Before the Open (May 25)

Good morning. Happy Thursday.
The Asian/Pacific markets posted some decent gains. China, Hong Kong, South Korea and India rallied more than 1%; Indonesia dropped. Europe is currently mixed and little changed. Poland, Norway and Austria are up; Turkey, Greece and Italy are down. Futures in the States point towards a moderate gap up open for the cash market.
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VIDEO: Stop Looking for a Top
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The dollar is down. Oil and copper are down. Gold and silver are up. Bonds are up.
The S&P closed about 5 points from its all-time high yesterday, and today, as of this writing, it’ll gap up about 5 at today’s open.
Volume, the intraday ranges, the activity level – all have been falling off this week while price has moved up.
The index is also in the midst of a 5-day win streak – it’s longest since early-February when the S&P broke out and rallied 100 points.
The trend remains up, and as I said in a video sent out yesterday, it’s likely to remain up for many more months.
Buy dips. Buy breakouts when appropriate. Stay on the long side.
Stock headlines from barchart.com…
Best Buy (BBY -2.19%) jumped 10% in pre-market trading after it reported Q1 adjusted EPS of 60 cents, well above consensus of 40 cents, as Q1 enterprise comparable sales unexpectedly rose +1.6%, better than expectations of a -1.5% decline.
Chipotle Mexican Grill (CMB) was upgraded to ‘Buy’ from ‘Hold’ at Argus Research with a price target of $550.
IHS Markit Ltd (INFO +0.34%) rose nearly 5% in after-hours trading when it was announced that it will replace Tegna in the S&P 500 before the open of trading on Friday, June 2.
Independence Realty Trust (IRT +0.54%) climbed 4% in after-hours trading when it was announced that it will replace Ultratech in the S&P SmallCap 600 before the open of trading on Wednesday, May 30.
PVH Corp (PVH -0.33%) rose 3% in after-hours trading after it reported Q1 adjusted EPS of $1.65, better than consensus of $1.60, and then said it sees full-year adjusted EPS of $7.40 to $7.50, above consensus of $6.76.
Williams-Sonoma (WSM +1.10%) jumped 8% in after-hours trading after it reported Q1 adjusted EPS of 51 cents, above consensus of 49 cents, and said it sees Q2 revenue of $1.20 billion to $1.23 billion, higher than consensus of $1.19 billion.
Live Nation (LYV -0.03%) was initiated with a ‘Buy’ at Guggenheim Securities with a 12-month target price of $40.
Aerie Pharmaceuticals (AERI -0.74%) surge 25% in after-hours trading after it said it expects to submit an NDA for its Roclatan after it achieved primary efficacy endpoint in its Phase 3 “Mercury 2” study for treatment of patients with glaucoma and other eye diseases.
Sun Communities (SUI +0.75%) lost almost 2% in after-hours trading after it announced that it had commenced an underwritten public offering of 3.5 million shares of its common stock.
Radius Health (RDUS +0.57%) gained over 2% in after-hours trading after it announced positive results from a 24-month ActiveExtend study for its Tymlos in postmenopausal women with osteoporosis.
Bank of the Ozarks (OZRK -1.90%) fell 5% in after-hours trading after it announced an underwritten registered public offering of 6.6 million shares of its common stock.
Guess? (GES -0.80%) jumped over 13% in after-hours trading after it said Q1 Americas retail comparable sales including e-commerce fell -15%, a smaller decline than expectations of -16.5%, and then raised guidance on full-year adjusted EPS to 34 cents-44 cents from a prior view of 28 cents-40 cents.
Pure Storage (PSTG -0.28%) rallied 15% in after-hours trading after it reported Q1 revenue of $182.6 million, higher than consensus of $175.9 million, and said it sees Q2 revenue of $214 million-$222 million, the midpoint well above consensus of $214.14 million.
Costamare (CMRE -2.14%) dropped 9% in after-hours trading after it announced that it plans a public offering of 12.5 million shares of its common stock.
Wednesday’s Key Earnings
HP (NYSE:HPQ) +3% AH beating estimates in FQ2.
Lowe’s (NYSE:LOW) -3% losing ground to Home Depot.
Today’s Economic Calendar
8:30 Initial Jobless Claims
8:30 International trade in goods
9:45 Bloomberg Consumer Comfort Index
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
1:00 PM Results of $28B, 7-Year Note Auction
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
10:00 PM Fed’s Bullard: U.S. Monetary and Economic Policy
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings from Morningstar
this week’s Economic Numbers/Reports powered by ECONODAY