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General Motors Corp. (NYSE: GM), Ford Motor Co. (NYSE: F) and Chrysler executives are returning to Congress for what many see as a crucial hearing as the automakers hope will persuade skeptical lawmakers to bail them out with a $34 billion in emergency aid. Still, a top Senate Democrat wants to hand their problem to the Federal Reserve. Automakers executives are also considering accepting a pre-arranged bankruptcy as the last-resort price of getting a multibillion-dollar government bailout, according to Bloomberg sources. GM and Ford shares are down 6.1% and 7.7% in premarket trade (8:10 am). As of 11:45, GM shares declined nearly7%, Ford's were flattish.

Wal-Mart Store Inc. (NYSE: WMT) November same-store sales were expected to fall 7% gain 2.1%, but rose 3.4%. WMT is trading 2.8% higher in premarket (8:10 am). WMT shares traded higher during the session.
Costco Wholesale Corp (NASDAQ: COST) reported that November same-store sales fell 5%.
Limited Brands Inc. (NYSE: LTD) reported November same-store sales fell 12%.

Toll Brothers (NYSE: TOL) reported a loss of nearly $80 million, or 49 cents per share, including about $175 million in pre-tax writedowns. Without the charges, the company reported a profit of 23 cents per share. Revenue fell to $698.9 million from $1.17 billion a year ago. TOL beat analyst estimates of 46 cents per share on revenue of $681.4 million, according to Thomson Reuters. TOL decline to issue guidance for next year. As of 11:47, TOL shares were 9.5% higher.

Merck & Co. (NYSE: MRK) issued guidance, saying net income in 2009 may miss analysts' expectations as the drug maker trying to make up for falling sales of its top-selling cholesterol pills with cost cuts, including job reduction. Merck made no change in its forecast for 2008 earnings. MRK shares traded 3.6% lower in premarket (8:14 am). Shares of MRK traded down 3.6% by 11:47.

U.S. stock futures were mixed and little changed Thursday morning, as investors await for yet another day of the Big Three on Capitol Hill testifying in front of Congress as they ask for a $34 billion bailout. Retailers will also be in focus today as they report November sales, which no one really expect will be anything to cheer about. Analysts expect retailers to post a 2.4% decline overall.

Overseas, Asian markets finished mostly lower, erasing earlier gains. In Europe, stocks were higher as investors awaited decision on interest rates. So far, the Bank of England cut rates by a full percentage point to 2%, the lowest level since 1939.

Meanwhile, oil prices sank Thursday to lows last seen nearly four years ago as concern over demand for the crude grew with more bleak news from the world's largest economy. Some now think crude could tumble below $40 by the end of the year.

Also, some economic reports are due out today: Before the market open, a report on weekly jobless claims will be released, a day after the ADP private sector job report and a day ahead of the government's nonfarm payroll release. At 10 a.m. EST, October factory orders is due and is expected to show further decline.

[update 8:35: Futures have turned much lower as morning progressed and more news of layoffs, lowered guidances and abysmal retail sales reports hit the wire.]

General Motors Corp. (NYSE: GM), Ford Motor Co. (NYSE: F) and Chrysler appealed to Congress for a bailout Tuesday. GM said it wouldn't last till New Year's without an immediate $4 billion and is asking for as much as $18 billion to keep afloat and survive. Together they asked for $34 billion. Meanwhile, November auto sales plunged 37% with Ford's U.S. sales declining 31%, GM's falling 41% and Chrysler LLC's dropping 47%. Overseas rivals didn't do better. GM shares traded 5.2% lower and F's 1.9% higher in pre-market (7:51 and 7:55 am respectively).

Research In Motion Ltd. (NASDAQ: RIMM) lowered its financial earnings per share, revenue and new subscriber accounts guidance for its third-quarter, saying it has added fewer new subscribers than expected as the economy slowed. This news will likely have an effect on Apple Inc. (NASDAQ: AAPL) as well. RIMM shares already hit a low Tuesday following an estimate cut from JPMorgan. RIMM shares traded 5.6% lower in premarket action (7:58 am). AAPL shares were down 2% in premarket trade (8:09 am).

Bank of America (NYSE: BAC) could end up cutting 30,000 jobs as it absorbs Merrill Lynch (NYSE: MER), three times as many as previously estimated, sources told CNBC, as BAC's CEO is trying to increase cost cuts. The majority of the layoffs are likely to come from Merrill's side of the business. BAC shares were 3% lower in premarket trade (7:59 am).

