Before the Open (Nov 20)

Posted on by Jason Leavitt

Good morning. Happy Monday. Hope you had a good weekend.
The Asian/Pacific markets closed mixed and little changed. Japan, South Korea and Taiwan closed up; China and New Zealand closed down. Europe, Africa and the Middle East leaned to the upside and are also mostly quiet. Poland, South Africa and Switzerland are up the most. Turkey is down 2%; Saudi Arabia is down 1%; Greece is also weak. Futures in the States point towards a flat 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 up.
Stock headlines from barchart.com…
Wal-Mart (WMT -2.16%) was downgraded to ‘Neutral’ from ‘Buy’ at Goldman Sachs.
Monster Beverage (MNST +0.27%) was downgraded to ‘Negative’ from ‘Neutral’ at Susquehanna Financial with a price target of $51.
Verizon (VZ +1.45%) was upgraded to ‘Outperform’ from ‘Market Perform’ at Wells Fargo Securities with a target price of $50.
General Motors (GM +0.64%) was upgraded to ‘Buy’ from ‘Neutral’ at Guggenheim Securities.
Delphi Automotive Plc (DLPH -0.54%) was upgraded to ‘Buy’ from ‘Neutral’ at Bank of America/Merrill Lynch with a price target of $120.
Cardinal Health (CAH +0.16%) was downgraded to ‘Underweight’ from ‘Equal weight’ at Morgan Stanley with a price target of $51.
Resolute Energy (REN +4.02%) was upgraded to ‘Overweight’ from suspended coverage at Barclays with a 12-month target price of $37.
Jack in the Box (JACK +0.56%) was downgraded to ‘Neutral’ from ‘Outperform’ at Wedbush.
WGL Holdings (WGL -0.17%) reported a Q4 operating loss of -17 cents per share, narrower than consensus of -20 cents.
Advanced Accelerator Applications SA (AAAP -0.05%) American depository receipts were downgraded to ‘Neutral’ from ‘Overweight’ at JPMorgan Chase.
Pointer Telocation (PNTR -1.13%) was downgraded to ‘Neutral’ from ‘Buy’ at Roth Capital Partners.
Johnson & Johnson (JNJ -0.63%) said patients treated with its Invokana for type 2 diabetes had a 43% reduced risk for all-cause mortality and hospitalization for heart failure after an average of 1.6 years, compared to similar patients treated with a non-SGLT2i medication.
California Resources (CRC +4.46%) fell 4% in after-hours trading after it entered into an equity distribution pact with Morgan Stanley to sell up to 6 million shares of common stock from time to time.
Etsy (ETSY +0.30%) gained almost 1% in after-hours trading after the company announced a $100 million stock buyback program.
Today’s Economic Calendar
10:00 Leading Indicators
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings from Morningstar
this week’s Economic Numbers/Reports powered by ECONODAY

3 thoughts on “Before the Open (Nov 20)”

  1. the flattening of the yield curve toward inversion has not only has a consistent long-term track record of predicting the onset of economic recessions, it has also predicted well as a leading signal of an impending bull market peak and subsequent bear market decline. I know, my pattern work has me still working….but some day it works and I have a great cremation ceremony.

  3. the inverted yield curve does not have to come at the beginning
    but can come in the more dramatic wave 3 down [like the leehmams crash]
    the nas 100 may stall things out as it goes for a last push higher,
    to follow a german dax corrective wave 2 higher–
    but doesn’t have to as most wave patterns world wide are complete

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