Market Happenings For Wednesday, October 23, 2013

Dow stocks at new 52 week highs include American Express (AXP), Boeing (BA), Disney (DIS), Nike (NKE), 3M (MMM) and Visa (V). There are no Dow stock 52 week lows.

The Market

Tuesday the Dow closed up +75.46 (+0.49%) at 15,467.66.

Premarket, the Dow was indicated to open down -74 points.

Year-to-date the Dow is up +18.04%.

The Dow Jones Industrial Average hit a fresh record Tuesday after a disappointing jobs report for September fueled expectations that the Federal Reserve will continue to prop up the U.S. economy and delay any tapering of its massive bond-buying program until 2014.

Boeing (BA) reported higher quarterly profit and revenue as the aircraft manufacturer works its way through a backlog of orders. Shares are up in premarket trading.

Caterpillar (CAT) reported a lower sales and earnings, noting that a slowdown in the mining sector has taken a bite out of heavy equipment manufacturing. Shares are down premarket.

AT&T (T) is scheduled to report earnings after the close.

New details on JPMorgan Chase & Co’s settlement negotiations with the US government show that the company will likely pay closer to $9 billion, rather than the $13 billion originally reported. The majority of the deal is expected to be tax deductible, which would relieve JPMorgan from about $4 billion of its settlement.

European markets are lower and Asian markets ended lower.

The national average price of gasoline is down five-tenths of a cent to $3.339 per gallon.

Earnings Reports

Boeing (BA) reports earnings today before the market open.

Caterpillar (CAT) reports earnings today before the market open.

AT&T (T) reports earnings today 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 Tuesday include:

The Travelers Company Inc. (TRV) reported third quarter EPS of $2.35 on revenue of $6.45 billion, compared to last year’s EPS of $2.22 on revenue of $5.70 billion.

United Technologies Corporation (UTX) reported third quarter EPS of $1.55 on revenue of $15.46 billion, compared to last year’s EPS of $1.37 on revenue of $15.04 billion.

Delta Airlines Inc. (DAL) reported third quarter EPS of $1.41 on revenue of $10.49 billion, compared to last year’s EPS of $0.90 on revenue of 9.92 billion.

Lockheed Martin Corporation (LMT) reported third quarter EPS of $2.57 on revenue of $11.35 billion, compared to last year’s EPS of $2.21 on revenue of $11.87 billion.

Other stocks expected to report earnings today include:

Boeing Company (BA) is expected to report EPS of $1.54 on revenue of $21.65 billion, compared to last year’s EPS 0f $1.35 on revenue of $20.01 billion.

Caterpillar, Inc. (CAT) is expected to report third quarter EPS of $1.70 on revenue of $14.40 billion, compared to last year’s EPS 0f $2.54 on revenue of $16.44 billion.

Bristol-Myers Squibb Company (BMY) is expected to report third quarter EPS of $0.44 on revenue of $4.02 billion, compared to last year’s EPS 0f $0.41 on revenue of $3.74 billion.

The Cheesecake Factory Incorporated (CAKE) is expected to report third quarter EPS of $0.52 on revenue of $469.16 million, compared to last year’s EPS of $0.49 on revenue of $453.82 million.

Motorola, Inc (MSI) is expected to report third quarter EPS of $1.02 on revenue of $2.13 billion, compared to last year’s EPS 0f $0.84 on revenue of $2.15 billion.

Today’s Featured Dow Stock

Chevron Corp. (CVX)

Chevron Corp. (CVX) is up +11.56% year-to-date.

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous +0.3% with purchase sub-index -4.8% and refi sub-index +3.3%.

0830 ET Sep import prices expected +0.2% m/m and -1.0% y/y, Aug unch m/m and -0.4% y/y.

0900 ET Aug FHFA house price index purchase-only expected +0.8% m/m, July +1.0% m/m.

1030 ET EIA Weekly Petroleum Status Report.

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