Market Happenings for Friday, June 22, 2012

Premarket, futures are mixed after yesterdays 2% down day. Gainers this morning include CLF (+6.93%), GNW, FSLR, CA and MS while losers include R (-9.69%), DRI, EA, NKE and MMM.

The Market

Today we got bank downgrades from Moody’s. The downgrades included five major U.S. banks; Citigroup (C), Morgan Stanley (MS), Goldman Sachs (GS), Bank of America (BAC) and JPMorgan Chase (JPM). Shares of Citi, Bank of America and JPMorgan are up more than 1% in premarket trading. Morgan Stanley was up more than 3% after it’s rating was cut by two, rather than the feared three, notches.

European stocks are down in morning trading and Asian markets ended lower.

Personally I think we bleed lower at least through the Fourth of July holiday.

Earnings Reports

Earnings reports (sorted by mkt cap): CCL-Carnival (consensus $0.08), DRI-Darden Restaurants (1.15).

Financial Calendar

1400 ET USDA Cattle on Feed report.

1500 ET USDA May Cold Storage.

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