The Dow Market Happenings For Wednesday, September 17, 2014

Dow stocks at 52 week highs include Goldman Sachs (GS). There are no Dow stock 52 week lows.

The Market

Premarket today, the Dow was indicated to open up +4 points.

Tuesday, the Dow closed up +100.83 (+0.59%) at 17,131.97.

Year-to-date the Dow is up +3.35%.

Dow stock winners Tuesday included UnitedHealth (UNH) +1.31% and Visa (V) +1.24%.

Dow stock losers Tuesday included Nike (NKE) -0.50%. Caterpillar (CAT) was unchanged for the day.

There were 28 Dow stock winners Tuesday.

NASA awarded a $6.8 billion contract to Boeing (BA) and SpaceX, of which Boeing will receive $4.2 billion, and SpaceX will receive $2.6 billion, for the commercial flight of astronauts to the International Space Station.

European stocks are higher and Asian markets ended mostly higher.

The national average price of gasoline is down eight-tenths of a cent at $3.373 per gallon.

Earnings Reports.

Nike (NKE) will report earnings on 9/25/14 after the market close.

Notable earnings reports from Tuesday include:

Adobe Systems Incorporated (ADBE) reported third quarter EPS of $0.28 on revenue of $1.01 billion, compared to last year’s EPS of $0.32 on revenue of $995.12 million.

FactSet Research Systems, Inc. (FDS) reported fourth quarter EPS of $1.31 on revenue of $238.70 million, compared to last year’s EPS of $1.20 on revenue of $219.33 million.

Stocks reporting earnings today include:

FedEx Corporation (FDX) is expected to report first quarter EPS of $1.94 on revenue of $11.47 billion, compared to last year’s EPS of $1.53 on revenue of $11.02 billion.

General Mills, Inc. (GIS) is expected to report first quarter EPS of $0.69 on revenue of $4.38 billion, compared to last year’s EPS of $0.70 on revenue of $4.37 billion.

Lennar Corporation (LEN) is expected to report third quarter EPS of $0.67 on revenue of $1.96 billion, compared to last year’s EPS of $054 on revenue of $1.60 billion.

United Natural Foods, Inc. (UNFI) is expected to report fourth quarter EPS of $0.65 on revenue of $1.73 billion, compared to last year’s EPS of $0.65 on revenue of $1.64 billion.

Today’s Featured Dow Stock

Caterpillar Inc. (CAT)

Caterpillar Inc. (CAT) is up +15.47% year-to-date.

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous -7.2% with purchase sub-index -2.6% and refi sub-index -10.7%.

0830 ET Aug CPI expected unch m/m and +1.9% y/y, Jul +0.1% m/m and +2.0% y/y. Aug CPI ex food & energy expected +0.2% m/m and +1.9% y/y, Jul +0.1% m/m and +1.9% y/y.

0830 ET Q2 current account balance expected -$114.0 billion, Q1 -$111.2 billion.

1000 ET Sep NAHB housing market index expected +1 to 56, Aug +2 to 55.

1030 ET EIA Weekly Petroleum Status Report.

1400 ET FOMC 2-day meeting concludes. Fed expected to leave funds rate target unchanged at zero to 0.25%. Fed expected to cut QE3 by $10 billion to $15 billion per month.

n/a G-20 finance ministers and central bankers meet for a 4-day meeting in Cairns, Australia.

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