Market Happenings for Tuesday, February 14, 2012

Pre-market, futures are down a hair. Gainers this morning include MYL, WPI, GIS, GPS and BA while losers include NYX, MAS, GT, AVP and HSP. Light crude is up +0.39% at 101.30 and gold is down -0.32% at 1,719.30.

The Market

Moody’s downgraded six eurozone countries which include Italy, Malta, Portugal, Slovakia, Slovenia and Spain.

Moody’s also cut the outlooks for AAA-rated Austria, France and the United Kingdom to “negative.”

Moody’s did not downgrade the eurozone’s bailout fund, the European Financial Stability Fund.

European stocks were higher in midday trading while Asian markets ended mixed.

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

Oil for March delivery was up 37 cents to $101.28 a barrel.

Gold futures for April delivery was downl $5 to $1,719.90 an ounce.

The price on the benchmark 10-year U.S. Treasury rose, with the yield falling to 1.97% from 1.99% late Monday.

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): MET-MetLife (earnings consensus $1.24), MMC-Marsh & McLennan (0.45), HCP-HCP Inc. (0.46), OMC-Omnicom Group (0.94), FTI-FMC Technologies (0.84), HST-Host Hotels & Resorts (0.03), ZNGA-Zynga (0.03), BWA-BorgWarner (1.17), AVP-Avon Products (0.53), WPI-Watson Pharmaceuticals (1.76), WSH-Willis Group Holdings PLC (0.48), KORS-Michael Kors Holdings Ltd. (0.06), FOSL-Fossil (1.77), HSP-Hospira (0.47), WTW-Weight Watchers International (0.86), GT-Goodyear Tire & Rubber (0.21).

Financial Calendar

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

0830 ET Jan import price index expected +0.3% m/m and +7.2% y/y, Dec -0.1% m/m and +8.5% y/y.

0830 ET Jan retail sales expected +0.8% and +0.5% less autos, Dec +0.1% and -0.2% less autos.

0845 ET Philadelphia Fed President Charles Plosser speaks on the economic outlook at an event in Newark, DE.

0855 ET Redbook weekly retailer sales.

1000 ET Dec business inventories expected +0.4%, Nov +0.3%.

1000 ET Treasury Secretary Timothy Geithner testifies before the Senate Finance Committee on the presidentÂ’s budget for fiscal 2013.

1130 ET Weekly 4-week T-bill auction.

1740 ET Atlanta Fed President Dennis Lockhart speaks on the economic outlook to the Global Independence Center in Sarasota, FL.

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