It’s Rip City: Market Happenings For Monday, November 19, 2012

Premarket, futures are ripping higher! Gainers this morning include BBY (+4.36%), TSN, CLF, DF and PHM while losers include FTR (-2..9%), DELL, WIN, NE and FLR.

The Market

This morning, investors must believe that fiscal cliff negotiations in Washington are progressing as futures are up.

Trading might be choppy in this shortened holiday week. Markets will be closed Thursday for Thanksgiving and have a shortened day Friday.

European stocks were higher in midday trading and Asian markets ended higher.

Still no Dow stock 52 week highs but INTC, HPQ, MCD and DD are at 52 week lows.

Tomorrow Hewlett-Packard (HPQ) reports earnings before the open.

The national average price of gasoline is down two-tenths of a cent to $3.416 per gallon.

New Low of the Day – McDonald’s (MCD).

UPDATE: Intel (INTC) shares are currently halted on news that it’s CEO will retire in May.

Earnings Reports

Earnings reports (estimates): Lowe’s ($0.35), Agilent (0.80), NUAN-Nuance Communications (0.48), Tyson Foods (0.44), URBN-Urban Outfitters (0.41).

Financial Calendar

1000 ET Nov NAHB housing market index expected unch at 41, Oct +1 to 41.

1000 ET Oct existing home sales expected unch at 4.75 mln, Sep -1.7% to 4.75 mln units.

1100 ET USDA weekly grain export inspections.

1130 ET Weekly 3-mo and 6-mo T-bill auctions.

1600 ET USDA Crop Progress.

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