Market Happenings for Tuesday, April 24, 2012

Pre-market, futures are up a bit as investors await housing data and Apples earnings after the close today. Gainers this morning include
BHI, HSY, R, TXN and AZO while losers include BIG (-17%), NFLX, WAT, SYMC and ZION.

The Market

The Case-Shiller Home Price Index came in at 3.49% and was a touch worse than the 3.40% expected. That was better than the 3.78% fall seen last month.

Dow components AT&T (T), 3M (MMM) and United Technologies (UTX) released earnings before the opening bell.

AT&T (T) reported $0.60 per share this morning better than the $0.57 anticipated by analysts.

3M (MMM) reported $1.59 per share, better than analyst estimates of $1.48 per share.

United Technologies (UTX) reported earnings of $1.31 per share ahead of analyst estimates for $1.20 per share.

European stocks rose slightly in midday trading while Asian markets ended mixed.

Earnings Reports

Earnings reports (sorted by mkt cap): AAPL-Apple (consensus $9.98), T-AT&T (0.57), UTX-United Technologies (1.19), MMM-3M Co. (1.49), AMGN-Amgen (1.46), BIDU-Baidu (0.86), ITW-Illinois Tool Works (0.95), ACE-Ace Ltd. (1.87), RAI-Reynolds American (0.65), NSC-Norfolk Southern (1.12), COH-Coach (0.75), AFL-Aflac (1.65), APD-Air Products & Chemicals (1.33).

Financial Calendar

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

0855 ET Redbook weekly retailer sales.

0900 ET Feb S&P/CaseShiller composite-20 home price index expected +0.2% m/m and -3.5% y/y, Jan unchanged m/m and -3.8% y/y.

0900 ET FOMC begins 2-day policy meeting.

1000 ET Apr U.S. consumer confidence (Conference Board) expected -0.6 to 69.6, Mar -1.4 to 70.2.

1000 ET Apr Richmond Fed manufacturing index expected unchanged at 7, Mar -13 to 7.

1000 ET Feb FHFA house price purchase only index expected +0.1% m/m, Jan unchanged m/m.

1000 ET Mar new home sales expected +1.6% to 318,000, Feb -1.6% to 313,000.

1130 ET Weekly 4-week T-bill auction.

1300 ET Treasury auctions $35 billion 2-year T-notes.

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