Market Happenings for Tuesday, March 27, 2012

Pre-market, futures are little changed. Gainers this morning include LEN, PHM, JDSU, WAG and WMB while losers include APOL, EXPE, RDC, FTR and TIF. Light crude is down -0.09% at 106.9 and gold is up +0.17% at 1,688.50.

The Market

Federal Reserve chairman Ben Bernanke will deliver a lecture this afternoon at George Washington University.

House Financial Services subcommittee will hold a hearing on aid to the eurozone today.

Euro stocks are higher in afternoon trade and Asian markets ended mixed.

Home prices fell in January for a fifth straight month in most major U.S. cities, as modest sales increases have yet to boost prices.

The Standard & Poor’s/Case-Shiller home-price index showed that prices dropped in January from December in 16 of the 19 cities tracked.

The steepest declines were in San Francisco, Atlanta and Portland while prices increased in Miami, Phoenix and Washington. Price information for Charlotte was delayed and therefore was not included in the report.

Let’s be carefull out there.

Earnings Reports

Earnings reports (confirmed releases): WAG-Walgreen (earnings consensus $0.77), MKC-McCormick (0.53), PVH-PVH Corp. (1.09), LEN-Lennar (0.05), RBN-Robbins & Myers (0.74), SNX-SYNNEX (0.92), NEOG-Neogen (0.23), OXM-Oxford Industries (0.55), CHRS-Charming Shoppes (-0.02).

Financial Calendar

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

0855 ET Redbook weekly retailer sales.

0900 ET Jan S&P/CaseShiller composite-20 home price index expected -0.3% m/m and -3.8% y/y, Dec -0.5% m/m and 4.0% y/y.

1000 ET Mar U.S. consumer confidence (Conference Board) expected -0.7 to 70.1, Feb +9.3 to 70.8.

1000 ET Mar Richmond Fed manufacturing index expected -2 to 18, Feb +8 to 20.

1000 ET New York Fed President William Dudley speaks at a Domestic Monetary Policy and Technology Subcommittee hearing entitled “Federal Reserve Aid to the Euro-Zone: Its Impact on the U.S. and the Dollar.”

1130 ET Weekly 4-week T-bill auction.

1235 ET Boston Fed President Eric Rosengren speaks in London at the National Institute for Economic and Social Research.

1245 ET Fed Chairman Ben Bernanke delivers a lecture (3 of 4) at George Washington University School of Business on “The Federal Reserve and its Role in Today’s Economy.”

1300 ET Treasury auctions $35 billion 2-year T-notes.

1320 ET Dallas Fed President Richard Fisher speaks at a Dallas Fed community forum on Federal Reserve operations and an economic update.

2100 ET St. Louis Fed President James Bullard speaks at Tsinghua University in Beijing on “Monetary Policy in a Global Setting: China and the United States.”

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