Good morning. Happy Monday. Hope you had a good weekend.
The Asian/Pacific markets leaned to the upside. Hong Kong, China and India did well; Indonesia and Malaysia were weak. Europe is currently very quiet; a handful of markets are closed. France and the Netherlands are down; Russia, Poland and the Czech Republic are up. Futures here in the States point towards a positive open for the cash market.
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LB Weekly – the indexes, the breadth indicators, a look at the big picture
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The dollar is flat. Oil and copper are up. Gold and silver are up. Bonds are down.
I don’t have anything to add to the comments made in the weekly report.
The market is at somewhat of a key moment here, and unfortunately there are a lot of cross-currents. The S&P put in a lower high and is now near a potential support level. Some indicators point down; others would be supportive of a bounce attempt. I can see a breakdown here…I can also see a breakdown being a trap that leads to vertical rally. The landscape is not clear.
But I personally don’t trade the overall market. I look inside for groups that are leading or lagging. Right now oil and gold & silver are the top groups, so that’s where my money is at. Trading can be made much less hard by paying close attention to the flow of money.
Many markets in Europe were closed today…not sure if this results in the US being slow. More after the open.
Stock headlines from barchart.com…
Yahoo! (YHOO -1.49%) climbed nearly 2% in pre-market trading after people familiar with the matter said that Warren Buffett is backing a group bidding for the company’s internet assets.
Globalstar (GSAT +35.36%) jumped 16% in pre-market trading after the chairman of the FCC late Friday asked the agency to vote on Globalstar’s proposal to offer mobile service on airwaves now reserved for satellite use.
Nokia OYJ (NOK unch) was upgraded to ‘Buy’ from ‘Hold’ at Canaccord Genuity with a price target of $7.
Weibo (WB +2.10%) was downgraded to ‘Neutral’ from ‘Buy’ at Goldman Sachs.
Vornado Realty Trust (VNO -1.54%) was upgraded to ‘Buy’ from ‘Hold’ at Evercore ISI with a 12-month price target of $108.
Regions Financial Corp. (RF -1.53%) was downgraded to ‘Underperform’ from ‘Market perform’ at KBW.
Infoblox (BLOX -2.99%) was downgraded to ‘Underperform’ from ‘Neutral’ at DA Davidson.
Globus Medical (GMED +0.51%) was downgraded to ‘Sell’ from ‘Neutral’ at Goldman Sachs.
Digital Realty Trust (DLR -0.29%) climbed nearly 4% in after-hours trading after it was announced that it will replace Tim Warner Cable in the S&P 500 after the close of trading on Tuesday, May 17.
Blue Buffalo Pet Products (BUFF -0.83%) slid over 4% in after-hours trading after it started a 25 million share secondary offering of common stock.
TerraForm Global (GLBL -1.50%) rose nearly 3% in after-hours trading after Appaloosa Management’s 13F filing showed it increased its stake in TerraForm Global.
Today’s Economic Calendar
8:30 Empire State Mfg Survey
10:00 NAHB Housing Market Index
4:00 PM Treasury International Capital
Today’s Earnings here
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings
this week’s Economic Numbers