Before the Open (Feb 11)

Good morning. Happy Thursday.
The Asian/Pacific markets closed mostly down. Hong Kong dropped 3.85%, followed by India (down 3.4%), South Korea (down 2.9%) and Singapore (down 1.7%). Australia and Indonesia both moved up 0.9%. Japan, China and Taiwan were closed. Europe is currently posting big, across-the-board losses. Greece, Spain, Italy and Portugal are down more than 4%; France, Norway and the Netherlands are down more than 3%; many other markets, including London, Germany and Russia are down more than 2%. Futures here in the States point towards a huge gap down open for the cash market.
—————
Top Shelf Trading – eMagazine – I was featured in here this month.
—————
The dollar is down. Oil and copper are down. Gold and silver are up. Bonds are up.
There have been less and less things for me to say about the market recently. The trend is down. My bias remains firmly in the bear’s camp. Bad news is leading to big sell-offs. Good news isn’t being embraced. The prospect of rates being held steady into 2017 did nothing for the market yesterday. Absent QE4 from the Fed, the market is going lower, much lower.
Oil has a 26 handle.
Gold is soaring.
The market is tanking.
When the ball gets rolling, it’s hard to stop. More after the open.
Stock headlines from barchart.com…
Exxon Mobil (XOM -0.91%) slumped over 5% in pre-market trading as the price of oil tumbled to a 3-week low.
Twitter (TWTR +4.03%) declined over 8% in pre-market trading after it lowered guidance on Q1 revenue to $595 million-$610 million, below consensus of $627.6 million.
Cisco Systems (CSCO -0.62%) gained 6% in pre-market trading after it reported Q2 adjusted EPS of 57 cents, better than consensus of 54 cents, and then added $15 billion to the company’s share buyback program.
Amazon.com (AMZN +1.74%) climbed over 2% in after-hours trading after its board authorized a $5 billion share buyback program
Tesla Motors (TSLA -3.09%) rose nearly 8% in pre-market trading after it reported an unexpected Q4 adjusted EPS loss of -87 cents, well below consensus of a 10 cent profit, but then said it expects its global automobile deliveries to climb as much as 78% this year.
O’Reilly Automotive (ORLY +0.17%) rose over 5% in after-hours trading after it reported Q4 adjusted EPS of $2.19, higher than consensus of $2.08, and then raised guidance on Q1 EPS to $2.41-$2.51, above consensus of $2.38.
Whole Foods Market (WFM -0.65%) jumped nearly 6% in after-hours trading after it reported Q1 EPS of 46 cents, higher than consensus of 40 cents, and then raised guidance on fiscal 2016 EPS to $1.53 or greater, up from a November 4 estimate of $1.50.
Prudential Financial (PRU +0.74%) reported Q4 operating EPS of $1.94, below consensus of $2.30, although Q4 total revenue of $13.2 billion was better than consensus of $11.6 billion.
Pilgrim’s Pride (PPC +1.54%) plunged 15% in after-hours trading after it reported Q4 adjusted EPS of 26 cents, much weaker than consensus of 40 cents.
Expedia (EXPE +1.85%) jumped 12% in pre-market trading after it said it sees 2016 adjusted Ebitda growth of 35%-45%. The stock recovered from overnight losses of as much as 7% after it reported Q4 adjusted EPS of 77 cents, well below consensus of 96 cents.
Mylan (MYL -0.39%) tumbled over 8% in pre-market trading after it reported Q4 adjusted EPS of $1.22, weaker than consensus of $1.28.
Skechers (SKX +1.08%) slid over 6% in after-hours trading after it reported Q4 EPS of 19 cents, below consensus of 20 cents.
iRobot (IRBT -3.25%) dropped over 7% in after-hours trading after it lowered guidance on fiscal 2016 EPS to $1.20-$1.40, well below consensus of $1.96.
Zynga (ZNGA +4.93%) tumbled over 10% in after-hours trading after it lowered guidance on Q1 revenue to $160 million-$175 million, below consensus of $184.3 million.
Earnings and Economic Numbers from seekingalpha.com…
Today’s Economic Calendar
8:30 Initial Jobless Claims
9:45 Bloomberg Consumer Comfort Index
10:00 Yellen delivers semi-annual monetary policy testimony
10:30 EIA Natural Gas Inventory
1:00 PM Results of $15B, 30-Year Note Auction
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
Today’s Earnings here
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings
this week’s Economic Numbers