Qoodbye Q3: Market Happenings For Friday, September 28, 2012

Premarket, futures are down on this last trading day of the quarter. Gainers this morning include ACN (+4.01%), HIG, CCE, IGT and CTSH while losers include NKE (-3.91%), WAG, ANR, YUM and TJX.

The Market

Spain’s 2013 proposed budget boosted U.S. stocks late Thursday, as many interpreted it as a sign the country is willing to take necessary steps to avert a deepening crisis.

Yields for the 10-year Spanish bond pushed above 6% again on Friday.

In Britain, a government recommendation was published Friday suggesting “a complete overhaul” of the interest rate benchmark Libor, following the recent scandal that exposed how banks rigged the rate for their own benefit.

European stocks are mixed in midday trading and Asian markets ended higher.

In the 52 week high category for Dow stocks we have only GE this morning with a last price showing of $22.73.

The national average price of gasoline is down eight-tenths of a cent to $3.787 per gallon.

Earnings Reports

Earnings reports (estimates): WAG-Walgreen ($0.56), FINL-Finish Line (0.44), AM-American Greeting (0.14).

Financial Calendar

0830 ET Aug personal income expected +0.2% m/m, July +0.3% m/m. Aug personal spending expected +0.5% m/m, July +0.4% m/m.

0830 ET Aug PCE deflator expected +0.5% m/m and +1.5% y/y, July unchanged m/m and +1.3% y/y. Aug core PCE deflator expected +0.1% m/m and +1.6% y/y, July unchanged and +1.6% y/y.

0830 ET USDA Quarterly Grain Stocks report.

0900 ET Sep Milwaukee NAPM index, Aug 42.9.

0945 ET Sep Chicago Purchasing Managers index expected unch at 53.0, Aug -0.7 to 53.0.

0955 ET Final-Sep U.S. consumer confidence index (University of Michigan) expected -0.2 to 79.0, early-Sep +4.9 to 79.2.

1500 ET USDA quarterly Hog & Pigs report.

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