Before the Open (Nov 6)

Good morning. Happy Tuesday. Happy Election Day.
The Asian/Pacific markets closed with a lean to the upside. Japan, Hong Kong, South Korea and Australia did well while Taiwan and Singapore were weak. Europe, Africa and the Middle East are currently mixed. The UAE, Russia and Greece are up; Turkey, South Africa, Spain, Belgium and Austria are down. Futures in the States point towards a down open for the cash market.
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List of Indexes and ETFs – here
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The dollar is down. Oil is down; copper is up. Gold and silver are up. Bonds are up.
It’s Election Day. News trumps the charts. The S&P can gap up or down 100 tomorrow. If you’re holding long term positions, fine. But having exposure to short term trades feels more like gambling than trading. Then there’s a FOMC meeting Thursday. Newbies should sit this out. There’s no reason to be aggressive when a sudden move in either direction can happen at any time.
Overnight Stock Movers from barchart.com…
Marriot International (MAR -0.21%) slid more than 5% in after-hours trading after it cut its Q4 North America revpar estimate to an increase of about 1%, below an August 6 forecast of up +1.5% to +2.0%.
RingCentral (RNG -2.66%) rose 5% in after-hours trading after it reported Q3 revenue of $173.8 million, better than consensus of $166.1 million, and then forecast Q4 revenue of $179 million to $182 million, above consensus of $175.7 million.
Mylan NV (MYL -0.98%) climbed nearly 6% in after-hours trading after it reported Q3 adjusted EPS of $1.25, higher than consensus of $1.18.
Resolute Energy (REN +2.15%) lost more than 3% in after-hours trading after it reported an unexpected Q3 loss of -70 cents per share, well below consensus of an EPS gain of 70 cents.
Avis Budget Group (CAR +2.92%) fell 4% in after-hours trading after it reported Q3 net revenue of $2.78 billion, weaker than consensus of $2.81 billion, and then forecast full-year revenue of $9.10 billion to $9.20 billion, the midpoint below consensus of $9.17 billion.
Mosaic (MOS +0.97%) rose 3% in after-hours trading after it reported Q3 adjusted EPS of 75 cents, above consensus of 65 cents, and then forecast full-year adjusted EPS of $1.80 to $2.00, better than consensus of $1.77.
Andersons (ANDE +0.93%) fell nearly 3% in after-hours trading after it reported an unexpected Q3 loss of -7 cents per share, weaker than consensus of an EPS gain of 16 cents.
Fabrinet (FN -2.90%) rallied almost 12% in after-hours trading after it reported Q1 revenue of $377.2 million, above consensus of $352.4 million, and then forecast Q2 revenue of $380 million to $388 million, stronger than consensus of $366 million.
Fiesta Restaurant Group (FRGI -2.35%) slid more than 4% in after-hours trading after it reported Q3 adjusted EPS of 11 cents, well below consensus of 19 cents.
Allegheny Technologies (ATI +0.84%) was upgraded to ‘Buy’ from ‘Neutral’ at Longbow Research with a price target of $34.
vTenet Healthcare (THC +0.11%) fell 5% in after-hours trading after it forecast full-year adjusted EPS of $1.44 to $1.83, the midpoint below consensus of $1.74.
elf Beauty (ELF +2.12%) surged over 18% in after-hours trading after it reported Q3 adjusted EPS of 17 cents, well above consensus of 7 cents, and then forecast full-year adjusted EPS of 59 cents to 61 cents, higher than consensus of 56 cents.
Dynavax Technologies (DVAX -2.46%) dropped 7% in after-hours trading after it reported a Q3 loss of -65 cents a share, wider than consensus for a loss of -57 cents.
Kosmos Energy Ltd (KOS -3.23%) was upgraded to ‘Buy’ from ‘Neutral’ at Goldman Sachs with a price target of $9.
Monday’s Key Earnings
Avis Budget (NASDAQ:CAR) -3.8% AH missing estimates.
Marriott (NYSE:MAR) -5.3% AH offering weak Q4 guidance.
Mylan (NASDAQ:MYL) +8% AH reiterating outlook for 2018.
Occidental Petroleum (NYSE:OXY) +0.8% AH amid a strong quarter.
Pandora (NYSE:P) +2.2% AH on double-digit revenue gains.
Today’s Economic Calendar
8:55 Redbook Chain Store Sales
10:00 Job Openings and Labor Turnover Survey
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings from Morningstar
this week’s Economic Numbers/Reports powered by ECONODAY