Market Happenings for Tuesday, April 10, 2012

Pre-market, futures are higher as earnings season gets underway. Gainers this morning include SVU, ACN, AIG, SWY and DELL while losers include FHN, PPL, NU, JEC and BBBY.

The Market

With little economic news expected today, investors await first-quarter financial results from Corporate America. Dow component Alcoa (AA) is on tap to report earnings after the closing bell, kicking off a flood of earnings results due in the next few weeks.

A report on wholesale inventories is due shortly after the market opens. Inventories are forecast to have risen 0.5% in February, following a 0.4% uptick in January.

Yesterday, Federal Reserve chairman Ben Bernanke said in a speech in Georgia that banks need to increase their capital buffers in order to ensure stability in the financial system.

Apple Inc. is close to reaching $600 billion in market cap only a few weeks after reaching the $500B mark.

The national average price of gasoline is down a half-cent to $3.922 per gallon. Here in the Pacific Northwest, we are over $4 a gallon.

New high of the day is Las Vegas Sands (LVS).

Earnings Reports

Earnings reports (sorted by mkt cap): AA-Alcoa (consensus -$0.05), SVU-Supervalu ($0.35).

Financial Calendar

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

0830 ET Monthly USDA crop production and WASDE reports. 2011-12 U.S. ending stocks expected 717 million bushels for corn (last USDA estimate was 801 million), 246 million bushels for soybeans (last 275 million), 796 million bushels for wheat (last 865 million).

0855 ET Redbook weekly retailer sales.

1000 ET Apr IBD/TIPP economic optimism, Mar -1.9 to 47.5.

1000 ET Feb wholesale inventories expected +0.5%, Jan +0.4%.

1130 ET Weekly 4-week T-bill auction.

1230 ET Dallas Fed President Richard Fisher speaks at the University of Oklahoma on the economy and the Dallas Fed’s views on too-big-to-fail banks.

1245 ET Atlanta Fed President Dennis Lockhart delivers opening remarks at the Atlanta Fed conference on “Financial Reform: The Devil’s in the Details.”

1300 ET Treasury auctions $32 billion 3-year T-notes.

1430 ET Minneapolis Fed President Kocherlakota speaks at an event in Nicollet, MN.

1630 ET API weekly U.S. oil statistics.

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