Market Happenings For Monday, December 10, 2012

Premarket, futures are mixed. Gainers this morning include IR (+2.79%), NFLX, NDAQ, MCD and ANF while losers include BFB (-5.21%), FTR, BBY, X and AMD.

The Market

Tis the season to be jolly, and there is not much news except for the fiscal cliff.

McDonald’s (MCD) had golden, November same-store sales and owes it to the Cheddar, Bacon, Onion sandwich. Cramer says they should put Lipitor right into the cheese. Same-store sales rose +2.4% in November, led by sales growth in the United States.

Over the weekend, Italian Prime Minister Mario Monti unexpectedly announced plans to step down after parliament passes a national budget later this month.

European stocks are mixed and Asian markets closed mixed.

The Fed’s Federal Open Market Committee meets on Tuesday and Wednesday and could move the markets. The central bank will have to decide the fate of one of its stimulus programs, Operation Twist, which is set to end this month. Economists are expecting that the Fed will convert its program from swapping short-term bonds from long-term bonds into an outright bond purchase program.

The national average price of gasoline is down seven-tenths of a cent to $3.340 per gallon. Here in the Pacific Northwest, I last paid $3.299 a gallon at our local Gig Harbor Costco.

Earnings Reports

Earnings reports (estimates): JWA-John Wiley & Sons ($0.82), GEF-Greif (0.55), CASY-Casey’s General (0.85), FGP-FerrellGas (-0.23), ABM-ABM Industries (0.40).

Financial Calendar

1100 ET USDA weekly grain export inspections.

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