{"id":9734,"date":"2016-06-08T07:48:11","date_gmt":"2016-06-08T12:48:11","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=9734"},"modified":"2016-06-08T07:48:11","modified_gmt":"2016-06-08T12:48:11","slug":"before-the-open-jun-8-5","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=9734","title":{"rendered":"Before the Open (Jun 8)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\n The Asian\/Pacific<\/strong> markets closed mixed. Japan, Singapore and South Korea did well; New Zealand was weak. Europe<\/strong> currently leans to the downside. Poland and Turkey are up, but Russia, Greece, Switzerland and Denmark are down; and the Czech Republic is down more than 2%. Futures here in the States<\/strong> point towards a positive open for the cash market. <\/span>
\n—————
\n My <\/strong>podcast<\/a> – with Chat With Traders<\/strong>
\n—————<\/span>
\n The dollar is down. Oil and copper are up. Gold and silver are up. Bonds are mixed and flat. <\/span>
\n The market keeps chugging along. Volume is not high. The ranges are not big. The energy level is low. Still, at yesterday’s high the S&P was 95 points off its May low, and although a few breadth indicators are starting to diverge from the underlying price action, for the most part, the indicators support the strength. <\/span>
\n The biggest supporters of the rally are sentiment and the market’s reaction to news. <\/span>
\n News lately (over the last month) has been more bad than good, yet the market has continued up. This is bullish. <\/span>
\n Sentiment has been negative. Whether it’s the AAII bulls or other sentiment indicators, investors are bearish, which sets the stage for prices to continue up. <\/span>
\n Personally I’ve traded a lot less lately because my oil, gold and silver positions are doing well. More after the open. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Fiat Chrysler Automobiles NV (FCAU +3.85%) rose nearly 3% in pre-market trading after it was said to habe started talks on a partnership with Uber Technologies.<\/span>
\n Lending Club (LC -7.38%) climbed over 3% in pre-market trading after a report that its former CEO and chairman has spoken to buyout firms and banks about a possible takeover of the company.<\/span>
\n Lululemon (LULU -0.89%) reported Q1 EPS of 30 cents, below consensus of 31 cents, and said it expectd Q2 EPS of 36 cents-38 cents, below consensus of 39 cents.<\/span>
\n Dave & Buster’s Entertainment (PLAY +0.94%) rallied over 3% in pre-market trading after it reported Q1 adjusted EPS of 72 cents, higher than consensus of 59 cents, and then boosted its full-year revenue forecast to $983 million-$995 million from a March 29 estimate of $967 million-$987 million.<\/span>
\n Verint Systems (VRNT +2.55%) slid over 1% in after-hours trading after it reported Q1 adjusted EPS of 46 cents, above consensus of 40 cents, but reported Q1 adjusted revenue of $249 million, below consensus of $250.7 million<\/span>
\n Ardmore Shipping (ASC -0.61%) dropped over 8% in after-hours trading after it proposed a 7.5 million share public offering of common stock.<\/span>
\n Lending Club (LC -7.38%) gained over 2% in after-hours trading after it was raised to ‘Market Perform’ at KBW.<\/span>
\n VeriFone Systems (PAY +1.33%) sank 30% in after-hours trading after it reported Q2 adjusted EPS of 47 cents, weaker than consensus of 52 cents, and then cut its fiscal 2016 adjusted EPS estimate to $1.85 from a March 10 view of $2.21-$2.24.<\/span>
\n Duluth Holdings (DLTH -1.95%) dropped over 3% in pre-market trading after it reported Q1 sales of $68.6 million, below consensus of $69.7 million.<\/span>
\n HealthEquity (HQY +2.26%) climbed over 4% in after-hours trading after it reported Q1 adjusted EPS of 15 cents, better than consensus of 13 cents, and then raised guidance on full-year adjusted EPS to 47 cents-49 cents from a March 22 view of 45 cents-47 cents.<\/span>
\n Oxford Industries (OXM -0.47%) slipped over 7% in after-hours trading after it reported Q1 adjusted EPS continuing operations of $1.26, below consensus of $1.33, and then lowered its fiscal 2017 adjusted EPS view to $3.60-$3.80 from a March 23 estimate of $3.75-$3.95.<\/span>
\n Flexion Therapeutics (FLXN -3.83%) tumbled over 11% in after-hours trading after it announced a $60 million offering of common stock.<\/span>
\n Tuesday’s Key Earnings<\/strong>
\n Dave & Buster’s (NASDAQ:PLAY) +4.8% AH after strong sales growth.
\n Valeant Pharmaceuticals (NYSE:VRX) -14.5% slashing its 2016 forecasts.
\n VeriFone (NYSE:PAY) -27.6% AH missing EPS estimates, weak guidance.<\/span><\/span><\/span><\/span>
\n Today’s Economic Calendar<\/strong>
\n 7:00 MBA Mortgage Applications
\n 10:00 Job Openings and Labor Turnover Survey
\n 10:00 Quarterly Services Report
\n 10:30 EIA Petroleum Inventories
\n 1:00 PM Results of $20B, 10-Year Note Auction<\/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 Wednesday. The Asian\/Pacific markets closed mixed. Japan, Singapore and South Korea did well; New Zealand was weak. Europe currently leans to the downside. Poland and Turkey are up, but Russia, Greece, Switzerland and Denmark are down; and the Czech Republic is down more than 2%. 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\/9734"}],"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=9734"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/9734\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}