Best Buy. Home Depot beat and guided higher, led by higher margins and same-store-sales despite higher lumber prices.

On the flipside, Best Buy saw same-store-sales slide 1.1% and a revenue decline of 9.6%. Despite this, the stock has done well so far in 2013, up over 100% and yesterday hitting a new 52-week high.

Elsewhere today, we will get news from Microsoft at 1 pm as they unveil their new Xbox and we will get testimony from Apple CEO Tim Cook about their avoidance of billions in U.S. taxes. No economic releases are set for today, but we will get FOMC minutes and Existing Home Sales tomorrow.

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In This Issue:

*Change in Rating: AGL Resources Inc.: Lowering to HOLD on valuation (Gary Hovis)

*Growth Stock: News Corp.: Publishing division spinoff on track for June (Joseph Bonner)

*Growth Stock: Nordstrom Inc.: Weather weighs on 1Q sales (Chris Graja)

*Growth Stock: United Parcel Service Inc.: Returning excess cash to shareholders (Nathaniel Gabriel)

*Value Stock: Anadarko Petroleum Corp.: Tops consensus in solid first quarter (Philip H. Weiss)

*Value Stock: General Motors Co.: European loss narrows; raising target by $9 to $43 (Bill Selesky)

*Stock to Avoid: Dell Inc.: Deal is only thing supporting stock price (Jim Kelleher)