Market Happenings for Monday, April 09, 2012

Pre-market, futures are down with renewed worries about the debt crisis in Europe. Gainers this morning include SVU, NEM, LLY, YHOO and XYL while losers include DHI, AVP, FFIV, ADSK and DOV.

The Market

Tech shares may buck the trend as AOL (AOL) shares surge more than 30% in premarket trading today after the company said it agreed to sell more than 800 patents to Microsoft (MSFT) for about $1 billion in cash.

With no major economic reports for today, investors will be digesting the dour jobs report and the decidedly mixed economic data that has been delivered in recent weeks.

The Chinese government reported Monday that inflation rose at an annual rate of 3.6% in March, higher than expected.

Shares of aluminum producer Alcoa (AA) were down =1.4% ahead of Monday’s open, with worries about the materials sector looming ahead of the latest round of corporate results. Analysts are predicting a -14.5% drop in earnings for the sector.

Alcoa (AA) will report earnings after the closing bell on Tuesday, marking the unofficial start of earnings season.

AT&T (T) shares were down -0.5% ahead of the market open. The company said Sunday that it had yet to reach a deal with its union on a new contract after the old one expired, but that workers would stay on the job while negotiations continue.

Earnings Reports

Earnings reports (confirmed releases): CIM-Chimera Investment (earnings consensus $0.10), RGS-Regis (0.25), GBX-Greenbrier (0.46), DMND-Diamond Foods (0.71), ZEP-Zep Inc. (0.09).

Financial Calendar

1130 ET Weekly 3-mo and 6-mo T-bill auctions.

1800 ET Fed Chairman Ben Bernanke delivers the keynote speech at the Atlanta Fed conference on “Financial Reform: The Devil’s in the Details.”

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