DJIA Market Happenings For Thursday, May 22, 2014

Dow stocks at 52 week highs include Travelers (TRV), up +2.56% year-to-date. There are no Dow stock 52 week lows.

The Market

Premarket today, the Dow was indicated to open up +8 points.

Wednesday, the Dow closed up +158.75 (+0.97%) at 16,533.06.

Year-to-date the Dow is down -0.26%.

McDonald’s (MCD) is under pressure from protesters Thursday as the fast-food operator holds its annual shareholder meeting in Oak Brook, Illinois. Over 100 people were arrested outside the McDonald’s corporate campus Wednesday as they protested for higher wages. There could be more arrests Thursday as protesters are promising to return.

The Labor Department reported unemployment applications rose 28,000 to a seasonally adjusted 326,000. The increase comes after applications fell to their lowest level since May 2007 two weeks ago. The four-week average, a less volatile measure, dipped 1,000 to 322,500. The average reached a seven-year low of 312,000 last month. The number of people receiving benefits fell to 2.65 million, the fewest since Dec. 1, 2007, when the recession began.

European stocks were mixed and Asian markets closed mostly higher.

The national average price of gasoline is up seven-tenths of a cent at $3.649 per gallon.

Earnings Reports.

There are no Dow stocks set to report earnings until Nike reports in late June.

Notable earnings reports from Thursday include:

Hormel Foods (HRL) reported second quarter EPS of $0.52 on revenue of $2.24 billion, compared to last year’s EPS of $0.49 on revenue of $2.15 billion.

Lowe’s Companies (LOW) reported first quarter EPS of $0.61 on revenue of $13.40 billion, compared to last year’s EPS of $0.49 on revenue of $13.09 billion.

Target Corporation (TGT) reported first quarter EPS of $0.70 on revenue of $17.05 billion, compared to last year’s EPS of $0.82 on revenue of $16.71 billion.

Tiffany & Co. (TIF) reported first quarter EPS of $0.91 on revenue of $1.01 billion, compared to last year’s EPS of $0.70 on revenue of $895.48 million.

Stocks reporting earnings today include:

Best Buy (BBY) is expected to report first quarter EPS of $0.20 on revenue of $9.21 billion, compared to last year’s EPS of $0.32 on revenue of $9.38 billion.

Hewlett-Packard (HPQ) is expected to report second quarter EPS of $0.88 on revenue of $27.42 billion, compared to last year’s EPS of $0.87 on revenue of $27.58 billion.

Sears Holdings (SHLD) is expected to report a first quarter loss of $1.80 on revenue of $7.75 billion, compared to last year’s loss of $1.54 on revenue of $8.45 billion.

The Gap (GPS) is expected to report first quarter EPS of $0.57 on revenue of $3.71 billion, compared to last year’s EPS of $0.71 on revenue of $3.73 billion.

Today’s Featured Dow Stock

Pfizer Inc. (PFE)

Pfizer Inc. (PFE) is down -3.46% year-to-date.

Financial Calendar

0830 ET Weekly initial unemployment claims expected +13,000 to 310,000, previous -24,000 to 297,000. Weekly continuing claims expected +8,000 to 2.675 million, previous -9,000 to 2.667 million.

0830 ET Chicago Fed Apr national activity index expected -0.20 to 0.00, Mar 0.20.

0830 ET USDA weekly Export Sales.

0945 ET Preliminary U.S. Markit May manufacturing PMI expected +0.1 to 55.5, Apr 55.4.

1000 ET Apr existing home sales expected +2.2% to 4.69 million, Mar -0.2% to 4.59 million.

1000 ET Apr leading indicators expected +0.4%, Mar +0.8%

1100 ET May Kansas City Fed manufacturing index expected unch at 7, Apr 7.

1100 ET Treasury announces amount of 2-year T-notes (previous $32 billion), 2-year floating-rate notes (previous $15 billion), 5-year T-notes (previous $35 billion), and 7-year T-notes (previous $29 billion) to be auctioned May 27-29.

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

1500 ET USDA Apr Cold Storage.

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