{"id":7779,"date":"2014-06-26T08:24:34","date_gmt":"2014-06-26T13:24:34","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=7779"},"modified":"2014-06-26T08:24:34","modified_gmt":"2014-06-26T13:24:34","slug":"before-the-open-jun-26-3","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=7779","title":{"rendered":"Before the Open (Jun 26)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\n The Asian\/Pacific markets closed with mostly solid gains. India dropped 1%, but Australia and Hong Kong rallied more than 1% and China, Singapore, Indonesia, New Zealand and Korea did well too. Europe is currently mixed, and there’s not a single market up or down 0.5%. Futures here in the States point towards a flat open for the cash market.
\n<\/span>
\n The dollar is up. Oil is down, copper is up. Gold is down, silver is up. <\/span>
\n Quick comment today because I’m running way behind schedule (my internet is so bad right now). We got a big move down (relatively speaking, it wasn’t that big) on Tuesday and then a nice recovery yesterday on lighter volume. The bears will say yesterday’s low volume suggests Wall St. isn’t all-in on the long side yet. The bulls will say: is that it, one stiff down day is all they could muster. Normally I’d say today is a key day because of the technical cross-currents, but that’s a lot to ask for a summer day – especially one where most of the US may be distracted by the World Cup game. <\/span>
\n Long term I like the market. Short term things are iffy. Protect what you have, but don’t panic just because the market actually dropped one time. More after the open. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Estee Lauder (EL +0.64%) was downgraded to ‘Neutral’ from ‘Buy’ at B. Riley.<\/span>
\n Accenture PLC (ACN +0.75%) reported Q3 EPS of $1.26, higher than consensus of $1.21.<\/span>
\n McCormick (MKC -0.17%) reported Q2 EPS of 64 cents, better than consensus of 62 cents.<\/span>
\n Lennar (LEN +1.14%) reported Q2 EPS of 61 cents, well ahaead of consensus of 51 cents.<\/span>
\n C&J Energy (CJES +3.70%) said it will acquire Nabors (NBR +1.87%) completion and production businesses for $2.86 billion.<\/span>
\n H.B. Fuller (FUL +0.32%) reported Q2 adjusted EPS of 78 cents, right on consensus, but then lowered guidance on fiscal 2014 EPS view to $2.80-$2.95 from $3.00-$3.15, well below consensus of $3.07.<\/span>
\n Reuters reports that General Motors (GM +1.39%) told its North American dealers to halt sales of 2013-2014 Chevrolet Cruze sedans due to airbag issues.<\/span>
\n Barclays (BCS -0.82%) is down over 5% in pre-market trading after the New York Attorney General announced a lawsuit against the bank from the operation of Barclays’ dark pool and other aspects of its electronic trading division.<\/span>
\n Bed Bath & Beyond (BBBY +0.78%) dropped 6% in after-hours trading after it reported Q1 EPS of 93 cents, weaker than consensus of 94 cents, and then said it expects Q2 EPS between $1.08-$1.16, below consensus of $1.20.<\/span>
\n Iron Mountain (IRM -0.33%) surged over 15% in after-hours trading after its Board of Directors approved the company\u2019s conversion to a real estate investment trust – a REIT – for the taxable year beginning January 1.<\/span>
\n Disney (DIS +1.48%) was initiated with a ‘Buy’ at Jefferies with a price target of $100.<\/span>
\n Gannett (GCI +5.07%) was initiated with a ‘Buy’ at Jefferies with a price target of $35.<\/span>
\n Herman Miller (MLHR +1.31%) fell nearly 4% in after-hours trading after it reported Q4 adjusted EPS of 50 cents, better than consensus of 46 cents, but then said it sees sees Q1 EPS of 44 cents-48 cents, on the lower end of consensus of 48 cents.<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Today’s economic calendar:
\n 8:30 Initial Jobless Claims
\n 8:30 Personal Income and Outlays
\n 9:45 Bloomberg Consumer Comfort Index
\n 10:30 EIA Natural Gas Inventory
\n 11:00 Kansas City Fed Mfg Survey
\n 1:00 PM Results of $29B, 7-Year Note Auction
\n 1:05 PM Fed’s Bullard: \u201cMonetary Policy and Income Inequality\u201d
\n 4:30 PM Money Supply
\n 4:30 PM Fed Balance Sheet<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>
\n Notable earnings before today’s open: ACN, CAG, LEN, MEI, MKC, SCHN, SCS, SJR, WGO, WOR<\/span>
\n Notable earnings after today’s close: NKE, PRGS<\/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