Dow Market Happenings For Thursday, May 30, 2013

Dow stocks at 52 week highs include Hewlett-Packard (HPQ) and JPMorgan (JPM). There are no Dow stock 52 week lows.

The Market

Wednesday the Dow closed down -106.59 (-0.69%) at 15,302.80.

This morning the Dow was indicated to open up +45 points.

Alcoa (AA) shares are down premarket after Moody’s cut its credit rating to Ba1 from Baa3 which now places the company in junk bond territory.

Japan’s benchmark Nikkei index plunged 5.15%, and is now more than 10% off its peak, putting it into a technical correction. The index had risen by well over 70% in less than a year.

Initial jobless claims showed a slight uptick and came in above expectations. The government’s second estimate of first-quarter gross domestic product came in at 2.4%, below the first estimate of 2.5% released last month.

Initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 354,000. Claims for the prior week were revised to show 4,000 more applications received than previously reported. Economists had expected first-time applications to hold steady at 340,000 last week.

Electric car maker Tesla (TSLA) said it will triple its network of rapid charging stations to allow drivers to travel from Los Angeles to New York by year’s end. CEO Elon Musk also said a mass-market Tesla, priced at about $30,000, is still three to five years away.

Year-to-date the Dow is up +16.78%.

KO, BAC, HD, MCD, HPQ and TRV all have dividends coming up in the next two weeks.

European markets are higher and Asian markets ended down.

The national average price of gasoline is down two-tenths of a cent to $3.619 per gallon.

Earnings Reports

There are no Dow stocks on the horizon set to report earnings.

Other stocks expected to report earnings today include:

Costco (COST) is expected to report third quarter EPS of $1.03 vs. $0.88 a year ago.

Joy Global (JOY) is expected to report second quarter EPS of $1.58 vs. $2.04 a year ago.

Krispy Kreme Doughnuts (KKD) is expected to report first quarter EPS of $0.17 vs. $0.14 a year ago.

Palo Alto Networks (PANW) is expected to report third quarter EPS of $0.05 vs. $0.07 a year ago.

Splunk (SPLK) is expected to report a first quarter loss of $0.06 per share vs. a loss of $0.04 per share a year ago.

Costco (COST).

Financial Calendar

0830 ET Weekly initial unemployment claims expected unchanged at 340,000, previous -23,000 to 340,000. Weekly continuing claims expected +58,000 to 2.970 million, previous 112,000 to 2.912 million.

0830 ET U.S. Q1 GDP expected unrevised at +2.5% (q/q annualized). Q1 personal consumption expected at revised 3.3% vs previous +3.2%. Q1 GDP price index expected unrevised at +1.2%. Q1 core PCE expected unrevised at +1.2% q/q.

1000 ET Apr pending home sales expected +1.5% m/m and +12.8% y/y, Mar +1.5% m/m and +5.8% y/y.

1100 ET EIA Weekly Petroleum Status Report.

1300 ET Treasury auctions $29 billion of 7-year T-notes.

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