Notable pre-market Calls include Upgrades: FNM at Morgan Stanley, TSM at Lehman; Downgrades: SMI and UMC at Lehman, TMA at Jefferies, TSRA at Friedman Billings; Initiations: Microsoft at Jefferies (Buy)... On the Earnings calendar, 23 cos are confirmed to report today after the close, though none are expected to be market-moving releases... On the Economic calendar, the Feb ISM Services Index (consensus 47.5; prior 44.6) and Jan Factory Orders (consensus -2.5%; prior 2.3%) will both be released at 10:00ET, while the Fed's Beige Book is due out at 14:00ET.
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