Constellation Energy Group Inc. (NYSE: CEG) finds itself in the midst of a bidding war as Electricite de France SA, the world's biggest operator of atomic reactors and which owns 9.5%, offered to pay $4.5 billion for half of CEG's nuclear business to expand in the U.S. CEG agreed earlier this year to be bought by Warren Buffett's Berkshire Hathaway Inc.'s MidAmerican Energy Holdings Co. for $4.7 billion. CEG shares gained over 25% in premarket trading (8:00 am).

U.S. stock futures were lower Wednesday morning, seeming unlikely to continue Tuesday's rally as a warning from Research in Motion only added to economic concerns that will be in focus today as more indicators are released.

Overseas, global stock indexes were mixed with most major Asian markets finishing in positive territory, but with European markets trading lower by midday. Meanwhile, oil prices rebounded slightly from a three-year low back near $48 a barrel. Weekly inventory report is due out today.

Several economic indicators will be released today: First, a little after 8 am, ADP's estimate for November employment is due. Then, at 8:30 am, a revision to third-quarter productivity will be released. At 10 am, the November reading of the Institute of Supply Management's non-manufacturing index, a barometer of the services sector, will be reported. It is expected to contract further. Finally, at 2 pm, the Fed's Beige Book will be made public. The book contains more evidence on the economy.

General Motors Corp. (NYSE: GM), Ford Motor Co. (NYSE: F) and Chrysler plan to present their plan to Congress today as they ask for $25 billion of help. They would refinance their debt, cut executive pay, seek concessions from workers and find other ways of reviving their staggering companies. Meanwhile, autmakers will also release November sales and analysts expect them to post large declines of between 20-40%. GM shares rose 10% in pre-market trade and Ford's added 5.1% (8:02 am). By around 11:42, GM shares rose 6.5% and Ford's 10.2%.

Sears Holdings Corp. (NASDAQ: SHLD) reported a much wider-than-expected third-quarter loss due to an 8% decline in sales and store closing charges. Excluding the charges, Sears reported a loss of 90 cents per share in the latest period. Analysts had expected, according to Thomson Reuters, a loss of 49 cents per share. The company did announce a $500 million stock buyback. By around 11:42 SHLD shares soared 17.9%.

Goldman Sachs Group Inc. (NYTSE: GS), known so far for being able to mostly dodge most of its rivals' problems, may now, according to industry insiders The Wall Street Journal quotes, report a net loss of as much as $2 billion for its quarter ended Nov. 28 -- its first loss as a public company. Fourth-quarter loss could be as much as $5 a share, five times the current analyst consensus. GS shares trade 1% lower in premarket. By around 11:42 Goldman shares declined 2.2%.

U.S. stock futures were higher Tuesday morning, a day after stocks returned most of last week's gains as the Dow dropped 680 points -- one of its worse ever.

Automakers will be in focus today as no only do they return to Capitol Hill armed with a plan this time as they ask for aid, they will also release November sales. Analysts expect to see large sales declines.

Overseas, Asian markets sank following Wall Street's deep selloff, with the Nikkei dropping below 8,000. European stocks, however, were little changed as indications grew of a modest rebound on Wall Street.

Oil prices continued Monday's retreat, falling to a 3-year low below $48 a barrel Tuesday as the U.S. economic news combined with the savage selloff in the stock market gave a bleak picture for future demand.

The retail industry will also be in focus today as several retailers are scheduled to report earnings. Sears had already reported it had swung to a loss.

Citigroup Inc. (NYSE: C) plans to sell its Japanese trust banking unit NikkoCiti Trust and Banking for about 40 billion yen ($416.7 million) as it struggles to survive the global financial crisis, according to the Nikkei. Also, a Citigroup fund, Citi Infrastructure Partners, is bidding 7.9 billion euros ($10.2 billion) to buy a Spanish highway operating firm, Sacyr Vallehermoso, the firms said on Monday. Citi shares were down over 12% by 11:30 am.

Yahoo! Inc. (NASDAQ: YHOO) and Microsoft Corp. (NASDAQ: MSFT) -- over the weekend there have been conflicting reports regarding the two. There were reports that Microsoft is going to offer $20 billion for Yahoo's search business, but then other sources said these are completely unfounded. Meanwhile, SAI posted that Sue Decker is the front runner for the CEO job at the portal company. YHOO and MSFT shares were down about 3.5% by 11:30 am.

General Motors Corp's (NYSE: GM) board met Sunday to review a restructuring plan intended to win support for up to $12 billion in emergency funding from the U.S. government, according to different reports. GM's plan includes cuts to executive pay andcould indicate that the company will ask some bond holders to accept equity and a limited cash payout to redeem the debt they hold and focus on fuel-saving technology. GM shares were down about 9% at 9 am.

