Before the Open (Dec 11)

Good morning. Happy Friday.
The Asian/Pacific markets closed mostly down. Indonesia, Taiwan and Hong Kong dropped more than 1%; China and India were also weak. Japan rallied 1%. Europe is currently down across-the-board. Germany, Austria and Finland are down more than 2%; London, France, the Netherlands, Norway, Sweden, Switzerland, the Czech Republic, Turkey, Denmark, Hungary, Spain, Italy, Belgium and Portugal are down more than 1%. Futures in the States point towards a relatively big gap down open for the cash market.
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VIDEO: My Forecast for 2016 …
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The dollar is down. Oil is down, copper is up. Gold and silver are down. Bonds are up.

I’ve been saying all week that I don’t like the market…that I don’t trust it…that I see more signs of weakness than strength…that I don’t care about December being the strongest month of the year or years ending in 5 always posting a gain. I call it as I see it, and I just don’t like what I see.
I don’t under-estimate the market’s ability to do one of those hysterical short squeeze rallies, but based on what I’m seeing, such a move is more likely to be a one-off event, not the beginning of a sustained move.
Things can change, and I will certainly change my tune if necessary. But for now, I’m not crazy about what I’m seeing. The indexes aren’t in bad shape, but beneath the surface, things aren’t great.
No big bets right now. Chip away and make a few bucks here and there. This definitely isn’t a time to be super aggressive. More after the open.
Stock headlines from barchart.com…
Teradata (TDC +1.74%) was rated a new ‘Sell’ at Goldman Sachs with a price target of $26.
Chipotle Mexican Grill (CMG +5.00%) was downgraded to ‘Hold’ from ‘Buy’ at Argus.
Adobe Systems (ADBE -0.67%) rose over 5% in after-hours trading after it reported Q4 adjusted EPS of 62 cents, above consensus of 60 cents, and reported its Q4 creative cloud subscriptions rose 933,000, higher than estimates of 697,000.
Electronic Arts (EA -1.07%) rallied over 2% in after-hours trading after it said it is creating an e-sports division for live events and broadcasts.
Allegheny Technologies (ATI +14.12%) dropped more than 1% in after-hours trading after it cut its quarterly dividend to 8 cents a share from 18 cents, citing challenging market conditions for flat rolled products and grain-oriented electrical steel products.
Restoration Hardware Holdings (RH -0.69%) climbed over 7% in after-hours trading after it reported Q3 adjusted EPS of 65 cents, higher than consensus of 63 cents, and then raised guidance on Q4 revenue to $708 million-$718 million from a previous estimate of $698 million-$708 million, above consensus of $704/1 million.
JetBlue Airways (JBLU +0.43%) slipped nearly 3% in after-hours trading after it said it sees it expects its Q4 preliminary passenger revenue per available seat mile (PRASM) to fall between -2.0% and -3.0% y/y.
Finisar (FNSR -0.94%) surged over 12% in after-hours trading after it reported Q2 adjusted EPS of 25 cents, better than consensus of 23 cents.
United Technologies (UTX -0.31%) rose over 1% in after-hours trading after it revealed a $1.5 billion restructuring plan to be implemented through 2018 that it said will provide $900 million in annualized savings when completed.
Nordson (NDSN -1.10%) slid over 4% in after-hours trading after it reported Q4 adjusted EPS of 95 cents, below consensus of $1.07,
Vince Holding (VNCE +6.21%) dropped nearly 8% in after-hours trading after it reported Q3 comparable sales including e-commerce fell -12.5%, a bigger decline than consensus of -3.4%, and lowered guidance on its top end of fiscal 2015 sales to $285 million-$290 million from $285 million-$295 million, below consensus of $289.2 million.
SunEdison (SUNE +3.28%) jumped over 6% in after-hours trading after it said it sold its Bingham and Oakfield wind farm assets, which produce 333 MW of wind-power, to Terra Nova Renewable Partners, a strategic partnership formed between SunEdison and institutional investors, for $209 million.
Earnings and Economic Numbers from seekingalpha.com…
Today’s Economic Calendar
8:30 Producer Price Index
8:30 Retail Sales
10:00 Business Inventories
10:00 Reuters/UofM Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
Today’s Earnings here
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings
this week’s Economic Numbers