Market Happenings For Thursday, November 14, 2013

Dow stocks at new 52 week highs include 3M (MMM), Pfizer (PFE), Procter & Gamble (PG) and Nike (NKE). There are no Dow stock 52 week lows.

The Market

Wednesday the Dow closed up +70.96 (+0.45%) at 15,821.63.

Premarket, the Dow was indicated to open p +4 points.

Year-to-date the Dow is up +20.74%.

Federal Reserve Vice Chairwoman Janet Yellen’s cautious comments yesterday suggested that the US still had a long way to go before the bank begins to taper its stimulus spending. Yellen, who is expected to become the new head of the Fed in early 2014, will appear before the Senate Banking Committee at 10 a.m. ET.

Yesterday, after the market close, Cisco Systems (CSCO) reported $12.09 billion in revenue, short of the $12.34 billion expected. EPS came in at $0.53, above the estimated $0.51. The company also announced a $15 billion buyback program.

Wal-Mart (WMT) reported better-than-expected earnings of $3.74 billion, or $1.14 per share in the three-month period ended Oct. 31. That compares with $3.64 billion, or $1.08 per share, in the year-ago period. Net sales rose 1.6 percent to $114.88 billion, up 1.6 percent in the year ago period. Analysts were expecting earnings of $1.13 per share on net sales of $116.9 billion. The company also reported a slight decline in same-store sales in the U.S.

The Labor Department reported that the number of people applying for U.S. unemployment benefits slipped 2,000 last week to a seasonally adjusted 339,000, the fifth straight decline that shows businesses see little need to cut jobs. The less volatile four-week average fell 5,750 to 344,000 and has dropped 11 percent in the past year.

European stocks are higher and Asian stocks ended higher.

The national average price of gasoline is up eight-tenths of a cent to $3.194 per gallon.

Earnings Reports.

Wal-Mart Stores Inc. (WMT) reports earnings today before the market open.

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

Earnings reports from Wednesday include:

Cisco Systems, Inc. (CSCO) reported first quarter EPS of $0.53 on revenue of $12.09 billion, compared to last year’s EPS of $0.48 on revenue of $11.88 billion.

Macy’s Inc. (M) reported third quarter EPS of $0.47 on revenue of $6.28 billion, compared to last year’s EPS of $0.36 on revenue of $6.08 billion.

NetApp, Inc. (NTAP) reported third quarter EPS of $0.66 on revenue of $1.55 billion, compared to last year’s EPS of $0.51 on revenue of $1.54 billion.

Other stocks expected to report earnings today include:

Wal-Mart Stores, Inc. (WMT) is expected to report third quarter EPS of $1.13 on revenue of $116.75 billion, compared to last year’s EPS of $1.08 on revenue of $113.93 billion.

Kohl’s Corporation (KSS) is expected to report third quarter EPS of $0.86 on revenue of $4.55 billion, compared to last year’s EPS of $0.91 on revenue of $4.49 billion.

Nordstrom, Inc. (JWN) is expected to report third quarter EPS of $0.66 on revenue of $2.87 billion, compared to last year’s EPS of $0.71 on revenue of $2.81 billion.

Today’s Featured Dow Stock

The Coca-Cola Co. (KO)

The Coca-Cola Co. (KO) is up +10.78% year-to-date.

Financial Calendar

0830 ET Weekly initial unemployment claims expected -6,000 to 330,000, previous -9,000 to 336,000. Weekly continuing claims expected +2,000 to 2.870 million, previous +4,000 to 2.868 million.

0830 ET Sep trade balance expected -$39.0 billion, Aug -$38.8 billion.

0830 ET Q3 non-farm productivity expected +2.2%, Q2 +2.3%. Q3 unit labor costs expected -0.1%, Q2 unch.

0900 ET Philadelphia Fed President Charles Plosser speaks on monetary policy at the Cato Institute.

1000 ET Fed Vice-Chairman Janet Yellen testifies before the Senate Banking Committee regarding her nomination to become the next Fed chair.

1100 ET EIA Weekly Petroleum Status Report.

1100 ET Treasury announces amount of 10-year TIPS to be auctioned Nov 21.

1300 ET Treasury auctions $16 billion 30-year T-bonds.

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