Home Depot Reports Earnings: Market Happenings For Tuesday, May 21, 2013

Dow stocks at 52 week highs include Bank of America (BAC), Boeing (BA), Johnson & Johnson (JNJ), Microsoft (MSFT), JPMorgan (JPM), American Express (AXP), United Technologies (UTX) and Dupont (DD). There are no Dow stock 52 week lows.

The Market

Monday the Dow closed down -19.12 (-0.12%) at 15,335.28.

This morning the Dow is indicated to open up +11 points.

JPMorgan Chase (JPM) will hold its shareholder meeting in Tampa, Florida today. All eyes will be on the proposal to split the chairman and CEO roles. Chairman and CEO Jamie Dimon has said that he may leave the bank if the proposal is approved. Shareholders also want to hear from the board about how they’re shoring up risk controls.

Home Depot (HD) shares are up premarket after the home improvement retailer reported quarterly increases in revenue, profit and same-store sales. The company cited an improving housing market and raised its sales guidance for the fiscal year.

UBS raised their price target on Microsoft (MSFT) to $40 from $33.

European markets are mostly lower and Asian markets ended mixed.

The national average price of gasoline is up one-tenth of a cent to $3.654 per gallon.

Earnings Reports

Home Depot (HD) reported earnings of $0.83 a share in the first quarter, better than the $0.77 expected by analysts. Sales were $19.12 billon which also beat the $18.68 billion consensus estimate. Management also raised full-year guidance thanks to a strong housing market.

Hewlett-Packard (HPQ) reports earnings Wednesday after the market close.

Home Depot (HD).

Financial Calendar

1130 ET St. Louis Fed President James Bullard speaks on “Monetary Policy in a Low-Rate Environment” at the Institute for Monetary and Financial Stability in Frankfurt.

1300 ET New York Fed President William Dudley speaks on “Lessons at the Zero Bound” at the Japan Society in NY.

1630 ET API weekly U.S. oil statistics.

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