Market Happenings For Thursday, August 22, 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 -105.44 (-0.70%) at 14,897.55.

Year-to-date DJIA is up +13.69%.

This morning the Dow was indicated to open up +52 points.

Hewlett-Packard (HPQ) shares are down big after the company announced its latest earnings on Wednesday, showing that PC sales are still in the dumps.

Labor Department data today showed initial claims for state unemployment benefits climbed 13,000 to 336,000, just above the level expected by economists.

Microsoft (MSFT) was upgraded to “Buy” from “Neutral” at Nomura.

European markets are higher and Asian markets ended mixed.

The national average price of gasoline is up one-tenth of a cent to $3.534 per gallon.

Earnings Reports

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

Earnings reports from Wednesday include:

Hewlett-Packard Co (HPQ) reported third quarter EPS of $0.86 on revenue of $27.20 billion, which was mostly in line with expectations

Lowe’s Companies, Inc. (LOW) reported second quarter EPS of $0.88 on $15.70 billion in revenue, compared to last year’s EPS of $0.65 on revenue of $14.25 billion

Staples, Inc. (SPLS) reported second quarter EPS of $0.16, below expectations of $0.18. Revenue also came in below expectations at $5.31 billion.

Target Corporation (TGT) reported second quarter EPS of $1.19, above expectations of $0.99. Revenue was $17.12 billion, compared to last year’s $16.78 billion

Other stocks expected to report earnings today include:

Aeropostale Inc (ARO) is expected to report a second quarter loss of $0.16 on revenue of $461.22 million.

Abercrombie & Fitch Corporation ( ANF) is expected to report second quarter EPS of $0.31 compared to last year’s $0.20 on revenue of $1.01 billion.

Dollar Tree, Inc. (DLTR) is expected to report second quarter EPS of $0.57 on revenue of $1.86 billion compared to last year’s EPS of $0.51 on $1.70 billion.

Hormel Foods Corporation (HRL) is expected to report third quarter revenue of 2.12 billion compared to last year’s $2.01 billion and EPS of $0.45 vs. last year’s $0.41.

Sears Holdings Corporation (SHLD) is expected to report second quarter revenue of $9.01 billion with a loss of $1.10 compared to last year’s loss of $0.86 on revenue of $9.47 billion.

Ross Stores, Inc. (ROST) is expected to report second quarter EPS of $0.93 on revenue of $2.52 billion, compared to last year’s EPS of $0.81 on $2.34 billion worth of revenue.

Today’s Featured Dow Stock

The Coca-Cola Co. (KO).

The Coca-Cola Co. (KO) is up +5.60% year-to-date.

Financial Calendar

0830 ET Weekly initial unemployment claims expected +10,000 to 330,000, previous -15,000 to 320,000. Weekly continuing claims expected -4,000 to 2.965 million, previous -54,000 to 2.969 million.

0830 ET USDA weekly Export Sales.

0900 ET Jun FHFA purchase only house price index expected +0.6% m/m, May +0.7% m/m. Q2 house price purchase index expected +2.45% q/q, Q21 +1.95% q/q.

1000 ET July leading indicators expected +0.5%, Jun unch.

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 Aug 27-29.

1300 ET Treasury auctions $16 billion 5-year TIPS.

1400 ET Dallas Fed President Richard Fisher speaks at the U.S. Manufacturing Summit in Orlando, FL.

1500 ET USDA July Cold Storage.

n/a Annual Kansas City Fed Jackson Hole Summit begins (Thu-Sat).

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