Before the Open (Mar 3)

Good morning. Happy Friday.
The Asian/Pacific markets closed down across-the-board. South Korea dropped more than 1%; Hong Kong and Australia were also weak. Europe is currently mixed. France, Spain, Italy and Belgium are up; Norway, Portugal and Greece are down. Futures in the States point towards a gap down open for the cash market.
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The dollar is down. Oil is up; copper is down. Gold and silver are down. Bonds are down.
It’s Friday. I have only one thing to say about the market right now: I don’t like it. Long term it’s fine, but near term I just don’t like it. If I’m wrong, fine. I’ll miss some upside. But at these levels the risk/rewards aren’t there; the easy money has been made. I’m being cautious in the near term. I’ll discuss more of my thoughts this weekend in the weekly report.
Stock headlines from barchart.com…
GoPro (GPRO -1.59%) slipped nearly 2% in pre-market trading after Citigroup initiated a ‘Sell’ on the stock with a target price of $8 citing a ‘deteriorating neighborhood.’
Costco Wholesale (COST +0.07%) dropped over 4% in after-hours trading after it reported Q2 EPS of $1.17, below consensus of $1.36,
Autodesk (ADSK -1.81%) lost nearly 2% in after-hours trading after it said it sees full-year revenue of $2.00 billion to $2.05 billion, weaker than consensus of $2.20 billion.
Guidewire Software (GWRE -0.14%) rose almost 3% in after-hours trading after it said it sees full-year revenue of $491 million-$499 million, higher than consensus of $489.4 million.
American Outdoor Brands (AOBC -0.36%) slid over 4% in after-hours trading after it said it sees full-year net sales of $874 million to $894 million, below consensus of $921.6 million.
Wingstop (WING -1.30%) dropped 8% in after-hours trading after it reported Q4 system-wide domestic comparable sales rose +1.0%, weaker than consensus of +3.5%.
Habit Restaurants (HABT +0.36%) climbed 6% in after-hours trading after it reported Q4 adjusted EPS of 7 cents, above consensus of 3 cents.
Nutanix (NTNX +1.27%) plunged nearly 15% in after-hours trading after it said expects a Q3 adjusted loss of -45 cents to -48 cents a share, wider than consensus of -35 cents.
Marvel Technology (MRVL -0.50%) rose 2% in after-hours trading after it reported Q4 adjusted EPS of 22 cents, higher than consensus of 19 cents, and then said it sees Q1 adjusted EPS continuing operations of 19 cents to 23 cents, better than consensus of 17 cents,
HMS Holdings (HMSY -1.09%) tumbled over 8% in after-hours trading after it delayed its 10-K filing when the company’s auditor identified what it believes is a material weakness over financial reporting related to its internal controls.
VTTI Energy Partners LP (VTTI -0.27%) rose over 3% in after-hours trading after it received a buyout offer from VTTI B.V. for $18.75 a unit.
Builders FirstSource (BLDR +4.20%) lost 2% in after-hours trading after it announced a secondary offering of 10 million shares of common stock.
Immersion (IMMR -4.13%) dropped over 15% in after-hours trading after it reported a Q4 adjusted loss of -27 cents a share, wider than consensus of -17 cents, and then said it sees 2017 revenue of $38 million-$42 million, below consensus of $54.1 million.
Bill Barrett (BBG +0.18%) slumped 11% in after-hours trading after it reported a Q4 adjusted loss of -18 cents a share, wider than consensus of -12 cents.
Thursday’s Key Earnings
American Outdoor (AOBC) -7.5% AH with slowing gun demand.
Costco (COST) -4.3% AH hiking membership fees.
Kroger (NYSE:KR) -4.3% on same-store sales miss.
Marvell (NASDAQ:MRVL) +2% AH topping expectations.
TD Bank (NYSE:TD) -1.3% despite beat, dividend hike.
Today’s Economic Calendar
9:45 PMI Services Index
10:00 ISM Non-Manufacturing Index
10:15 Fed’s Evans and Lacker at Monetary Policy Forum
1:00 PM Baker-Hughes Rig Count
1:00 PM Janet Yellen speech
1:00 PM Stanley Fischer speech
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings from Morningstar
this week’s Economic Numbers/Reports powered by ECONODAY