Good morning. Happy Friday.
The Asian/Pacific markets closed mostly up. Japan, Hong Kong, South Korea, India, Taiwan, Malaysia, Indonesia, Singapore, Thailand and the Philippines did very well; China leaned down. Europe, Africa and the Middle East are currently mostly up. Poland, Greece, Finland, Russia, Kenya, Hungary, Italy, Portugal, Austria, Saudi Arabia and the Czech Republic are doing well; the UAE and Sweden are down. Futures in the States point towards a mixed open for the cash market.
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VIDEO: Trading Ideas for the Market’s Next Leg Up
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The dollar is down. Oil is flat; copper is up. Gold and silver lean up. Bonds are up.
Overnight Stock Movers from barchart.com…
Great Plains Energy (GXP +0.84%) was upgraded to ‘Buy’ from ‘Hold’ at SunTrust Robinson Humphrey with a price targetof $36.
Euronet Worldwide (EEFT +0.93%) was rated a new ‘Buy’ at Needham & Co with a price target of $100.
PPG Industries (PPG -0.88%) fell 3% in after-hours trading after it said it is unable to predict when it will file its Q1 Form 10-Q because it needs more time to investigate its accounting policies and procedures.
EchoStar (SATS +0.80%) was upgraded to ‘Strong Buy’ from ‘Outperform’ at Raymond James with a price target of $75.
Nektar Therapeutics (NKTR -0.69%) dropped 3% in after-hours trading after it reported a Q1 loss of -60 cents per share, wider than consensus of -53 cents.
Trade Desk (TTD +2.35%) surged 20% in after-hours trading after it reported Q1 revenue of $85.7 million, above consensus of $73.2 million, and then forecast Q2 revenue of $103 million, better than consensus of $93.1 million.
Globant SA (GLOB +0.30%) rose more than 2% in after-hours trading after it forecast Q2 revenue of $124 million to $126 million, stronger than consensus of $120.8 million.
ForeScout Technologies (FSCT -2.26%) jumped 7% in after-hours trading after it forecast 2018 revenue of $270.4 million to $280.4 million, above consensus of $267.8 million.
Mosaic (MOS +2.25%) rose more than 1% in after-hours trading after it was upgraded to ‘Outperform’ from ‘Sector Perform’ at RBC Capital Markets with a price target of $32.
Symantec (SYMC +1.50%) dropped 13% in after-hours trading after it forecast full-year adjusted EPS of $1.50 to $1.65, weaker than consensus of $1.80.
MCBC Holdings (MCFT +1.09%) jumped more than 9% in after-hours trading after it reported Q3 revenue of $93.8 million, higher than consensus of $88.8 million.
Intrexon (XON +0.11%) fell 5% in after-hours trading after it reported a Q1 loss per share of -33 cents, wider than consensus of -18 cents.
ViewRay (VRAY +2.38%) rallied 11% in after-hours trading after it reported Q1 revenue of $26.2 million, stronger than consensus of $11.9 million.
Ziopharm Oncology (ZIOP -2.17%) slid nearly 5% in after-hours trading after it reported Q1 revenue of $150,000, much weaker than consensus of $1.5 million.
Thursday’s Key Earnings
Duke Energy (NYSE:DUK) +0.7% AH topping expectations.
Dropbox (NASDAQ:DBX) -4.1% AH despite beating targets.
Nvidia (NASDAQ:NVDA) -2.9% AH seeing fewer crypto miners.
Symantec (NASDAQ:SYMC) -19.3% AH disclosing an internal probe.
Yelp (NYSE:YELP) -4.6% AH posting a narrower Q1 loss.
Today’s Economic Calendar
8:30 Fed’s Bullard: U.S. Monetary and Economic Policy
8:30 Import/Export Prices
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings from Morningstar
this week’s Economic Numbers/Reports powered by ECONODAY
2 thoughts on “Before the Open (May 11)”
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Excesses in corporate credit preceded each of the three previous recessions.
Ten years ago, one-third (33%) of corporations carried lower-quality ratings of BBB. Right now? 50%.
The credit cycle has peaked or is extremely close to having done so.
Household and corporate leveraging on “too-low-for-too-long” monetary manipulation is not likely to avoid negative consequences as the Federal Reserve presses down harder on the brake pads.
Short call Condor indicated.
I think your are right whidbey. I am in Australia and we have this royal commission into banking and financial institutions going on and its been digging up all sorts of rorts that are mostly related to institutions milking the clients funds.
One company (AMP.asx) has been getting hammered from revelation that it has been charging clients for fictitious services for years while lying to the regulators. Now it looks like they will go under. It has also been revealed that the loan books of the aus banks are full of sup-prime lair loans.
Lets face it, central banks have been printing money like confetti and telling everyone that there is no inflation while all the time ignoring the elephant in the room => all the ballooning overpriced assets.
Now the bubble is stretched to the max and it is no longer possible for financial institutions to grow and make money from loans linked to rising asset prices. It is now also difficult for them to make money from milking the client funds because of the regulators.
So where is all the money going to come from to keep these financial institutions afloat? Big credit crunch brewing!