{"id":9635,"date":"2016-04-26T07:49:25","date_gmt":"2016-04-26T12:49:25","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=9635"},"modified":"2016-04-26T07:49:25","modified_gmt":"2016-04-26T12:49:25","slug":"before-the-open-apr-26-4","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=9635","title":{"rendered":"Before the Open (Apr 26)"},"content":{"rendered":"

Good morning. Happy Tuesday.<\/span>
\n The Asian\/Pacific<\/strong> markets closed with a lean to the downside. Indonesia, Malaysia and New Zealand fell more than 1%; India rallied more than 1%. Europe<\/strong> is currently mixed. Spain and Italy are up more than 1%; London, Greece and Finland are also doing well. Russia is down more than 1%; the Netherlands and Poland are also weak. Futures here in the States<\/strong> point towards an up open for the cash market. <\/span>
\nThe dollar is down. Oil is up, copper is down. Gold and silver are down. Bonds are down. <\/span>
\n Yesterday was a relatively quiet, small range day. The market was weak early, and then it did better during the afternoon…although most of the afternoon gains were concentrated in just a couple 5-minute candles. Volume was light, and the activity level was low. I’m not looking for any fireworks today either because tomorrow is FOMC day. <\/span>
\n Wall St. doesn’t expect the Fed to raise rates. That’s probably a good default setting, but I wish they would raise. Why not? If their goal is to raise one or two more times this year, a 300-point, 2-month SPX rally gives them a big cushion to work with. They would never raise while the market was at its low. Here’s their chance to raise while it’s at a high. Probably won’t happen. I’m just saying this would be a good time. If they could time each raise to coincide with each market rally, the market would be flat at the end of the year, and they’d accomplish their goal of 3-4 raises. But like I said, it probably won’t happen. <\/span>
\n That’s it for now. The Fed takes center stage. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n NXP Semiconductors (NXPI -1.24%) climbed over 2% in pre-market trading after it reported Q1 adjusted EPS of $1.14, higher than consensu sof $1.11.<\/span>
\n Pioneer National Resources (PXD +0.23%) gained almost 3% in after-hours trading after it said it sees 2016 production growth of 12%, higher than a previous estimate of 10%.<\/span>
\n Chemtura (CHMT +0.14%) was upgraded to ‘Buy’ from ‘Hold’ at BB&T Capital Markets with a 12-month price target of $37.<\/span>
\n Spark Energy (SPKE -2.06%) was rated a new ‘Outperform’ at FBR Capital Markets with a 12-month price target of $27.<\/span>
\n Express Scripts Holdings (ESRX +0.23%) fell over 2% in after-hour trading after it reported Q1 adjusted EPS of $1.22, right on consensus, but Q1 revenue of $24.8 billion was less than consensus of $25.2 billion.<\/span>
\n Office Depot (ODP -1.13%) reported Q1 adjusted EPS of 10 cents, below consensus of 12 cents.<\/span>
\n Ethan Allen Interiors (ETH -0.06%) rallied nearly 4% in after-hours trading after it reported Q3 adjusted EPS of 34 cents, better than consensus of 31 cents,<\/span>
\n Canadian National Railway (CNI -1.05%) slipped nearly 5% in after-hours trading after it cut its full-year forecast and said it sees carloads down 4%-5% y\/y.<\/span>
\n Sanmina (SANM +0.82%) rose over 5% in after-hours trading after it reported Q2 non-GAP EPS of 63 cents, higher than consensus of 57 cents.<\/span>
\n Artana Therapeutics (PETX -4.29%) climbed over 15% in after-hours trading after it entered into a licensing agreement with Eli Lilly’s Elanco animal health unit.<\/span>
\n Nabors Industries (NBR -4.34%) fell nearly 5% in after-hours trading after it reported Q1 operating revenue of $597.6 million, less than consensus of $633.4 million and said it sees margins deteriorating, particularly in the lower 48 U.S. states.<\/span>
\n Knowles (KN -8.89%) surged over 20% in after-hours trading after it reported Q1 adjusted EPS of 8 cents, more than double consensus of 3 cents, and said it sees Q2 adjusted EPS of 8 cents-14 cents, above consensus of 8 cents.<\/span>
\n Container Store Group (TCS -8.04%) jumped over 20% in after-hours trading after it reported Q4 adjusted EPS of 20 cents, right on consensus, but said comparable sales were up +0.2%, better than expectations of a -3.6% decline.<\/span>
\n Ballard Power Systems (BLDP -2.11%) rallied over 15% in after-hours trading after it delivered a prototype PEM (proton exchange membrane) fuel cell propulsion modules to Boeing’s Insitu unit for use in the ScanEagle unmanned aerial vehicle.<\/span>
\n Monday’s Key Earnings<\/strong>
\n Container Store Group (NYSE:TCS) +21% on relief rally after earnings.
\n Sanmina (NASDAQ:SANM) +8.3% on FY Q2 beats, solid profit guidance.
\n Perrigo (NYSE:PRGO) -12.8% after cutting Q1, FY estimates below consensus, losing CEO.
\n Xerox (NYSE:XRX) -13.3% following Q1 EPS miss and weak guidance.
\n LabCorp (NYSE:LH) +2.7% after Q1 revenue surges 30%, ups guidance.
\n Nabors (NYSE:NBR) -5% after beating by $0.04 but missing on revenue.
\n Express Scripts (NASDAQ:ESRX) -2.4% despite raising guidance; Q1 top line flat.
\n Zions (NASDAQ:ZION) -0.1% after Q1 EPS, revenue miss.
\n Barnes Group (NYSE:B) -0.8% after EPS in line, misses on revenue.
\n Cadence Design Systems (NASDAQ:CDNS) -2.1% following cautious guidance.
\n American Campus (NYSE:ACC) flat after EPS misses by a penny, maintains guidance.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>
\n Today’s Economic Calendar<\/strong>
\n FOMC meeting begins
\n 8:30 Durable Goods
\n 8:55 Redbook Chain Store Sales
\n 9:00 S&P Case-Shiller Home Price Index
\n 10:00 Consumer Confidence
\n 10:00 State Street Investor Confidence Index
\n 10:00 Richmond Fed Mfg.
\n 1:00 PM Results of $34B, 10-Year Note Auction Companies reporting earnings today<\/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 Tuesday. The Asian\/Pacific markets closed with a lean to the downside. Indonesia, Malaysia and New Zealand fell more than 1%; India rallied more than 1%. Europe is currently mixed. Spain and Italy are up more than 1%; London, Greece and Finland are also doing well. Russia is down more than 1%; the […]<\/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\/9635"}],"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=9635"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/9635\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}