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Stock Market Opening Report - November 9, 2012

 November 09, 2012 10:39 AM

(By Rich Bieglmeier) The equity markets are in the middle of a cannonball dive into a pool of sell tickets. Wall Street is reacting negatively to the reality of the fiscal cliff. Both sides of the aisle will take to the TV to draw their lines in the sand during negotiations. The tough talk is likely to drive stocks further into the red.

As we scan through the index charts and many of their components, iStock sees a lot of price breakdowns. Support doors are beginning to unlock, which means the pace of the fall could accelerate.

Goldman Sachs did say it would take a 15%-20% decline in stock prices for the politicos to come to a decision. If both sides continue to demagogue the issue, we could be there by Christmas, or another blow-off day as we saw in 1987 could be looming.

[Related -6 Reasons Why Markets Discount The FOMC's Rate Forecasts For 2016]

Right now, the fiscal cliff is the issue and it is blowing holes through support levels faster than my daughter downs chocolate covered pretzels. If 2,850 doesn't hold, the NASDAQ is racing towards 2,750. The Dow could challenge 12,000 after 12,600 breaks, and the S&P is staring at 1,275 once 1,325 goes bye-bye.

It's getting ugly and is likely to get uglier before getting better. Other than that, jobless claims were better than expected; although, big revisions up are coming thanks to Sandy. However, economic news will continue to be overwhelmed by the financial and political storm that is brewing.

On to our iEstimates, we were surprised to find only two companies could make the grade this week.

CompanyTickerReport DateEPS EstimateiEstimateSurprise% Surprise
Michael KorsKORS11/12/20120.4$0.47 0.0717.50%
Foot Locker IncFL11/16/20120.54$0.57 0.035.56%

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Last Week's Results

CompanyTickerRelease DateEPSiEstimatePredicted SurprisePecent SurpriseActual
Cvr Energy IncCVI11/5/2012$2.63$2.80 $0.17 6.56%$3.00
Eog Res IncEOG11/5/2012$1.09$1.14 $0.05 4.35%$1.73
Globe SpecialtyGSM11/5/2012$0.16$0.17 $0.01 3.33%$0.16
Xl Group PlcXL11/5/2012$0.50$0.58 $0.08 16.13%$0.61
Comp ScienceCSC11/6/2012$0.47$0.50 $0.03 6.45%$0.83
Financial EnginFNGN11/6/2012$0.11$0.11 $0.00 2.38%$0.13
Leapfrog EntrpsLF11/6/2012$0.41$0.47 $0.06 14.87%$0.60
Liberty M Int-ALINTA11/6/2012$0.17$0.20 $0.03 17.69%$0.00
Delek Us HldgsDK11/7/2012$1.54$1.70 $0.16 10.16%$1.67
Sapient CorpSAPE11/7/2012$0.13$0.14 $0.01 5.56%$0.15
Sunoco LogisticSXL11/7/2012$0.76$0.93 $0.17 22.87%$1.09
Ebix IncEBIX11/8/2012$0.40$0.43 $0.03 7.18%$0.46
Fly Leasing LtdFLY11/8/2012$0.49$0.91 $0.42 84.92%$0.21
Huntington InglHII11/8/2012$0.80$0.86 $0.06 7.99%$0.74
Warner Chil PlcWCRX11/9/2012$0.78$0.84 $0.06 7.42%$0.90


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