{"id":9670,"date":"2016-05-11T07:53:09","date_gmt":"2016-05-11T12:53:09","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=9670"},"modified":"2016-05-11T07:53:09","modified_gmt":"2016-05-11T12:53:09","slug":"before-the-open-may-11-5","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=9670","title":{"rendered":"Before the Open (May 11)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\nThe Asian\/Pacific<\/strong> markets closed mixed. Hong Kong and India closed down; Australia, Indonesia, Malaysia and New Zealand closed up. Europe<\/strong> is currently mostly down. Spain, Italy, Portugal and Austria are down more than 1%; Germany, France, the Netherlands, Sweden, Belgium and Greece are also weak. Russia is up more than 1%; Norway is also doing well. Futures here in the States<\/strong> point towards a down open for the cash market. <\/span>
\nThe dollar<\/strong> is down. Oil<\/strong> and copper<\/strong> are up. Gold<\/strong> and silver<\/strong> are up. Bonds<\/strong> are down. <\/span>
\nThere are many big, pre-market movers. <\/span>
\nOffice Depot (ODP) is down 34%, and Staples (SPLS) is down 15% after a judge blocked their merger. Fossil (FOSL) is down 33% after they missed earnings and guided lower. Disney (DIS) is down after missing earnings – the first time in five years. Soda Stream (SODA) is up 24% on strong sales growth. <\/span>
\nThis is a key time right now for the market. We entered this week with a slight upward bias, but we felt the market needed to bounce or else the floor would be pulled out. After a slowish day Monday, we got a solid up day yesterday. Some follow through would invalidate the head-n-shoulder top some technicians have noted on the S&P. Failure to push higher in the next few days would be a warning. A couple up days after a 2+ week drop is not hard. Following through after short covering has exhausted itself is harder and more telling. That’s where we’re at right now. The bulls can’t relax yet. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\nOffice Depot (ODP -2.72%) plunged over 30% in pre-market trading after a U.S. federal judge late yesterday blocked the $6.3 billion merger between Office Depot and Staples. Staples (SPLS +0.58%) is down 15% in pre-market trading.<\/span>
\nWalt Disney (DIS +1.20%) fell over 5% in pre-market trading after it reported Q2 adjusted EPS of $1.36, below consensus of $1.40.<\/span>
\nAlaska Air Group (ALK +0.77%) gained nearly 2% in after-hours trading after it was announced that it will replace SanDisk in the S&P 500 at the close of trading Thursday, May 12.<\/span>
\nElectronic Arts (EA +0.03%) jumped nearly 7% in pre-market trading after it reported Q1 adjusted EPS of 50 cents, better than consensus of 42 cents, and then raised guidance on fiscal 2017 adjusted net revenue to $4.9 billion, higher than consensus of $4.83 billion.<\/span>
\nFossil Group (FOSL +1.73%) plunged over 30% in pre-market trading after it reported Q1 EPS of 12 cents, below consensus of 15 cents, and then lowered guidance on 2016 GAAP EPS to $1.80-$2.80 from a February 16 estimate of $2.80-$3.60, well below consensus of $3.05.<\/span>
\nNuance Communications (NUAN +3.24%) dropped nearly 6% in after-hours trading after it lowered guidance on 2016 adjusted revenue to $1.975 billion-$2.005 billion from a February 9 estimate of $1.98 billion-$2.03 billion.<\/span>
\nBlue Buffalo Pet Products (BUFF unch) rallied nearly 5% in after-hours trading after it reported Q1 adjusted EPS of 19 cents, higher than consensus of 18 cents, and then raised guidance on the low end of its 2016 adjusted EPS view to 73 cents-74 cents from a Mar 8 estimate of 72 cents-74 cents.<\/span>
\nIntrexon (XON +1.98%) fell nearly 3% in after-hours trading after it reported a Q1 loss of -55 cents a share, more than twice expectations for a -24 cent loss per share.<\/span>
\nPlanet Fitness (PLNT +1.36%) gained 5% in after-hours trading after it reported Q1 pro forma adjusted EPS of 15 cents, better than consensus of 13 cents, and then raised guidance on full-year EPS to 62 cents-65 cents from a prior view of 60 cents-63 cents.<\/span>
\nLaredo Petroleum (LPI +2.20%) slipped nearly 4% in after-hours trading after it announced plans for a 9.5 million share secondary offering.<\/span>
\nAlbemarle (ALB +0.86%) climbed nearly 5% in after-hours trading after it reported Q1 net sales of $865.4 million, higher than consensus of $814.9 million, and then raised guidance on full-year EPS to $3.90-$4.25 from a prior view of $3.45-$3.90, higher than consensus of $3.66.<\/span>
\nRocket Fuel (FUEL +1.13%) surged over 20% in after-hours trading after it reported a Q1 adjusted EPS loss of -28 cents, half as much as consensus of a -56 cent loss.<\/span>
\nProspect Capital (PSEC +1.79%) fell over 1% in after-hours trading after it reported Q3 net investment income of 25 cents, below consensus of 26 cents.<\/span>
\nTuesday’s Key Earnings<\/strong>
\nAllergan (NYSE:AGN) +5.1% authorizing up to $10B in share repurchases.
\nCredit Suisse (NYSE:CS) +4.2% on expense cuts and overall downsizing.
\nDisney (NYSE:DIS) -6.2% AH following its first earnings miss in 5 years.
\nElectronic Arts (NASDAQ:EA) +6.6% AH on a record year for revenue\/profit.
\nLumber Liquidators (NYSE:LL) -7.8% after heavily missing estimates.
\nNokia (NYSE:NOK) -6.7% following weak earnings in Q1.
\nSodaStream (NASDAQ:SODA) +23.7% on double-digit sales growth.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>
\nToday’s Economic Calendar<\/strong>
\n7:00 MBA Mortgage Applications
\n10:30 EIA Petroleum Inventories
\n1:00 PM Results of $23B, 10-Year Note Auction
\n2:00 PM Treasury Budget<\/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 mixed. Hong Kong and India closed down; Australia, Indonesia, Malaysia and New Zealand closed up. Europe is currently mostly down. Spain, Italy, Portugal and Austria are down more than 1%; Germany, France, the Netherlands, Sweden, Belgium and Greece are also weak. Russia is up more than 1%; […]<\/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\/9670"}],"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=9670"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/9670\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9670"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9670"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}