Records Continue To Fall On Wall Street
The current market rally has written another new page in the record books, with the Dow's first-ever close above 15,000 and yet another record close for the S&P 500. With those gains, the Dow's 2013 advance is now at 14.9 percent, more than twice its 7.3 percent gain for all of 2012.
No government economic reports are on the calendar today, in the midst of a very light week for such statistics. We will get the usual Wednesday report on mortgage applications from the Mortgage Bankers Association at 7 a.m. ET, as well as the Energy Department's weekly look at oil and gasoline inventories at 10:30 a.m. ET.
The Treasury will sell $24 billion in 10-year notes today, with the results of that sale available shortly after 1 p.m. ET.
AOL (AOL) is among the companies set to report earnings this morning, along with Liberty Media (LMCA), SodaStream (SODA), and Wendy's (WEN). Videogame maker Activision Blizzard (ATVI) leads our list of after-the-bell earnings reports today, joined by Green Mountain Coffee (GMCR), Monster Beverage (MNST), News Corp. (NWSA), and Tesla Motors (TSLA).
Dow component Walt Disney (DIS) is among our stocks to watch, reporting fiscal second quarter profit of $0.79 per share, two cents above estimates, with revenues also slightly exceeding forecasts. The results were helped by stronger performances by the parks and resorts unit and the movie studio division.
J.C. Penney (JCP) forecasts a 16.6 percent drop in same-store first quarter sales compared to a year ago, and revenues that are somewhat shy of analyst estimates. However, the beleaguered retailer did report cash levels that were higher than analysts had thought, and the Street does expect sales to improve later this year as Penney tries to turn its fortunes around after bringing back ex-CEO Myron Ullman.
Mondelez International (MDLZ) reported first quarter profit of $0.34 per share, one cent above estimates, with revenues also slightly above consensus. The snacks maker also raised its full year forecast due to a tax benefit.
Electronic Arts (EA) earned $0.55 per share, excluding certain items, for its fourth quarter. That was two cents below Street estimates, although the videogame maker did see revenues slightly above consensus. First quarter revenues are forecast at $450 million, well below Street estimates of $532 million, but EA is expecting improved fortunes later this year, especially during the holiday shopping season.
Whole Foods (WFM) earned $0.76 per share for its second quarter, three cents above estimates, with the natural foods grocery chain also announcing a two-for-one stock split. Same-store sales for the quarter jumped 6.9 percent, and are already up 9.4 percent for the current quarter.
Zillow (Z) lost $0.11 per share for the first quarter, wider than the $0.03 per share loss expected by analysts. The real estate web site operator did report revenues of $39 million, above estimates of 437 million, and it also raised its full-year outlook because of a jump in subscriptions.
TripAdvisor (TRIP) reported first quarter profit of $0.50 per share, excluding certain items, four cents above estimates, with revenues also above consensus.
Symantec (SYMC) beat estimates by six cents for its fourth quarter by reporting profits of $0.44 per share, with revenues also above forecasts. The maker of anti-virus software did forecast current quarter results well below analyst estimates, primarily the result of a weak Japanese yen.
Investor Carl Icahn has increased his stake in Herbalife (HLF) to 16.5 percent from 15.9 percent.
Toyota (TM) reported a quarterly profit of about $3.2 billion, more than double from a year earlier, thanks to cost cuts, improved sales, and a weaker Japanese yen.