{"id":10085,"date":"2016-12-08T08:41:02","date_gmt":"2016-12-08T13:41:02","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=10085"},"modified":"2016-12-08T08:41:02","modified_gmt":"2016-12-08T13:41:02","slug":"before-the-open-dec-8-6","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=10085","title":{"rendered":"Before the Open (Dec 8)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\n The Asian\/Pacific<\/strong> markets closed mostly up. Japan, Australia, India, South Korea and Taiwan each rallied more than 1%. Europe<\/strong> is currently up across-the-board. Russia, Spain and Italy are up more than 1%; France, Germany, Belgium, the Netherlands, Greece, Poland, Hungary and Portugal are also doing well. Futures in the States<\/strong> point towards a slight down open for the cash market. <\/span>
\n—————
\n My <\/strong>podcast<\/a> – with Chat With Traders<\/strong>
\n—————<\/span>
\n The dollar is down. Oil and copper are up. Gold and silver are down. Bonds are down. <\/span>
\n The market is back in idiot mode. Except for the Nas and Nas 100, which aren’t doing bad, every index closed at a new all-time high yesterday. <\/span>
\n Previous big up days for the S&P came immediately after plunges (Brexit) or sell-offs (heading into the election). But this one came at new highs and after 1-2 weeks of consolidation.<\/span>
\n I’ve said all along I like the market and expect higher prices. I have no reason to abandon my SPX 2300-2400 price target I first mentioned much earlier in the year. <\/span>
\n In the near term anything goes, including the market not making any sense. But overall the only side of the market to be on is the long side. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n L-3 Communications Holdings (LLL +1.96%) was downgraded to ‘Neutral’ from ‘Buy’ at Bank of America\/Merrill Lynch with a price target of $170.<\/span>
\n Priceline.com (PCLN +1.48%) was rated a new ‘Buy’ at CLSA with a price target of $1,900.<\/span>
\n Tailored Brands (TLRD +3.39%) was upgraded to ‘Buy’ from ‘Neutral’ at Mizuho Securities with a 12-month target price of $25.<\/span>
\n Lululemon Athletica (LULU +4.54%) surged 13% in after-hours trading after it reported Q3 adjusted EPS of 47 cents, higher than consensus of 43 cents, and then said its board approved up to $100 million in stock repurchases.<\/span>
\n Ollie’s Bargain Outlet Holdings (OLLI +1.11%) fell over 2% in after-hours trading after it reported Q3 comparable store sales rose +1.8%, below consensus of +2.1%.<\/span>
\n Corning (GLW +2.46%) gained over 1% in after-hours trading after it announced a new $4 billion share repurchase program.<\/span>
\n United Natural Foods (UNFI +0.88%) slid over 2% in after-hours trading after it reported Q1 EPS of 58 cents, below consensus of 62 cents.<\/span>
\n Verint Systems (VRNT +0.26%) tumbled over 12% in after-hours trading after it reported Q3 adjusted EPS of 59 cents, weaker than consensus of 70 cents, and then lowered guidance on fiscal 2017 adjusted EPS to $2.50, below a September 7 view of $2.85.<\/span>
\n Comtech (CMTL +6.43%) dropped 7% in after-hours trading after it reported Q1 revenue of $135.8 million, below consensus of $139.2 million, and then cut its quarterly dividend to 10 cents a share from 30 cents a share.<\/span>
\n H&R Block (HRB +2.86%) jumped nearly 6% in after-hours trading after it reported Q2 revenue of $131.3 million, higher than consensus of $127 million.<\/span>
\n Casey’s General Stores (CASY +0.93%) fell over 2% in after-hours trading after it reported Q2 EPS of $1.44, below consensus of $1.57.<\/span>
\n Voyager Therapeutics (VYGR -1.93%) surged over 30% in after-hours trading after it announced positive results on its phase 1b trial of its VY-AADC01 gene therapy that showed improved measures of motor function in in patients with advanced Parkinson’s disease.<\/span>
\n Wednesday’s Key Earnings<\/strong>
\n Costco (NASDAQ:COST) +1.2% AH with membership revenue growth.
\n Lululemon (NASDAQ:LULU) +15.8% AH on strong comps, big buyback.<\/span><\/span><\/span>
\n Today’s Economic Calendar<\/strong>
\n 8:30 Initial Jobless Claims
\n 9:45 Bloomberg Consumer Comfort Index
\n 10:00 Quarterly Services Report
\n 10:30 EIA Natural Gas Inventory
\n 4:30 PM Money Supply
\n 4:30 PM Fed Balance Sheet<\/span><\/span><\/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 Thursday. The Asian\/Pacific markets closed mostly up. Japan, Australia, India, South Korea and Taiwan each rallied more than 1%. Europe is currently up across-the-board. Russia, Spain and Italy are up more than 1%; France, Germany, Belgium, the Netherlands, Greece, Poland, Hungary and Portugal are also doing well. Futures in the States point […]<\/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\/10085"}],"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=10085"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/10085\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10085"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10085"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10085"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}