DJIA Market Happenings For Wednesday, June 18, 2014

Dow stocks at 52 week highs include Chevron (CVX) and Microsoft (MSFT). There are no Dow stock 52 week lows.

The Market

Premarket today, the Dow was indicated to open down -2 points.

Tuesday, the Dow closed up +27.48 (+0.16%) at 16,808.49.

Year-to-date the Dow is up +1.40%.

Dow stock winners Tuesday included Goldman Sachs (GS) +1.43% and Home Depot (HD) +1.42%.

Dow stock losers Tuesday included Johnson & Johnson (JNJ) -0.51% and Exxon Mobil (XOM) -0.49%.

Tuesday there were 15 Dow stock winners and 15 Dow stock losers.

The Fed will wind up the FOMC meeting Wednesday.

Cisco (CSCO) was initiated with an ‘Overweight’ at Morgan Stanley with a price target of $30.

European stocks were higher and Asian markets ended mostly lower.

The national average price of gasoline is up five-tenths of a cent at $3.669 per gallon.

Earnings Reports.

Nike (NKE) will report earnings on 6/26/14 after the market close.

Notable earnings reports from Tuesday include:

Adobe Systems (ADBE) reported second quarter EPS of $0.37 on revenue of $1.07 billion, compared to last year’s EPS of $0.36 on revenue of $1.01 billion.

La-Z-Boy (LZB) reported fourth quarter EPS of $0.33 on revenue of $353.00 million, compared to last year’s EPS of $0.30 on revenue of $359.54 million.

Yingli Green Energy (YGE) reported a first quarter loss of $0.35 on revenue of $432.20 million, compared to last year’s loss of $0.63 on revenue of $431.39 million.

Stocks reporting earnings today include:

Actuant (ATU) is expected to report third quarter EPS of $0.63 on revenue of $376.93 million, compared to last year’s EPS of $0.62 on revenue of $344.20 million.

FedEx (FDX) is expected to report fourth quarter EPS of $2.36 on revenue of $11.67 billion, compared to last year’s EPS of $2.13 on revenue of $11.44 billion.

Jabil Circuit (JBL) is expected to report a third quarter loss of $0.09 on revenue of $3.60 billion, compared to last year’s EPS of $0.56 on revenue of $4.47 billion.

Red Hat (RHT) is expected to report first quarter EPS of $0.33 on revenue of $413.97 million, compared to last year’s EPS of $0.32 on revenue of $363.26 million.

Today’s Featured Dow Stock

Caterpillar Inc. (CAT)

Caterpillar Inc. (CAT) is up +17.47% year-to-date.

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous +10.3% with purchase sub-index +9.3% and refi sub-index +11.0%.

0830 ET Q1 current account balance expected -$97.0 billion, Q4 -$81.1 billion.

1030 ET EIA Weekly Petroleum Status Report.

1345 ET Former Fed Chairman Ben Bernanke speaks to the Federation of European Securities Exchanges in Zurich.

1400 ET FOMC announces interest rate decision and pace of asset purchases, expected no change to the 0.00% to 0.25% Fed funds rate and asset purchases cut by -$10 billion a month to $35 billion a month with $20 billion a month in Treasury purchases and $15 billion of monthly MBS purchases.

1430 ET Fed Chair Janet Yellen holds press conference following FOMC meeting.

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