The jobs report came in at 524,000 lost for December, in line with estimates that were revised lower following ADP’s back breaker of a number on Wednesday. Unemployment stands at 7.2% and there were downward revisions (more losses) to the October and November numbers. Futures ticking up following the news as many feared it could be a lot worse.

Service Job Cuts Watch:

• (SLB) Cuts 1,000 North American Jobs.
• (HAL) has indicated it will also be cutting jobs and I’m sure the same can be said for (BHI), (BJS) ….

Obama Watch:

• President elect Obama said he wants to double energy generated from alternative sources in the next 3 years. In fact an Obama transition aide in an emailed statement wrote ~
  • "The United States currently produces roughly 24,000 MW [megawatts] of wind, solar, and geothermal power. Before the financial crisis brought the renewable industry to a halt, the wind industry publicly announced the expectation to install at least 7500 MW in 2008. By providing significant loan guarantees and ultimately later down the road a national [renewable portfolio standard], we are confident we will get the wind industry back on track. In addition to the 20,000+ MW of wind, we are confident that with the same combination of support and renewable standards, the geothermal and solar industries can install 4,000 MW of new power."
• I would note that FSLR’s recent 10 MW installation for Sempra was the largest thin-film solar installation to date in the U.S. Thats 10 MW….vs 4,000 the above email calls for. In fact, there were 400 MW of solar utility power installed in the U.S. five years ago and 500 MW installed as of 2007. So in five years the U.S. added 100 MW but in the next 3 it will add 4,000? Hmmmm.
• I don’t mean to be a skeptic and maybe a greater burden of the 4,000 is on the mentioned geothermal side of the equation but progress there has moved at a geological type pace to date and those projects just won’t be .
• You can see all of the renewable generation capacities here. This is likely where the 24,000 MW in the aide’s comment comes from with some updates for 2008 additions.
• Rex Tillerson, CEO of XOM went out of his way to note that this would be "challenging".  He pointed out that the current capacity for turbines and blades is pretty much tapped out. 
• Not to be left out, the solar and wind trade groups (combined wouldn’t that be hot air?) are hosting a joint conference call to today at 12 EST at 866 682 0556 to discuss how they will make the president’s goal a reality (see the solar comments below). 

In Today’s Post:

1. Holdings Watch: Added some FSLR and SU February exposure
2. Commodity Watch
3. Natural Gas Storage Review - bad number but not as bad as it looked.
4. Stuff We Care About Today - CVX warns, EOG reiterates conservative stance
5. Multiple Update - Solar Stocks
6. Odds & Ends

Holdings Watch: The wiki tab is updated.

• (SU) February $25 Calls (SUBE) added for $1.60 with oil down 50 cents at $42 and the stock flat on the day.