{"id":9676,"date":"2016-05-13T07:48:39","date_gmt":"2016-05-13T12:48:39","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=9676"},"modified":"2016-05-13T07:48:39","modified_gmt":"2016-05-13T12:48:39","slug":"before-the-open-may-13-7","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=9676","title":{"rendered":"Before the Open (May 13)"},"content":{"rendered":"

Good morning. Happy Friday.<\/span>
\n The Asian\/Pacific<\/strong> markets closed down across-the-board. Japan, Hong Kong, India and Malaysia fell more than 1%. Europe<\/strong> is currently mostly down, but there aren’t many big movers. Greece and Hungary are down more than 1%; Belgium, the Netherlands, Denmark and Portugal are down noticeably. Futures here in the States<\/strong> point towards a moderate gap down open for the cash market. <\/span>
\n—————<\/strong>
\nI wrote an article for Top Shelf Traders emagazine. You can check it out here<\/a>. I consider it very important. It’s at the heart of what I do.
\n —————<\/strong><\/strong><\/span>
\nThe dollar is up. Oil is down, copper is up. Gold is up, silver is flat. Bonds are up. <\/span>
\n The market hasn’t been able to make up its mind this week. There have been some ups and some downs, and through four days the S&P is up 7 points. With the indexes set to gap down at today’s open, the S&P will be flat. A down week would create the first 3-week losing streak since the beginning of they year and only the third going back 12 months. The last 4-week losing streak was October 2014. <\/span>
\n But despite what seems like a lot of selling pressure, here’s the daily S&P 500. The index is flat going back six weeks, and although some technicians will point out a head-n-shoulder top forming, I’m calling this a consolidation pattern within an uptrend. <\/span>
\n\"\"
\n Beneath the surface there are obvious leading and lagging groups. That’s where you want to focus your energy. Other than an occasional directional move, the index spend a lot more time doing nothing than doing something. But there are always trending groups that can be played. More after the open. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Nordstrom (JWN -0.44%) sank over 16% in pre-market trading after it cut its full-year earnings forecast to $2.50 -$2.70, well below a February 18 estimate of $3.35 and well below consensus of $3.20. Other retailers fell on the news as well with Macy’s (M -0.54%) and Michael Kors Holdings Ltd (KORS -0.50%) both down 1% in pre-market trading.<\/span>
\n Symantec (SYMC +1.14%) fell nearly 2% in after-hours trading after the company said it was reorganizing its business and will cut 10% of its workforce.<\/span>
\n Johnson & Johnson (JNJ -0.12%) was downgraded to ‘Neutral’ from ‘Buy’ at BTIG.<\/span>
\n Nvidia (NVDA -1.36%) gained nearly 6% in pre-market trading after it reported Q1 adjusted EPS of 46 cents, better than consensus of 41 cents.<\/span>
\n Lockheed Martin (LMT +1.29%) was downgraded to ‘Hold’ from ‘Buy’ at Stifel.<\/span>
\n PTC (PTC -0.88%) lowered guidance on full-year adjusted EPS to $1.45-$1.55 from an April 20 estimate of $1.52-$1.62, below consensus of $1.58.<\/span>
\n Darling Ingredients (DAR +0.55%) tumbled over 5% in after-hours trading after it reported Q1 adjusted EPS of 1 cent, well below consensus of 11 cents.<\/span>
\n Shake Shack (SHAK -0.12%) rose over 5% in after-hours trading after it reported Q1 adjusted EPS of 8 cents, above consensus of 5 cents and raised guidance on full-year revenue to $245 million-$249 million from a March 7 estimate of $237 million-$242 million.<\/span>
\n Dillard’s (DDS -2.96%) dropped nearly 6% in after-hours trading after it reported Q1 EPS of $2.17, below consensus of $2.57 and said Q1 comparable sales were down -5%, weaker than consensus of -2.1%<\/span>
\n Red Rock Resorts (RRR +1.40%) reported Q1 revenue of $133.2 million, higher than consensus of $119.8 million.<\/span>
\n KemPharm (KMPH -7.42%) climbed almost 6% in after-hours trading after it reported a Q1 loss of -20 cents, narrower than consensus of -46 cents.<\/span>
\n Sunrun (RUN -3.45%) jumped over 13% in after-hours trading after it reported Q1 revenue of $98.7 million, stronger than consensus of $87.7 million.<\/span>
\n ConforMIS (CFMS -7.67%) plunged over 30% in after-hours trading after it cut its full-year revenue estimate to $76 million-$81 million from a prior view of $84 million-$87 million, below consensus of $85.8 million.<\/span>
\n Thursday’s Key Earnings<\/strong>
\n Nordstrom (NYSE:JWN) -16.2% AH after missing estimates.
\n Nvidia (NASDAQ:NVDA) +6.6% AH on a Q1 beat, strong guidance.
\n Petrobras (NYSE:PBR) unmoved despite its third straight quarterly loss.
\n Shake Shack (NYSE:SHAK) +6.3% AH following a big boost to its outlook.<\/span><\/span><\/span><\/span><\/span>
\n Today’s Economic Calendar<\/strong>
\n 8:30 Producer Price Index
\n 8:30 Retail Sales
\n 10:00 Business Inventories
\n 10:00 Reuters\/UofM Consumer Sentiment
\n 1:00 PM Baker-Hughes Rig Count
\n 6:45 PM Fed’s Williams speech<\/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 Friday. The Asian\/Pacific markets closed down across-the-board. Japan, Hong Kong, India and Malaysia fell more than 1%. Europe is currently mostly down, but there aren’t many big movers. Greece and Hungary are down more than 1%; Belgium, the Netherlands, Denmark and Portugal are down noticeably. Futures here in the States point towards […]<\/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\/9676"}],"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=9676"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/9676\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9676"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9676"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9676"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}