Market Happenings For Tuesday, December 04, 2012

Premarket, futures are up, but near unchanged. Gainers this morning include BIG (+7.70%), NFLX, AMD, DELL and NVDA while losers include DRI (-9.16%), PCS, CMS, VRSN and RAI.

The Market

Last week, President Obama outlined a proposal that called for $1.6 trillion in new taxes, among other things. Yesterday republicans issued a counter-proposal that included tax reforms, changes to Medicare and other spending cuts worth $2.2 trillion over the next decade. That plan was quickly dismissed by the White House. So, how do you think the markets will react to that?

A survey by ABC News and the Washington Post, showed that two thirds of respondents support Obama’s call for holding down tax rates for everyone except the wealthiest Americans.

On a positive note, we have housing going gangbusters with Toll Brothers (TOL) today reporting fourth quarter revenue that topped forecasts, sending shares more than 4% higher.

European markets were higher and Asian markets ended mixed.

The national average price of gasoline is down six-tenths of a cent to $3.381 per gallon.

Earnings Reports

Earnings reports (estimates): AZO-Autozone ($5.39), TOL-Toll Brothers (0.24), MTN-Vail Resorts (-1.58), BIG-Big Lots (-0.26), p-Pandora Media (0.01).

Financial Calendar

0745 ET ICSC (Int’l Council of Shopping Centers) weekly retailer sales.

0855 ET Redbook weekly retailer sales.

0945 ET Nov ISM New York, Oct 45.9.

1045 ET Fed Governor Daniel Tarullo delivers keynote address Brookings Institution conference on “Structuring the financial industry to enhance economic growth and stability.”

1130 ET Weekly 4-week T-bill auction.

1630 ET API weekly U.S. oil statistics.

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