{"id":7097,"date":"2013-10-18T07:25:38","date_gmt":"2013-10-18T12:25:38","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=7097"},"modified":"2013-10-18T07:25:38","modified_gmt":"2013-10-18T12:25:38","slug":"before-the-open-oct-18-4","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=7097","title":{"rendered":"Before the Open (Oct 18)"},"content":{"rendered":"

Good morning. Happy Friday.<\/span>
\n The Asian\/Pacific markets closed mostly up. India rallied 2.3%, Hong Kong 1.1% and Australia, Indonesia, South Korea and Taiwan also did well. Europe is currently mostly up. France, Norway, Stockholm, Czech Republic and Greece are leading the way. Futures here in the States point towards a positive open for the cash market.
\n<\/span>
\n The dollar is flat. Oil and copper are up. Gold and silver are down. <\/span>
\n The S&P has added its name to the list of indexes hitting all-time highs. It didn’t take long. I felt all along the government shutdown would be a non-issue, and the market would eventually find a bottom and rally to new highs later this year. I didn’t think it would happen so fast. The market was supposed to fall further, and it was supposed to take longer to recapture the losses. We are just days past the midway point in October. The market has already accomplish the year-end goal. Dare I say the market is in idiot mode. Traders and investors can’t climb over each other fast enough to buy.<\/span>
\n GOOG is up almost 10% pre market…earnings related…the stock is less than 30 bucks from $1000.<\/span>
\n CMG is up almost 8%…also earnings related…new all-time high territory.<\/span>
\n For what it’s worth, options expire today.<\/span>
\n It’s not yet clear what the economic calendar will look like next week. No question the government has a lot of catching up to do, starting with the missed employment report being released on Tuesday, Oct 22. <\/span>
\n Among the indicators, there are a few warnings. I’ll discuss these in greater detail in my weekly report posted Sunday. Here’s one…the spike in new highs at the NYSE.<\/span>
\n\"\"
\n I’m only interesting in the long side…but don’t get carried away. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Schlumberger (SLB -0.81%) reported Q3 EPS of $1.29, better than consensus of $1.24.<\/span>
\n IBM (IBM -6.37%) was downgraded to ‘Hold’ from ‘Buy’ at Argus.<\/span>
\n General Electric (GE +1.31%) reported Q3 EPS of 36 cents, better than consensus of 35 cents.<\/span>
\n Ingersoll-Rand PLC (IR +0.27%) reported Q3 EPS of $1.16, stronger than consensus of $1.10.<\/span>
\n Morgan Stanley (MS +1.05%) reported Q3 EPS of 50 cents, better than consensus of 40 cents.<\/span>
\n Parker Hannifin (PH +1.12%) reported Q1 EPS of $1.67, well ahead of consensus of $1.47, and then raised guidance on fiscal 2014 EPS to $7.78-$8.38 from $7.35-$8.15, better than consensus of $6.53.<\/span>
\n Las Vegas Sands (LVS +2.07%) reported Q3 EPS of 82 cents, higher than consensus of 76 cents.<\/span>
\n Intuitive Surgical (ISRG -0.55%) fell 8% in after-hours trading after it reported Q3 EPS of $3.99, well ahead of consensus of $3.40, but said Q3 revenue was $499 million, below consensus of $526 million.<\/span>
\n Commercial Metals (CMC +2.69%) sold Howell Metal for $58.5 million to Mueller Industries (MLI +1.06%) .<\/span>
\n Capital One (COF -0.14%) reported Q3 EPS of $1.86, better than consensus of $1.80.<\/span>
\n Stryker (SYK +1.44%) reported Q2 adjusted EPS of 98 cents, lower than consensus of $1.00.<\/span>
\n Chipotle (CMG +0.23%) climbed 8% in after0hours trading after it reported Q3 EPS of $2.66, weaker than consensus of $2.78, but reported Q3 revenue of $826.9 million, better than consensus of $820.28 million.<\/span>
\n Google (GOOG -1.03%) rallied 8% in after-hours trading after it reported Q3 EPS of $10.74, well ahead of consensus of $10.34.<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Today’s economic calendar:
\n No events scheduled.<\/span><\/span>
\n Notable earnings before today’s open: BHI, FHN, FNFG, GE, GPC, HON, IPG, IR, KSU, LH, MS, PH, SLB, STI, TXT<\/span>
\n Notable earnings after today’s close: CE<\/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