Market Happenings for Tuesday, June 12, 2012

Premarket, futures are up and maybe will hold onto it. Gainers this morning include TXT (+2.16%), JNPR, OXY, XRX and FTR while losers include NRG (-5.18%) , PNC, S, GT and CRM.

The Market

With Spain heating up, bond yields have risen again to about 6.7%. Italian bond yields also rose Tuesday, remaining above the 6% benchmark. That’s a warning sign that the country could need it’s own bailout.

Greece will have elections this Sunday in what could be a pivotal moment that may determine if the country remains a member of the euro currency union.

European stocks rose in midday trading and Asian markets ended lower.

Walt Disney (DIS), AT&T (T), Verizon (VZ) and Wal-Mart (WMT) are all closed on 52 week highs yesterday.

The national average price of gasoline was up two-tenths of a cent this morning to $3.542 per gallon.

New High of the Day – AT&T (T).

Earnings Reports

Earnings reports (sorted by mkt cap): KORS-Michael Kors Holdings (consensus $0.16), FDS-Factset Research (1.16), CASY-Casey’s General (0.67).

Financial Calendar

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

0830 ET May import price index expected -1.0% m/m and -0.6% y/y, Apr -0.5% m/m and +0.5% y/y.

0830 ET USDA WASDE report.

0855 ET Redbook weekly retailer sales.

1130 ET Weekly 4-week T-bill auction.

1300 ET Treasury sells $32 bln in 3-year T-notes.

1300 ET World Bank releases new global economic forecasts.

1400 ET May Treasury budget statement expected -$110.0 bln.

1630 ET API weekly U.S. oil statistics.

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