Currencies In Focus; Coke & Kors Report Results

The Group of Seven major economies clarified a prior statement, indicating it is worried about excess moves in Japan�s currency. The Yen strengthened by 0.6%; Japanese leaders have suggested they are targeting a specific exchange rate. The G7 move was designed to head off a potentially destabilizing round of currency devaluations.
In equity markets, Coca-Cola (KO) shares fell 0.5% after reporting quarterly profit that was a penny higher than analyst estimates, but the market was focused on revenue that fell short of expectations.
Facebook (FB) stock was down more than 2% pre-market. Advertising profits were a disappointment, and the stock was downgraded by Bernstein Research.
Luxury retailer Michael Kors Holdings (KORS) jumped more than 12% after third quarter earnings came in 23 cents higher than Wall Street expectations. Revenues jumped 70.4% to $636.8 million.
Shares of Barclays (BCS) rose 7% after it announced a plan to cut costs over the next three years. The immediate result: 3,700 jobs cut, mostly in its investment bank .
Shares of Nexen (NXY) rose 2% after it secured U.S. approval for the sale of U.S. assets to China�s national oil company, CNOOC. Meanwhile, private equity firms are selling shares of HCA Holdings (HCA), whose shares were sinking by nearly 2%.
President Obama is expected to focus on the economy in his State of the Union speech at 9 p.m. EST.