Market Happenings For Thursday, October 24, 2013

Dow stocks at new 52 week highs include Boeing (BA) and Disney (DIS). There are no Dow stock 52 week lows.

The Market

Wednesday the Dow closed down -54.33 (-0.35%) at 15,413.33.

Premarket, the Dow was indicated to open up +49 points.

Year-to-date the Dow is up +17.62%.

New claims for unemployment benefits fell less than expected last week as California continued to process a backlog of applications caused by computer problems. This morning the Labor Department said initial claims for state unemployment benefits fell 12,000 to a seasonally adjusted 350,000. Claims for the prior week were revised to show 4,000 more applications filed than previously reported. Economists had expected first-time applications to fall to 340,000 last week.

Visa (V) increased its quarterly dividend to 40 cents a share from 33 cents.

AT&T (T) reported Q3 adjusted EPS of 66 cents, better than consensus of 65 cents.

European markets are mostly higher and Asian markets ended mixed.

The national average price of gasoline is down one cent to $3.329 per gallon.

Earnings Reports

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 Wednesday include:

AT&T Inc. ( T) reported third quarter EPS of $0.66 on revenue of $32.20 billion, compared to last year’s EPS of $0.63 on revenue of $31.46 billion.

Boeing Company (BA) reported EPS of $1.80 on revenue of $22.10 billion, compared to last year’s EPS 0f $1.35 on revenue of $20.01 billion.

Caterpillar, Inc. (CAT) reported third quarter EPS of $1.45 on revenue of $13.40 billion, compared to last year’s EPS 0f $2.54 on revenue of $16.44 billion.

Bristol-Myers Squibb Company (BMY) reported third quarter EPS of $0.46 on revenue of $4.07 billion, compared to last year’s EPS 0f $0.41 on revenue of $3.74 billion.

Motorola, Inc. (MSI) reported third quarter EPS of $1.32 on revenue of $2.11 billion, compared to last year’s EPS 0f $0.84 on revenue of $2.15 billion.

Other stocks expected to report earnings today include:

3M Company (MMM) is expected to report third quarter EPS of $1.75 on revenue of $7.85 billion, compared to last year’s EPS 0f $1.65 on revenue of $7.50 billion.

Microsoft Corporation (MSFT) is expected to report EPS of $0.54 on revenue of $17.79 billion, compared to last year’s EPS 0f $0.53 on revenue of $16.01 billion.

Amazon.com, Inc.(AMZN) is expected to report a third quarter loss of $0.09 per share on revenue of $16.77 billion, compared to last year’s loss of $0.60 on revenue of $13.81 billion.

Ford Motor Company (F) is expected to report third quarter EPS of $0.37 on revenue of $33.98 billion, compared to last year’s EPS 0f $0.40 on revenue of $30.25 billion.

Raytheon Company (RTN) is expected to report third quarter EPS of $1.33 on revenue of $5.81 billion, compared to last year’s EPS of $1.51 on revenue of $6.04 billion.

Today’s Featured Dow Stock

Cisco Systems Inc. (CSCO)

Cisco Systems Inc. (CSCO) is up +13.26% year-to-date.

Financial Calendar

0830 ET Weekly initial unemployment claims expected -18,000 to 340,000, previous -15,000 to 358,000. Weekly continuing claims expected +11,000 to 2.870 million, previous -43,000 to 2.859 million.

0830 ET Aug trade balance expected -$39.5 billion, July -$39.1 billion.

0830 ET USDA weekly Export Sales.

1000 ET Sep new home sales expected +1.0% to 425,000, Aug +7.9% to 421,000.

1100 ET Treasury announces amounts of 2-year T-notes (previous $33 billion), 5-year T-notes (previous $35 billion) and 7-year T-notes (previous $29 billion) to be auctioned Oct 28-30

1300 ET Treasury auctions $7 billion 30-year TIPS.

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