Market Happenings For Thursday, September 26, 2013

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

The Market

Wednesday the Dow closed down -61.33 (-0.40%) at 15,273.26.

Premarket, the Dow was indicated to open up +33 points.

Year-to-date the Dow is up +16.55%.

We have now had five straight days of losses and are still looking at a possible government shutdown and federal debt issues. The budget negotiations deadline is October 01 and the debt ceiling deadline is October 17.

The Dow is down more than 400 points in the last five days.

The final estimate of second-quarter GDP came in at +2.5%. The prior estimate was also +2.5%.

The Labor Department said the number of Americans seeking unemployment benefits for the week ending September 20 fell 5,000 to a seasonally adjusted 305,000, the second-lowest level in six years. Steady declines in applications show that very few companies are laying off workers. The less volatile four-week average declined 7,000 to 308,000, the lowest since June 2007.

About 3.9 million Americans received unemployment aid in the week ended Sept. 7, about 23,000 more than the previous week. That total has fallen 32 percent in the past year.

European markets are lower and Asian markets ended mixed.

The national average price of gasoline is down 1.3 cents to $3.434 per gallon.

Earnings Reports

Newly minted Dow stock Nike (NKE) will report earnings tonight after the close. Nike, Inc. (NKE) is expected to report EPS of $0.78 on revenue of $6.97 billion, compared to last year’s EPS of $0.64 on revenue of $6.47 billion.

Former Dow stock Alcoa (AA) will report earnings on 10/8/13 after the market close.

Earnings reports from Wednesday include:

AutoZone, Inc (AZO) reported fourth quarter EPS of $10.42 on revenue of $3.10 billion, compared to last year’s EPS of $8.46 on revenue of $3.10 billion.

Bed Bath & Beyond (BBBY) reported second quarter EPS of $1.16 on revenue of $2.82 billion, compared to last year’s EPS of $0.98 on revenue of $2.59 billion.

Jabil Circuit, Inc. (JBL) reported fourth quarter EPS of $0.56 on revenue of $4.81 billion, compared to last year’s EPS of $0.54 on revenue of $4.34 billion.

Synnex Corporation (SNX) reported third quarter EPS of $1.24 on revenue of $2.73 billion, compared to last year’s EPS of $0.93 on revenue of $2.58 billion.

Other stocks expected to report earnings today include:

Accenture plc. (ACN) is expected to report EPS of $1.01 on revenue of $6.09 billion, compared to last year’s EPS of $0.88 on revenue of $6.84 billion.

Today’s Featured Dow Stock

McDonald’s Corp. (MCD).

McDonald’s Corp. (MCD) is up +10.67% year-to-date.

Financial Calendar

0240 ET Richmond Fed President Jeffrey Lacker speaks at the Swedbank Economic Outlook Seminar in Stockholm on Monetary Policy in the United States: The Risks Associated with Unconventional Policies.

0830 ET Weekly initial unemployment claims expected +16,000 to 325,000, previous +15,000 to 309,000. Weekly continuing claims expected +31,000 to 2.818 million, previous 28,000 to 2.787 million.

0830 ET Revised Q2 GDP expected +2.6% q/q annualized, previous +2.5%. Q2 personal consumption expected unrevised from last +1.8%. Q2 GDP price index expected unrevised at +0.8%. Q2 GDP core PCE deflator expected unrevised at +0.8% q/q.

0830 ET USDA weekly Export Sales.

1000 ET Aug pending home sales expected -1.0% m/m and +6.3% y/y, July -1.3% m/m and +8.6% y/y.

1010 ET Fed Governor Jeremy Stein speaks at Goethe University in Frankfurt, Germany on Yield-Oriented Investors and the Monetary Transmission Mechanism.

1215 ET Minneapolis Fed President Narayana Kocherlakota speaks at the Houghton, MI Rotary Club.

1300 ET Treasury auctions $29 billion 7-year T-notes.

2115 ET Kansas City Fed President Esther George speaks on the U.S. economy at the Colorado Economic Forum in Denver, CO.

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