Market Happenings for Tuesday, September 04, 2012

Premarket, futures are down after the extended holiday weekend. It was a great weekend here in the Pacific Northwest. Gainers this morning include CPB, GME, MS, LLY and CAG while losers include NFLX, SNDK, HOG, ANR and NVDA.

The Market

Last week in his speech at Jackson Hole, Federal Reserve Chairman Ben Bernanke indicated that additional stimulus could be on the way, saying that the central bank is still willing to do whatever it takes to support the economy.

Europe will once again be in focus after Moody’s warned that the European Union’s AAA credit rating was at risk, revising its outlook on the EU to “negative” from “stable.”

With Eurozone leaders also returning from summer holidays, investors are looking to a crucial meeting of the European Central Bank on Thursday. ECB President Mario Draghi is widely expected to unveil details of a new bond-buying program for eurozone governments that agree to certain conditions.

European stocks fell in afternoon trading and Asian markets ended lower.

The national average price of gasoline is down three-tenths of a cent to $3.824 per gallon.

Earnings Reports

Earnings reports (estimates): CPB-Campbell Soup (Consensus $0.38), SFD-Smithfield Foods (0.45), CIM-Chimera Investment (0.10), FCE-Forest City Enterprises (0.06), FRAN-Francesca’s Holdings (0.24), GWRE-Guidewire Software (0.04), CUB-Cubic Corp. (0.77), FNSR-Finisar (0.14), NX-Quanex Building Products (0.22).

Financial Calendar

1000 ET Aug ISM manufacturing expected +0.2 to 50.0, July +0.1 to 49.8. Aug ISM prices paid expected +7.0 to 46.5, July +2.5 to 39.5.
1000 ET July construction spending expected +0.4%, Jun +0.4%.

1100 ET USDA weekly grain export inspections.

1130 ET Weekly 3-mo and 6-mo T-bill auctions.

1600 ET USDA Crop Progress.

1700 ET Aug total vehicle sales expected 14.17 million, July 14.05 million. Aug domestic vehicle sales expected 11.00 million, July 11.00 million.

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