Before the Open (May 23)

Good morning. Happy Tuesday.
The Asian/Pacific markets closed with a lean to the downside. China, India, New Zealand and Malaysia were weak; Hong Kong and South Korea did well. Europe is currently mostly up. France, Turkey, Germany, Finland, Russia, Spain, Italy, Belgium, Portugal and Sweden are doing well; Poland and the Czech Republic are weak. Futures in the States point towards a positive open for the cash market.
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VIDEO: There’s a Bull Market Somewhere
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The dollar is up a small amount. Oil is flat; copper is down. Gold and silver are down. Bonds are up.
The market moved up yesterday, and the market’s breadth improved – exactly what the bulls wanted to see.
But other than the Nas and Nas 100, the indexes remain range bound, and after three straight up days on declining volume, the bulls will slightly hesitate to chase here.
Not much has changed. Don’t over-analyze. Don’t zoom in too close and try to find meaning in the little wiggles. The market is resting within a strong and healthy uptrend, and there are no major signs the intermediate term trend is going to change soon.
Stock headlines from barchart.com…
McKesson (MCK +1.58%) was upgraded to ‘Overweight’ from ‘Neutral’ at JPMorgan Chase with a price target of $189.
AutoZone (AZO -2.10%) is indicated to open 6% lower this morning after it reported Q3 EPS of $11.44, below consensus of $11.99 as Q3 comparable sales fell -0.8%, weaker than expectations of a +2.4% increase.
Perrigo Co. PLC (PRGO +0.81%) fell 5% in pre-market trading after it reported Q4 adjusted EPS of $1.24, weaker than expectations of $1.81, and then said it sees 2017 adjusted EPS of $4.15 to $4.50, below consensus of $4.55.
Nordson (NDSN +1.36%) reported Q2 adjusted EPS of $1.35, higher than consensus of $1.31, and said it sees Q3 adjusted EPS of $1.57-$1.71.
Hyatt Hotels (H +0.65%) announced a secondary offering of 4 million shares of Class A stock by investment funds associated with Goldman Sachs.
Valero Energy (VLO -0.05%) was initiated with an ‘Overweight’ at U.S. Capital Advisors with a 12-month target price of $73.
Take-Two Interactive Software (TTWO +2.16%) slumped 10% in after-hours trading when it said it will delay the release of its ‘Red Dead Redemption 2’ on PlayStation 4 and Xbox One until the spring of 2018, later than the fall of 2017 that it previously planned.
Agilent Technologies (A -0.09%) rose nearly 4% in after-hours trading after it reported Q2 adjusted EPS of 58 cents, better than consensus of 48 cents, and then said it sees full-year adjusted EPS of $2.15 to $2.21, the midpoint above consensus of $2.16.
Mindbody (MB unch) announced that it had commenced an underwritten registered public offering of 4.4 million shares of its Class A common stock.
Camping World Holdings (CWH -1.19%) slid almost 3% in after-hours trading after it announced a proposed offering of 10 million shares of Class A common stock which includes 3.5 million shares offered by Camping World and 6.5 million shares offered by Crestview Advisors LLC.
GlycoMimetics (GLYC -13.71%) dropped over 5% in after-hours trading after it announced that it intends to sell 6.0 million shares of its common stock in an underwritten public offering.
Today’s Economic Calendar
8:55 Redbook Chain Store Sales
9:45 PMI Composite Flash
10:00 New Home Sales
10:00 Richmond Fed Mfg.
1:00 PM Results of $26B, 2-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