{"id":10144,"date":"2017-01-09T08:39:46","date_gmt":"2017-01-09T13:39:46","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=10144"},"modified":"2017-01-09T08:39:46","modified_gmt":"2017-01-09T13:39:46","slug":"before-the-open-jan-9-5","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=10144","title":{"rendered":"Before the Open (Jan 9)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a good weekend. <\/span>
\n The Asian\/Pacific<\/strong> markets closed mixed. China, Singapore, Australia and New Zealand did well; Indonesia and Malaysia were weak. Europe<\/strong> is currently mostly down. Italy is down 1.7%; France, Austria, Belgium, the Netherlands, Norway, Sweden and Greece are also weak. Futures in the States<\/strong> point towards a mixed and flat open for the cash market. <\/span>
\n—————
\nLB Weekly<\/a> – the indexes, the breadth indicators, a look at the big picture
\n—————<\/span>
\n The dollar is up. Oil and copper are down. Gold and silver are up. Bonds are up. <\/span>
\n Last week several indexes moved to all-time highs. Some indicators fully support the price action; others are doing well but lagging a little. <\/span>
\n For example, the cumulative AD line, which typically trends down for a few weeks before a minor correction plays out, or trends down for a few months before a major pullback takes place, hit a new high last week. This indicator fully supports the price action and does not hint at trouble brewing. <\/span>
\n\"\"
\n On the other hand, despite the market being at new highs, the percentage of SPX stocks above their 200-day moving averages is lower today that it was during most of the spring and summer. It’s not in bad shape; it’s just not as high as you’d expect given how well the market has done and the fact that the S&P is 6.4% above its own 200-day. <\/span>
\n\"\"
\n Overall I like the market. Anything goes in the near term, but for now dips remain buyable. More after the open. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Coca-Cola (KO -0.02%) was downgraded to ‘Sell’ from ‘Neutral’ at Goldman Sachs.<\/span>
\n VMware (VMW +2.57%) was downgraded to ‘Neutral’ from ‘Buy’ at UBS.<\/span>
\n Dr Pepper Snapple (DPS -0.48%) was upgraded to ‘Neutral’ from ‘Sell’ at Goldman Sachs with a 12-month target price of $93.<\/span>
\n Hormel (HRL +0.50%) was initiated with an ‘Overweight’ at Piper Jaffray with a 12-month target price of $40.<\/span>
\n Teva Pharmaceutical Industries Ltd. (TEVA -7.53%) was downgraded to ‘Market Perform’ from ‘Outperform’ at Wells Fargo.<\/span>
\n Eagle Pharmaceuticals (EGRX -8.55%) was downgraded to ‘Underperform’ from ‘Neutral’ at Mizuho Securities USA with a 12-month target price of $64.<\/span>
\n Ameriprise Financial (AMP +1.69%) was upgraded to ‘Outperform’ from ‘Neutral’ at Credit Suisse with a price target of $152.<\/span>
\n Oasis Petroleum (OAS -1.95%) was upgraded to ‘Outperform’ from ‘Neutral’ at Macquarie Research with a 12-month target price of $19.<\/span>
\n Endologix (ELGX -7.92%) said a patient death does not appear to be related to its AFX device and that the patient that died experienced a “Type 1B endoleak” which is usually due to natural disease progression. ELGX had fallen over 7% Friday after a FDA report showed the patient’s death may have been due to its AFX system.<\/span>
\n Fiat Chrysler Automobiles (FCAU +6.22%) slid 1% in after-hours trading after it recalled over 86,000 older-model SUVs to replace driver and passenger-side airbags.<\/span>
\n Aquinox Pharmaceuticals (AQXP +3.68%) lost over 1% in after-hours trading after it registered 10.5 million shares for holders.<\/span>
\n Quidel (QDEL -0.63%) dropped over 6% in after-hours trading after it reported preliminary Q4 revenue of $52 million-$53 million, below consensus of $64.1 million.<\/span>
\n Stage Stores (SSI -2.68%) tumbled 10% in after-hours trading after it said comparable store sales fell -7.3% for the 9-week period ending December 31 and then said it sees a 2017 adjusted loss of -70 cents to -85 cents a share, a wider loss than a November 17 estimate of -15 cents to -40 cents.<\/span>
\n Today’s Economic Calendar<\/strong>
\n 10:00 Labor market condition index
\n 12:30 PM TD Ameritrade IMX
\n 12:40 PM Fed’s Lockhart speech
\n 3:00 PM Consumer Credit<\/span><\/span><\/span><\/span><\/span>
\nOther<\/strong>…<\/span>
\ntoday’s upgrades\/downgrades<\/a> from briefing.com<\/span>
\nthis week’s Earnings<\/a><\/span> from Morningstar
\nthis week’s Economic Numbers\/Reports<\/a><\/span> powered by ECONODAY<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Happy Monday. Hope you had a good weekend. The Asian\/Pacific markets closed mixed. China, Singapore, Australia and New Zealand did well; Indonesia and Malaysia were weak. Europe is currently mostly down. Italy is down 1.7%; France, Austria, Belgium, the Netherlands, Norway, Sweden and Greece are also weak. Futures in the States point towards […]<\/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\/10144"}],"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=10144"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/10144\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}