{"id":7135,"date":"2013-11-05T08:04:27","date_gmt":"2013-11-05T13:04:27","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=7135"},"modified":"2013-11-05T08:04:27","modified_gmt":"2013-11-05T13:04:27","slug":"before-the-open-nov-5-4","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=7135","title":{"rendered":"Before the Open (Nov 5)"},"content":{"rendered":"

Good morning. Happy Tuesday.<\/span>
\n The Asian\/Pacific markets closed mixed. India, Taiwan, South Korea and Hong Kong dropped the most. Australia rallied the most. Europe is currently down across-the-board. Italy, Spain and Greece are down more than 1%. France, Germany, Norway, Switzerland, London and Czech Republic are down more than 0.5%. Futures here in the States point towards a moderate gap down open for the cash market.
\n<\/span>
\n The dollar is flat. Oil is down, copper up. Gold is down, silver flat. <\/span>
\n Nothing happened yesterday that changed my view of the market.<\/span>
\n The indexes continue to walk to the beat of their own drummers. The breadth indicators are not singing the same song. A pretty good bull and bear case can be made for the markets next move, and a bottom-up approach, which looks at charts of individual stocks instead of the indexes, doesn’t reveal a strong bias in either direction. <\/span>
\n Here’s the Charlie Munger quote I posted yesterday…<\/span>
\n \u201cAt Berkshire we have three buckets: yes, no and too hard. We just throw some decisions into the \u2018too hard\u2019 file and go onto the others.\u201d<\/span>
\n Right now I think the entire market belongs in the “too hard” file, so it’s best to sit tight, rest up and not force trades. Don’t over-analyze.<\/span>
\n The long term looks great, but the short term is a muddled mess. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Host Hotels & Resorts (HST +1.33%) reported Q3 EPS of 25 cents, weaker than consensus of 26 cents.<\/span>
\n DirectTV (DTV +1.10%) reported Q3 adjusted EPS of $1.28, higher than consensus of $1.02.<\/span>
\n Regeneron Pharmaceuticals (REGN -1.43%) reported Q3 EPS of $2.40, much better than consensus of $1.90.<\/span>
\n IntercontinentalExchange (ICE -0.77%) reported Q3 EPS of $1.97, well ahead of consensus of $1.83.<\/span>
\n CVS Caremark (CVS -0.97%) reported Q3 EPS of $1.09, better than consensus of $1.02.<\/span>
\n NYSE Euronext (NYX -0.63%) reported Q3 EPS of 53 cents, below consensus of 55 cents.<\/span>
\n CF Industries (CF +1.25%) reported Q3 EPS of $4.07, higher than consensus of $4.00, but reported Q3 revenue of $1.1 billion, below consensus of $1.14 billion.<\/span>
\n RockTenn (RKT +1.62%) reported Q4 adjusted EPS of $2.66, well above consensus of $2.46.<\/span>
\n Owens & Minor (OMI +1.49%) reported Q3 adjusted EPS of 47 cents, below consensus of 49 cents.<\/span>
\n Weatherford (WFT +0.55%) reported Q3 EPS of 23 cents, better than consensus of 22 cents.<\/span>
\n Tutor Perini (TPC +0.57%) reported Q3 EPS of 49 cents, weaker than consensus of 55 cents.<\/span>
\n Pioneer Natural (PXD +3.96%) reported Q3 EPS ex-items of $1.26, below of consensus $1.35.<\/span>
\n Marathon Oil (MRO +0.65%) rose nearly 2% in pre-market trading after it reported Q3 adjusted EPS of 87 cents, stronger than consensus of 77 cents.<\/span>
\n Anadarko (APC +1.63%) fell 3% in after-hours trading after it reported Q3 EPS ex-items of $1.13, below consensus of $1.16.<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Today’s economic calendar:
\n 7:45 ICSC Retail Store Sales
\n 8:55 Redbook Chain Store Sales
\n 10:00 ISM Non-Manufacturing Index<\/span><\/span><\/span><\/span>
\n Notable earnings before today’s open: AFSI, AKRX, AMED, AMG, AOL, ARCC, ARCO, ASH, BCRX, BDX, BPI, CCC, CHTR, COCO, CTSH, CVS, D, DLPH, DNR, DTV, DWRE, DX,DXM, EMR, ENR, EXH, EXLP, EXPD, FE, GLDD, GTIV, HCA, HCN, HL, HPT, HSIC, HST, HW, ICE, IFF, ISIS, KORS, KWK, LBTYA, LPX, MITT, MNTA,MOS, MPEL, MPW, NNN, NTLS, NXST, ODP, OMX, OWW, OXF, OZM, PMC, PQ, RDC, REGN, REN, RHP, RIGL, RRD, RRGB, SRE, TGH, TMUS, TRGT,TRP, VSI, XPO, ZBRA, ZINC, ZTS<\/span>
\n Notable earnings after today’s close: ACAS, AGU, ANV, APEI, ASIA, AXLL, BCOR, BLMN, BMR, CBL, CHRW, CKEC, CTRP, CWT, DEPO, DOX, DPM, DVA, ENPH, EOX, EPR, ETE, ETP, FNGN, FOSL,FOXA, FTR, FURX, GEVO, GHDX, GIVN, GPOR, GTY, HAIN, IAG, IMPV, ININ, JAZZ, JCOM, JKHY, KAR, KND, LLNW, LXU, LYV, MCEP, MED, MELI, MIDD, MKTG, MSPD, MYGN, NRP, NYMT, OKE, OKS, OPEN, ORA, PZZA, QEP, QUAD, REGI, REXX, RGP, RGR, SALE, SAPE, SD, SGEN, SREV, SSRI, SSS, SXL, SYNC, SZYM, TNGO,TSLA, TWO, URS, VCLK, VRSK, VVUS, WWWW, Z, ZAGG<\/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