Market Happenings For Tuesday, October 22, 2013

Dow stocks at new 52 week highs include American Express (AXP), General Electric (GE), Nike (NKE) and Visa (V). There are no Dow stock 52 week lows.

The Market

Monday the Dow closed down -7.45 (-0.05%) at 15,392.20.

Premarket, the Dow was indicated to open up +29 points.

Year-to-date the Dow is up +17.46%.

This morning, the delayed September jobs came in at 148,000 vs 198,000 in August. The unemployment rate dropped to 7.2% from 7.3% in August. Analysts were expecting that employers added 180,000 jobs and that the unemployment rate would remain at 7.3 percent.

Dupont (DD) reported total net income rose to $285 million from $5 million a year earlier, when the company recorded charges related to severance and restructuring. Operating earnings were 45 cents per share. Analysts on average had expected 41 cents per share. Revenue rose 5 percent to $7.74 billion, slightly missing analysts’ estimates of $7.78 billion.

The Travelers Companies, Inc. (TRV) reported net income of $864 million, or $2.30 per diluted share, for the quarter ended September 30, 2013, compared to $864 million, or $2.21 per diluted share, in the prior year quarter. Operating income in the current quarter was $883 million, or $2.35 per diluted share, compared to $867 million, or $2.22 per diluted share, in the prior year quarter.

United Technologies Corp. (UTX) reported third-quarter net income rose 1.2 percent to $1.43 billion, or $1.55 a share, from $1.42 billion, or $1.37, a year earlier. Analysts had projected $1.54. Revenue rose 2.8 percent to $15.46 billion. United Technologies now expects full-year earnings of $6.10 to $6.15 per share, raising the low end from $6.

JPMorgan (JPM) is nearing a settlement with the Justice Department in which it won’t be penalized for problems from Washington Mutual or Bear Stearns Co, both of which the bank bought during the financial crisis. The deal will force JPMorgan to pay $13 billion and might be finalized this week.

European markets are mixed and Asian markets ended mixed.

The national average price of gasoline is down five-tenths of a cent to $3.344 per gallon.

Earnings Reports

Dupont (DD) will report earnings today before the market open.

The Travelers Company (TRV) will report earnings today before the market open.

United Technologies (UTX) will report earnings today 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.

Visa (V) reports earnings on 10/30/13 after the market close.

Exxon Mobil (XOM) reports earnings on 10/31/13 before the market open.

Chevron (CVX) reports earnings on 11/01/13 before the market open.

Earnings reports from Monday include:

McDonald’s Corporation (MCD) reported third quarter EPS of $1.52 on revenue of $7.32 billion, compared to last year’s EPS of $1.43 on revenue of $7.15 billion.

Halliburton Company (HAL) reported third quarter EPS of $0.83 on revenue of $7.50 billion, compared expected EPS of $0.82 on revenue of $7.50 billion.

Netflix, Inc. (NFLX) reported third quarter EPS of $0.52 on revenue of $1.11 billion, compared to last year’s EPS of $0.13 on revenue of $905.09 million.

Texas Instruments Incorporated (TXN) reported third quarter EPS of $0.56 on revenue of $3.24 billion, compared to last year’s EPS of $0.52 on revenue of $3.39 billion.

Other stocks expected to report earnings today include:

The Travelers Company Inc. (TRV) is expected to report third quarter EPS of $1.69 on revenue of $5.83 billion, compared to last year’s EPS of $2.22 on revenue of $5.70 billion.

United Technologies Corporation (UTX) is expected to report third quarter EPS of $1.53 on revenue of $16.18 billion, compared to last year’s EPS of $1.37 on revenue of $15.04 billion.

Delta Airlines Inc. (DAL) is expected to report third quarter EPS of $1.36 on revenue of $10.47 billion, compared to last year’s EPS of $0.90 on revenue of 9.92 billion.

Lockheed Martin Corporation (LMT) is expected to report third quarter EPS of $2.26 on revenue of $11.15 billion, compared to last year’s EPS of $2.21 on revenue of $11.87 billion.

Today’s Featured Dow Stock

Caterpillar Inc. (CAT)

Caterpillar Inc. (CAT) is down -2.13% year-to-date.

Financial Calendar

0830 ET Sep non-farm payrolls expected +180,000, Aug +169,000. Sep private payrolls expected +180,000, Aug +152,000. Sep manufacturing payrolls expected +5,000, Aug +14,000. Sep unemployment rate expected unch at 7.3%, Aug -0.1 to 7.3%.

0830 ET Sep avg hourly earnings expected +0.2% m/m and +2.1% y/y, Aug +0.2% m/m and +2.2% y/y. Sep avg weekly hours expected unch at 34.5 hours, Aug 34.5 hours.

1000 ET Oct Richmond Fed manufacturing index expected unchanged at 0.0, Sep -14.0 to 0.0.

1500 ET Sep USDA Cold Storage.

1630 ET API weekly U.S. oil statistics.

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