Before the Open (Nov 3)

Good morning. Happy Thursday.
The Asian/Pacific markets closed mostly down. Indonesia and New Zealand fell more than 1%; Malaysia, Taiwan and Hong Kong were also weak. China did well. Europe is currently mostly up. France, Austria, Belgium, the Netherlands, Norway, Sweden and Hungary are doing well; the UK is weak. Futures in the States point towards a positive open for the cash market.
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The dollar is flat. Oil an copper are up. Gold and silver are down. Bonds are down.
For the first time since 2011 the S&P 500 has fallen 7 straight days. The point loss isn’t huge, but the steadiness is very noticeable.
Bearish warnings have been growing. The list is long (I’ll cover them over the weekend).
The most likely turnaround days are today (day after FOMC) and next Thursday (assuming the election is clean and smooth and one candidate throws in the towel without contesting the results).
From a technical standpoint the market is weak on many fronts. This isn’t a case of a simple pullback within an uptrend. Weakness is broad-based and has been growing for two months. But the election has the ability to force an about-face reversal that completely negates the bearish warnings.
Be careful out there. No big bets right now.
Stock headlines from barchart.com…
Newmont Mining (NEM -2.03%) was upgraded to ‘Overweight’ from ‘Neutral’ at JPMorgan Chase with a price target of $43.
NXP Semiconductors (NXPI -0.52%) was downgraded to ‘Neutral’ from ‘Buy’ at Mizuho Securities with a 12-month target price of $110.
Facebook (FB -1.80%) dropped 6% in after-hours trading after CFO Wehner said that ad sales growth will “come down meaningfully starting mid-2017.”
Zumiez (ZUMZ +1.79%) climbed over 9% in after-hours trading after it reported October comparable sales rose +10.2%, higher than consensus of +2.6%, and said it seesQ3 adjusted EPS of 35 cents-36 cents, better than consensus of 29 cents-30 cents.
Fitbit (FIT -1.91%) sank nearly 30% in after-hours trading after it said it sees Q4 adjusted EPS of 14 cents-18 cents, well below consensus of 75 cents.
Take-Two Interactive Software (TTWO +1.98%) rallied 5% in after-hours trading after it reported Q2 adjusted revenue of $479.4 million, higher than consensus of $402.5 million, and then raised its fiscal 2017 bookings estimate to $1.6 billion-$1.7 billion from an August 4 estimate of $1.5 billion-$1.6 billion.
Wynn Resorts Ltd. (WYNN -1.74%) fell 5% in after-hours trading after it reported Q3 Macau adjusted property Ebitda of $151 million, below consensus of $205.7 million
Transocean Ltd. (RIG -3.13%) climbed nearly 2% in after-hours trading after it reported Q3 adjusted EPS of 25 cents, higher than consensus of 14 cents.
Marathon Oil (MRO -3.69%) gained over 1% in after-hours trading after it reported a Q3 adjusted loss of -11 cents a share, a smaller loss than expectations of -19 cents.
Flotek Industries (FTK -2.92%) slid nearly 3% in after-hours trading after it reported Q3 revenue of $73.7 million, less than consensus of $76.9 million.
Hologic (HOLX -0.81%) rose 3% in after-hours trading after it reported Q4 adjusted EPS of 52 cents, above consensus of 50 cents, and then said it sees fiscal 2017 revenue of $2.94 billion-$2.98 billion, higher than consensus of $2.94 billion.
Diplomat Pharmacy (DPLO -0.89%) plunged over 25% in after-hours trading after it reported Q3 adjusted EPS of 21 cents, below consensus of 24 cents, and then cut its 2016 adjusted EPS estimate to 83 cents-87 cents from an August 9 view of 90 cents-95 cents.
Inteliquent (IQNT -0.12%) surged over 30% in after-hours trading after GTCR agreed to buy the company for $800 million or $23 a share.
Zynga (ZNGA -2.14%) fell 3% in after-hours trading after it reported a Q3 GAAP loss of -4 cents a share, a bigger loss than expectations of -3 cents, and then said it sees Q4 revenue of $180 million0$190 million, weaker than consensus of $204.3 million.
Wednesday’s Key Earnings
21st Century Fox (NASDAQ:FOX) -4.3% AH despite topping forecasts.
AIG (NYSE:AIG) -2.7% AH after a big earnings miss.
Alibaba (NYSE:BABA) -2.5% reversing after strong results.
Allergan (NYSE:AGN) -5.6% following a weak quarter.
Facebook (FB) -6.4% AH warning of revenue growth.
Fitbit (NYSE:FIT) -29.7% AH issuing a disappointing outlook.
Qualcomm (NASDAQ:QCOM) flat AH despite strong shipments.
Time Warner (NYSE:TWX) -1.1% following more AT&T drama.
Whole Foods (NASDAQ:WFM) +2.4% AH eliminating its co-CEO structure.
Today’s Economic Calendar
Chain Store Sales
7:30 Challenger Job-Cut Report
8:30 Initial Jobless Claims
8:30 Productivity and Costs
8:30 Gallup Good Jobs Rate
9:45 PMI Services Index
9:45 Bloomberg Consumer Comfort Index
10:00 Factory Orders
10:00 ISM Non-Manufacturing Index
10:30 EIA Natural Gas Inventory
4:30 Money Supply
Today’s Earnings here
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings
this week’s Economic Numbers