Chevron Reports Earnings: Market Happenings For Friday, April 26, 2013

Dow stocks at 52 week highs were AXP, MSFT and VZ. There are no Dow stock 52 week lows.

The Market

Thursday the Dow closed up +24.50 (+0.17%) at 14,700.80.

This morning the Dow was indicated to open down -43 points.

The GDP grew at an annual pace of 2.5% in the first quarter, short of the 2.8% economists were predicting and up from a very low 0.4% in the fourth quarter of 2012.

Pfizer (PFE) fell in after-hours trading after the European Medicines Agency’s Committee for Medicinal Products adopted a negative opinion for Xeljanz for the treatment of adult patients with moderate-to-severe active rheumatoid arthritis.

Chevron (CVX) reported better-than-expected earnings, but revenue fell short of forecasts.

European markets are lower and Asian markets ended mostly lower.

The national average price of gasoline is down seven-tenths of a cent to $3.505 per gallon. I paid $3.409 last night at Costco in Gig Harbor, WA.

Earnings Reports

Chevron Corp. reported net income fell to $6.2 billion, or $3.18 per share, on revenue of $56.8 billion. Last year the company earned $6.5 billion, or $3.27 per share, on revenue of $60.7 billion. Analysts expected Chevron to earn $3.09 cents a share on sales of $56.46 billion.

DIS reports earnings on 5/7/13 after the close.

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

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

Pfizer (PFE).

Financial Calendar

0830 ET U.S. Q1 GDP expected +3.0% annualized, Q4 +0.4% annualized. Q1 personal consumption expected +2.8%, Q4 +1.8%. Q1 GDP price index expected +1.4%, Q4 +1.0%. Q1 core PCE expected +1.1%, Q4 +1.0%.

0955 ET Final-Apr U.S. consumer confidence (University of Michigan) expected +1.2 to 73.5, early-Apr -6.3 to 72.3.

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