Before the Open (Aug 29)

Good morning. Happy Monday. Hope you had a good weekend.
The Asian/Pacific markets closed mostly down. Singapore, Indonesia and Australia dropped the most. Japan rallied 2.3%. Europe is currently mostly down. Greece and Italy are down more than 1%; Germany, France, Belgium, the Netherlands, Norway, Russia, Turkey, Finland and Spain are also weak. Futures in the States point towards a flat 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 up. Oil and copper are down. Gold and silver are down. Bonds are up.
As is typically the case on a Monday morning I don’t have anything major to add to the comments made in the LB Weekly published yesterday morning.
The market is doing fine overall, but in the near term things have softened. Numerous indicators now lean towards the market pulling back some.
But in my eyes a pullback will get bought and new highs hit again. Even if the Fed does raise rates in September (not likely), I believe the market will stabilize and absorb the increase and eventually buyers will get back to work.
Long term traders shouldn’t panic…shorter term traders obviously can’t hold through a 5% drop.
I’m personally somewhat laying low here. Not many set ups are jumping off the screen at me.
Stock headlines from barchart.com…
Federal Realty Investment Trust (FRT -0.28%) was upgraded to ‘Buy’ from ‘Neutral’ at Mizuho Securities USA with a 12-month target price of $176.
At Home Group (HOME unch) was rated a new ‘Buy’ at Jeffries with a 12-month target price of $20.
T-Mobile (TMUS -0.69%) was upgraded to ‘Outperform’ from ‘Market Perform’ at Wells Fargo Securities.
KeyCorp (KEY +0.49%) was downgraded to ‘Neutral’ from ‘Overweight’ at Piper Jaffray.
Harley-Davidson (HOG -1.26%) was downgraded to ‘Underperform’ from ‘Neutral’ at Longbow Research with a 12-month target price of $40.
Post Properties (PPS -0.72%) was upgraded to ‘Outperform’ from ‘Market Perform’ at Raymond James with a 12-month price target of $72.50.
Netflix (NFLX +0.27%) was rated a new ‘Sell’ at Axiom Capital with a target price of $80.
Herbalife (HLF -2.31%) climbed over 3% in pre-market trading after Carl Icahn said he bought 2.3 million shares of Herbalife on Friday and now holds 19.3 million shares of the stock.
Caesers Entertainment Corp. (CZR -0.40%) tumbled 10% in after-hours trading after U.S. Bankruptcy Judge Goldgar ruled that Caesers must face bondholder lawsuits demanding that Caesers honors $11 billion in guarantees.
Tidewater (TDW +0.97%) rose over 3% in after-hours trading after Robert Robotti increased his stake in the company from 2.2% to 6%.
Adamis Pharmaceuticals (ADMP +25.27%) jumped over 6% in after-hours trading after the company said it is targeting a year-end submission to the FDA for its prefilled syringe that would be a “low-cost” alternative to Mylan’s EpiPen.
Today’s Economic Calendar
8:30 Personal Income and Outlays
10:30 Dallas Fed Manufacturing Survey
Today’s Earnings here
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings
this week’s Economic Numbers