Good morning. Happy Wednesday.
The Asian/Pacific markets closed mixed. Hong Kong, Malaysia and Singapore did well; Japan, China and India did not. Europe is currently mixed. Norway, Stockholm, Turkey, Denmark, Finland, Hungary and Greece are up; Russia, Spain, Italy and the Czech Republic are down. 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 is up, copper is down. Gold and silver are up. Bonds are mixed and flat.
Yesterday the market was weak early but then rallied to recapture some or all of the losses (depending on which index you looked at). The Dow closed above its 50-day MA for the 107th consecutive time (it looked like the streak would be broken early in the day).
Overall the market remains neutral, range bound and very uninteresting. Oil stocks have perked up, and gold/silver remain in play. Otherwise I don’t see strong trends to play. Financials are below their flat 50-day. Semiconductors closed below their 50-day yesterday for the first time in several months. Healthcare is unchanged going back to the end of February.
The market is in a holding pattern and not very interested in doing anything. No big bets right now.
Stock headlines from barchart.com…
PayPay Holdings (PYPL -0.84%) was downgraded to ‘Sell’ from ‘Buy’ at National Bank AG.
Delta Air Lines (DAL +0.71%) climbed nearly 3% in pre-market trading after it reported Q1 adjusted EPS of 77 cents, higher than consensus of 75 cents
Whole Foods Markets (WFM -1.81%) rose 4% in pre-market trading after a person with knowledge of the situation said that Amazon.com pursued a possible purchase of Whole Foods last fall.
Adobe Systems (ADBE -0.16%) was initiated at Stifel with a recommendation of ‘Buy’ with a price target of $150.
Tractor Supply (TSCO +0.09%) fell 3% in after-hours trading after it said it sees preliminary Q1 EPS of 35 cents-46 cents, below consensus of 53 cents.
NuStar Energy (NS +0.10%) dropped nearly 7% in after-hours trading after it said it will offer 10.5 million common units to fund its $1.475 billion purchase of Navigator Energy Services LLC.
Healthcare Services Group (HCSG +1.93%) rose almost 5% in after-hours trading after it reported Q1 EPS of 30 cents, higher than consensus of 29 cents.
Talend (TLND +0.35%) was initiated at Pacific Crest Securities with a recommendation of ‘Overweight’ with a 12-month target price of $38.
Great Western Banc (GWB +2.04%) was initiated at D.A. Davidson with recommendation of ‘Buy’ with a 12-month target price of $50.
AllianceBernstein (AB -1.54%) was upgraded to ‘Outperform’ from ‘Market Perform’ at Keefe, Bruyette & Woods with a price target of $26.
Tonix Pharmaceuticals (TNXP +7.21%) added another 4% gain in after-hours trading on top of Tuesday’s 7% gain after the FDA said that a single study NDA approval of its TNX-102 SL for treatment of post-traumatic stress disorder could be possible, bases on statistically persuasive data from its ongoing study.
Organovo Holdings (ONVO +0.66%) slid 6% in after-hours trading after CEO Keith Murphy stepped down and Taylor Crouch was named new CEO effective April 21.
Today’s Economic Calendar
7:00 MBA Mortgage Applications
8:30 Import/Export Prices
10:00 Atlanta Fed’s Business Inflation Expectations
10:30 EIA Petroleum Inventories
1:00 PM Results of $12B, 30-Year Note Auction
2:00 PM Treasury Budget
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings from Morningstar
this week’s Economic Numbers/Reports powered by ECONODAY