Procter & Gamble Reports Earnings: Market Happenings For Thursday, October 25, 2012

Premarket, futures are up. Gainers this morning include AKAM (+8.94%), SYMC, ADT, WYNN and LYB while losers include FFIV (-12.19%), CLF, TER, BBY and MJN.

The Market

Procter & Gamble Co. (PG) reported net income fell to $2.85 billion (96 cents per share) vs. $3 billion ($1.01 per share) a year earlier. That’s down -4.9% from the year-earlier quarter. Revenue was down -3.7% to $20.74 billion from the year-earlier quarter. Earnings fell in line with the mean analyst estimate of 96 cents per share and beat the average revenue estimate of $20.3 billion.

The UK government reported that the gross domestic product grew 1% in the third quarter, lifting the nation’s economy out of recession.

European markets were higher in morning trade and Asian markets ended mixed.

Apple (AAPL) and Amazon (AMZN) report earnings after the close.

Tomorrow, Dow stock Merck (MRK) reports earnings before the open.

The national average price of gasoline is down 2.6 cents to $3.599 per gallon.

Earnings Reports

Earnings reports (estimates): AAPL-Apple ($8.74), PG-Proctor & Gamble, AMZN-Amazon.com (0.36), COP-ConocoPhillips (1.19), MO-Altria (0.58), OXY-Occidental Petroleum (1.62), CL-Colgate-Palmolive (1.38), SPG-Simon Property (0.74), DOW-Dow Chemical (0.36), BIIB-Biogen Idec (1.59), NOV-National Oilwell Varco (1.51), CELG-Celgene (1.27), D-Dominion Resources (0.97), Franklin Res (0.97), PCP-Precision Castpt (2.35), CB-Chubb (1.50), MCK-McKesson (1.78), CME-CME Group (0.69), RTN-Raytheon (1.27), S-Sprint Nextel (-0.43), NBL-Noble Energy (1.07), IP-International Paper (0.77), HSY-Hershey (0.87), SHW-Sherwin-Williams (2.20), AET-Aetna (1.33), PCAR-Paccar (0.65), MJN-Mead Johnson (0.72), XEL-Xcel Energy (0.73), CERN-Cerner Corp (0.59), CA-CA Inc (0.59), SZMH-Zimmer Holdings (1.13), HOT-Starwood Hotels (0.53), ROP-Roper Industries (1.23), BG-Bunge (2.16).

Financial Calendar

0830 ET Weekly initial unemployment claims expected -18,000 to 370,000, previous +46,000 to 388,000. Continuing claims expected +10,000 to 3.262 mln, previous -29,000 to 3.252 mln.

0830 ET USDA weekly U.S. Export Sales.

0830 ET Sep Chicago Fed national activity index expected -0.2, Aug -0.87.

0830 ET Sep durable goods orders expected +7.5% m/m, Aug -13.2% m/m. Sep durable goods ex-transportation expected +0.9% m/m, Aug -1.6% m/m. Sep non-defense capital goods orders ex-air expected +0.8%, Aug +1.1% y/y.

1000 ET Sep pending home sales expected +2.5% m/m and +17.4% y/y, Aug -2.6% m/m and +9.6% y/y.

1100 ET Oct Kansas City Fed manufacturing activity index expected at 5, Sep 2.

1300 ET Treasury auction of $29 billion 7-year T-notes.

1630 ET Weekly money supply report and Fed balance sheet.

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