Before the Open (Jan 31)

Good morning. Happy Tuesday.
The Asian/Pacific markets posted across-the-board losses. Japan dropped more than 1%; Singapore, Australia, India, Malaysia and South Korea were also weak. Europe is currently mixed but little changed. The UK, Poland, Denmark and Sweden are doing well; Russia and Finland are weak. Futures in the States point towards a weak open for the cash market.
—————
VIDEO: My worst trader ever – all the gory details here
—————
The dollar is down. Oil is flat; copper is up. Gold and silver are up. Bonds are up.
Fed week didn’t get off to a good start yesterday. In fact going back to last Wednesday when many of the indexes jumped to new highs, the market hasn’t done much. There was no follow through – just flat trading until yesterday’s weakness. And now we’ll get some additional downside movement today.
The Fed meeting and announcement (tomorrow) do matter. Fed officials have been hawkish in speeches, so the growing consensus is they raise a couple times this year. But they don’t have to raise tomorrow, and they certainly have an excuse to sit tight. They could easily cite uncertainty surrounding the new administration and hold off. In fact I’d say odds favor this. I’d be surprised if they raised.
Otherwise, despite the recent new highs, I don’t see many good long set-ups. When times are good, you can close your eyes and buy almost anything from a strong group. This isn’t the case right now. No big bets.
Stock headlines from barchart.com…
Buffalo Wild Wings (BWLD +0.81%) slid over 1% in pre-market trading after it was downgraded to ‘Sell’ from ‘Underperform’ at CLSA.
CBOE Holdings (CBOE +0.05%) was upgraded to ‘Buy’ from ‘Underperform’ at Bank of America/Merrill Lynch with a price target of $85.
T-Mobile US (TMUS -2.07%) was initiated a new ‘Buy’ at Evercore ISI with a price target of $72, citing the best organic growth prospects in the wireless industry and M&A potential.
Advanced Energy Industries (AEIS +0.40%) climbed 5% in after-hours trading after it reported Q4 adjusted EPS continuing operations of $1.06, well above consensus of 81 cents.
Teva Pharmaceutical Industries Ltd (TEVA -0.20%) sank 11% in after-hours trading after it lost a ruling that invalidated four patents on its top-selling multiple sclerosis drug Copaxone.
Graco (GGG -0.16%) climbed 2% in after-hours trading after it reported Q4 adjusted EPS of $1.00, well above consensus of 86 cents.
Integrated Device Technology (IDTI -0.45%) dropped 4% in after-hours trading after it said it expects Q4 revenue of $170-million-$180 million, at the low end of consensus of $179 million.
Werner Enterprises (WERN +0.91%) rallied 5% in after-hours trading after it reported Q4 EPS of 30 cents, better than consensus of 26 cents.
Sanmina (SANM +1.22%) jumped 8% in after-hours trading after it reported Q1 adjusted EPS of 75 cents, higher than consensus of 67 cents, and then said it sees Q2 adjusted EPS of 67 cents-72 cents, above consensus of 66 cents.
DHT holdings (DHT +7.96%) rose nearly 5% in after-hours trading after it reported Q4 Ebitda of $46.7 million, higher than consensus of $40.8 million.
Rambus (RMBS +0.65%) lost nearly 3% in after-hours trading after it forecast Q1 revenue of $93 million-$98 million, the midpoint below consensus of $95.7 million.
Greenbrier Cos (GBX -2.68%) fell over 4% in after-hours trading after it announced a $175 million offering of senior convertible notes due 2024,
Summit Midstream Partners LP (SMLP +0.97%) slid 4% in after-hours trading after it announced a secondary public offering of 4 million common units.
Roadrunner Transportations Systems (RRTS -1.70%) slumped over 12% in after-hours trading after it said it will amend its 2015 annual report and 2016 quarterly reports through Q3 after it found accounting errors it estimates will require adjustments to results of $20 million-$25 million.
Monday’s Key Earnings
Enterprise Products Partners (NYSE:EPD) -2.2% missing earnings estimates.
Today’s Economic Calendar
FOMC meeting begins
8:30 Employment Cost Index
8:55 Redbook Chain Store Sales
9:00 S&P Corelogic Case-Shiller Home Price Index
9:45 Chicago PMI
10:00 Consumer Confidence
10:00 State Street Investor Confidence Index
3:00 Farm Prices
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings from Morningstar
this week’s Economic Numbers/Reports powered by ECONODAY