The Dow Market Happenings For Thursday, August 15, 2013

There are no Dow stocks at 52 week highs. There are no Dow stock 52 week lows.

The Market

Wednesday the Dow closed down -113.35 (-0.73%) at 15,337.66.

Year-to-date DJIA is up +17.04%..

This morning the Dow was indicated to open down -115 points.

The Labor Department reported initial claims for state unemployment benefits dropped 15,000 to a seasonally adjusted 320,000, the lowest level since October 2007. Expectations were for 335,000.

The Labor Department also said its Consumer Price Index rose 0.2 percent as the cost of goods and services ranging from tobacco to apparel and food increased. The CPI had increased 0.5 percent in June. July’s increase in consumer inflation was in line with economists’ expectations. In the 12 months through July, the CPI advanced 2.0 percent, the largest increase since February, after increasing 1.8 percent in June.

Cisco (CSCO) was down 8% in after-hours trading even after it reported Q4 EPS of 52 cents, better than consensus of 51 cents. The company said revenue for the current quarter through October will be $12.2 billion to $12.5 billion, below consensus of $12.5 billion. Cisco also said that it will reduce its workforce by approximately 4,000 employees starting in Q1 of 2014.

Wal-Mart (WMT) fell in premarket trading after it reported Q2 EPS of $1.25, right on expectations, but then lowered guidance on fiscal 2013 EPS to $5.10 to $5.30 from $5.20 to $5.40, below consensus of $5.30.

Intel (INTC) was downgraded to “Neutral” from “Outperform” at RW Baird.

European markets were lower and Asian markets ended lower.

The national average price of gasoline is unchanged at $3.539 per gallon.

Earnings Reports

Wal-Mart Stores Inc. (WMT) reports earnings on 8/15/2013 before the market open.

Home Depot reports earnings on 8/20/2013 before the market open.

Hewlett-Packard reports earnings on 8/21/2013 after the market close.

Earnings reports from Wednesday include:

Cisco (CSCO) reported fourth quarter EPS of $0.52 vs. $0.51 expected on revenue of $12.42 billion vs. $12.4 billion expected. However, the company announced it was cutting 4,000 jobs and will see charges from the layoffs, which led the company to guide Q1 EPS between $0.50-0.51 vs. the consensus estimate of $0.51. The company also guided revenue lower than expected and sees revenue between $12.23 billion and $12.47 billion vs. the consensus forecast of $12.46 billion.

Deere and Co. (DE) reported third quarter EPS of $2.56 vs. $2.16 expected on revenue of $10.0 billion vs. $9.28 billion expected.

Macy’s (M) reported second quarter EPS of $0.72 vs. $0.79 expected on revenue of $6.07 billion vs. $6.28 billion expected.

Silver Wheaton (SLW) reported second quarter EPS of $0.20 vs. $0.26 expected on revenue of $166.9 million vs. $194.17 million expected.

NetApp (NTAP) reported first quarter EPS of $0.53 vs. $0.49 expected on revenue of $1.52 billion vs. $1.53 billion expected. The company also guided second quarter EPS between $0.60-0.65 vs. the consensus estimate of $0.63 and revenue between $1.56-1.66 billion vs. the estimate $1.63 billion.

Other stocks expected to report earnings today include:

Wal-Mart (WMT) is expected to report second quarter EPS of $1.25 vs. $1.18 a year ago on revenue of $119.7 billion vs. $114.3 billion a year ago.

Kohl’s Corp. (KSS) is expected to report second quarter EPS of $1.05 vs. $1.00 a year ago on revenue of $4.3 billion vs. $4.2 billion a year ago.

Perigo (PRGO) is expected to report fourth quarter EPS of $1.56 vs. $1.28 a year ago on revenue of $1.00 billion vs. $831.77 million a year ago.

McDonald’s Corp. (MCD).

McDonald’s Corp. (MCD) is up +8.96% year-to-date.

Financial Calendar

0815 ET St. Louis Fed President James Bullard speaks on the U.S. economy and monetary policy at an event in Louisville, KY.

0830 ET Weekly initial unemployment claims expected +2,000 to 335,000, previous +5,000 to 333,000. Weekly continuing claims expected -18,000 to 3.000 million, previous +67,000 to 3.018 million.

0830 ET July CPI expected +0.2% m/m and +2.0% y/y, Jun +0.5% m/m and +1.8% y/y. July CPI ex food & Energy expected +0.2% m/m and +1.7% y/y, Jun +0.2% m/m and +1.6% y/y.

0830 ET Aug Empire manufacturing index expected +0.54 to 10.00, July +1.62 to 9.46.

0830 ET USDA weekly Export Sales.

0915 ET July industrial production expected +0.3%, Jun +0.3%. July manufacturing production expected +0.2% m/m, June +0.3% m/m. July capacity utilization expected +0.1 to 77.9%, Jun 77.8%.

1000 ET Aug NAHB housing market index expected unch at 57, July +6 to 57.

1000 ET Aug Philadelphia Fed manufacturing index expected -4.8 to 15.0, July +7.3 to 19.8.

1100 ET Treasury announces amount of 5-year TIPS to be auctioned Aug 22 (previous $18 billion).

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