Market Happenings for Thursday, June 28, 2012

Premarket, futures are down as the Euro summit gets underway and we get to here about healthcare today from the Supreme Court. Gainers this morning include TIF (+1.09%), HAL, AVP, APC, BSX while losers include FDO (-7.93%), XYL, EBAY, JPM and SWN.

The Market

Today the U.S. Supreme Court is expected to issue its ruling on President Obama’s healthcare reform law at 10 a.m. ET.

European leaders are under the gun to announce plans to backstop the debts of struggling nations, while also laying the groundwork for future growth. Seems like they have done this before and I for one, doubt they get anything done.

European stocks were down in morning trading and Asian markets ended mixed.

The national average price of gasoline is down 1.4 cents today at $3.369 per gallon.

Walt Disney Co. (DIS) was at a 52 week high yesterday.

Earnings Reports

Earnings reports (sorted by mkt cap): NKE-Nike (consensus $1.37), ACN-Accenture (0.99), FDO-Family Dollar (1.07), TIBX-Tibco Software 0.23).

Financial Calendar

0830 ET Weekly initial unemployment claims expected -2,000 to 385,000, previous -2,000 to 387,000. Weekly continuing claims expected -21,000 to 3.278 mln, previous unchanged at 3.299 mln.

0830 ET Q1 GDP expected unrevised at +1.9%. Q1 personal consumption expected unrevised at +2.7%. Q1 GDP price index expected unrevised at +1.7%. Q1 core PCE expected unrevised at +2.1%.

0830 ET USDA weekly exports.

1030 ET DOE natural gas storage.

1100 ET June Kansas City Fed manufacturing index expected 4, May 9.

1130 ET Fed’s Pianalto speaks in Cleveland.

1300 ET Treasury sells $29 billion in 7-year T-notes.

1630 ET Weekly money supply report and Fed balance sheet.

UPDATE: HPQ is at a new low this morning.

UPDATE: The market moved higher as the Supreme Court decision on healthcare got closer, then as news started to come out, the market took a dump with four healthcare stocks halted due to circuit breaker type actions. It appears that the part about having to buy insurance or have to pay a fee was upheld as a tax and not a fine. It’s apparently a 90 page document that will take some time to figure out. It sounds like the healthcare mandate was upheld.

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