Before the Open (Jun 11)

Good morning. Happy Thursday.
The Asian/Pacific markets closed with a lean to the upside. Japan and Australia rallied more than 1%; Hong Kong, Singapore and New Zealand also did well. India dropped 1.8%. Europe, Africa and the Middle East are mostly up. Greece is up better than 7%; Belgium is up more than 2%; Germany, France, Amsterdam, Norway, Italy, Portugal and Ireland are up more than 1%; Switzerland and Spain are also doing well. Futures here in the States point towards an up open for the cash market.
Follow my public list at stockcharts.com.
The dollar is up. Oil and copper are down. Gold and silver are down. Bonds are up.
Solid rally yesterday on decent volume. It’s the inflection point I was looking for. It’s why I said to be ready for a forceful move. Either the bulls were going to retake control or a character shift was underway and the floor was going to get pulled out.
We got a bounce. I’m not predicting a full blown rally that takes all the indexes well into new high territory, but for now my bias is to the upside.
Next Wednesday is a Fed meeting – it’s the meeting that was picked last fall as the most likely to start hiking rates. Things have changed, and I doubt the Fed does anything, but it still lingers and it is on traders’ minds right now.
I think the indexes will be higher a week from now, but there could be some backing and filling over the next day or so. More after the open.
Stock headlines from barchart.com…
Colgate-Palmolive (CL +1.58%) was downgraded to ‘Equal Weight’ from ‘Overweight’ on valuation at Morgan Stanley.
Toll Brothers (TOL +1.66%) was upgraded to ‘Outperform’ from ‘Neutral’ at Credit Suisse.
Newmont Mining (NEM -2.91%) was upgraded to ‘Outperform’ from ‘Sector Perform’ at RBC Capital.
Qorvo (QRVO +3.06%) will replace Lorillard (LO +0.50%) in the S&P 500 as of today’s close.
Transocean (RIG +1.81%) was initiated with an ‘Underweight’ at Barclays with a price target of $14.
Hilton Worldwide (HLT -1.75%) was initiated with a ‘Buy’ at Brean Capital with a price target of $34.
Bank of America reported a 10.08% passive stake in Greenbrier (GBX +1.58%) .
Men’s Wearhouse (MW +0.10%) reported Q1 adjusted EPS of 54 cents, higher than consensus of 52 cents.
Pleasant Lake Partners reported a 7.7% stake in MagnaChip (MX unch) .
General Dynamics (GD +2.06%) was awarded a $225.6 million government contract for the demilitarization recycling, reuse, and disposal of various conventional munitions.
Southeastern reported a 11.4% passive stake in Triangle Petroleum (TPLM +4.93%) .
According to Bloomberg, Amgen’s (AMGN +0.48%) cholesterol drug Repatha won the backing of a panel of FDA advisors, who voted 11-4 that the benefits outweighed the risks for some patients with difficult-to-treat high cholesterol.
Nike (NKE +1.96%) rose 1% in after-hours trading after it announced an eight-year merchandising and marketing partnership with the National Basketball Association.
Standard & Poor’s cut Greece’s credit rating to ‘CCC’ from ‘CCC+’ with a negative outlook.
C.R. Bard (BCR +1.44%) authorizeed the repurchase of up to $500 mllion of the company’s common stock in addition to approximately $160 million remaining under the prior authorization announced in June 2014.
Earnings and Economic Numbers from seekingalpha.com…
Today’s economic calendar:
8:30 Initial Jobless Claims
8:30 Retail Sales
8:30 Import/Export Prices
9:45 Bloomberg Consumer Comfort Index
10:00 Business Inventories
10:30 EIA Natural Gas Inventory
1:00 PM Results of $13B, 30-Year Note Auction
4:30 PM Money Supply
4:30 PM Fed Balance Sheet

Notable earnings before today’s open: FRAN
Notable earnings after today’s close: KFY, LF, RH, RLD, XONE
Other
today’s upgrades/downgrades from briefing.com
this week’s Earnings
this week’s Economic Numbers

0 thoughts on “Before the Open (Jun 11)

  1. one more day and the bulls will be fat enough to eat
    by monday they will be quite obeastly
    but jesabell the great quad witch says dont eat till she is ready

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