{"id":10418,"date":"2017-05-02T07:50:39","date_gmt":"2017-05-02T12:50:39","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=10418"},"modified":"2017-05-02T07:50:39","modified_gmt":"2017-05-02T12:50:39","slug":"before-the-open-may-2-6","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=10418","title":{"rendered":"Before the Open (May 2)"},"content":{"rendered":"

Good morning. Happy Tuesday.<\/span>
\n The Asian\/Pacific<\/strong> markets closed mostly up. Japan, South Korea, New Zealand, Taiwan, Malaysia, and Singapore are doing well. Europe<\/strong> is currently mostly up. Greece is up more than 2%; Portugal is up more than 1%; the UK, France, Poland, Finland, Switzerland, Norway, Spain, Italy and the Netherlands are doing well. Futures in the States<\/strong> point towards a mixed and flat open for the cash market. <\/span>
\n—————
\n VIDEO: <\/strong>There’s a Bull Market Somewhere<\/a>
\n—————<\/span>
\n The dollar is flat. Oil is up; copper is down. Gold is down; silver is up. Bonds are down. <\/span>
\n Yesterday big-cap tech stocks jumped while the rest of the market traded quietly. In fact the S&P, despite big gains from FB, AMZN, NFLX, GOOGL, MSFT and TSLA, only gained a couple points on light volume, and it didn’t break out to a new high. Here’s the daily. <\/span>
\n\"\"
\n This reminds me of the time period between Jan 1, 2015 and October 26, 2016 (about 22 months), when the S&P increased in market cap by $675 billion but 630 of it was concentrated in just four stocks (FB, AMZN, NFLX, GOOGL). During that time, the market traded range bound. Here’s the chart. <\/span>
\n\"\"
\n I’d like to see great participation. If these big-cap are doing well, there should be a ripple effect. Suppliers should be doing better. Advertisers should be doing better. Strength should not be concentrated. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Cognex (CGNX +0.34%) lost nearly 2% in after-hours trading after it said it sees Q2 revenue of $165 million-$170 million, below consensus of $171.8 million.<\/span>
\n Texas Roadhouse (TXRH -1.92%) jumped 10% in after-hours trading after it reported Q1 revenue of $567.7 million, higher than consensus of $560.7 million.<\/span>
\n Luminex (LMNX +0.53%) rallied 16% in after-hours trading after it reported Q1 adjusted EPS of 28 cents, well above consensus of 16 cents, and then said it sees full-year revenue of $300 million-$310 million, above consensus of $301.4 million.<\/span>
\n Span-America Medical Systems (SPAN -0.18%) surged 35% in after-hours trading after it was bought by Savaria for $80.2 million or about $29 a share.<\/span>
\n Exelixis (EXEL +3.35%) rose 4% in after-hours trading after it reported an unexpected Q1 profit of 5 cents per share, better than consensus for a loss of -1 cent per share.<\/span>
\n Chegg (CHGG +1.66%) climbed nearly 9% in after-hours trading after it reported Q1 adjusted EPS of 6 cents, double consensus of 3 cents, and then said it sees full-year Ebitda of $38 million-$40 million, higher than consensus of $34.6 million.<\/span>
\n Taylor Morrison Home Corp (TMHC +4.55%) lost 3% in after-hours trading after it announced the commencement of an underwritten public offering of 10.0 million shares of its Class A common stock.<\/span>
\n Corcept Therapeutics (CORT +1.36%) rallied over 8% in after-hours trading after it boosted its 2017 revenue outlook to $125 million-$135 million from a prior view of $120 million-$130 million.<\/span>
\n Tenet Healthcare Corp (THC -2.04%) jumped 13% in after-hours trading after it reported a Q1 adjusted EPS loss of -27 cents, narrower than consensus for a loss of -52 cents, and then said it sees full-year adjusted EPS of $1.05 to $1.30, the midpoint above consensus of $1.13.<\/span>
\n Harmonic (HLIT unch) tumbled over 15% in after-hours trading after it said it sees full-year EPS of 2 cents-16 cents, well below consensus of 24 cents.<\/span>
\n Advanced Micro Devices (AMD +2.41%) dropped 9% in after-hours trading after it reported Q1 revenue of $984 million, weaker than consensus of $984.5 million.<\/span>
\n Community Health Systems (CYH +0.12%) rose over 6% in after-hours trading after it reported Q1 adjusted EPS from continuing operations of 8 cents, higher than consensus of 6 cents.<\/span>
\n Angie’s List (ANGI +0.17%) surged 40% in after-hours trading after IAC bought the company for $500 million, or $8.50 a share.<\/span>
\n Today’s Economic Calendar<\/strong>
\n Auto Sales
\n FOMC meeting begins
\n 8:30 Gallup US ECI
\n 8:55 Redbook Chain Store Sales<\/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 Tuesday. The Asian\/Pacific markets closed mostly up. Japan, South Korea, New Zealand, Taiwan, Malaysia, and Singapore are doing well. Europe is currently mostly up. Greece is up more than 2%; Portugal is up more than 1%; the UK, France, Poland, Finland, Switzerland, Norway, Spain, Italy and the Netherlands are doing well. Futures […]<\/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\/10418"}],"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=10418"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/10418\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}