Market Happenings For Thursday, June 06, 2013

There are no Dow stocks at 52 week highs. There are no Dow stock 52 week lows.

The Market

Wednesday the Dow closed down -216.95 (-1.43%) at 14,960.59.

This morning the Dow was indicated to open up +16 points.

Will we have three down days in a row?

The government reported initial claims for unemployment benefits totaled 346,000 in the week ended June 1, down 11,000 from the previous week.

Friday brings us the government’s closely watched monthly jobs report. Thoughts are that this report could be particularly important given the questions about how long the Fed will continue its bond-buying program.

Year-to-date the Dow is up +14.17%.

European markets are mostly higher and Asian markets ended lower.

The national average price of gasoline is up 1.3 cents to $3.630 per gallon.

Earnings Reports

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

Earnings reports from yesterday include:

Brown Forman (BFB) reported fourth quarter EPS of $0.52 vs. $0.46 expected on revenue of $866.00 million vs. $861.73 million expected.

Hovnanian (HOV) reported second quarter EPS of $0.01 vs. an expected loss of $0.05 per share.

Joseph A Bank (JOSB) reported first quarter EPS of $0.29 vs. $0.29 expected on revenue of $196.1 million vs. $195.4 million expected.

Francesca’s Holdings (FRAN) reported first quarter EPS of $0.26 vs. $0.26 expected on revenue of $79.0 million vs. $79.56 million expected.

Verifone Systems (PAY) reported second quarter EPS of $0.42 vs. $0.47 on revenue of $426.3 vs. $440.3 million expected. The company also lowered guidance.

Other stocks expected to report earnings today include:

CIENA Corp. (CIEN) is expected to report a second quarter loss of $0.01 vs. EPS of $0.04 a year ago.

Vail Resorts (MTN) is expected to report third quarter EPS of $2.74 vs. $2.17 a year ago.

Thor Industries (THOR) is expected to report third quarter EPS of $0.88 vs. $0.78 a year ago.

Titan Machinery (TITN) is expected to report first quarter EPS of $0.19 vs. $0.36 a year ago.

Alcoa (AA).

Financial Calendar

0730 ET May Challenger job cuts, Apr -6.0%.

0800 ET Philadelphia Fed President Charles Plosser delivers an Economic Lecture at Boston Colleges Chestnut Hill Campus.

0830 ET Weekly initial unemployment claims expected -9,000 to 345,000, previous +10,000 to 354,000. Weekly continuing claims expected -13,000 to 2.973 million, previous +63,000 to 2.986 million.

0830 ET USDA weekly Export Sales.

1100 ET Treasury announces amounts of 3-year T-notes (previous $32 billion), 10-year T-notes (previous $24 billion) and 30-year T-bonds (previous $16 billion) to be auctioned Jun 11-13.

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