{"id":7723,"date":"2014-06-06T07:37:47","date_gmt":"2014-06-06T12:37:47","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=7723"},"modified":"2014-06-06T07:37:47","modified_gmt":"2014-06-06T12:37:47","slug":"before-the-open-june-6-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=7723","title":{"rendered":"Before the Open (Jun 6)"},"content":{"rendered":"

Good morning. Happy Friday. Happy Employment Numbers Day. <\/span>
\n The Asian\/Pacific markets closed mixed. India rallied 1.4%; Australia, New Zealand and Singapore also did well. Hong Kong, China and Korea dropped. Europe is currently mixed. Spain is leading the way with a 1.1% gain; Austria, Amsterdam, London, Germany and France are also doing well. Futures here in the States point towards an up open for the cash market (prior to the release of the employment numbers).
\n<\/span>
\n The dollar is up slightly. Oil is up, copper is down. Gold is flat, silver is down.<\/span>
\n The market exploded yesterday…well, it exploded relative to the slow, low volume, low volatility movement we’ve had recently. The Nas and Russell led the way, and the S&P hit a new all-time high for the 7th time in 8 days. My bias remains to the upside.<\/span>
\n\"\"
\n Here are the employment numbers\u2026<\/span>
\n unemployment rate: 6.3% (was 6.3% last month)
\n nonfarm payrolls: +217K
\n private payrolls:
\n average workweek: unchanged 34.5 hours
\n hourly wages: up 0.2% cent to $24.38
\n labor participation rate drops to 62.8% (unchanged)<\/span><\/span><\/span><\/span><\/span><\/span>
\n On the news the S&P futures moved up a couple points…not a big reaction.<\/span>
\n There has been lots of technical improvement. Unless something unexpected happens, the trend should continue. Don’t fight it. We’ve had lots of great trades<\/a> lately. More after the open.<\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Herman Miller (MLHR +2.36%) was upgraded to ‘Buy’ from ‘Neutral’ at Longbow.<\/span>
\n Joy Global (JOY +6.66%) was upgraded to ‘Buy’ from ‘Neutral’ at BofA\/Merrill.<\/span>
\n Humana (HUM -0.71%) was upgraded to ‘Buy’ from ‘Hold’ at Stifel.<\/span>
\n Peabody (BTU +1.97%) was downgraded to ‘Neutral’ from ‘Buy’ at Goldman Sachs.<\/span>
\n NBC News reported that The Beastie Boys won a $1.7 million verdict in a copyright dispute with Monster Beverage (MNST -0.12%) .<\/span>
\n Men’s Wearhouse (MW -0.54%) reported Q1 adjusted EPS of 69 cents, better than consensus of 67 cents.<\/span>
\n Muirfield Capital reported an 8.8% passive stake in DFC Global (DLLR +0.64%) .<\/span>
\n Vail Resorts (MTN +1.14%) reported Q3 EPS of $3.18, stronger than consensus of $2.92.<\/span>
\n VeriFone (PAY -0.09%) rose over 4% in after-hours trading after it reported Q2 adjusted EPS of 37 cents, higher than consensus of 33 cents.<\/span>
\n Cooper Companies (COO +0.03%) reported Q2 non-GAAP EPS of $1.64, better than consensus of $1.60.<\/span>
\n Gap (GPS +0.10%) reported May net sales up 4% y\/y to $1.27 billion.<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Today’s economic calendar:
\n 8:30 Non-farm payrolls
\n 3:00 PM Consumer Credit<\/span><\/span><\/span>
\n Notable earnings before today’s open: JOSB<\/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