Before the Open (Jun 20)

Good morning. Happy Tuesday.
The Asian/Pacific markets closed mixed. Japan, Indonesia and Taiwan did well; Hong Kong, Malaysia, Singapore and Australia were weak. Europe is currently mixed and little changed. Poland, Austria and Spain are down; Turkey is up. Futures in the States point towards a flat open for the cash market.
The dollar is down. Oil is down $1.10; copper is down. Gold and silver are up. Bonds are up.
New highs yesterday for the Dow and S&P. The other indexes did great too. As I stated over the weekend, the trend is up; the market is healthy. The only side of the market to be on is the long side. Resist over-analyzing things. Don’t dissect things into too many details. Sometimes taking things at face value is best.
Stock headlines from barchart.com…
Tesla (TSLA -0.43%) gained over 2% in pre-market trading after it said it is close to an agreement to produce its electric cars in China.
Costco Wholesale (COST -1.66%) was upgraded to ‘Buy’ from ‘Neutral’ at Northcoast with a price target of $190.
Goodyear (GT +0.36%) was upgraded to ‘Buy’ from ‘Hold’ at Jeffries with a 12-month target price of $39.
O’Reilly Automotive (ORLY -0.44%) was downgraded to ‘Neutral’ from ‘Positive’ at Susquehanna.
Galapagos NV (GLPG +3.69%) was initiated with a ‘Buy’ rating at BTIG LLC with a 12-month target price of $98.
Owens Corning (OC +2.60%) ws upgraded to ‘Neutral’ from ‘Underperform’ at Macquarie Research.
Clovis Oncology (CLVS +46.54%) lost 1% in after-hours trading after it proposed an underwritten public offering of $250 million of its common stock.
Reliance Steel & Aluminum (RS +0.10%) dropped over 6% in after-hours trading after it lowered guidance on Q2 EPS to $1.30-$1.40 from an April 27 estimate of $1.50-$1.60, citing “challenging” conditions.
Chipotle Mexican Grill (CMG +1.73%) fell 2% in after-hours trading after it said it expects expenses to r1se as much as 0.3% this quarter as it spends more on marketing and promotions to bounce back from a food-safety crisis.
Fidus Investment (FDUS +1.00%) lost 1% in after-hours trading after it announced the commencement of a registered underwritten public offering of 1.5 million shares of its common stock.
AveXis (AVXS +1.62%) slid 2% in after-hours trading after it said it intends to offer up to $200 million of its shares of its common stock in an underwritten public offering.
Lipocoine (LPCN +3.88%) surged over 30% in after-hours trading after it said its LPCN 1021 testosterone drug met the FDA primary efficacy guidelines in a dosing valuation study where 81% of the subjects achieved average testosterone levels.
Today’s Economic Calendar
8:30 Current Account
8:55 Redbook Chain Store Sales
3:00 PM Fed’s Kaplan: Monetary Policy
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings from Morningstar
this week’s Economic Numbers/Reports powered by ECONODAY