{"id":10163,"date":"2017-01-18T08:48:26","date_gmt":"2017-01-18T13:48:26","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=10163"},"modified":"2017-01-18T08:48:26","modified_gmt":"2017-01-18T13:48:26","slug":"before-the-open-jan-18-4","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=10163","title":{"rendered":"Before the Open (Jan 18)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\n The Asian\/Pacific<\/strong> markets closed mixed. Hong Kong rallied more than 1%; Japan and Indonesia also did well. Singapore and Australia led to the downside. Europe<\/strong> is currently mixed and little changed. The UK, Germany, the Netherlands, Norway and Greece are up; France, Russia, Denmark and Portugal are down. Futures in the States<\/strong> point towards a positive open for the cash market. <\/span>
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\n The dollar is up. Oil and copper are down. Gold and silver are down small amounts. Bonds are down. <\/span>
\n Lots of things happened yesterday. <\/span>
\n The dollar closed below its 50-day MA for the first time since September. The British pound posted its biggest single-day gain in many years, and Donald Trump said the dollar was too strong. I also believe the Fed is going to sit tight with interest rates at the Feb 1 meeting. <\/span>
\n\"\"
\n The weak dollar contributed to the financials taking big hits. XLF closed at a 1-month low on heavy volume. <\/span>
\n\"\"
\n The dollar weakness helped push gold up. It’s at an 8-week high, and the stocks continue to establish themselves above their 50-day MAs. <\/span>
\n\"\"
\n But the dollar drop didn’t help oil much. Crude was strong early but then dropped to close in the bottom-half of its range. I like oil overall, but for the last two weeks I’ve lost my bullish near term bias. Most stocks are not set up to run right now. <\/span>
\n\"\"
\n On a closing basis, the Dow has traded in its tightest range in history the last month. The index rallied up to 20K and just stopped – a heck of a development considering the post-election rally was one of the biggest in history. Perhaps the market will wake up after Friday’s inauguration?<\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Goldman Sachs (GS -3.50%) fell 2% in pre-market trading after it reported Q4 EPS of $5.08, higher than consensus of $4.84, but said Q4 equities and trading revenue was $1.59 billion, below consensus of $1.61 billion.<\/span>
\n Wells Fargo (WFC -2.77%) was downgraded to ‘Hold’ from ‘Buy’ at Argus.<\/span>
\n McKesson (MCK +0.85%) was upgraded to ‘Market Outperform’ from ‘Market Perform’ at Avondale Partners LLC with a 12-month target price of $193.<\/span>
\n Hancock Holding (HBHC -3.46%) reported Q4 EPS of 64 cents, stronger than consensus of 61 cents.<\/span>
\n Linear Technology (LLTC -0.05%) reported Q2 revenue of $375.8 million, higher than consensus of $373.8 million.<\/span>
\n HP Enterprise (HPE -1.09%) bought Simplivity for $650 million in cash.<\/span>
\n Toys R Us (TOY) reported that same-store comparable sales for the 9-week period ended December 31, fell =3.4%.<\/span>
\n San Francisco Fed President Williams (non-voter) said more gradual interest rate increases will likely be needed, given a “strong” U.S. economy that’s reached full employment with inflation approaching 2%.<\/span>
\n United Continental Holdings (UAL -0.78%) lost over 1% in after-hours trading after it forecast Q1 Prasm growth of down -1% to up +1%, weaker than consensus of up +0.5% to +1.5%.<\/span>
\n CSX Corp. (CSX -1.83%) dropped 3% in after-hours trading after it reported Q4 EPS of 49 cents, below consensus of 50 cents.<\/span>
\n Neurocrine Biosciences (NBIX -4.92%) fell nearly 5% in after-hours trading after it said a Phase II clinical study of its Ingrezza to treat adults with Tourette syndrome did not meet its pre-specified primary endpoint.<\/span>
\n Jazz Pharmaceuticals (JAZZ -1.47%) slid 4% in after-hours trading after the U.S. FDA said it approved the first generic version of Jazz’s Xyrem drug to treat patients with narcolepsy.<\/span>
\n Teladoc (TDOC -5.18%) dropped 5% in after-hours trading after certain stock holders are reportedly offering to sell 7.25 million shares of stock.<\/span>
\n Interactive Brokers Group (IBKR -1.96%) fell over 2% in after-hours trading after it reported an unexpected Q4 comprehensive loss of -5 cents a share, much weaker than consensus for Q4 adjusted EPS to climb 35 cents.<\/span>
\n Shiloh Industries (SHLO -3.23%) jumped 11% in after-hours trading after it reported Q4 adjusted EPS of 50 cents, well above consensus of 18 cents.<\/span>
\n Almost Family (AFAM +1.48%) sank 9% in after-hours trading after it announced a proposed underwritten public offering of 2.5 million shares of common stock.<\/span>
\n Gigamon (GIMO -2.87%) plunged over 20% in after-hours trading after it reported preliminary Q4 revenue of $84.5 million-$85 million, below consensus of $92.2 million.<\/span>
\n Tuesday’s Key Earnings<\/strong>
\n CSX Corp. (NYSE:CSX) -4% AH on a set of in-line earnings.
\n Morgan Stanley (NYSE:MS) -3.8% despite an impressive quarter.
\n United Continental (NYSE:UAL) -1.7% AH predicting flat Q1 revenues.
\n UnitedHealth (NYSE:UNH) -0.7% amid Obamacare uncertainty.<\/span><\/span><\/span><\/span><\/span>
\n Today’s Economic Calendar<\/strong>
\n 7:00 MBA Mortgage Applications
\n 8:30 Consumer Price Index
\n 8:55 Redbook Chain Store Sales
\n 9:15 Industrial Production
\n 10:00 NAHB Housing Market Index
\n 10:00 Fed’s Kashkari speech
\n 2:00 PM Fed’s Beige Book
\n 3:00 PM Janet Yellen speech
\n 4:00 PM Treasury International Capital<\/span><\/span><\/span><\/span><\/span><\/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 Wednesday. The Asian\/Pacific markets closed mixed. Hong Kong rallied more than 1%; Japan and Indonesia also did well. Singapore and Australia led to the downside. Europe is currently mixed and little changed. The UK, Germany, the Netherlands, Norway and Greece are up; France, Russia, Denmark and Portugal are down. Futures in 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":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/10163"}],"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=10163"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/10163\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}