Wal-Mart Reports: Market Happenings for Thursday, August 16, 2012

Premarket, futures are up. Gainers this morning include EA (+9.78%), CSCO, SHLD, EMC and NTAP while losers include A (-7.09%), DLTR, AMAT, PRGO and WMT.

The Market

Wal-Mart (WMT) shares are down about 3 percent this morning after advancing 25 percent this year through yesterday. Wal-Mart revenue rose 4.5 percent to $114.3 billion which trailed analysts’ $115.8 billion average estimate. Net income rose to $4.02 billion, or $1.18 a share, from $3.8 billion, or $1.09, a year earlier. Average estimates called for $1.17 a share.

Cisco Systems (CSCO) reported a quarterly profit and sales yesterday that were up from year-ago results and beat Wall Street’s forecasts. Their shares are up more than 5% in premarket trading.

First-time claims for unemployment benefits rose slightly last week, with 366,000 people filing jobless claims in the week ended August 11, up 2,000 from the previous week.

European stocks were mixed in morning trade and Asian markets ended mixed.

The national average price of gasoline is up one-tenth of a cent to $3.710 per gallon.

Earnings Reports

Earnings reports (estimates): WMT-Wal-Mart ($1.17), GPS-The Gap (0.48), ROST-Ross Stores (0.81), DLTR-Dollar Tree (0.47), PRGO-Perrigo (1.27), AVGO-Avago Technologies Ltd. (0.66), MRVL-Marvell Technology Group Ltd. (0.27), SHLD-Sears Holdings (-0.86), BRCD-Brocade Communication Systems (0.12), GME-GameStop (0.15), BKE-The Buckle (0.49), ARO-Aeropostale (0.01), PLCE-Children’s Place Retail Stores (-0.66), SFUN-SouFun Holdings Ltd. (0.41), DRYS-DryShips (0.05).

Financial Calendar

0830 ET Weekly initial unemployment claims expected +4,000 to 365,000, previous -6,000 to 361,000. Weekly continuing claims expected -27,000 to 3.305 million, previous +53,000 to 3.332 million.

0830 ET July housing starts expected -0.4% to 757,000, June +6.9% to 760,000. July building permits expected +1.3% to 770,000, June -3.1% to 760,000.

0830 ET USDA weekly exports.

1000 ET Aug Philadelphia Fed manufacturing index expected +7.9 to -5.0, July +3.7 to -12.9.

1030 ET DOE natural gas storage.

1100 ET Treasury announces amount of 5-year TIPS (previous $16 billion) to be auctioned Aug 23.

1630 ET Weekly money supply report and Fed balance sheet.

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