Market Happenings For Thursday, October 17, 2013

We have a Dow stock at a new 52 week high, Boeing (BA), which reports earnings next week. There are no Dow stock 52 week lows.

The Market

Wednesday the Dow closed up +205.82 (+1.36%) at 15,373.83.

Premarket, the Dow was indicated to open down -127 points.

Year-to-date the Dow is up +17.32%.

So, the government is back to work and we have a short term debt deal. What now?

This morning it looks like sell the news or maybe the market just takes a breather.

But, now the clock is ticking again on the debt, and it’s time for a Grand Bargain. Think they can do it? I don’t think so. I think they will let the country down again.

Goldman Sachs (GS) is down in premarket trading after it reported Q3 EPS of $2.88, better than consensus of $2.43, but reported Q3 revenue of $6.72 billion, below consensus of $7.36 billion.

Verizon Communications (VZ) reported it earned $2.23 billion, or 78 cents per share, up from $1.59 billion, or 56 cents per share, in the same quarter of 2012. Excluding one-time items, the company posted an adjusted profit of 77 cents per share for the recent quarter. Revenue rose 4 percent to $30.28 billion from $29.01 billion.Results beat Wall Street expectations of 74 cents per share on $30.15 billion in revenue.

IBM (IBM) fell over 7% in after-hours trading after it reported Q3 EPS of $3.99, better than consensus $3.96, although Q3 revenue of $23.7 billion was below consensus of $24.77 billion. Revenue dropped 4 percent to $23.72 billion from $24.75 billion a year ago.

American Express (AXP) reported Q3 EPS of $1.25, better than consensus of $1.22.

UnitedHealth (UNH) reported it earned $1.57 billion, or $1.53 per share, in the quarter that ended Sept. 30. That’s up from $1.56 billion, or $1.50 per share, a year ago. Revenue jumped 12 percent to $30.62 billion. Analysts expected earnings of $1.53 per share on $30.86 billion in revenue. Shares are down over -5% premarket.

European markets are lower and Asian markets ended higher.

The national average price of gasoline is up three-tenths of a cent to $3.360 per gallon.

Earnings Reports

Goldman Sachs (GS) reports earnings today before the market open.

UnitedHealth (UNH) reports earnings today before the open.

Verizon (VZ) reports earnings today 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.

Boeing (BA) reports earnings on 10/23/13 before the market open.

Caterpillar (CAT) reports earnings on 10/23/13 before the market open.

AT&T (T) reports earnings on 10/23/13 after the market close.

3M (MMM) reports earnings on 10/24/13 before the market open.

Microsoft (MSFT) reports earnings on 10/24/13 after the market close.

Procter & Gamble (PG) reports earnings on 10/25/13 before the market open.

Merck (MRK) reports earnings on 10/28/13 before the market open.

Pfizer (PFE) reports earnings on 10/29/13 before the market open.

Earnings reports from Wednesday include:

American Express Company (AXP) reported third quarter EPS of $1.25 on revenue of $8.30 billion, compared to last year’s EPS of $1.09 on revenue of $7.86 billion.

Bank of America Corporation (BAC) reported third quarter EPS of $0.20, compared to last year’s EPS of $0.00 on revenue of $20.43 billion.

eBay Inc. (EBAY) reported third quarter EPS of $0.64 on revenue of $3.90 billion, compared to last year’s EPS of $0.55 per share on revenue of $3.40 billion.

Pepsico, Inc. (PEP) reported third quarter EPS of $1.24 on revenue of $16.91 billion, compared to last year’s EPS of $1.20 on revenue of $16.65 billion.

Xilinx, Inc. (XLNX) reported report third quarter EPS of $0.58 on revenue of $598.90 million, compared to last year’s EPS of $0.46 on revenue of $543.93 million.

Other stocks expected to report earnings today include:

Goldman Sachs Group (GS) is expected to report third quarter EPS of $2.43 on revenue of $7.36 billion, compared to last year’s EPS of $2.85 on revenue of $8.35 billion.

UnitedHealth Group Inc. (UNH) is expected to report third quarter EPS of $1.52 on revenue of $30.83 billion, compared to last year’s EPS of $1.50 on revenue of $27.30 billion.

Verizon Communications Inc. (VZ) is expected to report third quarter EPS of $0.75 on revenue of $30.17 billion, compared to last year’s EPS of $0.64 on revenue of $29.01 billion.

Google Inc. (GOOG) is expected to report third quarter EPS of $10.36 on revenue of $14.84 billion, compared to last year’s EPS of $9.03 per share on revenue of $11.33 billion.

Intuitive Surgical, Inc. (ISRG) is expected to report third quarter EPS of $3.39 on revenue of $525.61 million, compared to last year’s EPS of $3.54 on revenue of $525.61 million.

Today’s Featured Dow Stock

American Express Co. (AXP)

American Express Co. (AXP) is up +32.78% year-to-date.

Financial Calendar

0745 ET Dallas Fed President Richard Fisher speaks at the Economic Club of New York breakfast.

0830 ET Weekly initial unemployment claims expected -39,000 to 335,000, previous +66,000 to 374,000. Weekly continuing claims expected +3,000 to 2.908 million, previous +16,000 to 2.905 million.

0830 ET Sep housing starts expected +2.1% to 910,000, Aug +0.9% to 891,000. Sep building permits expected +1.0% to 935,000, Aug -2.9% to 926,000 (subject to postponement).

0830 ET Sep CPI expected +0.2% m/m and +1.2% y/y, Aug +0.1% m/m and +1.5% y/y. Sep CPI ex food and energy expected +0.2% m/m and +1.8% y/y, Aug +0.1% m/m and +1.8% y/y (subject to postponement).

1000 ET Oct Philadelphia Fed manufacturing index expected -7.3 to 15.0, Sep +13.0 to 22.3.

1100 ET EIA Weekly Petroleum Status Report (postponed).

1100 ET Treasury announces amount of 30-year TIPS to be auctioned Oct 24.

1245 ET Chicago Fed President Charles Evans speaks at the Wisconsin Real Estate and Economic Outlook Conference.

1245 ET Kansas City Fed President Esther George speaks on the U.S. economy at the Oklahoma City Business and Community Leaders Luncheon.

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