{"id":9502,"date":"2016-02-26T08:37:11","date_gmt":"2016-02-26T13:37:11","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=9502"},"modified":"2016-02-26T08:37:11","modified_gmt":"2016-02-26T13:37:11","slug":"before-the-open-feb-26-5","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=9502","title":{"rendered":"Before the Open (Feb 26)"},"content":{"rendered":"

Good morning. Happy Friday.<\/span>
\n The Asian\/Pacific markets closed up across-the-board. Hong Kong rallied more than 2%; Indonesia and Singapore did better than 1%. Europe is currently mostly up. Greece is up more than 3%; London, Germany, France, Austria, the Netherlands, Switzerland, Russia, Denmark, Spain and Italy are up more than 1%. Futures here in the States point towards a moderate gap up open for the cash market. <\/span>
\nThe dollar is up. Oil and copper are up. Gold and silver are down. Bonds are down. <\/span>
\n Here we go. Yesterday the S&P closed just above resistance at 1950, and today the index will gap up 8-9 points (as of this writing). The area above (between 1950-2000) is thin. Not much trading took place there are on the way down, so it could act as a gap on the way up and not offer much resistance. <\/span>
\n\"\"
\n If oil can also breakout, it’d be a pretty powerful 1-2 near-term punch. The market and oil have been correlated lately, so strong confirmation comes with crude strength. <\/span>
\n\"\"
\n I continue to like the market in the near term, but all long trades are relatively quick. I don’t trust the upside, so I’m not exactly giving positions much time and space to move around. <\/span>
\n Overall I still lean to the downside. There are still a lot of things to not like about the market. More after the open. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Freeport-McMoRan (FCX -1.11%) and Alcoa (AA +1.26%) both ar up at least 1.5% in pre-market trading as copper prices moved higher.<\/span>
\n J.C. Penney (JCP +8.57%) surged 10% in pre-market trading after it reported Q4 adjusted EPS of 39 cents, much higher than consensus of 21 cents.<\/span>
\n Best Buy (BBY +2.45%) ws downgraded to ‘Neutral’ from ‘Overweight’ at Piper Jaffray.<\/span>
\n Live Nation (LYV -1.05%) reported a Q4 adjusted EPS loss of -39 cents, a wider loss than consensus of -32 cents, but reported Q4 revenue of $1.74 billion, higher than consensus of $1.66 billion.<\/span>
\n Intuit (INTU +1.25%) gained 1% in after-hours trading after it reported Q2 adjusted EPS of 25 cents, higher than consensus of 19 cents.<\/span>
\n Air Lease (AL +3.72%) jumped 15% in after-hours trading after it reported Q4 adjusted EPS of $1.21, well above consensus of 88 cents.<\/span>
\n Kraft Heinz (KHC +2.70%) climbed 3% in after-hours trading after it reported Q4 adjusted EPS of 62 cents, better than consensus of 58 cents.<\/span>
\n The Gap (GPS +1.17%) said it sees fiscal 2016 adjusted EPS of $2.20-$2,25, below consensus of $2.44.<\/span>
\n Baidu (BIDU -2.78%) rose over 3% in after-hours trading after it reported Q4 revenue of $2.89 billion, above consensus of $2.84 billion.<\/span>
\n Integra LifeSciences Holdings (IART +0.86%) reported Q4 adjusted EPS of 87 cents, above consensus of 86 cents.<\/span>
\n Kindred Healthcare (KND -0.77%) reported Q4 core continuing operations EPS of 33 cents, higher than consensus of 24 cents, but said it sees fiscal 2016 revenue of $7.25 billion, below consensus of $7.38 billion.<\/span>
\n Biomarin Pharmaceutical (BMRN +0.09%) reported Q4 adjusted EPS revenue of $227.9 million, above consensus of $224.4 million, but said it sees fiscal year revenue between $1.05 billion to $1.10 billion, below consensus of $1.15 billion.<\/span>
\n Newfield Exploration (NFX +4.23%) fell over 5% in after-hours trading after it announced a 29 million-share secondary offering.<\/span>
\n Private Bancorp of America (PBAM -6.34%) will replace Sirona Dental Systems (SIRO +4.99%) in the S&P MidCap 400 after the close of trading Monday, February 29.<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Wednesday’s Key Earnings
\n AB Inbev (NYSE:BUD) -1.9% as marketing failed to lift volumes.
\n Apache (NYSE:APA) -2.1% following a big slump in revenues.
\n Baidu (NASDAQ:BIDU) +10% AH after topping expectations.
\n Best Buy (NYSE:BBY) +2.5% despite slowing sales, soft outlook.
\n Gap (NYSE:GPS) -2.6% AH on light guidance.
\n Herbalife (NYSE:HLF) +15.1% after a Q4 beat, talks with FTC.
\n J.C. Penney (NYSE:JCP) +9% AH following an upbeat holiday quarter.
\n Kraft Heinz (NASDAQ:KHC) +4% AH with a set of strong earnings.
\n Monster Beverage (NASDAQ:MNST) -7% AH after missing estimates.
\n Seadrill (NYSE:SDRL) flat on mixed results.
\n Sears (NASDAQ:SHLD) +3.2% shrinking its footprint, layoffs.
\n SeaWorld (NYSE:SEAS) -9.2% after acknowledging spying claims.
\n Weight Watchers (NYSE:WTW) -15% as subscriptions continued to fall.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>
\n Today’s Economic Calendar
\n 8:30 GDP Q4
\n 8:30 International trade in goods
\n 8:30 Personal Income and Outlays
\n 10:00 Reuters\/UofM Consumer Sentiment
\n 10:15 Fed’s Powell and Williams: “Fed Communication Away from the Zero Lower Bound”
\n 11:30 Results of $28B, 7-Year Note Auction
\n 1:00 PM Baker-Hughes Rig Count
\n 1:30 PM Fed’s Reserve Gov. Lael Brainard speech<\/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><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Happy Friday. The Asian\/Pacific markets closed up across-the-board. Hong Kong rallied more than 2%; Indonesia and Singapore did better than 1%. Europe is currently mostly up. Greece is up more than 3%; London, Germany, France, Austria, the Netherlands, Switzerland, Russia, Denmark, Spain and Italy are up more than 1%. Futures here in the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/9502"}],"collection":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9502"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/9502\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}