Before the Open (Apr 28)

Good morning. Happy Thursday.
The Asian/Pacific markets closed with a lean to the downside. Japan dropped 3.6%; India, Malaysia and Taiwan fell more than 1%. Europe is currently mostly down. Spain is down more than 2%; London, Germany, France, Belgium, the Netherlands, Switzerland and Sweden are down more than 1%. Futures here in the States point towards a relatively big gap down open for the cash market.
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List of Indexes and ETFs – here
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The dollar is down. Oil is flat, copper is down. Gold and silver are up. Bonds are up.
Couple things…
Today is the “day after Fed day.” Often the knee-jerk, post-FOMC move is the wrong move, and everything gets reversed the next day. This is what’s happening now, but this alone doesn’t mean much. The Fed doesn’t cause reversals. They may temporarily disrupt things, but they don’t change trends.
Next, Facebook. Unlike many big cap tech companies that gapped down a bunch after earnings (Google, Microsoft, Netflix, Apple, Twitter), Facebook is going to gap up about 10% today – well into new high territory. The company, of course, has a right to make as much money as they can. But I think it’s sad that so many people are wasting their lives away on Facebook. Amazon has earnings after today’s close.
Finally, the Bank of Japan has held off increasing its monetary stimulus. The yen jumped, and the Nikkei sank.
Okay, the Fed is out of the way. Earnings season is still in full force. Commodities remain in play. I’m not very interested in playing anything else. Especially tech.
Stock headlines from barchart.com…
O’Reilly Automotive (ORLY +0.19%) fell over 3% in after-hours trading after it reported Q1 EPS of $2.59, better than consensus of $2.49, but said its sees Q2 EPS of $2.54-$2.64, below consensus of $2.77.
Facebook (FB +0.12%) jumped over 8% in pre-market trading after it reported Q1 adjusted EPS of 77 cents, well above consensus of 63 cents.
PayPal Holdings (PYPL +0.70%) rose nearly 2% in after-hours trading after it reported Q1 net revenue of $2.54 billion, higher than consensus of $2.50 billion.
Marriott International (MAR +2.51%) gained almost 2% in after-hours trading after it reported Q1 adjusted EPS of 87 cents, better than consensus of 84 cents.
Rent-A-Center (RCII +1.35%) dropped nearly 5% in after-hours trading after it reported Q1 revenue of $835.7 million, weaker than consensus of $851.2 million, and said Q1 consolidated same store sales fell -2.5%, weaker than consensus of a +0.4% gain.
Dolby Laboratories (DLB -0.42%) climbed 7% in after-hours trading after it reported Q2 adjusted EPS of 82 cents, well above consensus of 61 cents.
First Solar (FSLR +1.29%) dropped over 6% in after-hours trading after CEO Jim Hughes stepped down.
Xilinx (XLNX +0.85%) slid over 2% in after-hours trading after it forecast “low” single-digit growth in EPS for fiscal year 2017, below consensus of 9% growth.
MicroStrategy (MSTR +0.07%) fell over 8% in after-hours trading after it reported Q1 EPS of $1.24, well below consensus of $2.06.
Callaway Golf (ELY -0.85%) rose nearly 3% in after-hours trading after it reported Q1 non-GAAP EPS of 48 cents, above consensus of 37 cents.
On Assignment (ASGN -6.99%) climbed 8% in after-hours trading after it reported Q1 adjusted EPS continuing operations of 66 cents, higher than consensus of 60 cents, and said it sees Q2 revenue of $592 million-$602 million, above consensus of $588.6 million.
Synergy Pharmaceuticals (SGYP -0.83%) dropped nearly 4% in after-hours trading after CFO Gary Sender resigned for personal reasons, effective April 30.
RingCentral (RNG +1.56%) gained over 7% in after-hours trading after it reported Q1 adjusted EPS of 1 cent, higher than consensus of breakeven.
OSI Systems (OSIS -2.79%) tumbled nearly 10% in after-hours trading after it reported Q3 adjusted EPS of 64 cents, below consensus of 67 cents, and then said it sees Q4 adjusted EPS of 45 cents-70 cents, weaker than consensus of $1.38.
Silicon Graphics International (SGI +0.29%) slumped over 17% in after-hours trading after it lowered guidance on fiscal year EPS to 3 cents from a prior view of 25 cents-35 cents, well below consensus of 23 cents.
Aeterna Zentaris (AEZS -2.40%) jumped over 10% in after-hours trading after it said it acquired the exclusive right to promote the Apifiny prostate cancer blood test in the U.S. under a co-marketing pact with Armune BioScience.
Wednesday’s Key Earnings
Ocwen Financial -19.6% (NYSE:OCN) after suffering big losses.
First Solar (NASDAQ:FSLR) -3.1% following mixed results, CEO appointment.
Infinera (NASDAQ:INFN) -12.65% after soft Q2 guidance, narrow Q1 sales miss.
PayPal (NASDAQ:PYPL) +2.1% as revenues +19%, beats expectations.
Texas Instruments (NASDAQ:TXN) +0.1% after Q1 beats on top, bottom lines.
SanDisk (NASDAQ:SNDK) +1.1%, beats on EPS and revenue.
Vertex (NASDAQ:VRTX) -1.75%, revenue +201%, non-GAAP EPS +115%.
Cheesecake Factory (NASDAQ:CAKE) +0.9% as net income improves.
C.R. Bard (NYSE:BCR) Q1 revenue +7%, EPS +11%.
America Movil (NYSE:AMX) misses again amid hot competition, regulations.
Today’s Economic Calendar
8:30 GDP Q1
8:30 Initial Jobless Claims
9:45 Bloomberg Consumer Comfort Index
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
11:30 Results of $15B, 2-Year FRN Auction
1:00 PM Results of $28B, 7-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