Before the Open (Oct 17)

Good morning. Happy Wednesday.
The Asian/Pacific markets closed mostly up. Japan, China, South Korea, New Zealand, Australia, Indonesia, Singapore and the Philippines did well; India was weak. Europe, Africa and the Middle East are currently mixed. The UAE, the Netherlands and Portugal are up; Germany, Greece, South Africa, Finland, Spain and Italy are down. Futures in the States point towards a moderate gap down open for the cash market.
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VIDEO: Signs of a Local Bottom
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The dollar is up. Oil is up; copper is flat. Gold and silver are mixed and little changed. Bonds are mixed.
Overnight Stock Movers from barchart.com…
KB Home (KBH +3.81%) was downgraded to ‘Underperform’ from ‘Neutral’ at Credit Suisse with a price target of $18.
Netflix (NFLX +3.98%) jumped 12% in after-hours trading after it reported Q3 EPS of 89 cents, higher than consensus of 68 cents, and said it expects Q4 global subscriber growth of 9.4 million, well above consensus of 7.1 million. Roku (ROKU +3.19%) rallied nearly 4% and Spotify (SPOT +3.45%) climbed 3% on the bullish Netflix news.
International Business Machines (IBM +2.83%) dropped 4% in after-hours trading after it reported Q3 revenue of $18.76 billion, weaker than consensus of $19.08 billion.
NetApp (NTAP +3.44%) was upgraded to ‘Buy’ from ‘Neutral’ at Goldman Sachs with a price target of $91.
Lam Research (LRCX +1.94%) rose more than 3% in after-hours trading after it reported Q1 adjusted EPS of $3.36, higher than consensus of $3.22, and forecast Q2 adjusted EPS of $3.45 to $3.85, above consensus of $3,27.
Interactive Brokers Group (IBKR +3.12%) fell almost 3% in after-hours trading after it reported Q3 net revenue of $439 million, less than consensus of $445.5 million.
United Continental Holdings (@symbolPercentChange((UAL +2.68%) climbed more than 5% in after-hours trading after it raised guidance on the bottom range of full-year adjusted EPS to $8.00 to $8.75 from a prior view of $7.25 to $8.75, the midpoint above consensus of $8.21.
Vicor (VICR +3.96%) rallied 15% in after-hours trading after it reported that its Q3 gross margin as a percentage of revenue rose to 50% from 44.2% a year ago.
Cree Inc (CREE +7.20%) rose nearly 4% in after-hours trading after it reported Q1 adjusted EPS of 22 cents. well above consensus of 12 cents, and then forecast Q2 adjusted EPS of 15 cents to 19 cents, better than consensus of 13 cents.
Universal Forest Products (UFPI +3.90%) slid 3% in after-hours trading after it reported Q3 EPS of 66 cents, below consensus of 73 cents.
Del Taco Restaurants (TACO -1.62%) fell 2% in after-hours trading after it reported Q3 revenue of $117.8 million, weaker than consensus of $120 million, and then forecast full-year revenue of $504 million to $507 million, below consensus of $511.6 million.
Eiger BioPharmaceuticals (EIGR +7.09%) dropped 8% in after-hours trading after it said its Ubenimex for treatment of lower leg lymphedema did not meet the primary endpoint of a Phase 2 study.
Tuesday’s Key Earnings
BlackRock (NYSE:BLK) -4.4% as Q3 net inflows declined.
CSX (NYSE:CSX) +0.5% AH topping expectations.
Domino’s Pizza (NYSE:DPZ) -4.9% after a comp sales miss.
Goldman Sachs (NYSE:GS) +3% following “solid” Q3 results.
IBM (NYSE:IBM) -4.7% AH on a revenue miss, server weakness.
J&J (NYSE:JNJ) +2% beating estimates, lifting outlook.
Morgan Stanley (NYSE:MS) +5.7% on trading, underwriting strength.
Netflix (NFLX) +10.9% AH on record subscriber growth.
United Continental (NASDAQ:UAL) +5.1% AH giving a rosier outlook.
UnitedHealth (NYSE:UNH) +4.7% raising guidance.
Today’s Economic Calendar
7:00 MBA Mortgage Applications
8:30 Housing Starts
10:30 EIA Petroleum Inventories
12:10 PM Fed’s Reserve Gov. Lael Brainard Speech
2:00 PM FOMC minutes
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings from Morningstar
this week’s Economic Numbers/Reports powered by ECONODAY