{"id":9973,"date":"2016-10-07T07:48:23","date_gmt":"2016-10-07T12:48:23","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=9973"},"modified":"2016-10-07T07:48:23","modified_gmt":"2016-10-07T12:48:23","slug":"before-the-open-oct-7-6","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=9973","title":{"rendered":"Before the Open (Oct 7)"},"content":{"rendered":"

Good morning. Happy Friday. Happy Employment Numbers Day. <\/span>
\n The Asian\/Pacific<\/strong> markets closed down across-the-board. Hong Kong, Indonesia, New Zealand and South Korea posted the biggest losses (down 0.4 – 0.6%). Europe<\/strong> is currently mostly down, but losses aren’t too extreme. France, the Netherlands, Sweden, Russia, Poland, Denmark, Finland and Spain are down the most. The UK is posting a solid gain. Futures in the States<\/strong> point towards a gap down open for the cash market. This of course may change when the employment data is released. <\/span>
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\n The dollar is up. Oil and copper are flat. Gold and silver are up. Bonds are down. <\/span>
\n Here are the employment numbers\u2026<\/span>
\n unemployment rate: 5.0% (was 4.9% last month)
\n nonfarm payrolls: +156K
\n private payrolls:
\n average workweek: down 0.1 hour to 34.4 hours
\n hourly wages: up 0.2% to $25.79
\n labor participation rate: 62.8% (up from 62.7%)<\/span><\/span><\/span><\/span><\/span><\/span>
\n August job gains raised from 151K to 167K.
\n July job gain reduced from 275K to 252K.<\/span><\/span>
\n These numbers are considered a little on the weaker side. Some will say a rate increase in December is not necessarily a given, so the futures initially moved up with gold and silver. Overall the moves are very muted.<\/span>
\n The British pound dropped as much as 9% overnight is what is being called a fat finger error. The US dollar, which has been on a little run lately, is up a small amount. <\/span>
\n It’s Friday. The market has been sitting in a teeny tiny range. I looked at many charts yesterday and didn’t see much that jumped off my screen. There are decent set ups, but the risk\/rewards aren’t great. <\/span>
\n Trade, but I see no reason to swing for the fences. More after the open. <\/span>
\nStock headlines<\/strong> from barchart.com…<\/span>
\n Carnival (CCL +0.12%) is down nearly 2% in pre-market trading after Hurricane Matthew forced cruise line operators to alter their routes because of the storm.<\/span>
\n Zillow Group (ZG -2.73%) was rated a new ‘Buy’ at Needham & Co. with a 12-month target price of $40.<\/span>
\n Tyson Foods (TSN +0.83%) was downgraded to ‘Sell’ from ‘Buy’ at Pivotal with a price target of $40.<\/span>
\n Honeywell International (HON +0.30%) sold-off 5% in after-hours trading after it reported Q3 sales of $9.8 billion, missing guidance of $10 billion-$10.2 billion.<\/span>
\n The Gap (GPS +1.11%) jumped 6% in after-hours trading after it reported September comparable sales down -3%, a smaller decline than expectations of -3.6%.<\/span>
\n Citizens Financial Group (CFG +0.47%) was rated new ‘Outperform’ at Wedbush with a 12-month target price of $29.<\/span>
\n Helen of Troy Ltd (HELE +0.43%) lost nearly 3% in after-hours trading after it lowered guidance on fiscal 2017 revenue to $1.55 billion-$1.59 billion from a July 7 estimate of $1.57 billion-$1.62 billion.<\/span>
\n CIT Group (CIT +0.39%) rose nearly 6% in after-hours trading after it said it will sell its commercial air craft leasing business for $10 billion to Avalon Holdings.<\/span>
\n Mistras Group (MG +0.34%) dropped 6% in after-hours trading after it lowered guidance on fiscal 2017 revenue to $690 million-$705 million from a prior view of $720 million-$735 million.<\/span>
\n Regions Financial (RF +0.10%) was rated a new ‘Outperform’ at Wedbush with a 12-month target price of $12.<\/span>
\n AxoGen (AXGN -2.49%) slid over 2% in after-hours trading after it proposed an offering of stock, although no amount was given.<\/span>
\n Dynavax Technologies (DVAX -3.67%) climbed over 4% in after-hours trading after Point72 boosted its stake in the company to 5.9% from 1.2% in June.<\/span>
\n Ruby Tuesday (RT +1.62%) dropped 5% in after-hours trading after it said it was discontinuing guidance to “focus on long-term strategic objectives.”<\/span>
\n Wednesday’s Key Earnings<\/strong>
\n Monsanto (NYSE:MON) +1.6% after beating expectations.
\n Yum! Brands (NYSE:YUM) -2.2% AH on poor Chinese sales.<\/span><\/span><\/span>
\n Today’s Economic Calendar<\/strong>
\n 8:30 Non-farm payrolls
\n 10:30 Stanley Fischer
\n 12:45 PM Fed’s Mester speech
\n 1:00 PM Baker-Hughes Rig Count
\n 3:00 PM Fed’s George speech
\n 3:00 PM Consumer Credit
\n 4:00 PM Fed’s Reserve Gov. Lael Brainard speech<\/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 Friday. Happy Employment Numbers Day. The Asian\/Pacific markets closed down across-the-board. Hong Kong, Indonesia, New Zealand and South Korea posted the biggest losses (down 0.4 – 0.6%). Europe is currently mostly down, but losses aren’t too extreme. France, the Netherlands, Sweden, Russia, Poland, Denmark, Finland and Spain are down the most. The […]<\/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\/9973"}],"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=9973"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/9973\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}