{"id":9483,"date":"2016-02-18T08:37:38","date_gmt":"2016-02-18T13:37:38","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=9483"},"modified":"2016-02-18T08:37:38","modified_gmt":"2016-02-18T13:37:38","slug":"before-the-open-feb-18-5","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=9483","title":{"rendered":"Before the Open (Feb 18)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\n The Asian\/Pacific markets closed mostly up. Japan, Hong Kong and Australia rallied more than 2%; Singapore, India, South Korea and Taiwan did better than 1%. Europe is currently mostly up. Germany, Norway, Russia, Denmark and Finland are up more than 1%; France, the Netherlands, Poland, Spain, Italy and Portugal are also doing well. Futures here in the States point towards an up open for the cash market. <\/span>
\n—————
\nTop Shelf Trading <\/a> – eMagazine – I was featured in here this month. <\/strong><\/span>
\n—————
\nThe dollar is up. Oil is up, copper is down. Gold and silver are down. Bonds are down. <\/span>
\n The market has logged its first 3-day win streak since December and its biggest 3-day gain since September. Not bad. The biggest rallies take place within downtrends, so this is par for the course. <\/span>
\n In my opinion, the “wrong” groups are leading. Industrial metals, gold, utilities – they’ve been doing very well. These groups aren’t big enough to lead – there aren’t enough stocks, and the combined market cap isn’t high enough to absorb serious demand. <\/span>
\n Here’s an update of the daily S&P chart. Over the last seven months, the indexes experienced a quick, 1-week drop in August, a month-long rally in October and a 2-week drop to start the year. Otherwise there’s been lots of up and down movement, lots of gaps, lots of volatility and a complete lack of directional movement. This is characteristic of a top\/beginning of downtrend – most of the movement takes place in a small number of days. <\/span>
\n\"\"
\n There’ll be some resistance at 1950 (if it gets there), but the big number is 2000. More after the open. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n NVIDIA (NVDA +2.48%) jumped nearly 8% in pre-market trading after it reported Q4 adjusted EPS of 52 cents, higher than consensus of 43 cents.<\/span>
\n Wal-Mart (WMT +0.32%) slid 3% in pre-market tradng after it reported Q4 revenue of $129.7 billion, below consensus of $130.6 billion, and cut its yearly sales forecast to “relatively flat” from a previous view of up 3%-4%.<\/span>
\n Brocade Communications Systems (BRCD +3.02%) rallied over 5% in after-hours trading after it reported Q1 adjusted EPS of 29 cents, above consensus of 24 cents.<\/span>
\n Williams Cos. (WMB +4.53%) lost over 2% in after-hours trading after it reported Q4 adjusted EPS continuing operations of 1 cent, weaker than consensus of 27 cents.<\/span>
\n Intercept Pharmaceuticals (ICPT +5.42%) rose over 5% in after-hours trading after departing CFO Barbara Duncan said she will delay her departure date of June 30 if no successor is in office by that time.<\/span>
\n CF Industries (CF +1.80%) fell over 4% in after-hours trading after it reported Q4 adjusted EPS of 76 cents, below consensus of 82 cents.<\/span>
\n Synopsys (SNPS +1.51%) climbed 6% in after-hours trading after it reported Q1 adjusted EPS of 68 cents, above consensus of 62 cents and then raised guidance on Q2 adjusted EPS to 78 cents-81 cents, above consensus of 70 cents.<\/span>
\n Marriott International (MAR +2.49%) dropped over 2% in after-hours trading after it lowered guidance on Q1 EPS to 81 cents-85 cents, weaker than consensus of 89 cents.<\/span>
\n Capital One Financial (COF +1.51%) gained over 1% in after-hours trading after it said its board authorized an additional $300 million to its stock buyback plan.<\/span>
\n ARRIS International PLC (ARRS +2.11%) dropped 5% in after-hours trading after it said it sees Q1 adjusted EPS of 37 cents-42 cents, below consensus of 53 cents.<\/span>
\n Tyler Technologies (TYL +3.47%) slip nearly 8% in after-hours trading after it reported Q4 adjusted EPS of 59 cents, below consensus of 66 cents, and then lowered guidance on fiscal 2016 adjusted EPS to $3.33-$3.45, below consensus of $3.55.<\/span>
\n Jack in the Box (JACK +2.68%) tumbled 20% in pre-market trading after it reported Q1 adjusted EPS of 93 cents, below consensus of $1.03.<\/span>
\n Lattice Semiconductor (LSCC unch) slid over 2% in after-hours trading after it reported Q4 revenue of $101.3 million, below consensus of $110.3 million.<\/span>
\n Aerie Pharmaceuticals (AERI +6.46%) jumped 15% in after-hours trading after it reported successful 12-month safety results in its Phase 3 trial for its Rhopressa once-daily eye drop for its ability to lower intraocular pressure in patients with glaucoma or ocular hypertension.<\/span>
\n Ingram Micro (IM +0.78%) surged over 20% in after-hours trading after Tianjin Tianhai bought the company for $6 billion or $38.90 a share.<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Wednesday’s Key Earnings
\n Barrick Gold (NYSE:ABX) -2.4% AH despite a smaller quarterly loss.
\n CF Industries (NYSE:CF) -4.5% AH as fertilizer prices weakened.
\n GoDaddy (NYSE:GDDY) -5.2% AH after a strong dollar weighed on results.
\n Marriott (MAR) -2.5% AH as revenue fell short of estimates.
\n NetApp (NASDAQ:NTAP) +1.8% AH after disclosing major workforce cuts.
\n Newmont Mining (NYSE:NEM)-2.9% AH on weaker than expected earnings.
\n Noble Energy (NYSE:NBL) +6.2% after posting an unexepected profit.
\n Nvidia (NASDAQ:NVDA) +7.2% AH on higher chip demand, strong guidance.
\n Priceline (NASDAQ:PCLN) +11.2% following an increase in hotel bookings.
\n T-Mobile (NASDAQ:TMUS) +1.1% after tripling profits.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>
\n Today’s Economic Calendar
\n 8:30 Initial Jobless Claims
\n 8:30 Philly Fed Business Outlook
\n 9:45 Bloomberg Consumer Comfort Index
\n 10:00 Leading Indicators
\n 10:30 EIA Natural Gas Inventory
\n 11:00 EIA Petroleum Inventories
\n 4:30 PM Money Supply
\n 4:30 PM Fed Balance Sheet<\/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>
\n