Before the Open (Feb 15)

Good morning. Happy Wednesday.
The Asian/Pacific markets closed mostly up. Japan and Hong Kong rallied more than 1%; Australia and Taiwan also did well. Europe is currently mostly up, but gains are small. London, France, Hungary, Spain and Switzerland are doing the best. Greece is down 1.3%. Futures in the States point towards down open for the cash market.
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The dollar is up. Oil and copper are down. Gold and silver are mixed and flat. Bonds are down.
Except for the S&P 600, we got across-the-board new highs yesterday.
The Energizer Bunny market keeps going and going. We still don’t have a 1% intraday move, but you can’t argue with the trend. You’re either aggressively long (all in) or conservatively long (long, but not all in). No way you should be short.
I’ve said it many times, more money is lost not fully taking advantage of an obvious uptrend than by losses themselves.
The market will correct at some point, and when it does the dip will be buyable. I don’t see long term deterioration taking place, so a top is not in the cards right now.
Stock headlines from barchart.com…
Under Armour (UA +4.08%) was downgraded to ‘Negative’ from ‘Positive’ at Susquehanna Financial with its price target cut to $14 from $24.
Agilent Technologies (A -0.26%) rose 4% in after-hours trading after it reported Q1 adjusted EPS continuing operations of 53 cents, above consensus of 49 cents, and said it sees full-year revenue of $4.33 billion-$4.35 billion, higher than consensus of $4.33 billion
Procter & Gamble (PG -0.51%) climbed 3% in after-hours trading after Trian Fund Management LP said it added the company to its investments in Q4.
American International Group (AIG +1.13%) dropped over 4% in after-hours trading after it reported a Q4 operating loss of -$2.72 a share, much weaker than consensus of 42 cents EPS.
Devon Energy (DVN +1.50%) gained over 1% in after-hours trading after it reported Q4 core EPS of 25 cents, above consensus of 21 cents.
Express Scripts Holding Co. (ESRX +0.48%) fell over 1% in after-hours trading after it reported Q4 revenue of $24.9 billion, below consensus of $26.3 billion, and said it sees Q1 adjusted EPS of $1.30-$1.34, weaker than consensus of $1.36.
Southwest Airlines (LUV -0.75%) rose over 1% in after-hours trading after Berkshire Hathaway said it added the company to its investments in Q4.
American Airlines Group (AAL -1.77%) gained 2% in after-hours trading after Berkshire Hathaway boosted its stake in the company to 8.79% from 4.2%.
Diamondback Energy (FANG +3.24%) gained almost 1% in after-hours trading after it reported Q4 adjusted EPS of 90 cents, well above consensus of 53 cents.
Fossil Group (FOSL -0.48%) sank 12% in after-hours trading after it reported Q4 EPS of $1.03, below consensus of $1.17, and said it sees a Q1 adjusted loss of -10 cents to -25 cents a share, well below consensus of a 7-cent gain.
SolarEdge Technologies (SEDG +7.43%) jumped nearly 6% in after-hours trading after it said it sees Q3 revenue of $110 million-$120 million, better than consensus of $108.4 million.
Potbelly (PBPB -2.64%) rose almost 3% in after-hours trading after it reported Q4 adjusted EPS of 15 cents, over double consensus of 7 cents.
LendingClub (LC -1.20%) slid over 6% in after-hours trading after it said it sees Q1 net revenue of $117 million-$122 million, less than consensus of $133.2 million.
NetScout Systems (NTCT -0.27%) gained 1% in after-hours trading after ValueAct Holdings LP said it added the stock to its investments.
Seacoast Banking (SBCF -0.87%) dropped 4% in after-hours trading after it announced an underwritten public offering of its common stock, although no amount was given.
Trupanion (TRUP +0.18%) slumped 15% in after-hours trading after it reported Q4 adjusted Ebitda of $302,000, well below consensus of $458,800.
Tuesday’s Key Earnings
AIG (NYSE:AIG) -4.5% AH due to a large reserve charge.
Devon Energy (NYSE:DVN) +1% AH beating expectations.
LendingClub (NYSE:LC) -6.5% AH plagued by its scandal.
T-Mobile (NASDAQ:TMUS) +1.2% after topping estimates.
Today’s Economic Calendar
7:00 MBA Mortgage Applications
8:30 Consumer Price Index
8:30 Retail Sales
8:30 Empire State Mfg Survey
9:15 Industrial Production
10:00 Atlanta Fed’s Business Inflation Expectations
10:00 Business Inventories
10:00 NAHB Housing Market Index
10:00 Yellen testifies before House Financial Services
10:30 EIA Petroleum Inventories
12:00 PM Fed’s Rosengren speech
12:45 PM Fed’s Harker: Economic Outlook
4:00 PM Treasury International Capital
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings from Morningstar
this week’s Economic Numbers/Reports powered by ECONODAY