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Copy that, Wall St.
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January 28, 2002: 8:55 a.m. ET
U.S. stock investors take in Xerox, Toys 'R' Us news, ahead of Greenspan.
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NEW YORK (CNN/Money) - Copier maker Xerox's operating profit starts off a busy Monday on Wall Street as U.S. stock investors await a government report on new home sales and quarterly earnings from financial services provider American Express.
Early indications point to a modest advance at the open for the major stock indexes.
Xerox (XRX: Research, Estimates) posted a fourth-quarter profit excluding restructuring charges, besting analysts' estimates for a loss. Xerox shares rose 51 cents to $10.41 in before-hours trading Monday.
In other corporate news, No. 1 specialty toy retailer Toys 'R' Us (TOY: Research, Estimates) said Monday it will cut 1,900 jobs and take a $126 million aftertax charge for its fourth quarter ending Feb. 1. It also plans to close 27 Toys 'R' Us stores and 37 of its Kids 'R' Us apparel stores. The company's shares fell 15 cents to $18.75 Friday.
Economists surveyed by Briefing.com forecast that new home sales fell to an annual rate of 923,000 in December from 934,000 the prior month. The data, to be released after the markets open, won't be as watched as closely as other figures due later this week, such as fourth-quarter gross domestic product on Wednesday and the January jobs report and Institute for Supply Management manufacturing report, both due Friday.
Investors will also be wary ahead of the start of a two-day meeting of Fed policy makers Tuesday. A decision on whether or not the central bank will cut interest rates for the 12th time since the start of 2001 is expected Wednesday afternoon.
The Dow starts the week at 9,840.08, having gained 44 points Friday. The Nasdaq composite index is at 1,937.70 after a 5-point drop, while the Standard & Poor's 500 index starts at 1,133.28 following a 1-point advance.
Most Asian markets finished higher Monday, with Tokyo's Nikkei index posting an 0.8 percent advance. European stocks were higher at midday.
Treasury prices fell in early trading, with the 10-year note yield rising to 5.11 percent from 5.09 late Friday. The dollar was slightly stronger against the euro and lower against the yen. Brent oil futures rose 12 cents to 19.49 a barrel in London.
American Express (AXP: Research, Estimates), one of 30 stocks in the Dow industrials, is expected to report fourth-quarter earnings of 23 cents a share, down from 50 cents a year earlier, according to a consensus of analysts surveyed by the research firm First Call. American Express shares rose 24 cents to $36.99 Friday.
Handheld computer maker Palm (PALM: Research, Estimates) unveiled a new device called the i705 handheld, which combines e-mail, Web surfing and instant messaging services and is meant to compete with Research in Motion's (RIMM: down $0.96 to $22.52, Research, Estimates) Blackberry. Shares of Palm gained 41 cents to $4.31 in before-hours trading Monday, while shares of Research in Motion slipped 2 cents to $22.50. 
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