Market Happenings for Wednesday, February 15, 2012

Pre-market, futures are up as better-than-expected European economic data and fresh promises from China to keep buying debt issued by eurozone governments encourage investors. Gainers this morning include DF, CMCSA, ANF, HIG and FIS while losers include FTI, MYL, PBI, MOS and HST. Light crude is up +0.81% at 101.56 and gold is up +0.86% at 1,732.50.

The Market

Kellogg swooped in to buy the Pringles chip brand from Dow component Procter & Gamble (PG) for $2.7 billion after a similar deal with Diamond Foods was derailed by accounting problems and an executive shakeup at Diamond.

European stocks rose in afternoon trading whle Asian markets ended with solid gains.

The Federal Reserve will release the minutes from its monetary policy meeting in late January today.

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

Oil for March delivery was up 75 cents to $101.49 a barrel.

Gold futures for April delivery was up $10.30 to $1,728 an ounce.

The price on the benchmark 10-year U.S. Treasury was down, pushing the yield down to 1.95% from 1.92% late Tuesday.

Earnings Reports

Earnings reports (confirmed releases): CMCSA-Comcast (earnings consensus $0.42), DE-Deere & Co. (1.23), DVN-Devon Energy (1.49), CTL-CenturyLink (0.61), CBS-CBS Corp. (0.53), A-Agilient Technologies (0.69), NTAP-NetApp (0.58), MAR-Marriott International (0.47), CF-CF Industries Holdings (6.82), ETP-Energy Transfer Partners LP (0.66), CLF-Cliffs Natural Resources (1.43), NVDA-Nvidia (0.24), ETE-Energy Transfer Equity LP (0.42), DPS-Dr Pepper Snapple Group (0.74), HSIC-Henry Schein (1.12), NTES-Netease.com (1.06).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous+7.5% with purchase mortgage sub-index +0.1% and refinancing sub-index +9.4%.

0830 ET Feb Empire manufacturing index expected +1.5 to 15.0, Jan +5.3 to 13.5.

0900 ET Dec net long-term TIC flows expected +$45.0 billion, Nov +$59.8 billion.

0915 ET Dallas Fed President Richard Fisher speaks at the Texas Manufacturers Summit 2012 in San Marcos, TX.

0915 ET Jan industrial production expected +0.7%, Dec +0.4%. Jan capacity utilization expected +0.5 to 78.6%, Dec +0.3 to 78.1%.

1000 ET Treasury Secretary Timothy Geithner testifies before the House Ways and Means Committee on the presidentÂ’s budget for fiscal 2013.

1000 ET Feb NAHB housing market index expected +1 to 26, Jan +4 to 25.

1400 ET Minutes of the Jan 24-25 FOMC meeting.

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