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A modest pop in futures as the Consumer Price Indexwas flat, in line with expectations.
Hartford has confirmed that is has received preliminary approval for $3.4 billion in TARP funds.
Reports indicate that Prudential, Lincoln National and Principal Financial Group got the OK for TARP funding as well; Allstate and Ameriprise apparently got clearance as well, according to the WSJ.
This is good news, as Barclays noted to their clients this morning: "It in effect takes the life insurers out of "crisis mode," dramatically reducing (although not eliminating) the likelihood that one of them will fail in the near term." It also means that insurance companies do pose systemic risk.
Elsewhere:
1) GM will also be announcing cuts to their dealership network; keep an eye on the effect this will have on publicly traded auto dealers. According to UBS, GM represented 20% of Lithia Motors sales, 12 percent of AutoNation sales, 14 percent of Sonic Automotive sales, 5 percent Asbury and Group 1 Automotive sales, and 1 percent of Penske sales.
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