Google

• IMF begging ECB for cash, ECB begging Germany for cash... all is well: Lagarde Says Europe Must Boost Firewall (WSJ)
• More rumors of inflation targeting: Bernanke near inflation target prize, but jobs a concern (Reuters)
• A Sears Wager Stings at Goldman (WSJ)
• Draghi Makes Euro Favorite for Most-Profitable Carry Trades With Rate Cuts (Bloomberg)
• Euro zone finance ministers to rule on Greek debt talks (Reuters)
• "Reserve Currency" - Iran Said to Seek Yen Oil Payments From India Amid Sanctions (Bloomberg)
• Hackers-for-Hire Are Easy to Find (WSJ)
• Florida’s Republican Primary Pits Romney Money Against Gingrich Momentum (Bloomberg)
• YouTube hits 4 billion daily video views (Reuters)
• Carnival CEO Lies Low After Wreck (WSJ)
• Fed Forecasts Could Awaken Treasurys (WSJ)

After months of increasingly aggressive shareholder activism, the long-standing co-CEOs (Balisillie and Lazaridis) of the struggling Blackberry maker have resigned as the former COO takes over as CEO and former-exchange executive takes over as chairperson.

• *RESEARCH IN MOTION CO-CEOS/CHAIRMEN QUIT POSTS :RIM CN, AAPL US
• *RIM NAMES BARBARA STYMIEST INDEPENDENT BOARD CHAIRMAN   :RIM CN
• *RESEARCH IN MOTION NAMES THORSTEN HEINS PRESIDENT, CEO

Research In Motion has clearly morphed into Activism-in-Motion as the Globe and Mail reports: "The catalyst for change appears to have been the entry of a new personality: reserved but revered investor Prem Watsa, the CEO of Fairfax Financial. Mr. Watsa, who has been called Canada’s Warren Buffett." While chatter appears to be that change-is-good, G&M go on to note, "Critics of the company’s performance may not be immediately impressed by a management shakeup that involves so little fresh blood." as the Playbook fiasco is fresh in many people's minds but perhaps new CEO's Heins view that "We are not at a point where we try to define a strategy, that’s done" will not hearten those looking for real change.

Three primaries, three different winners. There is little that can be said here except to add what we said before: the US gets just what it deserves. Follow the results live on the CNN webcast and the interactive Google chart.

And so following a massive groundswell of protest with the government's attempt to blatantly confiscate the First Amendment, SOPA quietly dies.

• Fed Holds Off for Now on Bond Buys  (Hilsenrath)
• Bonds Show Return of Crisis Once ECB Loans Expire (Bloomberg)
• Greek Debt Talks Enter Third Day After ‘Substantial’ Discussions (Bloomberg)
• Sharp clashes at Republican debate ahead of vote (Reuters)
• Lagarde Joins Warning on Fiscal Cuts Before Davos (Bloomberg)
• Investors exit big-name funds as stars fail to shine (Reuters)
• Payday lenders plead case to consumer agency (Reuters) - the EFSF included?
• EU Toughens Fiscal Pact Bowing to ECB Objections, Draft Shows (Bloomberg)
• Minister Urges Japan to Use Strong Yen (FT)
• China Eyes Pension Fund Boost for Stock Market (Reuters)
• China Manufacturing Contraction Boosts Case for Easing: Economy (Bloomberg)

GOOG, first on deck, swing, and a miss - Source

• GOOGLE 4Q ADJ. EPS $9.50, EST. $10.50
• GOOGLE 4Q REVENUE $10.58 BILLION, EST. $8.41
• GOOGLE 4Q COST-PER-CLICK DOWN ABOUT 8%

Beat on top line, miss on EPS - Margin Compression?

Next: MSFT - Source

• MICROSOFT 2Q REV. $20.89B, EST. $20.92B
• MICROSOFT 2Q EPS. $0.78, EST. $0.76
• MICROSOFT CORP BING U.S. MARKET SHARE, AT 15.1% UP 300 BPS Y/Y
• More layoffs: Microsoft is revising operating expense guidance downward to $28.5 billion to $28.9 billion for the full year ending June 30, 2012.

Beat on bottom, miss on top

Next: IBM - Source

• IBM 4Q REV. $29.49B, EST. $29.71B
• IBM 4Q OPER EPS: $4.71, EST. 4.62
• Full year 2012 Expectations: GAAP EPS of at least $14.16 and operating (non-GAAP) EPS of at least $14.85

Beat on bottom, miss on top

Next: INTC - Source

• INTEL 4Q REV. $13.89B, EST. $13.72B
• INTEL 4Q EPS 64C, EST. 61C
• INTEL SEES 1Q REV. $12.8B +/- $500M, EST. $12.76B

Beat on top and bottom.

