Market Happenings For Tuesday, October 29, 2013

Dow stocks at new 52 week highs include American Express (AXP) and Visa (V). There are no Dow stock 52 week lows.

The Market

Monday the Dow closed down -1.35 (-0.01%) at 15,568.93.

Premarket, the Dow was indicated to open up +18 points.

Year-to-date the Dow is up +18.81%.

Pfizer (PFE) reported Q3 EPS of 58 cents, stronger than consensus of 56 cents. However, the drug maker lowered the top end of its guidance.

The 2-day FOMC meeting begins today and will release its post-meeting statement on Wednesday as usual. However, there will not be a press conference by Fed Chairman Bernanke at this week’s meeting. It is expected the FOMC at this week’s meeting to leave its QE3 program unchanged at $85 billion per month.

European markets are higher and Asian markets ended mixed.

The national average price of gasoline is down seven-tenths of a cent to $3.278 per gallon.

Earnings Reports.

Pfizer (PFE) reports earnings today 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:

Merck & Company, Inc. (MRK) reported third quarter EPS of $0.92 on revenue of $11.03 billion, compared to last year’s EPS of $0.95 on revenue of $11.49 billion.

Apple Inc. (AAPL) reported EPS of $8.26 on revenue of $37.50 billion, compared to last year’s EPS of $8.67 on revenue of $35.97 billion.

Biogen Idec Inc. (BIIB) reported third quarter EPS of $2.35 on revenue of $1.83 billion, compared to last year’s EPS of $1.91 on revenue of $1.39 billion.

Herbalife LTD. (HLF) reported third quarter EPS of $1.41 on revenue of $1.21 billion, compared to last year’s EPS 0f $1.04 on revenue of $1.02 billion.

Other stocks expected to report earnings today include:

Aetna Inc. (AET) is expected to report third quarter EPS of $1.53 on revenue of $12.89 billion, compared to last year’s EPS of $1.55 on revenue of $8.90 billion.

Johnson Controls, Inc. (JCI) is expected to report third quarter EPS of $0.95 on revenue of $10.96 billion, compared to last year’s EPS 0f $0.77 on revenue of $10.39 billion.

Nokia Corporation (NOK) is expected to report third quarter EPS of $0.00 on revenue of $7.83 billion, compared to last year’s loss of $0.09 per share on revenue of $9.05 billion.

Valero Energy Corporation (VLO) is expected to report EPS of $1.03 on revenue of $31.77 billion, compared to last year’s EPS of $1.90 on revenue of $34.73 billion.

Today’s Featured Dow Stock

Goldman Sachs Group Inc. (GS)

Goldman Sachs Group Inc. (GS) is up +26.57% year-to-date.

Financial Calendar

0830 ET Sep PPI expected +0.2% m/m and +0.6% y/y, Aug +0.3% m/m and +1.4% y/y. Sep PPI ex food & energy expected +0.1% m/m and +1.2% y/y, Aug unch m/m and +1.1% y/y.

0830 ET Sep retail sales expected unch m/m and +0.4% m/m ex autos, Aug +0.2% and +0.1% ex autos.

0900 ET Aug S&P/CaseShiller composite-20 home price index expected +0.70% m/m and +12.50% y/y, July +0.62% m/m and +12.39% y/y.

1000 ET Oct consumer confidence (Conference Board) expected -4.7 to 75.0, Sep -2.1 to 79.7.

1000 ET Aug business inventories expected +0.3% m/m, July +0.4%.

1030 ET FOMC begins 2-day policy meeting.

1300 ET Treasury auctions $35 billion of 5-year T-notes.

1630 ET API weekly U.S. oil statistics.

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