[Update 8:50 am: Johnson & Johnson (NYSE: JNJ) has agreed to buy breast-implant maker Mentor Corp. (NYSE: MNT) for $1.07 billion, or $31 per Mentor share, a 92% premium to Friday's closing price. The deal, expected to close in the first quarter of 2009, is expected to have a dilutive impact to Johnson & Johnson's 2009 earnings per share of approximately $0.03 - $0.05. Of course, MNT shares are up over 88% in premarket trading. JNJ shares were down about 2.7%, but MNT's up about 90% by 11:30 am.]

U.S. stock futures were much lower Monday morning, indicating stocks could start December on a down note, putting a stop to last week's rally as the gloomy economic conditions once again take precedent. The holiday shopping season kicked off in what some called a modest start and some a strong start. While consumers may have actually spent more this weekend over last year's weekend, they had completed a larger portion of their shopping. With the deep discounts offered, holiday season sales may not surprise on the up side at all.

Overseas, Asian and European markets fell Monday as investors digested signs of the U.S. holiday shopping season start over the Thanksgiving weekend. Meanwhile, crude oil fell below $52 a barrel after the OPEC deferred a decision to reduce output for another two weeks.

On the economic front today, the Institute of Supply Manufacturing in November is due and economist expect a worsening. October construction spending is also due out today.

Seems that even this shortened week was full of news and happenings, in the U.S. and around the world. With Citigroup Inc. (NYSE: C) being bailed out by the U.S. government at the beginning of the week and China announcing fiscal and monetary stimulus plans, the Dow industrials finished in positive territory four days in a row.

But as analysts and pundits, as well as each and every economic release -- in the U.S. and around the world -- remind us, we are not out of the woods yet and the rally has really been a bear-market rally.

Investors looking to take advantage of such rallies, or at least feel they hold stable long-term holdings, can search this week's BloggingStocks' contributors' picks:

Apollo Group (NASDAQ: APOL) and Devry Inc. (NYSE: DV) -- It's often been suggested that educators do well in times of recession and high unemployment as workers look to improve or change their education to get a better job. Leo Fasciocco thinks these two are poised for a breakout.

Dollar Tree Inc. (NASDAQ: DLTR) reported stronger-than-expected earnings this week and also hiked its forecast. Not surprisingly, cash-strapped consumers turn more and more to discounters. Dollar Tree may continue to benefit from the economic downturn and the stock could also experience a short-squeeze rally.

General Motors Corp. (NYSE: GM) -- as it runs short of cash and attempts to raise $4 billion from asset sales, GM has asked real estate agent Jones Lang LaSalle for help in raising up to $257 million from the sale and leaseback of some of its European offices and other property assets, as well as inquired about its options regarding the Renaissance Center, the Detroit skyscraper complex that serves as its headquarters, the Financial Times reported.

Meanwhile, adding insult to injury, GM has asked the U.S. Federal Aviation Administration to prevent public tracking of a jet it leases.

Ford Motor Co. (NYSE: F) is also ignoring public outcry and is so far resisting pressure to cut the salary of its chief executive. Maybe asking emergency help from the federal government requires that large compensation...

Staying with automarkers, Deutsche Bank analyst Rod Lache said the scales are tipping in favor of a federal bailout from GM and Ford, MarketWatch said. GM traded 12% higher and Ford shares were 15% higher in the first minutes of trade.

Bank of America (NYSE: BAC) -- The Federal Reserve Board officially approved BAC.'s acquisition of Merril Lynch (NYSE: MER) on Wednesday in a $50 billion deal first announced in September. BAC shares were nearly 3% higher and MER's over 4% higher in the first few minutes of trade.

U.S. stock futures were lower Friday, a day after Thanksgiving holiday. Trading session will be short today as stock markets close at 1:00 p.m. EST. On a day known as Black Friday, where the holiday shopping season "officially" begins (as retailers move out of the "red," or losses, and into the black, meaning profits), many will focus on the retail sector.

Overseas, Asian markets finished the session higher mostly. Indian shares rallied as trading resumed following the terrorist attacks in Mumbai that left 143 people dead. European shares were lower in morning trading. In Europe, stocks traded moderately lower as Europe's inflation rate fell by 2.1%, the most in almost two decades, and unemployment increased.

Meanwhile, oil prices fell below $54 a barrel Friday due to gloomy outlook for global crude demand that overshadowed expected OPEC production cut.

Toyota Motor Co. (NYSE: TM) -- recently we've seen more and more signs that the slowdown in general and the auto industry troubles particularly have been hurting Toyota too. Today, Fitch Ratings cut Toyota's top-notch credit rating to "AA" from "AAA," as the carmaker was indeed hit by the world auto market slump, high material cost and from a surging yen. TM shares were down 3% by 11 am.

