Cal-Maine Foods Inc. (CALM) is scheduled to report quarterly financial results this morning before the market opens. Cal-Main is the largest producer of shell eggs in the US. A market cap of 1.08B, the stock has seen a steady yearly growth of 50%, $0.04 below the 52 week high of $44.98. The stock was up $0.36 on Friday.
The ISM Manufacturing Index will be released today at 10 am EST. The survey measures manufacturing employment, production, new orders, supplier deliveries, and inventories. Any result above 43 shows growth in the US economy, but a shrinking manufacturing sector. Any number above 50 shows a growing manufacturing sector. Analysts are projecting a tenth of a point in growth to 49.7.
Indices, metals, energy, and grains futures are all posting losses in premarket trading.
As of 6:30 am, Dow futures are down 55.00 points to 13,445.00, S&P futures down 6.00 to 1,446.00, and Nasdaq futures down 9.50 to 2,843.00. Gold futures are down 18.70 to 1759.30, silver futures are down less than a point to 33.72 and crude futures down a points and a quarter to 91.64.
The two Nasdaq powerhouses, Apple (AAPL| 700.09) and Google (GOOG| 733.99), are both down in premarket trading, -4.84 and -3.49 respectively. After the stocks chased each other to the $700 price point and above, investors might be weary of buying in at such a high price. I would expect a slowing of growth as they both continue to gain value from now till the end of the year, even after news of record iPhone 5 sales. AAPL is sitting around its all-time high, while GOOG remains about 10-15 points out of range of its own all-time high.
Lennar Corp (LEN), a stock the KOTM team has been expecting to bounce up after earnings this morning, reported 0$.40 earnings per share, a growth of 263.3% year-over-year. Analysts expectations were beat by $0.12 and $50 million in revenues. The stock is up $1.18 or 4.84% in premarket trading. LEN moved through its 52-week high on friday making the new high point $37.88.
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Alex Kalish has a master’s degree in economics from Suffolk U.
Questions, comments and suggestions welcome: alexk@keeneonthemarket.com
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