Market Happenings For Wednesday, June 26, 2013

There are no Dow stocks at 52 week highs. There are no Dow stock 52 week lows (Alcoa bounced yesterday).

The Market

Tuesday the Dow closed up 100.75 (+0.69%) at 14,760.31.

This morning the Dow was indicated to open up +61 points.

Alcoa (AA) will report earnings next for Dow stocks.

The next jobs data (June) will come on Friday, July 5, right in the middle of what will be a four-day holiday weekend for most people.

Personally I was thinking this market won’t really get going again until after the July 4th holiday.

The Commerce Department reported U.S. economic growth was less than previously estimated in the first quarter, held back by a moderate pace of consumer spending. Gross domestic product expanded at a 1.8 percent annual rate. Output was previously reported to have risen at a 2.4 percent pace after a 0.4 percent stall speed in the fourth quarter. Expectations were that first-quarter GDP growth would be left unrevised at 2.4 percent. When measured from the income side, the economy grew at a 2.5 percent rate, slower than the fourth-quarter’s brisk 5.5 percent pace.

Gold is down again today and has lost -10% this month.

European markets are higher and Asian markets ended mixed.

The Shanghai Composite index dipped by 0.4%. Hong Kong’s Hang Seng rebounded throughout the day, closing with a nearly 2.5% gain. The Nikkei in Japan ended with a 1% loss. Korea was up +0.16%.

The national average price of gasoline is down 1.3 cents to $3.541 per gallon.

Earnings Reports

First Dow stock to report earnings next quarter of course is Alcoa (AA) which will report 7/8/2013 after the market close.

Earnings reports from Tuesday include:

Apollo Group (APOL) reported third quarter EPS of $1.05 vs. $0.85 expected on revenue of $946.8 million vs. $965.07 million previous.

Barnes and Noble (BKS) reported a fourth quarter loss of $2.11 per share vs. the expected loss of $0.99 per share on revenue of $1.28 billion vs. $1.33 billion expected.

Carnival Corp. (CCL) reported second quarter EPS of $0.09 vs. $0.06 expected on revenue of $3.5 billion vs. $3.56 billion expected.

Lennar (LEN) reported second quarter EPS of $0.43 vs. $0.33 expected on revenue of $1.43 billion vs. $1.33 billion.

Walgreen’s (WAG) reported third quarter EPS of $0.85 vs. $0.91 a year ago on revenue of $18.31 billion vs. $18.45 billion a year ago.

Other stocks expected to report earnings today include:

Bed Bath and Beyond (BBBY) is expected to report is expected to report first quarter EPS of $0.93 vs. $0.89 a year ago.

General Mills (GIS) is expected to report fourth quarter EPS of $0.53 vs. $0.60 a year ago.

Monsanto (MON) is expected to report third quarter EPS of $1.61 vs. $1.63 a year ago.

Progress Software (PRGS) is expected to report EPS of $0.22 vs. $0.21 a year ago.

United Technologies Corp (UTX).

United Technologies Corp (UTX) is up +11.91% year-to-date.

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous -3.3% with purchase sub-index -3.0% and refi sub-index -3.4%.

0830 ET Q1 GDP expected unrevised at +2.4% (q/q annualized), Q1 personal consumption expected unrevised at +3.4%. Q1 GDP price index expected unrevised at +1.1%. Q1 core PCE expected unrevised at +1.3% q/q.

1030 ET EIA Weekly Petroleum Status Report.

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

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