Market Happenings For Monday, August 26, 2013

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

The Market

Friday the Dow closed up +46.77 (+0.31%) at 15,010.51.

Last weeek DJIA was down -0.5%. Nasdaq was up +1.5%, S&P 500 +0.5% and Russell 2000 +1.4%.

Year-to-date DJIA is up +14.5%, Nasdaq +21.1%, S&P 500 +16.6% and Russell 2000 +22.2%.

This morning the Dow was indicated to open down -25 points.

The Commerce Department today said durable goods orders dropped 7.3 percent as demand for goods ranging from aircraft to computers and defense equipment fell. This is the biggest decline since last August and snapped three consecutive months of gains. Economists had expected durable goods orders to fall 4.0 percent.

Amgen (AMGN) announced it is buying Onyx Pharmaceuticals Inc. (ONXX) for $10.4-billion ($125/share) nearly two months after first floating an offer for its smaller competitor. The news has Onyx up nearly 6% in early trading, and Amgen up more than 5%.

Boeing (BA) was awarded a multi-year government contract worth $904.42 million for 36 new Block III Apache Helicopters for the Republic of Korea.

Exxon Mobile (XOM) shares are up in premarket trade after the company agreed on Friday to pay $2.4 million in fines for violations at its Baton Rouge plants.

European markets are lower and Asian markets ended mixed.

The national average price of gasoline is up five-tenths of a cent to $3.541 per gallon since Friday.

Earnings Reports

There are no Dow stocks expected to report earnings soon.

Earnings reports from Thursday include:

ANN INC. (ANN) reported second quarter EPS of $0.76 on revenue of $638.20 million, compared to last year’s EPS of $0.66 on $594.87 million worth or revenue.

Foot Locker (FL) reported second quarter EPS of $0.45, just short of expectations. The company’s revenue was $1.45 billion, in line with expectations.

Other stocks expected to report earnings today include:

The are no companies of note expected to report earnings today.

Today’s Featured Dow Stock

United Technologies Corp. (UTX).

United Technologies Corp. (UTX) is up +12.16% year-to-date.

Financial Calendar

0830 ET July durable goods orders expected -4.0% and +0.5% ex-transportation, Jun +3.9% and -0.1% ex-transportation.

1100 ET USDA weekly grain export inspections.

1600 ET USDA Crop Progress.

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