Bank of America Reports: Market Happenings For Wednesday, October 17, 2012

Premarket, futures are up. Gainers this morning include FSLR (+6.27%), EOG, CHRW, TIE and PHM while losers include APOL (-12.88%), STJ, ISRG, SWK and INTC.

The Market

Bank of America (BAC) reported third-quarter net earnings of $340 million, or nil per share, for the quarter, compared with $6.2 billion, or 56 cents a share, in the same period a year earlier, when the sale of assets and accounting benefits boosted earnings. Estimates I’ve seen are for -$0.07 to $0.16 per share, so you’ll have to decide how they did. Shares are up a wee bit premarket.

Yesterday we had 52 week new highs from WMT, JNJ, PFE, MRK and TRV.

European stocks were higher in midday trading and Asian markets ended higher.

AXP reports earnings after the close today.

The national average price of gasoline are down 1.7 cents to $3.756 per gallon.

Earnings Reports

Earnings reports (estimates): ABT-Abbott Labs ($1.28), PEP-Pepsico (1.16), BAC-Bank of America (0.16), AXP-American Express (1.09), USB-US Bancorp (0.73), EBAY-Ebay (0.55), KMI-Kinder Morgan (0.28), BLK-Blackrock (3.32%), HAL-Haliburton (0.58), BK-Bank NY Mellon (0.54), SYK-Stryker (0.98), STJ-St Jude Medical (0.81), MTB-M&T Bank Corp (1.86), SWK-Stanley Black (1.45), NTRS-Northern Trust (0.74), DOV-Dover Corp (1.29), DGX-Quest Diagnostic (1.18), CHKP-Check Point Software (0.78), APH-Ampheno (0.89), NE-Noble (0.48), XLNX-Xilinx (0.41).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous -1.2% with purchase sub-index +2.4% and refi sub-index -2.0%.

0830 ET Sep housing starts expected +2.7% to 770,000, Aug +2.3% m/m to 750,000. Sep building permits expected +1.1% to 810,000, Aug -1.0% to 801,000.

1030 ET DOE Weekly Petroleum Status Report.

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