Market Happenings for Wednesday, January 18, 2012

Pre-market, futures are mixed following reports that the International Monetary Fund may boost its bailout fund to contain Europe’s debt crisis. Gainers this morning include LLTC (+8.30%), PAYX (+8.04%), MCHP, YHOO and ADI while losers include SUN (-15.72%), BLK, FAST, BK and RRC. Light crude is up +1.30% at 102.02 and gold is down -0.02% at 1,655.30.

The Market

Today, published reports indicated that the IMF was considering expanding its lending capacity by an additional $500 billion, on top of its current $385 billion.

The euro rose to $1.28 against the dollar following the reports.

Goldman Sachs (GS) reported fourth quarter earnings that beat forecasts, but missed on revenue. Goldman Sachs shares rose 1.5% in pre-market trading.

Bank of America (BAC) is scheduled to release their earnings results on Thursday (1/19/2012).

European stocks were slightly mixed in afternoon trading.

Asian stocks closed mixed.

See all the Dow 30 earnings report dates and results here.

Earnings Reports

Earnings reports: USB-US Bancorp (earnings consensus $0.63), GS-Goldman Sachs Group (1.23), EBAY-Ebay (0.57), PNC-PNC Financial Services (1.49), KMP-Kinder Morgan Energy Partners (0.61), KMI-Kinder Morgan Inc. (0.29), BK-Bank of New York Mellon (0.53), STT-State Street Corp. (0.94), SCHW-Charles Schwab (0.13), FAST-Fastenal (0.29), NTRS-Northern Trust (0.68), XLNX-Xilinx (0.38), FFIV-F5 Networks (1.01), SLM-SLM Corp. (0.49), CLC-CLARCOR (0.67).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous +4.5% with purchase mortgage sub-index +8.1% and refinancing sub-index +3.3%.

0745 ET ICSC (Int’l Council of Shopping Centers) weekly retailer sales.

0830 ET Dec PPI expected +0.1% m/m and +5.1% y/y, Nov +0.3% m/m and +5.7% y/y. Dec PPI ex food & energy expected +0.1% m/m and +2.8% y/y, Nov +0.1% m/m and +2.9% y/y.

0855 ET Redbook weekly retailer sales.

0900 ET Nov net long-term TIC flows expected +$40.0 billion, Oct +$4.8 billion.

0915 ET Dec industrial production expected +0.5%, Nov -0.2%. Dec capacity utilization expected +0.3 to 78.1%, Nov 0.2 to 77.8%.

0930 ET Fed Governor Daniel Tarullo testifies before the Financial Services Committee on the proposed Volcker Rule and its impact on the economy.

1000 ET Jan NAHB housing market index expected +1 to 22, Dec +2 to 21.

1130 ET Weekly 4-week T-bill auction.

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