{"id":7419,"date":"2014-02-26T08:44:08","date_gmt":"2014-02-26T13:44:08","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=7419"},"modified":"2014-02-26T08:44:08","modified_gmt":"2014-02-26T13:44:08","slug":"before-the-open-feb-26-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=7419","title":{"rendered":"Before the Open (Feb 26)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\n The Asian\/Pacific markets closed mixed and with a lean to the upside. India and Hong Kong led the way; Indonesia, Malaysia, Japan and Singapore lagged. Europe currently leans to the downside. Greece is up 3.3%; Amsterdam, Prague, Russia and France are down the most. Futures here in the States point towards an up open for the cash market.
\n<\/span>
\n The dollar is up. Oil and copper are up. Gold and silver are up. <\/span>
\n So as of now, the indexes are up nicely on the week but are sitting well off their highs. In fact the S&P is sitting near its previous resistance level. The bulls will claim dropping to retest a previous key level is normal and healthy for an uptrending market (if this is true, they should be buying right now, right). The bears will claim the inability to follow through in the near term is a little warning…that selling pressure so soon after hitting a new high isn’t a sign of strength. My take -> the trend is up, but because a handful of breadth indicators have hit extreme levels, odds favor a sideways move for 1-2 weeks, if not a mini correction. Overall I like the market and think new highs will be made again. But in the near term, a little frothiness needs to be worked off. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Target (TGT +0.66%) reported Q4 adjusted EPS of $1.30, well ahead of consensus of 79 cents.<\/span>
\n Lowe’s (LOW +1.88%) reported Q4 EPS of 31 cents, right on expectations.<\/span>
\n Chesapeake Energy (CHK -1.28%) reported Q4 EPS of 27 cents, well below consensus of 40 cents.<\/span>
\n Dollar Tree (DLTR +0.67%) reported Q4 EPS of $1.02 weaker than consensus of $1.05.<\/span>
\n Boeing (BA -2.17%) was awarded a $2.07 billion government contract modification for the procurement of 16 P-8A Multi-mission Maritime Aircraft full rate production Lot I aircraft and 16 Ancillary Mission Equipment kits for the U.S. Navy.<\/span>
\n Weatherford (WFT -0.13%) reported Q4 adjusted EPS of 7 cents, right on consensus.<\/span>
\n Alleghany (Y -0.25%) reported Q4 EPS of $6.99, better than consensus of $6.53.<\/span>
\n Superior Energy (SPN +0.70%) reported Q4 adjusted EPS of 30 cents, below consensus of 31 cents.<\/span>
\n Avago (AVGO -0.96%) reported Q1 EPS of 84 cents, stronger than consensus of 78 cents.<\/span>
\n R.R. Donnelley (RRD -1.37%) reported Q4 EPS of 49 cents, higher than consensus of 38 cents.<\/span>
\n AMC Entertainment (AMC +0.36%) reported Q4 EPS ex-items of 18 cents, right on expectations.<\/span>
\n Chicago Bridge & Iron (CBI -0.97%) reported Q4 EPS o $1.80, well above consensus of $1.16.<\/span>
\n First Solar (FSLR +0.48%) dropped over 10% in after-hours trading after it reported Q4 adjusted EPS of 89 cents, weaker than consensus of 99 cents, and then lowerd guidance on Q1 EPS to 50 cents-60 cents, well below consensus of 84 cents.<\/span>
\n Edison International (EIX -0.50%) reported Q4 core EPS of 81 cents, better than consensus of 67 cents.<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Today’s economic calendar:
\n 7:00 MBA Mortgage Applications
\n 10:00 New Home Sales
\n 10:30 EIA Petroleum Inventories
\n 1:00 PM Results of $35B, 5-Year Note Auction<\/span><\/span><\/span><\/span><\/span>
\n Notable earnings before today’s open: AEGR, AES, AG, ANF, ARCC, AVA, BCRX, BKS, BUD, CHK, CLH, CNP, CRI, CVC, DGI, DIN, DLTR, JAKK, LITB, LOW, MDXG, NXST, PKD, RY, SNH,SODA, STWD, SUSP, SUSS, TASR, TDS, TGT, TJX, USM<\/span>
\n Notable earnings after today’s close: ADSK, AGO, ANIK, ANW, ARI, AWK, AWR, BALT, BEAT, BIDU, BIOS, BLOX, BWC, CLR, CWT, DAR, DK, DPM, FARO, GEF, GMED, GPOR, GXP, HK, JCP, KW, MDAS, MITT, MWE, NDLS, NKTR, NOAH, NTRI, PLKI, QUAD, RIG, RNDY, SB, STAA, SZYM, TCAP, TEG, TIVO, UNXL, VNR, WDAY, WLL, WPRT, WR<\/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