Before the Open (May 11)

Good morning. Happy Thursday.
The Asian/Pacific markets closed mostly up. South Korea, New Zealand, Malaysia and Singapore did well; Indonesia was weak. Europe currently leans to the downside. France, Spain, Belgium, Portugal and Sweden are weak; Greece is doing well. Futures in the States point towards a moderate gap down open for the cash market.
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My podcast – with Chat With Traders
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The dollar is up. Oil and copper are up. Gold and silver are up. Bonds are up.
Nothing has changed with the overall market this week. The Nas continues to trend up; all the other indexes remain in their ranges, which are now 2-1/2 – 5 months in duration. I call them consolidation patterns within uptrends. They’re normal. They’re healthy. The market does this more than it moves directionally. Embrace them. Don’t let them frustrate you.
Bias remains to the upside – no reason to change this.
Stock headlines from barchart.com…
Snap (SNAP -1.46%) sank over 20% in pre-market trading after it reported Q1 revenue of $149.6 million, below consensus of $158.6 million.
O’Reilly Automotive (ORLY +0.68%) gained 1% in after-hours trading after it said it added $1 billion to its share buyback program for a total of $8.75 billion.
Symantec (SYMC +2.38%) dropped 7% in in after-hours trading after it said it sees Q1 adjusted EPS of 28 cents-32 cents, weaker than consensus of 38 cents, and then said it sees full-year adjusted revenue of $5.10 billion-$5.20 billion, below consensus of $5.21 billion.
Merck & Co (MRK +1.03%) rose 3% in after-hours trading after it won FDA approval for using its Keytruda drug and chemotherapy for treatment of metastatic non-squamous non-small cell lung cancer.
Twenty-First Century Fox (FOXA -1.17%) fell 2% in after-hours trading after it reported Q3 revenue of $7.56 billion, less than consensus of $7.64 billion.
Bright Horizons Family Solutions (BFAM -0.19%) lost 1% in after-hours trading after it announced a secondary offering of 4.15 million shares of common stock by selling shareholders.
Pegasystems (PEGA +3.15%) jumped 9% in after-hours trading after it reported Q1 adjusted EPS of 39 cents, well above consensus of 23 cents.
Intrexon (XON +0.62%) climbed over 4% in after-hours trading after it reported Q1 revenue of $53.7 million, higher than consensus of $49.1 million.
Aviat Networks ({=AVNW =}) plunged over 25% in after-hours trading after it reported Q3 revenue of $58.7 million, down -2.9% y/y.
U.S. Steel (X +0.87%) gained 1% in after-hours trading after CEO Mario Longhi stepped down and COO David Burritt replaced him.
Omeros (OMER +0.62%) lost almost 2% in after-hours trading after it reported Q1 revenue of $12.3 million, weaker than consensus of $13.3 million.
Arbor Realty Trust (ABR +0.46%) slid over 5% in after-hours trading after it announced plans to make a public offering of 9.5 million shares of its common stock.
Wednesday’s Key Earnings
21st Century Fox (NASDAQ:FOX) -1.7% AH facing new inquiries.
MannKind (NASDAQ:MNKD) -20.6% AH as earnings disappoint.
Mylan (NASDAQ:MYL) +0.5% with sales taking a hit.
Snap (NYSE:SNAP) -23% AH as user growth fell short.
Sodastream (NASDAQ:SODA) -6.7% on light guidance.
Toyota (NYSE:TM) -2.5% seeing a profit drop.
Whole Foods (NASDAQ:WFM) +2.7% AH shaking up its board.
Today’s Economic Calendar
8:30 Initial Jobless Claims
8:30 Producer Price Index
9:45 Bloomberg Consumer Comfort Index
10:30 EIA Natural Gas Inventory
1:00 PM Results of $15B, 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