Before the Open (Oct 2)

Posted on by Jason Leavitt

Good morning. Happy Tuesday.
The Asian/Pacific markets closed mixed. Australia and Singapore did well; China and Hong Kong were still closed. Europe is currently up across the board. Greece is up 3.6%; Belgium is up 0.75%. Futures here in the States point towards a solid gap up open for the cash market.

The dollar is down. Oil and copper are up. Gold and silver are up.
Australia’s central bank lower interest rates 0.25%.
Rumors are Spain is ready to ask for a bailout, but Germany is advising them to wait.
The NY attorney general has filed a lawsuit against JP Morgan over mortgage-backed securities that were sold by Bear Stearns.
Samsung filed a patent lawsuit against Apple.
EXPR cut its Q3 guidance…the stock is down 18% in premarket trading.
MOS’s fiscal Q1 earnings gell 18%…the stock is down 2.6%.
PETM is replacing SUN in the S&P 500. CAB will move to the S&P 400. ACOR will move to the S&P 600.
ZUMZ said Sept same-store sales rose 5.6%…the stock is up 6% before the open.
WPP reduced its 2012 earnings outlook, pointing to lower profitability anticipated at its Brainerd, Minn., facility as well as to “further weakening” in demand seen recently for economically sensitive industrial product categories.
Core Laboratories CLB -0.70% projected that consolidated results for the third quarter will come in lower than recently forecast, citing data showing a drop in the number of rigs drilling for oil and natural gas in North America. The stocks is down 10%.
WLP is selling $1.35B in 30-year senior convertible debentures.
PNR is buying back $800M in stock.
UBA is sellng 2.5M shares of Class A common stock in a secondary offering.
GAIN is selling 4.0M common shares in a secondary offering.
EPHC is upping their dividend 25%.
My opinion of the market remains the same. In the near term things are unclear. In the intermediate term, the trend is up, and unless something changed, new highs will be made again. More after the open.
headlines at Yahoo Finance
headlines at MarketWatch
today’s upgrades/downgrades
this week’s Earnings
this week’s Economic Numbers

0 thoughts on “Before the Open (Oct 2)”

  2. On hold pending debates. The EU debacle is not near over, nor resolved. France fails in a year, and Germany leaves the EMU. In the meanwhile Bovey says QE3 will work and stimulate housing demand as the magic thread to to recovery. More equities for the venturesome, less for the cautious.

  3. Whidbey,
    what is ur EW forcasts -short med time frames on equity futures
    to me everything is unclear except intraday
    imo either up or downs are posible with increasing large toping volitle moves

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