Market Happenings For Wednesday, November 27, 2013

Dow stocks at new 52 week highs include American Express (AXP), Disney (DIS), Goldman Sachs (GS), Nike (NKE) and Wal-Mart (WMT). There are no Dow stock 52 week lows.

The Market

Tuesday the Dow closed up +0.26 (+0.00%) at 16,072.80.

The Nasdaq rose 23.18 points on Tuesday to close above 4,000 for the first time in 13 years.

Premarket, the Dow was indicated to open up +11 points.

Year-to-date the Dow is up +22.65%.

The number of Americans filing new claims for unemployment benefits unexpectedly fell last week. The Labor Department reported initial claims for state unemployment benefits fell 10,000 to a seasonally adjusted 316,000. Claims for the prior week were revised to show 3,000 more applications received than previously reported. Economists had expected first-time applications to rise to 330,000 last week. The four-week moving average for new claims, which smooths out week-to-week volatility, slipped 7,500 to 331,750.

Intel (INTC) was downgraded to ‘Sector Perform’ from ‘Outperform’ at RBC Capital.

Former Dow stock Hewlett-Packard (HPQ) shares are up over 6% premarket after it reported Q4 EPS of $1.01, higher than consensus of $1.00.

European stocks are higher and Asian stocks ended mixed.

The national average price of gasoline is up one-tenth of a cent to $3.287 per gallon.

So get ready to shop, shop, shop and have a very happy Thanksgiving!

Earnings Reports.

There are no Dow stocks set to report earnings near term.

Earnings reports from Tuesday include:

Hewlett-Packard Company (HPQ) reported fourth quarter EPS of $1.10 on revenue of $29.10 billion, compared to last year’s EPS of $1.16 on revenue of $29.96 billion.

Hormel Foods Corporation (HRL) reported fourth quarter EPS of $0.58 on revenue of $2.30 billion, compared to last year’s EPS of $0.49 on revenue of $2.17 billion.

Tiffany & Co. (TIF) reported third quarter EPS of $0.73 on revenue of $911.50 million, compared to last year’s EPS of $0.49 on revenue of $852.74 million.

TiVo Inc. (TIVO) reported third quarter EPS of $0.10 on revenue of $117.30 million, compared to last year’s EPS of $0.44 on revenue of $60.96 million.

Other stocks expected to report earnings today include:

Alas, there are no notable earnings reports expected Wednesday.

Today’s Featured Dow Stock

American Express Co. (AXP)

American Express Co. (AXP) is up +48.03% year-to-date.

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous -2.3% with purchase sub-index +5.8% and refi sub-index -6.5%.

0830 ET Weekly initial unemployment claims expected +7,000 to 330,000, previous -21,000 to 323,000. Weekly continuing claims expected -26,000 to 2.850 million, previous +66,000 to 2.876 million.

0830 ET Oct durable goods orders expected -2.0% and +0.5% ex transportation, Sep +3.8% and -0.2% ex transportation.

0830 ET Oct Chicago Fed national activity index expected -0.04 to 0.10, Sep 0.14.

0945 ET Nov Chicago PMI expected -5.9 to 60.0, Oct +10.2 to 65.9.

0955 ET End-Nov University of Michigan U.S. consumer confidence expected +1.1 to 73.1, previous -1.2 to 72.0.

1000 ET Oct leading indicators expected unch m/m, Sep +0.7%

1030 ET EIA Weekly Petroleum Status Report.

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

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