Good morning. Happy Friday.
The Asian/Pacific markets closed mixed. Japan, Australia and Singapore were weak; South Korea and India did well. Europe is currently mostly down. Poland, Finland, Germany, Russia, Norway, Spain, Italy, Belgium, Portugal and Austria are weak. Futures in the States point towards a moderate gap down open for the cash market.
The dollar is flat. Oil and copper are down. Gold and silver are up. Bonds are up.
The S&P has moved up 6 straight days – it’s longest win streak since early February.
The Dow, S&P, Nas and Nas 100 each registered new highs yesterday.
Several breadth indicators have improved this week.
Considering the recent slow action (volume light, intraday ranges small), I highly doubt anything of significance happens today. Summer is here, and we have a 3-day holiday weekend ahead of us.
The trend is solidly up. You’re either all-in on the long side or partially in. Unless you are a slick short term trader, you are not short. There is simply no reason to fight such an obvious uptrend.
Stock headlines from barchart.com…
Chevron (CVX -1.05%) was downgraded to ‘Underperform’ from ‘Neutral’ at Exane BNP Paribas with its price target lowered to $100 from $105.
Red Robin Gourmet Burgers (RRGB -0.35%) was upgraded to ‘Buy’ from ‘Hold’ at Canaccord Genuity with a price target of $90.
Ulta Beauty (ULTA +4.47%) gained 4% in after-hours trading after it reported Q1 EPS of $2.05, higher than consensus of $1.80, and then raised guidance on full-year EPS growth to mid-20%, higher than a prior view of low 20%.
Costco Wholesale (COST +0.99%) rose 2% in after-hours trading after it reported Q3 EPS of $1.59, well above consensus of $1.31.
Splunk (SPLK +1.39%) dropped 5% in after-hours trading after it reported Q1 GAAP gross margin of 76% contracted from last quarter’s 81%.
Deckers Outdoor (DECK -2.60%) rallied 13% in after-hours trading after it reported an unexpected profit of 11 cents, better than consensus for a -6 cent a share loss.
Veeva Systems (VEEV +1.10%) climbed almost 4% in after-hours trading after it reported Q1 adjusted EPS of 22 cents, better than consensus of 18 cents, and then said it sees full-year adjusted EPS of 82 cents-84 cents, above consensus of 77 cents.
GameStop (GME +4.01%) fell over 5% in after-hours trading after it said it sees full-year EPS of $3.10 to $3.40, the midpoint below consensus of $3.29.
Tegna (TGNA +1.11%) gained over 1% in after-hours trading after dealReporter said a Newstar executive recently spoke with investors concerning a possible bid for Tegna.
Nutanix (NTNX +0.69%) jumped 11% in after-hours trading after it reported Q3 revenue of $191.8 million, higher than consensus of $186.35 million, and then said it sees Q4 revenue of $215 million to $220 million, better than consensus of $204.71 million.
Marvel Technology Group Ltd (MRVL +0.95%) rose nearly 2% in after-hours trading after it reported Q1 adjusted EPS of 24 cents, better than consensus of 21 cents, and then said it sees Q2 adjusted EPS from continuing operations of 26 cents to 30 cents, higher than consensus of 25 cents.
Zoe’s Kitchen (ZOES -1.10%) slumped 10% in after-hours trading after it reported Q1 revenue of $90.56 million, below consensus of $92.57 million, and then said it sees full-year revenue of $314 million to $322 million, weaker than consensus of $324 million.
Targa Resources (TRGP -2.24%) fell over 3% in after-hours trading after it announced that it had commenced a registered underwritten public offering of 17 million shares of its common stock.
Aeri Pharmaceuticals (AERI +33.95%) lost over 1% in after-hours trading after it announced that it had commenced a registered underwritten public offering of $50 of shares of its common stock.
8×8 Inc (EGHT +0.38%) rose over 4% in after-hours trading after it reported Q1 adjusted EPS of 5 cents, better than consensus of 3 cents, and then said it sees full-year revenue of $296 million to $300 million, above consensus of $294.4 million.
Trillium Therapeutics (TRIL -2.68%) dropped 6% in after-hours trading after it said it is offering common shares and convertible preferred shares, although no size was given.
Today’s Economic Calendar
8:30 Durable Goods
8:30 Corporate Profits
8:30 GDP Q1
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
8:15 PM Fed’s William’s speech on Sunday
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings from Morningstar
this week’s Economic Numbers/Reports powered by ECONODAY