{"id":6735,"date":"2013-06-06T07:46:30","date_gmt":"2013-06-06T12:46:30","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=6735"},"modified":"2013-06-06T07:46:30","modified_gmt":"2013-06-06T12:46:30","slug":"before-the-open-jun-6-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=6735","title":{"rendered":"Before the Open (Jun 6)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\nThe Asian\/Pacific markets closed mostly down. Australia, Hong Kong, Singapore, South Korea and Taiwan each dropped more than 1%. Europe is currently mixed. Stockholm and Belgium are down the most; France and Amsterdam are up. Futures here in the States point towards a moderate gap up open for the cash market.
\n<\/span>
\nThe dollar is down. Oil is up, copper down. Gold and silver are up. <\/span>
\nThe bulls have not done a good job defending their turf this week. The onus was on them to dig in and prevent prices from dropping further, but they have failed. Every rally – big and small – has gotten sold. Day after day new lows are registered. If it wasn’t for tomorrow’s employment numbers, I’d say a big move is coming. Either the floor gets pulled out because the bulls throw in the towel, or we’d have a surprise snap back rally. But news trumps the charts, so things may be on hold until after tomorrow’s numbers. <\/span>
\nHere’s an updated of the 15-min SPX chart. Until proven otherwise, previous support levels are resistance.<\/span>
\n\"\"
\nBut don’t get too bearish. Here’s the daily. There is nothing wrong with the long term charts.<\/span>
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\nTomorrow’s employment numbers are huge…not because the numbers are more important than previous months, because of the market’s reaction. Strong markets rally on good news and easily absorb or brush-off bad news. Weak markets do the opposite. The reaction to tomorrow’s numbers will be very telling.<\/span>
\nHere are stock-specific stories from barchart.com…<\/span>
\nCNET reports that the Touchscreen BlackBerry (BBRY +0.66%) A10 is set to launch in November.<\/span>
\nVera Bradley (VRA -0.22%) downgraded to “Neutral” from “Outperform” at RW Baird.<\/span>
\nJM Smucker (SJM -0.26%) reported Q4 EPS of $1.29, better than consensus of $1.16.<\/span>
\nLimited Brands (LTD -0.54%) reports May comparable store sales up 3%.<\/span>
\nCiena (CIEN -1.03%) reported Q2 adjusted EPS of 2 cents, better than consensus of a -1 cent loss.<\/span>
\nGreif (GEF -1.84%) reported Q2 EPS of 70 cents, slightly better than consensus of 69 cents.<\/span>
\nEndo Health (ENDP -1.37%) lowered guidance on fiscal 2013 adjusted EPS to $4.10-$4.40, below consensus of $4.27, and it also announced strategic alternatives to cut annual operating expenses by $325 million, which includes reducing its workforce by 15%.<\/span>
\nJ.C. Penney (JCP +1.11%) was initiated with a “Buy” with a price target of $23 and Dollar Tree (DLTR -0.89%) was also initiated with a “Buy” at Sterne Agee with a price target of $58.<\/span>
\nThermo Fisher (TMO -2.35%) announced a $2.2 billion common stock offering.<\/span>
\nrue21 (RUE +0.21%) reported Q1 EPS of 44 cents, lower than consensus of 46 cents, and lowered guidance on fiscal 2013 EPS to $1.98-$2.03 from $2.00-$2.05, below consensus of $2.02.<\/span>
\nAscena Retail (ASNA -1.14%) reported Q3 adjusted EPS of 26 cents, lower than consensus of 30 cents, and cut guidance on fiscal 2013 EPS to $1.10-$1.15 from $1.20-$1.30..<\/span>
\nVeriFone (PAY -4.94%) tumbled 18% in after-hours trading after it reported Q2 EPS ex-items of 42 cents, weaker than consensus of 47 cents.<\/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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