Good morning. Happy Friday.
The Asian/Pacific markets closed mostly down. China, Hong Kong, South Korea, Taiwan, Indonesia and Singapore posted the biggest losses. Europe, Africa and the Middle East are currently mostly down. Turkey, Greece, Denmark, South Africa, Hungary, Spain, Italy and Russia are down 1% or more. Futures in the States point towards a moderate gap down open for the cash market.
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The dollar is up. Oil is down; copper is up. Gold and silver are down small amounts. Bonds are up.
Overnight Stock Movers from barchart.com…
Apple (AAPL -0.27%) is down 2% in pre-market trading after the Nikkei reported that Apple told its supply chain to prepare for -20% fewer components for iPhones debuting in the second half of this year compared with last year’s orders.
Autodesk (ADSK -2.75%) was rated a new ‘Sell’ at Bucephalus Research with a price target of $50.
Broadcom (AVGO +0.44%) gained almost 1% in after-hours trading after it reported Q2 adjusted EPS from continuing operations of $4.88, better than consensus of $4.68.
LivaNova Plc (LIVN -0.70%) was rated a new ‘Buy’ at Stifel with a price target of $115.
Zumiez (ZUMZ +1.31%) rallied almost 12% in after-hours trading after it reported Q1 net sales of $206.3 million, better than consensus of $204.0 million, and then forecast Q2 revenue of $213 million to $217 million, above consensus of $203.8 million.
Exact Sciences (EXAS -3.30%) fell 3% in after-hours trading after it said it is offering $150 million of convertible senior notes due 2025.
Eli Lilly (LLY -0.06%) was rated a new ‘Overweight’ at Cantor Fitzgerald with a price target of $100
Pfizer (PFE +0.30%) was rated a new ‘Overweight’ at Cantor Fitzgerald with a price target of $45.
Cree (CREE +0.93%) lost nearly 4% in after-hours trading after CFO Mike McDevitt said he will retire but stay on until a successor is appointed.
DocuSign (DOCU -2.39%) climbed more than 6% in after-hours trading after it reported Q1 total revenue of $155.8 million, stronger than expectations of $135.8 million.
At Home Group (HOME +2.83%) lost more than 1% in after-hours trading after it reported Q1 comparable sales were up +0.9%, weaker than consensus of +2.1%.
Carbon Black (CBLK -2.56%) gained 2% in after-hours trading after it forecast 2018 revenue of $203 million to $204.5 million, higher than consensus of $201.8 million.
Stitch Fix (SFIX -4.65%) rose more than 6% in after-hours trading after it forecast full-year net revenue of $1.22 billion to $1.23 billion, above consensus of $1.21 billion.
Iteris (ITI -2.19%) slid more than 4% in after-hours trading after the CEO said the “roadway sensors segment continued to encounter choppiness in Texas.”
Today’s Economic Calendar
10:00 Wholesale Trade
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 (Jun 8)”
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The yield on the benchmark 10-year Treasury note was lower at around 2.902 percent at 5:25 a.m. ET, while the yield on the 30-year Treasury bond was also in the red at 3.054 percent. Bond yields move inversely to prices.As we head toward summer the Fed will decide the finacial future of the economy. Suspect that there is confusion to come as the international meetings take place. Holding 90% cash, looking at gold/silver.
Some Power in bonds…. and the stocks showed strength, as our host says: there is a market somewhere. Eyeballing stength in the index stocks….. this summer may lead to a sprint into the fall.