Market Happenings for Wednesday, May 02, 2012

Pre-market, futures are down as investors focus on a weak private-sector jobs report. Gainers this morning include TRIP (+16.34%), GNW, CBS, WYNN and CVS while losers include CHK (-11.28%), CMCSA, DVN, ICE and MA.

The Market

The ADP report showed that the private sector added 119,000 jobs in April, considerably less than the forecast of 170,000 new jobs. It is also a significant drop from the prior month, when the private sector added 201,000 jobs.

Factory orders for the month of March are expected to have dropped by 1.8%.

European stocks were mixed in morning trading while Asian markets ended higher.

Europe, what’s not bad in Europe? There are now 13 European nations struggling with double digit unemployment, led by a 24.1% rate in Spain and 21.7% in Greece.

Here’s a little Euro brightness, Standard & Poor’s raised its ratings on Greece to “CCC,” after having successfully exchanged its distressed debt.

The national average price for gasoline dropped 6-tenths of a cent to $3.803 per gallon today. Gas was up a bit at Costco when I filled up this week to the tune of $3.99 a gallon.

Kraft (KFT) reports earnings tomorrow, Thursday (5/3/12) after the market close.

New High of the Day – Discover Financial Services (DFS).

Earnings Reports

Earnings reports (sorted by mkt cap): V-Visa (consensus $1.51), CMCSA-Comcast (0.42), CVS-CVS Caremark (0.63), MA-MasterCard (5.30), EPD-Enterprise Products (0.57), TWX-Time Warner (0.64), AGN-Allergan (0.87), PRU-Prudential Financial (1.72), DVC-Devon Energy (1.43), BEN-Franklin Res. (2.22), MRO-Marathon Oil (0.87), PCG-PG&E Corp (0.72), RIG-Transocean (0.32), ALL-Allstate (1.12), CLR-Contl Res (0.85), PEG-Public Service Enterprises (0.67), WFM-Whole Foods Market (0.59), EIX-Edison International (0.51), PXD-Pioneer Natural (1.20), SYMC-Symantec (0.39), CXO-Concho Resources (1.13), MUR-Murphy Oil (1.52), CBE-Cooper Industries (1.00).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous -3.8% with purchase mortgage sub-index +2.7% and refinancing sub-index -5.6%.

0800 ET Fed Governor Daniel Tarullo speaks to the Council on Foreign Relations on “Regulatory Reform Since the Financial Crisis.”

0815 ET Apr ADP employment change expected +170,000, Mar +209,000.

0900 ET Treasury announces amounts of 3-year T-notes (previous $32 billion), 10-year T-notes (previous $21 billion) and 30-year T-bonds (previous $13 billion) to be auctioned in the May quarterly refunding May 8-10.

1000 ET Mar factory orders expected -1.7%, Feb +1.3%.

1030 ET DOE Weekly Petroleum Status Report: crude oil inventories expected +2.5 mln bbl, gasoline inventories expected -1 mln bbl, distillate inventories expected +500,000 bbl, refinery utilization rate expected +0.5 to 85.2%.

1230 ET Richmond Fed President Jeffrey Lacker speaks on the economic outlook Old Dominion UniversityÂ’s College of Business and Public Administration.

1830 ET Chicago Fed President Charles Evans delivers welcoming remarks at his bank’s conference on “Searching for Strategies to Restore Economic Stability and Growth.”

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