Market Happenings For Thursday, April 04, 2013

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

The Market

The Dow is indicated to open near unchanged.

The Dow closed down Wednesday -111.66 (-0.76%) at 14,550.35.

The U.S. Labor Department said that initial jobless claims rose to 385,000 last week, much more than the 345,000 claims forecast.

Friday we get the jobs report from the Labor Department that is forecast to show another month of strong job gains. Economists expect 192,000 jobs to have been added in March.

Japan’s central bank announced plans to expand its stimulus program in an effort to breathe life into the country’s flagging economy.

The European Central Bank kept rates at historic lows of 0.75% and the Bank of England left rates at 0.5% and maintained its asset purchasing program.

Microsoft (MSFT) was downgraded to Neutral from Buy due to disappointing Windows 8 adoption, a lack of unit growth in consumer devices, and a decline in expected PC sales.

European markets are lower and Asian markets ended mostly lower.

The national average price of gasoline is down four-tenths of a cent to $3.636 per gallon.

The top 3 Dow gainers for 2013 are HPQ (+53.75%), JNJ (+17.08%) and TRV (+16.57%).

Earnings Reports

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

INTC will report earnings on 4/16/13 after the market close.

JNJ will report earnings on 4/16/13 before the market open.

JPM is set to report earnings on 4/11/13 before the open (not confirmed though).

KO will report earnings on 4/16/13 before the market open.

Greenbrier Companies (GBX) is expected to report second quarter EPS of $0.37 vs. $0.57 a year ago.

RPM International (RPM) is expected to report third quarter EPS of $0.06 vs. $0.05 a year ago.

Financial Calendar

0730 ET March Challenger job cuts, Feb 7.0% y/y.

0830 ET Weekly initial unemployment claims expected -4,000 to 353,000, previous +16,000 to 357,000. Weekly continuing claims expected unch at 3.050 mln, previous -27,000 to 3.050 mln.

0830 ET USDA weekly Export Sales.

0845 ET Chicago Fed President Charles Evans and Atlanta Fed President Dennis Lockhart speak on current economic conditions and monetary policy discussion at the University of DaytonÂ’s Redefining Investment Strategy Education conference.

1030 ET Fed Chairman Ben Bernanke speaks on the economy in taped video.

1100 ET Treasury announces details of April 9-11 3-year, 10-year, and 30-year auctions.

1230 ET Kansas City Fed President Esther George speaks on the U.S. economy at Redlands Community College.

1700 ET Fed Vice Chair Janet Yellen speaks to Society of American Business Editors and Writers conference at George Washington University.

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