Market Happenings for Wednesday, June 13, 2012

Premarket, futures are down because its Wednesday I guess. Actually, investors are awaiting more data on European woes and JPMorgan trading losses. General market gainers this morning include COG, RSG, DELL, JNJ and CELG while losers include NUE, CHK, EXPE, X and MO.

The Market

Bank stocks were among the biggest winners yesterday, with shares of Bank of America (BAC), Citigroup (C) and JPMorgan Chase (JPM) rising more than 2%, after sharp drops in the sector on Monday.

The banking sector will be in the spotlight today, starting at 10 a.m. ET, when JPMorgan CEO Jamie Dimon testifies before Congress. Prepared remarks released late yesterday show that Jamie Dimon will blame insufficient risk controls and a failure by traders to understand the bets they were placing for the loss. Losses may be mounting, as the originally reported $2 billion loss may have grown to as much as $8 billion.

Dow component Johnson & Johnson (JNJ) shares were up 2% in heavy pre-market trading. Yesterday the company disclosed after the close that it will be able to complete its purchase of Swiss medical device maker Synthes on Thursday, which is much sooner than expected. JNJ also said the deal will add 3 to 5 cents per share to its earnings this year, rather than shave 22 cents a share off its profits as the company previously forecast.

CNBC announced this morning a strategic alliance with Yahoo. CNBC will be the premier content provider for Yahoo! Finance.

European stocks were lower in midday trading and Asian markets ended higher.

The national average price of gasoline dropped three=tenths of a cent to $3.539 per gallon. Here in God’s country, Gig Harbor, WA, gas was at $4.08 a gallon at the local Costco.

New Dow Component High of the Day – Verizon (VZ).

Earnings Reports

Earnings reports (sorted by mkt cap): KFY-Korn-Ferry (consensus $0.27).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous +1.3%, purchase sub-index -1.8%, refi sub-index +2.0%.

0830 ET May PPI expected -0.6% m/m and +1.3% y/y, Apr -0.2% m/m and +1.9% y/y. May core PPI expected +0.2% m/m and +2.7% y/y, Apr +0.2% m/m and +2.7% y/y.

0830 ET May retail sales expected -0.1% m/m, Apr +0.1% m/m. May retail sales ex-autos expected unchanged m/m, Apr +0.1% m/m.

1000 ET Apr business inventories expected +0.3%, Mar +0.3%.

1030 ET DOE Weekly Petroleum Status Report.

1300 ET Treasury sells $21 billion in 10-year T-notes.

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