DJIA Market Happenings For Wednesday, June 4, 2014

Dow stocks at 52 week highs include Intel (INTC) and Johnson & Johnson (JNJ). There are no Dow stock 52 week lows.

The Market

Premarket today, the Dow was indicated to open down -37 points.

Tuesday, the Dow closed down -21.29 (-0.13%) at 16,722.34. There were (12) Dow stock gainers and (18) losers.

Year-to-date the Dow is up +088%.

Big Dow gainers yesterday included Intel (INTC) +1.47% and Goldman Sachs (GS) +1.11%.

Big Dow losers yesterday were Nike (NKE) -1.53%, Verizon (VZ) -1.52% and Microsoft (MSFT) -1.23%.

Intel (INTC) launched its Core M CPUs which are scheduled to arrive in time for the holiday season. Shares hit new 52-week highs of $27.70 before closing yesterday at $27.66, up 1.47 percent.

AT&T (T) raised its full year fiscal 2014 revenue growth guidance to five percent from a previous four percent while reaffirming the company’s prior EPS guidance to be in the low-end of the mid-single digit range with free cash flow of around $11 billion and capital expenditures of around $21 billion. However, AT&T also guided to no wireless service revenue growth in the second quarter due to ongoing price wars with other service providers. Shares lost 0.68 percent yesterday, closing at $35.20.

Private sector employment increased by 179,000 jobs from April to May according to the May ADP National Employment Report®.

European stocks were lower and Asian markets ended mostly lower.

The national average price of gasoline is down two-tenths of a cent at $3.663 per gallon.

Earnings Reports.

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

Notable earnings reports from Tuesday include:

ABM Industries (BM) reported second quarter EPS of $0.40 on revenue of $1.23 billion, compared to last year’s EPS of $0.36 on revenue of $1.17 billion.

Dollar General (DG) reported first quarter EPS of $0.72 on revenue of $4.52 billion, compared to last year’s EPS of $0.71 on revenue of $4.23 billion.

Mattress Firm Holding (MFRM) reported first quarter EPS of $0.31 on revenue of $333.50 million, compared to last year’s EPS of $0.38 on revenue of $275.96 million.

Stocks reporting earnings today include:

Brown-Forman (BFB) is expected report fourth quarter EPS of $0.58 on revenue of $923.73 million, compared to last year’s EPS of $0.45 on revenue of $866.00 million.

Leidos Holdings (LDOS) is expected to report first quarter EPS of $0.54 on revenue of $1.26 billion, compared to last year’s EPS of $0.54 on revenue of $2.71 billion.

PVH Corp. (PVH) is expected report first quarter EPS of $1.49 on revenue of $1.98 billion, compared to last year’s EPS of $1.91 on revenue of $1.94 billion.

Today’s Featured Dow Stock

Wal-Mart Stores Inc. (WMT)

Wal-Mart Stores Inc. (WMT) is down -2.52% year-to-date.

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous -1.2% with purchase sub-index -1.1% and the refi sub-index 1.4%.

0815 ET May ADP employment change expected +210,000, Apr +220,000.

0830 ET Apr trade balance expected -$40.8 billion, Mar -$40.4 billion.

0830 ET Revised Q1 non-farm productivity expected -3.0%, previous -1.7%. Revised Q1 unit labor costs expected +5.3%, previous +4.2%.

1000 ET May ISM non-manufacturing index expected +0.3 to 55.5, Apr +2.1 to 55.2.

1030 ET EIA Weekly Petroleum Status Report.

1400 ET Fed Beige Book.

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