Chinese Exports: Market Happenings for Friday, August 10, 2012

Premarket, futures are down following disappointing economic data from China. Gainers this morning include NVDA (+4.49%), CFN, BRCM, JDSU and JWN while losers include MNST (-4.80%), DV, YHOO, HSP and KM.

The Market

Dow stocks indicated lower in premarket trade include BAC, CAT, CSCO, CVX, GE, JPM, MCD, MSFT and PFE.

Chinese exports, which had been gaining strength for the past few months, was up just 1% from a year earlier in July and was well below expectations and considerably down from the 11.3% increase in June. A 4.7% uptick in Chinese imports also fell short of forecasts.

European stocks are lower in morning trade and Asian markets ended lower.

Home Depot (HD) reports earnings next week on 8/14/2012 before the market open.

Cisco (CSCO) reports earnings next week on 8/15/2012 after the market close.

Hewlitt-Packard (HPQ) reports earnings 8/22/201 after the market close.

Earnings Reports

Earnings reports (Estimates): JCP-JC Penney ($-0.15), HAR-Harman Intl (0.64), HRG-Harbinger Group (na), EEQ-Enbridge Energy (na), RNF-Rentech Nitrogen (0.98).

Financial Calendar

0830 ET Jul import price index expected +0.2% m/m and -2.4% y/y, Jun -2.7% m/m and -2.6% y/y.

1400 ET Jul monthly budget statement expected -$103.0 billion, Jun -$59.741 billion.

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