08:05 am : S&P futures vs fair value: -7.30. Nasdaq futures vs fair value: -12.30.  Stock futures are down markedly as the Dollar Index climbs 1.1% to trade at fresh three-month highs. Shares of investment banks and brokerages have come under increased pressure amid news that estimates were cut for Goldman Sachs (GS) and Morgan Stanley (MS) by influential financial analyst Meredith Whitney. Shares of GS are down 1.7% to $162.13 per share, while MS shares are down 1.2% to $29.97 each. Meanwhile, shares of financial behemoth Citigroup (C) are down nearly 8% to $3.18 per share after the company priced its previously announced share offering at $3.15 per share, which marks a near 9% discount to the stock's closing price for the previous session. The latest quarterly announcement from FedEx (FDX) hasn't helped the tone of things. The global shipment company brought in earnings of $1.10 per share for its latest quarter. The results are in-line with the company's pre-announcement, but above the consensus of $1.06 per share. However, FedEx issued mixed guidance that guided below the third quarter consensus of $0.84 per share, but issued guidance in-line with the fiscal 2010 of $3.46 per share. Shares of FDX are down more than 3% to $86.99 per share in premarket trade. However, General Mills (GIS) brought in better-than-expected adjusted earnings of $1.54 per share for its latest quarter and raised its earnings outlook for fiscal 2010 to range from an adjusted $4.52 to $4.57 per share, which allows room to beat the current consensus of $4.52 per share. Broad weakness in premarket trade has hampered GIS so that the shares trade with a tame 0.7% gain at

7:54AM Gen Growth Prop announced the next steps in the restructuring process (GGWPQ) 8.81 : Co announced the next steps in the restructuring process following Tuesday's announcement of the confirmation of plans of reorganization for 194 GGP subsidiary debtors owning 103 properties associated with approximately $10.25 billion of secured mortgage loans and the pending plans of reorganization for 26 additional debtors owning 10 properties associated with an additional $1.7 billion of secured mortgage loans. As previously announced, confirmation of these additional plans is subject to satisfaction of various conditions, including receipt of the approval of the Class B holders or mezzanine holders of such secured mortgage loans. GGP is continuing to pursue a prompt resolution of approximately $3 billion of secured property debt remaining to be restructured. Concurrently, the Board of Directors and management are evaluating alternatives to reduce overall leverage and raise the capital necessary to emerge from bankruptcy in 2010. Financing alternatives include a public offering of GGP equity. In addition, the Board of Directors and management are considering all indications of interest in the Company.

7:48AM Marcus Corp reports EPS in-line, misses on revs (MCS) 13.01 : Reports Q2 (Nov) earnings of $0.07 per share, ex-items, in-line with the First Call consensus of $0.07; revenues fell 5.2% year/year to $83.4 mln vs the $84.3 mln consensus. Co states, "The third quarter is off to a solid start, with our box office up approximately 20% during the first three weeks of the holiday period. Besides the Twilight sequel, films that have contributed to the increase include The Blind Side and this past weekend's The Princess and the Frog. One of the most highly-anticipated films of the year, James Cameron's Avatar, opens tomorrow, and films such as Alvin and the Chipmunks: The Squeakquel and Sherlock Holmes are also expected to perform well during the holiday season."

7:47AM FedEx beats by $0.04, beats on revs; guides Q3 EPS below consensus; guides FY10 EPS in-line (FDX) 89.95 : Reports Q2 (Nov) earnings of $1.10 per share, $0.04 better than the First Call consensus of $1.06 and in-line with the co's preannouncement on 12-7; revenues fell 9.9% year/year to $8.6 bln vs the $8.46 bln consensus. Co issues downside guidance for Q3, sees EPS of $0.50-0.70 vs. $0.84 consensus. Co issues in-line guidance for FY10, sees EPS of $3.45-3.75 vs. $3.46 consensus. Revenue and earnings declined as a result of lower yields, primarily due to a substantial decline in fuel surcharges YoY. Shipment growth, particularly in international express and at FedEx Ground, and strict cost controls benefited results. Operating margin was 6.6%, down from 8.2% the previous yr. "While there is some uncertainty regarding the sustainability of current demand trends after our peak shipping season, we expect our strong operating leverage to provide improved year-over-year profitability in the second half of our fiscal year. Effective cost management remains a priority and should continue to benefit results."