Market Happenings For Friday, August 30, 2013

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

The Market

Thursday the Dow closed up +16.44 (+0.11%) at 14,840.95.

Year-to-date the Dow is up +13.25%.

This morning the Dow was indicated to open up +17 points.

U.S. consumer spending barely rose and inflation was tame in July. The Commerce Department said on Friday consumer spending ticked up 0.1 percent and June’s increase in consumer spending was revised up to 0.6 percent from a previously reported 0.5 percent. Economists had expected to gain 0.3 percent last month. Inflation measures continue to trend below the Fed’s 2 percent target.

Intel (INTC) was upgraded to “Buy” from “Hold” at Argus.

General Electric (GE) shares are up in premarket trading after The Wall Street Journal reported that the firm is preparing to spin off its retail lending business.

The oracle of Omaha, Warren Buffett, turned 83 years old today.

European markets are lower and Asian markets ended mixed.

The national average price of gasoline is up 2.1 cents to $3.585 per gallon.

Earnings Reports

There are no Dow stocks expected to report earnings soon.

Earnings reports from Thursday include:

Salesforce.com Inc. (CRM) reported second quarter EPS of $0.09 on revenue of $957.00 million, beating estimates of EPS of $0.07 on $938.81 million.

Campbell Soup Company (CPB) reported fourth quarter EPS of $0.45 on revenue of $1.72 billion, compared to last year’s EPS of $0.41 on revenue of $1.62 billion.

Toronto Dominion Bank (TD) reported third quarter EPS of $1.05 on revenue of $6.00 billion, below estimates of EPS of $1.71 on revenue of $6.31 billion.

Other stocks expected to report earnings today include:

Frontline Ltd. (FRO) is expected to report a second quarter loss of $0.50 per share on revenue of 47.64 million, compared to last year’s loss of $0.21 per share on revenue of $488.51 million.

Today’s Featured Dow Stock

3M Co. (MMM).

3M Co. (MMM) is up +22.05% year-to-date.

Financial Calendar

0830 ET July personal spending expected +0.3%, Jun +0.5%. July personal income expected +0.2%, Jun +0.3%. July PCE deflator expected +0.2% m/m and +1.4% y/y, Jun +0.4% m/m and +1.3% y/y. July PCE core deflator expected +0.2% m/m and +1.3% y/y, Jun +0.2% m/m and +1.2% y/y.

0900 ET St. Louis Fed President James Bullard speaks about the economy and monetary policy at the St. Louis Feds Memphis branch.

0945 ET Aug Chicago PMI expected +0.7 to 53.0, July +0.7 to 52.3.

0955 ET Final Aug U.S. University of Michigan consumer confidence expected +0.5 to 80.5, previous -5.1 to 80.0.

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