DJIA Market Happenings For Tuesday, July 15, 2014

Dow stocks at 52 week highs include Intel (INTC), Microsoft (MSFT) and UnitedHealth (UNH). There are no Dow stock 52 week lows.

The Market

Premarket today, the Dow was indicated to open up +30 points and it didn’t hang on to it.

Tuesday, the Dow closed up +5.26 (+0.03%) at 17,060.68.

Year-to-date the Dow is up +2.92%.

Dow stock winners Tuesday included JPMorgan (JPM) +3.52% and Goldman Sachs (GS) +1.30%.

Dow stock losers Tuesday included Johnson & Johnson (JNJ) -1.99% and IBM (IBM) -0.72%.

Tuesday there were 14 Dow stock winners.

Goldman Sachs Group, Inc. (GS) today reported net revenues of $9.13 billion and net earnings of $2.04 billion for the second quarter ended June 30, 2014. Diluted earnings per common share were $4.10 compared with $3.70 for the second quarter of 2013 and $4.02 for the first quarter of 2014. Earnings beat estimates of $3.07/share.

JPMorgan Chase & Co. (JPM) today reported net income for the second quarter of 2014 of $6.0 billion, compared with net income of $6.5 billion in the second quarter of 2013. Earnings per share were $1.46, compared with $1.60 in the second quarter of 2013. Revenue for the quarter was $25.3 billion, down 2% compared with the prior year. Earnings beat estimates of $1.30/share.

Johnson & Johnson (JNJ) today announced sales of $19.5 billion for the second quarter of 2014, an increase of 9.1% as compared to the second quarter of 2013. Net earnings and diluted earnings per share for the second quarter of 2014 were $4.3 billion and $1.51, respectively. The second-quarter results included a charge for after-tax special items of approximately $0.4 billion, primarily related to an increase in the litigation accrual as well as integration and transaction costs related to the acquisition of Synthes, Inc. Second quarter 2013 net earnings included a charge for after-tax special items of approximately $0.5 billion. Excluding these special items, net earnings for the current quarter were $4.8 billion and diluted earnings per share were $1.66, representing increases of 11.3% and 12.2%, respectively, as compared to the same period in 2013. Earnings beat estimates calling for $1.54/share.

Intel Corporation (INTC) today reported better than expected quarterly earnings of $0.55 a share, three cents better than forecasts of $0.52/share. Revenue for the semiconductor’s fiscal second quarter rose 8% from the first quarter to $13.8 billion, in line with the company’s guidance last month. Intel projected third quarter revenue of $14.4 billion, plus or minus $500 million, above analysts’ expectations. Intel paid dividends of $1.1 billion in the second quarter. The company also announced a $20 billion share buyback program to repurchase 74 million shares. On the news, Intel shares surged more than 4% in after-hours trading.

European stocks ended lower and Asian markets ended mixed.

The national average price of gasoline is down nine-tenths of a cent at $3.605 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) reported earnings on 7/15/14 before the market open of $4.10/share, beating consensu of $3.07/share.

Intel (INTC) reported earnings on 7/15/14 after the market close of $0.55/share, beating consensus of $0.52/share.

Johnson & Johnson (JNJ) reported earnings on 7/15/14 before the market open of $1.66/share, beating consensus of $1.54/share.

JPMorgan (JPM) reported earnings on 7/15/14 before the market open of $1.46/share, beating consensus of $1.30/share.

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.

Caterpillar (CAT) will report earnings on 7/24/14 before the market open.

3M (MMM) will report earnings on 7/24/14 before the market open.

Visa (V) will report earnings on 7/24/14 after the market close.

Notable earnings reports from Monday include:

Citigroup Inc.(C) reported second quarter EPS of $1.24 on revenue of $19.38 billion, compared to last year’s EPS of $1.34 on revenue of $20.48 billion.

Bank of the Ozarks (OZRK) reported second quarter EPS of $0.34, compared to last year’s EPS of $0.29 on revenue of $62.45 million.

Wintrust Financial Corporation (WTFC) reported second quarter EPS of $0.76 on revenue of $203.28 million, compared to last year’s EPS of $0.69 on revenue of $199.82 million.

Stocks reporting earnings today include:

Goldman Sachs (GS) is expected to report second quarter EPS of $3.05 on revenue of $7.97 billion, compared to last year’s EPS of $3.70 on revenue of $8.61 billion.

Intel Corporation (INTC) is expected to report second quarter EPS of $0.52 on revenue of $13.68 billion, compared to last year’s EPS of $0.39 on revenue of $12.81 billion.

Johnson & Johnson (JNJ) is expected to report second quarter EPS of $1.54 on revenue of $18.86 billion, compared to last year’s EPS of $1.48 on revenue of $17.88 billion.

JP Morgan Chase (JPM) is expected to report second quarter EPS of $1.29 on revenue of $23.76 billion, compared to last year’s EPS of $1.60 on revenue of $25.96 billion.

Yahoo! (YHOO) is expected to report second quarter EPS of $0.38 on revenue of $1.09 billion, compared to last year’s EPS of $0.35 on revenue of $1.07 billion.

Today’s Featured Dow Stock

The Coca-Cola Co. (KO)

The Coca-Cola Co. (KO) is up +1.91% year-to-date.

Financial Calendar

0830 ET Jul Empire manufacturing index expected -2.28 to 17.00, Jun +0.27 to 19.28.

0830 ET Jun retail sales expected +0.6% and +0.5% ex autos, May +0.3% and +0.1% ex autos.

0830 ET Jun import price index expected +0.4% m/m and +1.1% y/y, May +0.1% m/m and +0.4% y/y.

1000 ET May business inventories expected +0.6%, Apr +0.6%.

1000 ET Fed Chair Janet Yellen appears before the Senate Banking Committee to deliver the Feds Semiannual Monetary Policy Report to Congress.

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