{"id":7701,"date":"2014-05-30T07:33:48","date_gmt":"2014-05-30T12:33:48","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=7701"},"modified":"2014-05-30T07:33:48","modified_gmt":"2014-05-30T12:33:48","slug":"before-the-open-may-30-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=7701","title":{"rendered":"Before the Open (May 30)"},"content":{"rendered":"

Good morning. Happy Friday.<\/span>
\n The Asian\/Pacific markets closed mostly down. Indonesia dropped 1.8%, Korea 0.9% and Australia 0.5%. Europe is currently mixed. Greece and Athens are up more than 1%. Russia is down 0.7%, France 0.4%. Futures here in the States point towards a down open for the cash market.
\n<\/span>
\n The dollar is down. Oil is down, copper up. Gold and silver are down. <\/span>
\n Today is the last trading day of the week and month. For the week<\/strong>, the SPX is up 1%, RUT 1.2% and the Nas 1.5%. For the month<\/strong> the SPX is up 2%, RUT 1.2% and the Nas 3.2%. So like last year, the first month of “sell in May…” has been a good one. <\/span>
\n I continue to like the market. I don’t love it – I think there’s work to do before I’m willing to be fully invested – but I do like it. I’ve liked it for the past two weeks. The indexes have improved, the indicators have improved, charts of individual stocks have improved. <\/span>
\n Our divergence charts have also moved up…growth vs value, Nas vs NYSE, small caps vs large caps. <\/span>
\n Don’t get lazy, don’t get complacent. There are still headwinds to deal with, and given the current state of things, I’m not willing to take positions and go on vacation. Still, I like what I see. More after the open.<\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Genesco (GCO -3.27%) reported Q1 adjusted EPS of 81 cents, less than consensus of 91 cents.<\/span>
\n Reuters reports that Wells Fargo (WFC -0.34%) will pay $62.5 million to settle allegations from a group of institutional investors that the firm inaccurately advertised a high-risk securities lending program as secure.<\/span>
\n Big Lots (BIG +1.24%) reported Q1 continuing operations EPS of 50 cents, better than consensus of 44 cents.<\/span>
\n OmniVision (OVTI -1.18%) surged over 15% in after-hours trading after it reported Q4 adjusted EPS of 40 cents, well above consensus of 27 cents, and then said it sees Q1 EPS of 43 cents – 63 cents, above consensus of 29 cents.<\/span>
\n Salesforce.com (CRM +1.99%) rose nearly 3% in after-hours trading after it announced a strategic partnership with Microsoft.<\/span>
\n Avago (AVGO +0.98%) climbed nearly 2% in after-hours trading after it reported Q2 EPS of 85 cents, stronger than consensus of 76 cents.<\/span>
\n Guess (GES +1.59%) reported a Q1 EPS loss of -3 cents, a smaller loss than consensus of -7 cents.<\/span>
\n Esterline (ESL +0.69%) reported Q2 adjusted EPS of $1.28, lower than consensus of $1.31.<\/span>
\n Express (EXPR +0.59%) slumped over 10% in after-hours trading after it reported Q1 EPS of 6 cents, well below consensus of 14 cents, and then lowered guidance on fiscal 2014 EPS to 74 cents-90 cents, weaker than consensus of $1.14.<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Today’s economic calendar:
\n 8:30 Personal Income and Outlays
\n 9:45 Chicago PMI
\n 9:55 Reuters\/UofM Consumer Sentiment
\n 3:00 PM Farm Prices<\/span><\/span><\/span><\/span><\/span>
\n Notable earnings before today’s open: ANN, BIG<\/span>
\n Notable earnings after today’s close: none<\/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