Before the Open (May 1)

Good morning. Happy Thursday.
The Asian/Pacific markets leaned to the downside. Japan, Singapore and Malaysia did well, Australia, Hong Kong and Taiwan dropped. Europe currently leans to the upside. Greece is up 3.1%; Amsterdam and Switzerland also did well. Italy was a noticeable loser. Futures here in the States point towards a flat-to-down open for the cash market.

The dollar is flat. Oil and copper are down. Gold and silver are down.
One big news announcement is done (FOMC)…one more remains (employment numbers tomorrow).
The market took the FOMC statement in stride…this is a slight change from prior meetings where everyone was on alert due to 1) Yellen being new and not being sure what she may put in the statement and 2) the interest rate comment Yellen made about possibly raising rates 6 months after QE was wound down. But yesterday’s statement provided no fireworks, so it’s back to business-as-usual.
The market is neutral right now. The Dow and S&P remain in good shape, but the Nas, small caps and mid caps are lagging. Also, several breadth indicators are not supporting a forceful move up here…there just isn’t enough broad-based participation. Every new high from the market the last two months has come with less stocks participating…a tell-tale sign of declining support.
If the market is topping, it wants to cast enough doubt that as few traders as possible ride it down. That’s what markets do (somehow)…they move in a way that many traders on both sides get shaken out before a trending move begins.
Today is likely to be slow. More after the open.
Stock headlines from barchart.com…
Viacom (VIAB +1.52%) reported Q2 EPS of $1.08, better than consensus of $1.05.
Marathon Petroleum (MPC -0.46%) reported Q1 EPS of 81 cents, weaker than consensus of $1.06.
ConocoPhillips (COP -0.50%) reported Q1 EPS of $1.81, well above consensus of $1.55.
Con-way (CNW +0.93%) reported Q1 EPS of 20 cents, higher than consensus of 16 cents.
CBRE Group (CBG +0.95%) reported Q1 EPS ex-items of 25 cents, well above consensus of 17 cents.
Amdocs (DOX +1.37%) reported Q2 EPS of 81 cents, higher than consensus of 78 cents.
Weight Watchers (WTW -3.51%) reported Q1 EPS of 31 cents, over three times consensus of 9 cents.
Fortune Brands (FBHS -0.65%) reported Q1 EPS ex-items of 25 cents, well below consensus of 32 cents.
Western Digital (WDC +0.72%) reported Q3 EPS of $1.94, better than consensus of $1.88.
Equinix (EQIX +1.31%) reported Q1 EPS of 81 cents, higher than consensus of 72 cents.
Hologic (HOLX +0.10%) jumped over 7% in after-hours trading after it reported Q2 EPS of 37 cents, higher than consensus of 33 cents, and then raised guidance on fiscal 2014 EPS view to $1.37-$1.40 from $1.34 to $1.38, above Consensus of $1.37.
MetLife (MET +0.98%) reported Q1 adjusted EPS of $1.37, below consensus of $1.40.
Boyd Gaming (BYD +0.34%) reported a Q1 EPS loss of -4 cents, weaker than consensus of a 1 cent gain.
Whiting Petroleum (WLL -0.34%) reported Q1 adjusted EPS of $1.05, better than consensus of 97 cents.
Reuters reports that Merck (MRK -0.27%) is working with investment banks as it is looking to sell a “big portfolio of mature drugs.”
Earnings and Economic Numbers from seekingalpha.com…
Today’s economic calendar:
Auto sales
7:30 Challenger Job-Cut Report
8:30 Initial Jobless Claims
8:30 Personal Income and Outlays
8:30 Gallup US Payroll to Population
8:30 Janet Yellen speech
9:45 Bloomberg Consumer Comfort Index
9:45 PMI Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Construction Spending
10:30 EIA Natural Gas Inventory
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
Notable earnings before today’s open: AAWW, ABMD, ACIW, AFSI, AIT, AMT, ANR, ANSS, ARG, AVP, BBW, BDC, BDX, BG, BGCP, BKCC, BLL, BWA, BZH, CAH, CHD, CI, CIE, CLX, CME, CNP, CNSL, COP, CPN, CRCM, CVI, CVRR, DIN, DPZ, ENDP, EPD, EXAS, FCH, FCN, FIG, FIS, FSS, FUR, GG, GNRC, GWR, HAR, HEP, HSNI, HST, I, IART, IDA, IDCC, IIVI, INCY, IQNT, IRDM, IRM, IT, ITC, ITT, IVZ, JAH, K, KMT, LAZ, LINE, LLL, LM, MA, MD, MDC, MFA, MFC, MPC, MPLX, MSI, MTOR, MWW, MYL, NGLS, NILE, NNN, NVO, O, OAK, OCN, OGE, PCG, PCRX, PEG, PMC, PPL, PRLB, PTRY, PWE, PWR, Q, RFP, RGLD, RRD, SBH, SFY, SHOO, SHPG, SMP, SNMX, STRZA, SWC, TEVA, THRM, TMUS, TXT, UAN, UPL, VG, VIAB, VICL, WLT, WWE, XEL, XOM, YRCW
Notable earnings after today’s close: ABFS, ABTL, ACGL, ADNC, ADUS, AEM, AFFX, AHS, AIV, AKAM, ALDW, ALJ, AVD, BAGL, BBG, BCOR, BJRI, BKH, BMRN, BYI, CALD, CERS, CHGG, CPSI, CSOD, CTCT, CTRL, CUBE, CVD, DCT, DGI, DRC, DVA, DXCM, EGO, EHTH, ELLI, ENTR, EPAY, EXEL, EXPE, FI, FLR, FLT, GERN, HCI, HME, HT, HTCH, HTGC, IMMR, IMPV, INVN, IPXL, ITMN, KEYW, KOG, KRFT, LAYN, LNKD, LNT, LRE, MCRS, MHK, MITK, MODN, MOH, MRC, MTW, MTZ, MXWL, NGVC, NTRI, NU, OIS, OMCL, ONNN, ONTY, OPEN, OUTR, PCCC, PKT, PMCS, PSA, QLGC, RBCN, SBAC, SEM, SGEN, SKUL, SNAK, SPF, SQNM, SREV, SSNC, SWIR, SWN, TEG, TPX, TS, TSYS, VRTX, WU, WWWW, WYNN, XL, XPO
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings
this week’s Economic Numbers