Before the Open (Nov 22)

Good morning. Happy Tuesday.
The Asian/Pacific markets closed mostly up. Hong Kong, Australia, Indonesia and Taiwan rallied more than 1%; China, India and South Korea also did well. Europe is also mostly up. The UK, Germany, France, Austria, Belgium, the Netherlands, the Czech Republic, Greece, Poland, Finland and Italy are doing very well. Futures in the States up point towards a positive open for the cash market.
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The dollar is flat. Oil is down; copper is up. Gold and silver are up. Bonds are up.
The lockout rally continues. The Russell 2000 has moved up 11 of 12 days, and several indexes moved to new all-time highs yesterday.
I’ve said since soon after the election that rallies like this won’t let you in. If you wait to be absolutely sure the rally has legs, you’ll never get a chance to get in. The market won’t pause or pullback. It’ll just keep going and going.
There’s an old saying on Wall Street: Bull markets don’t let you in; bear markets don’t let you out.
This has been a classic example of a bull market that has not let people in. It just keeps going, and anyone waiting for a rest or dip is still waiting.
Sooner or later the price action will calm down…but because Wall Street in a sick place, it probably won’t happen until some of the sideline money gets put to work. Then a top will be put in place, and those late-to-the-party investors will sit in losses. Fun stuff.
Stock headlines from barchart.com…
Facebook (FB +4.06%) was upgraded to ‘Buy’ from ‘Hold’ at First Shanghai Securities Ltd with a price target of $135.
FireEye (FEYE +1.76%) dropped 5% in pre-market trading after it was downgraded to ‘Sell’ from ‘Neutral’ at Goldman Sachs.
Sina Corp. (SINA -1.33%) rose over 2% in after-hours trading after it reported Q3 adjusted EPS of 24 cents, better than consensus of 20 cents, and then said it sees Q4 net revenue of $205 million-$210 million, above consensus of $196.8 million.
Palo Alto Networks (PANW -0.18%) sank over 11% in pre-market trading after it reported Q1 revenue of $398.1 million, weaker than consensus of $400.1 million, and then forecast Q2 revenue of $426 million-$432 million, below consensus of $439.1 million.
Dycom Industries (DY +1.24%) slumped 10% in after-hours trading after it reported Q1 contract revenue of $799.2 million, below consensus of $801.2 million, and said it sees Q2 adjusted EPS of 61 cents-73 cents, at the low end of consensus of 71 cents.
Enanta Pharmaceuticals (ENTA +0.23%) climbed 3% in after-hours trading after it reported a Q4 loss of -9 cents per share, a narrower loss than consensus of -14 cents.
Jack in the Box (JACK -0.02%) fell over 2% in after-hours trading after it lowered guidance on full-year operating EPS to $4.55-$4.75, below consensus of $4.75.
Bright Horizons Family Solutions (BFAM +1.36%) slipped nearly 2% in after-hours trading after it announced a secondary offering of 2.0 million shares of common stock.
Whiting Petroleum (WLL +8.60%) gained over 3% in pre-market trading after it said it will sell 50% of its stake in the Robinson Lake natgas processing plant along with a 50% stake in the Belfield natgas plant to Tesoro Logistics Rockies LLC for $700 million.
Hudson Pacific Properties (HPP -1.59%) lost over 1% in after-hours trading after it announced an underwritten offering of 18.7 million shares
Pennant Park Investment Corp. (PNNT -0.26%) lost 7% in after-hours trading after it said Q4 net investment income was 21 cents a share, weaker than consensus of 26 cents a share and then it will cut its quarterly dividend to 18 cents per share from 28 cents per share,
Star Bulk Carriers (SBLK +0.19%) jumped 9% in after-hours trading after it reported Q3 revenue of $59.9 million, higher than consensus of $43.1 million.
Announcements and such here
Today’s Earnings here
Today’s Economic Calendar
8:55 Redbook Chain Store Sales
10:00 Existing Home Sales
10:00 Richmond Fed Mfg.
11:30 Results of $13B, 2-Year FRN Auction
1:00 PM Results of $34B, 5-Year Note Auction
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings
this week’s Economic Numbers