The ADP Report: Dow Market Happenings For Wednesday, July 03, 2013

There are no Dow stocks at 52 week highs. For Dow stock 52 week lows we have Alcoa (AA).

The Market

Tuesday the Dow closed down -42.55 (-0.28%) at 14,932.41.

This morning the Dow was indicated to open down -19 points.

Year-to-date the Dow is up +13.95%.

The ADP report shows U.S. private employers added 188,000 jobs in June, exceeding economists’ expectations. Economists had forecast the ADP National Employment Report would show a gain of 160,000 jobs. May’s private payrolls were revised slightly down to an increase of 134,000 from the previously reported 135,000.

Alcoa (AA) was downgraded to “Neutral” from “Overweight” at JPMorgan.

Boeing (BA) was awarded a $109.46 million government contract modification in support of the Royal Saudi Land Force Aviation Command in Saudi Arabia.

European markets are lower and Asian markets ended lower.

The national average price of gasoline is down one-tenth of a cent to $3.477 per gallon.

Earnings Reports

Alcoa (AA) will report earnings on 7/8/2013 after the market close.

UnitedHealth (UNH) will report earnings on 7/11/2013 before the market open (unconfirmed).

JPMorgan (JPM) will report earnings on 7/12/2013 before the market open.

Johnson & Johnson (JNJ) will report earnings on 7/16/2013 before the market open.

Coca Cola (KO) will report earnings on 7/16/2013 before the market open.

Earnings reports from Tuesday include:

Constellation Brands (STZ) reported first quarter EPS of $0.38 vs. $0.40 expected on revenue of $673.0 million vs. $674.25 million expected.

Acuity Brands (AYI) reported third quarter EPS of $0.97 vs. $0.88 expected on revenue of $541.5 million vs. $518.76 million expected.

Other stocks expected to report earnings today include:

International Speedway (ISCA) is expected to report second quarter EPS of $0.50 vs. $0.52 a year ago on revenue of $182.3 million vs. $179.6 million a year ago.

Boeing (BA).

Boeing (BA) is up +34.65% year-to-date.

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous -3.0% with purchase sub-index +2.1% and refi sub-index 5.2%.

0730 ET Jun Challenger job cuts, May -41.2% y/y.

0815 ET Jun ADP employment change expected +160,000, May +135,000.

0830 ET Weekly initial unemployment claims expected -1,000 to 345,000, previous -9,000 to 346,000. Weekly continuing claims expected -5,000 at 2.960 million, previous -1,000 to 2.965 million.

0830 ET May trade balance expected -$40.1 billion, Apr -$40.3 billion.

1000 ET Jun ISM non-manufacturing index expected +0.3 to 54.0, May +0.6 to 53.7.

1030 ET EIA Weekly Petroleum Status Report.

1100 ET Treasury announces amounts of 3-year T-notes (previous $32 billion), 10-year T-notes (previous $21 billion) and 30-year T-bonds (previous $13 billion) to be auctioned July 9-11.

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