{"id":9854,"date":"2016-08-10T07:39:08","date_gmt":"2016-08-10T12:39:08","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=9854"},"modified":"2016-08-10T07:39:08","modified_gmt":"2016-08-10T12:39:08","slug":"before-the-open-aug-10-6","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=9854","title":{"rendered":"Before the Open (Aug 10)"},"content":{"rendered":"

Good morning. Happy Wednesday.<\/span>
\n The Asian\/Pacific<\/strong> markets closed with a lean to the downside, but movement was minimal. India dropped 1.1%, and Taiwan moved up 0.5%. Otherwise the markets were all within 0.3% of their unchanged levels. Europe<\/strong> is currently mostly down, but movement is minimal there too. Austria, Norway and Denmark are down; Greece is up. Everything else is close to unchanged. Futures in the States<\/strong> point towards a positive open for the cash market. <\/span>
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\n Sponsor: <\/strong>PLcharts.com<\/a> – draw and share profit\/loss charts on the web. Here’s an example of a 50\/55 call spread<\/a>.<\/strong><\/span>
\n <\/strong>
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\n <\/strong>————————-<\/span>
\n The dollar is down. Oil is down; copper is up. Gold and silver are up. Bonds are up. <\/span>
\n There is very little going on with the market right now. In fact I can’t remember a time when the market was so quiet. The intraday range, volume, movement, volatility – all very low. I’m not a quant, so I can’t crunch numbers and give you an historical perspective, but purely from observation I can tell you this is as slow as it gets. This is a true summer doldrums. <\/span>
\n I, of course, remain bullish and believe the S&P is headed for 2300-2400, which at this point isn’t that far away. The index rallied 150 points off its post-Brexit low in two weeks. It could do the same at any time. It’s doubtful it happens now, but once the ball gets rolling, it could certainly happen quickly. <\/span>
\n Gold and silver remain a place to be. Despite not much going on among the indexes (it seems all the cross-currents are canceling each other out) there are a few groups doing very well. We’ve been long gold and silver since February and have no reason to abandon positions. Today I’ll update the gold and silver report I posted two weeks ago. More after the open. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Yelp (YELP +3.03%) jumped 12% in pre-market trading after it reported a surprise Q2 EPS profit of 1 cent, much better than consensus of a -7 cent loss, and then raised its full-year revenue estimate to $700 million-$708 million from a prior view of $690 million-$702 million.<\/span>
\n Michael Kors Holdings Ltd. (KORS -0.32%) slipped nearly 3% in pre-market trading after it reported Q1 adjusted EPS of 88 cents, better than consensus of 74 cents, but said it sees Q2 adjusted EPS of 84 cents-88 cents, below consensus of $1.03.<\/span>
\n Disney (DIS +0.96%) fell over 1% in pre-market trading after it reported Q3 adjusted EPS of $1.62, above consensus of $1.61, but said its Q3 free cash flow was $33 million, well below consensus of $2.0 billion, after it bought a minority stake in BAMtech for $1 billion.<\/span>
\n WhiteWave Foods (WWAV +0.29%) was downgraded to ‘Neutral’ from ‘Buy’ at DA Davidson.<\/span>
\n Cinemark Holdings (CNK -0.82%) was downgraded to ‘Hold’ from ‘Buy’ at Drexel Hamilton LLC.<\/span>
\n Buffalo Wild Wings (BWLD +0.53%) was downgraded to ‘Market Perform’ from ‘Outperform’ at Raymond James.<\/span>
\n Fossil Group (FOSL -1.24%) gained over 2% in after-hours trading after it reported Q2 EPS of 12 cents, higher than consensus of 9 cents.<\/span>
\n Cliffs Natural Resources (CLF -4.58%) dropped 3% in after-hours trading after it announced a $300 million secondary offering.<\/span>
\n Mylan NV (MYL +2.86%) lost nearly 2% in after-hours trading after it reported Q2 adjusted EPS of $1.16, higher than consensus of $1.14, but Q2 revenue of $2.56 billion was weaker than consensus of $2.57 billion.<\/span>
\n SunPower (SPWR -3.40%) plunged over 22% in pre-market trading after it abandoned plans to at least break even this year, citing challenging conditions in its power-plant business. SPWR now sees a 2016 net loss of $125 million-$175 million, well below a May forecast of break-even or a profit of as much as $50 million.<\/span>
\n Myriad Genetics (MYGN -1.77%) sank over 20% in after-hours trading after it reported Q4 adjusted EPS of 36 cents, weaker than consensus of 38 cents, and said it sees 2017 adjusted EPS of $1.00-$1.10, well below consensus of $1.79.<\/span>
\n Halozyme Therapeutics (HALO +3.07%) rose over 6% in after-hours trading after it reported a Q2 loss of -21 cents a share. a smaller loss than consensus of -29 cents.<\/span>
\n DHT Holdings (DHT -1.44%) rallied almost 5% in after-hours trading after it reported Q2 EPS of 34 cents, better than consensus of 30 cents.<\/span>
\n Clean Energy Fuels (CLNE +1.75%) surged 15% in after-hours trading after it reported an unexpected Q2 adjusted EPS profit of 3 cents, much better than consensus of a -14 cent loss.<\/span>
\n Tuesday’s Key Earnings<\/strong>
\n Cheniere Energy (NYSEMKT:LNG) -1.8% as a natural gas glut depressed prices.
\n Disney (DIS) -1.2% AH despite topping estimates.
\n SolarCity (NASDAQ:SCTY) -1.4% AH issuing weak guidance.
\n SunPower (NASDAQ:SPWR) -22.3% AH cutting its revenue forecast, workforce.
\n Valeant (NYSE:VRX) +25.4% receiving offers for its core assets.
\n Yelp (NYSE:YELP) +11.4% AH after beating expectations.<\/span><\/span><\/span><\/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 10:30 EIA Petroleum Inventories
\n 1:00 PM Results of $23B, 10-Year Note Auction
\n 2:00 PM Treasury Budget<\/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 with a lean to the downside, but movement was minimal. India dropped 1.1%, and Taiwan moved up 0.5%. Otherwise the markets were all within 0.3% of their unchanged levels. Europe is currently mostly down, but movement is minimal there too. Austria, Norway and Denmark are down; Greece […]<\/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\/9854"}],"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=9854"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/9854\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}