JPMorgan Reports Earnings: Market Happenings For Friday, July 12, 2013

Dow stocks at 52 week highs include Boeing (BA), Cisco (CSCO), 3M (MMM), United Technologies (UTX) and Exxon Mobil (XOM). There are no Dow stock 52 week lows.

The Market

Thursday the Dow closed up +169.26 (+1.11%) at 15,460.92.

This morning the Dow was indicated to open up +7 points.

JPMorgan Chase (JPM) reported earnings of $6.1 billion in the second quarter after stripping out payments to preferred shareholders. That was up 32 percent from the same period a year ago, when it made $4.6 billion. Profits in the year-ago period were affected by a trading loss. Earnings were equivalent to $1.60 per share, exceededing the estimates of $1.44 per share. Revenue in the period grew by 14 percent to $25.2 billion as compared with $24.9 billion forecast by analysts.

Federal Reserve chairman Ben Bernanke’s speech on Wednesday, where he said monetary policy would remain “highly accommodative” for the foreseeable future has helped push the Dow Jones industrial average to yesterdays record closing high of 15,460.99. The S&P 500 also closed with a record high of 1675.03, breaking the previous record 1669.16, set on May 22. The Nasdaq hit its highest level in over a decade.

Pfizer (PFE) was downgraded to “Hold” from “Buy” at Jefferies.

The Verge reported that Microsoft (MSFT) is planning to cut the price of its Surface RT tablets by $150 off the price of each model in a move that could occur as soon as next week.

The Dow is up +17.99% year-to-date.

European markets are mostly higher and Asian markets ended mostly lower.

The national average price of gasoline is up 3.2 cents to $3.550 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.

Dupont (DD) reports earnings on 7/23/2013 before the market open.

AT&T (T) reports earnings on 7/23/2013 after the market close.

The Travelers Company (TRV) reports earnings on 7/23/2013 before the market open.

United Technologies (UTX) reports earnings on 7/23/2013 before the market open.

Caterpillar (CAT) reports earnings on 7/24/2013 before the market open.

Earnings reports from Thursday include:

Commerce Bancshares (CBSH) reported second quarter EPS of $0.72 vs. $0.71 on revenue of $262.13 million vs. $262.43 million expected.

Other stocks expected to report earnings today include:

J.P. Morgan Chase and Co. (JPM) is expected to report Q2 EPS of $1.44 vs. $1.21 a year ago on revenue of $24.84 billion vs. $22.89 billion a year ago.

Wells Fargo (WFC) is expected to report second quarter EPS of $0.93 vs. $0.82 a year on revenue of $21.21 billion vs. $21.29 billion a year ago.

Webster Financial Corp. (WBS) is expected to report second quarter EPS of $0.48 vs. $0.44 a year ago on revenue of $147.63 million vs. $144.38 million a year ago.

Infosys (NFY) is expected to report first quarter EPS of $0.70 vs. $0.73 on revenue of $1.93 billion vs. $1.75 billion a year ago.

Procter & Gamble Co. (PG).

Procter & Gamble Co. (PG) is up +18.97% year-to-date.

Financial Calendar

0830 ET Jun PPI expected +0.5% m/m and +2.1% y/y, May +0.5% m/m and +1.7% y/y. Jun PPI ex food & energy expected +0.1% m/m and +1.6% y/y, May +0.1% m/m and +1.7% y/y.

0955 ET Preliminary-July U.S consumer confidence (University of Michigan) expected +0.6 to 84.7, Jun -0.4 to 84.1.

1715 ET San Francisco Fed President John Williams will take questions at the Plenary Session for Computational Economics in Vancouver, B.C. on a paper titled A Defense of Moderation in Monetary Policy.

n/a Philadelphia Fed President Charles Plosser and St. Louis Fed President Jim Bullard speak on a panel discussion about the Fed at the Rocky Mountain Economic Summit in Jackson Hole, WY.

Both comments and pings are currently closed.

Comments are closed.


Warning: Invalid argument supplied for foreach() in /home/customer/www/dow-jones-djia.com/public_html/wp-includes/script-loader.php on line 2781