Market Happenings For Monday, June 17, 2013

Dow stocks at 52 week highs include just Boeing (BA) and 3M (MMM). There are no Dow stock 52 week lows.

The Market

Friday the Dow closed down -105.90 (-0.70%) at 15,070.18.

Last week DJIA was down -1.2%, Nasdaq -1.3%, S&P 500 -1.0% and Russell 2000 -0.6%,

Year-to-date DJIA is up +15.0%, Nasdaq +13.4%, S&P 500 +14.1% and Russell 2000 +15.5%.

This morning the Dow was indicated to open down -8 points but almost immediately was up 112 points. We are currently up +160 points.

Looks like investors are looking forward to this week’s Fed policy meeting and Bernanke’s accompanying news conference Wednesday. The Fed will also update its economic projections for 2013 to 2015.

The New York Fed’s survey of manufacturers came in stronger than expected. The general business conditions index rose to 7.8 in June, up sharply from -1.4 the previous month. A reading above zero indicates expansion in the manufacturing sector.

The Spanish government blocked AT&T’s (T) bid for Telefonica (TEF), Europe’s most indebted telecommunications company, citing its strategic position to the Spanish economy.

Bloomberg reported that Boeing (BA) is expected to announce a new order of ten (10) 787 Dreamliners from General Electric’s (GE) aircraft leasing unit.

Boeing (BA) and Qatar Airways have announced an agreement worth up to $2.8 billion for nine 777-300ERs.

The WSJ reported that Merck (MRK) is planning to cut jobs and strip a level of senior management from its R&D unit.

European markets are higher and Asian markets ended mixed.

The national average price of gasoline is down 1.4 cents over the weekend to $3.611 per gallon.

Earnings Reports

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

Earnings reports from Friday include:

American Semiconductor (AMSC) reported a fourth quarter loss of $0.21 per share, in line, on revenues of $20.4 million vs. $18.8 million expected. However, first quarter guidance was well below expectations.

Smithfield Foods (SFD) reported fourth quarter EPS of $0.21 vs. $0.43 on revenue of $3.22 billion vs. $3.27 billion expected.

Other stocks expected to report earnings today include:

China Sunergy (CSUN) is expected to report a first quarter loss of $1.01 per share vs. a loss of $0.71 per share a year ago.

IHS Inc. (IHS) is expected to report second quarter EPS of $1.03 vs. $0.97 a year ago.

Korn/Ferry International (KFY) is expected to report fourth quarter EPS of $0.31 vs. $0.28 a year ago.

Boeing (BA).

Financial Calendar

0830 ET Jun Empire manufacturing index expected unchanged at -1.43, May -4.48 to -1.43.

1000 ET Jun NAHB housing market index expected +1 to 45, May +3 to 44.

1100 ET USDA weekly grain export inspections.

1600 ET USDA Crop Progress.

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