{"id":8829,"date":"2015-07-23T07:47:07","date_gmt":"2015-07-23T12:47:07","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=8829"},"modified":"2015-07-23T07:47:07","modified_gmt":"2015-07-23T12:47:07","slug":"before-the-open-jul-23-5","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=8829","title":{"rendered":"Before the Open (Jul 23)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\n The Asian\/Pacific markets closed with a lean to the downside. Taiwan fell 1.4%; Australia, India, Malaysia and New Zealand also dropped noticeably. China rallied 2.4%, and Japan moved up 0.4%. The European region of the world is quiet and mixed. Switzerland is up more than 1%; South Africa and Portugal are also doing well. Turkey is down more than 2%; Russia is down more than 1%. Futures here in the States point towards a flat open for the cash market.<\/span>
\nVIDEO: Leavitt Brothers Overview<\/a><\/strong><\/span>
\nThe dollar is down. Oil is up a small amount; copper is flat. Gold and silver are up. Bonds are up. <\/span>
\n Yesterday the S&P was weak-ish most of the day, and then it popped into the close and ended the day near the midpoint of its intraday range. The small caps mostly trended up and closed near its intraday high. The indexes have not been on the same page this earnings season. <\/span>
\n As I pointed out yesterday, the market’s breadth is not very good. Various indicators have failed to match the progress of the indexes, and in some cases they’ve been trending down for a couple months. The cumulative AD line, cumulative TICK, number of stocks falling to new lows, lack of stocks trading above their 50- and 200-day MAs…they all point towards a lack of participation – a circumstance that can exist in the short term but not one that can be overcome if the market wished to rally. <\/span>
\n This is the current state of things -> overall, the market is doing just fine, but in the near and intermediate term, there’s a lack of support for upside progress. More after the open.<\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Eli Lilly (LLY +0.95%) gained 3% in pre-market trading after it reported Q2 EPS of 90 cents, well above consensus of 74 cents.<\/span>
\n Texas Instruments (TXN -1.85%) reported Q2 EPS of 65 cents, right on consensus, although Q2 revenue of $3.23 billion was below consensus of $3.26 billion.<\/span>
\n Equifax (EFX +0.76%) reported Q2 adjusted EPS of $1.15, above consensus of $1.10.<\/span>
\n United Rentals (URI -1.45%) slid 5% in after-hours trading after it reported Q2 adjusted EPS of $1.95, better than consensus of $1.74, but then lowered guidance on fiscal 2015 revenue view to $5.8 billion-$5.9 billion from $6 billion-$6.1 billion, lower than consensus of $6 billion.<\/span>
\n Cheesecake Factory (CAKE +1.83%) reported Q2 EPS of 69 cents, higher than consensus of 62 cents.<\/span>
\n Crown Castle (CCI -0.22%) reported Q2 AFFO of $1.03, less than consensus of $1.06.<\/span>
\n Fortune Brands (FBHS +0.14%) reported Q2 adjusted EPS of 59 cents, higher than consensus of 57 cents.<\/span>
\n Covanta (CVA -2.06%) reported an unexpected Q2 EPS loss of -6 cents, below consensus of a 3 cent profit.<\/span>
\n Discover (DFS +0.12%) reported Q2 EPS of $1.33, better than consensus $1.32, although Q2 revenue of $2.18 billion was below consensus of $2.22.<\/span>
\n F5 Networks (FFIV +0.19%) reported Q3 EPS of $1.67, higher than consensus of $1.60.<\/span>
\n Tractor Supply (TSCO +1.34%) reported Q2 EPS of $1.12, above consensus of $1.11.<\/span>
\n Las Vegas Sands (LVS +0.24%) reported Q2 adjusted EPS of 60 cents, less than consensus of 61 cents.<\/span>
\n American Express (AXP +0.05%) reported Q2 EPS of $1.42, better than consensus of $1.32.<\/span>
\n Plexus (PLXS -0.28%) reported Q3 EPS of 69 cents, below consensus of 70 cents.<\/span>
\n Qualcomm (QCOM -1.46%) dropped 2% in after-hours trading after it reported Q3 adjusted EPS of 99 cents, higher than consensus of 95 cents, but then lowered guidance on fiscal 2015 adjusted EPS view to $4.50-$4.70 from $4.60-$5.00, below consensus of $4.79.<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Today’s economic calendar:
\n 8:30 Initial Jobless Claims
\n 8:30 Chicago Fed National Activity Index
\n 9:45 Bloomberg Consumer Comfort Index
\n 10:00 Leading Indicators
\n 10:30 EIA Natural Gas Inventory
\n 11:00 Kansas City Fed Mfg Survey
\n 4:30 PM Money Supply
\n 4:30 PM Fed Balance Sheet<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>
\n Notable earnings before today’s open: ABB, ABC, ADS, AEP, ALK, AMAG, AOS, ASPS, BCC, BHE, BKU, BMS, BMY, BSX, CAB, CAM, CAT, CELG, CFX, CLFD, CMCSA, CMS, COR, CS, CSL, CY, DAN, DFRG, DGX, DHR, DLX, DNKN, DOW, DPS, DST, EQM, EQT, FAF, FCX, FIS, FNB, GM, GMT, GNTX, GPI, GPK, HBAN, HERO, HUB.B, IMAX, IQNT, IVC, JNS, KKR, KMB, LAZ, LLY, LUV, MAC, MCD, MHO, MINI, MJN, MMM, MNRO, MRGE, NDAQ, NEO, NUE, NWE, ORI, PDS, PENN, PHM, PRLB, PTEN, QSII, R, RCI, RS, RTN, SCHL, SFE, SHPG, SNA, SQNS, STC, STM, SYNT, TCB, TROW, UA, UAL, UNP, USG, UTEK, VAC, VRX, WAB, WCC, WIT, WM, WRLD, XRS<\/span>
\n Notable earnings after today’s close: ABAX, ACTG, ALGN, ALTR, AMZN, ATHN, BCR, BJRI, BLDR, BYD, CA, CB, CBI, CHE, CLGX, CLS, COF, CPHD, CTCT, CYN, DGII, ETFC, FET, FII, FLEX, FSL, GHL, GIMO, HBHC, HWAY, IG, JNPR, LOGM, LSTR, MITK, MKTO, MSCC, MXIM, N, NANO, NTGR, P, PEB, PFG, PFPT, PMCS, QLIK, RGA, RHI, RSG, RT, SBUX, SIVB, SPNC, SRCL, STAG, SWKS, SYK, T, TRIP, TRN, UIS, V, VRSN, WIRE, WRE<\/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