The Dow Market Happenings For October 9, 2014

Dow stocks at 52 week highs include Coca Cola (KO). Dow stock 52 week lows include United Technologies (UTX).

The Market

Premarket today, the Dow was indicated to open down -40 points.

Wednesday, the Dow closed down -272.52 (-1.60%) at 16,7119.39.

Year-to-date the Dow is up +2.52%.

There was 29 Dow stock winners Wednesday.

The Dow stock loser Wednesday was Dupont (DD) -0.70%.

Dow stock winners Wednesday included Merck (MRK) +2.94% and United Health (UNH) -2.89% and 27 more of the 30 Dow stocks.

The Federal Open Market Committee minutes released on Wednesday surprised investors with a dovish tone and an indication that the bank was not planning to raise interest rates any time soon despite improving U.S. economic data.

The Labor Department said today that new claims for US unemployment insurance benefits fell last week to their lowest level in more than eight years. Initial jobless claims, fell by 1,000 to 287,000 in the week ending October 4. The previous week’s level was revised up by 1,000 to 288,000. The four-week moving average of claims last week fell by 7,250 to 287,750, the lowest number since early February 2006, the department noted. A year ago, the average stood at 328,500.

Alcoa (AA) jumped nearly 3% in after-hours trading after it reported Q3 adjusted EPS of 31 cents, well above consensus of 23 cents. The company has seen its shares surge by just over 100% over the past 12 months.

European stocks are higher and Asian markets ended mostly higher.

The national average price of gasoline is down 1.3 cents at $3.254 per gallon.

Earnings Reports.

Johnson & Johnson (JNJ) will report earnings om 10/14/14 before the market open.

JPMorgan (JPM) will report earnings om 10/14/14 before the market open.

Intel (INTC) will report earnings on 10/14/14 after the market close.

American Express (AXP) reports earnings on 10/15/14 after the market close.

Goldman Sachs (GS) will report earnings on 10/16/14 before the market open.

United Health (UNH) will report earnings on 10/16/14 before the market open.

International Business Machines (IBM) will report earnings on 10/16/14 after the market close.

General Electric (GE) will report earnings on 10/17/14 before the market open.

McDonald’s (MCD) will report earnings on 10/21/14 before the market open.

Travelers (TRV) will report earnings on 10/21/14 before the market open.

United Technologies (UTX) will report earnings on 10/21/14 before the market open.

Verizon (VZ) will report earnings on 10/21/14 before the market open.

Notable earnings reports from Wednesday include:

Alcoa Inc (AA) reported third quarter EPS of $0.31 on revenue of $6.24 billion, compared to last year’s EPS of $0.11 on revenue of $5.76 billion.

Costco Wholesale Corporation (COST) reported fourth quarter EPS of $1.58 on revenue of $35.52 billion, compared to last year’s EPS of $1.40 on revenue of $32.49 billion.

Monsanto Company (MON) reported a fourth quarter loss of $0.27 on revenue of $2.63 billion, compared to last year’s loss of $0.47 on revenue of $2.20 billion.

Stocks reporting earnings today include:

Lindsay Corporation (LNN) is expected to report fourth quarter EPS of $0.57 on revenue of $129.16 million, compared to last year’s EPS of $0.81 on revenue of $148.40 million.

PepsiCo, Inc. (PEP) is expected to report third quarter EPS of $1.29 on revenue of $17.16 billion, compared to last year’s EPS of $1.24 on revenue of $16.91 billion.

Safeway Inc. (SWY) is expected to report third quarter EPS of $0.13 on revenue of $8.46, compared to last year’s EPS of $0.10 on revenue of $8.60 billion.

VOXX International Corp (VOXX) is expected to report second quarter EPS of $0.06 on revenue of $185.20 million, compared to last year’s EPS of $0.20 on revenue of $183.82 million.

Today’s Featured Dow Stock

Pfizer Inc. (PFE)

Pfizer Inc. (PFE) is up -4.08% year-to-date.

Financial Calendar

0830 ET Weekly initial unemployment claims expected +8,000 to 295,000, previous -8,000 to 287,000. Weekly continuing claims expected +12,000 to 2.410 million, previous -45,000 to 2.398 million.

0830 ET USDA weekly Export Sales.

1000 ET Aug wholesale inventories expected +0.3% m/m, Jul +0.1% m/m. Aug wholesale trade sales expected +0.3%, Jul +0.7% m/m.

1015 ET St. Louis Fed President James Bullard speaks on monetary policy at the St. Louis Feds annual bank conference.

1100 ET ECB President Mario Draghi and Fed Vice Chairman Stanley Fischer speak on the latest developments in Europe and global central banking at the Brookings Institute.

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

1315 ET Richmond Fed President Jeffrey Lacker speaks on the Prospects for Growth and Labor Markets at an event in Asheville, North Carolina.

1330 ET Fed Vice Chairman Stanley Fischer speaks on the global economy on a panel discussion at the 2014 IMF annual meeting.

1540 ET San Francisco Fed President John Williams speaks on the economic outlook at an event in Las Vegas, NV.

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