Market Happenings for Wednesday, February 08, 2012

Pre-market futures are up a bit as investors continue to believe that Greece will soon secure the bailout it needs to avoid a disorderly default. Gainers this morning include CERN, CSC, CTSH, CVS and S while losers include WU, LNC, AET, KSS and DIS. Light crude is up +1.24% at 99.63 and gold is down -0.07% at 1,747.10.

The Market

European stocks were higher in afternoon trading while Asian markets ended with solid gains.

The dollar was lower against the euro and the Japanese yen, but gained versus the British pound.

Oil for March delivery rose $1.22 to $99.68 a barrel.

Gold futures for April delivery fell $1.30 to $1,745.10 an ounce.

The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 1.98% from 1.97% Tuesday.

The Energy Information Administration will release this week’s data on crude oil inventories after 10:30 a.m. ET.

Cisco (CSCO) reports earnings 2/8/2012 after the market close.

Home Depot (HD) reports earnings on 2/21/2012 before the market open.

Kraft Foods (KFT) reports earnings on 2/21/2012 after the market close.

Wal-Mart (WMT) reports earnings on 2/21/2012 before the market open.

Hewlett Packard (HPQ) reports earnings on 2/22/2012 after the market close.

Earnings Reports

Earnings reports (confirmed releases): CSCO-Cisco Systems (earnings consensus $0.43), V-Visa (1.45), CVS-CVS Caremark (0.89), NWSA-News Corp. (0.34), TWX-Time Warner (0.87), PRU-Prudential Financial (1.76), RAI-Reynolds American (0.69), CTSH-Cognizant Technology Solutions (0.82), GGP-General Growth Properties (0.01), GRPN-Groupon (0.03), PLD-Prologis (-0.06), RL-Ralph Lauren (1.68), WFM-Whole Foods Market (0.60), PAA-Plains All American Pipeline (1.50), IR-Ingersoll-Rand PLC (0.66).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous -2.9% with purchase mortgage sub-index -1.7% and refinancing sub-index -3.6%.

1040 ET San Francisco Fed President John Williams speaks to the Bishop Ranch Forum business leaders group on “The Federal Reserve and the Economic Recovery”.

1300 ET Treasury auctions $24 billion 10-year T-notes.

Cisco Systems, Inc.

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