Monday, October 28, 2013

Monday Oct 28 pre-mkt outlook

The /ES looks to open around 1753 after closing at 1754 on Friday. It traded at an overnight high of 1762 and a low of 1751. The 10yr finished at about 2.504 and is currently trading around 2.518.

$MRK is out with earnings which disappointed which to me is no real surprise after they announced a few weeks ago layoffs for better than 25% of the company. Most businesses aren't laying people off because business is good. The stock closed at 46.50 and is currently trading around 45.70.

$BMY is out with an upgrade this AM and it has the stock trading higher in the pre-mkt. CS adds it to US focus list saying it is best positioned to benefit from a multi-year cycle. The stock closed at 48.80 and is currently trading around 50.25. The stock has seen some heavy call option volume in recent weeks.

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