The Dow Market Happenings For Thursday, June 5, 2014

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

The Market

Premarket today, the Dow was indicated to open up +35 points.

Wednesday, the Dow closed up +15.19 (+0.09%) at 16,737.53.

Year-to-date the Dow is up +0.97%.

Big Dow stock gainers yesterday included Travelers (TRV) +1.35% and McDonald’s (MCD) +0.98%..

Big Dow stock losers yesterday were General Electric (GE) -0.90% and Cisco (CSCO) -0.71%.

Yesterday the S&P 500 closed at a record high for the sixteenth time this year.

The Dow hit an intraday record high of 16,756.64 on Monday.

May ADP Jobs Report rose 179,000, below the consensus of 210,000 and below April’s 215,000 gain.

Initial claims for state unemployment benefits increased 8,000 to a seasonally adjusted 312,000 for the week ended May 31. Economists had forecast first-time applications for jobless aid rising to 310,000 last week. The four-week moving average for new claims fell 2,250 to 310,250, the lowest level since June 2007.

April Trade Balance widened to -$47.2 billion from -$44.2 billion in March. Analysts were expecting April’s trade balance to come in at -$41 billion.

UnitedHealth Group (UNH) announced that it renewed its share repurchase program with the company authorized to repurchase 100 million shares of its stock. Additionally, the company raises its quarterly dividend 34 percent to $0.375 per share from the $0.28 per share the company paid at the beginning of the second quarter. The companies shares gained 0.78 percent, closing at $80.50 yesterday.

AT&T (T) plans to sell $2.9 billion worth of euro-denominated bonds with ten and 20 year maturities. AT&T shares lost 0.43 percent, closing at $35.05 yesterday.

Wal-Mart’s (WMT) Sam’s Club will team up with MasterCard (MA) to create a new credit card with an embedded chip. Wednesday, Wal-Mart shares gained 0.55 percent, closing at $77.13 while shares of Mastercard lost 0.04 percent, closing at $76.32.

Friday, we get the jobs report which could mark an important milestone. The U.S. economy needs to add 113,000 more jobs in order to finally recover all the jobs lost in the financial crisis. There were 8.7 million jobs lost in the downturn.

The ECB cut interest rates, as expected, to a record low and set a negative deposit rate in an effort to help the European recovery.

European stocks were higher and Asian markets ended mixed.

The national average price of gasoline is down three-tenths of a cent at $3.660 per gallon.

Earnings Reports.

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

Notable earnings reports from Wednesday include:

Brown Forman (BFB) reported fourth quarter EPS of $0.62 on revenue of $893.00 million, compared to last year’s EPS of $0.45 on revenue of $866.00 million.

Leidos Holdings (LDOS) reported first quarter EPS of $0.59 on revenue of $1.32 billion, compared to last year’s EPS of $0.54 on revenue of $2.71 billion.

PVH Corp. (PVH) reported first quarter EPS of $1.47 on revenue of $1.96 billion, compared to last year’s EPS of $1.91 on revenue of $1.94 billion.

Stocks reporting earnings today include:

Joy Global (JOY) is expected to report second quarter EPS of $0.71 on revenue of $933.02 million, compared to last year’s EPS of $1.73 on revenue of $1.36 billion.

JM Smucker Company (SJM) is expected report fourth quarter EPS of $1.16 on revenue of $1.25 billion, compared to last year’s EPS of $1.29 on revenue of $1.34 billion.

Thor Industries (THO) is expected report third quarter EPS of $1.08 on revenue of $1.05 billion, compared to last year’s EPS of $0.92 on revenue of $1.05 billion.

UTi Worldwide (UTIW) is expected report a first quarter loss of $0.04 on revenue of $l.10 billion, compared to last year’s loss of $0.02 on revenue of $1.08 billion.

Today’s Featured Dow Stock

Walt Disney Co. (DIS)

Walt Disney Co. (DIS) is up +10.26% year-to-date.

Financial Calendar

0730 ET May Challenger job cuts, Apr +5.7% y/y.

0830 ET Weekly initial unemployment claims expected +10,000 to 310,000, previous -27,000 to 300,000. Weekly continuing claims expected -6,000 to 2.625 million, previous -17,000 to 2.631 million.

0830 ET USDA weekly Export Sales.

1100 ET Treasury announces amount of 3-year T-notes (previous $29 billion), 10-year T-notes (previous $24 billion) and 30-year T-bonds (previous $16 billion) to be auctioned Jun 10-12.

1330 ET Minneapolis Fed President Narayana Kocherlakota delivers a prepared speech on Low Real Interest Rates at Boston Colleges Annual Finance Conference.

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