DJIA Market Happenings For Thursday, July 17, 2014

Dow stocks at 52 week highs include Caterpillar (CAT), Disney (DIS), Intel (INTC), 3M (MMM) and Microsoft (MSFT). There are no Dow stock 52 week lows.

The Market

Premarket today, the Dow was indicated to open down -33 points.

Wednesday, the Dow closed up +77.52 (+0.45%) at 17,138.20.

Year-to-date the Dow is up +3.39%.

Dow stock winners Wednesday included Intel (INTC) +9.27% and Microsoft (MSFT) +3.84%.

Dow stock losers Wednesday included Chevron (CVX) -1.37% and Exxon Mobil (XOM) -0.81%.

Wednesday there were 21 Dow stock winners.

Yesterday was another record-setting day. The index set a new all-time intraday record of 17,139 and also notched a new closing record: 17,138.20.

Intel Corp. (INTC) was up 9% after the chip maker posted earnings that beat expectations and announced plans to boost its share repurchase program by $20 billion. Intel is now the top performing stock in the Dow for 2014. Year-to-date it is up +33.50%.

UnitedHealth Group (UNH) reported Q2 EPS of $1.42, higher than consensus of $1.26.

General Electric (GE) is working to find a buyer for its appliance business as the company tries to shift its focus more towards more profitable products like heavy industrial equipment. CEO Jeff Immelt said he is looking to sell around $4 billion worth of assets each year to streamline GE’s profits.

Jobless claims declined by 3,000 to 302,000 in the week ended July 12. The median forecast of 51 economists projected 310,000. The 4-week moving average was 309,000, a decrease of 3,000 from the previous week’s revised average. This is the lowest level for this average since June 2, 2007 when it was 307,500. The previous week’s average was revised up by 500 from 311,500 to 312,000.

European stocks are lower and Asian markets ended mostly lower.

The national average price of gasoline is down eight-tenths of a cent at $3.590 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.

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 Wednesday include:

Abbott Laboratories (ABT) reported second quarter EPS of $0.54 on revenue of $5.55 billion, compared to last year’s EPS of $0.46 on revenue of $5.45 billion.

Bank of America (BAC) reported second quarter EPS of $0.41 on revenue of $21.96 billion, compared to last year’s EPS of $0.32 on revenue of $22.73 billion.

eBay (EBAY) reported second quarter EPS of $0.69 on revenue of $4.40 billion, compared to last year’s EPS of $0.63 on revenue of $3.88 billion.

PNC Financial Services (PNC) reported second quarter EPS of $1.85 on revenue of $3.81 billion, compared to last year’s EPS of $1.99 on revenue of $4.06 billion.

U.S. Bankcorp (USB) reported second quarter EPS of $0.78, compared to last year’s EPS of $0.76 on revenue of $4.95 billion.

Stocks reporting earnings today include:

UnitedHealth Group (UNH) is expected to report second quarter EPS of $1.26 on revenue of $31.98 billion, compared to last year’s EPS of $1.40 on revenue of $30.41 billion.

Morgan Stanley (MS) is expected to report second quarter EPS of $0.58 on revenue of $8.39 billion, compared to last year’s EPS of $0.45 on revenue of $8.33 billion.

Novartis AG (NVS) is expected to report second quarter EPS of $1.42 on revenue of $14.81 billion, compared to last year’s EPS of $1.28 on revenue of $14.49 billion.

Philip Morris (PM) is expected to report second quarter EPS of $1.24 on revenue of $7.52 billion, compared to last year’s EPS of $1.30 on revenue of $7.92 billion.

Schlumberger N.V. (SLB) is expected to report second quarter EPS of $1.36 on revenue of $11.92 billion, compared to last year’s EPS of $1.15 on revenue of $11.18 billion.

Today’s Featured Dow Stock

Travelers Companies Inc. (TRV)

Travelers Companies Inc. (TRV) is up +5.61% year-to-date.

Financial Calendar

0830 ET Weekly initial unemployment claims expected +6,000 to 310,000, previous -11,000 to 304,000. Weekly continuing claims expected -4,000 to 2.580 million, previous +10,000 to 2.584 million.

0830 ET Jun housing starts expected +1.9% to 1.020 million, May -6.5% to 1.001 million. Jun building permits expected +3.0% to 1.035 million, May -5.1% to 1.005 million.

0830 ET USDA weekly Export Sales.

1000 ET Jul Philadelphia Fed manufacturing index expected -1.8 to 16.0, Jun +2.4 to 17.8.

1100 ET Treasury announces amount of 10-year TIPS to be auctioned Jul 24.

1335 ET St. Louis Fed President James Bullard speaks on the U.S. economy and monetary policy in Owensboro, KY.

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