Draghi Speaks: Market Happenings for Thursday, August 02, 2012

Premarket, futures are down as Draghi speaks. Gainers this morning include FSLR (+19.26%), GILD, TDC, GPS and TSO while losers include ANF (-13.26%), SEE, ECL, BMY and DTV.

The Market

So far it looks like I should have went to all cash on Tuesday and my coin flip lost.

Draghi is speaking as I write this post and so far it looks like folks don’t like what he has to say. Euro markets are down and our futures are down. There is no Draghi poppe. However, our markets were up until Draghi comments hit the wire.

Like the Fed, the ECB left interest rates unchanged at the conclusion of its highly-anticipated meeting,

The Bank of England held its key interest rate at a record low of 0.5% and left its bond-buying program target unchanged at £375 billion ($585 billion).

Knight Capital (KCG) had a nightmare in the past 24 hours. Its stock price fell 30% yesterday and is down 56% premarket today after it had some seriously bad trading snafus yesterday morning at the open.

KFT reports earnings after the market close today.

The national average price of gasoline is up 1.3 cents to $3.534 per gallon.

Tomorrow we get the July Employment Report.

Earnings Reports

Earnings reports: KFT-Kraft Foods (Consensus $0.66), AIG-American International Group (0.60), DUK-Duke Energy (0.97), APA-Apache (2.54), DTV-DirecTV (1.14), GM-General Motors (0.75), PSA-Public Storage (0.95), TWC-Time Warner Cable (1.38), CBS-CBS Corp. (0.59), SE-Spectra Energy (0.36), K-Kellog (0.84), SRE-Sempra Energy (0.82), BDX-Becton Dickinson (1.53), CAH-Cardinal Health (0.72), XEL-Xcel Energy (0.36), CI-Cigna (1.42).

Financial Calendar

0730 ET July Challenger job cuts, June -9.4% y/y.

0830 ET Weekly initial unemployment claims expected +17,000 to 370,000, previous -35,000 to 353,000. Weekly continuing claims expected -2,000 to 3.285 mln, previous -30,000 to 3.287 mln.

0830 ET USDA weekly exports.

0945 ET July ISM New York manufacturing index, June 49.7.

1000 ET June factory orders expected +0.5% m/m, May +0.7% m/m.

n/a July ICSC chain store sales, June +0.2% y/y.

1030 ET DOE natural gas storage.

1100 ET Kansas City Fed July manufacturing index, June 3.

1630 ET Weekly money supply report and Fed balance sheet.

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