Before the Open (Apr 18)

Good morning. Happy Tuesday.
The Asian/Pacific markets closed mixed. Hong Kong, China and Australia were weak; Japan, Indonesia and Malaysia did ok. Europe is currently posting sizeable, across-the-board losses. The UK, France, Austria, the Netherlands, Norway, Italy, Portugal, Sweden, Russia and Greece are down more than 1%. Futures in the States point towards a moderate gap down open for the cash market.
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The dollar is down. Oil and copper are down. Gold and silver are down. Bonds are up.
Coming into this week I was looking for a local bottom – not THE bottom, just A bottom.
Yesterday the S&P gained 20 points; it’ll give back about 35% of those gains at today’s open.
Overall the S&P is consolidating within a range.

So is the Russell 2000.

The big picture is fine. The near term is much more neutral. The question is: can breadth improve enough to support a resumption of the trend, or do we need more of a washout to set the stage. For now I’m looking for more of a washout.
Stock headlines from barchart.com…
Goldman Sachs (GS +1.32%) dropped over 2% in pre-market trading after it reported Q1 net revenue of $8.03 billion, weaker than consensus of $8.33 billion.
Harley-Davidson (HOG -0.50%) slumped 5% in pre-market trading after it reported Q1 total motorcycles and related products revenue of $1.33 billion, below consensus of $1.35 billion.
Netflix (NFLX +3.03%) rose over 1% in after-hours trading after it reported 3.2 million new subscribers in Q2, higher than consensus of 2.5 million.
First Horizon National (FHN +1.93%) was upgraded to ‘Outperform’ from ‘Market Perform’ at Vining Sparks with a 12-month target price of $21.
United Continental Holdings (UAL +2.46%) gained over 1% in after-hours trading after it reported Q1 adjusted EPS of 41 cents, above consensus of 38 cents.
Synovus (SNV +2.05%) reported Q1 adjusted EPS of 57 cents, higher than consensus of 51 cents.
Celanese (CE +1.50%) reported Q1 adjusted EPS of $1.81, better than consensus of $1.72.
Galapagos NV (GLPG +2.71%) slipped over 2% in after-hours trading after it announced that it will share $275 million in American Depository Shares (ADS) via Morgan Stanley.
Barracuda Networks (CUDA +1.08%) dropped nearly 3% in after-hours trading after it said it expects fiscal 2018 revenue of $370 million-$380 million, the midpoint which trails consensus of $378.1 million.
Agios Pharmaceuticals (AGIO +0.33%) lost 3% in after-hours trading after it proposed selling up to 4.5 million shares of its common stock in an underwritten public offering.
Cabela’s (CAB +0.56%) rallied 6% in after-hours trading after it announced an amended deal with Bass Pro Shops who will buy Cabela’s for $61.50 a share versus an October 2016 offer of $65.50 a share.
Rigel Pharmaceuticals (RIGL +0.32%) gained almost 2% in after-hours trading after it submitted to the FDA an NDA for its fostamatinib drug for patients with chronic and persistent immune thrombocytopenia.
Wi-LAN (WILN +1.01%) jumped 10% in after-hours trading after it announced a pact to buy International Road Dynamics for $47.4 million.
Today’s Economic Calendar
8:30 Housing Starts
8:55 Redbook Chain Store Sales
9:00 Fed’s George speech
9:15 Industrial Production
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings from Morningstar
this week’s Economic Numbers/Reports powered by ECONODAY