video transcript

-- morning call for Tuesday fed chief Ben Bernanke heading to the hill today to start two days of testimony before the senate and the house. This comes just a week after US stocks plunged following the Fed's meeting minutes that suggested the bank could pull -- -- stimulus earlier than expected. But an analyst at TD Ameritrade thinks that will not be the -- Bernanke takes today. When it comes to bond purchases he will likely quote keep the pedal battled deep into 2013. Yesterday the yield for the ten year notes -- biggest drop since November. On concerns about the Italian election and expectations that Bernanke's where it would be comforting for the markets. The Fed chairman's prepared testimony is scheduled to be released at 10 AM eastern followed by Q today. Expect questions on the impact of 85 billion dollars in government spending cuts that are set to take effect on March 1. Hope they fouled out with results about an hour ago reporting and higher quarterly profit. Store sales were helped by -- pick up in the US housing market and hurricane -- the store also forecast higher sales and earnings for the current fiscal year. And raised its quarterly dividend by 34%. Home -- out shining lows for a fifteenth street corner. Macy's CEO Terry -- will have its hands full today as his company reports results a little later. He is doing what -- can influenced by -- against JC Penney and Martha Stewart. Lungren who testified yesterday said he was quote -- stomach over the Martha Stewart deal. Let's just hope his condition doesn't get any worse when Stewart appears in court today. On the earnings front investors expect Macy's to have performed well holiday quarter especially after the company raised its earnings forecasts and said earlier this month. That January same store sales rose eleven point 7%. Today banks in the news this morning it's source telling Reuters exclusively that Goldman Sachs will be in its annual job cutting as early as this week. The bank usually drops the weakest 5% of its employees but the couple likely be deeper in some areas particularly equities trading. Where volumes and earnings are weak. The number of shares traded on major US exchanges so far this year is down seven point 2%. Over the past two years Goldman has cut its workforce by 9% or 3300. Employees. Were also like JP and today. The bank named and you have auto finance on late Monday as it tries to boost its lending at a red hot area where it has recently lost market share. Also -- Jamie diamond leads is eighteen it managers in sharing the bank's outlook. Taking a look at US stock futures this morning they're planning to a rebound after investors suffered their biggest drop since November on Monday. On the macro front we've got the February release of the US consumer confidence index which is expected to edge up. I -- -- notes that worked fiscal cliff battles are on the way in March but they appear to have gripped the public's attention just yet. The march numbers should have much Wednesday and that. Also on the docket three different measures on housing those arguments that he and other recovery is moving along. Apple not kidding around when it comes to lawsuits the tech giant has agreed to settle a class action case. That said customers were charged when their children unknowingly downloaded. Certain apps I'm sure many parents can relate to that. Under the settlement apple could potentially end up paying around 100 million bucks. And this has agreed to provide a five dollar iTunes store credit to as many as 23 million affected customers. The final settlement figure -- marry. Here's apple trading up around 445 in the premarket. That's fit for your Tuesday morning call remembered one on Twitter at latest insider. -- get when you have Reuters dot com slash PP. I'm Lisa Bernhard this is.