Before the Open (Apr 22)

Good morning. Happy Wednesday.
The Asian/Pacific markets closed mixed. China gained another 2.4%, followed by Japan (up 1.1%) and Taiwan and India (up 0.8% each). Australia, Indonesia, Malaysia and New Zealand dropped. Europe currently leans to the downside. Belgium, Norway, Prague and Russia are down more than 1%. Greece is up 1.3%. Futures here in the States point towards a down open for the cash market.

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The dollar is down. Oil and copper are down. Gold and silver are down. Bonds are up.
There isn’t much more I can say about a market that has made literally no progress in almost two months. Rallies get sold, dips get bought. No move lasts long. Needless to say, the index charts are in a holding pattern.
The breadth indicators are in decent shape, but failure to print high levels during the last two market rallies tells me there’s a little internal deterioration going on.
The quality and quantity of very good trading ideas is as low as it’s been in a very long time. It’s not an issue when the market enters a consolidation phase…there are still leading groups that trend. But as time passes and the range persists, groups eventually follow the market because they can only travel so far without support. Such is the case right now. I like to focus on leading stocks in leading groups, but I’m seeing a lot more lifeless stocks in neutral groups.
The market will change. It’ll get its mojo back. Until then, don’t force trades. Trade only the very best set ups and don’t chop your account. Little wins add up over time. More after the open.
Stock headlines from barchart.com…
EMC (EMC -1.72%) reported Q1 adjusted EPS of 31 cents, below consensus of 36 cents.
United Rentals (URI -0.97%) reported Q1 adjusted EPS of $1.34, well above consensus of $1.13.
Yum! Brands (YUM -0.30%) climbed 4% in after-hours trading after it reported Q1 adjusted EPS of 80 cents, higher than consensus of 72 cents.
Rush Enterprises (RUSHA +1.03%) reported Q1 EPS of 41 cents, above consensus of 38 cents.
Perrigo (PRGO -2.66%) reported Q3 adjusted EPS of $1.85, stronger than consensus of $1.78.
Discover (DFS -0.39%) reported Q1 EPS $1.28, better than consensus of $1.27.
Illumina (ILMN +3.17%) reported Q1 adjusted EPS of 91 cents, higher than consensus of 72 cents, and then raised guidance on fiscal 2015 adjusted EPS view to $3.36-$3.42 from $3.12-$3.18, well above consensus of $3.20.
Intuitive Surgical (ISRG -1.13%) dropped over 3% in after-hours trading after it reported Q1 EPS of $3.57, well below consensus of $3.87.
Yahoo (YHOO -0.36%) fell over 2% in after-hours trading after it reported Q1 EPS of 15 cents, weaker than consensus of 18 cents.
Broadcom (BRCM +0.83%) moved up 4% in after-hours trading after it reported Q1 adjusted EPS of 64 cents, above consensus of 60 cents.
FMC Technologies (FTI -4.48%) reported Q1 EPS of 63 cents, better than consensus of 59 cents.
Stryker (SYK +1.46%) reported Q1 adjusted EPS of $1.11, higher than consensus of $1.08.
Chipotle (CMG +0.81%) slid over 5% in pre-market trading after it reported Q1 EPS of $3.88, better than consensus of $3.66, but reported Q1 revenue of $1.09 billion, below consensus of $1.11 billion.
Amgen (AMGN +1.50%) gained nearly 2% in after-hours trading after it reported Q1 EPS of $2.48, well above consensus of $2.10, and then raised guidance on fiscal 2015 EPS view to $9.35-$9.65 from $9.05-$9.40, stronger than consensus of $9.32.
Cree (CREE +0.85%) dropped over 5% in after-hours trading after it reported Q3 adjusted EPS of 22 cents, below consensus of 23 cents.
VMware (VMW +1.34%) reported Q1 EPS of 86 cents, higher than consensus of 84 cents.
Earnings and Economic Numbers from seekingalpha.com…
Today’s economic calendar:
7:00 MBA Mortgage Applications
9:00 FHFA House Price Index
10:00 Existing Home Sales
10:30 EIA Petroleum Inventories
Notable earnings before today’s open: ABT, ALV, AN, ANGI, APH, AZZ, BA, BABY, BK, CFG, DHI, EMC, EVR, GNTX, HBAN, KNX, KO, LAD, MCD, MKTX, NLSN, NS, OC, PCH, R, SEIC, SIX, SONS, STJ, TDY, TEL, TMO, TROW, TUP, WAB, WERN
Notable earnings after today’s close: AF, AFOP, AHL, ALGT, AMP, AWH, BDN, CAKE, CCI, CLB, CLGX, CLW, CNMD, CTXS, CUB, CVA, CYS, EBAY, EFX, FB, FFIV, FOE, FTK, GGG, HNI, IBKC, IGT, LHO, LOGI, LVS, MKSI, NEU, OII, ORLY, PLCM, PLXS, QCOM, RJF, SCSS, SGMO, SKX, SLG, SLM, SUSQ, T, TCBI, TMK, TSCO, TXN, TYL, USTR, VMI, WFT, WSTC, XLNX
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings
this week’s Economic Numbers