Market Happenings For Friday, June 14, 2013

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

The Market

Thursday the Dow closed up +180.85 (+1.21% at 15,176.08.

This morning the Dow was indicated to open down -12 points.

The Labor Department said that its seasonally adjusted producer price index increased 0.5 percent last month. Wholesale prices had declined 0.7 percent in April.

American Express (AXP) was downgraded to “Equal Weight” from “Overweight” at Barclays.

DuPont (DD) was downgraded to “Neutral” from “Buy” at BofA/Merrill.

May Industrial Utilization was at 77.6%.

Year-to-date the Dow is up +15.81%.

European markets are higher and Asian markets ended higher. Japan regained +1.94%.

The national average price of gasoline is down seven-tenths of a cent to $3.625 per gallon.

Earnings Reports

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

Earnings reports from Thursday include:

Casey’s General Stores (CASY) reported fourth quarter EPS of $0.60 vs. $0.62 expected on revenue of $1.81 billion vs. $1.83 billion expected.

Rentrak (RENT) reported a fourth quarter loss of $0.17 per share vs. an expected lsos of $0.03 per share on revenue of $28.52 million vs. $27.58 million expected.

Restoration Hardware (RH) reported first quarter EPS of $0.06 vs. $0.04 on revenue of $301.3 million vs. $299.13 million. The company also issued strong second quarter guidance above analyst estimates and raised full year guidance above the street’s forecasts.

Smith and Wesson (SWHC) reported preliminary fourth quarter EPS of $0.44 vs. $0.40 expected on revenue of $179 million vs. $170.6 million expected. The company also announced a debt swap to exchange existing debt for new debt with lower coupon rates which would amount to a $25 million cash inflow for the company as well as a new $100 million share buyback.

Other stocks expected to report earnings today include:

NGL Energy Partners (NGL) is expected to report fourth quarter EPS of $1.03 vs. $0.73 a year ago.

Smithfield Foods (SFD) is expected to report fourth quarter EPS of $0.43 vs. $0.43 a year ago.

Microsoft (MSFT).

Financial Calendar

0830 ET May PPI expected +0.1% m/m and +1.4% y/y, Apr -0.7% m/m and +0.6% y/y. May PPI ex food & energy expected +0.1% m/m and +1.7% y/y, Apr +0.1% m/m and +1.7% y/y.

0830 ET Q1 current account balance expected -$111.0 billion, Q4 -$110.4 billion.

0900 ET IMF addresses its assessment of the U.S. economy at a press conference in Washington D.C.

0915 ET May industrial production expected +0.2% m/m, Apr -0.5%. May capacity utilization expected unch at 77.8%, Apr 77.8%.

0955 ET Preliminary U.S. Jun University of Michigan consumer confidence expected unch at 84.5, May +8.1 to 84.5.

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