Before the Open (Nov 29)

Good morning. Happy Tuesday.
The Asian/Pacific markets closed mixed and little changed. China, Singapore and Indonesia posted gains; Japan, Hong Kong and Taiwan moved down. Europe currently leans to the downside. Greece and Italy are up more than 1%; France is also doing well. The UK, Norway, the Czech Republic, Turkey and Portugal are weakest. Futures in the States points towards a slight up open for the cash market.
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The dollar is up. Oil and copper are down. Gold and silver are down. Bonds are down.
The market took a breather yesterday. All the indexes fell, with the small caps leading the way. The Russell 2000’s 15-day win streak is over. No biggie. It couldn’t last forever.
The most notable movement came from the oil space, where crude oil rallied but oil stocks got hit hard. Today is down about $1.40. OPEC meets tomorrow, and if headlines are any indication there won’t be deal to cap output. Russia isn’t even going to attend. Oil stocks aren’t in bad shape, but they weren’t able to follow through on recent breakouts. I like the group purely from a trading standpoint. I don’t think it’ll rally or fall much, so I’m buying dips and selling rallies – essentially playing the range.
Otherwise I’m operating under the belief the overall trend is up, and there’s a lot of sideline money that wants to be put to work. A pause or dip would enable the market to rest, and then I’d expect a move to new highs again. Guessing a top has been a fool’s game for many years. The default setting is up. More after the open.
Stock headlines from barchart.com…
Pfizer (PFE -0.47%) was upgraded to ‘Overweight’ from ‘Equalweight’ at Barclays with a 12-month price target of $38.
U.S. Steel (X -3.19%) was downgraded to ‘Hold’ from ‘Buy’ at Argus.
TiVo (TIVO +0.24%) rallied almost 5% in after-hours trading after it signed IP licensing pacts with Netflix.
Thor Industries (THO -0.25%) jumped almost 10% in after-hours trading after it reported Q1 EPS continuing operations of $1.49, higher than consensus of $1.23.
SiteOne Landscape Supply (SITE -1.49%) slipped 3% in after-hours trading after it announced a secondary offering of 8 million shares of common stock.
Allstate (ALL -0.47%) fell over 1% in after-hours trading after it said it will buy SquareTrade for $1.4 billion in cash.
Texas Capital Bancshares (TCBI -3.11%) dropped 3% in after-hours trading after it announced an offering of 3 million shares of common stock.
Shoe Carnival (SCVL -3.75%) sank 10% in after-hours trading after it reported Q3 WPS of 54 cents, weaker than consensus of 56 cents, and then cut its view on fiscal 2017 EPS to $1.46-$1.51 from an August 31 view of $1.58-$1.65.
ZTO Express Cayman (ZTO -0.57%) gained over 3% in after-hours trading after it reported Q3 earnings per ADS were 12 cents, higher than consensus of 11 cents.
Cotiviti Holdings (COTV -1.35%) lost over 1% in after-hours trading after it announced a secondary public offering of 10 million shares of common stock.
21Vianet Group (VNET -1.17%) rose over 3% in after-hours trading aft it reported a Q3 loss/ADR of -13 cents, a smaller decline than consensus of -15 cents.
Cherokee Global (CHKE -4.76%) lost over 2% in after-hours trading after it announced plans to buy Hi-Tec Sports International Holdings for $95.8 million.
Bojangles’ Inc. (BOJA -1.75%) slid 4% in after-hours trading after holders proposed a secondary offering of 6 million shares of common stock.
Nivalis Therapeutics (NVLS -0.48%) plunged over 50% in after-hours trading after it said its Phase 2 study evaluating cavosonstat failed to meet the primary endpoint in adult patients with cystic fibrosis.
Today’s Economic Calendar
8:30 GDP Q3
8:30 Corporate Profits
8:55 Redbook Chain Store Sales
9:00 S&P Corelogic Case-Shiller Home Price Index
10:00 Fed’s Dudley Speech
10:00 Consumer Confidence
10:00 State Street Investor Confidence Index
Today’s Earnings here
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings
this week’s Economic Numbers