Market Happenings For Wednesday, May 15, 2013

Dow stocks at 52 week highs include Bank of America (BAC), Johnson & Johnson (JNJ), Home Depot (HD), Chevron (CVX), American Express (AXP) and Boeing (BA). There are no Dow stock 52 week lows.

The Market

Tuesday the Dow closed up +123.57 (+0.82%) at 15,215.25.

This morning the Dow is indicated to open down -9 points.

Cisco Systems (CSCO) reports earnings tonight and Wal-Mart (WMT) reports earnings tomorrow morning.

Cisco is expected to report third quarter EPS of $0.49 vs. $0.48 a year ago.

Wal-Mart has refused to sign a new safety pact for its suppliers in Bangladesh but has announced that it will increase inspections in the country in the wake of the disaster that left numerous workers dead and more injured.

The Nikkei topped 15,000 for the first time in five years as the yen continues to weaken.

In Europe, France slipped back into recession after a 0.2% decline in GDP for the first quarter of 2013 and Germany’s economy expanded by 0.1% over the same period.

European markets are mixed and Asian markets ended higher.

The national average price of gasoline is up six-tenths of a cent to $3.588 per gallon. Regular is $3.82 a gallon here at the Gig Harbor Costco and more than $4.00 at many gas stations.

Earnings Reports

Cisco (CSCO) reports earnings today after the market close.

Wal-Mart (WMT) reports earnings on Thursday before the market open.

Home Depot reports earnings on 5/21/13 before the market open.

Hewlett-Packard (HP) reports earnings 5/22/13 after the market close.

Bank of America (BAC).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous +7.0% with the purchase mortgage sub-index up +2.4% and the refi sub-index up +8.3%.

0830 ET May Empire manufacturing index expected +0.95 to 4.00, Apr -6.19 to 3.05.

0830 ET Apr PPI expected -0.6% m/m and +0.8% y/y, Mar -0.6% m/m and +1.1% y/y, Apr PPI ex food & energy expected +0.1% m/m and +1.7% y/y, Mar +0.2% m/m and +1.7% y/y.

0915 ET Apr industrial production expected -0.1%, Mar +0.4%. Apr capacity utilization expected -0.2 at 78.3%, Mar 78.5%.

1000 ET May NAHB housing market index expected +1 to 43, Apr -2 to 42.

1030 ET EIA Weekly Petroleum Status Report.

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