Market Happenings For Thursday, June 13, 2013

Dow stocks at 52 week highs include just Hewlett-Packard (HPQ). There are no Dow stock 52 week lows.

The Market

Wednesday the Dow closed down -126.79 (-0.84%) at 14,995.23.

This morning the Dow was indicated to open down -31 points.

Better-than-expected retail sales and a slight dip in weekly jobless claims gave investors some better news. The 0.6% rise in retail sales (best reading since February) was largely due to a jump in auto sales.

In Japan, the benchmark Nikkei index dropped by 6.35%, putting it firmly in bear market territory, which is at least a 20% drop from its most recent peak.

Year-to-date the Dow is up +14.43%.

European markets are all lower and Asian markets ended lower.

The national average price of gasoline is down two-tenths of a cent to $3.632 per gallon.

Earnings Reports

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

Earnings reports from Wednesday include:

Five Below (FIVE) reported first quarter EPS of $0.05 vs. $0.04 on revenue of $95.6 million vs. $94.23 million expected. The company also revised its second quarter guidance.

H&R Block (HRB) reported fourth quarter EPS of $2.54 vs. $2.61 a year ago on revenue of $2.2 billion vs. $2.28 billion.

PVH Corp. (PVH) reported first quarter EPS of $1.91 vs. $1.35 a year ago on revenue of $1.91 billion, in line. The company also guided higher than expected for the second quarter and reaffirmed full year guidance.

Other stocks expected to report earnings today include:

Restoration Hardware (RH) is expected to report first quarter EPS of $0.04 on revenue of $299.13 million.

Bank of America (BAC).

Financial Calendar

0830 ET Weekly initial unemployment claims expected unch at 346,000, previous -11,000 to 346,000. Weekly continuing claims expected +26,000 to 2.978 million, previous -52,000 to 2.952 million.

0830 ET May retail sales expected +0.4% m/m and +0.3% ex-autos, Apr +0.1% and -0.1% ex-autos.

0830 ET May import price index expected unch m/m and -1.4% y/y, Apr -0.5% m/m and -2.6% y/y.

0830 ET USDA weekly Export Sales.

1000 ET Apr business inventories expected +0.3%, Mar unch.

1100 ET Treasury announces amount of 30-year TIPS to be auctioned Jun 20 (previous $9 billion).

1300 ET Treasury auctions $13 billion 30-year T-bonds.

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