Before the Open (Mar 9)

Good morning. Happy Thursday.
The Asian/Pacific markets closed mostly down. Hong Kong and Taiwan dropped more than 1%; Singapore, China, Malaysia and New Zealand were also weak. Europe currently leans to the downside. Russia is down more than 2%; Norway and Poland are down more than 1%; the UK, Italy and Austria are also weak. Spain and Belgium are doing well. Futures in the States point towards a down open for the cash market.
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VIDEO: There’s a Bull Market Somewhere
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The dollar is flat. Oil and copper are down. Gold and silver are down. Bonds are down.
The market continues to slowly deteriorate. I say slowly because the weakness has been minor, yet the internals suggest things are much worse than they appear on the surface.
Over the last 10 days the S&P has moved up 5 days and down 5 days and is approx. flat, yet the 10-day of the AD line is at its lowest level since early-November.
New highs are at their lowest level in four months even though the market is less than 2% from its high.
The Russell 2000 is one moderate down day from giving back all its gains on the year.
The McClellan Oscillator has dropped to its lowest level since early 2016. This is supposed to happen after an extended move down, not a very minor drop off all-time highs.
On the surface the S&P looks fine, but beneath the surface, the internals would tell us things are worse than what’s being reported by the main stream media.
Be careful out there.
Stock headlines from barchart.com…
Tiffany & Co. (TIF +0.41%) was downgraded to ‘Sell’ from ‘Hold’ at SBG Securities with a 12-month target price of $90.
Semtech (SMTC +2.39%) rallied 5% in after-hours trading after it reported Q4 adjusted EPS of 37 cents, better than consensus of 35 cents, and then said it sees Q1 adjusted EPS of 39 cents-43 cents, above consensus of 36 cents.
Camping World Holdings (CWH +0.65%) slid 4% in after-hours trading after it reported Q4 revenue of $670 million, below consensus of $679.0 million.
Sinclair Broadcast Group (SBGI -1.65%) slipped almost 2% in after-hours trading after it announced a public offering of 12.0 million shares of Class A common stock.
Planet Fitness (PLNT +1.30%) lost 1% in after-hours trading after it announced a secondary offering of 15 million shares of Class A common stock.
Comtech Telecommunications (CMTL +0.82%) rose 3% in after-hours trading after it said it sees full-year EPS of 68 cents, above consensus of 28 cents.
Tech Data (TECD -4.19%) was upgraded to ‘Buy’ from ‘Hold’ at Needham & Co. with a 12-month target price of $107.
elf Beauty (ELF -2.39%) surged 14% in after-hours trading after it reported Q4 adjusted EPS of 19 cents, higher than consensus of 13 cents, and then said it sees full-year net sales of $285 million-$295 million, better than consensus of $281.3 million.
Tailored Brands (TLRD +1.08%) plunged over 25% in after-hours trading after it reported Q4 net sales of $793.3 million, weaker than consensus of $811.3 million, and then said its sees full-year EPS of $1.45-$1.75, well below consensus of $2.10.
Bankrate (RATE +1.39%) dropped over 7% in after-hours trading after it reported Q4 adjusted EPS of 16 cents, below consensus of 19 cents.
Amplify Snack Brands (BETR -4.18%) gained nearly 2% in after-hours trading after it reported Q4 net sales of $88,6 million, above consensus of $87.4 million, and said it sees 2017 net sales of $404 million-$420 million, above consensus of $404 million.
BioCryst Pharmaceuticals (BCRX +8.38%) fell over 4% in after-hours trading after it began a public offering of $45 million in common stock.
21Vianet Group (VNET +0.71%) dropped 6% in after-hour trading after it reported a Q4 loss per ads of 60 cents.
Today’s Economic Calendar
7:30 Challenger Job-Cut Report
8:30 Initial Jobless Claims
8:30 Gallup Good Jobs Rate
8:30 Import/Export Prices
9:45 Bloomberg Consumer Comfort Index
10:00 Quarterly Services Report
10:30 EIA Natural Gas Inventory
1:00 PM Results of $12B, 30-Year Note Auction
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings from Morningstar
this week’s Economic Numbers/Reports powered by ECONODAY