Market Happenings For Wednesday, June 05, 2013

Dow stocks at 52 week highs again include just Merck (MRK) and Microsoft (MSFT). There are no Dow stock 52 week lows.

The Market

Tuesday the Dow closed down -76.49 (-0.50%) at 15,177.54.

This morning the Dow was indicated to open down -45 points.

JPMorgan (JPM) believes PC demand remains weak, creating risk to the guidance and consensus estimates for Intel (INTC).

UnitedHealth (UNH) raises its dividend from 21.25 cents per share to 28 cents per share.

Payroll-processor ADP said the private sector added 135,000 jobs in May, lower than expected. This is a worry as the ADP report is typically considered a prelude to the U.S. government’s closely watched monthly jobs report due before the bell Friday.

Labor costs were down more than 4% during the first quarter, according to government figures, while productivity edged up slightly.

Year-to-date the Dow is up +15.82%.

European markets are lower and Asian markets ended lower.

The national average price of gasoline is down two-tenths of a cent to $3.617 per gallon.

Earnings Reports

There are no Dow stocks on the horizon set to report earnings.

Earnings reports from yesterday include:

Dollar General (DG) reported first quarter EPS of $0.71, in line with expectations. However, the company lowered its full year guidance which was also below analyst forecasts.

Shuffle Master (SHFL) reported second quarter EPS of $0.21 vs. $0.20 expected on record revenue of $77.4 million vs. $71.57 million expected.

Bob Evans Farms (BOBE) reported fourth quarter EPS of $0.71 vs. $0.64 expected on revenue of $353.9 million vs. $331.41 million expected.

Analogic (ALOG) reported third quarter EPS of $0.76 vs. $0.66 expected on revenue of $125.8 million vs. $135.98 million.

Other stocks expected to report earnings today include:

Brown Forman Corp. (BFB) is expected to report fiscal fourth quarter EPS of $0.46 vs. $0.49 a year ago.

Francesca’s Holdings (FRAN) is expected to report first quarter EPS of $0.26 vs. $0.20 a year ago.

Hovnanian Enterprises (HOV) is expected to report a second quarter loss of $0.05 per share vs. a profit of $0.02 per share a year ago.

Verifone Systems (PAY) is expected to report second quarter EPS of $0.47 vs. $0.64 a year ago

General Electric (GE).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous -8.8% with purchase sub-index +2.6% and the refi sub-index 12.3%.

0815 ET May ADP employment change expected +165,000, Apr +119,000.

0830 ET Revised Q1 non-farm productivity expected revised to +0.6% from +0.7%. Revised Q1 unit labor costs expected unrevised from +0.5%.

1000 ET May ISM non-manufacturing index expected +0.4 to 53.5, Apr -1.3 to 53.1.

1000 ET Apr factory orders expected +1.5%, Mar -4.9%.

1030 ET EIA Weekly Petroleum Status Report.

1400 ET Fed Beige Book.

1800 ET Dallas Fed President Richard Fisher speaks at the CD Howe Institute in Toronto.

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