{"id":8355,"date":"2015-03-03T08:36:25","date_gmt":"2015-03-03T13:36:25","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=8355"},"modified":"2015-03-03T08:36:25","modified_gmt":"2015-03-03T13:36:25","slug":"before-the-open-mar-3-4","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=8355","title":{"rendered":"Before the Open (Mar 3)"},"content":{"rendered":"

Good morning. Happy Tuesday. <\/span>
\n The Asian\/Pacific markets closed mixed. China dropped 2.2%, and Hong Kong fell 0.7%. Singapore and India moved up about 0.5%. Europe is currently mixed. Russia is up 1.7%, and Austria and Greece are up 1%. There are no big losers. Futures here in the States point towards a down open for the cash market.
\n<\/span>
\n The dollar is up a small amount. Oil is up, copper is down. Gold and silver are up. Bonds are down. <\/span>
\n The market posted decent gains yesterday…several indexes high new highs…but beneath the surface some breadth indicators are lagging. This suggests a lack of participation and is likely to lead to a correction if they don’t immediately right themselves. I wouldn’t look for a big move down or one that lasts a long time…just a simple pullback to get the bears (are there still bears left) excited and plant seeds of doubt in the minds of bulls. <\/span>
\n Here’s an example. It’s the 5-day MA of the NYSE AD line vs. the S&P 500. The market has pushed to a new high while the AD line put in a lower high. On average advancers are beating decliners, but they’re not dominating and there isn’t any momentum. <\/span>
\n\"\"
\n Oil remains range bound and could provide either a big boost or big drag on the market. <\/span>
\n My stance remains the same. Intermediate and long term I like the market. But in the near term, the upside is limited unless the breadth indicators right themselves soon. More after the open. <\/span>
\n Stock headlines<\/strong> from barchart.com…<\/span>
\n Nomura downgraded Micron (MU +1.86%) to ‘Neutral’ from ‘Buy.’<\/span>
\n Navistar (NAV -0.58%) reported a Q1 EPS loss of -52 cents, a smaller loss than consensus of -$1.09.<\/span>
\n Lumber Liquidators (LL -25.13%) was upgraded to ‘Buy’ from ‘Neutral’ at Janney Capital.<\/span>
\n Dick’s Sporting (DKS +2.46%) reported Q4 EPS of $1.30, above consensus of $1.22.<\/span>
\n Best Buy (BBY +1.39%) reported Q4 EPS of $1.48, higher than consensus of $1.35.<\/span>
\n AutoZone ({=AZO reported Q2 EPS of $6.51, better than consensus of $6.38.<\/span>
\n Nortek (NTK +2.27%) reported Q4 EPS of 29 cents, well above consensus of 19 cents.<\/span>
\n CBOE Holdings (CBOE -0.92%) reported that total options and futures volume at CBOE Holdings during February was 88.5 million contracts, down -17% m\/m and -22% y\/y.<\/span>
\n Nabors Industries (NBR -2.11%) reported Q4 adjusted EPS of 33 cents, below consensus of 39 cents.<\/span>
\n McDermott (MDR +4.40%) surged 20% in after-hours trading after it reported Q4 EPS of 3 cents, much better than consensus of a -6 cent loss, and then raised guidance on fiscal 2015 revenue to $3.3 billion-$3.6 billion, stronger than consensus of $2.79 billion.<\/span>
\n Mylan (MYL +0.98%) reported Q4 adjusted EPS of $1.05, right on consensus, although Q4 revenue of $2.08 billion was better than consensus of $2.07 billion.<\/span>
\n Herman Miller (MLHR +0.74%) lowered guidance on 2015 revenue to $2.118 billion-$2.153 billion, below consensus of $2.170 billion.<\/span>
\n Caesar’s (CZR +3.96%) slid over 4% in after-hours trading after it reported a Q4 EPS loss of -$7.00, more than four times consensus of a -$1.65 loss.<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Today’s economic calendar:
\n Auto sales
\n 8:30 Gallup US ECI
\n 8:55 Redbook Chain Store Sales
\n 8:15 PM Janet Yellen speech<\/span><\/span><\/span><\/span><\/span>
\n Notable earnings before today’s open: ACW, AZO, BBEP, BBY, BNS, DKS, INSY, JD, KATE, NAV, PRIM, RIGL, SSI, TEDU, TPH<\/span>
\n Notable earnings after today’s close: ABM, AMBA, AMRN, ASNA, AVAV, BOBE, BV, CDXS, CECO, EGL, GERN, LRE, REGI, SWHC, TIVO, TNET, VEEV, ZLTQ<\/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