Cisco and Wal-Mart Report Earnings: Market Happenings For Thursday, May 16, 2013

Dow stocks at 52 week highs include Bank of America (BAC), Wal-Mart (WMT), JPMorgan (JPM), Coca Cola (KO), Walt Disney (DIS), 3M (MMM), Johnson & Johnson (JNJ), Home Depot (HD), American Express (AXP) and Boeing (BA). There are no Dow stock 52 week lows.

The Market

Wednesday the Dow closed up +60.44 (+0.40%) at 15,275.69.

This morning the Dow is indicated to open down -3 points.

Cisco (CSCO) shares are up premarket after the tech giant topped earnings and sales forecasts.

Wal-Mart (WMT) reported better-than-expected quarterly earnings but a decrease in same-store sales. The company said it was held back by a delay in income tax refunds.

European markets are lower and Asian markets ended mostly higher.

The national average price of gasoline is up 1.3 cents to $3.601 per gallon.

Earnings Reports

Last night Cisco Systems (CSCO) reported third quarter EPS of $0.51 vs. $0.49 expected on revenue of $12.2 billion vs. $12.8 billion expected.

Wal-Mart (WMT) reported first quarter earnings of $3.78 billion, or $1.14 per share, missing Wall Street estimates by a penny. Revenue rose just 1% year over year to $114.19 billion, again missing consensus estimates. The company said it expects sale-store-sales to see growth in the range of flat to 2% in the second quarter and earnings in the range of $1.22 to $1.27 per share. WMT shares are down.

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

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

General Electric (GE).

Financial Calendar

0345 ET Philadelphia Fed President Charles Plosser speaks on monetary policy and the economic outlook at the Global Interdependence Center on Milan.

0745 ET Boston Fed President Eric Rosengren speaks on monetary policy and the economic outlook at the Global Interdependence Center on Milan.

0830 ET Weekly initial unemployment claims expected +7,000 to 330,000, previous -4,000 to 323,000. Weekly continuing claims expected -2,000 to 3.003 million, previous -27,000 to 3.005 million.

0830 ET Apr CPI expected -0.3% m/m and +1.3% y/y, Mar -0.2% m/m and +1.5% y/y. Apr CPI ex food & energy expected +0.2% m/m and +1.8% y/y, Mar +0.1% m/m and +1.9% y/y.

0830 ET Apr housing starts expected -5.4% to 980,000, Mar +7.0% to 1.036 million. Apr building permits expected +3.6% to 940,000, Mar -3.4% to 907,000.

0830 ET USDA weekly Export Sales.

0900 ET Dallas Fed President Richard Fisher speaks at the NABE 2013 Industry Conference in Houston, TX.

1000 ET May Philadelphia Fed manufacturing index expected +1.0 to 2.3, Apr -0.7 to 1.3.

1100 ET Treasury announces amount of 10-year TIPS to be auctioned on May 23.

1505 ET San Francisco Fed President John Williams delivers a speech on the economy and monetary policy to the Portland Business Journal 2013 CFO of the Year awards luncheon.

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