Obama Wins!: Market Happenings For Wednesday, November 07, 2012

Premarket, futures are down. Gainers this morning include BBY (+5.04%), CMG, VLO, X and DVN while losers include ESRX (-11.34%), FOSL, BTU, CNX and FFIV.

The Market

Obama Wins! Obama garnered 303 electoral votes to Romney’s 206. Obama had 59.6 million votes and Romney just 56.9 million. So it was a definitive win for Obama. No questions about it.

Now it will be the fiscal cliff in the news. If lawmakers fail to address the simultaneous onset of tax hikes and spending cuts that will be triggered on Jan. 1, they risk throwing the U.S. economy back into a recession and drive unemployment up even higher.

Disney (DIS) reports earnings tomorrow after the close.

AT&T (T) raised its quarterly dividend to 45 cents per share from 44 cents.

The national average price of gasoline is down one-tenth of a cent to $3.462 per gallon.

Earnings Reports

Earnings reports (estimates): QCOM-Qualcomm ($0.82), MDLZ-Mondelez (0.36%), TWX-Time Warner (0.82), PRU-Prudential Financial (1.67), KRFT-Kraft Foods (0.67), DVN-Devon Energy (0.69), CTL-Centurylink (0.58), CBS-CBS (0.60), CTSH-Cognizant (0.92), WLP-Wellpoint (1.83), WFM-Whole Foods (0.60), M-Macy’s (0.30), BDX-Becton Dickinson (1.40), CLR-Contl Res (0.87), ETE-Energy Transfer (0.40), ATVI-Activision (0.08), PRGO-Perrigo (1.24), BAP-Credicorp (2.43), CXO-Concho Resources (1.04), CNP-Centerpoint Energy (0.34), MPEL-Melco Crown (0.17).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous -4.8% with purchase sub-index +0.5% and refi sub-index -6.0%.

1030 ET DOE Weekly Petroleum Status Report.

1300 ET Treasury auctions $24 billion in 10-year T-notes.

1500 ET Sep consumer credit expected +$10.6 bln, Aug +$18.123 bln.

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