{"id":6096,"date":"2012-10-26T07:44:47","date_gmt":"2012-10-26T12:44:47","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=6096"},"modified":"2012-10-26T07:44:47","modified_gmt":"2012-10-26T12:44:47","slug":"before-the-open-oct-26-4","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=6096","title":{"rendered":"Before the Open (Oct 26)"},"content":{"rendered":"

Good morning. Happy Friday.<\/span>
\nThe Asian\/Pacific markets closed down across the board. China, Hong Kong, Japan, South Korea and Taiwan each dropped more than 1%. Europe is currently down across the board too. The Czech Republic is down 1.1%, Amsterdam, Norway, London and Greece more than 0.7%. Futures here in the States point towards a flat open for the cash market.
\n<\/span>
\nThe dollar is up. Oil and copper are down. Gold and silver are down.<\/span>
\nApple (AAPL) and Amazon (AMZN) released disappointing earnings after yesterday’s close, but both stocks are up today in premarket trading.<\/span>
\nWeyerhaeuser (WY) Q3 profit dropped 25%…the is down 4.4% in premarket trading.<\/span>
\nNewell Rubbermaind (NWL) is cutting 1,900 jobs, or about 10% of its workforce over the next 2-1\/2 years…stock is up 7%.<\/span>
\nMerck (MRK) missed on sales but their profit rose…stock is flat.<\/span>
\nGoodyear (GT) missed earnings expectations…stock is down 3.7%.<\/span>
\nComcast (CMCSA) more than doubled its net income in the latest quarter…stock is up 1.8%.<\/span>
\nTaiwan smartphone maker HTC reported a 79% drop in Q3 profit.<\/span>
\nEricsson (ERIC) posted a 43% drop in Q3 profits…stock is down 5.8%.<\/span>
\nMoody’s (MCO) Q3 results were better than expected…stock is up 1%.<\/span>
\nCoventry Health Care (CVH) beat expectations.<\/span>
\nDana (DAN) reported a 49% profit drop and cut its full-year target.<\/span>
\nCerner’s (CERN) profit rose 25%…stock is up 12.5% in before the open.<\/span>
\nLifepoint (LPNT) saw its profit drop 51%; they lowered full-year earnings estimates.<\/span>
\nLegg Mason (LM) profit jumped 43% in the latest quarter.<\/span>
\nAlso moving in premarket trading…<\/span>
\nEXPE up 17%, JRCC up 5.2%, LOGI up 5.2%, PCLN up 4.3%.<\/span>
\nCTCT down 19.3%, DECK down 18.2%, FULT down 17.2%, VRSN down 15.3%, CSTR down 7.5%, ERIC down 5.8%, PWER down 5%.<\/span>
\nBaring a massive rally, the market will close the week with big loss. A turn could come at any time if we get very good news (earnings, Europe etc), but from a technical standpoint, more downside is needed before a bottom can be put in place. We need a washout. We need pain. We need the bottom to fall out and cause the bulls to run for cover. Then a bottom can be put in place, and the market can bounce. A bounce will come with vigor and energy, which could suggest a local bottom has been put in place, or it’ll come with a lack of participation, which would suggest more downside coming. Trade what happens, not what you think should happen. More after the open.<\/span>
\nheadlines at Yahoo Finance<\/a><\/span>
\nheadlines at MarketWatch<\/a><\/span>
\ntoday’s upgrades\/downgrades<\/a><\/span>
\nthis week’s Earnings<\/a><\/span>
\nthis week’s Economic Numbers<\/a><\/span>
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