{"id":9715,"date":"2016-05-31T07:56:09","date_gmt":"2016-05-31T12:56:09","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=9715"},"modified":"2016-05-31T07:56:09","modified_gmt":"2016-05-31T12:56:09","slug":"before-the-open-may-31-4","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=9715","title":{"rendered":"Before the Open (May 31)"},"content":{"rendered":"

Good morning. Happy Tuesday. Hope you had a good weekend. <\/span>
\n Yesterday the Asian\/Pacific<\/strong> markets closed mostly up, but movement was minimal. Japan rallied more than 1%; Taiwan, New Zealand and Indonesia also did well. Today the markets were mixed. China rallied 3.3%, and Japan and South Korea also did well. Indonesia did poorly. Europe<\/strong> was quiet yesterday. Norway, Turkey and Italy did well. Currently it’s mixed. Greece is up more than 2%; Belgium is also doing well. Norway, Switzerland, Russia and Poland are weak. Futures here in the States<\/strong> point towards an up open for the cash market. <\/span>
\n—————<\/strong>
\nLB Weekly<\/a> – the indexes, the breadth indicators, a look at the big picture
\n —————
\n<\/strong><\/span>
\nThe dollar is flat. Oil is up, copper is down. Gold and silver are down. Bonds are down. <\/span>
\n Today is the last day of May. It’s supposed to be a weak month – at least according to the bears who used historical tendencies to argue their case – but thanks to last week’s huge move (biggest move since February), the S&P is currently up 34 points (1.6%) for the month. Overall the range has been on the small side, and allowing for a little wiggle room, most of the action took place within last month’s range. <\/span>
\n Fed talk is ramping up. Despite there being many economic reports on the agenda this week, including Friday’s employment numbers, everyone is focused on whether Fed will raise rates at the June meeting, which isn’t until June 15. <\/span>
\n Oil continues to do well, but gold and silver are suffering their biggest drops since bottoming earlier this year. This is a key time for the metals. Is the current pullback just a pullback within an uptrend, or is a top in place for now? There are a lot of moving parts, so if you’re in, follow the charts, define your risk and know that you can always get back in at a later date if the metals turn around. <\/span>
\n That’s it for now. I said everything I wanted to say in the weekly report<\/a> published over the weekend. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Celator Pharmaceuticals (CPXX +0.17%) soared over 70% in pre-market trading after it agreed to a $1.5 billion takeover offer from Jazz Pharmaceuticals.<\/span>
\n Lockheed Martin (LMT -0.60%) was downgraded to ‘Hold’ from ‘Buy’ at Berenberg.<\/span>
\n Marathon Oil (MRO -2.05%) was upgraded to ‘Overweight’ from ‘Neutral’ at Piper Jaffray.<\/span>
\n Deere & Co. (DE +0.29%) was upgraded to ‘Buy’ from ‘Neutral’ at UBS with a 12-month price target of $94.<\/span>
\n Micron (MU +3.01%) was upgraded to ‘Outperform’ from ‘Neutral’ at Robert Baird.<\/span>
\n Dril-Quip (DRQ +1.12%) was upgraded to ‘Buy’ from ‘Accumulate’ at KLR Group with a price target of $70.<\/span>
\n Signature Bank\/New York (SBNY +0.85%) was downgraded to ‘Neutral’ from ‘Overweight’ at Piper Jaffray with a 12-month price target of $146.<\/span>
\n TransDigm Group (TDG +0.47%) jumped 4% in after-hours trading after it was announced that it will replace Baxalta in the S&P 500 after the close of trading Thursday, June 2.<\/span>
\n Brocade (BRCD +0.23%) rose 3% in after-hours trading after it was announced that it will replace MDC Holdings in the MidCap 400 after the close of trading on Tuesday, May 31.<\/span>
\n The FDA approved Zinbryta, made by Biogen (BIIB +0.28%) and Abbvie (ABBV +1.31%), for the treatment of adults with relapsing forms of multiple sclerosis.<\/span>
\n Reuters reports that Williams Cos (WMB +3.22%) has informed Energy Transfer Equity ETE that it is open to considering a new offer that would replace the $6 billion portion of the deal with shares in the acquisition vehicle that Energy Transfer will create.<\/span>
\n Osiris Therapeutics (OSIR +1.43%) slumped 10% in after-hours trading after it said a criminal probe against the company was started by the U.S. Attorney’s Office for the Southern District of New York.<\/span>
\n Today’s Economic Calendar<\/strong>
\n 8:30 Personal Income and Outlays
\n 9:00 S&P Case-Shiller Home Price Index
\n 9:45 Chicago PMI
\n 10:00 Consumer Confidence
\n 10:00 State Street Investor Confidence Index
\n 10:30 Dallas Fed Manufacturing Survey
\n 3:00 Farm Prices<\/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. Hope you had a good weekend. Yesterday the Asian\/Pacific markets closed mostly up, but movement was minimal. Japan rallied more than 1%; Taiwan, New Zealand and Indonesia also did well. Today the markets were mixed. China rallied 3.3%, and Japan and South Korea also did well. Indonesia did poorly. Europe was […]<\/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\/9715"}],"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=9715"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/9715\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}