T, BA and PG Report Earnings: Market Happenings For Wednesday, April 24, 2013

Dow stocks at 52 week highs were DIS, HD, JNJ, KO, MRK, PFE, PG, T, TRV and VZ. There are no Dow stock 52 week lows. That said, AT&T looks to open down about -4%.

The Market

Tuesday the Dow closed up +152.29 (+1.05%) at 14,719.46.

This morning the Dow was indicated to open up +12 points.

AT&T (T) reported quarterly earnings in line with expectations but sales that came up short.

Boeing (BA) reported a 20% surge in year-over-year net income, despite a drop in revenue from its grounded Dreamliners.

Procter & Gamble (PG) reported better-than-expected earnings and revenue but lowered its guidance for the current quarter.

European markets are higher and Asian markets ended higher.

The national average price of gasoline is up one-tenth of a cent to $3.516 per gallon.

Earnings Reports

AT&T (T) reported first quarter earnings rose to $3.7 billion, or 67 cents per share, from $3.58 billion, or 60 cents per share, in the year-ago quarter. Revenue fell to $31.36 billion from $31.82 billion in the year-ago quarter. Expectations were for $0.64 EPS on revenue of $31.74 billion.

Boeing Co. reported earnings increased 41.8% to $1.73 in the quarter versus EPS of $1.22 in the year-earlier quarter. Revenue decreased 2.53% to $18.89 billion from the year-earlier quarter. Expectations were for earnings of $1.48 on revenue of $18.84 billion.

Procter & Gamble Co. reported earnings increased 5.32% to $0.99 in the quarter versus EPS of $0.94 in the year-earlier quarter. Revenue was up 2% to $20.6 billion from the year-earlier quarter. Expectations were for earnings of $0.96 on revenue of $20.74 billion.

CVX reports earnings on 4/26/13 before the market open.

MMM reports earnings on 4/25/13 before the market open.

MRK will report earnings on 5/1/13 before the market open.

PFE will report earnings on 4/30/13 before the market open.

XOM reports earnings 4/25/13 before the market open.

3M (MMM).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous +4.8% with purchase sub-index +3.9% and refi sub-index +5.2%.

0830 ET March durable goods orders expected -3.0% m/m, Feb +5.6% m/m. March durable goods orders ex-transportation expected +0.5% m/m, Feb -0.7% m/m. March non-defense capital goods orders ex-transportation expected +0.3% m/m, Feb -3.2% m/m.

1030 ET EIA Weekly Petroleum Status Report.

1300 ET Treasury auction of $35 billion of 5-year T-notes.

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