{"id":9609,"date":"2016-04-14T07:49:59","date_gmt":"2016-04-14T12:49:59","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=9609"},"modified":"2016-04-14T07:49:59","modified_gmt":"2016-04-14T12:49:59","slug":"before-the-open-apr-14-4","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=9609","title":{"rendered":"Before the Open (Apr 14)"},"content":{"rendered":"

Good morning. Happy Thursday.<\/span>
\n The Asian\/Pacific markets closed mostly up. Japan gained more than 3%; Australia and South Korea rallied more than 1%; Hong Kong and Singapore also did well. Indonesia fell 0.8%. Europe is mixed and little changed. Austria, Switzerland, Denmark and Hungary are up, the Czech Republic and Greece are down. Futures here in the States point towards a flat open for the cash market. <\/span>
\nThe dollar is up. Oil is up, copper is down. Gold and silver are down. Bonds are down. <\/span>
\n The market has been in consolidation mode for 4+ weeks. Yesterday it broke out and closed at a higher high. As I’ve said a few times the last couple weeks, if the S&P chart was that of an individual stock, we’d be looking to buy a dip within the pattern and a breakout. Out of the water yet? No. There’s a lot of resistance overhead, and the market needs to follow through to confirm the breakout. Simply closing a few points into higher high territory is not sufficient. It has to follow through and separate itself from the pattern. Here’s the daily S&P chart. <\/span>
\n\"\"
\n Many large cap tech stocks have lagged, so it was nice to AMZN and NFLX break out yesterday. <\/span>
\n\"\"
\n Commodities have been obvious leaders the last two months, but for a rally attempt to stick and develop legs, we’ll need broad-based participation. AMZN and NFLX breaking out is a good sign.<\/span>
\n We seem to be a key moment – not necessarily today, but over the next week. Follow through or fizzle. We’ll find out soon. More after the open. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n BlackRock (BLK +2.65%) reported Q1 EPS of $4.25, less than consensus of $4.30.<\/span>
\n Bank of America (BAC +3.92%) reported Q1 EPS of 20 cents, below consensus of 21 cents.<\/span>
\n 3D Systems (DDD -0.18%) jumped 7% in pre-market trading after it was upgraded to ‘Buy’ from ‘Underperform’ by Bank of America\/Merril Lynch.<\/span>
\n Chipotle Mexican Grill (CMG +0.01%) climbed over 2% in pre-market trading after it ws upgraded to ‘Overweight’ from ‘Neutral’ at JPMorgan Chase.<\/span>
\n Applied Materials (AMAT +1.82%) was upgraded to ‘Buy’ from ‘Neutral’ at UBS with a price target of $26.<\/span>
\n A U.S. District judge ruled that Microsoft’s allegations that InterDigital (IDCC +1.25%) engaged in anticompetitive conduct are “sufficient” for the antitrust suit against InterDigital to proceed.<\/span>
\n Insys Therapeutics (INSY +2.35%) was rated a new ‘Buy’ at Janney Montgomery with a 12-month price target of $22.<\/span>
\n ECB Vice President Constancio said the ECB will do “whatever necessary” to bring Eurozone inflation close to objective.<\/span>
\n Wynn Resorts Ltd. (WYNN +0.50%) rose over 2% in after-hours trading after founder Steve Wynn spent $7.2 million to buy an additional 72,851 shares on April 11, according to a Form 4 filing.<\/span>
\n Pier 1 Imports (PIR +5.61%) climbed 4% in after-hours trading after it reported Q3 EPS of 23 cents, above a March 7 estimate of 18 cents-22 cents.<\/span>
\n Seagate Technology (STX -3.17%) fell 7% in pre-market trading after it reported preliminary Q3 revenue of $2.6 billion, below consensus of $2.7 billion and said it sees gross margins of 23%, below estimates of 25.7%.<\/span>
\n Raytheon (RTN -0.40%) received a $1.01 billion contract from the U.S. Navy for design, manufacture, integration, demonstration and test of 15 Next Generation Jammer (NGJ) systems that will replace the ALQ-99 jammer system on EA-18G aircraft.<\/span>
\n Dominion Diamond (DDC -3.06%) gained almost 2% in after-hours trading after it reported Q4 revenue of $178.1 million, better than consensus of $178 million.<\/span>
\n Wednesday’s Key Earnings
\n JPMorgan (NYSE:JPM) +4.2% after beating expectations.<\/span><\/span>
\n Today’s Economic Calendar
\n 8:30 Initial Jobless Claims
\n 8:30 Consumer Price Index
\n 9:45 Bloomberg Consumer Comfort Index
\n 10:30 EIA Natural Gas Inventory
\n 1:00 PM Results of $12B, 30-Year Note Auction
\n 4:30 PM Money Supply
\n 4:30 PM Fed Balance Sheet<\/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. Japan gained more than 3%; Australia and South Korea rallied more than 1%; Hong Kong and Singapore also did well. Indonesia fell 0.8%. Europe is mixed and little changed. Austria, Switzerland, Denmark and Hungary are up, the Czech Republic and Greece are down. Futures here […]<\/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\/9609"}],"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=9609"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/9609\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}