EA Expects Low Profits, Job Losses

This is a transcript of the Market Update: Afternoon Outlook.

Look out for Electronic Arts on Wednesday, after the videogame maker warned that 2009 profits will fall below expectations amid weak holiday sales. The company behind Madden NFL said it will pursue job cuts and reduce its portfolio to save money. The company's CEO said he was disappointed that the holiday slate was not meeting sales expectations.

Investors will be keeping an eye on Wal-Mart (nyse: WMT - news - people ). On Tuesday, the world's largest retailer suspended its share buyback program, citing the poor economy and the troubled credit markets. According to reports, Wal-Mart is also preparing to sell Apple's (nasdaq: AAPL - news - people ) iPhone later this month.

Meanwhile, the fight for Detroit rages on. Lawmakers are still sparring on the terms of a possible $15 billion bailout. There is concern that the deal does not have enough support in the Senate. Both General Motors (nyse: GM - news - people ) and Ford (nyse: F - news - people ) fell more than 4% on Tuesday.

Wednesday will be light on economic and earnings news, but Korn/Ferry, CKE Restaurants (nyse: CKR - news - people ) and FuelCell Energy (nasdaq: FCEL - news - people )are all set to report.