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Friday, January 6, 2012
CNBC.com - TODAY'S PRIMER, January 6, 2012
CNBC.com - January 6, 2012
Despite little movement over the past two sessions, Wall Street’s major averages are poised to end the first week of 2012 with gains – depending largely, of course, on how the government’s December employment report comes in.
With Thursday’s gains, the S&P 500 finished at its highest since October 28, with the Nasdaq posting a nearly two-month closing high.
The jobs report is due at 8:30am ET, with economists looking for non-farm payroll growth of 155,000 jobs compared to November’s 120,000.
The unemployment rate is expected to rise to 8.7 percent from November’s 8.6 percent.
Wall Street will no doubt be focused on these numbers, though they will have speeches from Fed officials to consider as well.
New York Fed President William Dudley, Boston Fed President Eric Rosengren, and Fed Governors Elizabeth Duke and Sarah Bloom Raskin all have speeches scheduled for today.
The earnings calendar is virtually blank this morning ahead of fourth quarter earnings season, which kicks off Monday afternoon with the release of quarterly numbers from Dow component Alcoa (AA).
Though its numbers aren’t out until next week, Alcoa is a stock to watch today, falling after-hours after announcing it would cut smelting capacity by 12 percent because of slowing demand and falling prices. It will take a charge of 15 to 16 cents per share for its fourth quarter as a result.
Restaurant operator Ruby Tuesday (RT) saw a 3 percent after-hours drop, as it swung to a fiscal second quarter loss and also lowered its profit outlook for the full year.
Family Dollar (FDO) may be under pressure today, though its fiscal first quarter earnings did match Wall Street estimates.
The shares were down about 3.3 percent after-hours as revenue missed analyst expectations.
RF Micro (RFMD) was a big loser in the after-hours session, falling 13 percent after poor demand led to a gloomy fiscal third quarter outlook.
We’ll watch the already beaten down shares of Eastman Kodak (EK) today, as S&P follows Moody’s in lowering its debt ratings for the former blue chip.
Transocean (RIG) also makes this morning’s watch list, as chief financial officer Ricardo Rosa steps down after just two years, with the company not explaining why Rosa left
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