Market Happenings For Monday, September 30, 2013

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

The Market

Friday the Dow closed down -70.06 (-0.46%) at 15,258.24.

Premarket, the Dow was indicated to open down -145 points.

Last week DJIA was down -1.2% and S&P 500 -1.1%. Nasdaq was up +0.2% and the Russell 2000 was unchanged.

Year-to-date DJIA is up +16.4%, Nasdaq +25.2%, S&P 500 +18.6% and Russell 2000 +26.5%.

Today we have a looming government shutdown at midnight tonight, eastern time I’d guess. This will be the first partial shutdown in 17 years. There will be an economic hit as some government employees are put on unpaid leave and non-essential government services close. If Congress fails to pass a stopgap spending bill before funding expires tonight, a shutdown would send 800,000 federal workers home tomorrow.

The U.S. also is near its debt ceiling, a limit on the amount it can borrow. If the government hits its debt ceiling in mid-October, it will not be able to pay its bills and will default, though many believe a last-minute solution will be found.

Ex-Dow stock Bank of America Corporation (BAC) is down in premarket trade, adding to its -3.74% loss over the past week.

European markets are lower and Asian markets ended mostly lower.

The national average price of gasoline is down 2.3 cents over the weekend to $3.399 per gallon.

Earnings Reports

There are no Dow stocks set to report earnings this coming week.

Former Dow stock Alcoa (AA) will report earnings on 10/8/13 after the market close.

Earnings reports from Friday include:

BlackBerry (BBBY) reported a loss of $0.47 per share on revenue of $1.60 billion, compared to last year’s loss of $0.27 per share on revenue of $2.87 billion.

Vail Resorts, Inc. (MTN) reported a loss of $1.67 on revenue of $112.31 million, compared to last year’s loss of $1.50 on revenue of $113.54 million.

Other stocks expected to report earnings today include:

Park Electrochemical (PKE) is expected to report EPS of $0.29 on revenue of $46.48 million, compared to last year’s EPS of $0.28 on revenue of $46.43 million.

OMNOVA Solutions Inc. (OMN) is expected to report EPS of $0.22 on revenue of $277.00 million, compared to last year’s EPS of $0.16 on revenue of $288.20 million.

Today’s Featured Dow Stock

Microsoft Corp. (MSFT)

Microsoft Corp. (MSFT) is up +24.56 year-to-date.

Financial Calendar

0945 ET Sep Chicago PMI expected +1.3 to 54.3, Aug +0.7 to 53.0.

1100 ET USDA weekly grain export inspections.

1600 ET USDA Crop Progress.

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