It’s Election Day!: Market Happenings For November 06, 2012

Premarket, futures are up. Gainers this morning include CSC (+5.21%), EOG, EMR, CMG and CVS while losers include WYNN (-5.74%), AFL, NFLX, AMAT and CERN.

The Market

Hopefully tomorrow we will have a clear presidential winner and we can move on to bigger things. You know like the fiscal cliff, Europe, Greece, Turkey Rally and Christmas.

However, today we’re stuck with the presidential election.

Yesterday, the Group of 20 finance chiefs meeting in Mexico City said that the U.S. pledged to avoid a “sharp fiscal contraction” in 2013. That’s when $607 billion of automatic tax increases and spending cuts are set to take effect unless lawmakers act.

The national average price of gasoline is down seven-tenths of a cent to $3.463 per gallon, Yesterday, here in the pacific northwest, I bought gasoline at Costco for $3.30 per gallon. Amazing!

Earnings Reports

Earnings reports (estimates): CVS-CVS Caremark ($0.84), NWSA-News Corp (0.37), EMR-Emerson (1.05), DTV-DirectTV (0.92), DISCA-Discovery Communications (0.63), MRO-Marathon Oil (0.65), MMC-Marsh & McLennan (0.38), SRE-Sempra Energy (1.00), DISH-Dish Network (0.56), HCN-Health Care REIT (0.26), LMCA-Liberty Media (0.94), RAX-Rackspace Hosting (0.19), CPN-Calpine (0.41), EXPD-Expeditors (0.43), CHTR-Charter Communications (-0.33), OAK-Oaktree Capital (0.74), NYX-NYSE Euronext (0.41), SCG-Scana (0.89), DNR-Denbury Resource (0.33), DOX-Amdocs (0.70), FOSL-Fossil (1.16).

Financial Calendar

n/a U.S. Election Day.

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

0855 ET Redbook weekly retailer sales.

1130 ET Weekly 4-week T-bill auction.

1300 ET Treasury auctions $32 billion in 3-year T-notes.

1630 ET API weekly U.S. oil statistics.

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