{"id":9541,"date":"2016-03-17T07:49:24","date_gmt":"2016-03-17T12:49:24","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=9541"},"modified":"2016-03-17T07:49:24","modified_gmt":"2016-03-17T12:49:24","slug":"before-the-open-mar-17-5","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=9541","title":{"rendered":"Before the Open (Mar 17)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\n The Asian\/Pacific markets closed mostly up. Hong Kong, China, Singapore and Australia each rallied more than 1%. There we no big losers. Europe is currently mostly down. Germany, France, Austria, the Netherlands, Sweden, Switzerland, the Czech Republic, Greece, Denmark, Spain, Italy and Belgium are down more than 1%; Turkey is up more than 1%. Futures here in the States point towards a down open for the cash market. <\/span>
\nThe dollar is down. Oil and copper are up. Gold and silver are up. Bonds are up. <\/span>
\n Yesterday was Fed day. It’s significant because the market has tended to reverse its Fed move the following day. It’s as if the initial knee-jerk reaction is wrong. Yesterday’s move was choppy and up. <\/span>
\n Also note in the chart below the market’s movement in the month after the last two Fed meetings. In December, the market moved down, then up to a higher high and then down big. The movement in January was the exact opposite. The market moved up, then down to match its previous low, then up big. <\/span>
\n\"\"
\n The dollar dropped quickly yesterday and is down another buck today. This puts the currency at its lowest level since October. Here’s yesterday’s chart. <\/span>
\n\"\"
\n Oil jumped…gold and silver surged…utilities and other dividend-paying stocks moved up. This has been the theme lately, so there’s no surprise our current trading list is mostly comprised of stocks from these groups. <\/span>
\n I’ll never call trading easy, but it is made easier by sticking with the dominant themes at any given time. More after the open. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Caterpillar (CAT +2.62%) is down over 3% in pre-market trading after it lowered guidance on Q1 adjusted EPS to 65 cents-70 cents, below consensus of 95 cents.<\/span>
\n Hyatt Hotels (H -0.61%) were downgraded to ‘Equalweight’ from ‘Overweight’ at Morgan Stanley.<\/span>
\n Valeant Pharmaceuticals International (VRX +0.09%) is down over 2% in pre-market trading after Wells Fargo lowered its valuation on the stock to $30-$31 from $56-$58.<\/span>
\n St. Jude Medical (STJ -1.54%) rose nearly 2% in after-hours trading after the stock was rated a ‘Buy’ at Nomura with a price target of $64.<\/span>
\n FedEx (FDX +0.84%) climbed nearly 5% in after-hours trading after it reported Q3 adjusted EPS of $2.51, higher than consensus of $2.34, and then raised guidance on fiscal 2016 adjusted EPS to $10.70-$10.90 from a previous estimate of $10.40-$10.90, above consensus of $10.56.<\/span>
\n Jabil Circuit (JBL +2.57%) sank nearly 9% in after-hours trading after it reported Q2 core EPS of 57 cents, below consensus of 60 cents, and said it sees Q3 core EPS of 12 cents-18 cents, well below consensus of 51 cents.<\/span>
\n Herman Miller (MLHR +2.26%) gained over 2% in after-hours trading after it reported Q3 EPS of 46 cents, better than consensus of 39 cents, and said it sees Q4 EPS of 57 cents-61 cents, higher than consensus of 53 cents.<\/span>
\n U.S. Silica (SLCA +2.98%) lost 3% in after-hours trading after it reported a stock offering of 8 million shares.<\/span>
\n Homeinns Hotel Group (HMIN -0.20%) reported Q4 revenue of $258.9 million, above an estimated range of $236.3 million-$240.4 million.<\/span>
\n Silver Wheaton (SLW +5.51%) rose over 1% in after-hours trading after it reported Q4 adjusted EPS of 14 cents, better than consensus of 13 cents.<\/span>
\n Williams-Sonoma (WSM +2.15%) slipped 4% in after-hours trading after it reported Q4 EPS of $1.55, below consensus of $1.58, and said it sees Q1 EPS of 48 cents-52 cents, weaker than consensus of 55 cents.<\/span>
\n Guess (GES -1.84%) slumped over 9% in after-hours trading after it reported Q4 EPS of 57 cents, below consensus of 58 cents, and said it sees fiscal year 2017 EPS of 65 cents-85 cents, weaker than consensus of $1.05.<\/span>
\n Barrick Gold (ABX +6.98%) CFO Shaun Usmar will leave the company to lead Elliot Management Venture and will be replaced by EVP Catherine Raw effective April 26.<\/span>
\n Rofin-Sinar Technologies (RSTI -0.13%) surged over 40% in after-hours trading after Coherent (COHR +0.24%) agreed to buy the company for $32.50 a share or $942 million.<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Wednesday’s Key Earnings
\n FedEx (NYSE:FDX) +5.4% AH helped by holiday season, e-commerce growth.
\n Silver Wheaton (NYSE:SLW) +0.3% AH after topping expectations.<\/span><\/span><\/span>
\n Today’s Economic Calendar
\n 8:30 Initial Jobless Claims
\n 8:30 Philly Fed Business Outlook
\n 8:30 Current Account
\n 9:45 Bloomberg Consumer Comfort Index
\n 10:00 Job Openings and Labor Turnover Survey
\n 10:00 Leading Indicators
\n 10:30 EIA Natural Gas Inventory
\n 4:30 PM Money Supply
\n 4:30 PM Fed Balance Sheet<\/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><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Happy Thursday. The Asian\/Pacific markets closed mostly up. Hong Kong, China, Singapore and Australia each rallied more than 1%. There we no big losers. Europe is currently mostly down. Germany, France, Austria, the Netherlands, Sweden, Switzerland, the Czech Republic, Greece, Denmark, Spain, Italy and Belgium are down more than 1%; Turkey is up […]<\/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\/9541"}],"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=9541"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/9541\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9541"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9541"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9541"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}