Before the Open (Mar 28)

Good morning. Happy Tuesday.
The Asian/Pacific markets closed mostly up. Japan, Singapore and Australia rallied more than 1%; India, Malaysia and Hong Kong also did well. Europe currently leans to the upside. Portugal is up more than 2%; Germany, Norway, the Czech Republic, Russia, Poland, Turkey, Hungary and Greece are doing well. Futures in the States point towards a down open for the cash market.
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The dollar is flat. Oil is up, copper is down. Gold and silver are up. Bonds are up.
The market is confused and doesn’t know what it wants to do right now. The indexes have been neutral going back 1-3 months. The indicators mostly point down, yet the bears can’t take control. They’ve had their opportunities, but the bulls are always able to step in salvage the situation.
I get the feeling we have a quick move coming…that the market will either fall fast or suddenly rally hard. If the market chose the least-expected route, it would rally. Bearishness has grown a bunch lately, so a sudden jump would surprise the most number of people.
Be careful out there. The near term is definitely not clear and obvious.
Stock headlines from barchart.com…
Darden Restaurants (DRI -1.47%) rallied nearly 4% in after-hours trading after it reported Q3 adjusted EPS continuing operations of $1.32, above consensus of $1.27.
Red Hat (RHT -0.92%) climbed nearly 5% in after-hours trading after it reported Q4 revenue of $629 million, higher than consensus of $618.7 million.
SYNNEX (SNX +1.18%) rose 2% in after-hours trading after it reported Q1 revenue of $3.52 billion, above consensus of $3.48 billion.
Golden Ocean Group Ltd (GOGL -2.62%) was upgraded to ‘Overweight’ from ‘Underweight’ at Morgan Stanley with a price target of $10.
Power Solutions International (PSIX +1.11%) soared over 40% in after-hours trading when it said China’s Weichai Power’s Weichai American unit will invest $60 million in the company through a combination of newly issued common shares and preferred share that will lift its stake in the company to 40.7%, which could climb to 51% if warrants are exercised.
TESARO (TSRO -2.04%) jumped nearly 6% in after-hours trading after its Niraparib treatment for Ovarian Cancer was approved by the U.S. FDA.
STORE Capital (STOR -1.05%) slipped 3% in after-hours trading after it announced that it had commenced an underwritten public offering of 7.6 million shares of its common stock.
Deck Outdoor Corp. (DECK +0.41%) gained nearly 3% in after-hours trading after holder Red Mountain, the tenth largest shareholder, said the company should explore a sale.
Editas Medicine (EDIT +7.42%) rose over 2% in after-hours trading after it was initiated a new ‘Buy’ at Chardan Capital Markets with a price target of $65.
Selecta Biosciences (SELB -1.00%) surged 16% in after-hours trading after it reported Q4 revenue of $2.9 million versus $2.1 million y/y and said it sees sufficient cash to fund operations into mid-2018.
Hi-Crush Partners LP (HCLP +0.33%) rose 2% in after-hours trading after it was initiated a new ‘Buy’ at Guggenheim with a price target of $31.
Evolent Health (EVH +1.92%) dropped nearly 5% in after-hours trading after it launched a secondary public offering of 7.5 million Class A common shares.
Fairmount Santrol Holdings (FMSA -1.17%) climbed 3% in after-hours trading after it was initiated a ‘Buy’ at Guggenheim with a price target of $12.
Monday’s Key Earnings
Darden (NYSE:DRI) +3.9% AH purchasing Cheddar’s Scratch Kitchen.
Red Hat (NYSE:RHT) +5.3% AH crossing a $3B bookings milestone.
Today’s Economic Calendar
International trade in goods
8:55 Redbook Chain Store Sales
9:00 S&P Corelogic Case-Shiller Home Price Index
10:00 Consumer Confidence
10:00 Richmond Fed Mfg.
10:00 State Street Investor Confidence Index
12:45 PM Fed’s George speech
1:00 PM Results of $26B, 5-Year Note Auction
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings from Morningstar
this week’s Economic Numbers/Reports powered by ECONODAY