Travelers And Verizon Report: Market Happenings For Thursday, October 18, 2012

Premarket futures are down. Gainers this morning include JNPR (+3.99%), KEY, TRV, MS and USB while losers include IRM (-10.43%), DHR, BSX, STJ and PM.

The Market

The Chinese government reported growth slowed last quarter to its lowest level since early 2009. China’s economy rose at a 7.4% rate in the third quarter compared to the previous year, according to the National Bureau of Statistics. China’s economy was growing at a 7.6% rate in the prior quarter.

European stocks were mixed in morning trade and Asian markets closed higher.

Verizon (VZ) reported earnings of $1.59 billion, or 56 cents per share, up from $1.38 billion, or 49 cents per share, a year ago. Removing 8 cents per share in charges related to patent lawsuit settlements, earnings were 64 cents per share. Analysts’ expectations were for $0.64 per share. Revenue increased 4 percent to $29.01 billion from $27.91 billion, which also matched analysts’ expectations.

Travelers Cos (TRV) reported net income advanced to $864 million, or $2.21 per share, from $333 million, or 79 cents, a year earlier. Operating profit, which excludes some investment results, was $2.22 a share, beating the $1.60 average estimate.

The national average price of gasoline is down 1.9 cents to $3.737 per gallon.

Earnings Reports

Earnings reports (estimates): MSFT-Microsoft ($0.57), GOOG-Google (10.65), PM-Philip Morris (1.39), VZ-Verizon (0.64), UNP-Union Pacific (2.18), DHR-Danaher (0.79), MS-Morgan Stanley (0.25), COF-Capital One (1.69), BAX-Baxter (1.14), TRV-Travelers (1.60), BBT-BB&T (0.72), PPG-PPG Industries (2.20), BX-Blackstone ((0.42), FITB-Fifth Third BanC (0.39), NUE-Nucor (0.41), SNDK-Sandisk (0.34), DO-Diamond Offshore (1.02), GPC-Genuine Parts (1.12), CMG-Chipotle (2.29), LH-Laboratory CP (1.74), BSX-Boston Scientific (0.11), KEY-Keycorp (0.21), ADS-Alliance Data (2.23), LUV-Southwest Air (0.12), HBAN-Huntington Banc (0.17), PII-Polaris (1.20), HUB-Hubbell (1.44).

Financial Calendar

0830 ET Weekly initial unemployment claims expected +26,000 to 365,000, previous -30,000 to 339,000. Weekly continuing claims expected +2,000 to 3.275 mln, previous -15,000 to 3.273 mln.

0830 ET USDA weekly Net Export Sales.

1000 ET Oct Philadelphia Fed index expected +2.9 to +1.0, Sep +5.2 to -1.9.

1000 ET Sep leading indicators expected +0.2% m/m, Aug -0.1% m/m.

1100 ET Treasury announces 2, 5 and 7-year T-note auctions for next week.

1300 ET Treasury auctions $7 billion in 30-year TIPS.

1630 ET Weekly money supply report and Fed balance sheet.

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