CNNMoney.com Pre-Market Report - Feb. 19, 2008

CNNMoney.com Pre-Market Report - Feb. 19, 2008

Wal-Mart (WMT, Fortune 500), the world's largest retailer, reported a 4% rise in net income that met Wall Street's estimates. The retailer also posted more than $100 billion in sales during the fourth quarter.

Other stocks to watch include MBIA Inc (MBI), whose Chairman and Chief Executive Gary Dunton is stepping down. Former Chairman and CEO Joseph "Jay" Brown, 59, who retired from the firm last May, will take the helm of the beleaguerd bond insurer.

Another troubled bond insurer, Ambac (ABK) is discussing a plan to raise $2 billion in capital to protect is sterling triple-A rating, according to the Wall Street Journal.

Both MBIA and Ambac have come under attack by credit agencies threatening to cut their 'AAA' ratings over concerns that the bond insurers may not be able to pay claims on mortgage-backed securities.

The union representing pilots at Delta (DAL, Fortune 500) and Northwest (NWA, Fortune 500) have agreed to a deal to consolidate membership under a merged carrier, the Detroit News reported. The move removes a major hurdle to a merger of the two airlines.

On the earnings front, a number of companies are scheduled to report after the bell, including Dow component Hewlett-Packard (HPQ, Fortune 500).

Oil prices climbed Tuesday on speculation that OPEC may cut production levels sometime next month to support prices. Light, sweet crude for March gained $2.10 to $97.60 a barrel in electronic trade.

In global trade, Asian stocks finished the session higher. European shares, however, fell after Swiss bank Credit Suisse (CS) cut the value of its assets by $2.9 billion.