Market Happenings For Friday, September 06, 2013

Dow stocks at 52 week highs included UnitedHealth (UNH) this morning, for a while anyway. There are no Dow stock 52 week lows.

The Market

Year-to-date the Dow is up +13.99%..

This morning the Dow was indicated to open up +75 points but quickly turned south after the open.

U.S. job growth was less than expected in August and the unemployment rate dropped to a 4-1/2 year low of 7.3% as workers gave up the search for work, which could delay the Federal Reserve scaling back its massive monetary stimulus later this month. Nonfarm payrolls increased 169,000 last month, less than the 180,000 expected. The unemployment rate at 7.3 percent, is the lowest since December 2008. Not only was hiring less than expected last month, the job count for June and July was revised to show 74,000 fewer positions added that previously reported.

European markets are lower and Asian markets ended mixed.

The national average price of gasoline is down three-tenths of a cent to $3.584 per gallon.

Earnings Reports

There are no Dow stocks expected to report earnings soon.

Earnings reports from Thursday include:

Finisar Corporation (FNSR) reported first quarter EPS of $0.31 on revenue of $266.10 million, in line with expectations.

Verifone Systems, Inc. (PAY) reported third quarter EPS of $0.24 on revenue of $416.00 million, compared to expected EPS of $0.25 on revenue of $400.83 million.

Smith & Wesson Holding Corporation (SWHC) reported first quarter EPS of $0.40 on revenue of $171.02 million, compared to expected EPS of $0.36 on revenue of $165.02 million.

Other stocks expected to report earnings today include:

UTi Worldwide Inc. (UTIW) is expected to release 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

Bank of America Corp. (BAC).

Bank of America Corp. (BAC) is up +23.77% year-to-date.

Financial Calendar

0800 ET Chicago Fed President Charles Evans speaks at the AgFirst Farm Credit Bank 2013 Summit.

0830 ET Aug non-farm payrolls expected +180,000, July +162,000. Aug private payrolls expected +180,000, July +161,000. Aug manufacturing payrolls expected +5,000, July +6,000. Aug unemployment rate expected unch at 7.4%, July -0.2 to 7.4%.

0830 ET Aug avg hourly earnings expected +0.2% m/m, July -0.1% m/m and +1.9% y/y. Aug avg weekly hours expected +0.1 to 34.5 hours, July 34.4 hours.

0830 ET USDA weekly Export Sales.

1330 ET Kansas City Fed President Esther George speaks on the economy at the Kansas City Feds Business Leaders Luncheon.

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