Market Happenings For Wednesday, October 09, 2013

There are no Dow stocks at 52 week highs. For Dow stock 52 week lows we have International Business Machines (IBM).

The Market

Tuesday the Dow closed down -159.71 (-1.07%) at 14,776.53.

Premarket, the Dow was indicated to open up +33 points.

Year-to-date the Dow is up +12.76%.

Ex-Dow stock Alcoa Inc. (AA) posted net income of $24 million, compared with a loss of $143 million in the third quarter last year. Excluding one-time costs and gains, it would have earned 11 cents per share, beating analysts’ forecast of 5 cents per share. Cash prices for aluminum prices fell 7 percent from a year ago, and Alcoa’s revenue declined 1 percent to $5.77 billion. Premarket, Alcoa shares are up.

Meanwhile back, the government shutdown / debt ceiling blues (woes) continues.

Today, President Obama is expected to announce that Janet Yellen will replace Ben Bernanke as Chairman of the Federal Reserve. Yellen’s new position will need to be approved by the Senate before she will become the first female Fed chief in history.

Wal-Mart Stores (WMT) and Bharti Enterprises announced on today that the two will part ways from their Indian joint venture and will operate separately in the country. Wal-Mart’s growth in India has been difficult as the company faced challenges like the nation’s foreign investment rules and an international bribery probe. Moving forward, Wal-Mart will acquire Bharti’s 50 percent stake in the joint venture and run its 20 Indian stores independently.

Today we get the minutes of the Federal Reserve’s most recent policy meeting.

European markets are lower and Asian markets ended mostly higher.

The national average price of gasoline is up five-tenths of a cent to $3.354 per gallon.

Earnings Reports

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

Coca Cola (KO) will report earnings on 10/15/13 before the market open.

Johnson & Johnson (JNJ) will report earnings on 10/15/13 before the market open.

Intel (INTC) will report earnings on 10/15/13 after the market close.

American Express (AXP) will report earnings on 10/16/13 after the market close.

International Business Machines (IBM) will report earnings on 10/16/13 after the market close.

Goldman Sachs (GS) reports earnings on 10/17/13 before the market open.

UnitedHealth (UNH) reports earnings on 10/17/13 before the open.

Verizon (VZ) reports earnings on 10/17/13 before the market open.

General Electric (GE) reports earnings on 10/18/13 before the market open.

McDonald’s (MCD) reports earnings 10/21/13 before the market open.

Earnings reports from Tuesday include:

Alcoa Inc. (AA) reported EPS of $0.11 on revenue of $5.77 billion, compared to last year’s EPS of $0.03 on revenue of $5.83 billion.

Yum! Brands, Inc (YUM) reported EPS of $0.85 on revenue of $3.47 billion, compared to last year’s EPS of $0.99 on revenue of $3.5 billion.

Other stocks expected to report earnings today include:

ADTRAN, Inc. (ADTN) is expected to report EPS of $0.22, compared to last year’s EPS of $0.17.

Del Frisco’s Restaurant Group, Inc. (DFRG) is expected to report EPS of $0.11 on revenue of $55.07 million, compared to last year’s EPS of $0.10 on revenue of $47.89 million.

Family Dollar Stores, Inc. (FDO) is expected to report EPS of $0.85 on revenue of $2.56 billion, compared to last year’s EPS of $0.75 on revenue of $2.36 billion.

Progressive Corporation (PGR) is expected to report EPS of $0.36 on revenue of $4.48 billion, compared to last year’s EPS of $0.27 on revenue of $4.24 billion.

RPM International Inc (RPM) is expected to report EPS of $0.71 on revenue of $1.13 billion, compared to last year’s EPS of $0.64 on revenue of $1.05 billion.

Today’s Featured Dow Stock

UnitedHealth Group Inc. (UNH)

UnitedHealth Group Inc. (UNH) is up +31.78% year-to-date.

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous -0.4% with purchase sub-index -5.6% and refi sub-index +3.1%.

0830 ET IMF releases its Global Financial Stability Report.

1000 ET Aug wholesale inventories expected +0.3%, July +0.1%. Aug wholesale trade sales expected +0.3%, July +0.1% (subject to postponement).

1000 ET Chicago Fed President Charles Evans speaks at an event in Washington D.C. on Unconventional Monetary Policies and their Cross-Country Spillovers.

1030 ET EIA Weekly Petroleum Status Report.

1300 ET Treasury auctions $21 billion 10-year T-notes.

1400 ET Minutes of the Sep 17-18 FOMC meeting.

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