{"id":10029,"date":"2016-11-08T08:40:58","date_gmt":"2016-11-08T13:40:58","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=10029"},"modified":"2016-11-08T08:40:58","modified_gmt":"2016-11-08T13:40:58","slug":"before-the-open-nov-8-5","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=10029","title":{"rendered":"Before the Open (Nov 8)"},"content":{"rendered":"

Good morning. Happy Tuesday. Happy Election Day. <\/span>
\n The Asian\/Pacific<\/strong> markets closed mostly up. Indonesia rallied more than 1%; India, Malaysia, Singapore, Hong Kong and China also did well. Europe<\/strong> currently leans to the upside. Russia, Greece, Norway, Austria, Poland and Turkey are doing the best. Futures in the States<\/strong> point towards a down open for the cash market. <\/span>
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\n The dollar is flat. Oil and copper are down. Gold and silver are up. Bonds are down. <\/span>
\n In anticipation of a smoother path to victory for Hillary Clinton, the market surged yesterday in route to breaking its longest losing streak since 1980. Every index jumped more than 2%. <\/span>
\n Election Day is finally here. This day has the ability to move the market more than any other single day we’ve had in many years. If word trickles out Clinton is in the lead and likely going to win, the market should do well…although once the excitement wears off, it’s back to the drawing board where a lot of technical deterioration will have to be dealt with. If the exit polls are too close to call, the market will tank. Any sign there won’t be a clear winner tonight will not be well received by Wall Street. And if it looks like Trump will win, in my opinion the market will sell off. Clinton, although not very likable, is very predictable. Trump is not. <\/span>
\n After today and the reaction to today’s results (which could last a couple days), Wall Street will focus on the next FOMC meeting and whether rates will be raised. For now, sit back and enjoy a once-in-a-very-long-time day. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Best Buy (BBY +2.30%) was downgraded to ‘Sell’ from ‘Hold’ at Evercore ISI.<\/span>
\n Priceline Group (PCLN +3.94%) rose 5% in pre-market trading after it reported Q3 adjusted EPS of $31.18, higher than consensus of $29.86.<\/span>
\n Fabrinet (FN +3.55%) jumped 8% in after-hours trading after it reported Q1 non-GAAP EPS of 80 cents, above consensus of 71 cents, and then said it sees Q2 non-GAAP EPS of 78 cents-80 cents, higher than consensus of 69 cents.<\/span>
\n Marriott International (MAR +2.14%) fell nearly 3% in pre-market trading after it said it sees Q4 EPS of 80 cents-85 cents, weaker than consensus of 86 cents.<\/span>
\n Align Technology (ALGN +2.48%) gained over 1% in after-hours trading after it reported Q3 adjusted EPS of 63 cents, higher than consensus of 52 cents.<\/span>
\n Hertz Global Holdings (HTZ +7.26%) plunged 25% in after-hours trading after it lowered guidance on 2106 adjusted Ebitda to $575 million-$625 million from an August 8 view of $850 million-$950 million.<\/span>
\n Depomed (DEPO +1.02%) dropped over 10% in after-hours trading after it reported Q3 adjusted EPS of 28 cents, weaker than consensus of 36 cents, and then lowered guidance on full-year Ebitda to $152 million-$160 million from a prior view of $175 million-$190 million.<\/span>
\n Resolute Energy (REN -1.51%) lost over 6% in after-hours trading after it reported an unexpected Q3 loss of -$1.24 a share, well below consensus of a profit of 55 cents.<\/span>
\n Cray (CRAY +2.02%) slid nearly 9% in after-hours trading after it reported a Q3 adjusted EPS loss of -49 cents, wider than consensus of 35 cents.<\/span>
\n News Corp. (NWSA +2.78%) rose nearly 4% in after-hours trading after it reported an unexpected Q1 adjusted profit of 1 cent, better than consensus of breakeven.<\/span>
\n OPKO Health (OPK -0.51%) lost nearly 1% in after-hours trading after it reported Q3 revenue of $298 million, below consensus of $322 million.<\/span>
\n Microchip Technology (MCHP +3.34%) gained 1% in after-hours trading after it reported fiscal year Q2 adjusted EPS of 94 cents, higher than consensus of 87 cents, and said it sees Q3 adjusted EPS of 85 cents-95 cents, above consensus of 84 cents.<\/span>
\n Kindred Healthcare (KND +6.71%) slumped 15% in after-hours trading after it lowered guidance on full-year adjusted EPS to 70 cents-8- cents from a prior view of 80 cents-$1.00.<\/span>
\n Monday’s Key Earnings<\/strong>
\n Hertz (NYSE:HTZ) -35% AH amid rental car weakness.
\n Marriott (NYSE:MAR) -2.7% AH on merger-related costs.
\n News Corp. (NASDAQ:NWSA) +3.9% AH as digital revenue swelled.
\n Priceline (NASDAQ:PCLN) +5.3% AH following strong results.
\n Sysco (NYSE:SYY) +9.8% boosted by its Brakes Group acquisition.<\/span><\/span><\/span><\/span><\/span><\/span>
\n Today’s Economic Calendar<\/strong>
\n 6:00 NFIB Small Business Optimism Index
\n 8:55 Redbook Chain Store Sales
\n 10:00 Job Openings and Labor Turnover Survey
\n 1:00 PM Results of $24B, 3-Year Note Auction<\/span><\/span><\/span><\/span><\/span>
\nToday’s Earnings here<\/a><\/span>
\nOther<\/strong>…<\/span>
\ntoday’s upgrades\/downgrades<\/a> from briefing.com<\/span>
\nthis week’s Earnings<\/a><\/span>
\nthis week’s Economic Numbers<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Happy Tuesday. Happy Election Day. The Asian\/Pacific markets closed mostly up. Indonesia rallied more than 1%; India, Malaysia, Singapore, Hong Kong and China also did well. Europe currently leans to the upside. Russia, Greece, Norway, Austria, Poland and Turkey are doing the best. Futures in the States point towards a down open for […]<\/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":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/10029"}],"collection":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10029"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/10029\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10029"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}