The Dow Market Happenings For Thursday, December 11, 2014

There are no Dow stocks at 52 week highs. Dow stock 52 week lows include Chevron (CVX).

The Market

Premarket today, the Dow was indicated to open up +48 points.

Wednesday, the Dow closed down -268.05 (-1.51%) at 17,533.15.

Year-to-date the Dow is up +5.77%.

There was 1 Dow stock winner Wednesday.

The Dow stock winner Wednesday was Nike (NKE) +0.65%.

Dow stock losers Wednesday include Boeing (BA) -3.87% and Exxon Mobil (XOM) -2.97%.

JPMorgan Chase (JPM) was upgraded to ‘Outperform’ from ‘Underperform’ at CLSA.

Travelers (TRV) was downgraded to ‘Neutral’ from ‘Buy’ at UBS.

Yesterday, McDonald’s Corporation (MCD) announced its plans to increase sales and improve the customer experience in order to compete with rivals like Subway and Chipotle Mexican Grill. The company will downsize its menu by removing eight food items and five Extra Value Meals, which it says will increase the speed of service and allow room for menu personalization. The fast-food giant is also testing new, more natural choices at several restaurants around the country in order to embrace the healthy eating trend.

Initial claims for state unemployment benefits fell by 3,000 to a seasonally adjusted 294,000 for the week ended Dec. 6. The prior week’s data was unrevised. Economists had forecast claims falling to 295,000 last week. The four-week moving average of claims ticked up by 250 to 299,250, holding below the 300,000 mark for the 13th straight month.

European stocks are mostly higher and Asian markets ended lower.

The national average price of gasoline is down 1.8 cents at $2.621 per gallon.

Earnings Reports.

Nike (NKE) will report earnings on 12/18/14 after the market close.

Notable earnings reports from Wednesday include:

Casey’s General Stores Inc (CASY) reported second quarter EPS of $1.28 on revenue of $2.15 billion, compared to last year’s EPS of $1.06 on revenue of $2.02 billion.

Costco Wholesales Corporation (COST) reported first quarter EPS of $1.12 on revenue of $26.87 billion, compared to last year’s EPS of $0.96 on revenue of $25.02 billion.

The Men’s Wearhouse, Inc. (MW) reported third quarter EPS of $0.83 on revenue of $890.60 million, compared to last year’s EPS of $0.90 on revenue of $648.89 million.

Toll Brothers Inc (TOL) reported fourth quarter EPS of $0.71 on revenue of $1.35 billion, compared to last year’s EPS of $0.54 on revenue of $1.04 billion.

Stocks reporting earnings today include:

Adobe Systems Incorporated (ADBE) is expected to report fourth quarter EPS of $0.30 on revenue of $1.06 billion, compared to last year’s EPS of $0.32 on revenue of $1.04 billion.

CIENA Corporation (CIEN) is expected to report fourth quarter EPS of $0.13 on revenue of $589.44 million, compared to last year’s EPS of $0.32 on revenue of $583.38 million.

Lululemon Athletica inc. (LULU) is expected to report third quarter EPS of $0.38 on revenue of $424.77 million, compared to last year’s EPS of $0.45 on revenue of $379.90 million.

Quicksilver, Inc. (ZQK) is expected to report a fourth quarter loss of $0.11 on revenue of $430.36 million, compared to last year’s loss of $0.04 on revenue of $475.91 million.

Today’s Featured Dow Stock

Chevron Corp. (CVX)

Chevron Corp. (CVX) is down -16.05% year-to-date.

Financial Calendar

0830 ET Weekly initial unemployment claims unch at 297,000, previous -17,000 to 297,000. Weekly continuing claims expected -18,000 to 2.344 million, previous +39,000 to 2.362 million.

0830 ET Nov retail sales expected +0.4% and +0.1% ex autos, Oct +0.3% and +0.3% ex autos.

0830 ET Nov import price index expected -1.8% m/m and -2.6% y/y, Oct -1.3% m/m and -1.8% y/y.

0830 ET USDA weekly Export Sales.

1000 ET Oct business inventories expected +0.2%, Sep +0.3%.

1100 ET Treasury announces amount of 5-year TIPS to be auctioned Dec 18.

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

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