The Dow Market Happenings For Thursday, July 10, 2014

Dow stocks at 52 week highs include Disney (DIS). There are no Dow stock 52 week lows.

The Market

Premarket today, the Dow was indicated to open down -170 points.

Wednesday, the Dow closed up +78.99 (+0.47%) at 16,985.61.

Year-to-date the Dow is up +2.47%.

The Department of Labor reported today that 304,000 Americans filed for jobless claims during the week ending July 5, down from 315,000 a week ago. Economists were expecting a 315,000 print. The 4-week moving average sits at 311,500, down by 3,500.

Minutes from the Federal Reserve’s June policy meeting showed that the bank has set a firm date for the end of its asset buying program for the first time. Fed officials decided to continue on the current path by decreasing the bank’s bond buying by $10 billion per month until October, when they will reduce purchases by $15 billion; making November the first month without any asset purchases.

Dow stock winners Wednesday included Disney (DIS) +1.58% and Cisco (CSCO) +1.48%.

Dow stock losers Wednesday included Dupont (DD) -0.44% and Pfizer (PFE) -0.33%.

Wednesday there were 23 Dow stock winners.

UnitedHealth (UNH) was downgraded to ‘Hold’ from ‘Buy’ at Jefferies.

Alcoa (AA) was upgraded to ‘Overweight’ from ‘Equal Weight’ at Morgan Stanley.

European stocks are lower and Asian markets ended mixed.

The national average price of gasoline is down six-tenths of a cent at $3.639 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.

Goldman Sachs (GS) will report earnings on 7/15/14 before the market open.

Intel (INTC) will report earnings on 7/15/14 after the market close.

Johnson & Johnson (JNJ) will report earnings on 7/15/14 before the market open.

JPMorgan (JPM) will report earnings on 7/15/14 before the market open.

United Technologies (UTX) will report earnings on 7/17/14 before the market open.

IBM (IBM) will report earnings on 7/17/14 after the market close.

General Electric (GE) will report earnings on 7/18/14 before the market open.

Dupont (DD)will report earnings on 7/22/14 before the market open.

Coca Cola (KO) will report earnings on 7/22/14 before the market open.

McDonald’s (MCD) will report earnings on 7/22/14 before the market open.

Microsoft (MSFT) will report earnings on 7/22/14 after the market close.

Travelers (TRV) will report earnings on 7/22/14 before the market open.

United Technologies (UTX) will report earnings on 7/22/14 before the market open.

Verizon (VZ) will report earnings on 7/22/14 before the market open.

Boeing (BA) will report earnings on 7/23/14 before the market open.

AT&T (T) will report earnings on 7/23/14 after the market close.

Notable earnings reports from Wednesday include:

GenCorp (GY) reported a second quarter loss of $0.86 on revenue of $403.10 million, compared to last year’s loss of $0.20 on revenue of $286.60 million.

MSC Industrial Direct Company (MSM) reported third quarter EPS of $1.06 on revenue of $720.50 million, compared to last year’s EPS of $1.05 on revenue of $636.92 million.

WD-40 Company (WDFC) reported third quarter EPS of $0.69 on revenue of $95.70 million, compared to last year’s EPS of $0.66 on revenue of $93.10 million.

Stocks reporting earnings today include:

Family Dollar Stores (FDO) is expected to report third quarter EPS of $0.89 on revenue of $2.62 billion, compared to last year’s EPS of $1.05 on revenue of $2.57 billion.

Progressive Corporation (PGR) is expected to report second quarter EPS of $0.48 on revenue of $4.64 billion, compared to last year’s EPS of $0.39 on revenue of $4.39 billion.

PriceSmart (PSMT) is expected to report third quarter EPS of $0.69 on revenue of $624.46 million, compared to last year’s EPS of $0.61 on revenue of $571.72 million.

Today’s Featured Dow Stock

Nike Inc. (NKE)

Nike Inc. (NKE) is up +0.06% year-to-date.

Financial Calendar

0830 ET Weekly initial unemployment claims expected unchanged at 315,000, previous +2,000 to 315,000. Weekly continuing claims expected -14,000 to 2.565 million, previous +11,000 to 2.579 million.

0830 ET USDA weekly Export Sales.

1000 ET May wholesale inventories expected +0.6% m/m, Apr +1.1% m/m. May wholesale sales expected +0.9%, Apr +1.3% m/m.

1300 ET Treasury auctions $13 billion 30-year T-bonds.

1315 ET Kansas City Fed President Esther George speaks on the economy and monetary policy to business and community leaders in Shawnee, OK.

1630 ET Fed Vice Chairman Stanley Fisher speaks on financial reform at an event hosted by the NBER.

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