{"id":9555,"date":"2016-03-24T07:50:44","date_gmt":"2016-03-24T12:50:44","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=9555"},"modified":"2016-03-24T07:50:44","modified_gmt":"2016-03-24T12:50:44","slug":"before-the-open-mar-24-5","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=9555","title":{"rendered":"Before the Open (Mar 24)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\n The Asian\/Pacific markets closed mostly down. Hong Kong, China, Singapore and Australia each dropped more than 1%. Europe is currently mostly down. London, Germany, France, Austria, the Netherlands, Belgium, Sweden, Switzerland, Poland, Finland, Spain and Italy are down more than 1%. Futures here in the States point towards a moderate gap down open for the cash market. <\/span>
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\nThe dollar is up. Oil and copper are down. Gold is down, silver is up. Bonds are mixed. <\/span>
\n Today is the last day of trading this week. Absent a solid rally off the opening gap down, the market’s 5-week win streak will end. So far the range, volume and energy levels have been low – the lowest of the year. In the grand scheme of things you could argue this is just a rest within an uptrend, but given the warnings when the week began and the fact that the market is in a 2-year range, warnings should be watched from the sidelines, not with a lot of exposure. <\/span>
\n Here’s the weekly S&P going back three years. <\/span>
\n\"\"
\n Oil rallied right up to my target and is now pulling back. Again, maybe oil could have shot higher, but when you get a 50%-plus run right up to a significant level, you take profits and wait for the market to reveal its cards. Here’s the daily. <\/span>
\n\"\"
\n The market is closed tomorrow, so to some degree we have to give some thought to traders’ desire to hold over the long weekend. Are there higher odds of good news or bad news to come out this weekend? We’ve been in a defensive posture all week, and I intend on staying there. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Wells Fargo (WFC -1.21%) was rated a new ‘Sell’ at UBS With a price target of $45.<\/span>
\n General Dynamics (GD -0.68%) was downgraded to ‘Hold’ from ‘Buy’ at Deutsche Bank.<\/span>
\n Concordia Healthcare (CXRX -2.56%) reported Q4 adjusted EPS continuing operations of $1.24, below consensus of $1.30.<\/span>
\n T-Mobile (TMUS -0.56%) was rated a new ‘Buy’ at FBR Captal with a price target of $40.<\/span>
\n Dollar General (DG +0.73%) said that it will open 900 new stores in 2016 and 1,000 in 2017.<\/span>
\n H.B. Fuller (FUL -2.26%) reported Q1 adjusted EPS of 43 cents, above consensus of 39 cents, although Q1 revenue of $474.3 million was below consensus of $477.8 million.<\/span>
\n Sportsman’s Warehouse Holdings (SPWH -1.29%) dropped 7% in after-hours trading after it said it sees fiscal year EPS of 65 cents-73 cents, below consensus of 75 cents.<\/span>
\n Oxford Industries (OXM -2.79%) lowered guidance on fiscal year adjusted EPS to $3.75-$3.95, below consensus of $3.99.<\/span>
\n PVH Corp. (PVH -1.53%) rose over 3% in after-hours trading after it reported Q4 adjusted EPS of $1.52, above consensus of $1.46, and said it sees Q1 adjusted EPS of $1.40-$1.45, well above consensus of $1.33.<\/span>
\n KB Home (KBH -3.82%) rallied over 7% in after-hours trading after it reported Q1 EPS of 14 cents, higher than consensus of 11 cents.<\/span>
\n Lannett (LCI +0.15%) lost 1% in after-hours trading after it lowered guidance on fiscal 2016 net sales to $555 million-$565 million from a prior forecast of $585 million-$595 million, below consensus of $582.2 million.<\/span>
\n Office Depot (ODP +2.09%) climbed nearly 9% in after-hours trading after the judge handling the Federal Trade Commission\u2019s (FTC) lawsuit to prevent Staples’ planned merger with Office Depot rebuked the FTC over its legal tactics and accused them of pressuring Amazon to provide favorable testimony.<\/span>
\n Terex (TEX -2.78%) jumped 10% in after-hours trading after it received a revised $31-a-share bid buyout offer from Zoomlion.<\/span>
\n Vitae Pharmaceuticals (VTAE -4.27%) slipped 2% in after-hours trading after it started a secondary share offering via Piper Jaffray and BMO Capital Markets.<\/span>
\n Reeds (REED -1.11%) slumped over 10% in after-hours trading after it reported a fiscal 2015 loss of -30 cents, a bigger loss than consensus of -28 cents.<\/span>
\nEarnings and Economic Numbers<\/strong> from seekingalpha.com…<\/span>
\n Wednesday’s Key Earnings
\n KB Home (KBH) +8.5 AH after strong fiscal first quarter.<\/span><\/span>
\n Today’s Economic Calendar
\n 8:30 Durable Goods
\n 8:30 Initial Jobless Claims
\n 9:45 PMI Services Index Flash
\n 9:45 Bloomberg Consumer Comfort Index
\n 10:30 EIA Natural Gas Inventory
\n 11:00 Kansas City Fed Mfg Survey
\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><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Happy Thursday. The Asian\/Pacific markets closed mostly down. Hong Kong, China, Singapore and Australia each dropped more than 1%. Europe is currently mostly down. London, Germany, France, Austria, the Netherlands, Belgium, Sweden, Switzerland, Poland, Finland, Spain and Italy are down more than 1%. Futures here in the States point towards a moderate gap […]<\/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\/9555"}],"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=9555"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/9555\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}