Before the Open (Jul 11)

Good morning. Happy Wednesday.
The Asian/Pacific markets closed mostly down with big losses. The Philippines did well, but Japan, China, Hong Kong and South Korea posted nearly 1% loss or more. Europe, Africa and the Middle East are currently mostly down. The UK, France, Turkey, Germany, Russia, South Africa, Finland, Norway, Spain, Italy, Austria and Sweden are down 1% or more. Futures in the States point towards a relatively big gap down open for the cash market…although they’re off their lows.
The dollar is up. Oil and copper are down. Gold and silver are down. Bonds are up.
The worldwide weakness is tariff related…again. This has happened several times the last few months and each time stocks recovered. They’ll recover again. The overall trend is up, and as long as this is the cash, scary down days and multi-day corrections will be buyable.
Overnight Stock Movers from barchart.com…
U.S. Cellular (USM -0.10%) was downgraded to ‘Underweight’ from ‘Neutral’ at JPMorgan Chase.
Boeing (BA +1.53%) slid -0.2% in after-hours trading after JetBlue said it was ordering 60 of Airbus’s A220 jets, a rival of Boeing.
Facebook (FB -0.59%) was rated a new ‘Buy’ at Nomura Instinet with a price target of $228.
WD-40 (WDFC +1.22%) lost 2% in after-hours trading after it forecast full-year EPS of $4.05 to $4.10, the midpoint below consensus of $4.09.
Sempra Energy (SRE +1.44%) fell more than 2% in after-hours trading after it announced a proposed $1.1 billion public offering of common stock and mandatory convertible preferred stock offering.
AAR Corp (AIR +0.96%) dropped nearly 6% in after-hours trading after it said it sees fiscal 2019 EPS continuing operations of $2.50 to $2.80, the midpoint below consensus of $2,75.
Spotify (SPOT +1.69%) was rated a new ‘Buy’ at Nomura Instinet with a price target of $210.
Natera (NTRA +6.05%) slid 6% in after-hours trading after it announced the launch of a proposed follow-on public offering of $75 million in shares of its common stock.
Twitter (TWTR -0.88%) was rated a new ‘Reduce’ at Nomura Instinet with a price target of $31.
BioCryst Pharmaceuticals (BCRX unch) rallied 10% in after-hours trading after the merger with Idera Pharmaceuticals was called off after BioCryst shareholders voted against it. Idera Pharmaceuticals IDRA fell -5% on the news.
VOXX International (VOXX +6.31%) tumbled more than 13% in after-hours trading after it reported Q1 fiscal sales of $100.9 million, weaker than consensus of $114 million.
ArQule (ARQL -8.07%) dropped 8% in after-hours trading after it said that it had commenced an underwritten public offering of its common stock, although no size was mentioned.
Versartis (VSAR -2.44%) jumped 12% in after-hours trading after it said its Phase 1 trial of its AVB-S6-500 met its safety and tolerability endpoints for the trial.
Tuesday’s Key Earnings
PepsiCo (NYSE:PEP) +4.8% boosted by Frito-Lay snacks.
Today’s Economic Calendar
7:00 MBA Mortgage Applications
8:30 Producer Price Index
10:00 Atlanta Fed’s Business Inflation Expectations
10:00 Wholesale Trade
10:30 EIA Petroleum Inventories
1:00 PM Results of $22B, 10-Year Note Auction
3:30 PM Fed’s Williams Speech
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings from Morningstar
this week’s Economic Numbers/Reports powered by ECONODAY