{"id":6889,"date":"2013-08-07T07:35:57","date_gmt":"2013-08-07T12:35:57","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=6889"},"modified":"2013-08-07T07:35:57","modified_gmt":"2013-08-07T12:35:57","slug":"before-the-open-aug-7-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=6889","title":{"rendered":"Before the Open (Aug 7)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\n The Asian\/Pacific markets closed mostly down. Japan got crushed (down 4%). Australia, Hong Kong, South Korea and Taiwan dropped more than 1%. Europe currently leans to the downside. Austria, London and Greece are down. Italy is doing well to the upside. Futures here in the States point towards a gap down open for the cash market.
\n<\/span>
\n The dollar is down. Oil is up, copper down. Gold and silver are down. <\/span>
\n The market dropped yesterday for 90 minutes. Then it traded in a tight range just like it had the day before. All the indexes dropped…the small and mid caps suffered the biggest drops, but overall I’d consider the day a normal down day within an uptrend. <\/span>
\n The market has now drop two straight days…for only the second time in a month. The S&P has not dropped three straight days in almost two months. <\/span>
\n Coming into this week we had a lack of good set ups to play and several breadth indicators that were pointing in the bear’s direction. The coast was certainly not clear. <\/span>
\n Here’s the 60-min S&P chart. A steep uptrend has flattened out, but the trend is still up. If you’re a longer term swing trader, manage positions wisely. Keep the good ones, dump the under-performers. If you’re shorter term, take profits and let the charts re-set. <\/span>
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\n Stock stories<\/strong> from barchart.com…<\/span>
\n Fossil (FOSL +17.81%) was downgraded to “Neutral” from “Buy” at Citigroup, although Citigroup raised its price target on the stock to $135 from $125.<\/span>
\n Marsh & McLennan (MMC -0.47%) reported Q2 EPS of 72 cents, better than consensus of 67 cents.<\/span>
\n Devon Energy (DVN -0.36%) reported Q2 EPS of $1.21, well ahead of consensus of 95 cents.<\/span>
\n Time Warner (TWX -0.60%) reported Q2 EPS of 83 cents, stronger than consensus of 76 cents.<\/span>
\n Marathon Oil (MRO -2.51%) reported Q2 adjusted EPS of 67 cents, lower than consensus of 71 cents.<\/span>
\n Live Nation (LYV -1.86%) reported Q2 EPS of 30 cents, well ahead of consensus of 10 cents.<\/span>
\n C.H. Robinson (CHRW -0.13%) reported Q2 EPS of 70 cents, weaker than consensus of 74 cents.<\/span>
\n URS Corporation (URS -3.95%) reported Q2 non-GAAP EPS of $1.16, better than consensus of 96 cents.<\/span>
\n First Solar (FSLR -2.32%) fell over 9% in after-hours trading after it reported Q2 EPS of 39 cents, weaker than consensus of 52 cents, and lowered guidance on its fiscal 2013 EPS outlook to $3.75-$4.25 from $4.00-$4.50.<\/span>
\n Disney (DIS +1.56%) reported Q3 EPS ex-items of $1.03, better than consensus of $1.01.<\/span>
\n 21st Century Fox (FOXA -0.41%) reported Q4 adjusted EPS of 31 cents, lower than consensus of 34 cents.<\/span>
\n CF Industries (CF -1.84%) reported Q2 EPS of $8.38, better than consensus of $7.64.<\/span>
\n Genpact (G -0.14%) reported Q2 adjusted EPS of 32 cents, well ahead of consensus of 25 cents, but then said it sees fiscal 2013 revenue at the lower half of $2.15 billion-$2.2 billion, below consensus of $2.19 billion.<\/span>
\n Sotheby’s (BID -0.51%) reported Q2 EPS of $1.33, weaker than consensus of $1.37.<\/span>
\n According to Bloomberg, Amgen (AMGN -2.06%) is set to boost its bid for Onyx (ONXX -1.03%) to $130 per share.<\/span>
\n Earnings<\/strong> from seekingalpha.com…<\/span>
\n Notable earnings before today’s open: AME, AMSC, AOL, ARIA, AVA, AVT, CLH, CRZO, CWH, DUK, DVN, EZCH, FXCM, GEO, GOLD, HFC, HII, KCG, LXP, MITT, MMC, MOLX, MPEL, NAVB, NCT, NICE, NWN, POM, RL, SBGI, SCLN, SMP, SUNE, TTI, TWX, VOYA, VRX, WCG, WRES, XEC, YRCW<\/span>
\n Notable earnings after today’s close: AGU, ARRS, ARRY, ASIA, AWK, BIOL, BIOS, BKD, BPZ, BWC, CECO, CLR, CODI, CTL, CXO, CXW, DEPO, DK, DMD, DRYS, DVR, DXCM, EDMC, EGLE, ENS, ETE, ETP, EXP, FIO, FTEK, FTK, FTR, GMCR, GNMK, GRPN, GTY, HALO, HNSN, IO, JACK, JCOM, LLNW, MBI, MDLZ, MKL, MNTX, MRIN, MWE, NGVC, NRP, NVTL, OILT, OSUR, PKT, PODD, POWR, PPO, PRU, PRXL, PVA, RBCN, RGP, RIG, RLD, RST, RWT, SCTY, SGI, SN, SSRI, STEC, SXL, SZYM, TCAP, TNGO, TSLA, TTEK, TWTC, UHAL, WGL, WR, WTI<\/span>
\nthis week’s Earnings<\/a><\/span>
\nthis week’s Economic Numbers<\/a><\/span>
\ntoday’s upgrades\/downgrades<\/a><\/span>
\n