The Dow Market Happenings For Wednesday, August 21, 2013

There are no Dow stocks at 52 week highs. For Dow stock 52 week lows we have International Business Machines (IBM).

The Market

Tuesday the Dow closed down -7.74 (-0.05%) at 15,002.99.

Year-to-date DJIA is up +14.49%.

This morning the Dow was indicated to open down -29 points.

Proctor & Gamble (PG) is up in premarket trade as the company lobbied in Brussels to ease limits on the company’s teeth whitening products sold in the EU.

Hewlett-Packard Co (HPQ) is down in premarket trade, which some worry could be the end of an impressive rebound. Earnings per share are expected to be 86 cents, down from $1 a year ago, with revenue falling 8 percent to $27.3 billion. HP reports after the close today.

Johnson & Johnson (JNJ) is reportedly in talks to pay up to $3 billion to settle 11,500 lawsuits related to its recalled ASR hip implant. The implants were recalled in 2010 after over 12 percent of them failed within five years.

The Fed minutes are due today at 1400 ET.

European markets are lower and Asian markets ended mixed.

The national average price of gasoline is down four-tenths of a cent to $3.533 per gallon.

Earnings Reports

Hewlett-Packard reports earnings on 8/21/2013 after the market close.

Earnings reports from Tuesday include:

Home Depot, Inc. (HD) reported second quarter EPS of $1.24, beating last year’s EPS of $1.01. The company’s revenue came in ahead of expectations at $22.52 billion.

Analog Devices, Inc (ADI) reported third quarter revenue of $674.00 million with EPS of $0.57 vs. last year’s EPS of $0.56 on $683.03 million worth of revenue.

Intuit Inc. (INTU) reported fourth quarter EPS of $0.00 vs last year’s $0.03 EPS. The company’s revenue fell short of estimates at $634.00 million

Vanguard Health Systems (VHS) reported fourth quarter earnings in line with expectations at $0.18. The company reported revenue of $1.45 billion, which is equal to last year’s reported revenue.

Other stocks expected to report earnings today include:

Hewlett-Packard Co (HPQ) is expected to report third quarter EPS of $0.86 on revenue of $27.25 billion, down from last year’s EPS of $1.00 on revenue of $29.67 billion.

Lowe’s Companies, Inc. (NLOW) is expected to report EPS of $0.78 vs. last year’s EPS of $0.65. The company’s revenue is expected to come in at $15.02 billion.

Staples, Inc. (SPLS) is expected to report second quarter EPS of $0.18 on revenue of $5.39 billion, compared to last year’s revenue of $5.50 billion.

Target Corporation (TGT) is expected to report second quarter EPS of $0.99, below last year’s EPS of $1.06. The company’s revenue is expected at $17.33 billion.

Today’s Featured Dow Stock

Procter & Gamble Co. (PG).

Procter & Gamble Co. (PG) is up +17.15% year-to-date.

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous -4.7% with purchase sub-index -5.4% and refi sub-index -4.4%.

1000 ET July existing home sales expected +1.4% to 5.15 million, Jun -1.2% to 5.08 million.

1030 ET EIA Weekly Petroleum Status Report.

1400 ET Minutes of the July 30-31 FOMC meeting.

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