Market Happenings for Wednesday, March 07, 2012

Pre-market, futures are up as the market looks to bounce back from yesterdays losses. Gainers this morning include NFLX, CTAS, FDX, RF and ANR while losers include SCG, PPL, NVDA, CTL and SLE. Light crude is up +0.37% at 105.09 and gold is up +0.45% at 1,679.60.

The Market

Reports are due today on private-sector jobs, consumer credit, productivity, crude inventories and mortgage applications while Friday marks the release of the all-important February jobs report.

Today Apple is expected to announce the third version of its iPad at a presentation in San Francisco. Shares of Apple (AAPL) are up 47% over the past year.

European stocks were higher in midday trading while Asian markets closed lower with Japan down -0.64%, China -0.69%, Australia -1.45%, South Korea -0.95% and India -0.16%.

Gas prices declined for a second day in a row, falling three-tenths of a cent to $3.76 a gallon. Gas prices are up 14.69% so far in 2012.

The private sector added 216,000 jobs last month, the ADP National Employment Report showed, beating economists’ expectations for a gain of 208,000.

January’s payrolls figures were revised up to an increase of 173,000 from 170,000.

Earnings Reports

Earnings reports (confirmed releases): BF/B-Brown-Forman (earnings consensus $1.01), PLL-Pall Corp. (0.74), HRB-H&R Block (0.07), AEO-American Eagle Outfitters (0.35), EXPR-Express (0.68), TFM-Fresh Market (0.37), MW-Men’s Warehouse (-0.13), RLJ-RLJ Lodging Trust (0.18), SMTC-Semtech (0.31), CIEN-Ciena (-0.03), PLCE-Children’s Place Retail Stores (0.90), PWRD-Perfect World Co. Ltd. (0.58), HTHT-China Lodging Group Ltd. (0.10), DK-Delek US Holdings (-0.17).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous -0.3% with purchase mortgage sub-index+8.2% and refinancing sub-index -2.2%.

0815 ET Feb ADP employment change expected +215,000, Jan +170,000.

0830 ET Revised Q4 non-farm productivity expected +0.8%, previous +0.7%. Revised Q4 unit labor costs expected no change at +1.2%.

1500 ET Jan consumer credit expected +$10.8 billion, Dec +$19.308 billion.

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