Alcoa Reports Earnings: Market Happenings For Tuesday, July 09, 2013

Dow stocks at 52 week highs include Boeing (BA), Hewlett-Packard (HPQ) and UnitedHealth (UNH). There are no Dow stock 52 week lows.

The Market

Monday the Dow closed up +88.85 (+0.59%) at 15,224.69.

This morning the Dow was indicated to open up +30 points.

Alcoa Inc. (AA) lost $119 million in the second quarter, compared with a loss of $2 million a year earlier. Revenue fell 2 percent on lower aluminum prices. Results still beat Wall Street expectations. Excluding $195 million in restructuring and legal-expense items, the company said it would have earned $0.07 per share, a penny better than $0.06 analysts expected.

DuPont (DD) was downgraded to “Neutral” from “Outperform” at Macquarie.

Hewlett-Packard (HPQ) was upgraded to “Buy” from “Hold” at Brean Capital with a price target of $32.

IBM (IBM) was downgraded to “Neutral” from “Buy” at Goldman who lowered their price target on the stock to $200 from $220.

European markets are mostly higher and Asian markets ended higher.

The national average price of gasoline is up nine-tenths of a cent to $3.483 per gallon.

Earnings Reports

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.

American Express (AXP) reports earnings on 7/17/2013 after the market close.

Bank of America (BAC) reports earnings on 7/17/2013 before the market open.

International Business Machines (IBM) reports earnings on 7/17/2013 after the market close.

Intel Corp. (INTC) reports earnings on 7/17/2013 after the market close.

Microsoft (MSFT) reports earnings on 7/18/2013 after the market close.

Verizon (VZ) reports earnings on 7/18/2013 before the market open

General Electric (GE) reports earnings on 7/19/2013 before the market open.

Earnings reports from Monday include:

Alcoa (AA) reported second quarter adjusted EPS of $0.07 vs. $0.06 expected on revenue of $5.85 billion vs. $5.83 billion expected.

WD 40 Company (WDFC) reported third quarter EPS of $0.66 vs. $0.56 expected on revenue of $93.1 million vs. $89.45 million expected.

Other stocks expected to report earnings today include:

ADTRAN (ADTN) is expected to report second quarter EPS of $0.16 vs. $0.33 a year ago on revenue of $154.16 million vs. $184.00 million prior.

Healthcare Services Group (HCSG) is expected to report second quarter EPS of $0.20 vs. $0.17 a year ago on revenue of $281.77 million vs. $267.11 million a year ago.

Wolverine World Wide (WWW) is expected to report second quarter EPS of $0.34 vs. $0.48 a year ago on revenue of $591.03 million vs. $312.72 million a year ago.

Bank of America (BAC).

Bank of America (BAC) is up +14.38% year-to-date.

Financial Calendar

0930 ET IMF releases global economic forecasts and World Economic Outlook update.

1300 ET Treasury auctions $32 billion in 3-year T-notes.

1630 ET API weekly U.S. oil statistics.

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