Market Happenings For Thursday, July 18, 2013

Dow stocks at 52 week highs include Bank of America (BAC),Dupont (DD) and United Technologies (UTX). There are no Dow stock 52 week lows.

The Market

Wednesday the Dow closed up +18.67 (+0.12%) at 15,470.52.

This morning the Dow was indicated to open up +11 points.

Year-to-date the Dow is up +18.06%.

UnitedHealth Group (UNH) reported Q2 EPS of $1.40, well ahead of consensus of $1.25.

Verizon (VZ) reported a 21% jump in quarterly net income compared with the year-ago quarter.

IBM (IBM) is up about 4% in after-hours trading after reporting Q2 EPS of $3.91, higher than consensus of $3.77, and raised its fiscal 2013 EPS view to ‘at least’ $16.90, higher than a previous estimate of $16.70.

American Express (AXP) reported Q2 EPS of $1.27, better than consensus of $1.22.

Intel (INTC) is down about 3% in premarket trading after it reported Q2 EPS of 39 cents, weaker than consensus of 40 cents and also said it sees fiscal 2013 revenue approximately flat year-over-year, weaker than consensus of $53.51 billion.

Bernanke is back for a second day of Congressional testimony and is scheduled to testify before the Senate Banking Committee at 10 a.m. ET. Bernanke appeared before the House Financial Services Committee yesterday and reiterated that the Fed will keep its stimulus policies in place for as long as necessary.

European markets are higher and Asian markets ended mostly lower.

The national average price of gasoline is up 1.2 cents to $3.669 per gallon.

Earnings Reports

So far this quarter we’ve had earnings from Alcoa (AA), JPMorgan (JPM) Coca Cola (KO), Johnson & Johnson (JNJ), Bank of America (BAC), International Business Machines (IBM) and Intel Corp. (INTC).

Earnings still on tap this week include MSFT (Thur), UNH (Thur), VZ (Thur) and GE (Fri). See timing below.

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.

Merck (MRK) reports earnings on 7/30/2013 before the market open.

Pfizer (PFE) reports earnings on 7/30/2013before the market open.

Earnings reports from Wednesday include:

American Express (AXP) reported second quarter EPS of $1.27 vs. $1.22 expected on revenue of $8.24 billion vs. $8.3 billion expected.

Bank of America (AC) reported second quarter EPS of $0.32 vs. $0.25 expected on revenue of $22.9 billion vs. $22.79 billion expected.

IBM (BM) reported second quarter EPS of $3.91 vs. $3.77 expected on revenue of $24.9 billion vs. $25.36 billion expected. The company sees full year EPS at $16.90 vs. the $16.70 estimate.

Intel (INTC) reported second quarter EPS of $0.39, in line, on revenue of $12.8 billion vs. $12.89 billion expected and guided sales for the full year to the lower end of the previous guidance.

eBay (EBAY) reported second quarter EPS of $0.63 vs. $0.64 expected on revenue of $3.87 billion vs. $3.89 billion expected and lowered second quarter guidance.

Sandisk (SNDK) reported second quarter EPS of $1.21 vs. $0.92 expected on revenue of $1.48 billion vs. $1.4 billion expected and posted strong revenue guidance for the next quarter and the full year.

Other stocks expected to report earnings today include:

Dow component UnitedHealth Group (UNH) is expected to report second quarter EPS of $1.25 vs. $1.27 a year ago on revenue of $30.5 billion vs. $27.26 billion a year ago.

Dow component Verizon (VZ) is expected to report second quarter EPS of $0.73 vs. $0.64 a year ago on revenue of $29.82 billion vs. $28.55 billion a year ago.

Dow component Microsoft (MSFT) is expected to report fourth quarter EPS of $0.75 vs. $0.67 a year ago on revenue of $20.79 billion vs. $18.06 billion a year ago.

Google (GOOG) is expected to report second quarter EPS of $10.79 vs. $10.12 a year ago on revenue of $14.42 billion vs. $9.61 billion a year ago.

Johnson Controls (JCI) is expected to report third quarter EPS of $0.75 vs. $0.64 a year ago on revenue of $10.99 billion vs. $10.58 billion a year ago.

Union Pacific (UNP) is expected to report second quarter EPS of $2.35 vs. $2.10 a year ago on revenue of $5.5 billion vs. $5.22 billion a year ago.

E. I. du Pont de Nemours and Company (DD).

E. I. du Pont de Nemours and Company (DD) is up +27.28% year-to-date.

Financial Calendar

0830 ET Weekly initial unemployment claims expected -15,000 to 345,000, previous +16,000 to 360,000. Weekly continuing claims expected -18,000 to 2.959 million, previous +24,000 to 2.977 million.

0830 ET USDA weekly Export Sales.

1000 ET Fed Chairman Ben Bernanke delivers his semi-annual monetary policy report to the Senate Banking Committee.

1000 ET Jul Philadelphia Fed manufacturing index expected -4.5 to 8.0, Jun +17.7 to 12.5.

1000 ET Jun leading indicators expected +0.3%, May +0.1%.

1100 ET Treasury announces amounts of 2-year T-notes (previous $35 billion), 5-year T-notes (previous $35 billion) and 7-year T-notes (previous $29 billion) to be auctioned Jul 23-25.

1300 ET Treasury auctions $13 billion 10-year TIPS.

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