IBM Earnings Beat: Market Happenings for Thursday, July 19, 2012

Premarket, futures are up. Gainers this morning include WAG, TXT, EBAY, QCOM and LUV while losers include JCI (-6.78%), SHW, CVS, MS and FFIV.

The Market

Verizon (VZ) reported earnings in line with forecasts and Microsoft (MSFT) will release theirs after the closing bell.

Verizon reported second quarter earnings rose 19.3 percent to $4.28 billion, or 64 cents a share (0.64 est) with revenue up 3.7 percent to $28.6 billion.

IBM (IBM) shares are up more than 2% in premarket trading, after reporting quarterly earnings that beat analyst expectations and issued upbeat guidance.

JNJ, KFT, VZ and WMT were all at 52 week highs yesterday.

European stocks were positive in morning trading and Asian markets ended higher.

The Labor Department reported initial claims for state unemployment benefits increased 34,000 to a seasonally adjusted 386,000. The prior week’s figure was revised up to 352,000 from the previously reported 350,000. Economists forecast claims rising to 365,000 last week. The four-week moving average for new claims, a better measure of labor market trends, fell 1,500 to 375,500.

The national average price of gasoline is up 1.1 cents today at $3.437 per gallon.

Earnings Reports

Earnings reports: MSFT (Consensus $0.62), Google (10.12), PM-Philip Morris (1.35), VZ-Verizon (0.64), UNH-UnitedHealth (1.20), UNP-Union Pacific (1.97), DHR-Danaher (0.81), COF-Capital One (1.46), FCX-Freeport-McMoran (0.75), BAX-Baxter (1.11), MS-Morgan Stanley (0.29), TRV-Travelers (1.34), BBt-BB&T (0.70), ISRG-Intuitive Surgical (3.57), JCI-Johnson Controls (0.66), PPG-PPG Industries (2.36), VFC-VF Corp (0.94), BX-Blackstone Group (0.11), SHW-Sherwin-Williams, FITB-Fifth Third Banc (0.35), CMG-Chipotle Mexican (2.30), NUE-Nucor (0.48).

Financial Calendar

0830 ET Weekly initial unemployment claims expected +15,000 to 365,000, previous -26,000 to 350,000. Weekly continuing unemployment claims expected -4,000 to 3.300 mln, previous -14,000 to 3.304 mln.

0830 ET USDA weekly exports.

1000 ET July Philadelphia Fed index expected +8.6 to -8.0, June -10.8 to -16.6.

1000 ET June existing home sales expected +1.5% m/m to 4.62 mln, May -1.5% m/m to 4.55 mln units.

1000 ET June leading indicators expected -0.1% m/m, May +0.3% m/m.

1030 ET DOE natural gas storage.

1300 ET Treasury sells $15 billion in 10-year TIPS.

1400 ET June U.S. budget statement.

n/a Treasury announces 2-year, 5-year and 7-year T-notes auctions for July 24-26.

1630 ET Weekly money supply report and Fed balance sheet.

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