Market Happenings For Wednesday, October 02, 2013

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

The Market

Tuesday the Dow closed up +62.03 (+0.41%) at 15,191.70.

Premarket, the Dow was indicated to open down -85 points.

Year-to-date the Dow is up +15.93%.

Congress is unable to agree on a deal to fund the government past Monday and more than 800,000 federal workers are being furloughed without pay this week. In addition, government agencies are curtailing their services, and federal museums, parks and monuments are closed to the public. On top of that is the debt ceiling. Our politicians are worthless.

Payroll processor ADP’s monthly report on private-sector jobs showed that the U.S. added 166,000 jobs in September, slightly below expectations.

A few weeks ago Microsoft CEO Steve Ballmer announced his upcoming retirement, now rumors are swirling that some of the company’s investors are lobbying the board to pressure Bill Gates to do the same to allow the new CEO the freedom to make substantial changes.

Former Dow stock Alcoa (AA) was downgraded to “Sell” from “Hold” at Deutsche Bank.

European markets are lower and Asian markets ended mixed with the Shanghai Stock Exchange closed for the National Day celebration.

The national average price of gasoline is down eight-tenths of a cent to $3.385 per gallon.

Earnings Reports

JPMorgan (JPM) will report earnings on 10/11/13 before the market open.

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

Earnings reports from Tuesday include:

Actuant Corporation (ATU) reported EPS of $0.50 on revenue of $327.26 million, compared to last year’s EPS of $0.86.

Walgreen Co. (WAG) reported EPS of $0.73 on revenue of $17.94 billion, compared to last year’s EPS of $0.63 on revenue of $10.07 billion.

Other stocks expected to report earnings today include:

Monsanto Company (MON) is expected to report a loss of $0.43 per share on revenue of $2.24 billion, compared to last year’s loss of $0.44 per share on revenue of $2.11 billion.

Texas Industries, Inc. (TXI) is expected to report EPS of $0.01 on revenue of $233.6 million, compared to last year’s loss of $0.09 per share on revenue of $191.81 million.

Today’s Featured Dow Stock

Pfizer Inc. (PFE)

Pfizer Inc. (PFE) is up +15.19 year-to-date.

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous +5.5% with purchase sub-index +6.6% and refi sub-index +4.9%.

0815 ET Sep ADP employment change expected +180,000, Aug +176,000.

1030 ET EIA Weekly Petroleum Status Report.

1200 ET Boston Fed President Eric Rosengren speaks on the economy at an event sponsored by the New England Federal Credit Union and Lake Champlain Regional Chamber.

1530 ET Fed Chairman Ben Bernanke speaks at the St. Louis Fed conference on Community Banking in the 21st Century.

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