Market Happenings For Thursday, November 21, 2013

Dow stocks at new 52 week highs include Procter & Gamble (PG) and Johnson & Johnson (JNJ). There are no Dow stock 52 week lows.

The Market

Wednesday the Dow closed down -66.21 (-0.41%) at 15,900.82.

Premarket, the Dow was indicated to open up +41 points.

Year-to-date the Dow is up +21.34%.

We are all waiting for the Senate Banking Committee to vote on Janet Yellen’s confirmation at 10 a.m. ET Thursday. Yellen has been nominated to head the Federal Reserve starting in early 2014.

FOMC minutes released on Wednesday showed a much more optimistic view of the US’ economic progress than most had been expecting.

UnitedHealth (UNH) is the big Dow winner this morning, up more than 1.5%.

European stocks are lower and Asian stocks ended mostly lower.

The national average price of gasoline is up eight-tenths of a cent to $3.220 per gallon.

Earnings Reports.

There are no Dow stocks set to report earnings near term.

Earnings reports from Wednesday include:

Green Mountain Coffee Roasters (GMCR) reported fourth quarter EPS of $0.89 on revenue of $1.05 billion, compared to last year’s EPS of $0.64 on revenue of $946.74 million.

J.C. Penney Company (JCP) reported a third quarter loss of $1.81 per share on revenue of $2.78 billion, compared to last year’s loss of $0.93 per share on revenue of $2.93 billion.

Limited Brands (NYSE: LTD) reported third quarter EPS of $0.31 on revenue of $2.17 billion, compared to last year’s EPS of $0.36 on revenue of $2.05 billion.

Lowe’s Companies (LOW) reported third quarter EPS of $0.47 on revenue of $13.00 billion, compared to last year’s EPS of $0.40 on revenue of $12.07 billion.

Staples (SPLS) reported third quarter EPS of $0.42 on revenue of $6.11 billion, compared to last year’s EPS of $0.46 on revenue of $6.35 billion.

Other stocks expected to report earnings today include:

Abercrombie & Fitch (ANF) is expected to report third quarter EPS of $0.45 on revenue of $1.06 billion, compared to last year’s EPS of $1.02 on revenue of $1.17 billion.

Gamestop (GME) is expected to report third quarter EPS of $0.57 on revenue of $1.98 billion, compared to last year’s EPS of $0.38 on revenue of $1.77 billion.

Gap Inc. (GPS) is expected to report third quarter EPS of $0.71 on revenue of $3.98 billion, compared to last year’s EPS of $0.63 on revenue of $3.98 billion.

Target (TGT) is expected to report third quarter EPS of $0.63 on revenue of $17.37billion, compared to last year’s EPS of $0.81 on revenue of $16.93 billion.

Today’s Featured Dow Stock

Visa Inc. (V)

Visa Inc. (V) is up 30.70% year-to-date.

Financial Calendar

0830 ET Weekly initial unemployment claims expected -4,000 to 335,000, previous -2,000 to 339,000. Weekly continuing claims expected -4,000 to 2.870 million, previous unch at 2.874 million.

0830 ET Oct PPI expected -0.2% m/m and +0.3% y/y, Sep -0.1% m/m and +0.3% y/y. Oct PPI ex food & energy expected +0.1% m/m and +1.3% y/y, Sep +0.1% m/m and +1.2% y/y.

0830 ET USDA weekly Export Sales.

1000 ET Nov Philadelphia Fed manufacturing index expected -4.8 to 15.0, Oct -2.5 to 19.8.

1000 ET Senate Banking Committee votes on confirmation of Janet Yellen as the new Fed Chair.

1100 ET Treasury announces amount of 2-year T-notes (previous $32 billion), 5-year T-notes (previous $35 billion) and 7-year T-notes (previous $29 billion) to be auctioned Nov 25-27.

1230 ET Richmond Fed President Jeffrey Lacker speaks on the economic outlook at an event in Asheboro, NC.

1300 ET Treasury auctions $13 billion in 10-year TIPS.

1300 ET St. Louis Fed President James Bullard speaks on the economy and monetary policy at the Center for Business and Economic Research at eh University of Arkansas.

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