Wal-Mart Reports Earnings: Market Happenings For Thursday, November 15, 2012

Premarket, futures are down. Gainers this morning include FSLR (+5.71%), STX, MU, MNST and AKAM while losers include LYB (-7.56%), WMT, CVC, TIF and DELL.

The Market

Wal-Mart Stores Inc. (WMT) reported net income rose to $3.63 billion ($1.08 per share) vs. $3.34 billion (96 cents per share) in the same quarter a year earlier. This marks a rise of 9% from the year-earlier quarter. Revenue was up 3.4% to $113.93 billion from the year-earlier quarter. Wal-Mart earnings was in line with expectations of $1.07 per share and beat the average revenue estimate of $110.5 billion.

President Obama met with CEOs Wednesday to discuss the fiscal cliff and is scheduled to meet with Congressional leaders Friday. Good luck there.

About 1:20 p.m. ET, Federal Reserve Chairman Ben Bernanke is due to deliver remarks on the housing market at an event in Atlanta. Regional Fed presidents Jeffrey Lacker of Richmond, Charles Evans of Chicago, Richard Fisher of Dallas and Charles Plosser of Philadelphia are also scheduled to give speeches Thursday.

The eurozone officially slipped into recession in the third quarter, as official figures showed growth among the 17 euro countries shrinking 0.1%. It’s the second recession in the area since 2009.

European stocks are lower and Asian markets ended mixed.

The national average price of gasoline dropped five-tenths of a cent to $3.438 per gallon.

Earnings Reports

Earnings reports (estimates): Wal-Mart ($1.07), TGT-Target (0.91), VIAB-Viacom (1.17), INTU-Intuit (-0.06), DELL-Dell (0.40), GPS-Gap (0.63), AMAT-Applied Material (0.03), ROST-Ross Stores (0.72), DLTR-Dollar Tree (0.49), ADSK-Autodesk (0.43), TDG-Trandigm Group (1.76), SHLD-Sears Holdings (-2.13), HP-Helmerich & Payn (1.24), SBH-Sally Beauty (0.36), MRVL-Marvell Tech (0.20), SINA-Sina Corp (0.11).

Financial Calendar

0830 ET Weekly initial unemployment claims expected +20,000 to 375,000, previous -8,000 to 355,000. Weekly continuing claims expected +54,000 to 3.181 mln, previous -135,000 to 3.127 mln.

0830 ET Oct CPI expected +0.1% m/m and +2.1% y/y, Sep +0.6% m/m and +2.0% y/y. Oct CPI ex food and energy expected +0.1% m/m and +2.0% y/y, Sep +0.1% m/m and +2.0% y/y.

0830 ET Nov Empire manufacturing index expected -1.8 to -8.0, Oct +4.2 to -6.2.

0900 ET Richmond Fed President Jeffrey Lacker speaks on the “Economic Outlook” at West Virginia Economic Outlook Conference.

1000 ET Nov Philadelphia Fed manufacturing index expected -2.7 to 2.0, Oct +7.6 to 5.7.

1000 ET Q3 mortgage delinquencies, Q2 7.58%. Q3 mortgage foreclosures, Q2 4.27%.

1030 ET DOE Weekly Petroleum Status Report.

1100 ET Treasury announces amount of 10-year TIPS to be auctioned Nov 21 (previous $13 billion).

1320 ET Fed Chairman Bernanke speaks on housing and the mortgage market in Atlanta.

1445 ET Dallas Fed President Richard Fisher speaks at Stanford University’s State of the West Symposium luncheon.

1630 ET Weekly money supply report and Fed balance sheet.

1630 ET Philadelphia Fed President Charles Plosser speaks at the Cato Institute’s annual monetary policy conference.

1830 ET NY Fed President Dudley speaks at NY Clearing House event.

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