{"id":9605,"date":"2016-04-13T07:51:03","date_gmt":"2016-04-13T12:51:03","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=9605"},"modified":"2016-04-13T07:51:03","modified_gmt":"2016-04-13T12:51:03","slug":"before-the-open-apr-13-5","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=9605","title":{"rendered":"Before the Open (Apr 13)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\n The Asian\/Pacific markets closed up across-the-board. Hong Kong rallied more than 3%, Japan and Singapore more than 2% and China, Australia, India and Taiwan did better than 1%. Europe is currently posting huge gains. Greece is down more than 1%, but Italy is up more than 3%, Germany, France and Spain are up more than 2%. and most other countries, including Russia, London, Belgium, the Netherlands, Austria, Norway, Sweden, Switzerland, the Czech Republic, Turkey, and Finland are up more than 1%. Futures here in the States point towards a moderate gap up open for the cash market. <\/span>
\n—————<\/strong>
\nLB Daily<\/a> – a quick look at the “there’s a bull market somewhere” concept.
\n —————<\/strong><\/span>
\nThe dollar is up. Oil is down, copper is up. Gold and silver are down. Bonds are down. <\/span>
\n The market has been very noncommittal lately. Up one day, down the next. Nothing sticks, no follow through. Yesterday the S&P rallied 20 points. Today it’ll gap up 10 more. It’s the first time this month we’ll get a gap in the direction of the previous day’s move. Here’s the daily. Lots of back and forth action. If this was an individual stock, you’d call it a consolidation pattern within a newly formed uptrend. <\/span>
\n\"\"
\n Oil continues to be a big winner. On Monday crude closed above its 200-day moving average after having closed below it for 472 days. Historically, crude has done well under this circumstance – spending a long time below the 200-day and then closing above it. <\/span>
\n\"\"
\n Oil stocks have done very well – some have doubled or tripled off their recent lows. I believe there’s a bull market in oil and will continue to buy dips, etc. But it won’t always be smooth sailing (it never is). PE did a secondary last week, and RICE just announced their own secondary. <\/span>
\n We need the three weeks of consolidation to end…but even when it does, we’ll still stick with the leading groups. More after the open. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n JPMorgan Chase (JPM +1.86%) is up nearly 2% in pre-market trading after it reported Q1 adjusted EPS of $1.41, higher than consensus of $1.25.<\/span>
\n Stryker (SYK +1.11%) was downgraded to ‘Neutral’ from ‘Outperform’ at Baird.<\/span>
\n Chipotle Mexican Grill (CMG +0.09%) and Yum! Brands (YUM +0.31%) were both downgraded to ‘Underperform’ from ‘Outperform’ at CLSA.<\/span>
\n Wynn Resorts Ltd. (WYNN -1.14%) was downgraded to ‘Hold’ from ‘Buy’ at Deutsche Bank.<\/span>
\n Western Digital (WDC -0.59%) was downgraded to ‘Neutral’ from ‘Buy’ at Longbow.<\/span>
\n Healthcare Services Group (HCSG +0.74%) reported Q1 EPS of 26 cents, right on consensus, although Q1 revenue of $384.8 million was better than consensus of $378.8 million.<\/span>
\n Tyson Foods (TSN +1.38%) was downgraded to ‘Outperform’ from ‘Buy’ at CLSA.<\/span>
\n Foot Locker (FL +0.87%) gained over 1% in after-hours trading after it was upgraded to ‘Overweight’ from ‘Neutral’ at Piper Jaffray.<\/span>
\n The Brink’s Company (BCO +1.40%) was rated a new ‘Buy’ at BB&T Capital with a 12-month price target of $38.<\/span>
\n Valeant Pharmaceuticals International (VRX +2.04%) dropped 2% in after-hours trading after the company said it received a default notice from some of its bondholders after it missed a deadline to file its annual report last month.<\/span>
\n CSX Corp. (CSX +1.88%) fell 2% in after-hours trading after it reported Q1 EPS of 37 cents, right on consensus, but Q1 revenue of $704 million was below consensus of $707.9 million.<\/span>
\n Rice Energy (RICE +8.18%) slid over 3% in after-hours trading after it started a public offering of 23.5 million shares of common stocks.<\/span>
\n Acura Pharmaceuticals (ACUR -1.08%) jumped nearly 13% in after-hours trading after the U.S. Food & Drug Administration designated Acura’s hydromorphone with oral abuse-deterrent technology as a Fast Track development program for pain management in patients.<\/span>
\n Tuesday’s Key Earnings
\n CSX Corp. (NASDAQ:CSX) +2.4% AH following in-line Q1 earnings.<\/span><\/span>
\n Today’s Economic Calendar
\n 7:00 MBA Mortgage Applications
\n 8:30 Retail Sales
\n 8:30 Producer Price Index
\n 10:00 Business Inventories
\n 10:00 Atlanta Fed’s Business Inflation Expectations
\n 10:30 EIA Petroleum Inventories
\n 1:00 PM Results of $20B, 10-Year Note Auction
\n 2:00 PM Fed’s Beige Book<\/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 Wednesday. The Asian\/Pacific markets closed up across-the-board. Hong Kong rallied more than 3%, Japan and Singapore more than 2% and China, Australia, India and Taiwan did better than 1%. Europe is currently posting huge gains. Greece is down more than 1%, but Italy is up more than 3%, Germany, France and Spain […]<\/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\/9605"}],"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=9605"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/9605\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}