Market Happenings for Thursday, September 20, 2012

Premarket, futures are down. Gainers this morning include DNR (+7.66%), CAG, HBAN, BIIB and ETN while losers include NSC (-5.90%), BBBY, CSX, CLF and ANR.

The Market

Yesterday we had new highs from GE and HD.

An HSBC report on Chinese manufacturing, its preliminary purchasing manager’s index, is showing that manufacturing in the world’s second largest economy ticked up bit in September but still contracted.

In Europe, Markit’s regional purchasing managers index fell to a 39-month low. It shows the fastest contraction of new business and services in more than three years.

European stocks are down and Asian markets closed down.

This morning, data on first-time unemployment benefit claims, came in at 382,000 for the week that ended Sept. 15. The Labor Department figure is down 3,000 from the previous week, however, it’s still not low enough to ease worries about continued high unemployment.

The national average price of gasoline is down eight-tenths of a cent to $3.846 per gallon.

Earnings Reports

Earnings reports (estimates): ORCL-Oracle ($0.53), CAG-Conagra Foods (0.35), IHS-IHS Inc (1.03), KMX-Carmax (0.51), CTAS-Cintas (0.59), TIBX-Tibco Software (0.27), CPRT-Copart (0.33), JEF-Jefferies (0.30), RAD-Rite Aid Group (-0.07), SCHL-Scholastic Corp (-1.05).

Financial Calendar

0744 ET Boston Fed President Eric Rosengren speaks at South Shore Chamber of Commerce Economic Outlook breakfast in Quincy, MA.

0830 ET Weekly initial unemployment claims expected -7,000 to 375,000, previous +15,000 to 382,000. Weekly continuing claims expected +17,000 to 3.300 mln, previous -49,000 to 3.283 mln.

0830 ET USDA weekly Net Export Sales.

0930 ET Atlanta Fed President Dennis Lockhart speaks at conference “The future of workplace development” at Kansas City Fed conference.

1000 ET Sep Philadelphia Fed manufacturing index expected +3.1 to -4.0, Aug +5.8 to -7.1.

1000 ET Aug leading indicators expected -0.1% m/m, July +0.4% m/m.

1100 ET Treasury announces amounts of 2-year T-notes (previous $35 billion), 5-year T-notes (previous $35 billion) and 7-year T-notes (previous $29 billion) to be auctioned Sep 25-27.

1200 ET Federal Reserve Flow of Funds report.

1300 ET Treasury auctions $13 bln in 10-year TIPS.

1330 ET Minneapolis Fed President Kocherlakota speaks to business leaders at Gogebic Community College in Ironwood, MI.

1630 ET Weekly money supply report and Fed balance sheet.

1700 ET Cleveland Fed President Sandra Pianalto speaks to Miami University Farmer School of Business executive speaker series.

1830 ET St. Louis Fed President James Bullard delivers economics lecture at the University of Notre Dame’s Washington Hall.

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