{"id":7735,"date":"2014-06-10T07:42:54","date_gmt":"2014-06-10T12:42:54","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=7735"},"modified":"2014-06-10T07:42:54","modified_gmt":"2014-06-10T12:42:54","slug":"before-the-open-jun-10-4","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=7735","title":{"rendered":"Before the Open (Jun 10)"},"content":{"rendered":"

Good morning. Happy Tuesday.<\/span>
\n The Asian\/Pacific markets closed mostly up. China, Indonesia and Korea rallied more than 1%; Hong Kong, Malaysia and Taiwan also did well. Japan dropped 0.85%. Europe currently leans to the upside. Greece and Switzerland are leading; otherwise gains are small, and there are no big losers. Futures here in the States point towards a moderate gap down open for the cash market.
\n<\/span>
\n The dollar is up. Oil is up, copper is down. Gold is up, silver is down. <\/span>
\n The indexes posted across-the-board gains yesterday. Gains were mostly small, but it was nice to see the small caps continue to lead. <\/span>
\n The most noteworthy action came from oil, which is now sitting at the top of a large symmetrical triangle pattern. Oil has been our #1 group the last month – in fact there were a few times where most of the set ups on the Long List were oil & gas companies – and if oil breaks out from this pattern, we’re going to continue getting a lot of plays from the group. <\/span>
\n\"\"
\n Let’s see…<\/span>
\n The S&P is up 13 of 16 days and has made a new all-time high 9 of the last 10 days. <\/span>
\n The financials have moved up 14 of 16 days. <\/span>
\n Tech is up 17 of 23 days. <\/span>
\n Semis are up 13 straight.<\/span>
\n Some pretty consistent buying. Overall I continue to like the market and think it will be higher in a month or two than it is right now, but in the near term, the extent of the recent moves tells me the risk\/reward for new set ups isn’t nearly as good as it was a month ago. Don’t get careless with your entries…manage positions wisely. More after the open. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Tyson Foods (TSN -6.53%) was downgraded to ‘Underperform’ from ‘Neutral’ at Credit Suisse.<\/span>
\n SAIC (SAIC -1.22%) reported Q1 EPS of 69 cents, higher than consensus of 66 cents.<\/span>
\n Colgate-Palmolive (CL +0.62%) was upgraded to ‘Outperform’ from ‘Market Perform’ at BMO Capital.<\/span>
\n Twitter (TWTR +3.42%) was upgraded to ‘Market Perform’ from ‘Underperform’ at Wells Fargo.<\/span>
\n ConocoPhillips (COP +0.01%) was initiated with a ‘Buy’ at Deutsche Bank with a price target of $94.<\/span>
\n Union Pacific (UNP -49.40%) was upgraded to ‘Outperform’ from ‘Sector Perform’ at RBC Capital.<\/span>
\n Urban Outfitters (URBN +0.81%) said Q2 comparative sales to date are ‘approximately flat.’<\/span>
\n HD Supply (HDS +0.84%) reported Q1 adjusted EPS of 20 cents, better than consensus of 18 cents.<\/span>
\n Las Vegas Sands (LVS -2.16%) was downgraded to ‘Neutral’ from ‘Buy’ at UBS.<\/span>
\n Netflix (NFLX -1.64%) was upgraded to ‘Overweight’ from ‘Equal Weight’ at Evercore.<\/span>
\n Chico\u2019s FAS (CHS -0.19%) jumped over 10% in after-hours trading after the Financial Times reported that the company is considering a sale to PE firms and going private.<\/span>
\n eBay (EBAY -0.24%) fell 2% in after-hours trading after it announced that PayPal President David Marcus is leaving the company on June 27 to lead Facebook\u2019s (FB +0.61%) messaging products.<\/span>
\n Pep Boys ({=PBY reported Q1 EPS of 3 cents, well below consensus of 6 cents.<\/span>
\n BlackRock reported a 11.3% passive stake in Washington Prime Group (WPG -0.05%) and a 10.1% passive stake in Quotient (QTNT +1.86%) .<\/span>
\n PL Capital reported a 7.1% stake in Banc of California (BANC +1.15%) .<\/span>
\n According to Reuters, International Game Technology (IGT +14.39%) hired Morgan Stanley to explore a sale and has attracted interest from rival gaming companies as well as private equity firms.<\/span>
\n Casey’s General Stores (CASY +3.34%) reported Q4 EPS of 59 cents, better than consensus of 53 cents.<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Today’s economic calendar:
\n 7:30 NFIB Small Business Optimism Index
\n 7:45 ICSC Retail Store Sales
\n 8:55 Redbook Chain Store Sales
\n 10:00 Wholesale Trade
\n 10:00 Job Openings and Labor Turnover Survey
\n 1:00 PM Results of $28B, 3-Year Note Auction<\/span><\/span><\/span><\/span><\/span><\/span><\/span>
\n Notable earnings before today’s open: CBK, FRAN, HDS, RSH, SAIC<\/span>
\n Notable earnings after today’s close: ULTA, UNFI<\/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