{"id":7774,"date":"2014-06-24T08:48:46","date_gmt":"2014-06-24T13:48:46","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=7774"},"modified":"2014-06-24T08:48:46","modified_gmt":"2014-06-24T13:48:46","slug":"before-the-open-jun-24-4","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=7774","title":{"rendered":"Before the Open (Jun 24)"},"content":{"rendered":"

Good morning. Happy Tuesday. It’s like a national holiday here in Costa Rica as the country gets ready for another World Cup game.<\/span>
\n The Asian\/Pacific markets did well. India and Korea led the way followed by China, Hong Kong, Indonesia and Malaysia. Europe is currently mixed. Prague and Greece are down more than 1%; Russia is up 1.5%. Futures here in the States point towards a flat open for the cash market.
\n<\/span>
\n Quick write-up today because my internet is down.<\/span>
\n A quick review of a couple divergent charts posted over the weekend…<\/span>
\n The S&P hit a new high while the 10-day of the NYSE AD line failed to match the movement…<\/span>
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\n Same thing for the S&P vs. the 10-day of the NYSE AD volume line…<\/span>
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\n And both the NYSE new highs and NASDAQ new highs also put in lower highs…<\/span>
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\n Long term I like the market. Short term (next two weeks) I’m looking for a stall or minor drop. More after the open.<\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Walgreen (WAG -1.09%) reported Q3 EPS of 91 cents, below consensus of 94 cents.<\/span>
\n IDEXX (IDXX +0.52%) was upgraded to ‘Buy’ from ‘Hold’ at Canaccord.<\/span>
\n O’Reilly Automotive (ORLY -0.77%) was initiated with an ‘Overweight’ at Morgan Stanley with a price target of $175.<\/span>
\n Dr Pepper Snapple (DPS -1.18%) was downgraded to ‘Neutral’ from ‘Buy’ at Citigroup.<\/span>
\n ITG (ITG -3.05%) was downgraded to ‘Neutral’ from ‘Overweight’ at JPMorgan Chase.<\/span>
\n National Retail Properties (NNN -0.85%) was downgraded to ‘Neutral’ from ‘Buy’ at BofA\/Merrill Lynch.<\/span>
\n Wells Fargo downgraded IntercontinentalExchange (ICE +1.71%) to ‘Market Perform’ from ‘Outperform.’<\/span>
\n Aviva (AV -0.23%) was downgraded to ‘Neutral’ from ‘Buy’ at UBS.<\/span>
\n Cray (CRAY -0.39%) announced that it has been awarded a $54 million contract to provide the Korea Meteorological Administration with supercomputers.<\/span>
\n Dean Foods (DF -0.17%) fell over 7% in after-hours trading after Dow Jones reported that the company received subpoenas from federal authorities in an insider trading probe involving activist investor Carl Icahn.<\/span>
\n SAB Capital Advisors reported a 9.4% passive stake in Famous Dave’s (DAVE -2.80%) .<\/span>
\n Priceline reported a 5.1% stake in OpenTable (OPEN +0.35%) .<\/span>
\n Micron (MU -1.85%) reported Q3 EPS of 79 cents, well above consensus of 70 cents.<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Today’s economic calendar:
\n 7:45 ICSC Retail Store Sales
\n 8:05 Fed’s Plosser: Monetary Policy and Economic Outlook
\n 8:55 Redbook Chain Store Sales
\n 9:00 FHFA House Price Index
\n 9:00 S&P Case-Shiller Home Price Index
\n 10:00 Consumer Confidence
\n 10:00 State Street Investor Confidence Index
\n 10:00 Richmond Fed Mfg.
\n 10:00 New Home Sales
\n 1:00 PM Results of $30B, 2-Year Note Auction<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>
\n Notable earnings before today’s open: CCL, WAG<\/span>
\n Notable earnings after today’s close: APOG<\/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>
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