Market Happenings For Monday, July 15, 2013

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

The Market

Friday the Dow closed up +3.38 (+0.02%) at 15,464.30.

This morning the Dow was indicated to open up +14 points.

China’s economy grew at a slower pace in the second quarter with gross domestic product expanding by 7.5% over the previous year, matching the government’s performance target and consensus estimate from private forecasters. China has averaged growth of around 10% a year in the past three decades.

After the close Friday, AT&T (T) announced its intention to acquire Leap Wireless (LEAP) for $15 per share in cash plus the proceeds of the sale of bandwidth in Chicago.

U.S. retail sales grew 0.4% in June, according to the Commerce Department. Forecasts were for a 0.7% rise.

Boeing’s (BA) stock edged up after British investigators said that a Dreamliner fire at London Heathrow Airport last Friday was not linked to its batteries, which have created problems in the past.

Last week DJIA was up +2.2%, Nasdaq +3.5%, S&P 500 +3.0% and Russell 2000 +3.1%.

Year-to-date DJIA is up +18.0%, Nasdaq +19.2%, S&P 500 +17.8% and Russell 2000 +22.0%.

European markets are mostly higher and Asian markets ended higher.

The national average price of gasoline over the weekend is up 6.3 cents to $3.613 per gallon.

Earnings Reports

So far this quarter we’ve had earnings from Alcoa (AA) and JPMorgan (JPM).

This week we’ll be treated to earnings reports from JNJ, KO, AXP, BAC, IBM, INTC, MSFT, UNH, VZ and GE. See dates and timing below.

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.

UnitedHealth (UNH) will report earnings on 7/18/2013 before the market open.

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.

Boeing (BA) reports earnings on 7/24/2013 before the market open.

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

3M (MMM) reports earnings on 7/25/2013 before the market open.

Earnings reports from Friday include:

Infosys (INFY) reported first quarter EPS of $0.73 vs. $0.70 a expected on revenue of $1.99 billion vs. $1.95 billion.

J.P. Morgan Chase & Co. (JPM) reported adjusted second quarter EPS of $1.45, in line, on revenue of $25.12 billion vs. $25.73 billion expected.

Wells Fargo (WFC) reported second quarter EPS of $0.98 vs. $0.93 on revenue of $21.4 billion vs. $21.16 billion.

United Parcel Service (UPS) pre-reported second quarter EPS of $1.13 vs. $1.20 expected.

Other stocks expected to report earnings today include:

Citigroup (C) is expected to report second quarter EPS of $1.18 vs. $1.00 a year ago on revenue of $19.79 billion vs. $18.64 billion a year ago.

Gardner Denver (GDI) is expected to report second quarter EPS of $1.28 vs. $1.53 a year ago on revenue of $561.49 million vs. $613.01 million a year ago.

Wynn Resorts (WYNN) is expected to report second quarter EPS of $1.58 vs. $1.38 a year ago on revenue of $1.34 billion vs. $1.25 billion a year ago.

3M (MMM).

3M (MMM) is up +24.01% year-to-date.

Financial Calendar

0830 ET Jul Empire manufacturing index expected -2.84 to 5.00, Jun +9.27 to 7.84.

0830 ET Jun retail sales expected +0.8% and +0.5% less autos, May +0.6% and +0.3% less autos.

1000 ET May business inventories expected unchanged, Apr +0.3%

1100 ET USDA weekly grain export inspections.

1600 ET USDA Crop Progress.

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