Before the Open (Oct 10)

Posted on by Jason Leavitt

Good morning. Happy Wednesday.
The Asian/Pacific markets closed mixed. India and Thailand did well; South Korea, Malaysia, Singapore and the Philippines were weak. Europe, Africa and the Middle East are currently mostly down. Denmark, Poland, South Africa and Sweden are down more than 1%; France, Germany, Finland, the Netherlands and Saudi Arabia are also weak. Greece is up. Futures in the States point towards a moderate 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 down. Bonds are down.
Overnight Stock Movers from barchart.com…
Freeport-McMoRan (FCX -0.83%) was rated a new ‘Underweight’ at Barclays witha price target of $12.
WellCare Health Plans (WCG +0.18%) was rated a new ‘Outperform’ at Evercore ISI with a price target of $365.
McDonald’s (MCD +1.23%) was ugraded to ‘Buy’ from ‘Neutral’ at Guggenheim Securities with a price target of $200.
Cripr Therapeutics AG (CRSP +0.79%) was rated a new ‘Outperform’ at Wells Fargo Securities with a price target of $65.
PPG Industries (PPG -10.06%) climbed nearly 6% in after-hours trading after Trian Fund Management LP disclosed it now owns a 2.9% stake in the company.
Spark Therapeutics (ONCE +1.50%) was rated a new ‘Buy’ at Guggenheim Securities with a price target of $70.
Nu Skin (NUS -3.68%) was rated a ‘Buy’ at D.A. Davidson with a price target of $92.
Avrobio (AVRO -5.44%) was rated a new ‘Buy’ at Guggenheim Securities with a price target of $35.
Nio Inc (NIO +22.35%) jumped almost 8% in after-hours trading after Baillie Gifford & Co announced that it now owns a 7.7% stake in the company.
IDT Corp (IDT +0.57%) soared 14% in after-hours trading after it reported Q4 income from operations was $10.5 million versus $3.7 million in the same period last year.
Vipshop Holdings Ltd (VIPS -2.91%) lost 2% in after-hours trading after it was downgraded to ‘Neutral’ from ‘Overweight’ at JPMorgan Chase.
Scorpio Tankers (STNG +0.96%) dropped more than 10% in after-hours trading after it announced that it intends to offer $250 million of common shares through an underwritten public offering.
Today’s Economic Calendar
7:00 MBA Mortgage Applications
8:30 Producer Price Index
10:00 Atlanta Fed’s Business Inflation Expectations
10:00 Wholesale Trade
11:30 Results of $36B, 3-Year Note Auction
12:15 PM Fed’s Evans: Economic Outlook
1:00 PM Results of $23B, 10-Year Note Auction
6:00 PM Fed’s Bostic: Economic Outlook
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings from Morningstar
this week’s Economic Numbers/Reports powered by ECONODAY

7 thoughts on “Before the Open (Oct 10)”

  2. 30y yield broke above a major resistance that has been forming for 3 years. 10y yield is in blue sky territory. 5y has been there for a while now. I know I will get emails from friends now asking where I have been, but at the expense of stating the obvious, I do not know how to see the bond market as anything but a bear market now. a deeper look at the composition of the yields reveals that real yields rather than inflation expectations are responsible for nearly the entire rise in the nominal yields.

  3. I got a buy signal on all of my models Monday morning. I even ran one that I last ran on election day 2016. It said buy. I even read all my notes from the last time my model failed in 2011 August. I didn’t go all in. I got the same buy signal this morning.

  5. we may be at or close to end of small wave 3 down of wave 1 with a small correction up wave 4
    then wave 5 of 1 to finish wave 1 down
    this is not a buy the dip
    we have a long way down to go yet

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