Market Happenings for Wednesday, January 11, 2012

Pre-market, futures are down a bit with Europe still on investors minds. Gainers this morning include TXT, DTV, BSX, CCL and ROK while losers include URBN, SVU, BEN, MPC and WM. Light crude is down -0.80% at 101.42 and gold is up +0.42% at 1,638.40.

The Market

Goldman cuts Dow component 3M CO. (MMM) to Sell from Neutral.

UBS downgrades Coca-Cola (KO) to Neutral from Buy.

Earnings Reports

Earnings reports: LEN-Lennar (earnings consensus $0.15), SVU-SuperValu (0.25), FUL-HB Fuller (0.59), RELL-Richardson Electronics Ltd. (0.10).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous -4.1% with purchase mortgage sub-index -9.6% and refinancing sub-index -2.5%.

0840 ET Chicago Fed President Charles Evans speaks to the Rotary Club of Lake Forest, Illinois.

0900 ET Atlanta Fed President Dennis Lockhart speaks on the U.S. economy at an event in Atlanta.

1230 ET Philadelphia Fed President Charles Plosser speaks on the economic outlook at an event in Rochester, NY.

1300 ET Treasury auctions $21 billion 10-year T-notes.

1400 ET Fed’s Beige Book.

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