Market Happenings For Thursday, June 27, 2013

There are no Dow stocks at 52 week highs. There are no Dow stock 52 week lows.

The Market

Wednesday the Dow closed up +149.83 (+1.02%) at 14,910.14.

This morning the Dow was indicated to open up +85 points.

The Labor Department said Initial claims for unemployment benefits fell 9,000 to 346,000 in the week ended June 22, in-line with estimates.

The Commerce Department. reported Americans’ personal income rose 0.5% in May, while spending increased 0.3%, in-line with estimates.

European markets are mostly higher and Asian markets ended mostly higher.

Japan’s Nikkei had a great day, gaining almost 3%. China stocks were more subdued, with the Hang Seng closing up 0.5% and the Shanghai Composite declining 0.1%. Korea was up +2.97%.

The national average price of gasoline is down 1.3 cents to $3.528 per gallon.

Earnings Reports

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

Earnings reports from Wednesday include:

General Mills (GIS) reported fourth quarter EPS of $0.53, in line with estimates, on revenue of $4.41 billion vs. $4.32 billion expected. The company also raised estimates for the full year 2014 and expects EPS of $2.87 to $2.90 vs. the Wall Street estimate of $2.93.

Monsanto (MON) reported third quarter EPS of $1.66 vs. $1.61 expected on revenue of $4.25 billion vs. $4.42 billion expected.

Bed Bath and Beyond (BBBY) reported first quarter EPS of $0.92 vs. $0.93 expected on revenue of $2.61 billion vs. $2.6 billion expected. The company also sees Q2 EPS between $1.11 and $1.16 vs. the $1.14 estimate.

Progress Software (PRGS) reported second quarter EPS of $0.27 vs. $0.22 expected on revenue of $81.7 million vs. $79.04 million expected.

Other stocks expected to report earnings today include:

Accenture (ACN) is expected to report third quarter EPS of $1.13 vs. $1.03 a year ago on revenue of $7.42 billion vs. $7.15 billion a year ago.

ConAgra Foods (CAG) is expected to report fourth quarter EPS of $0.59 vs. $0.51 a year ago on revenue of $4.61 billion vs. $3.41 billion a year ago.

KB Homes (KBH) is expected to report a second quarter loss of $0.07 per share vs. a loss of $0.31 per share a year ago on revenue of $450.8 million vs. $302.85 million a year ago.

Nike (NKE) is expected to report fourth quarter EPS of $0.75 vs. $0.59 a year ago on revenue of $6.64 billion vs. $6.47 billion a year ago.

Shaw Communications (SJR) is expected to report third quarter EPS of $0.44 vs. $0.53 a year ago on revenue of $1.31 billion vs. $1.28 billion a year ago.

Home Depot Inc. (HD).

Home Depot Inc. (HD) is up +22.34% year-to-date.

Financial Calendar

0830 ET Weekly initial unemployment claims expected -9,000 to 345,000, previous +18,000 to 354,000. Weekly continuing claim expected +2,000 to 2.953 million, previous -40,000 to 2.951 million.

0830 ET May personal spending expected +0.3%, Apr -0.2%. May personal income expected +0.2%, Apr unch. May PCE deflator expected +0.1% m/m and +1.1% y/y, Apr -0.3% m/m and +0.7% y/y. May core PCE deflator expected +0.1% m/m and +1.1% y/y, Apr unch m/m and +1.1% y/y.

0830 ET USDA weekly Export Sales.

1000 ET New York Fed President William Dudley speaks to reporters on employment conditions for recent college graduates as well as the state of the regional and national economies.

1000 ET May pending home sales expected +1.0% m/m and +8.3% y/y, Apr +0.3% m/m and +13.9% y/y.

1030 ET Fed Governor Jerome Powell speaks at the Bipartisan 3olicy Center on the benefits and costs of the Feds current monetary policy, as well as the path forward to a stronger U.S. economy.

1230 ET Atlanta Fed President Dennis Lockhart speaks on the economic outlook to the Kiwanis Club of Marietta, GA.

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

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