|
The markets tested support levels yesterday, and after holding support and trading sideways for a few hours, buy interest returned, sending the markets higher. This morning once again, stocks are reacting to better than expected earnings from several big name companies (MSFT,AMZN,WHR). The 1100 area on the S&P is one to watch again today, as a breakout above here could lead to some big follow through upside momentum, but, just like a couple days ago, if we trade up here and can't break through, the market will be susceptible to a pull back. We still believe the longer term trade is to slowly take long exposure off the table. As for the day trade, once again until there is a clear change in momentum, and with the big earnings out today, we think it is safe to look to buy a pullback for a trade. As always, use stops/trailing stops you are comfortable with. Currently, futures are pointing to a higher opening.
Futures Glance:
Index |
Futures
|
Fair Value
|
+/- FairValue
|
|
Dow Jones
|
+13.00
|
-5.69
|
+18.69
|
|
S&P 500
|
+2.00
|
-1.29
|
+3.29
|
|
NASDAQ
|
+15.25
|
-0.85
|
+16.10
|
Picks Sheet Notes:
None at this time
This Mornings POI's (Points of Interest):
AMZN- Beat by $0.12; Beat on Revenue; Guided Q4 Revenue Above Consensus; Currently trading up about 17.4% or $16.30 Pre-Mkt
MSFT- Beat by $0.08; Beat on Revenue; Currently trading up about 10.9% or $2.90 Pre-Mkt
Other Earnings:
Company |
Symbol
|
Actual
|
First Call
|
+/- Est
|
Yr Ago
|
Yr/Yr Rev
|
|
Acacia Research
|
ACTG
|
-0.16
|
0.06
|
-0.22
|
|
-7.20%
|
|
Affiliated Computer
|
ACS
|
0.95
|
0.94
|
0.01
|
0.89
|
4.50%
|
|
Align Tech
|
ALGN
|
0.13
|
0.05
|
0.08
|
0.11
|
5.50%
|
|
Amazon.com
|
AMZN
|
0.45
|
0.33
|
0.12
|
0.27
|
27.80%
|
|
American Express
|
AXP
|
0.44
|
0.38
|
0.06
|
0.74
|
-16.00%
|
|
AmSurg
|
AMSG
|
0.44
|
0.43
|
0.01
|
0.39
|
11.40%
|
|
Avid Tech
|
AVID
|
0.02
|
-0.01
|
0.03
|
-0.12
|
-29.20%
|
|
AVX Corp
|
AVX
|
0.19
|
0.16
|
0.03
|
0.19
|
-22.40%
|
|
BancorpSouth
|
BXS
|
0.26
|
0.35
|
-0.09
|
|
-1.00%
|
|
BJ Restaurants
|
BJRI
|
0.12
|
0.13
|
-0.01
|
0.08
|
8.50%
|
|
Bottomline Tech
|
EPAY
|
0.27
|
0.18
|
0.09
|
0.12
|
3.10%
|
|
Broadcom
|
BRCM
|
0.16
|
0.11
|
0.05
|
0.31
|
-3.50%
|
|
Bucyrus
|
BUCY
|
1.21
|
0.86
|
0.35
|
0.85
|
4.60%
|
|
Builders Firstsource
|
BLDR
|
-0.42
|
-0.34
|
-0.08
|
-0.37
|
-29.00%
|
|
Burl Nrth Santa Fe
|
BNI
|
1.42
|
1.28
|
0.14
|
1.92
|
-26.70%
|
|
CA Inc
|
CA
|
0.42
|
0.4
|
0.02
|
0.41
|
-3.20%
|
|
Cache
|
CACH
|
-0.43
|
-0.2
|
-0.23
|
