DJIA Market Happenings For Thursday, September 04, 2014

Dow stocks at 52 week highs include Disney (DIS), Goldman Sachs (GS), Merck (MRK) and UnitedHealth (UNH). There are no Dow stock 52 week lows.

The Market

Premarket today, the Dow was indicated to open up +28 points.

Wednesday, the Dow closed up +10.72 (+0.06%) at 17,078.28.

Year-to-date the Dow is up +3.03%.

Dow stock winners Wednesday included Merck (MRK) +1.15% and Cisco (CSCO) +0.64%.

Dow stock losers Wednesday included Home Depot (HD) -2.36% and Nike (NKE) -0.58%.

There were 20 Dow stock winners Wednesday.

The Labor Department reported initial claims for state unemployment benefits increased 4,000 to a seasonally adjusted 302,000 for the week ended Aug. 30. Claims for the prior week were unrevised. Economists had forecast claims climbing to 300,000 last week. A Labor Department analyst said there were no special factors influencing the state level data. The four-week average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, climbed 3,000 to 302,750.

Private sector employment increased by 204,000 jobs from July to August according to the August ADP National Employment Report.

European stocks are lower and Asian markets ended mixed

The national average price of gasoline is down one-tenth of a cent at $3.432 per gallon.

Earnings Reports.

There are no Dow stocks set to report earnings in the near term.

Notable earnings reports from Wednesday include:

ABM Industries Incorporated (ABM) reported third quarter EPS of $0.47 on revenue of $1.28 billion, compared to last year’s EPS of $0.41 on revenue of $1.22 billion.

Navistar International Corporation (NAV) reported a third quarter loss of $0.04 on revenue of $2.84 billion, compared to last year’s loss of $2.94 on revenue of $2.86 billion.

PVH Corp (PVH) reported second quarter EPS of $1.51 on revenue of $1.98 billion, compared to last year’s EPS of $1.39 on revenue of $1.96 billion.

Toll Brothers Inc. (TOL) reported third quarter EPS of $0.53 on revenue of $1.06 billion, compared to last year’s EPS of $0.26 on revenue of $689.16 million.

Stocks reporting earnings today include:

CIENA Corporation (CIEN) is expected to report third quarter EPS of $0.29 on revenue of $600.81 million, compared to last year’s EPS of $0.23 on revenue of $538.36 million.

Joy Global Inc. (JOY) is expected to report third quarter EPS of $0.84 on revenue of $934.25 million, compared to last year’s EPS of $1.70 on revenue of $1.32 billion.

Quiksilver, Inc. (ZQK) is expected to report third quarter EPS of $0.03 on revenue of $440.64 million, compared to last year’s EPS of $0.10 on revenue of $495.76 million.

UTi Worldwide Inc. (UTIW) is expected to report second quarter EPS of $0.02 on revenue of $1.14 billion, compared to last year’s EPS of $0.05 on revenue of $1.13 billion.

Today’s Featured Dow Stock

UnitedHealth Group Inc. (UNH)

UnitedHealth Group Inc. (UNH) is up +15.26% year-to-date.

Financial Calendar

0730 ET Aug Challenger job cuts, Jul +24.4% y/y.

0815 ET Aug ADP employment change expected +220,000, Jul +218,000.

0830 ET Weekly initial unemployment claims expected +2,000 to 300,000, previous -1,000 to 298,000. Weekly continuing claims expected -17,000 to 2.510 million, previous +25,000 to 2.527 million.

0830 ET Jul trade balance expected -$42.4 billion, Jun -$41.5 billion.

0830 ET Revised Q2 non-farm productivity expected +2.4%, previous +2.5%. Q2 unit labor costs expected revised to +0.5% from +0.6%.

0945 ET Final-Aug Markit U.S. services PMI expected unrevised at 58.5. Final-Aug Markit U.S. Composite PMI, prelim-Aug 58.8.

1000 ET Aug ISM non-manufacturing index expected -1.1 to 57.6, Jul +2.7 to 58.7.

1100 ET EIA Weekly Petroleum Status Report.

1100 ET Treasury announces amount of 3-year T-notes (previous $27 billion), 10-year T-notes (previous $24 billion) and 30-year T-bonds (previous $16 billion) to be auctioned Sep 9-11.

1230 ET Cleveland Fed President Loretta Mester speaks on the economic outlook and monetary policy to the Economic Club of Pittsburgh and the CFA Society Pittsburgh.

1900 ET Fed Governor Jerome Powell speaks to the Money Marketeers of New York.

2015 ET Dallas Fed President Richard Fisher delivers a speech to the U.S. India Chamber of Commerce.

2100 ET Minneapolis Fed President Narayana Kocherlakota participates in a town hall forum in Helena, MT.

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