Home Depot Earnings: Market Happenings for Tuesday, August 12, 2012

Premarket, futures are up on some new eurozone data. Gainers this morning include EL (+6.0%), WYN, MNST, XRX and CLF while losers include LUV (-1.97%), HSP, CNP, NEM and CAH.

The Market

Home Depot (HD) reported second quarter fiscal 2012 net earnings of $1.5 billion, or $1.01 per diluted share, compared with net earnings of $1.4 billion, or $0.86 per diluted share in the same period of fiscal 2011. Estimates were for $0.97 per share. For the second quarter of fiscal 2012, diluted earnings per share increased 17.4 percent from the same period in the prior year. Sales for the second quarter totaled $20.6 billion, a 1.7 percent increase from the second quarter of fiscal 2011. Comparable store sales for the second quarter of fiscal 2012 were positive 2.1 percent, and comp sales for U.S. stores were positive 2.6 percent.

July Producer Price Index is up 0.3% for July vs +0.1% in June.

Retail sales for July was +0.8% vs June -0.7%.

France and Germany released second-quarter gross domestic product data that beat analysts’ expectations, however preliminary data shows the eurozone economy as a whole continued to shrink.

According to Eurostat flash estimates, Eurozone GDP shrank 0.2% between April to June compared to the previous quarter and 0.4% year-over-year. In the first quarter of 2012, GDP was unchanged.

France released second-quarter GDP figures that were slightly better than expectations, however growth was unchanged.

German GDP beat forecasts with an increase of 0.3% for the second quarter, however that rise was not enough to boost overall eurozone GDP data.

Inflation in Britain was higher in July. Consumer prices rose at a 2.6% annual rate, up from 2.4% in June, while retail prices rose at a 3.2% rate, up from 2.8%.

European stocks are up in afternoon trading and Asian markets ended higher.

The national average price of gasoline rose four-tenths of a cent to $3.696 per gallon.

Earnings Reports

Earnings reports (estimates): HD-Home Depot ($0.97), TJX-TJX Cos. (0.55), EL-Estee Lauder (0.16), KORS-Michael Kors Holdings Ltd. (0.20), DKS-Dick’s Sporting Goods (0.64), VAL-Valspar (0.96), TW-Towers Watson & Co. (1.24), JKHY-Jack Henry & Associates (0.46), FLO-Flowers Foods (0.22), JDSU-JDS Uniphase (0.12), NSM-Nationstar Mortgage Holdings (0.34), MYGN-Myriad Genetics (0.34), SKS-Saks (-0.09), NGL-NGL Energy Partners LP (-0.41), BOBE-Bob Evans Farms (0.60).

Financial Calendar

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

0830 ET July PPI expected +0.2% m/m and +0.5% y/y, June +0.1% m/m and +0.7% y/y. July core PPI expected +0.2% m/m and +2.3% y/y, June +0.2% m/m and +2.6% y/y.

0830 ET July retail sales expected +0.3% m/m, June -0.5% m/m. July retail sales ex-autos expected +0.3% m/m, June was -0.4% m/m. July retail sales ex-autos and gas, June -0.2% m/m.

0855 ET Redbook weekly retailer sales.

1000 ET June business inventories expected +0.2% m/m, May +0.3% m/m.

1130 ET Weekly 4-week T-bill auction.

1630 ET API weekly U.S. oil statistics.

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