Market Happenings for Friday, June 15, 2012

Premarket, futures are up on European Central Bank news. Gainers this morning include THC, EW, SE, EMC and TER and losers include GME, FDO, CCL, T and S.

The Market

Forget the weekEnd, get ready for the GreekEnd. Yes, all eyes will be on Greece this weekend as crucial Greek elections happen this Sunday.

Thursday, Bank of England Governor Mervyn King said the central bank and the Chancellor of the Exchequer are working on new policies to provide funding to banks for “several years” at rates below current market rates.

Friday, European Central Bank President Mario Draghi said the bank would “continue to supply liquidity to solvent banks where needed.”

Sky-high borrowing costs in Italy and Spain have investors on edge.

Business-software company Yammer Inc. agreed to sell itself to Microsoft Corp. (MSFT) for $1.2 billion. Nothing official from Microsoft that I could find yet.

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

Earnings Reports

Earnings reports (sorted by mkt cap): CWST-Casella Waste (consensus -$0.35).

Financial Calendar

0830 ET June Empire manufacturing index expected -3.1 to 14.0, May +10.53 to 17.09.

0900 ET Apr total net TIC flows, Mar -$49.9 bln. Apr net long-term TIC flows, Mar $35.2 bln.

0915 ET May industrial production expected +0.1% m/m, Apr +1.1% m/m. May manufacturing production, Apr +0.6% m/m. May capacity utilization expected unchanged at 79.2%, Apr +0.6 to 79.2%.

0955 ET Early-June U.S. consumer confidence (University of Michigan) expected -1.8 to 77.5, May +2.9 to 79.3.

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