New Fiscal Cliff Offer: Market Happenings For Tuesday, December 18, 2012

Premarket, futures are up. Gainers this morning include MU (+3.56%), FSLR, GNW, BAC and AMD while losers include LTD (-5.77%), BHI, QCOM, HBAN and GCI.

The Market

New day, new offer.

They are now looking at $400k household income vs $250k with $1.2 trillion in new taxes and $1.22 trillion in spending reductions over 10 years,

Fiscal cliff hopes are boosting Bank of America (BAC) shares, which are up 2.8% in premarket trading, and JPMorgan (JPM), which is up 1.1%.

European stocks are up and Asian markets closed mostly higher.

Oil is up, silver is up and gold is unchanged.

Earnings Reports

Earnings reports (estimates): ORCL-Oracle ($0.61), FDS-Factset Research (1.23), JEF-Jefferies Group (0.32).

Financial Calendar

0830 ET Q3 current account balance expected -$103.0 bln, Q2 -$117.4 bln.

1000 ET Dec NAHB housing market index expected +1 to 47, Nov +5 to 46.

1300 ET Treasury auction of $35 bln in 5-year T-notes.

1315 ET Dallas Fed President Richard Fisher speaks in Gainesville, Texas on the U.S. economy.

1630 ET API weekly U.S. oil statistics.

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