Market Happenings For Monday, October 08, 2012

Premarket, futures are down on global growth concerns. Gainers this morning include NFLX (+5.60%), AXP, FSLR, TROW and HOG while losers include BBY (-2.11%), S, ATI, PH and BAC.

The Market

Today the World Bank lowered its outlook for economic growth in Asia, from the 7.6% estimate it made in May to 7.2%. It also warned that worsening conditions in Europe could lower Asia’s GDP growth another 2% next year.

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

Last week DJIA was up +1.3%, Nasdaq +0.6%, S&P 500 +1.4% and Russell 2000 +0.6%.

Year-to-date, DJIA is up +11.4%, Nasdaq +20.4%, S&P 500 +16.2% and Russell 2000 +13.8%.

Friday we had new 52 week highs from GE, IBM, PFE, WMT and XOM.

Tomorrow we have earnings from Alcoa (AA) after the close to get Q4 earnings season underway.

American Express (AXP) and Walmart (WMT) are teaming up on a new prepaid card service, dubbed Bluebird.

U.S. bond markets are closed for Columbus Day with many investors likely taking off for the holiday.

Earnings Reports

Earnings reports: ELRC-Electro Rent Corp. ($0.24 est, $0.21 actual), CEDC-Ccentral European Distrbution Corp. ($-0.15 actual).

Financial Calendar

n/a Columbus Day holiday – federal government and banks are closed. NYSE open regular hours. CME equity and commodity floor trading is open, but CME interest rate and FX floor trading is closed. Globex products are open regular hours.

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