DJIA Market Happenings For Thursday, May 29, 2014

Dow stocks at 52 week highs include Disney (DIS) and Travelers (TRV). There are no Dow stock 52 week lows.

The Market

Premarket today, the Dow was indicated to open up +29 points.

Wednesday, the Dow closed down -42.32 (-0.25%) at 16,633.18.

Year-to-date the Dow is up +0.34%.

General Electric (GE) CEO Jeffrey Immelt promised to create 1,000 jobs in France if Alstom SA agrees to sell its power equipment business.

European stocks were mostly lower and Asian markets closed mostly lower.

The national average price of gasoline is up one-tenth of a cent at $3.651 per gallon.

Earnings Reports.

There are no Dow stocks set to report earnings until Nike reports in late June.

Notable earnings reports from Wednesday include:

Bank of Montreal (BMO) reported second quarter EPS of $1.63, compared to last year’s EPS of $1.46 on revenue of $3.94 billion.

Michael Kors (KORS) reported fourth quarter EPS of $0.78 on revenue of $917.50 million, compared to last year’s EPS of $0.50 on revenue of $597.15 million.

Toll Brothers (NTOL) reported second quarter EPS of $0.35 on revenue of $860.40 million, compared to last year’s EPS of $0.14 on revenue of $516.00 million.

Stocks reporting earnings today include:

Abercrombie & Fitch (ANF) is expected to report a first quarter loss of $0.19 on revenue of $797.21 million, compared to last year’s loss of $0.09 on revenue of $838.77 million.

Costco (COST) is expected to report third quarter EPS of $1.09 on revenue of $25.70 billion, compared to last year’s EPS of $1.04 on revenue of $24.08 billion.

Dollar General (DG) is expected to report first quarter EPS of $0.73 on revenue of $4.56 billion, compared to last year’s EPS of $0.71 on revenue of $4.23 billion.

Sanderson Farms (SAFM) is expected to report second quarter EPS of $1.68 on revenue of $620.99 million, compared to last year’s EPS of $1.06 on revenue of $621.20 million.

Today’s Featured Dow Stock

United Technologies Corp. (UTX)

United Technologies Corp. (UTX) is up +1.89% year-to-date.

Financial Calendar

0830 ET Weekly initial unemployment claims expected -8,000 to 318,000, previous +28,000 to 326,000. Weekly continuing claims expected -3,000 to 2.650 million, previous 13,000 to 2.653 million.

0830 ET Q1 GDP expected revised to -0.5% (q/q annualized) from +0.1%. Q1 personal consumption expected revised to +3.1% from +3.0%. Q1 GDP price index, previous +1.3%. Q1 core PCE deflator, previous +1.3% q/q.

0830 ET Cleveland Fed President Sandra Pianalto delivers opening remarks at a conference titled, Inflation, Monetary Policy and the Public.

1000 ET Apr pending homes sales expected +1.0% m/m and -8.8% y/y, Mar +3.4% m/m and -7.4% y/y.

1100 ET EIA Weekly Petroleum Status Report.

1130 ET Treasury auctions $13 billion 2-year floating-rate notes.

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

2130 ET Kansas City Fed President Esther George speaks at a conference in Stanford on Frameworks for Central Banking in the Next Century.

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