{"id":6982,"date":"2013-09-05T07:39:59","date_gmt":"2013-09-05T12:39:59","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=6982"},"modified":"2013-09-05T07:39:59","modified_gmt":"2013-09-05T12:39:59","slug":"before-the-open-sep-5-2","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=6982","title":{"rendered":"Before the Open (Sep 5)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\nThe Asian\/Pacific markets closed mixed and with a lean to the upside. India rallied 2.2%, Hong Kong, South Korea and Taiwan around 1%. Europe is currently mostly up. France, Stockholm, Italy, Greece and the Czech Republic are doing the best. Futures here in the States point towards a flat open for the cash market.
\n<\/span>
\nThe dollar is up slightly. Oil and copper are up. Gold and silver are up. <\/span>
\nYesterday was the market’s best day since just before the top in early August. The indexes posted across-the-board gains, most groups rallied and a few indicators improved. It was a step in the bull’s direction, but there are still some negative forces lingering. There are a few indicators that haven’t moved to extreme levels and others which haven’t reversed. And of course Syria still looms as a potential market mover. <\/span>
\nHere’s the S&P daily. Sometimes a good or bad day can change your perspective, so it’s important to back up and remind yourself one day means nothing. The overall trend is up, the shorter term trend is down. And you only have to go back to the last mini correction in June to be reminded big up days occur within downtrends.<\/span>
\n\"\"<\/span>
\nToday is a Jewish holiday, so the volume is likely to be on the lighter side.<\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\nSherwin-Williams (SHW +0.74%) was upgraded to “Buy” from “Neutral” at Longbow.<\/span>
\nThe NY Times reports that President Obama prefers to nominate Larry Summers as the next Fed chairman.<\/span>
\nLockheed Martin (LMT +0.52%) was downgraded to “Sector Perform” from “Outperform” at RBC Capital.<\/span>
\nNewmont Mining (NEM +0.48%) was downgraded to “Equal Weight” from “Overweight” due to valuation at Barclays.<\/span>
\nViacom (VIAB +0.24%) was downgraded to “Neutral” from “Buy” at B. Riley.<\/span>
\nJoS. A. Bank (JOSB +0.33%) reported Q2 EPS of 51 cents, lower than consensus of 52 cents.<\/span>
\nTransocean (RIG +0.15%) was upgraded to “Outperform” from “Neutral” at Credit Suisse.<\/span>
\nPOZEN (POZN +1.34%) jumped jumped 13% in after-hours trading after it announced it had signed a commercialization agreement with Sanofi (SNY +0.63%) .<\/span>
\nGreif (GEF +3.27%) reported Q3 EPS of 80 cents, below consensus of 89 cents.<\/span>
\nRaging Capital reported a 12.5% passive stake in Standard Register (SR +17.27%) .<\/span>
\nStarbucks (SBUX +0.75%) was initiated with an “Outperform” at Wedbush with a price target of $80.<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\nToday’s economic calendar:<\/span>
\nToday’s economic calendar:
\nChain Store Sales
\n7:30 Challenger Job-Cut Report
\n8:15 ADP Jobs Report
\n8:30 Initial Jobless Claims
\n8:30 Productivity and Costs
\n9:45 Bloomberg Consumer Comfort Index
\n10:00 Factory Orders
\n10:00 ISM Non-Manufacturing Index
\n10:30 EIA Natural Gas Inventory
\n11:00 EIA Petroleum Inventories
\n4:30 PM Money Supply
\n4:30 PM Fed Balance Sheet<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>
\nNotable earnings before today’s open: CONN, JOSB, TITN<\/span>
\nNotable earnings after today’s close: AMBA, BLOX, COO, FNSR, PAY, SWHC, ZQK, ZUMZ<\/span>
\nOther<\/strong>…<\/span>
\ntoday’s upgrades\/downgrades<\/a> from briefing.com<\/span>
\nthis week’s Earnings<\/a><\/span>
\nthis week’s Economic Numbers<\/a><\/span>
\n