The Dow Happenings For Wednesday, December 11, 2013

Dow stocks at new 52 week highs include Goldman Sachs (GS). There are no Dow stock 52 week lows.

The Market

Tuesday the Dow closed down -52.40 (-0.33%) at 15,973.13.

Premarket, the Dow was indicated to open up +12 points.

Year-to-date the Dow is up +21.89%.

Congressional negotiators (including our Patty Murray) reached a bipartisan budget compromise on Tuesday that would prevent another government shutdown, if approved by the House and Senate. The deal would set spending levels, reduce the deficit and relieve some of the arbitrary, forced spending cuts.

A deal will give support to those arguing for the Fed to begin trimming its $85-billion a month bond purchases as early as next week.

I think it’s doubtful, but who knows.

The Volcker rule was approved by five financial regulatory agencies on Tuesday, which many believe will reduce pretax profits from the US’ largest banks by up to $10 billion. The new rule will limit big bank’s ability to make risky bets with their own money and will likely cause several banks to overhaul their trading activities.

European stocks are mostly higher and Asian stocks ended lower.

The national average price of gasoline is down two-tenths of a cent to $3.257 per gallon.

Earnings Reports.

Nike (NKE) is expected to report earnings on 12/19/13 after the market close.

Earnings reports from Tuesday include:

AutoZone, Inc. (AZO) reported third quarter EPS of $6.29 on revenue of $2.09 billion, compared to last year’s EPS of $5.41 on revenue of $1.99 billion.

H &R Block, Inc. (HRB) reported a third quarter loss of $0.42 per share on revenue of $134.30 million, compared to last year’s loss of $0.37 on revenue of $137.26 million.

Toll Brothers Inc. (NTOL) reported fourth quarter EPS of $0.54 on revenue of $1.04 billion, compared to last year’s EPS of $2.35 on revenue of $632.83 million.

Other stocks expected to report earnings today include:

Costco Wholesale Corporation (COST) is expected to report third quarter EPS of $1.04 on revenue of $25.47 billion, compared to last year’s EPS of $0.95 on revenue of $23.72 billion.

Joy Global Inc. (JOY) is expected to report third quarter EPS of $1.11 on revenue of $1.12 billion, compared to last year’s EPS of $2.05 on revenue of $1.59 billion.

Men’s Wearhouse, Inc. (MW) is expected to report third quarter EPS of $0.86 on revenue of $627.14 million, compared to last year’s EPS of $0.95 on revenue of $630.97 million.

Today’s Featured Dow Stock

Exxon Mobil Corp. (XOM)

Exxon Mobil Corp. (XOM) is up 10.58% year-to-date.

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous -12.8% with purchase sub-index -4.1% and refi sub-index 17.5%.

1030 ET EIA Weekly Petroleum Status Report.

1300 ET Treasury auctions $21 billion 10-year T-notes.

1400 ET Nov monthly budget statement expected -$140.0 billion, Oct -$91.592 billion.

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