Before the Open (Sep 20)

Good morning. Happy Wednesday. Happy Fed Day.
The Asian/Pacific markets closed with a lean to the upside. China, Hong Kong, New Zealand and the Philippines did well; Taiwan was weak. Europe, Africa and the Middle East are mixed and leaning down. Turkey and Denmark are up; The UAE, Greece, South Africa, Spain and Romania are down. Futures in the States point towards a flat open for the cash market.
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VIDEO: There’s a Bull Market Somewhere
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The dollar is down a small amount. Oil and copper are up. Gold and silver are up. Bonds are up.
Despite many indexes hitting new highs in the last week, the growing consensus is the Fed will leave rates alone. And since the Fed has its ear to the street and doesn’t want to rock the boat, they very likely won’t do anything.
Oil remains my top group for new money. Many of the subgroups rallied above their 50-day MAs recently, took out a previous high and are now forming resistance at a higher level. Oil & Gas Drilling & Exploration is an example. The groups have many components are are highly liquid, so there are many stocks to choose from.

Stock headlines from barchart.com…
Take-Two Interactive Software (TTWO +1.55%) was initiated as a ‘Buy’ at Buckingham Research Group with a 12-month target price of $120.
Activision Blizzard (ATVI +0.17%) was initiated as a ‘Buy’ at Buckingham Research Group with a 12-month target price of $79.
Intuit (INTU +1.07%) was recommended as a new ‘Buy’ at Argus Research with a price target of $165.
AAR Corp (AIR +3.17%) reported Q1 EPS from continuing operations of 31 cents, right on consensus, although Q1 sales of $439.2 million were better than consensus of $412 million
ServiceMaster Global Holdings (SERV +0.21%) was initiated a new ‘Outperform’ at Oppenheimer with a 12-month target price of $55.
Evolent Health (EVH -4.86%) was initiated a new ‘Overweight’ at KeyBanc Capital Markets with a 12-month target price of $23.
Bed Bath & Beyond (BBBY -0.99%) sank over 12% in after-hours trading after it reported Q2 EPS of 67 cents, below consensus of 95 cents as Q2 comparable sales fell -2.6%, weaker than expectations of -0.6%.
Adobe Systems (ADBE +0.53%) slid 3% in after-hours trading after it said it sees Q4 experience cloud revenue growth slowing to about 17% y/y compared with 26% y/y in Q3.
FedEx (FDX +0.43%) lost almost 2% in after-hours trading after it reported Q1 adjusted EPS of $2.51, well below consensus of $3.00, and then lowered on guidance on full-year adjusted EPS to $12.00 to $12.80 from a prior view of $13.20 to $14.00.
Analogic (ALOG -1.75%) fell 3% in after-hours trading after it reported Q4 net revenue of $111.6 million, below consensus of $115.5 million.
Cymabay Therapeutics (CBAY unch) rose almost 4% in after-hours trading after it was initiated a new ‘Overweight’ at Cantor Fitzgerald with a price target of $16.
Memphite Therapeutics (GEMP +5.93%) climbed 11% in after-hours trading after it said its gemcabene achieved the primary endpoint in two recently completed Phase 2b studies for the treatment of hypercholesterolemia.
Ivanka Therapeutics (IOVA +3.64%) tumbled 6% in after-hours trading after it announced that it intends to offer $50 million of its common stock.
CSci Therapeutics (KOOL +4.31%) surged 16% in after-hours trading after it said its full-year profit margin was 40% versus 23% y/y.
Today’s Economic Calendar
7:00 MBA Mortgage Applications
10:00 Existing Home Sales
10:30 EIA Petroleum Inventories
2:00 PM FOMC Announcement
2:00 PM FOMC Forecast
2:00 PM Chairman Press Conference
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings from Morningstar
this week’s Economic Numbers/Reports powered by ECONODAY