Good morning. Happy Monday. Hope you had a good weekend.
The Asian/Pacific markets closed mixed with big movers in both directions. Japan, China, South Korea and Taiwan moved up while Hong Kong, India and Indonesia moved down. Europe, Africa and the Middle East are currently mixed. Poland, South Africa, Norway and Israel are up; Greece, Kenya, Spain and Italy are down. Futures in the States point towards a down open for the cash market.
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The dollar is down. Oil is up; copper is flat. Gold is up; silver is down. Bonds are down.
Overnight Stock Movers from barchart.com…
Nike (NKE +0.21%) was downgraded to ‘Neutral’ from ‘Outperform’ at MainFirst Bank AG with a price target of $80.
Chuy’s Holdings (CHUY -2.33%) was downgraded to ‘Underperform’ from ‘Market Perform’ at BMO Capital Markets with a price target of $23.
Praxair (PX +0.17%) was rated a new ‘Underperform’ at Bernstein with a price target of $132.
Darden Restaurants (DRI -3.06%) was downgraded to ‘Underperform’ from ‘Market Perform’ at BMO Capital Markets with a price target of $96.
Hartford Financial Services Group (HIG +0.32%) was upgraded to ‘Buy’ from ‘Neutral’ at B Riley FBR with a price target of $60.
Applied Genetic Technologies (AGTC unch) was upgraded to ‘Outperform’ from ‘Market Perform’ at Wells Fargo Securities with a price target of $20.
Plains All American Pipeline LP (PAA -0.36%) was upgraded to ‘Buy’ from ‘Hold’ at Stifel with a price target of $28.
Texas Roadhouse (TXRH -0.77%) was downgraded to ‘Underperform’ from ‘Market Perform’ at BMO Capital Markets.
Caesars Entertainment (CZR -1.37%) was rated a new ‘Sell’ at UBS with a price target of $9.
Generac (GNRC -0.09%) may move higher initially this morning after its board announced after the close of trading Friday that it had authorized a $250 million stock buyback program.
Harris Corp (HRS +1.00%) won a 7-year contract from the U.S. Defense Logistics Agency valued at up to $255.4 million for B-52 and C-130 Special Operation Forces aircraft parts.
Today’s Economic Calendar
8:30 Chicago Fed National Activity Index
10:30 Dallas Fed Manufacturing Survey
1:00 PM Results of $37B, 2-Year Note Auction
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 (Sep 24)”
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30y and 10y yields at major resistance for the nth time. if they break this resistance in tandem, there is a lot of real estate that they can claim in short order. 5y yield is in blue sky territory already in every time frame. get ready for fireworks one way or the other.
Inflation is likely to affect all in ways that will be uncomfortable. T2-4% inflation rates are likely before the end of 2018 with more in 2019. Planning is important, look at the WSJ for some thoughts on what is at stake in just survival.
oil is relentless, above resistance and in blue sky territory. quite a difference from gold. seems like oil may keep running up in anticipation of nov 5, at which point we will see if doomsday scenarios come to pass. if oil price goes to currently unimaginable prices, this will also have knock on effects on all sorts of pricing dynamics. fundamentally, oil may be overpriced here but supply disruption potential is large and can throw off the supply-demand balance dramatically for an extended period of time.