The Dow Market Happenings For Friday, May 30, 2014

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

The Market

Premarket today, the Dow was indicated to open down -26 points.

Thursday, the Dow closed up +65.56 (+0.39%) at 16,698.74.

Year-to-date the Dow is up +0.74%.

It’s the last day of trading in May. Will it be a “Sell in May and Go Away” year?

Looks like soon to be ex-Microsoft CEO Steve Ballmer has bought the LA Clippers for two billion dollars. The team was bought by it’s current owner back in 1981 for twelve plus million.

Salesforce (CRM) announced a partnership with Microsoft (MSFT).

European stocks were lower and Asian markets closed mixed.

The national average price of gasoline is up a penny at $3.661 per gallon.

Earnings Reports.

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

Notable earnings reports from Thursday include:

Abercrombie & Fitch Company (ANF) reported a first quarter loss of $0.17 on revenue of $822.00 million, compared to last year’s loss of $0.09 on revenue of $838.77 million.

Costco Wholesale Corporation (COST) reported third quarter EPS of $1.07 on revenue of $25.23 billion, compared to last year’s EPS of $1.04 on revenue of $24.08 billion.

Sanderson Farms, Inc. (SAFM) reported second quarter EPS of $2.21 on revenue of $660.70 million, compared to last year’s EPS of $1.06 on revenue of $621.20 million.

Stocks reporting earnings today include:

ANN INC. (ANN) is expected to report first quarter EPS of $0.31 on revenue of $598.25 million, compared to last year’s EPS of $0.44 on revenue of $574.51 million.

Frontline Ltd. (FRO) is expected report first quarter EPS of $0.00 on revenue of $76.46 million, compared to last year’s loss of $0.36 on revenue of $55.75 million.

Today’s Featured Dow Stock

UnitedHealth Group Inc. (UNH)

UnitedHealth Group Inc. (UNH) is up +5.41% year-to-date.

Financial Calendar

0830 ET Apr personal spending expected +0.2%, Mar +0.9%. Apr personal income expected +0.3%, Mar +0.5%.

0830 ET Apr PCE deflator expected +0.2% m/m and +1.6% y/y, Mar +0.2% m/m and +1.1% y/y. Apr core PCE deflator expected +0.2% m/m and +1.4% y/y, Mar +0.2% m/m and +1.2% y/y.

0830 ET USDA weekly Export Sales.

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

0945 ET May Chicago PMI expected -2.0 to 61.0, Apr +7.1 to 63.0.

0955 ET Final U.S. May University of Michigan consumer confidence expected +0.7 to 82.5, previous -2.3 to 81.8.

1230 ET Incoming Cleveland Fed President Loretta Mester, beginning Jun 1, speaks at the Cleveland Fed conference entitled, Inflation, Monetary Policy and the Public.

1400 ET Richmond Fed President Jeffrey Lacker speaks at a conference in Stanford on Rules for the Lender of Last Resort.

1700 ET San Francisco Fed President John Williams and Philadelphia Fed President Charles Plosser speak on a panel title Rules-Based Policy: From Theory to Practice at a conference in Stanford.

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