Market Happenings For Thursday, January 17, 2013

Markets started in the up position this morning.

Dow stock top gainers include INTC, AA, CVX, DD and IBM.

Dow stock top losers include BAC, BA, JPM, T and CSCO.

The Market

Bank of America Corporation (BAC) this morning reported that it’s net income decreased -64.84% to $700 million (3 cents per diluted share) in the quarter versus a net gain of $1.99 billion in the year-earlier quarter. Revenue decreased -23.86% to $22.6 billion from the year-earlier quarter. Bank of America’s adjusted net income of 3 cents per share, beat the mean analyst estimate of $0.02. BAC revenue also beat the average revenue estimate of $21.03 billion.

Regulators in Europe, India and Japan joined the Federal Aviation Administration after it grounded all Dreamliner planes. They cited worries about onboard lithium-ion batteries that have twice caught fire recently. Boeing (BA) shares are down -1.06%.

European stocks are up and Asian markets closed mostly down.

Earnings Reports

Earnings reports (estimates): Bank of America (+0.02), Citigroup (0.96), Intel (0.49), UnitedHealth (1.20), Blackrock (3.73), Capital One (1.59), PNC Financial (1.48), BB&T (0.71), Fifth Third Banc (0.41), Fastenal (0.33), Amphenol (0.90), Xilinx (0.37), Huntington Banc (0.17), People’s United (0.19), Assoc Banc (0.26), Wintrust Financial (0.58), Netscout Systems (0.35).

Financial Calendar

0830 ET Weekly initial unemployment claims expected -6,000 to 365,000, previous +4,000 to 371,000. Weekly continuing claims expected +62,000 to 3.171 mln, previous was -127,000 to 3.109 mln

0830 ET Dec housing starts expected +3.3% to 890,000, Nov -3.0% to 861,000. Dec building permits expected +0.5% to 905,000, Nov +3.7% to 900,000.

0830 ET USDA weekly Export Sales.

1000 ET Jan Philadelphia Fed index expected +1.4 to 6.0, Dec +13.5 to 4.6.

1100 ET Treasury announces details of Jan 24 10-year TIPS auction.

1205 ET Atlanta Fed President Dennis Lockhart speaks at the Bloomberg Global Markets Summit.

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