Market Happenings For Monday, July 01, 2013

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

The Market

Friday the Dow closed down -114.89 (-0.76%) at 14,909.60.

This morning the Dow was indicated to open up +82 points.

Welcome to the second half of 2013.

So far in 2013, gains have largely been fueled by the Federal Reserve’s bond-buying stimulus program, which helped take major indexes to a series of record highs before pulling back on uncertainty over when the central bank will end the policy.

Last week DJIA was up +0.7%, Nasdaq +1.4%, S&P 500 +0.9% and Russell 2000 +1.4%.

Year-to-date DJIA is up +13.8%, Nasdaq +12.7%, S&P 500 +12.6% and Russell 2000 +15.1%.

We have the July 4th holiday this Thursday and the Jobs Report on Friday.

Hewlett-Packard (HPQ) shares are up premarket on a positive recommendation from Barron’s on the stock.

European markets are higher and Asian markets ended mostly higher.

The national average price of gasoline over the weekend is down 2.7 cents to $3.487 per gallon.

Earnings Reports

Alcoa (AA) will report earnings on 7/8/2013 after the market close.

UnitedHealth (UNH) will report earnings on 7/11/2013 before the market open (unconfirmed).

Earnings reports from Friday include:

AZZ Inc. (AZZ) reported first quarter EPS of $0.57 vs. 0.63 expected on revenue of $183.2 million vs. $197.08 million expected.

Blackberry (BBRY) reported a first quarter loss of $0.13 vs. EPS of $0.08 expected on revenue of $3.07 billion vs. $3.37 billion expected. Also, gross margins fell a full six percentage points and smartphone shipments below expectations while cash flow from operations rose and so did the total cash position.

Emmis Communication (EMMS) reported first quarter EPS of $0.08 on revenue of $50.6 million.

The Finish Line (FINL) reported first quarter EPS of $0.20 vs. $0.16 expected on revenue of $351.1 million vs. $344.22 million

Other stocks expected to report earnings today include:

MSC Industrial (MSM) is expected to report third quarter EPS of $0.98 vs. $1.10 a year ago on revenue of $637.07 million vs. $611.97 million a year ago.

Shulman A Inc. (SHLM) is expected to report third quarter EPS of $0.65 vs. $0.69 a year ago on revenue of $576.1 million vs. $569.11 million a year ago.

3M (MMM).

3M (MMM) is up +17.77% year-to-date.

Financial Calendar

1000 ET May construction spending expected +0.6%, Apr +0.4% m/m.

1000 ET Jun ISM manufacturing index expected +1.5 to 50.5, May -1.7 to 49.0. Jun ISM prices paid expected +1.0 to 50.5, May -0.5 to 49.5.

1100 ET USDA weekly grain export inspections.

1600 ET USDA Crop Progress.

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