Good morning. Happy Monday. Hope you had a nice weekend.
The Asian/Pacific markets closed mostly down. Indonesia dropped 0.8%, South Korea 0.6% and Hong Kong 0.5%. Europe is currently trading mostly down. France and Amsterdam are down 1%, Norway, Stockholm, London and Germany 0.6%. Futures here in the States point toward a flat open for the cash market.
The dollar is up. Oil is flat, copper down. Gold is up, silver down.
Per the report posted over the weekend in the members’ section of the site and the video posted on the blog, my bias heading into this week remains down. The indexes have been weakish the last month, and it’s never a good thing for the Nas and small caps to under-perform. Many indicators are offering bearish signals and would be better off completely collapsing than bouncing in the near term. Many key groups are also lagging. Most signs point towards more weakness.
But we have an election tomorrow, and you can be sure the two major parties already have lawyers lined up in all the swing states ready to contest everything and anything. So who knows. If things go smoothly tomorrow, it’s very possible we get a relief bounce. If things don’t go smoothly, if somehow we go to sleep tomorrow night without knowing who the next president is, all bets are off in the near term.
Here are the major earnings headlines.
Berkshire Hathaway (BRK.A, BRK.B) reported a 70% jump in earnings.
Toyota (TM) raised its 2012 profit forecast by 2.6%.
HSBC (HBC) is setting aside an additional $800M for fines related to the bank’s involvement in money laundering. The bank has already cut 30,000 jobs the last two years, and they expect more over the next 15 months.
True Religion’s (TRLG) Q3 profit rose, and they raised full-year estimates.
Stifel (SF) is buying KBW (KBW) for $17.50 per share.
IntercontinentialExchange (ICE) reported a 1.2% drop in Q3 earnings.
Rogers (ROG) reported a big jump in earnings, partly due to a tax benefit.
Entergy (ETR) reported a big drop in profit relative to the same quarter last year.
Qiagen’s (QGEN) earnings fell 17%.
Endo Health (ENDP) posted a 32% profit rise, but revenue dropped.
Transocean’s (RIG) Q3 loss widened even though revenue rose.
Rockwell Automation’s (ROK) Q4 net dropped 3.3%.
TE Connectivity (TE) posted a 21% pop in earnings.
Church & Dwight (CHD) posted an 18% earnings pop.
Liberty Global (LBTYA, LBTYB) narrowed its Q3 loss.
Sohu.com (SOHU) is up almost 9% after releasing their latest earnings.
Manitowoc (MTW) said earnings fell 6.3% because of higher overhead costs.
Tesla’s (TSLA) quarterly loss widened to $1.05M per share.
Time Warner’s (TWC) Q3 earnings more than doubled.
Humana (HUM) said earnings fell 4.3% and they plan to acquire Metropolitan Health Networks (MDF) for about $500M cash.
Genesee & Wyoming’s (GWR) revenue rose, but the company reported a Q3 loss.
Things are winding down…the election, earnings season. Soon external catalysts will drop significantly. 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 (Nov 5)”
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But, Europe is up and Nikkie seems more positive. The Euro seems to have a bullish engulfing candle. So, the charts are not all negative and if you believe in the correlations of markets, it seems possible that a move up today or on election day is possible.
The BRK performance is a lesson in waiting on earnings in insurance, transportation is critical. But they also trade, hold derivatives and consort with wild women. I don’t own it.
Tesla? who is kidding whom??
Good weekend review Jason, but why not more on global markets? I am being pulled into doing that by the correlations my Bloombergincreasingly shows.
all markets are in a controled hold,with in a small range by their respective central banks
ftse and dax both closed lower having broken previouse days low,but still within the range
japan n225 index down slightly –oz -xjo and futures up on controled buying—probably only asian market up—must have been for melbourne cup –australia’s famours horse race tomorrow
hedge funds and large insto bank market makers have been selling into strength as ur pension funds and mutuals buy
i have a small short bet on all world indexes longer term and daytrade for thrills