Market Happenings for Wednesday, May 23, 2012

Premarket, futures are down as investors worry about Greece leaving the eurozone and a slowdown in Asian economies. Gainers this morning include HRL (+2.77%), TER, SBUX, F and FTR while losers include DELL (-13.79%), ADBE, BIG, ADI and TIE.

The Market

European leaders will meet today in an ad hoc summit to address the latest problems with European sovereign debt, amid growing worries that Greece is moving closer to dropping the euro.

Weak earnings, sales and guidance from Dell (DELL) late Tuesday sent its shares down as well as shares of rival and Dow component Hewlett Packard (HPQ). HP is set to report its own earnings results after the bell today, when it is expected to also announce deep staff cuts.

European stocks were sharply lower in morning trading and Asian markets ended lower.

The national average price of gasoline is down tow-tenths of a cent at $3.678 per gallon.

Earnings Reports

Earnings reports (sorted by mkt cap): HPQ-Hewlett Packard (consensus $0.91), NTAP-Netapp (0.63), HRL-Hormel (0.41), PVH-PVH Corp (1.26), TOL-Toll Brothers (0.03).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous +9.2%, purchase sub-index -2.4%, refi sub-index +13.0%.

1000 ET Mar FHFA U.S. house price index expected +0.3%, Feb +0.3% m/m. FHFA Q1 house price index expected +0.1%, Q4 -0.1% q/q.

1000 ET Apr new home sales expected +2.1% to 335,000, Mar -7.1% to 328,000.

1030 ET DOE Weekly Petroleum Status Report.

1300 ET Treasury auction of $35 billion in 5-year T-notes.

1400 ET Minneapolis Fed President Narayana Kocherlakota speaks in Rapid City, SD.

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