{"id":9838,"date":"2016-08-03T07:48:16","date_gmt":"2016-08-03T12:48:16","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=9838"},"modified":"2016-08-03T07:48:16","modified_gmt":"2016-08-03T12:48:16","slug":"before-the-open-aug-3-5","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=9838","title":{"rendered":"Before the Open (Aug 3)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\n The Asian\/Pacific<\/strong> markets closed mostly down. Japan, Hong Kong, Singapore, Australia, India and South Korea each dropped more than 1%. Malaysia, New Zealand and Taiwan were also weak. Europe<\/strong> currently leans to the downside. The Czech Republic is down more than 2%; Turkey more than 1%; France, Sweden and Denmark are also weak. Belgium is doing well. Futures in the States<\/strong> point towards a negative open for the cash market. <\/span>
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\n The dollar is up. Oil is up; copper is down. Gold and silver are flat. Bonds are down. <\/span>
\n The S&P finally moved out of its historically tight range yesterday, but after a little follow through, the index bounced 10 points off its low. This likely really pissed off the bears, who were hoping a break of support would lead to some momentum selling as the market let out a bunch of pent of pressure. <\/span>
\n I see nothing to do right now. Gold and silver stocks are too far gone to chase. Oil stocks aren’t good for anything but a small bounce. Other stocks have randomly moved up or down after releasing earnings. There are no trades that “jump off the screen” at me. <\/span>
\n The market needs to digest its gains and chop around and perhaps correct to allow the charts to reset.<\/span>
\n\"\"
\nStock headlines<\/strong> from barchart.com…<\/span>
\n American International Group (AIG -0.13%) gained over 2% in pre-market trading after it reported Q2 operating EPS of 98 cents, higher than consensus of 92 cents, and then said it will add up to $3 billion to its stock buyback plan.<\/span>
\n Verisk Analytics (VRSK -1.34%) lost over 4% in after-hours trading after it reported Q2 adjusted EPS continuing operations of 73 cents, below consensus of 76 cents.<\/span>
\n Hanesbrands (HBI -3.39%) fell nearly 5% in after-hours trading after it reported Q2 adjusted EPS of 51 cents, weaker than consensus of 52 cents.<\/span>
\n Phillips 66 (PSX +2.55%) was upgraded to ‘Outperform’ from ‘Market Perform’ at Cowen.<\/span>
\n Fitbit (FIT -3.87%) rose over 5% in after-hours trading after it reported Q2 adjusted EPS of 12 cents, above consensus of 11 cents.<\/span>
\n Qorvo (QRVO -3.18%) slid over 7% in after-hours trading after it reported fiscal-year Q1 gross margin of 48.2%, weaker than consensus of 50% and then said it sees fiscal-year Q2 gross margin of 47%, below consensus of 50.3%.<\/span>
\n Community Health Systems (CYH -3.02%) dropped over 12% in after-hours trading after it reported Q2 adjusted EPS continuing operations of 9 cents, well below consensus of 56 cents, and then lowered its view of 2016 EPS continuing operations to $1.40-$1.90 from a prior view of $2.50-$2.80.<\/span>
\n Hudson Technologies (HDSN +7.41%) gained over 3% in after-hours trading after it reported Q2 EPS of 14 cents, higher than consensus of 11 cents.<\/span>
\n Oclaro (OCLR -3.99%) rose over 9% in after-hours trading after it reported Q4 adjusted EPS of 11 cents, better than consensus of 6 cents, and then forecast Q1 revenue of $126 million-$134 million, above consensus of $118.6 million.<\/span>
\n Stone Energy (SGY -1.16%) sank 20% in after-hours trading after it reported a Q2 adjusted loss of -$7.45, a bigger loss than consensus of -$6.12.<\/span>
\n Big 5 Sporting Goods (BGFV +1.65%) climbed nearly 10% in after-hours trading after it reported Q2 net sales of $241.4 million, above consensus of $239 million.<\/span>
\n ZAGG Inc. (ZAGG -0.31%) jumped over 11% in after-hours trading after it reported Q2 adjusted EPS of 11 cents, well above consensus of 2 cents.<\/span>
\n Cray (CRAY -0.92%) plunged 20% in after-hours trading after it reported a Q2 adjusted EPS loss of -29 cents, a wider loss than consensus of -2 cents, and then cut its fiscal 2016 revenue estimate to in the range of $650 million, well below consensus of $796 million.<\/span>
\n Tuesday’s Key Earnings<\/strong>
\n AIG (NYSE:AIG) +2.1% AH boosting its buyback.
\n CVS Health (NYSE:CVS) +4.9% beating earnings estimates.
\n Electronic Arts (NASDAQ:EA) -2.5% AH giving a light forecast.
\n Fitbit (NYSE:FIT) +7.2% AH on new product sales.
\n Pfizer (NYSE:PFE) -2.5% despite topping expectations.
\n Procter & Gamble (NYSE:PG) +0.4% on productivity savings.
\n Sodastream (NASDAQ:SODA) +16.4% posting strong sales growth.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>
\n Today’s Economic Calendar<\/strong>
\n 7:00 MBA Mortgage Applications
\n 8:15 ADP Jobs Report
\n 8:30 Gallup U.S. Job Creation Index
\n 8:30 Treasury Refunding Quarterly Announcement
\n 9:45 PMI Services Index
\n 10:00 ISM Non-Manufacturing Index
\n 10:30 EIA Petroleum Inventories<\/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 Wednesday. The Asian\/Pacific markets closed mostly down. Japan, Hong Kong, Singapore, Australia, India and South Korea each dropped more than 1%. Malaysia, New Zealand and Taiwan were also weak. Europe currently leans to the downside. The Czech Republic is down more than 2%; Turkey more than 1%; France, Sweden and Denmark are […]<\/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\/9838"}],"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=9838"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/9838\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}