DJIA Market Happenings For Monday, June 2, 2014

Dow stocks at 52 week highs include Dupont (DD), Disney (DIS) and Intel (INTC). There are no Dow stock 52 week lows.

The Market

Premarket today, the Dow was indicated to open up +20 points.

Friday, the Dow closed up +18.43 (+0.11%) at 16,717.17.

Year-to-date the Dow is up +0.85%. Nasdaq is up +1.6%, S&P 500 +4.1% and Russell 2000 -2.5%.

Last week the Dow was up +0.7%, Nasdaq +1.4%, S&P 500 +1.2% and Russell 2000 +0.7%.

This morning I have no Dow stock news. However…

Alcoa (AA) was upgraded to ‘Neutral’ from ‘Underperform’ at BofA/Merrill.

Activist investor Carl Icahn, golfer Phil Mickelson and gambler William Walters are all being investigated by the FBI for insider trading. The probe is looking into whether or not Icahn provided Walters with non-public, market moving information; and if Walters then passed the information on to Mickelson. The three have denied any wrongdoing.

Google is looking to bring internet connectivity to the far reaches of the globe with a $1 billion fleet of satellites.

Apple will today kick off the Worldwide Developers Conference in San Francisco.

A reading of manufacturing activity in China released over the weekend showed the country’s factory sector continued to strengthen after a rough start to the year.

European stocks were slightly higher and Asian markets were partly closed for a holiday, but the markets open gained and the Nikkei in Japan was up over 2%.

The national average price of gasoline is up one tenth of a cent at $3.669 per gallon.

Earnings Reports.

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

Notable earnings reports from Friday include:

ANN (ANN) reported first quarter EPS of $0.33 on revenue of $590.60 million, compared to last year’s EPS of $0.44 on revenue of $574.51 million.

Stocks reporting earnings today include:

Krispy Kreme Doughnuts (KKD) is expected to report first quarter EPS of $0.23 on revenue of $126.68 million, compared to last year’s EPS of $0.20 on revenue of $120.62 million.

Quicksilver (ZQK) is expected report a second quarter loss of $0.02 on revenue of $448.60 million, compared to last year’s loss of $0.12 on revenue of $458.75 million.

Today’s Featured Dow Stock

Verizon Communications Inc. (VZ)

Verizon Communications Inc. (VZ) is up +1.67% year-to-date.

Financial Calendar

0300 ET Chicago Fed President Charles Evans speaks on the economy and monetary policy at the Istanbul School of Central Bankings Macro Workshop 2014.

0945 ET Revised U.S. May Markit manufacturing PMI, previous 56.2.

1000 ET May ISM manufacturing index expected +0.6 to 55.5, Apr +1.2 to 54.9. May ISM prices paid expected +0.4 to 56.9, Apr 56.5. May ISM new orders, Apr unch at 55.1. May ISM employment, Apr +3.6 to 54.7.

1000 ET Apr construction spending expected +0.5%, Mar +0.2% m/m.

1100 ET USDA weekly grain export inspections.

1600 ET USDA weekly crop progress.

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