Before the Open (May 24)

Good morning. Happy Thursday.
The Asian/Pacific markets closed mixed. Hong Kong, India, New Zealand, Taiwan, Indonesia, Singapore and the Philippines did well; Japan, China, Malaysia and Thailand were weak. Europe, Africa and the Middle East currently lean to the downside. Turkey, Hungary and the Czech Republic are up; Greece, Denmark, Kenya, Belgium, Norway, Portugal and Austria are down. Futures in the States point towards a down open for the cash market.
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The dollar is down. Oil is down; copper is up. Gold and silver are up. Bonds are up.
Overnight Stock Movers from barchart.com…
Deere & Co (DE +0.96%) was upgraded to ‘Buy’ from ‘Neutral’ at UBS with a price target of $185.
Tiffany (TIF +23.29%) was downgraded to ‘Sell’ from ‘Hold’ at SBG Securities with a price target of $113.
Atlassian Corp Plc (@symbolPercentChange(TEAM ))was rated a new ‘Buy’ at D.A. Davidson with a price target of $74.
Ciena (CIEN -0.45%) was rated a new ‘Buy’ at Loop Capital with a price target of $31.
Williams-Sonoma (WSM +3.97%) jumped 15% in after-hours trading after it reported Q1 adjusted EPS of 67 cents, better than consensus of 58 cents, and then forecast full-year adjusted EPS of $4.15 to $4.25 the midpoint above consensus of $4.18.
L Brands (LB +0.18%) fell 6% in after-hours trading after it forecast Q2 EPS of 30 cents to 35 cents, weaker than consensus of 41 cents.
NetApp (NTAP -0.34%) slid nearly 4% in after -hours trading after it forecast Q1 net revenue of $1.37 billion to $1.47 billion, the midpoint right on consensus of $1.42 billion.
NRG Energy (NRG -0.90%) rose nearly 3% in after-hours trading after prices from an annual PJM auction showed suppliers to PJM Interconnection LLC will receive $140 per megawatt-day for the year starting June 2021, up +83% from a year earlier.
nLight (LASR -5.88%) climbed more than 4% in after-hours trading after it reported Q1 revenue rose +42% to $42.5 million and gross margins improved to 34.7% from 30% y/y.
AGNC Investment (AGNC +0.37%) lost 2% in after-hours trading after it announced it plans to make A public offering of 30 million shares of its common stock.
Eiger Pharmaceuticals (EIGR +1.82%) fell nearly 5% in after-hours trading after it announced a proposed public offering of $40 million in shares of its common stock.
Marinus Pharmaceuticals (MRNS +6.30%) gained more than 5% in after-hours trading after it was rated a new ‘Outperform’ at Baird with a price target of $15.
Stein Mart (SMRT -3.90%) jumped 12% in after-hours trading after it reported Q2 gross margin of +29.4% and Q2 net sales of $326.7 million.
Wednesday’s Key Earnings
Lowe’s (NYSE:LOW) +10.4% as Bill Ackman took a $1B+ stake.
Target (NYSE:TGT) -5.7% amid biting margin pressures.
Today’s Economic Calendar
4:15 Fed’s Dudley Speech
8:30 Initial Jobless Claims
9:00 FHFA House Price Index
9:45 Bloomberg Consumer Comfort Index
10:00 Existing Home Sales
10:30 EIA Natural Gas Inventory
10:35 Fed’s Bostic Speech
11:00 Kansas City Fed Mfg Survey
1:00 PM Results of $30B, 7-Year Note Auction
2:00 PM Fed’s Harker Speech
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