{"id":11821,"date":"2018-05-23T07:48:58","date_gmt":"2018-05-23T12:48:58","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=11821"},"modified":"2018-05-23T07:48:58","modified_gmt":"2018-05-23T12:48:58","slug":"before-the-open-may-23-7","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=11821","title":{"rendered":"Before the Open (May 23)"},"content":{"rendered":"

Good morning. Happy Wednesday. <\/span>
\n The Asian\/Pacific<\/strong> markets are mostly down. Indonesia is up, but China, Japan, Hong Kong, India, New Zealand, Malaysia, Singapore and the Philippines are suffering stiff losses. Europe, Africa and the Middle East<\/strong> are currently down quite a bit. Poland, France, Turkey, Germany, Greece, South Africa, Finland, Switzerland, Hungary, Spain, the Netherlands, Italy, Israel, Austria, Sweden and Russia are down at least 1%, and many are down more than 2%. Futures in the States<\/strong> currently point towards a relatively big gap down for the cash market. <\/span>
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\nHome builders have been a sore spot lately. The group broke down last week, and with yesterday’s gap down and sell-off, it was rejected by the previous support level. <\/span>
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\n The dollar is up. Oil and copper are down. Gold and silver are mixed. Bonds are up. <\/span>
\n Overnight Stock Movers<\/strong> from barchart.com…<\/span>
\n Intuit (INTU -0.60%) was downgraded to ‘Underweight’ from ‘Equal-weight’ ar First Analysis with a price target of $160.<\/span>
\n Celgene (CELG +2.57%) was downgraded to ‘Hold’ from ‘Buy’ at Argus Research.<\/span>
\n Estee Lauder (EL +0.06%) was rated a new ‘Outperform’ at Evercore ISI with a price target of $170.<\/span>
\n Urban Outfitters (URBN -2.55%) fell 2% in after-hours trading despite reporting Q1 gross margin of 32.8%, better than consensus of 32.6%.<\/span>
\n Ameren (AEE +0.64%) was upgraded to ‘Neutral’ ‘from Sell’ at Goldman Sachs.<\/span>
\n MetLife (MET +0.77%) gained nearly 1% in after-hours trading after it announced a new $1.5 billion share repurchase authorization.<\/span>
\n Integrated Device Technology (IDTI +1.22%) was rated a new ‘Outperform’ at Cowen with a price target of $37.<\/span>
\n Red Robin Gourmet Burgers (RRGB -4.53%) slumped 14% in after-hours trading after it reported Q1 adjusted EPS of 69 cents, below consensus of 75 cents.<\/span>
\n Cypress Semiconductor (CY +1.24%) was rated a new ‘Outperform’ at Cowen with a price target of $21.<\/span>
\n HP Enterprise (HPE -0.57%) gained 0.2% in after-hours trading after it forecast full-year adjusted EPS OF $1.40 TO $1.50, the midpoint above consensus of $1.41.<\/span>
\n Blackline (BL -1.68%) fell more than 2% in after-hours trading after holder Silver Lake Sumeru Fund offered 3.5 million shares at $40.35-$40.50 via Morgan Stanley.<\/span>
\n Quantenna (QTNA -0.86%) was rated a new ‘Buy’ at Stifel with a price target of $19.<\/span>
\n The Container Store (TCS +8.20%) tumbled over 12% in after-hours trading after it reported Q4 adjusted EPS of 18 cents, weaker than consensus of 23 cents, and forecast full-year EPS of 35 cents to 45 cents, the midpoint below consensus of 42 cents.<\/span>
\n Arcos Dorados Holdings (ARCO +3.45%) rallied almost 5% in after-hours trading after it announced a share repurchase program of up to $60 million in outstanding class A shares.<\/span>
\n Tuesday’s Key Earnings<\/strong>
\n Hewlett Packard Enterprise (NYSE:HPE) +0.4% AH lifting its outlook.
\n Kohl’s (NYSE:KSS) -7.4% hit by calendar-related impacts.
\n TJX Cos. (NYSE:TJX) +3.3% upping its full-year forecast.<\/span><\/span><\/span><\/span>
\n Today’s Economic Calendar<\/strong>
\n 7:00 MBA Mortgage Applications
\n 9:45 PMI Composite Flash
\n 10:00 New Home Sales
\n 10:30 EIA Petroleum Inventories
\n 11:30 Results of $16B, 2-Year FRN Auction
\n 1:00 PM Results of $36B, 5-Year Note Auction
\n 2:00 PM FOMC minutes<\/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 are mostly down. Indonesia is up, but China, Japan, Hong Kong, India, New Zealand, Malaysia, Singapore and the Philippines are suffering stiff losses. Europe, Africa and the Middle East are currently down quite a bit. Poland, France, Turkey, Germany, Greece, South Africa, Finland, Switzerland, Hungary, Spain, the Netherlands, […]<\/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\/11821"}],"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=11821"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/11821\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11821"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11821"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11821"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}