Before the Open (Mar 6)

Good morning. Happy Monday. Hope you had a good weekend.
The Asian/Pacific markets closed mostly up. Malaysia rallied more than 1%; China and India also did well. Japan dropped. Europe is currently mostly down. Greece is down 1.2%; Germany, France, the UK, the Netherlands, Denmark, Italy and Portugal are also weak. Turkey is up almost 2%. Futures in the States point towards a moderate gap down open for the cash market.
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VIDEO: There’s a Bull Market Somewhere
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The dollar is flat. Oil and copper are down. Gold and silver are up. Bonds are up.
We enter this new week with the market doing just fine overall, but I’m much less enthusiastic about the near term. There are small warnings and non-confirmations, and given the extent of the gains in place, there isn’t much “meat” on the bones.
I fully expect more new highs to be made this year, but in the near term I don’t see many trades that jump off my computer screen.
Stock headlines from barchart.com…
Time Warner (TWX -0.23%) was downgraded to ‘Neutral’ from ‘Buy’ at UBS.
MetLife (MET +2.62%) was downgraded to ‘Neutral’ from ‘Buy’ at Bank of America/Merrill Lynch with a price target of $59.
Netflix (NFLX -0.28%) rose 2% in pre-market trading after it was upgraded by UBS to a ‘Buy’ from ‘Neutral’ with a price target of $175.
FedEx (FDX -0.18%) was upgraded to ‘Outperform’ from ‘Market Perform’ at BMO Capital Markets with a price target of $220.
GoPro (GPRO -4.64%) was downgraded to ‘Sell’ from ‘Neutral’ at Goldman Sachs with a price target of $6.
Alcoa (AA +1.48%) was upgraded to ‘Buy’ from ‘Neutral’ at Goldman Sachs with a price target of $52.
EI du Pont de Nemours (DD -0.16%) was upgraded to ‘Buy’ from ‘Hold’ at Jefferies with a 12-month target price of $96.
Dow Chemical (DOW -0.14%) was upgraded to ‘Buy’ from ‘Hold’ at Jeffries with a 12-month target price of $75.
Wells Fargo (WFC +0.31%) is facing a Justice Department probe to see if executives hid details of a bogus account scandal from the board of regulators, according to Reuters.
Chipotle Mexican Grill (CMG -0.05%) slid 1% in after-hours trading after it filed a 2.88 million-share shelf for holder Pershing Square Capital Management LP.
Editas Medicine (EDIT -6.81%) dropped over 4% in after-hours trading after filing $350 million mixed securities shelf and registering up to 15.25 million shares for selling holders.
Halcon Resources (HK -3.61%) fell 3% in after-hours trading after it registered 55.18 million shares for conversion of preferred stock for holders.
Elliot Associates LP raised their passive stake in Roadrunner Transportation Systems (RRTS +0.65%) to 7.5% from 4.9%.
Today’s Economic Calendar
8:30 Gallup US Consumer Spending Measure
10:00 Factory Orders
12:30 PM TD Ameritrade IMX
3:00 PM Fed’s Kashkari speech
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings from Morningstar
this week’s Economic Numbers/Reports powered by ECONODAY