Market Happenings For Thursday, November 07, 2013

Dow stocks at new 52 week highs include Boeing (BA), General Electric(GE), 3M (MMM), Procter & Gamble (PG), Microsoft (MSFT) and Nike (NKE). There are no Dow stock 52 week lows.

The Market

Wednesday the Dow closed up +128.66 (+0.82%) at 15,746.88

Premarket, the Dow was indicated to open up +58 points.

Year-to-date the Dow is up +20.17%.

Gross domestic product expanded at a 2.8 percent annual rate, the quickest pace since the third quarter of 2012. That is up from a 2.5 percent clip in the second quarter and beat economists’ expectations for 2.0 percent growth.

The weekly initial jobless claims fell 336,000 in the week ended November 2, basically in line with economist expectations of 335,000.
That’s down from 345,000 the week before (revised from 340,000).

The Twitter IPO is the news today, pricing at $26 and expected to to open between $30 and $35. It was about 30 times over subscribed. UPDATE: The early indication is to open at $35 (9:30 EST). UPDATE: The indication is $40 to $45, probably $45 (9:50 EST). UPDATE: The last indication was about $46 (10:20 EST). UPDATE: Twitter opens at $45.10 (10:50 EST).

Walt Disney (DIS) reports earnings today after the close.

European markets are higher and Asian markets ended lower.

The national average price of gasoline is down one cent to $3.222 per gallon.

Earnings Reports.

Walt Disney (DIS) reports earnings on 11/7/13 after the market close.

Cisco Systems Inc. (CSCO) reports earnings on 11/13/13 after the market close.

Wal-Mart Stores Inc. (WMT) reports earnings on 11/14/13 before the market open.

Home Depot (HD) will report earnings on 11/19/13 before the market open.

Earnings reports from Wednesday include:

CenturyLink, Inc. (CTL) reported third quarter EPS of $0.63 on revenue of $4.52 billion, compared to last year’s EPS of $0.66 on revenue of $4.57 billion.

Duke Energy Corporation (DUK) reported EPS of $1.46 on revenue of $6.71 billion, compared to last year’s EPS of $1.47 on revenue of $6.72 billion.

Humana Inc. (HUM) reported EPS of $2.31, compared to last year’s EPS of $2.62 per share on revenue of $9.65 billion.

Time Warner Inc. (TWX) reported third quarter EPS of $1.01 on revenue of $6.86 billion, compared to last year’s EPS of $0.86 on revenue of $6.84 billion.

Other stocks expected to report earnings today include:

Cablevision Systems Corporation (CVC) is expected to report third quarter EPS of $0.11 on revenue of $1.57 billion, compared to last year’s loss of $0.01 on revenue of $1.69 billion.

Groupon, Inc. (GRPN) is expected to report EPS of $0.01 on revenue of $616.13 million, compared to last year’s EPS of $0.03 on revenue of $568.55 million.

Health Net Inc. (HNT) is expected to report third quarter EPS of $0.60 on revenue of $2.72 billion, compared to last year’s EPS of $0.38 on revenue of $2.78 billion.

Priceline.com Incorporated (PCLN) is expected to report EPS of $16.21 on revenue of $2.21 billion, compared to last year’s EPS of $12.40 per share on revenue of $1.71 billion.

Today’s Featured Dow Stock

Merck & Co Inc. (MRK)

Merck & Co Inc. (MRK) is up +12.26% year-to-date.

Financial Calendar

0830 ET Weekly initial unemployment claims expected -5,000 to 335,000, previous -10,000 to 340,000. Weekly continuing claims expected -8,000 to 2.873 million, previous +31,000 to 2.881 million.

0830 ET Q3 GDP expected +2.0% (q/q annualized), Q2 +2.5%. Q3 personal consumption expected +1.6%, Q2 +1.8%. Q3 GDP price index expected +1.3%, Q2 +0.6%. Q3 core PCE expected +1.5% q/q, Q2 +0.6% q/q.

0830 ET USDA weekly Export Sales.

1330 ET New York Fed President Will Dudley speaks at a global economic policy forum at New York Universitys School of Law.

1500 ET Sep consumer credit expected +$12.1 billion, Aug +$13.625 billion.

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