Market Happenings for Thursday, February 09, 2012

Pre-market, futures are down with investors focusing on Greece and all their problems. Gainers this morning include AKAM (+12.80%), V, FMC, TDC and WU while losers include TRIP (-9.54%), EA, WDC, ORLY and THC. At this hour light crude is up +0.64% at 99.34 and gold is up +0.13% at 1,733.60.

The Market

Greek officials need to finalize proposed spending cuts that are a precondition for additional bailout funds. They need €130 billion from the European Union, International Monetary Fund and European Central Bank in order to make its payment on a €14.5 billion bond redemption next month.

Today the government will release data on initial unemployment claims. Initial unemployment claims are expected to total 370,000 for the week ended February 4, up from 367,000 in the prior week.

European stocks were higher in morning trading while Asian markets ended mixed.

Bank of America (BAC) is up as they agreed to a mortgage settlement deal with nearly all the states on helping homeowners with underwater loans. The deal is not final yet as far as I can find out.

Groupon (GRPN) had some troubles yesterday after the close with a “surprise” earnings loss. At this hour, Groupon looks to open down about -9.68%.

Groupon Inc.

The dollar fell against the euro and British pound and rose versus the Japanese yen.

Oil for March delivery rose 58 cents to $99.29 a barrel.

Gold futures for April delivery was down $4.40 to $1,735.70 an ounce.

The price on the benchmark 10-year U.S. Treasury was little changed with the yield near 2.00%.

Earnings Reports

Earnings reports (confirmed releases): PM-Philip Morris International (earnings consensus $1.09), PEP-Pepsico (1.12), NBL-Noble Energy (1.16), LO-Lorillard (1.96), ALXN-Alexion Pharmaceuticals (0.34), ATVI-Activision Blizzard (0.56), RSG-Republic Services (0.45), KKR-KKR & Co. LP (0.75), TDC-Teradata (0.62), NUAN-Nuance Communications (0.36), SIAL-Sigma-Aldrich (0.89), BG-Bunge Ltd. (1.53), CCE-Coca-Cola Enterprises (0.36), SIRI-Sirius XM Radio (0.01), LNKD-LinkedIn (0.07).

Financial Calendar

0830 ET Weekly initial unemployment claims expected +3,000 to 370,000, previous -12,000 to 367,000. Weekly continuing claims expected +63,000 to 3.500 million, previous 130,000 to 3.437 million.

1000 ET Dec wholesale inventories expected +0.4%, Nov +0.1%.

1100 ET Treasury announces amount of 30-year TIPS to be auctioned on Feb 16 (previous $7 billion).

1300 ET Treasury auctions $16 billion 30-year T-bonds.

1630 ET Weekly money supply report and Fed balance sheet.

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