{"id":9878,"date":"2016-08-22T07:53:43","date_gmt":"2016-08-22T12:53:43","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=9878"},"modified":"2016-08-22T07:53:43","modified_gmt":"2016-08-22T12:53:43","slug":"before-the-open-aug-22-5","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=9878","title":{"rendered":"Before the Open (Aug 22)"},"content":{"rendered":"

Good morning. Happy Monday. Hope you had a good weekend. <\/span>
\n The Asian\/Pacific<\/strong> markets closed mixed. China, South Korea and Taiwan fell; New Zealand did well. Europe<\/strong> currently leans to the downside, but movement is minimal. The UK, Germany and Austria are down; Denmark is doing well. Futures in the States<\/strong> point towards a down open for the cash market. <\/span>
\n—————
\nLB Weekly<\/a> – the indexes, the breadth indicators, a look at the big picture
\n—————<\/span>
\n The dollar is up. Oil and copper are down. Gold and silver are down. Bonds are up. <\/span>
\n There isn’t much to say on this Monday morning that wasn’t already discussed in the LB Weekly<\/a> published yesterday morning. <\/span>
\n In it I concluded longer term I like the market, but shorter term I am more neutral. Several divergences have formed between the price action and the breadth indicators, and I can make a decent case for both the bulls and bears regarding the market’s the next short term move. The market doesn’t look obvious in the near term. <\/span>
\n Gold and silver continue to be iffy in the near term. Oil is extended and not worth chasing. <\/span>
\n Pfizer (PFE) is acquiring Medivation (MDVN) for $14B. <\/span>
\n Iraq plans to increase oil exports 5%, or 150,000 barrles, in the next couple days. <\/span>
\n A conference at Jackson Hole, WY will take place later this week. Janet Yellen will be speaking. <\/span>
\n Earnings season is basically over. <\/span>
\n That’s it. More after the open. LB Weekly<\/a><\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Freeport-McMoRan (FCX -2.13%) slid almost 3% in pre-market trading as metals price declined.<\/span>
\n Medivation (MDVN -0.04%) jumped almost 20% in pre-market trading after people familiar with the situation said that Pfizer is close to an agreement to buy the company for about $14 billion, or $81.50 a share.<\/span>
\n Workday (WDAY +0.87%) was downgraded to ‘Hold’ from ‘Buy’ at Needham & Co.<\/span>
\n Cardiovascular Systems (CSII -0.26%) was upgraded to ‘Outperform’ from ‘Market Perform’ at Leerink Partners.<\/span>
\n Hormel Foods (HRL +4.37%) was upgraded to ‘Outperform’ from ‘Neutral’ at Credit Suisse.<\/span>
\n Illumina (ILMN -0.41%) was downgraded to ‘Neutral’ from ‘Buy’ at CL King.<\/span>
\n Mattress Firm Holding (MFRM) was downgraded to ‘Underperform’ from ‘Market Perform’ at Raymond James.<\/span>
\n Lockheed Martin (LMT -0.51%) won a $10 billion U.S. defense contract for support of the Air Force’s C-130J program with work expected to be completed by Aug 18, 2026.<\/span>
\n Green Plains Partners LP (GPP +0.59%) was rated a new ‘Buy’ at DA Davidson with a 12-month target price of $21.<\/span>
\n Marvel (MRVL +4.29%) gained almost 1% in after-hours trading after DealReporter said the company was continuing steps to explore a sale.<\/span>
\n SITO Mobile Ltd (SITO -0.96%) slid over 4% in after-hours trading after it registered a $50 million mixed securities shelf.<\/span>
\n CIFC LLC (CIFC +0.43%) surged over 40% in after-hours trading after F.A.B. Partners acquired the company for $333 million of 11.46 a share, a 65% premium from Friday’s closing price.<\/span>
\n Today’s Economic Calendar<\/strong>
\n 8:30 Chicago Fed National Activity Index<\/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 Monday. Hope you had a good weekend. The Asian\/Pacific markets closed mixed. China, South Korea and Taiwan fell; New Zealand did well. Europe currently leans to the downside, but movement is minimal. The UK, Germany and Austria are down; Denmark is doing well. Futures in the States point towards a down open […]<\/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\/9878"}],"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=9878"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/9878\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}