{"id":744,"date":"2008-11-25T06:30:09","date_gmt":"2008-11-25T11:30:09","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=744"},"modified":"2008-11-25T06:30:09","modified_gmt":"2008-11-25T11:30:09","slug":"before-the-open-167","status":"publish","type":"post","link":"http:\/\/blog.leavittbrothers.com\/?p=744","title":{"rendered":"Before the Open"},"content":{"rendered":"

Good morning. Happy Tuesday.
\nThe cash market will once again open with gap up. Yesterday\u2019s gap didn\u2019t fill; can a bottom be formed with consecutive unfilled gaps?
\n30 minutes before the open, Nas 100 futures<\/b> are up 20 (1.74%) to trade at 1166.75, and SPX futures<\/b> are up 21 (2.51%) to trade at 869.
\nThe Asian\/Pacific<\/b> markets did well today. India fell 2.3% and China dropped slightly. Otherwise there were gains across the board. Australia and Japan rallied more than 5%; Hong Kong more than 3%; and Singapore and Taiwan more than 2%.
\nEurope<\/b> is building on its recent gains. Austria, Belgium, France, Spain, Stockholm and Switzerland are each up more than 1%. Germany is down slightly and London is barely positive.
\nRoyal Bank of Scotland <\/b> (RBS) and Barclays<\/b> (BCS) are each up more than 5%.
\nThe US Fed<\/b> says it will purchase up to $100 billion in direct obligations from mortgage giants Fannie Mae<\/b> (FNM) and Freddie Mac<\/b> (FRE) as well as the Federal Home Loan Banks. It also will purchase another $500 billion in mortgage-backed securities, pools of mortgages that are bundled together and sold to investors.
\nBHP Biliton<\/b> (BHP), the world\u2019s largest mining company dropped its $66 billion bid to buy Rio Tinto<\/b> (RIO) due to tight credit conditions and the poor global economic growth outlook. BHP is up more than 10% and RIO down more than 40% before the open.
\nDR Horton<\/b> (DHI) lost more than $800 million as it took more than $1 billion is charges due to declining land values. Sales fell by 44%. But they\u2019re still gonna pay a dividend.
\nHormel\u2019s<\/b> (HRL) Q4 profit fell 33% due to higher costs for key commodity ingredients; they upped their dividend buy see a weak 2009
\nZale\u2019s <\/b> (ZLC) Q1 loss widened to $45.3 million; they withdrew their profit guidance for the full year saying they cannot reliably gauge how the all-important holiday shopping season will go.
\nAstraZeneca <\/b> (AZN) says it plans to end breast cancer marketing deal with Abraxis<\/b> (ABII).
\nBiotechnology company Allos Therapeutics <\/b> (ALTH) said the Food and Drug Administration granted its cancer drug pralatrexate special status that will protect it from market competition if approved.
\nChesapeake<\/b> (CHK) closes on $3.37 billion Marcellus rights sale to Norway’s Statoil Hydro.
\nAmerican Woodmark<\/b> (AMWD) swung to a Q2 loss on fewer home remodels and new construction. They declared a quarterly dividend of 9 cents per share, payable on Dec. 22
\nDSW <\/b> (DSW) Q3 profit falls 41% on lower sales at established stores; they cut full-year outlook on weak sales.
\nCBIZ<\/b> (CBZ) says acquisition of Mahoney Cohen & Co. will boost earnings 4 cents per share in 2009.
\nBlockbuster<\/b> (BBI) expands into on-demand video with new storage device that connects to TV
\nWarner Music Group<\/b> (WMG) said lower income tax expense and increased digital revenue drove fiscal Q4 profit up 20% to beat expectations.
\nBrown Shoe <\/b> (BWS) net income declines in Q3, hurt by decline in consumer spending.
\nWatson Pharmaceuticals<\/b> (WPI) to pay $36 million for portfolio of 17 Teva Pharmaceutical<\/b> (TEVA) drugs.
\nAmerican Eagle Outfitters<\/b> (AEO) said Q3 profit dropped 57 percent as sales at established stores fell, but results matched its own lowered expectations. The teen retailer added that November sales so far have been weak.
\nGold<\/b> is up 0.68% and silver is down 1.32%<\/b>.
\nCrude oil<\/b> is down 2.70 to trade at 51.80.
\n—————————————————————————————-<\/p>\n\n\n\n
UPGRADES<\/b><\/td>\n UTI, YRCW, ANF, LEN, BDK, RBC<\/td>\n<\/tr>\n
DOWNGRADES<\/b><\/td>\n OMTR, DSGX, ARBA, EGP, PLD, LRY, FPO, DCT, DRE, LNN, KMP, ADBE, CPSI, SPLS, FII, THS, LM, SVNT, TWI, PIR, ULTA<\/td>\n<\/tr>\n<\/table>\n

—————————————————————————————-<\/p>\n\n\n\n\n\n
EARNINGS<\/b>
\n<\/tr>\n
before the open<\/td>\n AEO, AMWD, BWS, CHRS, CHS, CSUN, DAKT, DLTR, DHI, DSW, EV, ESLT, FLE, GCO, HRL, IDEV, TLB, TECD, UNFI, VIP, WMG, ZLC<\/td>\n<\/tr>\n
during trading<\/td>\n none<\/td>\n<\/tr>\n
after the close<\/td>\n BCSI, BGP, CWTR, DLIA, JCG, NZ, SEAC, LNUX, TIVO, VRGY<\/td>\n<\/tr>\n<\/table>\n

—————————————————————————————-
\nECONOMIC RELEASES<\/b>
\n8:30 Chain Deflator-Prel.
\n8:30 GDP. Prel.
\n10:00 Consumer Confidence
\n—————————————————————————————-<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Happy Tuesday. The cash market will once again open with gap up. Yesterday\u2019s gap didn\u2019t fill; can a bottom be formed with consecutive unfilled gaps? 30 minutes before the open, Nas 100 futures are up 20 (1.74%) to trade at 1166.75, and SPX futures are up 21 (2.51%) to trade at 869. The […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"_links":{"self":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/744"}],"collection":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=744"}],"version-history":[{"count":0,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/744\/revisions"}],"wp:attachment":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=744"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}