PRIMARY SEASONJan. 19South Carolina Democrats head to the polls (Republicans vote on Jan. 26), while both parties in Nevada caucus. Barack Obama and John McCain are now the front-runners in both contests.

PHILIPS ELECTRONICS (PHG)Jan. 21, 1 a.m. ESTThe Dutch electronics maker issues fourth-quarter results, which should include a big gain from the sale of Taiwan Semiconductor Manufacturing (TSM) shares.

JOHNSON & JOHNSON (JNJ)Jan. 22, 8:30 a.m. ESTFourth-quarter earnings are expected to rise modestly from the year before. The drug company will also take a writedown on its controversial Natrecor heart drug.

CANADIAN RATE REDUCTION?Jan. 22, 9 a.m. ESTThe Bank of Canada makes its interest rate announcement. Economists are forecasting a quarter-point cut, to 4%. Credit market turmoil and weaker U.S. growth are hitting Canada's economy.

BANK OF AMERICA (BAC)Jan. 22, 9:30 a.m. ESTThe credit crunch is expected to squeeze fourth-quarter profits. The largest U.S. bank also plans to report a $3.3 billion loan-loss provision.

DAVOS: WORLD ECONOMIC FORUMJan. 23-27A who's who of political figures, business executives, and intellectuals will attend the annual conference in Davos, Switzerland. The focus this year is collaboration and innovation.

BRITAIN'S ECONOMYJan. 23, 4:30 a.m. ESTFourth-quarter figures on economic growth are expected to show the start of what economists believe will be a serious slowdown through the first half of the year.

GERMAN BUSINESS CONFIDENCEJan. 24, 4 a.m. ESTThe Ifo Institute for Economic Research releases its January survey. German companies have become nervous about current and future conditions in recent months on signs that the euro zone and U.S. economies are slowing.

NOKIA (NOK)Jan. 24, 6 a.m. ESTThe Finnish mobile phone maker releases fourth-quarter results. Nokia is predicting sales will top the impressive third-quarter tally of 112 million mobile phones. Struggling U.S. rival Motorola (MOT) announces fourth-quarter figures on Jan. 23.

EXISTING HOME SALESJan. 24, 10 a.m. ESTThe meltdown in U.S. housing persists with a likely decline in December existing home purchases.

MICROSOFT (MSFT)Jan. 24, 4:30 p.m. ESTThe company is expected to present solid fiscal second-quarter results. Earnings per share are likely to jump from the previous year on sales of its Vista operating system, Office 2007, and the video game Halo 3.

CATERPILLAR (CAT)Jan. 25, 7:30 a.m. ESTInvestors expect strong fourth-quarter earnings. But the company stated that housing and some other industries important to its U.S. sales are contracting.

    Before it's here, it's on the Bloomberg Terminal.