Market Happenings for Wednesday, June 27, 2012

Premarket, futures are mixed and near unchanged as we all await the European summit. Gainers this morning include FTR (+3.6%), WYNN, PHM, SHLD and LEN while losers include ORLY (-16.22%), AZO, HAS, AEP and CCL.

The Market

Durable goods orders for May exceeded expectations. The U.S. Census Bureau reported that new orders for manufactured durable goods in May increased 1.1% to $217.2 billion with analysts having expected half that number.

Bank of America Corporation (BAC) is among the largest banks which have been requested to submit timetables by July 1st, as to how they could be quickly and cleanly liquidated.

Hewlett-Packard Company (HPQ) has awarded a contract to ADP (ADP), under which a worldwide payroll and time and labor management system for internal use by HPQ, will be delivered. The new system will be implemented over a five year period, starting in early 2013.

European stocks were lower in afternoon trading and Asian markets ended mixed.

The national average price of gasoline fell 1.4 cents to $3.383 per gallon (Insert a collective cheer!).

Earnings Reports

Earnings reports (sorted by mkt cap): MON-Monsanto (consensus $1.58), GIS-General Mills (0.59), PAYX-Paychex (0.34), MKC-McCormick (0.60), LEN-Lennar (0.17).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous -0.8%, purchase sub-index -8.5%, refi sub-index +1.0%.

0830 ET May durable goods orders expected +0.5% m/m, Apr unchanged m/m. May durable goods orders ex-transportation expected +0.7% m/m, Apr -0.9% m/m.

1000 ET May pending home sales expected +1.3% m/m and +9.7% y/y, Apr -5.5% m/m and +14.7% y/y.

1030 ET DOE Weekly Petroleum Status Report.

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

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