Before the Open (Oct 4)

Posted on by Jason Leavitt

Good morning. Happy Wednesday.
The Asian/Pacific markets closed with a lean to the upside. Hong Kong, South Korea, India and the Philippines led the way; Australia was weak. Europe, Africa and the Middle East currently lean to the downside. South Africa and Saudi Arabia are doing well. Spain is down more than 2%; Italy is down more than 1%; Norway, Portugal and Austria are also weak. Futures in the States point towards a down open for the cash market.
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The dollar is down. Oil and copper are down. Gold and silver are up. Bonds are up.
Stock headlines from barchart.com…
Kraft Heinz (KHC -0.04%) was downgraded to ‘Neutral’ from ‘Buy’ at Goldman Sachs.
Waste Management (WM +0.65%) was downgraded to ‘Hold’ from ‘Buy’ at Stifel.
Jack in the Box (JACK -1.24%) was upgraded to ‘Outperform’ from ‘Market Perform’ at Telsey Advisory Group with a 12-month target price of $118.
Lennar (LEN +4.79%) was upgraded to ‘Buy’ from ‘Neutral’ at MKM Partners with a target price of $64.
Winnebago Industries (WGO -0.54%) was downgraded to ‘Hold’ from ‘Buy’ at Stifel.
Tesla (TSLA +1.94%) gained nearly 1% in after-hours trading after Nomura initiated coverage on the stock as a ‘Buy’ saying there will be an “unprecedented run-up” in Tesla’s revenue to $58 billion in 20121 from $8 billion in 2016.
Global Blood Therapeutics (GBT -4.19%) rose 3% in after-hours trading after holder Point72 Asset Management reported a 5.2% stake in the company.
CytomX Therapeutics (CTMX -1.30%) surged over 30% in after-hours trading after it entered into a strategic collaboration with Amgen to co-develop immuno-oncology therapies.
Newlyn Genetics (NLNK +5.00%) slid over 6% in after-hours trading after it announced that it intends to offer up to $50 million shares of its common stock in an underwritten public offering.
Office Depot (ODP +1.32%) tumbled over 10% in after-hours trading after it acquired CompuCom for about $1 billion.
Intelsat SA (I +10.95%) gained 4% in after-hours trading after RBC Capital Markets said the company’s joint proposal with Intel for sharing of C-band spectrum in 5G networks was a potential “gold mine.”
Rigel Pharmaceuticals (RIGL -4.15%) dropped 7% in after-hours trading after it announced that it intends to offer up to $40 million shares of its common stock in an underwritten public offering.
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Today’s Economic Calendar
7:00 MBA Mortgage Applications
8:15 ADP Jobs Report
9:45 PMI Services Index
10:00 ISM Non-Manufacturing Index
10:30 EIA Petroleum Inventories
3:00 PM Fed’s Bullard speech
3:15 PM Janet Yellen speech
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings from Morningstar
this week’s Economic Numbers/Reports powered by ECONODAY

One thought on “Before the Open (Oct 4)”

  1. The dollar is weak, we need a massive recovery in GDP.But they predicted recently to it be only about 2%, which is not enough,we need more or the bull market is dead.
    So load up on oil,gold silver,copper,coal,commodities in general. This will take a while, plan on allowing some time. I have played the dollar for years – and made money. In the early 2000s I made a double on my play. Patience is required. Shorting the dollar is OK,but the this move is probably the preferred way: I will use COP,CVX ARLP, RGLD. and such like. Be patient and hold on.
    5

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