{"id":7790,"date":"2014-07-01T07:37:03","date_gmt":"2014-07-01T12:37:03","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=7790"},"modified":"2014-07-01T07:37:03","modified_gmt":"2014-07-01T12:37:03","slug":"before-the-open-jul-1-4","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=7790","title":{"rendered":"Before the Open (Jul 1)"},"content":{"rendered":"

Good morning. Happy Tuesday.<\/span>
\n The Asian\/Pacific markets closed mixed. Japan led with a 1.1% gain followed by Taiwan (up 0.5%) and India (up 0.4%). Singapore dropped the most (down 0.4%) followed by Australia (down 0.3%). Europe is currently mostly up. Greece is up 1.1% followed by London and France (up 0.6%) and Norway (up 0.5%). Prague is down 0.9%. Futures here in the States point towards an up open for the cash market.
\n<\/span>
\n The dollar is flat. Oil is up, copper down. Gold is flat, silver is up. <\/span>
\n Yesterday was slow…this is a holiday-shortened week…and there’s a good chance traders use today’s US soccer game as an excuse to either not show up at work to leave early, so I’m not expecting much to happen today. Perhaps a repeat of yesterday. <\/span>
\n Gold and silver, which went on a nice run and are now resting, appear eager to bust out again. The first move off a depressed level is the easy one, but if the metals can breakout and rally again, the 4-year downtrend may officially be over. Here are GDX and SIL – ETFs.<\/span>
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\n My stance remains the same. Long term I like the market. Short term the market is iffy, so we need to be careful.<\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Goldman Sachs upgraded Netflix (NFLX -0.33%) to ‘Buy’ from ‘Neutral’ and raised their price target on the stock to $590 from $380.<\/span>
\n BofA\/Merrill lowered Goldman Sach’s (GS +0.40%) Q2 EPS estimate to $3.00 from $3.44, vs. consensus of $3.16 and Morgan Stanley’s (MS +2.47%) Q2 EPS estimate to 54 cents from 63 cents, vs. consensus of 58 cents to reflect lower trading revenues and mixed capital markets activity.<\/span>
\n FBR Capital reiterated its ‘Outperform’ rating on Hanesbrands (HBI +0.19%) and raised their price target on the stock to $111 following the company’s acquisition of DBApparel.<\/span>
\n Urban Outfitters (URBN +0.36%) was downgraded to ‘Neutral’ from ‘Outperform’ at Wedbush.<\/span>
\n Symantec (SYMC +0.57%) was downgraded to ‘Market Perform’ from ‘Outperform’ at BMO Capital.<\/span>
\n Martin Marietta (MLM -0.14%) will replace U.S. Steel (X +0.08%) in the S&P 500 as of the close of trading today.<\/span>
\n Boeing (BA -1.02%) was awarded a $1.94 billion fixed-price-incentive-fee government contract for the full rate production of 11 Lot 38 F\/A-18E aircraft for the U.S. Navy and 33 EA-18G aircraft for the U.S. Navy and the government of Australia.<\/span>
\n Northrop Grumman (NOC -0.86%) was awarded a $3.64 billion government contract modification for the procurement of 25 full rate production E-2D Advanced Hawkeye aircraft.<\/span>
\n Bloomberg reports that BNP Paribas (BNPQY +0.40%) agreed to plead guilty to processing transactions involving Sudan, Iran and Cuba and will pay $8.8 billion in fines.<\/span>
\n Expedia (EXPE -0.24%) was initiated with an ‘Outperform’ at Oppenheimer with a price target of $90.<\/span>
\n Goldman Sachs (GS +0.40%) was downgraded to ‘Market Perform’ from ‘Outperform’ at Bernstein.<\/span>
\n Priceline (PCLN -0.20%) was initiated with an ‘Outperform’ at Oppenheimer with a price target of $1450.<\/span>
\n TECO Energy (TE +0.76%) filed to sell 15.5 million shares of common stock.<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Today’s economic calendar:
\n Auto sales
\n 7:45 ICSC Retail Store Sales
\n 8:30 Gallup US ECI
\n 8:55 Redbook Chain Store Sales
\n 9:45 PMI Manufacturing Index
\n 10:00 ISM Manufacturing Index
\n 10:00 Construction Spending
\n 11:00 Global Manufacturing PMI<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>
\n Notable earnings before today’s open: AYI<\/span>
\n Notable earnings after today’s close: CAMP, PAYX<\/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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