Exxon And Pfizer Report: Market Happenings For Thursday, November 01, 2012

Premarket, futures are up. Gainers this morning include JDSU (+3.76%), KSS, MU, M and GNW while losers include TDC (-6.60%), AVP, EL, NFLX and LTD.

The Market

The ADP revamped report on the private sector labor marke shows companies added 158,000 jobs in October, the biggest gain in eight months. The historical data for the ADP National Employment Report was revised as part of a new methodology, which was used for the first time in this October report. September’s increase was halved to 88,200 new jobs from an initially reported 162,000. October’s increase is the biggest jump since February and beat economists’ forecasts for a gain of 135,000 jobs.

Pfizer (PFE), the New York-based maker of pain reliever Lyrica reported net income was $3.21 billion, or 43 cents per share, down from $3.74 billion, or 48 cents per share, a year earlier. Excluding one-time items, earnings were 53 cents per share. with analysts expecting 52 cents. Revenue fell 16 percent to $13.98 billion, below expectations of $14.66 billion.

Exxon Mobil Corp. (XOM), the nation’s biggest oil company reported net income of $9.57 billion, down from $10.33 billion a year earlier and is a 7% decline. Earnings were $2.09 per share with analysts expecting $1.95 per share. Revenue fell 8 percent, to $115.71 billion, better than analyst forecasts for $112.40 billion.

European stocks are higher and Asian markets closed higher.

The Jobs report also has gold below $1700 this morning too.

Earnings Reports

Earnings reports (estimates): XOM-Exxon ($1.95), PFE-Pfizer (0.52), AIG-AIG (0.87), EPD-Enterprise Products (0.61), LVS-Las Vegas Sands (0.60), SBUX-Starbucks (0.45), APA-Apache (2.24), EXC-Exelon (0.72), PCLN-Priceline (11.80), ADP-ADP (0.62), NEM-Newmont Mining (0.89), EL-Estee Lauder (0.77), FE-FirstEnergy (1.06), SE-Spectra Energy (0.31), K-Kellogg (0.81), MPC-Marathon Petroleum (3.23), PEG-Public Service Enterprises (0.72), NLY-Annaly Capital (0.47), EIX-Edision (1.00), VNO-Vornado Realty Trust (0.61), SIRI-Sirius XM Radio (0.02), CI-Cigna (1.36), HCA-HCA Holdings (0.79), ESV-Ensco (1.30), CHK-Chesapeake Energy (0.10), SWN-Southwestern Energy (0.33), TDC-Teradata (0.67), WPI-Watson Pharmaceutical (1.28), LNKD-LinkedIn (0.11), IVZ-Invesco (0.44), VRTX-Vertex Pharm (0.34), RSG-Republic Services (0.49).

Financial Calendar

0730 ET Oct Challenger job cuts, Sep -70.80% y/y.

0815 ET Oct ADP employment change expected +135,000, Sep +162,000.

0830 ET Weekly initial unemployment claims expected +1,000 to 370,000, previous -23,000 to 369,000. Weekly continuing claims expected -4,000 to 3.250 million, previous -2,000 to 3.254 mln.

0830 ET Q3 non-farm productivity expected +1.8% y/y, Q2 +2.2%. Q3 unit labor costs expected +0.8%, Q2 +1.5%.

0830 ET USDA weekly U.S. Export Sales.

1000 ET Oct ISM manufacturing index expected -0.5 to 51.0, Sep +1.9 to 51.5. Oct ISM prices paid index expected -1.5 to 56.5, Sep +4.0 to 58.0.

1000 ET Oct consumer confidence (Conference Board) expected +2.7 to 73.0, Sep 70.3 (postponed from Tuesday).

1000 ET Sep construction spending expected +0.7%, Aug -0.6% m/m.

1230 ET Atlanta Fed President Dennis Lockhart speaks to Chattanooga Downtown Rotary in Chattanooga, TN.

1630 ET Weekly money supply report and Fed balance sheet.

1700 ET Oct total vehicle sales expected 14.9 mln, Sep 14.88 mln. Oct domestic vehicle sales expected 11.48 mln, Sep 11.49 mln.

1700 ET Boston Fed President Eric Rosengren speaks on U.S. economic outlook at Babson College.

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