Market Happenings For Tuesday, September 03, 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 -30.64 (-0.21%) at 14,810.31.

Last week DJIA was down -1.3%, Nasdaq -1.9%, S&P 500 -1.8% and Russell 2000 -2.6%.

Year-to-date the DJIA is up +13.0%, Nasdaq +18.9%, S&P 500 +14.5% and Russell 2000 +19.0%.

This morning the Dow was indicated to open up +105 points.

Obama called on Congress on Monday to vote on the authorization of military action in Syria. The President is expected to continue rallying for support on Tuesday as the Syrian government braces for an attack by evacuating military bases and surrounding areas.

Russian news agency reports that two “ballistic objects” had been launched towards the eastern Mediterranean revived concerns about a U.S.-led strike on Syria. Israel’s Ministry of Defense confirmed that Israeli forces and the U.S. Missile Defense Agency had carried out a missile test and said Israel would release further information about the launch soon.

Microsoft (MSFT) announced it was buying Nokia’s (NOK) mobile phones business for $7.2 billion. Microsoft and Nokia jointly announced late Monday that they had agreed to an all-cash deal worth 5.4 billion euros ($7.2 billion) that would see the software company buy Nokia’s mobile phone business and license many of its patents.

Verizon (VZ) has agreed to a $130 billion deal that will see it take full control of Verizon Wireless.

Alcoa Inc. (AA) shares are up premarket after reports that the company had broken ground on its Tennessee expansion.

European markets are lower and Asian markets ended mostly higher.

The national average price of gasoline since Friday is up six-tenths of a cent to $3.591 per gallon.

Earnings Reports

There are no Dow stocks expected to report earnings soon.

Earnings reports from Friday include:

Big lots, Inc. (BIG) reported second quarter EPS of $0.31 on revenue of 1.23 billion, compared to last year’s EPS of $0.36 on revenue of $1.22 billion.

Frontline Ltd. (FRO) reported a second quarter loss of $0.50 per share, compared to last year’s loss of $0.21 per share.

Other stocks expected to report earnings today include:

H&R Block (HRB) is expected to report a first quarter loss of $0.37 per share on revenue of $98.4 million, compared to last year’s loss of $0.38 per share on revenue of $96.49 million.

Today’s Featured Dow Stock

Alcoa Inc. (AA).

Alcoa Inc. (AA) is down -11.29% year-to-date.

Financial Calendar

1000 ET July construction spending expected +0.3%, Jun -0.6% m/m.

1000 ET Aug ISM manufacturing index expected -1.4 to 54.0, July +4.5 to 55.4. Aug ISM prices paid expected +2.2 to 51.2, July -3.5 to 49.0.

1100 ET USDA weekly grain export inspections.

1600 ET USDA Crop Progress.

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