Before the Open (Jul 20)

Good morning. Happy Friday.
The Asian/Pacific market did very well. China, Hong Kong, Taiwan and Thailand gained more than 1%; India, New Zealand, Singapore and Indonesia also posted gains. Europe, Africa and the Middle East are currently split. Denmark, Poland, Turkey and South Africa are up while France, Germany, Greece, Russia, Finland and the Netherlands are down. Futures in the States point towards a mixed open for the cash market (SPX down, Nas up).
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The dollar is down. Oil is flat; copper is up. Gold and silver are flat. Bonds are down.
Overnight Stock Movers from barchart.com…
Yum China (YUMC -2.20%) was downgraded to ‘Underperform’ from ‘Neutral’ at Bank of America/Merrill Lynch with a price target of $34.
Microsoft (MSFT -0.68%) is up more than 3% in pre-market trading after it reported Q4 revenue of $30.09 billion, better than consensus of $29.22 billion.
Intuitive Surgical (ISRG -1.25%) climbed more than 4% in after-hours trading after it reported Q2 adjusted EPS of $2.76, higher than consensus of $2.49.
Capital One Financial (COF -1.77%) gained more than 1% in after-hours trading after it reported Q2 adjusted EPS of $3.22, well above consensus of $2.63.
Skyworks Solutions (SWKS +0.44%) rallied more than 4% in after-hours trading after it reported Q3 adjusted EPS of $1.64, higher than consensus of $1.60.
General Electric (GE -0.15%) climbed nearly 3% in pre-market trading after it reported Q2 revenue of $30.1 billion, higher than consensus of $29.38 billion.
Celanese (CE -0.88%) moved up nearly 5% in after-hours trading after it reported Q2 adjusted EPS of $2.90, well above consensus of $2.43, and then forecast full-year adjusted EPS of $10.50 to $10.75, stronger than consensus of $9.65.
Exponent (EXPO +0.20%) fell more than 2% in after-hours trading after it reported Q2 EPS of 34 cents, below consensus of 46 cents.
Keurig Dr Pepper (KDP -1.45%) may initially open higher this morning after Mondelez reported a 13.8% stake in the company.
Semtech (SMTC +0.10%) was rated a new ‘Buy’ at Stifel with a price target of $60.
PTC Therapeutics (PTCT +4.46%) jumped 9% in after-hours trading after it acquired Agilis in a cash and stock deal worth about $200 million.
Skechers (SKX +1.84%) sank more than 20% in after-hours trading after it reported Q2 EPS of 29 cents, weaker than consensus of 41 cents, and then forecast Q3 EPS to be between 50 cents and 55 cents, well below consensus of 68 cents.
Zynerba Pharmaceuticals (ZYNE +2.36%) fell more than 16% in after-hours trading after it announced that it intends to offer $30 million of its common stock in an underwritten public offering.
Manhattan Bridge Capital (LOAN +1.42%) slipped almost 5% in after-hours trading after it announced that it proposing to offer its common stock in an underwritten public offering, although no size was given.
FTD Cos (FTD +1.35%) dropped 6% in after-hours trading after President and CEO John Walden stepped down effective immediately after the company reported Q2 preliminary revenue of $299 million, much weaker than expectations of $321.5 million.
Thursday’s Key Earnings
Blackstone (NYSE:BX) -1.6% analyzing a C-Corp switch.
Microsoft (NASDAQ:MSFT) +3.3% AH as cloud revenue soared.
Philip Morris (NYSE:PM) -1.5% on weaker e-cigarette acceptance.
SAP (NYSE:SAP) -3.7% amid softness in legacy licenses.
Taiwan Semiconductor (NYSE:TSM) +3.6% on smartphone demand.
Unilever (NYSE:UN) +2.5% posting gross margin improvement.
Today’s Economic Calendar
8:20 Fed’s Bullard: U.S. Monetary and Economic Policy
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