American International Group Inc. (NYSE: AIG) announced late Tuesday it has closed its $40 billion stock placement with the U.S. Treasury under the government's Troubled Assets Relief Program. The Treasury bought shares of AIG equaling 2% of the company on the date of the investment. AIG shares were up 0.5% by 11 am.

Deere & Co. (NYSE: DE) reported that fiscal fourth-quarter net income fell 18% to $345 million, or 81 cents a share, as sales rose 21% to $7.4 billion. Analysts expected earnings of 99 cents a share on sales of $5.2 billion according to FactSet Research. The guidance for fourth quarter was below estimates. DE shares were 6.3% lower in premarket trading (8:03 am). DE shares were down 9.6% by 11 am.

Tiffany & Co. (NYSE: TIF) reported that its third quarter earnings declined to $44 million, or 35 cents a share on lower sales of $618 million. This was above analyst estimates of 26 cents EPS and sales of $697 million, according to FactSet Research. Tiffany said it plans to reduce staff. TIF shares were 8.6% lower in premarket trading (8:03 am). TIF shares were down 4.1% by 11 am.

Stocks futures were lower Wenesday morning after three days of gain (only the Nasdaq closed down Tuesday), and ahead of a slew of economic data.

Overseas, Asian markets ended mixed, but European stock markets fell Wednesday, mostly on profit taking despite EU calls for more spending from its members. In China, the People's Bank of China announced a 1.08 percentage-point rate cut -- the fourth cut in three months, and its biggest interest rate cut in 11 years on Wednesday. The move, is aimed to "spur private borrowing and support a multibillion-dollar stimulus package to boost slowing economic growth."

Oil prices rose slightly to above $51 a barrel Wednesday after it was reported that Russia could join OPEC in cutting output.

Economic indicators released today include:
October durable orders and personal income and spending -- both due at 8:30 a.m. Wekly jobless claims is also due then.
The Chicago purchasing managers' report will be released after the market open.
At 10:00 am, November Michigan consumer sentiment and October new home sales are due out.
All the economic reports are expected to be quite dismal.

Trading will likely be thin today ahead of the holiday.

BHP Billiton (NYSE: BHP) dropped its $66 billion Rio Tinto (NYSE: RTP) takeover bid after a year-long pursuit, citing the deteriorating economy, the rout in commodities prices and the credit-market squeeze for derailing the biggest hostile takeover. Rio Tinto shares dropped 34.6%, while BHP rose over 13.7% in premarket trading (8:04 am). At around 11:00 am, BHP stock gained about 18%, while RTP's declined over 32%.

Hewlett-Packard Co. (NYSE: HPQ) posted impressive, better-than-expected results Monday afternoon thanks to its diversified business. These included 21% growth in laptop sales, and a totoal revenue growth of 19%. Still, Wall Street doesn't have confidence in how the computer company will do as the economy worsens, and some think it will do worse than management believes. HPQ shares declined 1.3% in premarket trading (8:03 am). HPQ shares declined 6.2% as of 11 am.

Starbucks (NASDAQ: SBUX) warned yet again late Monday of an "extremely challenging" fiscal year as it forecast slumping sales. It seems that selling high-end coffee during a recession is a tricky business. For fiscal 2009, which began Sept. 29, Starbucks said it expects to see a drop in sales at coffee shops that it opened at least a year ago, extending a trend already evident in 2008. While warning of another round of restructuring, SBUX also said October store traffic has actually improved. SBUX shares declined over 5% in after-hours trading Monday. SBUX shares declined about 1% as of 11 am.

U.S. stock futures were once again higher Tuesday morning, indicating that despite a two-day rally in which the Dow industrials gained 891 points, or 11.8%, stocks could start today on a positive note as well. While Starbucks and BHP Billiton sounded cautious this morning, investors awaited details of a new government lending program aimed at increasing the availability of consumer loans, according to published reports. The plan should be announced at 10:00 am.

Overseas, Asian markets rallied, while European markets were mixed initially, but turned higher by midday. Oil futures slipped to $53 a barrel after surging overnight.

Economic releases today include an estimate of the third-quarter GDP due at 8:30 am, November Conference Board's consumer confidence due at 10:00 am, and the September S&P/Case-Shiller home price index. According to Briefing.com estimates, GDP is expected to show a 0.5% decline.

Much will depend on the economic data to determine where the markets are headed today, and after two day of strong rallies, I'd expect the market to cool off as we approach the opening bell.