{"id":8093,"date":"2014-11-13T08:37:47","date_gmt":"2014-11-13T13:37:47","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=8093"},"modified":"2014-11-13T08:37:47","modified_gmt":"2014-11-13T13:37:47","slug":"before-the-open-nov-13-4","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=8093","title":{"rendered":"Before the Open (Nov 13)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\n The Asian\/Pacific markets closed mixed. Japan, Hong Kong, Singapore and Taiwan moved up; China, Australia, New Zealand and South Korea moved down. Europe is currently mixed. Germany, Belgium, Stockholm and Switzerland are up; France, Italy, Spain, Norway, Prague and Russia are down. Futures here in the States point towards an up open for the cash market.
\n<\/span>
\n The dollar is down. Oil is down, copper up. Gold is flat, silver is down. <\/span>
\n I’ve been a broken record lately. The ranges have been small, volume has been light, volatility and activity levels have been low…and the market continues to grind higher. We had a month where the S&P moved 20-30 points every day. Now it needs an entire week to cover the same distance. <\/span>
\n The market is in good shape. The indicators are acting right. I see a healthy market and high odds of higher prices going forward…even though the extent of the move off the low hints at a need to rest. Over the intermediate term my bias remains solidly up. In the near term, I’m more neutral because the risk\/rewards for new entries at this stage aren’t great. If you initiate new positions right now, know and admit the landscape. <\/span>
\n Let’s keep plowing ahead…but don’t get lazy or complacent. More after the open. <\/span>
\n Stock headlines<\/strong> from barchart.com…<\/span>
\n Wal-Mart (WMT +0.24%) climbed over 1% in pre-market trading after it reported Q3 EPS of $1.15, better than consensus of $1.12.<\/span>
\n Viacom (VIAB -0.40%) reported Q4 EPS of $1.71, higher than consensus of $1.68.<\/span>
\n Kohl’s (KSS +2.99%) reported Q3 EPS of 70 cents, below consensus of 74 cents.<\/span>
\n UBS reiterated its ‘Buy’ rating on CME Group (CME -0.80%) and raised the price target on the stock to $97 from $89.<\/span>
\n Tyco International (TYC -0.07%) reported Q4 EPS of 56 cents, right on consensus.<\/span>
\n UGI Corporation (UGI -1.25%) reported a Q4 adjusted EPS loss of -8 cents, a bigger loss than consensus of -5 cents.<\/span>
\n AmeriGas (APU +0.55%) reported a Q4 EPS loss of -58 cents, a wider loss than consensus of -55 cents.<\/span>
\n Global Brass & Copper (BRSS -1.11%) reported Q3 adjusted EPS of 51 cents, weaker than consensus of 58 cents.<\/span>
\n WGL Holdings (WGL -0.90%) reported a Q4 EPS loss of -17 cents, a smaller loss than consensus of -26 cents, and then raised guidance on fiscal 2015 EPS to $2.70-$2.90, higher than consensus of $2.64.<\/span>
\n Cisco (CSCO -0.16%) reported Q1 adjusted EPS of 54 cents, better than consensus of 53 cents.<\/span>
\n J.C. Penney (JCP +7.78%) fell over 5% in after-hours trading after it reported a Q3 EPS loss of -77 cents, a smaller loss than consensus of -80 cents, but said it saw a slowdown in September and October.<\/span>
\n NetApp (NTAP +0.09%) fell 3% in after-hours trading after it reported Q2 EPS of 70 cents, right on consensus, although Q2 revenue of $1.54 billion was below consensus of $1.55.<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Today’s economic calendar:
\n 8:30 Initial Jobless Claims
\n 9:45 Bloomberg Consumer Comfort Index
\n 10:00 Job Openings and Labor Turnover Survey
\n 11:00 EIA Petroleum Inventories
\n 12:30 PM Fed’s Plosser
\n 12:15 PM Janet Yellen
\n 1:00 PM Results of $16B, 30-Year Note Auction
\n 2:00 PM Treasury Budget
\n 4:30 PM Money Supply
\n 4:30 PM Fed Balance Sheet<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>
\n Notable earnings before today’s open: CLFD, ENZY, FLY, GIB, HIMX, HP, KSS, MMS, RSTI, RWLK, SBH, SPH, TDG, TYC, VIAB, VTNR, WMT<\/span>
\n Notable earnings after today’s close: AMAT, ELP, FRSH, HGR, JWN, PAAS, PRSS, SINA, STRI, TUBE, VJET, WB, XON, YOKU<\/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