Market Happenings for Friday, May 04, 2012

Pre-market, futures are down on a weak jobs report. Gainers this morning include MU, AVP, IRM, IP and TJX while losers include SCHW, EL, TRIP, AIG and HAS.

The Market

Employers added 115,000 workers to their payrolls last month, the Labor Department said on Friday. However, the unemployment rate still fell to 8.1 percent. The government revised upward its initial estimates for payroll growth in February and March by a combined 53,000. That left the six-month average of job growth at 197,000, nearly exactly where it would have been had April job growth come in as expected at 170,000.

The hope that the Fed might pump more money into the economy to respond to weakening hiring could also help to support stocks today.

Facebook set a price range Thursday of $28 to $35 per share for its initial public offering. The company also upped the maximum size of its offering to $13.6 billion, up from its previous $5 billion estimate.

European markets were lower in midday trading and Asian markets ended mixed.

New High of the Day – Disney (DIS).

Disney also reports earnings next week, 5/8/12, after the market close.

Earnings Reports

Earnings reports (sorted by mkt cap): BRK-Berkshire Hathaway (consensus $1.78k), EXC-Exelon (0.79), DUK-Duke Energy (0.36), EL-Estee Lauder (0.34), SE-Spectra Energy (0.52), ED-Consolidated Edison (1.04), AON-AON PLC (1.04), PPL-PPL Corp (0.69), AES-AES Corp (0.27), AEE-Ameren (0.24), CHD-Church & Dwight (0.61).

Financial Calendar

0830 ET Apr non-farm payrolls expected +162,000, Mar +120,000. Apr private payrolls (ex-government) expected +169,000, Mar +121,000. Apr unemployment rate expected unchanged at 8.2%, Mar -0.1 to 8.2%. Apr manufacturing payrolls expected +20,000, Mar +37,000. Apr avg hourly earnings all employees expected +0.2% m/m and +2.0% y/y, Mar +0.2% m/m and +2.1% y/y. Apr avg weekly hours all employees expected unchanged at 34.5 hours, Mar -0.1 to 34.5 hours.

1125 ET San Francisco Fed President John Williams delivers the keynote speech at the Californian Bankers AssociationÂ’s 121st annual convention.

1130 ET Chicago Fed President Charles Evans moderates a panel at his bank’s conference on “Searching for Strategies to Restore Economic Stability and Growth.”

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