• The Fed's HFT price manipulation code stolen? U.S. Charges Programmer With Stealing Code (Reuters)
• One million homeowners may get mortgage writedowns: U.S. (Reuters)
• In MF Global, JPMorgan again at center of a financial failure (Reuters)
• China's Money Rates Slump After PBOC Injects Money (Reuters)
• Athens closes in on bondholder pact (FT) - or not
• Hedge Funds May Sue Greece If Loss Forced (NYT)
• China Said to Weigh Easing Constraints on Banks as Growth Slows (Bloomberg) - But wasn't a rate cut already priced in on Monday?
• Obama Under Attack Over Keystone Rejection (FT)
• Chinese Economy Heads for Soft Landing in 2012 (China Daily) - don't really expect "China Daily" to tell you otherwise
• Brazil Cuts Interest Rates Further to 10.5% (FT)
• India to Launch $35bn of Public Investments (FT)

What's Happening with the web Censorship Bills?

It's on like Donkey Kong ...

• Jon Huntsman Will Leave Republican Presidential Race, Endorse Mitt Romney, Officials Say (WaPo)
• Dont laugh - Plosser: Fed Tightening Possible Before Mid-2013 (WSJ)
• Greece’s Creditors Seek End To Deadlock (FT)
• France Can Overcome Crisis With Reforms – Sarkozy (Reuters)
• Nowotny Says S&P Favors Fed’s Bond Buying Over ECB’s ‘Restrictive’ Policy (Bloomberg)
• Bomb material found in Thailand after terror warnings (Reuters)
• Ma Victory Seen Boosting Taiwan Markets as Baer Considers Upgrading Stocks (Bloomberg)
• Japan Key Orders Jump; Policymakers Fret over Euro (Reuters)
• Renminbi Deal Aims to Boost City Trade (FT)

Just like in the US, where we had our very own Treasury Secretary telling us there is "no risk" the US would get downgraded, about 3 months before America did in fact get downgraded, the cognitive dissonance between reality and fantasy is fully exposed today, this time in Europe. And whereas patriotic chauvinism has its good and bad sides, listening to politicians explain away how the impossible has just happened is always very amusing. Especially when translated by Google. Such as in this case, where we have grabbed the following article from Les Echos and dumped it into the modern version of the babel fish.

• Europe’s $39T Pension Threat Grows as Economy Sputters (Bloomberg)
• Monti Warns of Italy Protests as He Meets Merkel (Bloomberg)
• Bernanke Doubling Down on Housing Bet Asks Government to Help: Mortgages (Bloomberg)
• Europe Banks Resist Draghi Bid to Avoid Crunch by Hoarding Cash (Bloomberg)
• Europe Fears Rising Greek Cost (WSJ)
• ECB’s Nowotny Sees Risk of Mild Recession in Euro Region (Bloomberg)
• Republican Senators Criticize Fed Recommendations on Housing (Bloomberg)
• Spanish Banks Try to Build Their Way Out of Home Glut (WSJ)
• Europe Stocks Fluctuate After German Auction (Bloomberg)

A big win for Google is the begining of a painful trend for MSFT. 

In under one hour, the New Hampshire GOP Primary polls close. The New Hampshire primary is the second contest in the state-by-state battle for the Republican presidential nomination to face Democratic President Barack Obama on Nov. 6. Romney narrowly won the first contest, the Iowa caucuses, on Jan. 3. According to Reuters, and pretty much all of the mainstream media, Mitt Romney is in charge, and Ron Paul and Jon Huntsman appeared to be in a battle for second place in New Hampshire, the small New England state known for its independent streak and outsized role in presidential campaigns. As for Mitt, "A multimillionaire who says his experience as head of private-equity firm Bain Capital would help him spur America's economy as president, Romney might face a bigger challenge in the next primary in South Carolina on Jan. 21, where the economy is weaker and conservatives make up a larger slice of the electorate." Because apparently people in New Hampshire are big fans of 25% IRRs predicated by 5x Debt/EBITDA LBOs. Or something. Follow the primary via the CNN live webcast below, through the WSJ live blog, or via Politico. Fox News is tracking New Hampshire exit polls here. Finally, the live tally of final results can be tracked using the interactive Google map below.

As Greek standards of living nose-dive, loans to households and businesses shrink still further, and Troika-imposed PSI discussions continue, there is one segment of the country's infrastructure that is holding up well. In a story on Zeit Online, the details of the multi-billion Euro new arms contracts are exposed as the European reach-around would be complete with IMF (US) and Europe-provided Greek bailout cash doing a full-circle into American Apache helicopters, French frigates, and German U-Boats. As the unnamed source in the article notes: "If Greece gets paid in March the next tranche of funding (€ 80 billion is expected), there is a real opportunity to conclude new arms contracts." With the country's doctors only treating emergencies, bus drivers on strike, and a dire lack of school textbooks and the country teetering on the brink of Drachmatization, perhaps our previous concerns over military coups was not so far-fetched as after the Portuguese (another obviously stressed nation), the Greeks are the largest buyers of German war weapons.  It seems debt crisis talks perhaps had more quid pro quo than many expected as Euro Fighter commitments were also discussed and Greek foreign minister Droutsas points out:"Whether we like it or not, Greece is obliged to have a strong military".