Market Happenings For Thursday, October 10. 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 +26.45 (+0.18%) at 14,802.98.

Premarket, the Dow was indicated to open up +96 points.

Year-to-date the Dow is up +12.96%.

Looks like our wonderful government leaders are working on a proposal to raise the debt ceiling temporarily, while the government would remain partially shut down and buy time for negotiations on the budget impasse.

Today, U.S. Treasury Secretary Jack Lew said that gridlock in Washington was hurting the U.S. economy and urged Congress to raise a cap on government borrowing to keep America from defaulting on its debt.

European markets are higher and Asian markets ended mixed.

The national average price of gasoline is down three-tenths of a cent to $3.351 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.

Dupont (DD) will report earnings on 10/22/13 before the market open.

The Travelers Company (TRV) will report earnings on 10/22/13 before the market open.

United Technologies (UTX) will report earnings on 10/22/13 before the market open.

Earnings reports from Wednesday include:

Del Frisco’s Restaurant Group, Inc. (DFRG) reported EPS of $0.10 on revenue of $52.20 million, compared to last year’s EPS of $0.10 on revenue of $47.89 million.

Family Dollar Stores, Inc. (FDO) reported EPS of $0.86 on revenue of $2.50 billion, compared to last year’s EPS of $0.75 on revenue of $2.36 billion.

Progressive Corporation (PGR) reported EPS of $0.39, compared to last year’s EPS of $0.27 on revenue of $4.24 billion.

RPM International Inc (RPM) reported EPS of $0.77 on revenue of $1.16 billion, compared to last year’s EPS of $0.64 on revenue of $1.05 billion.

Other stocks expected to report earnings today include:

Lindsay Corporation (LNN) is expected to report EPS of $0.91 on revenue of $155.69 million, compared to last year’s EPS of $0.68 on revenue of $127.82 million.

Marriot Vacations Worldwide Corporation (VAC is expected to report EPS of $0.39 on revenue of $400.32 million, compared to last year’s EPS of $0.23 on revenue of $383.00 million.

Micron Technology, Inc. (MU) is expected to report EPS of $0.24 on revenue of $2.70 billion, compared to last year’s loss of $0.24 per share on revenue of $1.96 billion.

Safeway Inc. (SWY) is expected to report EPS of $0.16 on revenue of $8.52 billion, compared to last year’s EPS of $0.16 on revenue of $10.05 billion.

Today’s Featured Dow Stock

Verizon Communications Inc. (VZ)

Verizon Communications Inc. (VZ) is up +6.77% year-to-date.

Financial Calendar

0830 ET Weekly initial unemployment claims expected +2,000 to 310,000, previous +1,000 to 308,000. Weekly continuing claims expected -62,000 to 2.863 million, previous +104,000 to 2.925 million.

0830 ET USDA weekly Export Sales.

0830 ET Treasury Secretary Jacob Lew testifies before the Senate Finance Committee on the debt limit.

0945 ET St. Louis Fed President James Bullard makes opening remarks on monetary policy at his banks annual policy research conference.

1300 ET Treasury auctions $13 billion 30-year T-bonds.

1430 ET San Francisco Fed President John Williams speaks on the economy to the Boise Business and Community Leaders Luncheon at Boise State University.

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