Market Happenings For Thursday, March 28, 2013

Dow stocks at 52 week highs include AXP, JNJ and PFE. There are no Dow stock 52 week lows.

The Market

Today is the last trading day of the quarter with markets closed Friday for Good Friday in this Easter holiday weekend.

The Dow is indicated to open near unchanged at this moment.

The Dow closed Wednesday down -33.49 (-0.23%) at 14,526.16.

Banks in Cyprus reopened Thursday after having been closed for nearly two weeks. Things were generally calm today, with depositors only allowed to withdraw a maximum of 300 euros per day and to transfer a maximum of 5,000 euros per month out of the country.

Government data showed jobless claims totaled 357,000 in the week ended March 23, an increase of 16,000 from the prior week and much worse than expected. Economists had forecast for a total of 335,000.

The final government report for fourth-quarter GDP showed an annual increase of 0.4%, a bit higher than the expected increase of 0.3%. The prior reading showed the economy grew at a 0.1% pace.

European markets are higher and Asian markets ended lower.

The national average price of gasoline is down five-tenths of a cent to $3.645 per gallon.

Earnings Reports

The next Dow stock to report earnings will be Alcoa (AA), which will report 4/8/13 after the market close.

BlackBerry (BBRY) is expected to report a fourth quarter loss of $0.30 per share vs. EPS of $0.22 a year ago.

The Finish Line (FINL) is expected to report fourth quarter EPS of $0.75 vs. $0.81 a year ago.

Gamestop (GME) is expected to report fourth quarter EPS of $2.09 vs. $1.73 a year ago.

Financial Calendar

0830 ET Weekly initial unemployment claims expected +4,000 to 340,000, last +2,000 to 336,000. Weekly continuing claims expected -11,000 to 3.042 mln, last +5,000 to 3.053 mln.

0830 ET Q4 GDP revision expected +0.5% from last +0.1% q/q annualized. Q4 personal consumption expected unrevised from +2.1%. Q4 GDP price index expected unrevised from +0.9%. Q4 core PCE expected unrevised from last +0.9%.

0830 ET USDA weekly Export Sales.

0900 ET March Milwaukee NAPM expected -0.5 to 56.0, Feb 56.5.

0945 ET March Chicago PMI expected -0.3 to 56.5, Feb +1.2 to 56.8.

1100 ET March Kansas City Fed manufacturing activity index expected -2, Feb -10.

1200 ET USDA Quarterly Grain Stocks.

1200 ET USDA Prospective Planting report.

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

1500 ET USDA Quarterly Hogs & Pigs report.

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