Before the Open (May 22)

Good morning. Happy Tuesday.
The Asian/Pacific markets closed mixed. South Korea, India and Indonesia did well; Taiwan, Australia, Malaysia and Thailand were weak. Europe, Africa and the Middle East are currently mostly up. Turkey, Germany, the UAE, Greece, South Africa, Spain, Italy, Austria and Saudi Arabia are up; Poland and Kenya are down. Futures in the States point towards a gap up open for the cash market.
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The dollar is down. Oil and copper are up. Gold and silver are up. Bonds are down.
New highs broke out to their highest level since late-January. Another piece of evidence the market is in good shape.

Overnight Stock Movers from barchart.com…
Kohl’s (KSS +2.83%) rallied nearly 5% in pre-market trading after it reported Q1 comparable same-store sales rose +3.6%, stronger than consensus of +2.7%, and then forecast full-year adjusted EPS of $5.05 to $5.50, the midpoint above consensus of $5.24.
Macy’s (M +1.91%) was upgraded to ‘Positive’ from ‘Neutral’ at Susquehanna with a price target of $43.
Ford Motor (F +1.59%) is up 1.6%, General Motors (GM +0.79%) is up nearly 1% and Fiat Chrysler (FCAU +2.20%) gained more than 2% in pre-market trading after China said it cut import tariffs on passenger vehicles to 15% from 25%.
Universal Display (OLED +2.55%) was rated a new ‘Buy’ at Roth Capital Partners with price target of $136.
Nordson (NDSN +3.45%) dropped nearly 6% in after-hours trading after it forecast Q3 EPS of $1.47 to $1.63, well below consensus of $1.91.
2U Inc (TWOU -0.16%) fell nearly 5% in after-hours trading after it announced that it had commenced a proposed public offering of up to $300 million of its common stock.
Micron Technology (MU +3.91%) rose 4% in after-hours trading after it announced a $10 billion share repurchase authorization.
Pure Storage (PSTG -0.38%) slid more than 7% in after-hours trading despite its forecast for Q2 revenue of $296 million to $304 million, the midpoint right on consensus of $299.2 million.
Sailpoint Technologies Holding (SAIL -0.66%) dropped almost 9% in after-hours trading after a holder filed to sell 15 million shares.
Lamb Weston (LW -0.07%) was rated a new ‘Sell’ at Vertical Group with a price target of $56.
Hostess Brands (TWNK +1.18%) was rated a new ‘Buy’ a Vertical Group with a price target of $19.
Melinta Therapeutics (MLNT -3.31%) fell more than 7% in after-hours trading after it announced that it had commenced a proposed public offering of up to $75 million of its common stock.
Libbey (LBY -3.80%) slumped more than 25% in after-hours trading after suspended its dividend in an attempt to cut its debt and invest in strategic initiatives.
Ardelyx (ARDX -2.59%) slid almost 4% in after-hours trading after it announced that it had commenced an underwritten public offering of up to $50 million of its common stock.
Today’s Economic Calendar
8:55 Redbook Chain Store Sales
10:00 Richmond Fed Mfg
1:00 PM Results of $33B, 2-Year Note Auction
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings from Morningstar
this week’s Economic Numbers/Reports powered by ECONODAY