Market Happenings For Friday, November 16, 2012

Premarket, futures are up. Gainers this morning include GPS (+4.18%), MU, AAPL, GME and SNDK while losers include MNST (-4.31%), PRU, NFLX, DLTR and GILD.

The Market

Today President Obama meets with Congressional leaders.

A report in the Wall Street Journal said the Obama administration is considering a plan to replace massive spending cuts with a combination of smaller, targeted cuts and tax increases. By postponing the so-called sequester, lawmakers could put off a number of large deficit-reduction decisions until mid-2013.

President Obama has vowed not to keep the Bush tax cuts in place for Americans earning more than $200,000. Investors are also bracing for tax hikes on capital gains and carried interest.

European stocks are down and Asian markets ended mixed.

Earnings Reports

Earnings reports (estimates): JM Smucker ($1.45), FL-Foot Locker (0.54), FMCN-Focus Media (0.70), STRO-Strona Dental (0.70).

Financial Calendar

0830 ET USDA weekly Export Sales.

0900 ET Sep net long-term TIC flows, Aug +$90.0 billion.

0915 ET Oct industrial production expected +0.2%, Sep +0.4%. Oct manufacturing production expected +0.3% m/m, Sep +0.2% m/m. Oct capacity utilization expected unch at 78.3%, Sep +0.3 to 78.3%.

1500 ET USDA Oct Cattle on Feed report.

1545 ET Fed’s Lockhart speaks in Charlottesville, VA.

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