Good morning. Happy Friday.
The Asian/Pacific markets closed down across the board. China, Hong Kong, Japan, South Korea and Taiwan each dropped more than 1%. Europe is currently down across the board too. The Czech Republic is down 1.1%, Amsterdam, Norway, London and Greece more than 0.7%. Futures here in the States point towards a flat open for the cash market.
The dollar is up. Oil and copper are down. Gold and silver are down.
Apple (AAPL) and Amazon (AMZN) released disappointing earnings after yesterday’s close, but both stocks are up today in premarket trading.
Weyerhaeuser (WY) Q3 profit dropped 25%…the is down 4.4% in premarket trading.
Newell Rubbermaind (NWL) is cutting 1,900 jobs, or about 10% of its workforce over the next 2-1/2 years…stock is up 7%.
Merck (MRK) missed on sales but their profit rose…stock is flat.
Goodyear (GT) missed earnings expectations…stock is down 3.7%.
Comcast (CMCSA) more than doubled its net income in the latest quarter…stock is up 1.8%.
Taiwan smartphone maker HTC reported a 79% drop in Q3 profit.
Ericsson (ERIC) posted a 43% drop in Q3 profits…stock is down 5.8%.
Moody’s (MCO) Q3 results were better than expected…stock is up 1%.
Coventry Health Care (CVH) beat expectations.
Dana (DAN) reported a 49% profit drop and cut its full-year target.
Cerner’s (CERN) profit rose 25%…stock is up 12.5% in before the open.
Lifepoint (LPNT) saw its profit drop 51%; they lowered full-year earnings estimates.
Legg Mason (LM) profit jumped 43% in the latest quarter.
Also moving in premarket trading…
EXPE up 17%, JRCC up 5.2%, LOGI up 5.2%, PCLN up 4.3%.
CTCT down 19.3%, DECK down 18.2%, FULT down 17.2%, VRSN down 15.3%, CSTR down 7.5%, ERIC down 5.8%, PWER down 5%.
Baring a massive rally, the market will close the week with big loss. A turn could come at any time if we get very good news (earnings, Europe etc), but from a technical standpoint, more downside is needed before a bottom can be put in place. We need a washout. We need pain. We need the bottom to fall out and cause the bulls to run for cover. Then a bottom can be put in place, and the market can bounce. A bounce will come with vigor and energy, which could suggest a local bottom has been put in place, or it’ll come with a lack of participation, which would suggest more downside coming. Trade what happens, not what you think should happen. More after the open.
headlines at Yahoo Finance
headlines at MarketWatch
today’s upgrades/downgrades
this week’s Earnings
this week’s Economic Numbers