{"id":9073,"date":"2015-11-12T08:44:12","date_gmt":"2015-11-12T13:44:12","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=9073"},"modified":"2015-11-12T08:44:12","modified_gmt":"2015-11-12T13:44:12","slug":"before-the-open-nov-12-6","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=9073","title":{"rendered":"Before the Open (Nov 12)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\nThe Asian\/Pacific markets closed with a lean to upside, but movement was mostly minimal. Hong Kong rallied 2.4%; Singapore dropped 0.8%, and China fell 0.5%. Europe is currently mostly down. France, Austria, Norway, Prague and Spain are down more than 1%; London, Netherlands, Sweden, Italy and Czech Republic are also weak. Futures here in the States point towards a down open for the cash market. <\/span>
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\nThe dollar is up. Oil and copper are down. Gold is down slightly; silver is up slightly. Bonds are up. <\/span>
\nThe market has dropped 4 of 5 days. The selling hasn’t been extremely intense, and the net loss hasn’t been great. In my eyes the market is working off the negative divergences I pointed out at the beginning of the month. <\/span>
\nWhile the S&P pushed to a higher high, the 10-day of the AD line put in an obvious lower high. With this in place, we’ve known the upside was limited until this, and others, worked themselves out. <\/span>
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\nOil has dropped six straight days and will start today in the red. You have to go back to March to find a similar losing streak. Many stocks looked very good two weeks ago when they broke out from little consolidation patterns. They don’t look too hot right now. <\/span>
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\nThere’s so much talk about the Fed and when\/if they’ll raise rates, it needs to be mentioned several Fed officials speak today. There could be some sudden moves. Wall St. is already pricing in a December hike, but that hardly matters in the near term. Knee-jerk reactions can be big, even if they quickly reverse. <\/span>
\nPatience is needed here. Don’t over trade. More after the open. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\nKohl’s (KSS -5.35%) reported Q3 EPS of 75 cents, higher than consensus of 69 cents.<\/span>
\nAdvanced Auto Parts (AAP +0.29%) reported Q3 EPDS of $1.95, below consensus of $2.09.<\/span>
\nViacom (VIAB +1.96%) reported Q4 EPS of $1.54, less than consensus of $1.55.<\/span>
\nHelmerich & Payne (HP -5.31%) reported Q4 EPS of 4 cents, below consensus of 5 cents.<\/span>
\nFlower Foods (FLO -1.19%) dropped over 3% in after-hours trading after it reported Q3 EPS of 23 cents, right on consensus, but then lowered guidance on fiscal 2015 EPS to 96 cents-98 cents from an Aug estimate of 96 cents-$1.01, below consensus of $1.00.<\/span>
\nNetEase (NTES +2.01%) climbed 2% in after-hours trading after it reported Q3 net revenue of $1.05 billion, higher than consensus of $883.8 million.<\/span>
\nNCR Corp. (NCR +0.26%) rose over 4% in after-hours trading after Dow Jones reported that Blackstone is near a deal to pay $800 million for a 15% stake in the company.<\/span>
\nPopeyes Louisiana Kitchen (PLKI -1.56%) jumped over 5% in after-hours trading after it reported Q3 adjusted EPS of 47 cents, better than consensus of 45 cents.<\/span>
\nShell Midstream Partners LP (SHLX -1.73%) slid over 4% in after-hours trading after it announced that it plans a 8 million-unit offering to fund its Pecten deal.<\/span>
\nJetBlue Airways (JBLU +0.08%) reported that preliminary passenger revenue per available mile (PRASM) for the month of October fell -2% y\/y.<\/span>
\nIAC\/InterActiveCorp offered to buy Angie’s List (ANGI +1.02%) for $8.75 a share, a 10% premium to Wednesday’s closing price of $7.92.<\/span>
\nFreshpet (FRPT -4.99%) slumped over 15% in after-hours trading after it reported a Q3 EPS loss of -5 cents, wider than consensus of a -3 cent loss, and then lowered its 2015 sales estimate to $115.5 million-$117 million from a previous estimate of $117 million-$119.5 million, below consensus of $118.4 million.<\/span>
\nMast Therapeutics (MSTX unch) vepoloxame drug to treat sickle cell disease may be on the market in the U.S. by 2017 and 2018 in Europe according to Maxim.<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\nToday’s Economic Calendar
\n8:30 Initial Jobless Claims
\n9:05 Fed’s Bullard: \u201cRethinking Monetary Policy\u201d
\n9:30 Janet Yellen speech
\n9:45 Fed’s Lacker: \u201cRethinking Monetary Policy\u201d
\n9:45 Bloomberg Consumer Comfort Index
\n10:00 Job Openings and Labor Turnover Survey
\n11:00 EIA Petroleum Inventories
\n1:00 PM Results of $16B, 30-Year Note Auction
\n2:00 PM Treasury Budget
\n4:30 PM Money Supply
\n4:30 PM Fed Balance Sheet
\n6:00 PM Stanley Fischer<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>
\nToday’s Earnings here<\/a><\/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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