Dow stocks at 52 week highs include Merck (MRK). There are no Dow stock 52 week lows.

The Market

Premarket today, the Dow was indicated to open down -4 points.

Wednesday, the Dow closed up +45.47 (+0.27%) at 16,580.84. That’s a new record closing high by the way. Now I only need the Russell 2000 to get there too.

Year-to-date the Dow is up +0.03%.

The U.S. Labor Department weekly jobless claims report reported claims were up 14,000 to 344,000, and the prior week’s figure was revised higher by 1,000 to 330,000. Expectations were for a drop to 320,000 jobless claims in the week.

There’s talk that AT&T (T) may be making a bid for the satellite TV company DirectTV (DTV).

Most European and Asian markets are closed, but the ones open were higher.

The national average price of gasoline is down four-tenths of a cent at $3.687 per gallon.

Earnings Reports.

JPMorgan (JPM) reported earnings on 4/11/2014 before the market open of $1.28/share below consensus of $1.41/share.

Coca Cola (KO) reported earnings on 4/15/2014 before the market open of $0.44/share, meeting consensus.

Johnson & Johnson (JNJ) reported earnings on 4/15/2014 before the market open of $1.54/share, beating consensus of $1.48/share.

Intel (INTC) reported earnings on 4/15/2014 after the market close $0.38/share beating consensus of $0.37/share.

American Express (AXP) reported earnings on 4/16/2014 after the market close of $1.33/share beating consensus of $1.30/share.

International Business Machines (IBM) reported earnings on 4/16/2014 after the market close of $2.54/share, meeting consensus.

Dupont (DD) reported earnings on 4/17/2014 before the market open of $1.58/share, meeting consensus.

General Electric (GE) reported earnings on 4/17/2014 before the market open of $0.36/share, beating consensus of $0.32/share.

Goldman Sachs reported earnings on 4/17/2014 before the market open of $4.02/share, beating consensus of $3.44/share.

UnitedHealth (UNH) reported earnings on 4/17/2014 before the market open of $1.10/share, narrowly beating consensus of $1.093/share.

McDonalds (MCD) will report earnings on 4/22/14 before the market open.

Travelers (TRV) will report earnings on 4/22/14 before the market open.

United Technologies (UTX) will report earnings on 4/22/14 before the market open.

AT&T (T) will report earnings on 4/22/14 after the market close.

Boeing (BA) will report earnings on 4/23/14 before the market open.

Procter & Gamble (PG) will report earnings on 4/23/14 before the market open.

Caterpillar (CAT) will report earnings on 4/24/14 before the market open.

3M (MMM) will report earnings on 4/24/14 before the market open.

Verizon VZ will report earnings on 4/24/14 before the market open.

Micrososft (MSFT) will report earnings on 4/24/14 after the market close.

Visa (V) will report earnings on 4/24/14 after the market close.

Merck (MRK) will report earnings on 4/29/14 before the market open.

Exxon Mobil (XOM) will report earnings on 5/1/14 before the market open.

Chevron (CVX) will report earnings on 5/2/14 before the market open.

Pfizer (PFE) will report earnings on 5/5/14 before the market open.

Walt Disney (DIS) will report earnings on 5/6/14 after the market close.

Notable earnings reports from Wednesday include:

GlaxoSmithKline PLC (GSK) reported first quarter EPS of $0.82, compared to last year’s EPS of $0.82.

Thomson Reuters Corp (TRI) reported first quarter EPS of $0.46, compared to last year’s EPS of $0.38.

Time Warner Inc. (TWX) reported first quarter EPS of $0.91, compared to last year’s EPS of $0.82.

WellPoint Inc. (WLP) reported first quarter EPS of $2.30, compared to last year’s EPS of $2.94.

Stocks reporting earnings today include:

Exxon Mobil Corporation (XOM) is expected to report first quarter EPS of $1.88, compared to last year’s EPS of $1.12.

Kellogg Company (K) is expected to report first quarter EPS of $0.97, compared to last year’s EPS of $1.02.

Kraft Foods Group, Inc. (KRFT) is expected to report first quarter EPS of $0.78, compared to last year’s EPS of $0.76.

Mastercard Incorporated (MA) is expected to report first quarter EPS of $0.72, compared to last year’s EPS of $0.62.

Today’s Featured Dow Stock

Cisco Systems Inc. (CSCO)

Cisco Systems Inc. (CSCO) is up +3.03% year-to-date.

Financial Calendar

0730 ET Apr Challenger job cuts, Mar -30.2% y/y.

0830 ET Fed Chair Janet Yellen speaks to the Independent Community Bankers of Americas annual Washington Policy Summit.

0830 ET Weekly initial unemployment claims expected -9,000 to 320,000, previous +24,000 to 329,000. Weekly continuing claims expected +20,000 to 2.700 million, previous 61,000 to 2.680 million.

0830 ET Mar personal spending expected +0.6%, Feb +0.3%. Mar personal income expected +0.4%, Feb +0.3%.

0830 ET Mar PCE deflator expected +0.2% m/m and +1.1% y/y, Feb +0.1% m/m and +0.9% y/y. Mar core PCE deflator expected +0.2% m/m and +1.2% y/y, Feb +0.1% m/m and +1.1% y/y.

0830 ET USDA weekly Export Sales.

0945 ET Revised Markit Apr manufacturing PMI, previous 55.4.

1000 ET Apr ISM manufacturing index expected +0.6 to 54.3, Mar +0.5 to 53.7. Apr ISM new orders, Mar +0.6 to 55.1. Apr ISM
employment, Mar -1.2 to 51.1. Apr ISM prices paid expected +0.5 to 59.5, Mar -1.0 to 59.0.

1000 ET Mar construction spending expected +0.5% m/m, Feb +0.1% m/m.

n/a Apr total vehicle sales expected 16.20 million, Mar 16.33 million. Apr domestic vehicle sales expected 12.80 million, Mar 12.78 million.