Market Happenings For Wednesday, October 10, 2012

Premarket, futures are mixed. Gainers this morning include YUM (+4.78%), FDX, COST, HST and DLTR while losers include MNST (-4.83%), CMI, ETN, HRB and CVX.

The Market

The Mortgage Bankers Association reported mortgage applications fell 1.2% last week compared to the previous week.

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

The national average price of gasoline is down two-tenths of a cent to $3.813 per gallon.

Yesterday Alcoa (AA) reported earnings of $0.03 beating estimates for $0.004.

JPM reports earnings 10/12/12 before the market open.

IBM reports earnings 10/16/12 after the market close.

INTC reports earnings 10/16/12 after the market close.

JNJ reports earnings 10/16/12 before the market open.

KO reports earnings 10/16/12 before the market open.

BAC reports earnings 10/17/12 before the market open.

MSFT reports earnings 10/18/12 after the market close.

T reports earnings on 10/18/12 before the market open.

TRV reports earnings 10/18/12 before the market open.

VZ reports earnings 10/18/12 before the market open.

GE reports earnings 10/19/12 before the market open.

MCD reports earnings 10/19/12 before the market open.

CAT reports earnings 10/22/12 before the market open.

Earnings Reports

Earnings reports (estimates): COST-Costco ($1.31), PGR-Progressive Corp (0.26), HST-Host Hotels (-0.02), HELE-Helen of Troy (0.85%), ADTN-Adtran (0.18).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous +16.6% with purchase sub-index +3.9% and refi sub-index +19.6%.

1000 ET Aug wholesale inventories expected +0.4% m/m, July +0.7% m/m.

1300 ET Treasury auction of $21 billion in 10-year T-notes.

1400 ET Fed’s Beige Book.

1445 ET Minneapolis Fed President Narayana Kocherlakota speaks in Montana.

1630 ET Fed Governor Daniel Tarullo speaks on financial stability regulation in Philadelphia.

1645 ET Dallas Fed President Richard Fisher speaks at Cato conference.

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