Market Happenings for Friday, February 10, 2012

Pre-market, futures are down as today we have new Greek worries. Not old ones, new ones. Gainers this morning include FLIR, ETFC, NYX, LUV and GME while losers include EXPE, XL, FFIV, NBR and TIE. Light crude is down -1.73% at 98.11 and gold is down -1.72% at 1,711.20. CNBC says we are on track for the worst down day of the year.

The Market

We now have new violence and strikes in Greece.

Eurozone finance ministers say the new Greek austerity deal does not go far enough and want more cuts before signing off on a new €130 billion bailout.

The deal also needs to be approved by the Greek parliament this weekend. They also want Greece’s leaders to pledge they’ll continue to implement the measures after elections in April. Greece must also cut an additional €325 million from its “structural expenditures” in 2012.

European stocks were lower in afternoon trading and Asian markets ended mixed.

China’s trade surplus expanded in January as imports slumped 15%.

The December U.S.trade deficit expanded to $48.8 billion, from $47.1 billion the prior month.

The dollar rose against the euro, British pound and Japanese yen.

Oil for March delivery dropped $1.70 to $98.14 a barrel.

Gold futures for April delivery dropped $32 to $1,709.20 an ounce.

The price on the benchmark 10-year U.S. Treasury was up, pushing the yield down to 1.98% from 2.05% late Thursday.

Earnings Reports

Earnings reports (confirmed releases): LYB-LyondellBasell Industries NV (earnings consensus $0.75), PPL-PPL Corp. (0.61), LH-Laboratory Corp. of America Holdings (1.53), CPN-Calpine (0.04), NYX-NYSE Euronext (0.48), BPL-Buckeye Partners LP (0.84), APO-Apollo Global Management LLC (1.39), LNT-Alliant Energy (0.56), SUN-Sunoco (-0.30), FLIR-FLIR Systems (0.45), ACI-Arch Coal (0.32), RENN-Renren (-0.01), IPGP-IPG Photonics (0.64), AAN-Aaron’s (0.43), THS-TreeHouse Foods (0.88).

Financial Calendar

0830 ET Dec trade balance expected -$48.5 billion, Nov -$47.8 billion.

0955 ET Preliminary Feb U.S. University of Michigan consumer confidence expected -0.2 to 74.8, Jan +5.1 to 75.0.

1230 ET Fed Chairman Ben Bernanke speaks on “Housing Markets in Transition” to the 2012 National Association of Homebuilders International Builders Show.

1250 ET Cleveland Fed President Sandra Pianalto speaks on “Creating Value in Distressed Neighborhoods” to the Neighborhood Housing Services of Greater Cleveland.

1400 ET Jan monthly budget statement expected -$62.5 billion, Dec -$86.0 billion.

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