-0.12
|
-22.70%
|
|
Capital One
|
COF
|
0.94
|
0.14
|
0.80
|
1
|
11.70%
|
|
Chartered Semi
|
CHRT
|
-0.01
|
-0.03
|
0.02
|
-0.11
|
-10.40%
|
|
Cheesecake Factory
|
CAKE
|
0.29
|
0.24
|
0.05
|
0.19
|
-1.10%
|
|
Chipotle Mexican Grill
|
CMG
|
1.08
|
0.88
|
0.20
|
0.59
|
13.80%
|
|
Chubb
|
CB
|
1.56
|
1.27
|
0.29
|
0.93
|
-6.90%
|
|
City National
|
CYN
|
0.05
|
0.08
|
-0.03
|
0.74
|
13.00%
|
|
Columbia Sportswear
|
COLM
|
1.38
|
1
|
0.38
|
1.69
|
-4.00%
|
|
Columbus McKinnon
|
CMCO
|
0.12
|
0.08
|
0.04
|
0.56
|
-25.50%
|
|
Compuware
|
CPWR
|
0.12
|
0.08
|
0.04
|
0.08
|
-19.20%
|
|
CyberSource
|
CYBS
|
0.2
|
0.19
|
0.01
|
|
13.90%
|
|
Deckers Outdoor
|
DECK
|
2.59
|
2.25
|
0.34
|
1.97
|
15.80%
|
|
Developers Diversified Rlty
|
DDR
|
0.44
|
0.43
|
0.01
|
0.83
|
-9.20%
|
|
Dover
|
DOV
|
0.58
|
0.48
|
0.10
|
1.01
|
-23.70%
|
|
Eastman Chem
|
EMN
|
1.38
|
1.13
|
0.25
|
1.35
|
-26.50%
|
|
EMC Insurance Group
|
EMCI
|
-0.24
|
0.18
|
-0.42
|
-0.02
|
|
|
Emulex
|
ELX
|
0.08
|
0.06
|
0.02
|
0.22
|
-23.50%
|
|
Exelon
|
EXC
|
0.96
|
0.96
|
0.00
|
1.07
|
-17.40%
|
|
Fed Investors
|
FII
|
0.56
|
0.52
|
0.04
|
0.56
|
-4.00%
|
|
First Financial
|
FFIN
|
0.67
|
0.66
|
0.01
|
|
|
|
Fortune Brands
|
FO
|
0.77
|
0.61
|
0.16
|
1.11
|
-10.60%
|
|
Gardner Denver
|
GDI
|
0.61
|
0.43
|
0.18
|
0.88
|
-10.70%
|
|
Healthways
|
HWAY
|
0.26
|
0.23
|
0.03
|
|
-3.10%
|
|
Hittite Microwave
|
HITT
|
0.4
|
0.35
|
0.05
|
0.44
|
-8.80%
|
|
HOKU Scientific
|
HOKU
|
-0.05
|
-0.05
|
0.00
|
-0.05
|
-21.10%
|
|
Honeywell
|
HON
|
0.76
|
0.72
|
0.04
|
0.97
|
-17.00%
|
|
IDEXX Labs
|
IDXX
|
0.52
|
0.45
|
0.07
|
0.42
|
3.20%
|
|
Informatica
|
INFA
|
0.22
|
0.2
|
0.02
|
0.19
|
8.40%
|
|
Ingersoll-Rand
|
IR
|
0.7
|
0.61
|
0.09
|
0.99
|
-19.20%
|
|
Interactive Brokers
|
IBKR
|
0.2
|
0.31
|
-0.11
|
0.65
|
-45.30%
|
|
Juniper Networks
|
JNPR
|
0.23
|
0.21
|
0.02
|
0.32
|
4.80%
|
|
L.B. Foster Company
|
FSTR
|
0.6
|
0.39
|
0.21
|
0.64
|
-36.50%
|
|
Lattice Semi
|
LSCC
|
0
|
-0.02
|
0.02
|
-0.06
|
-14.80%
|
|
Leggett & Platt
|
LEG
|
0.34
|
0.28
|
0.06
|
0.34
|
-28.50%
|
|
MEMC Elec
|
WFR
|
-0.29
|
-0.06
|
-0.23
|
0.86
|
9.60%
|
|
Micrel
|
MCRL
|
0.12
|
0.08
|
0.04
|
0.13
|
-12.70%
|
|
Microsoft
|
MSFT
|
0.4
|
0.32
|
0.08
|
0.48
|
-14.20%
|
|
Minerals Tech
|
MTX
|
0.53
|
0.27
|
0.26
|
1.06
|
-20.70%
|
|
Monolithic Power
|
MPWR
|
0.24
|
0.23
|
0.01
|
0.33
|
16.50%
|
|
Netflix
|
NFLX
|
0.52
|
0.46
|
0.06
|
0.33
|
3.60%
|
|
NETGEAR
|
NTGR
|
0.31
|
0.08
|
0.23
|
0.19
|
-4.60%
|
|
NetScout Systems
|
