Before the Open (May 30)

Good morning. Happy Wednesday.
The Asian/Pacific markets suffered big losses today. Japan, China, Hong Kong, South Korea, Malaysia, Singapore and the Philippines all close down a bunch. Europe, Africa and the Middle East are currently mostly up. Germany, Greece, Norway, Hungary, Spain, Italy, Belgium, Portugal, Austria and Russia are up; Poland and South Africa are down. Futures in the States point towards a moderate gap up open for the cash market.
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Podcast: with Chat With Traders
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The dollar is down. Oil is up; copper is down. Gold and silver are up. Bonds are down.
Overnight Stock Movers from barchart.com…
Exxon-Mobile (XOM -0.37%) was upgraded to ‘Outperform’ from ‘Sector Perform’ at RBC Capital Markets with a price target of $100.
Meredith (MDP +0.31%) was upgraded to ‘Buy’ from ‘Neutral’ at Citigroup with a price target of $59.
Salesforce.com (CRM -0.84%) rose almost 4% in after-hours trading after it reported Q1 adjusted EPS of 74 cents, well above consensus of 45 cents.
LKQ Corp (LKQ -0.59%) was rated a new ‘Buy’ at SunTrust Robinson Humphrey with a price target of $40.
Franco-Nevada (FNV -1.00%) may open to the downside this morning after it filed to sell a $2 billion shelf of mixed securities.
WellCare Health Plans (WCG +0.49%) said it will acquire Meridian for $2.5 billion in cash.
Cavco Industries (CVCO -2.65%) reported Q4 EPS of $2.40, well above consensus of $1.62.
Heico (HEI +2.53%) may open to the upside this morning after it reported Q2 EPS of 55 cents, above consensus of 52 cents.
SpartanNash (SPTN -1.92%) jumped more than 5% in after-hours trading after it reported Q1 adjusted EPS from continuing operations of 55 cents, better than consensus of 53 cents.
HP Inc (HPQ -2.78%) may open to the upside this morning after it reported Q2 net revenue of $14.0 billion, higher than consensus of $13.6 billion, and then raised guidance on fiscal 2018 adjusted EPS to $1.97 to $2.02 from a Feb 21 estimate of $1.90 to $2.00, better than consensus of $1.96.
T2 Biosystems (TTOO -9.13%) dropped nearly 8% in after-hours trading after it announced that it had commenced an underwritten registered public offering of 5.65 million shares of its common stock.
Safe Bulkers (SB +1.97%) rose 3% in after-hours trading after it reported Q1 net revenue of $43.5 million, higher than consensus of $41.7 million.
TransEnterix (TRXC +8.95%) gained 2% in after-hours trading, on top of Tuesday’s 9% gain after it received FDA clearance for expanded indications of its Senhance Surgical System.
Tuesday’s Key Earnings
HP (NYSE:HPQ) +0.2% AH on notebook PC demand.
Salesforce (NYSE:CRM) +4.7% AH with cloud strength.
Today’s Economic Calendar
7:00 MBA Mortgage Applications
8:15 ADP Jobs Report
8:30 GDP Q1
8:30 International trade in goods
8:30 Corporate profits
8:30 Retail Inventories (Advance)
8:30 Wholesale Inventories (Advance)
8:55 Redbook Chain Store Sales
2:00 PM Fed’s Beige Book
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings from Morningstar
this week’s Economic Numbers/Reports powered by ECONODAY