Bank of America Reports Earnings: Market Happenings For Wednesday, July 17, 2013

Dow stocks at 52 week highs include Bank of America (BAC), Cisco (CSCO), Johnson & Johnson (JNJ) and Microsoft (MSFT). There are no Dow stock 52 week lows.

The Market

Tuesday the Dow closed down -32.41 (-0.21%) at 15,451.85.

This morning the Dow was indicated to open up +16 points.

Year-to-date the Dow is up +17.92%.

Bank of America (BAC) this morning reported Q2 EPS of 32 cents, better than the market expectations of 25 cents.

Today, Federal Reserve Chairman Ben Bernanke said the U.S. central bank still expects to start scaling back its massive asset purchase program later this year, but left open the option of changing that plan in either direction if the economic outlook shifted. While sticking closely to a time line he first outlined last month that the Fed would halt bond buying by mid-2014, when unemployment was projected to be around 7 percent, Bernanke stressed that nothing was set in stone.

Results are due Wednesday after the close from Dow compnents IBM (IBM), Intel (INTC) and American Express (AXP).

European markets are higher and Asian markets ended mostly higher.

The national average price of gasoline is up 2.2 cents to $3.657 per gallon.

Earnings Reports

So far this quarter we’ve had earnings from Alcoa (AA), JPMorgan (JPM) Coca Cola (KO), Johnson & Johnson (JNJ) and now Bank of America (BAC).

This week we’ll be treated to earnings reports from AXP (Wed), BAC (Wed), IBM (Wed), INTC (Wed), MSFT (Thur), UNH (Thur), VZ (Thur) and GE (Fri). See timing below.

American Express (AXP) reports earnings on 7/17/2013 after the market close.

Bank of America (BAC) reports earnings on 7/17/2013 before the market open.

International Business Machines (IBM) reports earnings on 7/17/2013 after the market close.

Intel Corp. (INTC) reports earnings on 7/17/2013 after the market close.

Microsoft (MSFT) reports earnings on 7/18/2013 after the market close.

UnitedHealth (UNH) will report earnings on 7/18/2013 before the market open.

Verizon (VZ) reports earnings on 7/18/2013 before the market open

General Electric (GE) reports earnings on 7/19/2013 before the market open.

McDonald’s (MCD) reports earnings on 7/22/2013 before the market open.

Dupont (DD) reports earnings on 7/23/2013 before the market open.

AT&T (T) reports earnings on 7/23/2013 after the market close.

The Travelers Company (TRV) reports earnings on 7/23/2013 before the market open.

United Technologies (UTX) reports earnings on 7/23/2013 before the market open.

Boeing (BA) reports earnings on 7/24/2013 before the market open.

Caterpillar (CAT) reports earnings on 7/24/2013 before the market open.

3M (MMM) reports earnings on 7/25/2013 before the market open.

Earnings reports from Tuesday include:

Johnson and Johnson (JNJ) reported second quarter EPS of $1.48 vs. $1.39 expected on revenue of $17.9 billion vs. $17.71 billion a year ago.

Coca-Cola (KO) reported second quarter EPS of $0.63, in line, on revenue of $12.75 billion vs. $12.97 billion expected.

Goldman Sachs (GS) reported second quarter EPS of $3.70 vs. $2.82 expected on revenue of $8.61 billion vs. $7.98 billion expected.

CSX Corp. (CSX) reported second quarter EPS of $0.52 vs. $0.47 expected on revenue of $3.01 billion vs. $3.02 billion expected.

Mosaic (MOS) reported fourth quarter EPS of $1.14 vs. $1.15 expected on revenue of $2.69 billion vs. $2.67 billion expected.

Yahoo! (YHOO) reported second quarter EPS of $0.35 vs. $0.30 a year ago on revenue of $1.14 billion vs. $1.08 billion expected.

Other stocks expected to report earnings today include:

IBM (IBM) is expected to report second quarter EPS of $3.77 vs. $3.51 a year ago on revenue of $25.36 billion vs. $25.78 billion a year ago.

Bank of America (BAC) is expected to report second quarter EPS of $0.25 vs. $0.19 a year ago on revenue of $22.79 billion vs. $21.97 billion a year ago.

Intel (INTC) is expected to report second quarter EPS of $0.39 vs. $0.54 a year ago on revenue of $12.89 billion vs. $13.5 billion a year ago.

American Express (AXP) is expected to report second quarter EPS of $1.22 vs. $1.15 a year ago on revenue of $8.3 billion vs. $7.96 billion a year ago.

Abbott Labs (ABT) is expected to report second quarter EPS of $0.44 vs. $0.43 a year ago on revenue of $5.52 billion vs. $9.81 billion a year ago.

eBay (EBAY) is expected to report second quarter EPS of $0.64 vs. $0.56 a year ago on revenue of $3.89 billion vs. $3.4 billion a year ago.

Wal-Mart Stores Inc. (WMT).

Wal-Mart Stores Inc. (WMT) is up +13.40% year-to-date.

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous -4.0% with purchase sub-index -3.1% and refi sub-index -4.4%.

0830 ET Jun housing starts expected +4.9% to 959,000, May +6.8% to 914,000. Jun building permits expected +1.5% to 1.00 million, May -2.0% to 985,000.

0830 ET Fed Chairman Ben Bernanke delivers his semi-annual monetary policy report to the House Financial Services Committee.

1030 ET EIA Weekly Petroleum Status Report.

1230 ET Fed Governor Sarah Raskin speaks to the Exchequer Club in Washington D.C.

1400 ET Fed Beige Book.

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