NTCT
|
0.22
|
0.19
|
0.03
|
0.23
|
-17.70%
|
|
Omnicell
|
OMCL
|
0.1
|
0.1
|
0.00
|
0.17
|
2.50%
|
|
Oriental Fincl Grp
|
OFG
|
0.83
|
0.54
|
0.29
|
0.55
|
|
|
PMC-Sierra
|
PMCS
|
0.15
|
0.14
|
0.01
|
0.13
|
6.30%
|
|
Power Integrations
|
POWI
|
0.36
|
0.33
|
0.03
|
0.34
|
21.70%
|
|
Premiere Glbl Svcs
|
PGI
|
0.2
|
0.18
|
0.02
|
0.26
|
-5.40%
|
|
Rambus
|
RMBS
|
-0.26
|
-0.24
|
-0.02
|
-0.27
|
-5.10%
|
|
Rightnow Tech
|
RNOW
|
0.12
|
0.07
|
0.05
|
0
|
6.90%
|
|
Riverbed Technology
|
RVBD
|
0.19
|
0.15
|
0.04
|
0.15
|
12.70%
|
|
Rocky Brands
|
RCKY
|
0.5
|
0.33
|
0.17
|
0.45
|
-8.10%
|
|
Saia
|
SAIA
|
0.24
|
-0.01
|
0.25
|
0.21
|
-19.00%
|
|
ScanSource
|
SCSC
|
0.41
|
0.44
|
-0.03
|
0.47
|
-9.60%
|
|
Schlumberger
|
SLB
|
0.65
|
0.63
|
0.02
|
1.29
|
-25.20%
|
|
Silicon Image
|
SIMG
|
-0.04
|
-0.05
|
0.01
|
0.13
|
-52.20%
|
|
SonicWALL
|
SNWL
|
0.1
|
0.09
|
0.01
|
0.08
|
-4.90%
|
|
Stamps.com
|
STMP
|
0.17
|
0.12
|
0.05
|
0.17
|
0.00%
|
|
Sunpower
|
SPWRA
|
0.42
|
0.4
|
0.02
|
0.6
|
56.40%
|
|
SVB Financial Group
|
SIVB
|
0.61
|
0.28
|
0.33
|
0.77
|
-5.90%
|
|
Synaptics
|
SYNA
|
0.48
|
0.42
|
0.06
|
0.5
|
3.70%
|
|
Synovus
|
SNV
|
-1.27
|
-0.67
|
-0.60
|
-0.08
|
|
|
T. Rowe Price
|
TROW
|
0.5
|
0.46
|
0.04
|
0.56
|
-10.20%
|
|
VCA Antech
|
WOOF
|
0.42
|
0.42
|
0.00
|
0.42
|
2.00%
|
|
Viad Corp
|
VVI
|
-0.2
|
-0.13
|
-0.07
|
0.7
|
-40.10%
|
|
Washington REIT
|
WRE
|
0.48
|
0.48
|
0.00
|
|
8.30%
|
|
Western Digital
|
WDC
|
1.25
|
0.94
|
0.31
|
0.93
|
4.30%
|
|
Whirlpool
|
WHR
|
1.15
|
0.77
|
0.38
|
2.15
|
|
|
Wilmington Trust
|
WL
|
-0.15
|
0.07
|
-0.22
|
0.53
|
|
Upgrades/Downgrades/Initiations/Reiterations
Upgrades:
Symbol |
Firm
|
Rating Change
|
Price Target
|
|
ALGN
|
Barrington Research
|
Neutral to Overweight
|
$22
|
|
AMZN
|
FBR Capital
|
Mkt Perform to Outperform
|
$95 to $130
|
|
AMZN
|
Benchmark
|
Hold to Buy
|
$103 to $143
|
|
EPAY
|
Needham
|
Buy to Strong Buy
|
$18
|
|
CFNL
|
Stifel Nicolaus
|
Hold to Buy
|
$10
|
|
DO
|
Jesup & Lamont
|
Hold to Buy
|
$126
|
|
EGBN
|
Stifel Nicolaus
|
Hold to Buy
|
|
|
EBAY
|
Argus
|
Hold to Buy
|
$32
|
|
GRS
|
UBS
|
Neutral to Buy
|
|
|
ITRI
|
Deutsche Securities
|
Hold to Buy
|
$50 to $70
|
|
JNPR
|
Piper Jaffray
|
Underweight to Neutral
|
|
|
LSCC
|
Northland Securities
|
Market Perform to Outperform
|
$3 to $3.25
|
|
LM
|
Credit Suisse
|
Underperform to Neutral
|
$31 to $33
|
|
MRX
|
Thomas Weisel
|
Market Weight to Overweight
|
|
|
PNC
|
Wells Fargo
|
Market Perform to Outperform
|
|
|
RNOW |
|
|
