Market Happenings For Wednesday, January 16, 2013

Premarket, futures are mixed. Gainers this morning include GNW (+7.50%), WIN, GS, CCL and NFLX while losers include CMG (-8.05%), BA, DELL, BK and CLF.

The Market

JPMorgan Chase & Co. (JPM) reported earnings this morning. JPM’s net income increased 52.63% to $5.69 billion ($1.39 per diluted share) in the quarter versus a net gain of $3.73 billion in the year-earlier quarter. Revenue rose 10% to $23.65 billion from the year-earlier quarter. JPMorgan reported adjusted net income of $1.39 per share, beating the mean analyst estimate of $1.16. JPM missed the average revenue estimate of $24.42 billion.

JPMorgan Chase & Co’s (JPM) board of directors cut Chief Executive Jamie Dimon’s bonus in half, citing the company’s $6.2 billion “London Whale” trading loss. In a company filing, Dimon’s pay for 2012 was $11.5 million, including a salary of $1.5 million and a bonus of $10 million. In 2011 Jamie Dimon was paid $23 million, including the same salary and a bonus of $21.5 million.

Boeing (BA) has more problems this morning with Japanese airlines grounding all Boeing 787 Dreamliner’s. A Boeing 787 operated by All Nippon Airways in Japan made an emergency landing Wednesday, after it’s crew detected a “burning-like smell” and alarms indicated there was smoke in the forward area of the plane. It’s stock price will probably take a hit on that this morning.

BAC reports earnings on 1/17/13 before the market open.

INTC reports earnings on 1/17/13 after the market close.

UNH reports earnings 1/17/13 before the market open.

GE reports earnings on 1/18/13 before the market open.

European markets are down and Asian markets closed down.

The national average price of gasoline is down three-tenths of a cent to $3.294 per gallon.

Earnings Reports

Earnings reports (estimates): JPMorgan Chase (-$1.22), EBAY-Ebay (0.69), GS-Goldman Sachs (3.66), USB-US Bancorp (0.75), KMI-Kinder Morgan (0.35), BK-Bank NY Mellon (0.53), KMP-Kinder Morgan En (0.63), SCHW-Schwab (0.15), MTB-M&T Bank Corp (2.17), NTRS-Northern Trust (0.75), EPB-El Paso Pipeline (0.55), SLM-SLM Corp (0.53), CMA-Comerica (0.65), FRC-First Republic (0.73), CLC-Clacor (0.70), FUL-HB Fuller (0.56), ADTN-Adtran (0.09), OZRK-Bank Ozarks (0.55), CVBF-CVB Financial (0.22), PLXS-Plexus (0.46), BPFH-Boston Priv Finl (0.17).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous +11.7% with purchase sub-index +9.6% and refinancing sub-index +12.1%.

0830 ET Dec CPI expected unch m/m and +1.8% y/y, Nov -0.3% m/m and +1.8% y/y. Dec core CPI expected +0.2% m/m and +1.9% y/y, Nov +0.1% m/m and +1.9% y/y.

0900 ET Nov net long-term TIC flows expected +$15.5 bln, Oct +$1.3 bln.

0915 ET Dec industrial production expected +0.3% m/m, Nov +1.1% m/m. Dec capacity utilization expected +0.1 to 78.5%, Nov 78.4%. Dec manufacturing production, Nov +1.1% y/y.

1000 ET Jan NAHB housing market index expected +1 to 48, Dec +1 to 47.

1000 ET Minneapolis Fed President Narayana Kocherlakota delivers a speech titled “Past, Present and Future: The Macroeconomy and Federal Reserve Actions” at an event in Eden Prairie, MN.

1030 ET DOE Weekly Petroleum Status Report.

1400 ET Fed Beige Book report.

1900 ET Dallas Fed President Richard Fisher delivers a speech titled “Why It’s Important to Downsize Institutions That are Too Big to Fail” at he National Press Club.

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