Peter Schacknow, Senior Producer, CNBC Breaking News Desk
U.S. stocks appear set to extend Tuesday’s rally, which saw the biggest one-day gains for the major averages since November 30.
Helping sentiment both here and abroad: extremely strong demand in the European Central Bank’s first-ever three year loan operation. 523 banks borrowed 489.2 billion euros, well above estimates.
We’ll get several key data points for the U.S. housing market following yesterday’s much stronger than expected November housing starts.
The Mortgage Bankers Association will issue its weekly report on mortgage applications at 7am ET, and the National Association of Realtors is out with November existing home sales at 10am ET. Economists are expecting the sales pace to rise to an annual rate of 5.08 million from October’s 4.97 million, but the group will also be issuing about three years worth of revised data which will cut those numbers down.
The revision comes after it was discovered that some home sales over that period had been double counted.
We’ll also get the weekly reading on oil and gasoline inventories from the Energy Department at 10:30am ET, and the Treasury will sell $29 billion in 10-year notes with the results of that auction available shortly after 1pm ET.
Oracle (ORCL) leads our list of stocks to watch, after its earnings results missed forecasts for the first time in a decade.
Nike (NKE) shares rose after hours following its quarterly earnings report, though investors did express concerns about shrinking profit margins.
Jabil Circuit (JBL) is under pressure after its revenue growth came in at the low end of the company’s forecast range.
Papa John’s (PZZA) fell after-hours as its 2012 earnings estimates fall below consensus.
Research In Motion (RIMM) shares will continue to be in the spotlight, as reports surface of various companies either being interested in buying the beleaguered BlackBerry maker, or having been interested and then backing down.
We’ll also watch shares of Baidu (BIDU) today, as China’s largest search engine is removed by the U.S. from its list of “notorious markets” for piracy.
And Delphi Financial (DFG) also makes the watch list on news the insurer will be bought by Japan’s Tokio Marine for $2.7 billion. That comes to About $43.88 per share, compared with yesterday’s closing price of $25.43.
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