{"id":9632,"date":"2016-04-25T07:45:16","date_gmt":"2016-04-25T12:45:16","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=9632"},"modified":"2016-04-25T07:45:16","modified_gmt":"2016-04-25T12:45:16","slug":"before-the-open-apr-25-6","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=9632","title":{"rendered":"Before the Open (Apr 25)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a good weekend. <\/span>
\n The Asian\/Pacific<\/strong> markets closed mostly down. Singapore dropped 1.4%; Japan, Hong Kong, India and Indonesia were also weak. Europe<\/strong> is currently mostly down. Greece, the Czech Republic, Austria, the Netherlands, Finland and Italy are down more than 1%; London, Germany, France, Russia, Poland, Turkey and Denmark are also weak. Futures here in the States<\/strong> point towards a down open for the cash market. <\/span>
\n—————<\/strong>
\nLB Weekly<\/a> – the indexes, the breadth indicators, a look at the big picture
\n —————<\/strong><\/span>
\nThe dollar is down. Oil and copper are down. Gold and silver are up. Bonds are up. <\/span>
\n As is typically the case, I don’t have anything to add to the report<\/strong><\/a> posted over the weekend. The conclusion of the report was…<\/span>
\n The market continues to act well overall, but there are still warnings in the
\nnear term. Specifically the lower number of new highs printed during this most
\nrecent move to a higher high, the declining percentage of stocks above their
\n20- and 50-day moving averages and the lower number of stocks at a 10-day
\nhigh tell us this last push up came with less participation.<\/em><\/span>
\n <\/em>
\n Overall I like what I see and believe dips will continue to get bought and new
\nhighs made, but in the near term I’m much less excited and think a defensive
\nposture is warranted. The risk\/rewards up here are not great, and internally
\nsupport for this rally is declining.<\/span><\/em>
\n Earnings season continues in full-force this week. Several notable companies have gotten hit hard after releasing earnings, so it would not be wise to hold into a report. Sometimes the market shrugs off poor reports; this doesn’t seem to be the case this season. <\/span>
\n The Fed meets Wednesday. With the market near its high, if the FOMC kind of\/sort of wanted to raise rates, now’s their chance. The stock market has given them a cushion to work with. <\/span>
\n That’s it for now. I’m long but playing it safe. More after the open.<\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Marathon OIL (MRO +3.46%) slid over 2% in pre-market trading as the price of crude oil fell.<\/span>
\n Public Storage (PSA +0.73%) dropped over 1% in pre-market trading after it was downgraded to ‘Sell’ form ‘Neutral’ at Goldman Sachs.<\/span>
\n Freeport McMoRan (FCX +1.30%) and Alcoa (AA -0.19%) are both down over 1% in pre-market trading as the price of copper declined.<\/span>
\n PulteGroup (PHM -0.42%) was downgraded to ‘Market Perform’ from ‘Outperform’ at Raymond James.<\/span>
\n L Brands (LB -0.58%) was upgraded to ‘Buy’ from ‘Hold’ at Stifel with a price target of $90.<\/span>
\n Hub Group (HUBG +2.26%) was downgraded to ‘Hold’ from ‘Buy’ at BB&T Capital Markets.<\/span>
\n Jazz Pharmaceuticals Plc (JAZZ +0.67%) was upgraded to ‘Buy’ from ‘Neutral’ at SunTrust with a price target of $200.<\/span>
\n Discovery Communications (DISCK +0.98%) was downgraded to ‘Hold’ from ‘Buy’ at Topeka Capital Markets.<\/span>
\n Joy Global (JOY -0.82%) was upgraded to ‘Neutral’ from ‘Sell’ at Goldman Sachs.<\/span>
\n International Paper (IP +1.86%) was downgraded to ‘Sector Perform’ from ‘Outperform’ at RBC Capital Markets.<\/span>
\n Halliburton (HAL +1.26%) reported Q1 revenue of $4.2 billion, higher than consensus of $4.15 billion, said it cut over 6,000 jobs in Q1, and took a $2.1 billion after-tax restructuring charge in Q1.<\/span>
\n Inflobox (BLOX +1.52%) jumped almost 6% in after-hours trading after Starboard Value reported a 7.5% stake in the company.<\/span>
\n Cabot Oil & Gas (COG +1.88%) fell nearly 3% in after-hours trading after the New York Department of Environmental Conservation denied a key water permit for the Constitution gas pipeline.<\/span>
\n Today’s Economic Calendar<\/strong>
\n 10:00 New Home Sales
\n 10:30 Dallas Fed Manufacturing Survey
\n 1:00 PM Results of $26B, 2-Year Note Auction<\/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 Monday. Hope you had a good weekend. The Asian\/Pacific markets closed mostly down. Singapore dropped 1.4%; Japan, Hong Kong, India and Indonesia were also weak. Europe is currently mostly down. Greece, the Czech Republic, Austria, the Netherlands, Finland and Italy are down more than 1%; London, Germany, France, Russia, Poland, Turkey and […]<\/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\/9632"}],"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=9632"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/9632\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9632"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9632"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9632"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}