Before the Open (Oct 26)

Good morning. Happy Wednesday.
The Asian/Pacific closed mostly down. Hong Kong, Australia, New Zealand and South Korea dropped more than 1%. India and Singapore were also weak. Europe is currently mostly weak. The Netherlands and Norway are down more than 1%; the UK, Germany, Belgium, Sweden, Switzerland, and the Czech Republic are also weak. Futures in the States point towards a down open for the cash market.
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The dollar is down. Oil is down; copper is flat. Gold and silver are down. Bonds are down.
In the last two weeks the S&P moved 40 points off its low but got rejected by its declining 50-day MA.

Under Armour got hit hard after releasing earnings. It’s near a 52-week low.

Apple had earnings yesterday. First the stock spiked; then it dropped and is currently 3+ dollar below yesterday’s close. Here’s the 5-min after-hours and premarket chart.

This comes just two days after Facebook, Google and Microsoft moved to all-time highs.
Oil moved to a new high…and is now at a 3-week low. False breakout?

No big bets right now. There aren’t many “easy and obvious” trades.
Stock headlines from barchart.com…
Apple (AAPL +0.51%) slid 3% in pre-market trading after it reported Q4 revenue of $46.9 billion, below consensus of $47 billion, and forecast Q1 gross margins of 38%-38.5%, weaker than consensus of 39%
Under Armour (UA -13.22%) was downgraded to ‘Market Perform’ from ‘Outperform’ at Cowen with a 12-month target price of $35.
Twitter (TWTR -4.27%) rose 3% in after-hours trading after Betaville reported that Disney is still interested in acquiring the company.
Akamai Technologies (AKAM +0.39%) climbed over 6% in after-hours trading after it reported Q3 adjusted EPS of 68 cents, higher than consensus of 61 cents.
Juniper Networks (JNPR +0.25%) rose 4% in after-hours trading after it reported Q3 adjusted EPS of 58 cents, higher than consensus of 52 cents/
Edwards Lifesciences (EW -2.86%) slumped over 12% in after-hours trading after it reported Q3 revenue of $739.4 million, less than consensus of $749.1 million, and said it sees Q4 sales of $750 million-$790 million, below consensus of $801.6 million.
Panera Bread (PNRA -2.04%) rose 5% in after-hours trading after it reported Q3 adjusted EPS of $1.37, higher than consensus of $1.34, and then raised its full-year adjusted EPS view to $6.67-$6.72 from a July 26 estimate of $6.60-$6.70.
NuVasive (NUVA -2.74%) tumbled 12% in after-hours trading after it cut its full-year revenue forecast to $952 million from a prior estimate of $962 million.
Express Scripts Holding (ESRX +0.39%) gained over 1% in after-hours trading after it reported Q3 adjusted EPS of $1.74, above consensus of $1,73, and then raised the low end of its full-year adjusted EPS view to $6.36-$6.42 from a prior view of $6.33-$6.43.
CH Robinson Worldwide (CHRW +0.45%) declined over 3% in after-hours trading after it reported Q3 EPS of 90 cents, below consensus of 96 cents.
Owens-Illinois (OI -0.99%) rallied over 3% in after-hours trading after it raised the low end its full-year adjusted EPS view to $2.27-$2.32 from a July 27 view of $2.25-$2.35.
Pandora Media (P -4.84%) fell 5% in after-hours trading after it lowered guidance on full-year revenue to $1.354 billion-$1.366 billion from a prior view of $1.385 billion-$1.405 billion.
NCR Corp. (NCR -2.17%) rose over 3% in pre-market trading after it reported Q3 adjusted EPS of 87 cents, above consensus of 81 cents, and then raised its full-year adjusted EPS view to $2.97-$3.02 from a prior view of $2.90-$3.00.
Diplomat Pharmacy (DPLO -0.24%) dropped over 5% in after-hours trading after President Gary Kadlec and CFO Sean Whelan said they will both step down on Dec 31.
Gladstone Capital (GLAD -1.68%) slid over 3% in after-hours trading after it announced a common stock offering, although no size was given.
Tuesday’s Key Earnings
3M (NYSE:MMM) -3% cutting its guidance.
Apple (AAPL) -3.4% AH posting its first revenue decline in 15 years.
Baker Hughes (NYSE:BHI) +4.3% reporting a less-than-expected loss.
Caterpillar (NYSE:CAT) -1.8% after lowering its forecasts.
Chipotle (NYSE:CMG) -2.7% AH on slipping comparable store sales.
Corning (NYSE:GLW) -3.8% following soft revenues.
DuPont (NYSE:DD) -0.6% on a possible Dow merger delay.
Eli Lilly (NYSE:LLY) +0.4% following a soft quarter.
Freeport-McMoRan (NYSE:FCX) +3.5% swinging to a Q3 profit.
General Motors (GM) -4.2% on Brexit impact factors.
Lockheed Martin (LMT) +7.3% lifting its outlook.
Merck (NYSE:MRK) +2% after beating estimates.
Pandora (NYSE:P) -8.6% AH cutting its revenue forecast.
Panera Bread (NASDAQ:PNRA) -2% AH on strong comparable sales.
Procter & Gamble (NYSE:PG) +3.4% reporting underlying sales growth.
Sprint (NYSE:S) -6.1% despite better-than-expected earnings.
Under Armour (NYSE:UA) -13.2% warning of future growth.
United Tech (NYSE:UTX) +1.9% boosting its guidance.
Valero (NYSE:VLO) +4.8% after topping expectations.
Today’s Economic Calendar
7:00 MBA Mortgage Applications
8:30 International trade in goods
9:45 PMI Services Index Flash
10:00 New Home Sales
10:30 EIA Petroleum Inventories
11:30 Results of $15B, 2-Year FRN Auction
1:00 PM Results of $34B, 5-Year Note Auction
Today’s Earnings here
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings
this week’s Economic Numbers