Before the Open (Jun 15)

Good morning. Happy Thursday.
The Asian/Pacific markets closed mostly down. Hong Kong and Australia dropped more than 1%; South Korea and Singapore we also weak. Europe is currently getting it hard. Russia is down more than 3%; the UK, France, Germany, Turkey, Denmark, Norway, Spain, the Netherlands, Italy, Belgium, Portugal, Austria and Sweden are down more than 1%. Futures in the States point towards a big gap down open for the cash market.
The dollar is up. Oil and copper are down. Gold and silver are getting crushed. Bonds are down.
The Fed moved rates up 25 basis points yesterday. The market mostly took the decision in stride. Several indexes moved down but recovered by the end of the day. The Nas didn’t recover much.
As I said yesterday, the jury is still out regarding the big-cap tech stocks. Entering this week we were asking whether last Friday’s selling pressure was a 1-day event or a hint of what’s in the pipeline. I can’t say we’ve gotten a clear and obvious answer. Some stocks have bounced back. Others have made little upside progress and are nicely set up to leg down again.
Overall the market is doing just fine. I’m much less sure about the near term.
Stock headlines from barchart.com…
Alphabet (GOOGL -0.26%) was downgraded to ‘Hold’ from ‘Buy’ at Canaccord Genuity.
TransMontaigne Partners LP (TLP -2.25%) was upgraded to ‘Buy’ from ‘Neutral at D.A. Davidson with a price target of $51.
Mattel (MAT -2.21%) was downgraded to ‘Neutral’ from ‘Buy’ at D.A. Davidson.
Delphi Automotive (DLPH -0.80%) was initiated with a recommendation of ‘Outperform’ by Raymond James with a 12-month target price of $95.
U.S. Silica (SLCA -7.04%) was initiated with a ‘Buy’ rating at Janney Montgomery Scott LLC with a 12-month target price of $51.
Lantheus Holdings (LNTH +1.88%) slid 5% in after-hours trading after it announced a public secondary offering by selling stockholders of 3.0 million shares of its common stock.
Jabil (JBL -0.71%) climbed nearly 4% in after-hours trading after it reported Q3 core EPS of 31 cents, better than consensus of 29 cents, and said it sees 2018 core EPS of $2.60, higher than consensus of $2.43.
Lakeland Industries (LAKE +0.77%) jumped over 10% in after-hours trading after it reported Q1 EPS of 23 cents, well above consensus of 16 cents.
Smart Sand (SND -5.81%) was initiated with a ‘Buy’ rating at Janney Montgomery Scott LLC with a 12-month target price of $13.
Five Oaks Investment Corp. (OAKS -2.03%) dropped 5% in after-hours trading after it announced that it had commenced an underwritten public offering of 4.0 million shares of its common stock.
Pacific Biosciences of California (PACB -3.19%) tumbled 8% in after-hours trading after it announced that it intends to offer shares of its common stock in an underwritten public offering, although no size was given.
Today’s Economic Calendar
8:30 Initial Jobless Claims
8:30 Philly Fed Business Outlook
8:30 Empire State Mfg Survey
8:30 Import/Export Prices
9:15 Industrial Production
9:45 Bloomberg Consumer Comfort Index
10:00 NAHB Housing Market Index
10:30 EIA Natural Gas Inventory
4:00 PM Treasury International Capital
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