Hewlett-Packard Reports Earnings: Market Happenings For Thursday, May 23, 2013

There are no Dow stocks at 52 week highs this morning. There are no Dow stock 52 week lows either. At yesterdays close there were about a dozen Dow stock 52 week highs. Poof, they are gone.

The Market

This morning the Dow was indicated to open down -108 points. We are currently down -116.

World markets tumbled today, led by by the Nikkei, which is down -7.3%. Other markets quickly followed suit.

Investors are worried by worse-than-expected Chinese data that showed manufacturing slowed for the first time in seven months, and the latest minutes from the U.S. Federal Reserve’s monetary policy meeting.

The Fed’s minutes showed that some members were willing to dial down the Fed’s bond-buying program as soon as June if the recovery appears sustainable.

Hewlett-Packard (HPQ) shares are up +11.50% on good earnings last night.

European markets are down and Asian markets ended down.

The national average price of gasoline is down one-tenth of a cent to $3.659 per gallon.

Earnings Reports

Hewlett-Packard (HPQ) shares are up nicely premarket after it reported Q2 adjusted EPS of 87 cents last night, much better than consensus of 81 cents. HP also raised guidance on fiscal 2013 EPS to $3.50-$3.60, stronger than consensus of $3.49.

Hewlett-Packard (HPQ).

Financial Calendar

0605 ET St. Louis Fed President James Bullard speaks on the U.S. economy and monetary policy at the Official Monetary and Financial Institutions Forum in London.

0830 ET Weekly initial unemployment claims expected -15,000 to 345,000, previous +32,000 to 360,000. Weekly continuing claims expected -9,000 to 3.000 million, previous -4,000 to 3.009 million.

0830 ET USDA weekly Export Sales.

0900 ET Mar FHFA house price index expected +0.8% m/m, Feb +0.7% m/m. Q1 house price purchase index, Q4 +1.4% q/q.

1000 ET Apr new home sales expected +1.9% to 425,000, Mar +1.5% to 417,000.

1100 ET Treasury announces amount of 2-year T-notes (previous $35 billion), 5-year T-notes (previous $35 billion) and 7-year T-notes (previous $29 billion) to be auctioned May 28-30.

1300 ET Treasury auctions $13 billion 10-year TIPS.

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