Pre-opening Comments for Friday October 25th 2013
U.S. equity index futures were mixed this morning. S&P 500 futures slipped 1 point in pre-opening trade.
Index futures slipped lower following release of the September Durable Goods Orders report. Consensus was a gain of 3.5% versus a revised increase of 0.2% in September. Actual was a gain of 3.7% thanks to a spike in Boeing aircraft orders. Excluding Transportation, consensus for September Orders was a gain of 0.4% versus a revised decline of 0.4% in August. Actual was a decline of 0.1%.
Third quarter reports continue to pour in. Companies that reported since yesterday’s close included UPS, Microsoft, Amazon.com, Zynga and Procter & Gamble.
Ford added $0.06 to $17.82 after CLSA upgraded the stock from Under Perform to Outperform. Target was raised from $18 to $20.
Colgate Palmolive gained $0.32 to $63.38 after Canaccord upgraded the stock from Sell to Hold. Target was raised from $52 to $58.
Agnico-Eagle (AEM $30.52) is expected to open higher after CIBC Capital upgraded the stock from Sector Perform to Outperform.
Hasbro (HAS $50.58) is expected to open higher after BMO Capital upgraded the stock from Under Perform to Market Perform.
Dupont gained $1.60 to $62.98 after Citigroup upgraded the stock from Neutral to Buy. Target was increased from $61 to $70.
Caterpillar dropped $0.24 to $84.29 after Atlantic Equities downgraded the stock from Overweight to Neutral.
Amazon.com gained $25.01 to $357.22 after Raymond James upgraded the stock from Market Perform to Strong Buy. Target is $446.
Disney added $0.24 to $69.29 after FBR Capital initiated coverage with an Outperform rating.
EquityClock.com’s Daily Market Comment
Following is a link:
Will Tuesday’s high for the S&P 500 Index at 1,759.33 prove to be a short term high? Technicals remain short term overbought and showing early signs of rolling over.
Weakness in Chinese equities also is raising short term equity market concerns. Double top pattern?
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Consumer Discretionary Sector Seasonal Chart
Brooke Thackray Presentations
Brooke is appearing on BNN’s Market Call today at 6:00 PM EDT. Brooke also is presenting at the Toronto MoneyShow on Saturday morning.
Disclaimer: Comments and opinions offered in this report at www.timingthemarket.ca are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed.
Don and Jon Vialoux are research analysts for Horizons Investment Management Inc. All of the views expressed herein are the personal views of the authors and are not necessarily the views of Horizons Investment Management Inc., although any of the recommendations found herein may be reflected in positions or transactions in the various client portfolios managed by Horizons Investment Management Inc
Horizons Seasonal Rotation ETF HAC October 24th 2013