logo
  Join        Login             Stock Quote

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 -Seven Top Stocks With Fresh Dividend Growth Or Share Buybacks]

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%

[Related -The Chip Maker Short Sellers Should Be Watching]

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
iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageThe Chip Maker Short Sellers Should Be Watching

Investing in semiconductor stocks is always tricky. Industry cycles can lead to bumps in the road for the read on...

article imageChicago Fed: US Economic Growth Slowed In October

The pace of US growth slowed more than expected in October, according to this morning’s update of the read on...

article imageHoliday Fever Takes Hold Of Stock Investors, But A Pullback Is Needed

With warmer weather arriving to melt the early snowfall across much of the country, investors seem to be read on...

article imageIs 0% Growth For 90% A Successful Economic Model?

Via Greg Mankiw I read the review of Piketty's book by Deirdre McCloskey. The review reminds me of the read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.