Economy
Greek markets are tumbling after the ECB put more pressure on the country by revoking a waiver that allowed banks to use Greek government debt as collateral for loans. "It is currently not possible to assume a successful conclusion" of Greece’s current bailout, the ECB said late Wednesday, just hours after its president, Mario Draghi, met with Greek finance minister Yanis Varoufakis. Athens' ATG stock index is trading down 5.6%, and Greek bonds have also taken a beating.

German industrial orders in December surged to their highest level since April 2008, suggesting that Europe's largest economy will gain steam early this year after narrowly avoiding recession in mid-2014. Beating even the highest forecasts, bookings for goods rose 4.2% in December, compared to a 2.4% contraction the previous month. Germany still slumped into deflation in January with prices falling 0.5%, although much of this can be blamed on the sharp fall in the oil prices.

China's new reserve-requirement ratio has commenced, freeing up more than $100B for its banks to lend after announcing a half a percentage point cut in the measure yesterday. The new move boosts speculation for more measures to pump up the country’s economic growth, which is expected to cool further this year. China's economy slowed to 7.4% in 2014, its lowest annual growth rate in a quarter century.

Stocks
Anthem, the U.S.'s second-largest health insurer, said hackers broke into a database containing personal information for about 80M of its customers and employees in what is likely to be the biggest data breach disclosed by a health-care company. Anthem (NYSE:ANTM) said the breach exposed "names, birthdays, street addresses, social security numbers and employment information, including income data," but added that no financial information, including credit card details, was compromised.

AstraZeneca reported a fourth-quarter loss this morning, but stressed that it was on track to return to growth by 2017. The company's fourth-quarter net loss came in at $321M, down 38% from $524M a year earlier, while sales for the last three months of the year fell 2% to $6.68B. Actavis (NYSE:ACT) also confirmed that AstraZeneca (NYSE:AZN) would buy its branded respiratory business in the U.S. and Canada for an initial $600M. AZN -1.3% premarket.

A steady recovery in Europe helped Vodafone stem the rate of sales decline in its third quarter, as revenue rose 13.5% to £10.88B, beating market forecasts of £10.4B. Group service revenue, a key metric based on telecom-services sales, fell 0.4% excluding acquisitions and disposals. That compares with a 4.8% decline in the same period last year. Vodafone (NASDAQ:VOD) also reiterated its fiscal-year guidance of adjusted operating profit of £11.6B-£11.9B. BT has put the finishing touches on its £12.5B purchase of EE, the U.K.'s largest mobile operator, saying it will raise £1B through a placing of new shares to fund the acquisition. EE's joint-venture partners each get their piece of the deal: Deutsche Telekom (OTCQX:DTEGY) will get a board slot and 12% stake in BT (NYSE:BT), and Orange SA (NYSE:ORAN) gets more cash and a 4% stake.

Frontier Communications is close to a $10B deal to buy the wireline assets that Verizon (NYSE:VZ) put up for sale in the aftermath of its $10.4B wireless spectrum bid, WSJ reports. The companies did a similar deal in 2009, when Verizon sold 4.8M rural phone lines to Frontier (NASDAQ:FTR) for $8.6B in stock and cash, to focus on wireless and broadband services. Verizon is also close to selling a package of cell towers for about $5B. FTR +5.4% premarket.

UBS is again being investigated for allegedly helping wealthy clients evade U.S. taxes, six years after the Swiss bank paid a $780M penalty for similar charges. Federal prosecutors are looking into whether UBS (NYSE:OUBS) used investments largely banned in the U.S., called bearer securities, which can be transferred without needing to register ownership.

BNP Paribas has announced that new rules and higher taxes will dent its 2016 net income by about €500M, despite heavy profit in its latest quarter. Fourth-quarter net income rose to €1.3B from €110M a year before, when BNP Paribas (OTCQX:BNPQY) set aside $1.1B for legal costs. The bank closed a difficult chapter last June by pleading guilty to criminal charges and paying an $8.9B fine for breaching U.S. sanctions against Sudan, Iran and Cuba.

Ontario has sold its remaining shares in General Motors (NYSE:GM) for approximately C$1.1B ($874.89M) after announcing its plans last April to sell the stake over the next year or so. The stock was acquired when the Canadian and Ontario governments contributed more than C$10B in 2009 toward a bailout to keep GM afloat.

Under Armour reported a 37% increase in Q4 net income of $88M, with revenue of Apparel +29.7%, Footwear +55% and Accessories +22.2%. The company, however, sees operating income growing only 12%-15% in 2015, a mark that falls below prior guidance. Under Armour (NYSE:UA) also announced that it has agreed to buy two makers of fitness-tracking apps, MyFitnessPal and Endomondo, for a combined total of $560M.

Along with its Q4 results, Weatherford International (NYSE:WFT) says it will slash 5,000 jobs by the end of the first quarter in an attempt to lower costs amid sinking oil prices and budget cuts. The headcount reduction follows job cuts at several other oil-field service companies, including Schlumberger (NYSE:SLB), Halliburton (NYSE:HAL) and Baker Hughes (NYSE:BHI), which all announced layoffs in the thousands in recent months. Weatherford's Q4 net income came in at $252M compared to $53M, a year earlier.

Apple is in talks with programmers about content deals that would let it offer a Web-based TV service, similar to the one recently announced by Dish (NASDAQ:DISH) and the one being prepped by Sony (NYSE:SNE), sources tell Re/code. Though Apple (NASDAQ:AAPL) has shown programmers demos of its planned service, Re/code cautions that "talks seem to be in the early stages, which means terms like pricing and timing aren’t close to being ironed out."

Today's economic calendar:

Chain Store Sales
7:30 Challenger Job-Cut Report
8:30 Gallup US Payroll to Population
8:30 Initial Jobless Claims
8:30 International Trade
8:30 Productivity and Costs
9:45 Bloomberg Consumer Comfort Index
10:30 EIA Natural Gas Inventory
4:30 PM Money Supply
4:30 PM Fed Balance Sheet

Notable earnings before today's open: ABB, ADS, AINV, AMSC, APO, ARW, AZN, BCE, BCO, BDC, BDX, BLL, BR, CFX, CHTR, CI, CMI, COTY, CSL, DFT, DLPH, DNKN, EL, EQM, EQT, ETR, FBP, FIS, GLT, GPI, GPK, GRA, GRUB, ICE, IT, IVC, KORS, LAZ, LIOX, LQDT, MDSO, MMP, MMS, MSCI, NGD, NUS, ODFL, OZM, PBH, PM, PPL, PRGO, PRLB, PTEN, RFP, RSTI, SBH, SIRI, SNA, SNCR, SPH, SQNS, TDC, TE, TEVA, TW, USG, UTEK, VLP, VMC, VSH, XYL

Notable earnings after today's close: ACET, ACLS, ADNC, AHL, AIV, ARCW, ASEI, ASYS, ATHN, ATR, ATVI, BCOV, BEBE, BMI, BRKS, BRS, BWLD, CALD, CME, CPST, CTRL, CUTR, DCT, DV, ECHO, ECOM, EGAN, EGOV, ENH, EXPE, FLDM, FLT, FWM, GPRO, HME, IMPV, KIM, KRG, LF, LGF, LNKD, MCK, MRIN, MTD, MXWL, NTGR, NUAN, OLN, ONNN, OUTR, P, PCTY, PDFS, PDM, PXLW, RDEN, RENT, SIMG, SLH, SPF, SPSC, SRCL, SWIR, SYMC, TPX, TSYS, TWTR, UBNT, UEPS, VRSN, WAIR, YELP, YRCW