Schacknow - Today's Brief, December 6, 2012

TODAYS PRIMER                             
Peter Schacknow, Senior Producer, CNBC Breaking News Desk

U.S. stocks come off a day of what some are calling “Dow-vergence”, with the Dow up triple digits for most of the day while the Nasdaq was lower for the entire session.  Had the Dow been able to finish 100 or more points higher, it would have been the first time those two events coincided since May 2002.


Investors are still focused on the ongoing fiscal cliff negotiations, but they also have the November employment report in their sights.  Ahead of tomorrow morning’s release, we’ll get fresh jobs data today via the Labor Department’s weekly report on initial jobless claims at 8:30am ET.  Economists are expecting first-time claims of 375,000 for the week ending December 1, down from the prior week’s 393,000.


We’ll also get fresh interest rate decisions this morning from the Bank of England (7am ET) and the European Central Bank (7:45am ET), followed by ECB President Mario Draghi’s usual post-meeting news conference at 8:30am ET.


Also out today: the monthly Challenger report on planned layoffs (7:30am ET) and the Energy Department’s weekly assessment of natural gas inventories (10:30am ET0.


H&R Block (HRB) and Smithfield Foods (SFD) are among the handful of companies planning morning earnings releases, while Smith & Wesson (SWHC) is on the short list of after-the-bell reports.


Medical products maker Stryker (SYK) is on our list of stocks to watch, as it raises its quarterly dividend by 25% to 26-1/2 cents per share.  It’s also boosted its stock buyback authorization by $405 million to a total of $1 billion.


Broadcom (BRCM) has boosted the lower end of its current quarter revenue guidance, and the chipmaker also says its profit margins will be better than previously expected.  Broadcom says sales have been better than forecast, and it has spent less than expected on areas like research and development, selling, and overhead.
Dick’s Sporting Goods (DKS) has declared a special dividend of $2.00 per share, which will be funded from the sporting goods retailer’s excess cash on hand. 


General Dynamics (GD) is accelerating its quarterly dividend payment, becoming yet another company to move a scheduled 2013 payment into 2012 in anticipation of higher tax rates next year.


Garmin (GRMN) will be joining the S&P 500 following the December 11close, with the GPS products maker replacing R.R. Donnelley (RRD).  Donnelley is moving to the S&P MidCap 400, replacing Medicis Pharmaceutical (MRX), which is being acquired by Valeant Pharmaceuticals (VRX).


Men’s Wearhouse (MW) earned $0.95 per share for the third quarter, two cents below estimates, with revenues falling short of estimates as well.  The clothing retailer also says its fourth quarter results will range from a loss of $0.05 per share to a profit of $0.01, versus estimates of a $0.14 per share profit.  The company says the northeast storms, the presidential election, the “fiscal cliff”, and other economic concerns have all been contributing to reduced traffic levels.


CME Group (CME) is accelerating its annual dividend payment of $1.30 per share into 2012, in anticipation of higher tax rates.


Hillenbrand Industries (HI) has increased its quarterly dividend by $0.01 per share to $0.195 per share.
Apple (APPL) and Samsung return to court today, with Samsung trying to overturn an August court decision that found it guilty of patent infringement and ordered Samsung to pay Apple $1 billion.


HSBC (HBC) may reportedly be subject to a $1.8 billion U.S. fine over lapses in money laundering enforcement.  Reuters reports the settlement could be announced as soon as next week.


Zynga (ZNGA) has filed for a Nevada gaming license, its first step towards eventually offering online gambling games in the U.S.