Market Happenings For Wednesday, November 21, 2012

Premarket, futures are near unchanged. Gainers this morning include LOW (+5.85%), CRM, CMG, MS and AAPL while losers include DE (-2.71%), CELG, STJ, WFM and HRL.

The Market

The number of people seeking U.S. unemployment benefits fell sharply last week to a seasonally adjusted 410,000, though the figure was elevated for the second straight week by Superstorm Sandy. Applications dropped by 41,000 from the previous week, when the storm drove applications to their highest level in 18 months. The four-week average, a less volatile measure, rose by 9,500 to 396,250.

European finance ministers, the European Central Bank and International Monetary Fund failed for the second week running to reach a deal to free up new aid for Greece. They will meet again on Monday.

Stocks are mixed in Europe and Asian markets ended higher.

HPQ and INTC are at new 52 week lows and in the case of HPQ, it’s at 10 year lows.

The national average price of gasoline is up 1.4 cents to $3.426 per gallon.

Earnings Reports

Earnings reports (estimates): Deere ($1.88), CFN-CareFusion (0.43), DCI-Donaldson (0.34).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous +12.6% with purchase sub-index +11.0% and refi sub-index +13.1%.

0830 ET Weekly initial unemployment claims expected -29,000 to 410,000, previous +78,000 to 439,000. Weekly continuing claims expected +8,000 to 3.342 mln, previous +171,000 to 3.334 mln.

0955 ET Final-Nov U.S. consumer confidence index (University of Michigan) expected -0.4 to 84.5, early-Nov +2.3 to 84.9.

1000 ET Oct leading economic indicators expected +0.1% m/m, Sep +0.6% m/m.

1030 ET DOE Weekly Petroleum Status Report.

1100 ET Treasury announces 2, 5 and 7-year T-note auctions for Nov 27-29.

1300 ET Treasury auctions $13 bln in 10-year TIPS.

1500 ET USDA Oct Cold Storage report.

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