{"id":750,"date":"2008-11-14T06:30:15","date_gmt":"2008-11-14T11:30:15","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=750"},"modified":"2008-11-14T06:30:15","modified_gmt":"2008-11-14T11:30:15","slug":"before-the-open-173","status":"publish","type":"post","link":"http:\/\/blog.leavittbrothers.com\/?p=750","title":{"rendered":"Before the Open"},"content":{"rendered":"

Good morning. Happy Friday.
\nComing off a fantastic reversal yesterday, it\u2019ll be another significant gap down for the cash market. Typically gap downs within uptrends are buyable, but yesterday\u2019s massive rally can hardly be considered an uptrend.
\n30 min before the open, Nas 100 futures<\/b> are down 18 (1.46%) and SPX futures<\/b> are down 14 (1.50%).
\nThe Asian\/Pacific<\/b> markets closed mostly up. China rallied 3%, Hong Kong and Japan more than 2%, and Australia and New Zealand more than 1%.
\nEurope<\/b> is up across the board. France, Germany, Amsterdam, Norway, Spain, and London are each up more than 2%.
\nEurope<\/b> has officially met the definition of being in a recession of two consecutive quarters of negative growth with today’s report that Euro-Zone Q3 GDP fell -0.2% q\/q, adding to the -0.2% q\/q decline seen in Q2.
\nWorld leaders are meeting in Washington to discuss the financial crisis. There are no expectation anything drastic will be done.
\nOPEC<\/b> will be meeting in a special session Nov 29 to discuss the rapid erosion of the price of crude oil.
\nRetail sales<\/b> plunged by the largest amount on record in Oct.
\nKohl\u2019s<\/b> (KSS) reported earnings ahead of expectations on stronger margins, but they reduced their full-year profit outlook.
\nAbercrombie & Fitch <\/b> (ANF) Q3 profit fell 46% and sees Q4 below expectations. They announced a dividend of 17.5 cents per share.
\nThe Chairman and CEO of MGM Mirage<\/b> (MGM) is retiring effective at the end of the month.
\nCitigroup<\/b> (C) is cutting 10,000 jobs in its investment banking and other divisions throughout the world.
\nDrug developers King Pharmaceuticals<\/b> (KG) and Pain Therapeutics<\/b> (PTIE) will likely gain Food and Drug Administration approval of their abuse-resistant pain killer.
\nWGL Holdings<\/b> (WGL) a natural gas and energy provider, reported a fourth-quarter loss due to expected seasonal reduced demand for natural gas from July through September.
\nHuman resources services provider Hewitt Associates<\/b> (HEW) said Friday it expects to earn $2.35 to $2.45 per share in 2009.
\nJ. C. Penney<\/b> (JCP) Q3 profit drops 52 percent on lower consumer spending.
\nSun Microsystems<\/b> (SUNW) is cutting 6,000 workers, or 18% of its staff in the next year.
\nNokia<\/b> (NOK), the world’s top maker of mobile phones, on Friday warned that cell-phone sales industry-wide will fall next year as consumers pull back around the world in the face of a slumping economy and limited credit availability.
\nHospital operator MedCath Corp.<\/b> (MDTH) said its fiscal 2008 Q4 profit fell on higher expenses, including a rise in uninsured or underinsured patients. The company ended its practice of giving guidance to Wall St.
\nBond insurer Assured Guaranty<\/b> acquires Financial Security Assurance<\/b> from Belgian-French financial services group Dexia SA for $722 million, assumes $730 in debt.
\nWynn Resorts<\/b> (WYNN) boosted its secondary offering to 8 million shares to be priced at $43.50 each.
\nRoyal Bank of Scotland<\/b> (RBS) is cutting 3,000 jobs.
\nGold<\/b> is up 1.27%….silver<\/b> up 1.71%.
\nCrude oil<\/b> up 14 cents to trade at $58.38.
\n—————————————————————————————-<\/p>\n\n\n\n
UPGRADES<\/b><\/td>\n KG, ALO, DF, URBN, WBC, CNB, VTR, PSO, SNV<\/td>\n<\/tr>\n
DOWNGRADES<\/b><\/td>\n LINTA, AHD, TEG, HRP, LHO, NDSN, DCI, CLC, DSGX, WLT, GSK, GA<\/td>\n<\/tr>\n<\/table>\n

—————————————————————————————-<\/p>\n\n\n\n\n\n
EARNINGS<\/b>
\n<\/tr>\n
before the open<\/td>\n ANF, A, GSI, HEW, JCP, SPH<\/td>\n<\/tr>\n
during trading<\/td>\n none<\/td>\n<\/tr>\n
after the close<\/td>\n GOL<\/td>\n<\/tr>\n<\/table>\n

—————————————————————————————-
\nECONOMIC RELEASES<\/b>
\n8:30 Export Prices ex-ag
\n8:30 Import Prices ex-oil
\n8:30 Retail Sales
\n8:30 Retail Sales ex-auto
\n10:00 Business Inventories
\n10:00 Michigan Sentiment
\n—————————————————————————————-<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Happy Friday. Coming off a fantastic reversal yesterday, it\u2019ll be another significant gap down for the cash market. Typically gap downs within uptrends are buyable, but yesterday\u2019s massive rally can hardly be considered an uptrend. 30 min before the open, Nas 100 futures are down 18 (1.46%) and SPX futures are down 14 […]<\/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\/750"}],"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=750"}],"version-history":[{"count":0,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/750\/revisions"}],"wp:attachment":[{"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=750"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}