JNJ and KO Report Earnings: Market Happenings for Tuesday, July 17, 2012

Premarket, Futures are up as JNJ and KO report earnings this morning. Gainers include MAT, S, CMA, GS and MOS while losers include NBL, STT, CTAS, DV and APOL.

The Market

JNJ reported $1.30 per share excluding one time itmes and the market consensus was $1.29. Net earnings were $0.50 per share. Its shares are down premarket.

KO reported earnings of $1.21 per share with $1.19 expected. It shares are up premarket.

Later today, Bernanke will give his semi-annual monetary policy testimony before the Senate Banking Committee. Investors will be listening closely for any clues about whether the central bank is considering a third round of quantitative easing, expanding the money supply.

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

The national average price of gasoline is up a cent today.

Earnings Reports

Earnings reports: JNJ-Johnson & Johnson (Consensus $1.29), KO-Coca-Cola (1.19), INTC-Intel (0.54), GS-Goldman Sachs (1.18), CSX-CSX Corp (0.47), MOS-Mosaic (1.15), STT-State Street (0.97), YHOO-Yahoo (0.23), SCHW-Schwab (0.18), OMC-Omnicom (1.01), HST-Host Hotels (0.13), MAT-Mattel (0.21), MTB-M&T Bank (1.69), FIS-Fidelity National (0.60), WYNN-Wynn Resorts (1.51), FRX-Forest Labs (0.26), AMTD-TD Ameritrade (0.26), KSU-Kansas City Southern (0.83), CMA-Comerica (0.62), ALB-Albemarle (1.22), EDU-New Oriental (0.14), CZZ-Cosan (0.13), URI-United Rentals (0.50), Equity Lifestyle (0.21).

Financial Calendar

0745 ET ICSC (Int’l Council of Shopping Centers) weekly retailer sales.

0830 ET June CPI expected unchanged m/m and +1.6% y/y, May -0.3% m/m and +1.7% y/y. June core CPI expected +0.2% m/m and +2.2% y/y, May +0.2% m/m and +2.3% y/y.

0855 ET Redbook weekly retailer sales.

0915 ET June industrial production expected +0.3% m/m, May -0.1% m/m. June manufacturing production, May -0.4% m/m. June capacity utilization expected +0.2 to 79.2%, May -0.2 to 79.0%.

1000 ET Fed Chairman Bernanke delivers semi-annual monetary policy report to Senate Banking Committee

1000 ET July NAHB housing market index expected +1 to 30, June +1 to 29.

1315 ET Fed’s Pianalto speaks on U.S. economy in Erie, PA.

1130 ET Weekly 4-week T-bill auction.

1630 ET API weekly U.S. oil statistics.

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