INTC and BAC Report: Market Happenings For Wednesday, April 17, 2013

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

The Market

Yesterday the Dow closed up +157.58 (+1.08%) at 14,756.78. Personally I think the Dow hits 15,000 before it rolls over for a pullback of size.

This morning the Dow is indicated to open down -93 points (6:20 am PDT).

Intel (INTC) was up a bit in after-hours trading after reporting Q1 EPS of 40 cents, slightly below the consensus of 41 cents.

Bank of America (BAC) is down in pre-market trading after reporting EPS of 20 cents, below the consensus of 22 cents.

The Federal Reserve will release the April edition of its Beige Book, a survey of regional economies, at 2 p.m. ET.

Gold prices slid $3 to $1,384.40 an ounce.

European markets are down and Asian markets ended mixed.

The national average price of gasoline is down three-tenths of a cent to $3.519 per gallon.

Earnings Reports

Last night Intel Corp (INTC) reported first-quarter earnings of 40 cents per share, missing consensus estimates of 41 cents. Revenue was $12.58 billion, within the guidance range of 12.7 billion (+/-$500 million) and was down 6.7% sequentially and 2.5% year over year.

Bank of America Corp reported net income quadrupled to $2.62 billion, or 20 cents per share, from $653 million, or 3 cents per share a year earlier as expenses dropped and the bank set aside less money to cover bad loans. Total adjusted revenue fell 8.4 percent to $23.85 billion, partly due to lower revenue from trading in fixed income securities and mortgages. Revenue from the fixed income, currency and commodities markets fell $829 million to $3.3 billion. Analysts on average had expected BofA to earn 22 cents per share.

After the close today we have earnings from American Express (AXP).

Thursday we have earnings reports from IBM, MSFT, UNH and VZ.

AXP will report earnings on 4/17/13 after the market close.

BA reports earnings on 4/24/13 before the market open.

BAC will report earnings on 4/17/13 before the market open.

CAT will report earnings 4/22/13 before the market open.

CVX reports earnings on 4/26/13 before the market open.

DD will report earnings on 4/23/13 before the market open.

GE wil report earnings 4/19/13 before the market open.

IBM will report earnings on 4/18/13 after the market close (not confirmed).

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

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

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

MCD will report 4/19/13 before the market open.

MMM reports earnings on 4/25/13 before the market open.

MSFT will report earnings on 4/18/13 after the market close.

PG reports earnings on 4/24/13 before the market open.

T will report earnings on 4/23/13 after the market close.

TRV will report earnings on 4/23/13 before the market open.

UNH will report earnings on 4/18/13 before the market open.

UTX will report earnings on 4/23/13 before the market open.

VZ will report earnings on 4/18/13 before the market open.

XOM reports earnings 4/25/13 before the market open.

IBM (IBM).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous +4.5% with purchase sub-index -1.3% and refi sub-index +6.3%.

1030 ET EIA Weekly Petroleum Status Report.

0930 ET St. Louis Fed President James Bullard speaks at the Hyman Minsky Conference on the State of the U.S. and World Economies.

1200 ET Boston Fed President Eric Rosengren speaks at Hyman Minsky Conference on the Sate of the U.S. and World Economies.

1400 ET FedÂ’s Beige Book.

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