{"id":7630,"date":"2014-05-27T07:24:08","date_gmt":"2014-05-27T12:24:08","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=7630"},"modified":"2014-05-27T07:24:08","modified_gmt":"2014-05-27T12:24:08","slug":"before-the-open-may-27-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=7630","title":{"rendered":"Before the Open (May 27)"},"content":{"rendered":"

Good morning. Happy Tuesday. Hope you had a great weekend. <\/span>
\n The Asian\/Pacific markets did well yesterday and are mixed today. India, Korea, Singapore and China are down; Malaysia, Taiwan and Japan are up. Europe did well yesterday and is doing well again today. Austria, Norway, Prague and Greece are leading the way; Russia is down 2.2%. Futures here in the States point towards a moderate gap up open for the cash market.
\n<\/span>
\n The dollar is down. Oil is down, copper up. Gold and silver are down. <\/span>
\n Quick recap…the market did great last week. It moved up 4 of 5 days and put in its best week since mid April. The Dow and S&P 500 are once again close to new all-time highs…the Nas is sitting at its highest level since early April…the Russell small caps are lagging overall but they led a couple of days last week. <\/span>
\n Indicators have improved but are still not in the bulls’ camp yet. The AD line is still range bound…the SPX bullish percent index has been moving up but is far from it high. <\/span>
\n Charts of individual stocks have improved a bunch. <\/span>
\n If you’re bullish, if you’re hoping the market rallies, you are encouraged to see many positive signs last week. It’s a start, but let’s remember what the market has done the last two months. Rallies have gotten sold, dips have gotten bought. No move has lasted more than a couple days. I like last week’s action, but we can’t assume it’s going to continue. More after the open. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n AutoZone (AZO -0.14%) reported Q3 EPS of $8.46, better than consensus of $8.45.<\/span>
\n Hillshire Brands (HSH +2.18%) surged 22% in pre-market trading after Pilgrims’s Pride offered to buy the company for $6.4 billion.<\/span>
\n Cisco Systems (CSCO +0.57%) rose 1.5% in pre-market trading after Seutsche Bank AG upgraded the company to ‘Buy’ from ‘Hold.’<\/span>
\n Pfizer (PFE -0.57%) rose nearly 1% in pre-market trading after abandoned its attempt to acquire AstraZeneca Plc.<\/span>
\n Staples (SPLS -0.43%) fell nearly 2% in pre-market trading after Goldman Saches downgraded the company to a ‘Sell,’<\/span>
\n Wolverine Assets reported a 9.99% passive stake in Genius Brands (GNUS +4.39%) .<\/span>
\n Adage Capital Partners reported a 5.06% passive stake in Burlington Stores (BURL +1.49%) .<\/span>
\n Gabelli reported a 7.45% stake in Zale (ZLC -0.37%) .<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Today’s economic calendar:
\n 8:30 Durable Goods
\n 9:00 FHFA House Price Index
\n 9:00 S&P Case-Shiller Home Price Index
\n 9:45 PMI Services Index Flash
\n 10:00 Consumer Confidence
\n 10:00 State Street Investor Confidence Index
\n 10:00 Richmond Fed Mfg.
\n 10:30 Dallas Fed Manufacturing Outlook
\n 1:00 PM Results of $31B, 2-Year Note Auction<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>
\n Notable earnings before today’s open: AZO, BNS, FRO, JKS<\/span>
\n Notable earnings after today’s close: QIHU, WDAY, WTSL<\/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