{"id":9531,"date":"2016-03-11T08:48:04","date_gmt":"2016-03-11T13:48:04","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=9531"},"modified":"2016-03-11T08:48:04","modified_gmt":"2016-03-11T13:48:04","slug":"before-the-open-mar-11-6","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=9531","title":{"rendered":"Before the Open (Mar 11)"},"content":{"rendered":"

Good morning. Happy Friday.<\/span>
\n The Asian\/Pacific markets closed up across-the-board. Hong Kong rallied 1.1%; Singapore, Japan and Taiwan also did well. Europe is currently up across-the-board. Germany, Italy and Spain are up more than 3%; France, Austria, the Netherlands, Belgium and Portugal are up more than 2%. Futures here in the States point towards a relatively big gap up open for the cash market. <\/span>
\nThe dollar is up. Oil and copper are up. Gold is up, silver is down. Bonds are down. <\/span>
\n So far this week has been one of the smallest-range weeks going back several months. It’s been noticeably slower than previous weeks, and volume has been a little lighter. Today’s open will be near the high of the week, and unless this becomes a “sell the news” situation (sell the ECB news), the forth consecutive up week will be registered. <\/span>
\n Oil continues to look good. I consider this a bounce within a downtrend…but we know from past downtrends 50% bounces are not uncommon. Great trading opportunities. <\/span>
\n The dollar got hit hard yesterday. It fell 2.50 off its high. This certainly helps commodities.<\/span>
\n I like the market in the near term, but let’s not get carried away here. It’s come a long way since bottoming last month and in my eyes continuing up much further would constitute “too much, too soon.” The FOMC looms next week and is positioned to be a “sell the news” situation if prices press much higher. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Morgan Stanley (MS +0.16%) and Goldman Sachs Group (GS +0.74%) are both up over 1% in pre-market trading.<\/span>
\n Ulta Salon Cosmetics & Fragrance (ULTA +2.75%) rallied over 12% in pre-market trading after it reported Q4 adjusted EPS of $1.69, above consensus of $1.54, and then raised guidance on Q1 EPS to $1.25-$1.30, higher than consensus of $1.22.<\/span>
\n Wynn Resorts Ltd. (WYNN +3.07%) was downgraded to ‘Neutral’ from ‘Buy’ at Sterne Agee CRT.<\/span>
\n Arctic Cat (ACAT +2.85%) was downgraded to ‘Sell’ from ‘Hold’ at Wunderlich Securities.<\/span>
\n Zumiez (ZUMZ +2.10%) fell 8% in after-hours trading after it lowered guidance on Q1 sales to $172 million-$175 million, below consensus of $176.7 million.<\/span>
\n Finisar (FNSR +0.07%) jumped over 8% in after-hours trading after it reported Q3 adjusted EPS of 25 cents, higher than consensus of 22 cents, and said it sees Q4 adjusted EPS of 22 cents-28 cents, above consensus of 21 cents.<\/span>
\n El Pollo Loco Holdings (LOCO +1.54%) declined nearly 6% in after-hours trading after it said it sees 2016 pro-forma EPS of 70 cents-74 cents, at the lower end of consensus of 74 cents.<\/span>
\n BioDelivery Sciences International (BDSI -8.11%) dropped over 5% in after-hours trading after it reported Q4 EPS of 19 cents, well below consensus of 55 cents.<\/span>
\n Bojangles’ (BOJA -0.20%) gained 6% in after-hours trading after it reported Q4 EPS of 22 cents, better than consensus of 19 cents, and then raised guidance on 2016 adjusted Ebitda to $83.5 million-$86.5 million, higher than consensus of $80.2 million.<\/span>
\n Kratos Defense & Security Solutions (KTOS -2.90%) jumped over 6% in after-hours trading after it reported Q4 ongoing adjusted EPS of 2 cents, better than consensus of a -4 cent loss.<\/span>
\n Sunrun (RUN +7.52%) plunged over 10% in after-hours trading after it reported Q4 revenue of $99.6 million, below consensus of $101.8 million.<\/span>
\n Bonanza Creek Energy (BCEI -2.42%) slipped 5% in after-hours trading after it elected to draw down $209 million on its credit facility.<\/span>
\n Strata Skin Sciences (SSKN +2.80%) catapulted up over 30% in after-hours trading after the FDA approved Strata’s PMA supplement for the MelaFind System that aids in detection of melanoma.<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Today’s Economic Calendar
\n 8:30 Import\/Export Prices
\n 1:00 PM Baker-Hughes Rig Count<\/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