Market Happenings For Wednesday, March 27, 2013

Dow stocks at 52 week highs include AXP, BA, KO, JNJ, PFE and VZ. There are no Dow stock 52 week lows.

The Market

The Dow is indicated to open down -62 points.

The Dow closed Tuesday up +111.90 (+0.77%) at 14,559.65.

Cyprus’ banks will remain shut until Thursday to give regulators time to guard against a run on deposits. Some form of capital controls will be applied when the banks eventually reopen. Details will be published later Wednesday.

Cyprus agreed early Monday to raise billions of euros from big depositors at the Bank of Cyprus and Popular Bank of Cyprus, and to shrink its banking sector in return for a €10 billion European Union bailout.

European markets are lowerr and Asian markets ended mostly higher.

The national average price of gasoline is down eight-tenths of a cent to $3.650 per gallon.

Earnings Reports

The next Dow stock to report earnings will be Alcoa (AA), which will report 4/8/13 after the market close.

Paychex (PAYX) is expected to report third quarter EPS of $0.39 vs. $0.37 a year ago.

Progress Software (PRGS) is expected to report first quarter EPS of $0.24 vs. $0.28 a year ago.

PVH Corp. (PVH) is expected to report fourth quarter EPS of $1.50 vs. $1.18 a year ago.

Red Hat (RHT) is expected to report fourth quarter EPS of $0.30 vs. $0.29 a year ago.

Texas Industries (TXI) is expected to report a third quarter loss of $0.41 per share vs. a loss of $0.87 per share a year ago.

Verint Systems (VRNT) is expected to report fourth quarter EPS of $0.75 vs. $0.75 a year ago.

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous -7.1% with purchase sub-index -3.9% and refi sub-index -8.0%.

1000 ET Feb pending homes sales expected -0.4% m/m and +8.7% y/y, Jan +4.5% m/m and +10.4% y/y.

1030 ET DOE Weekly Petroleum Status Report.

1130 ET Boston Fed President Eric Rosengren speaks on the economic outlook at the New Hampshire Institute of Politics and Political Library at Saint Anselm’s College.

1215 ET Cleveland Fed President Sandra Pianalto speaks on “Managing Information, Uncertainty and Risks in Monetary Policy” to CFA Society Cleveland luncheon.

1300 ET Treasury sells $35 billion in 5-year T-notes.

1300 ET Minneapolis Fed President Narayana Kocherlakota speaks on “Improving the Outlook with Better Monetary Policy” in Edina, Minnesota, at Bloomington, Edina, and Richmond Chambers of Commerce.

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