Before the Open (Jul 26)

Good morning. Happy Thursday.
The Asian/Pacfic markets closed mixed. Japan, South Korea, Thailand and the Philippines moved up; Chian and Hong Kong were weak. Europe, Africa and the Middle East are currently mostly up. Denmark, Poland, Turkey, Germany, South Africa, Switzerland, Hungary, Spain, Italy and Sweden are up; Portugal is down. Futures in the States point towards a down open for the cash market.
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Podcast: with Chat With Traders
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The dollar is up a small amount. Oil is down; copper is up. Gold and silver are down. Bonds are down.
Overnight Stock Movers from barchart.com…
Facebook (FB +1.32%) plunged 23% in pre-market trading after it reported 1.47 billion active daily users in June, below forecasts of 1.48 billion users, and reported Q2 revenue of $13.23 billion, weaker than consensus of $13.33 billion. Also, CFO Wehner said sales growth will continue to slow through the rest of the year.
Biogen (BIIB +2.95%) slumped 10% in after-hours trading after it said its experimental Alzheimer drug slowed the progression of the earliest stages of the disease by 30% in a study, although expectations had been for an even higher percentage.
Mohawk Industries (MHK -0.99%) tumbled 13% in after-hours trading after it reported Q2 adjusted EPS of $3.51, well below consensus of $3.90.
Citrix Systems (CTXS +1.52%) rose more than 2% in after-hours trading after it reported Q2 adjusted EPS of $1.28, better than consensus of $1.20, and then forecast Q3 adjusted EPS of $11.23 to $1.26, above consensus of $1.22.
PayPal Holdings (PYPL -0.04%) slid nearly 3% in after-hours trading after it forecast Q3 net revenue of $3.62 billion to $3.67 billion, weaker than consensus of $3.71 billion.
Xilinx (XLNX +0.34%) jumped almost 10% in after-hours trading after it reported Q1 net revenue of $684.4 million, above consensus of $675.3 million, and then forecast full-year adjusted sales of $2.8 to $2.9 billion, better than consensus of $2.76 billion.
Qualcomm (QCOM +0.97%) rallied 5% in after-hours trading after it said it will abandon its $44 billion bid to acquire NXP Semiconductors NV after Chinese regulators failed to approve the acquisition.
Mondelez International (MDLZ -0.05%) climbed 3% in after-hours trading after it reported Q2 adjusted EPS of 56 cents, higher than consensus of 54 cents.
Knight-Swift Transportation Holdings (KNX +2.78%) dropped more than 13% in after-hours trading after it reported Q2 adjusted EPS of 56 cents, weaker than consensus of 57 cents.
PCM Inc (PCMI -4.55%) jumped 14% in after-hours trading after it raised its full-year adjusted EPS view to $2.20 to $2.30 from an April estimate of $2.00 to $2.10 and sees gross margins of 15.6%-15.85% from a prior view of 15%-15.5%.
Advanced Micro Devices (AMD -0.86%) rose nearly 6% in after-hours trading after it reported Q2 revenue of $1.76 billion. better than consensus of $1.72 billion.
Ford Motor (F -0.47%) slid more than 4% in after-hours trading after it cut its full-year adjusted EPS outlook to $1.30 to $1.50 from a May 16 view of $1.45 to $1.70.
U.S. Steel (X +1.03%) and AK Steel Holding (AKS +0.19%) both fell more than 2% in after-hours trading after President Trump said he will “resolve” the steel tariffs with the European Union.
Tuesday’s Key Earnings
AMD (NASDAQ:AMD) +5.9% AH on Computing and Graphics growth.
Boeing (NYSE:BA) -0.7% following a tanker writedown.
Coca-Cola (NYSE:KO) +1.8% boosted by organic sales.
Facebook (FB) -20.2% AH giving a grim forecast.
Fiat Chrysler (NYSE:FCAU) -11.8% reporting soft earnings.
Ford (NYSE:F) -3.6% AH cutting its profit guidance.
Freeport-McMoRan (NYSE:FCX) -1.3% lowering its cash flow outlook.
General Motors (NYSE:GM) -4.6% amid tariff pain.
Gilead Sciences (NASDAQ:GILD) -1.5% AH as its CEO stepped down.
Mondelez (NASDAQ:MDLZ) +4.8% AH on strong consumer appetite.
PayPal (NASDAQ:PYPL) -5.3% AH narrowly beating estimates.
Qualcomm (QCOM) +6.6% AH pursuing a major stock repurchase.
UPS (NYSE:UPS) +6.9% with rising online demand.
Visa (NYSE:V) -0.8% AH taking a litigation provision.
Today’s Economic Calendar
8:30 Durable Goods
8:30 International trade in goods
8:30 Retail Inventories (Advance)
8:30 Wholesale Inventories (Advance)
8:30 Initial Jobless Claims
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
1:00 PM Results of $30B, 7-Year Note Auction
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