Market Happenings For Thursday, July 11, 2013

Dow stocks at 52 week highs include Boeing (BA), Cisco (CSCO), Hewlett-Packard (HPQ), 3M (MMM) and United Technologies (UTX). There are no Dow stock 52 week lows.

The Market

Wednesday the Dow closed down -8.68 (-0.06%) at 15,291.66.

This morning the Dow was indicated to open up +80 points.

Yesterday Bernanke said monetary policy would remain “highly accommodative” for the foreseeable future.

Microsoft (MSFT) announced a widely-anticipated reorganization of it’s business operations, including a shakeup of high-level managers.

The Dow is up +16.69% year-to-date.

Looks like the Dow will print new record highs today.

European markets are higher and Asian markets ended higher.

The national average price of gasoline is up seven-tenths of a cent to $3.508 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.

McDonald’s (MCD) reports earnings on 7/22/2013 before the market open.

Earnings reports from Wednesday include:

Yum! Brands (YUM) reported second quarter EPS of $0.56 vs. $0.54 expected on revenue of $2.9 billion vs. $2.93 billion expected. The company also announced that it was reaffirming full year guidance despite second quarter China comps were down 20 percent but said that Chinese comps in the fourth quarter “could be positive.”

Family Dollar (FDO) reported third quarter EPS of $1.05 vs. $1.03 expected on revenue of $2.57 billion, in line. Family Dollar narrowed its full-year earnings forecast to $3.77 to $3.82 per share, versus its earlier view of $3.73 to $3.93 per share.

Fastenal (FAST) reported second quarter EPS of $0.41, in line, on revenue of $847.6 million vs. $857.13 million expected.

MSM Industrial (MSM) reported third quarter EPS of $1.05 vs. $0.97 on revenue of $636.9 million vs. $635.18 million. However, guidance for the fourth quarter was weak with the company seeing EPS of $0.87-0.91 vs. $1.01 estimate and revenue of $661-673 million vs. $687.73 million estimate.

PriceSmart (PSMT) reported third quarter EPS of $0.61 vs. $0.64 on revenue of $571.1 million vs. $568.33 million.

Other stocks expected to report earnings today include:

Commerce Bancshares (CBSH) is expected to report second quarter EPS of $0.71 vs. $0.76 a year ago on revenue of $262.43 million vs. $265.92 million a year ago.

Verizon (VZ).

Verizon (VZ) is up +16.80% year-to-date.

Financial Calendar

0830 ET Weekly initial unemployment claims expected -3,000 to 340,000, previous -5,000 to 343,000. Weekly continuing claims expected +22,000 to 2.955 mln, previous -54,000 to 2.933 mln.

0830 ET Jun import price index expected unch m/m and +0.4% y/y, May -0.6% m/m and -1.9% y/y.

0830 ET USDA weekly Export Sales.

1100 ET Treasury announces amount of 10-year TIPS to be auctioned July 18 (previous $13 billion).

1200 ET July WASDE crop production report.

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

1400 ET Jun monthly budget statement expected +$100.0 billion, May -$138.732 billion..

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