Market Happenings For Thursday, September 05, 2013

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

The Market

Wednesday the Dow closed up +96.91 (+0.65%) at 14,930.87.

Year-to-date the Dow is up +13.94%..

This morning the Dow was indicated to open down -10 points.

The number of Americans filing new claims for jobless benefits fell last week to a near five-year low. The Labor Department today said initial claims for state unemployment benefits slipped 9,000 to a seasonally adjusted 323,000. Claims for the prior week were revised to show 1,000 more applications received than previously reported. Claims are now near their levels in January 2008, the early days of the 2007-09 recession. The lowest level this year was 322,000 earlier this month. Economists had expected first-time applications to fall to 330,000 last week. The four-week moving average for new claims fell to its lowest level since October 2007, before the recession began. This measure, which is closely followed because it irons out week-to-week volatility, dipped 3,000 to 328,500.

According to ADP, U.S. private employers added 176,000 jobs in August, nearly matching economists’ expectations for the month. Economists had forecast the ADP National Employment Report would show a gain of 180,000 jobs. July’s private payrolls gains were revised to 198,000 from the previously reported 200,000.

Friday we get the monthly jobs report, which is expected to show employers outside the farming sector added 180,000 jobs to their payrolls in August.

The NY Times reports that President Obama prefers to nominate Larry Summers as the next Fed chairman.

European markets are higher and Asian markets ended mixed.

The national average price of gasoline is down two-tenths of a cent to $3.587 per gallon.

Earnings Reports

There are no Dow stocks expected to report earnings soon.

Earnings reports from Wednesday include:

CIENA Corporation (CIEN) reported third quarter EPS of $0.23 on revenue of $538.40 million, beating expectations of EPS of $0.16 on revenue of $532.28 million.

Dollar General Corporation (DG) reported second quarter EPS of $0.75 on revenue of 4.39 billion, beating expectations of EPS of $0.75 on revenue of $4.36 billion.

Navistar International (NAV) reported a third quarter loss of $2.94 per share on revenue of $2.86 billion, compared to expectations of a loss of $1.30 per share on revenue of $2.92 billion.

Other stocks expected to report earnings today include:

Finisar Corporation (FNSR) is expected to report first quarter EPS of $0.31 on revenue of $266.04 million, compared to last year’s EPS of $0.12 on revenue of $220.53 million.

Verifone Systems, Inc. (PAY) is expected to report third quarter earnings of $0.49 on revenue of $9.66 billion, compared to last year’s EPS of $0.73 on revenue of $9.35 billion.

UTi Worldwide Inc. (UTIW) is expected to report second quarter EPS of $0.14 on revenue of $1.15 billion, compared to last year’s EPS of $0.20 on revenue of $1.16 billion.

Today’s Featured Dow Stock

AT&T Inc. (T).

AT&T Inc. (T) is up +0.09% year-to-date.

Financial Calendar

0815 ET Aug ADP employment change expected +180,000, July +200,000.

0830 ET Weekly initial unemployment claims expected -1,000 to 330,000, previous -6,000 to 331,000. Weekly continuing claims expected -5,000 to 2.984 million, previous -14,000 to 2.989 million.

0830 ET Revised Q2 non-farm productivity expected +1.6%, previous +0.9%. Revised Q2 unit labor costs expected +0.9%, previous +1.4%.

0900 ET Minneapolis Fed President Narayana Kocherlakota speaks at the Economic Indicator Breakfast at the University of Wisconsin Lacrosse.

1000 ET July factory orders expected -3.4%, Jun +1.5%.

1000 ET Aug ISM non-manufacturing index expected -1.0 to 55.0, July +3.8 to 56.0.

1100 ET EIA Weekly Petroleum Status Report.

1100 ET Treasury announces amounts of 3-year T-notes (previous $32 billion), 10-year T-notes (previous $24 billion), and 30-year T-bonds (previous $16 billion) to be auctioned Sep 10-12.

n/a G-20 leaders begin a 2-day summit in St. Petersburg, Russia.

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