The Dow Market Happenings For Tuesday, July 1, 2014

Dow stocks at 52 week highs include Disney (DIS), Intel (INTC), Johnson & Johnson (JNJ) and Coca Cola (KO). There are no Dow stock 52 week lows.

The Market

Premarket today, the Dow was indicated to open up +48 points.

Monday, the Dow closed down -25.24 (-0.15%) at 16,826.60.

Year-to-date the Dow is up +1.51%. That’s it for the first half of 2014.

Dow stock winners Monday included Visa (V) +0.68% and Cisco (CSCO) +0.61%.

Dow stock losers Monday included Microsoft (MSFT) -1.30% and Boeing (BA) -1.02%.

Monday there were 10 Dow stock winners.

Thursday, we will have the Friday Jobs number due to the 4th of July holiday.

Today is the first day of the quarter and second half of 2014.

Dow stock leaders for the first half of 2014 include Caterpillar (CAT) +19.67%, Intel (INTC) +19.05%, Merck (MRK) +15.58%, Jonson & Johnson (JNJ) +14.23% and Microsoft (MSFT) +11.47%.

Dow stock losers for the first half of 2014 include Boeing (BA) -6.78%, General Electric (GE) -6.24%, Goldman Sachs (GS) -5.54% and Visa (V) -5.38%.

BofA/Merrill lowered Goldman Sachs (GS) Q2 EPS estimate to $3.00 from $3.44, vs. consensus of $3.16.

Goldman Sachs (GS) was downgraded to ‘Market Perform’ from ‘Outperform’ at Bernstein.

Boeing (BA) was awarded a $1.94 billion fixed-price-incentive-fee government contract for the full rate production of 11 Lot 38 F/A-18E aircraft for the U.S. Navy and 33 EA-18G aircraft for the U.S. Navy and the government of Australia.

European stocks were higher and Asian markets ended mostly higher. Hong Kong markets are closed today for a public holiday, the 17th anniversary of the territory’s handover from British to Chinese rule

The national average price of gasoline is down four-tenths of a cent at $3.672 per gallon.

Earnings Reports.

Nike (NKE) reported earnings on 6/26/14 after the market close of $0.78/share, beating consensus for $0.76/share.

Notable earnings reports from Monday include:

Investors Real Estates Trust (IRET) reported fourth quarter EPS of $0.14 on revenue of $67.00 million, compared to last year’s EPS of $0.19 on revenue of $67.01 million.

Stocks reporting earnings today include:

Acuity Brands (AYI) is expected to report third quarter EPS of $1.12 on revenue of $609.09 million, compared to last year’s EPS of $0.97 on revenue of $541.50 million.

A. Schulman (SHLM) is expected to report third quarter EPS of $0.66 on revenue of $627.50 million, compared to last year’s EPS of $0.50 on revenue of $548.59 million.

Paychex (PAYX) is expected to report fourth quarter EPS of $0.40 on revenue of $617.35 million, compared to last year’s EPS of $0.38 on revenue of $585.30 million.

Today’s Featured Dow Stock

International Business Machines Co. (IBM)

International Business Machines Co. (IBM) is down -3.36% year-to-date.

Financial Calendar

0945 ET Revised Jun Markit manufacturing PMI expected unch at 57.5, prelim-Jun +1.1 to 57.5.

1000 ET Jun ISM manufacturing index expected +0.5 to 55.9, May +0.5 to 55.4. Jun ISM employment, May -1.9 to 52.8. Jun ISM new orders, May +1.8 to 56.9. Jun ISM prices paid expected unch at 60.0, May +3.5 to 60.0.

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

n/a Jun total vehicle sales expected 16.38 million, May 16.70 million. Jun domestic vehicle sales expected 13.00 million, May 13.11 million.

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