Before the Open (May 5)

Good morning. Happy Thursday.
The Asian/Pacific markets closed mixed. India and New Zealand did well; Hong Kong and Malaysia were weak. Many European markets are closed today. Greece, the Czech Republic, Hungary and Spain are doing well; Russia and Poland are weak. Futures in the States point towards an up open for the cash market.
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The dollar is up. Oil is up, copper down. Gold and silver are up. Bonds are down.
Oil is up almost 2 bucks this morning. I guess there’s a wild fire in the heart of Canada’s oil sands, and officials in Libya say fighting between rival factions could pull 120K barrels/day off the market. Many oil stocks have taken hits lately, so oil bulls will get some relief.
The selling that has taken place over the last 1-2 weeks has been the most sustained since the February bottom was established. Several short-term breadth indicators have cycled down to lows.
The percentage of SPX stocks trading above their 10-day moving averages has matched its early-April low.

The percentage of SPX stocks trading at a 10-day high dropped to match previous lows from the last two months and is now moving up.

And the percentage of Nas 100 stocks above their 10-day MAs has almost matched its February low.

This would be a good place for a bounce, but with so much of Europe closed today, volume is likely to be light here in the States…so a bounce won’t have much meaning. And employment numbers get released tomorrow morning – another reason trading may be slow today.
Stock headlines from barchart.com…
Tesla (TSLA -4.20%) rose 5% in pre-market trading after it said it plans to deliver 80,000 to 90,000 new Model S and Model X vehicles this year and reach 500,000 vehicles by 2018, two years sooner than originally planned.
McKesson (MCK -1.87%) gained over 1% in after-hours trading after it reported Q4 adjusted EPS of $3.17, higher than consensus of $3.14.
Kraft Heinz (KHC +1.65%) jumped nearly 5% in after-hours trading after it reported Q1 adjusted EPS of 73 cents, well above consensus of 61 cents.
MetLife (MET -1.90%) fell nearly 3% in after-hours trading after it reported Q1 operating EPS of $1.20 with a 1 cent net tax benefit, weaker than consensus of $1.38.
Prudential Financial (PRU -1.55%) lost 3% in after-hours trading after it reported Q1 operating EPS of $2.18, below consensus of $2.37.
Whole Foods Market (WFM -0.83%) gained nearly 2% in after-hours trading after it reported Q2 EPS of 44 cents, better than consensus of 41 cents.
TripAdvisor (TRIP -4.10%) dropped over 3% in after-hours trading after it reported Q1 adjusted EPS of 32 cents, well below consensus of 46 cents.
Weight Watchers International (WTW -1.11%) surged 12% in after-hours trading after it raised guidance on full-year EPS to 80 cents-$1.05 from a February estimate of 70 cents-$1.00.
Relypsa (RLYP -19.17%) gained nearly 3% in after-hours trading after it reported a Q1 loss of -$1.26, a smaller loss than consensus of -$1.46.
CenturyLink (CTL +1.24%) slid nearly 4% in after-hours trading after it reported Q1 adjusted EPS of 46 cents, well below consensus of 68 cents.
TASER International (TASR -0.79%) rose over 4% in after-hours trading after it reported Q1 EPS of 6 cents, higher than consensus of 4 cents.
ARRIS International PLC (ARRS -0.13%) rallied over 8% in after-hours trading after it reported Q1 adjusted EPS of 47 cents, better than consensus of 40 cents and said it sees Q2 adjusted EPS of 65 cents-70 cents, well above consensus of 56 cents.
Qorvo (QRVO -1.18%) climbed 7% in after-hours trading after it said it sees Q1 adjusted EPS of $1.05, higher than consensus of 96 cents.
Fitbit (FIT -0.47%) tumbled over 10% in after-hours trading after it said its sees Q2 adjusted EPS of 8 cents – 11 cents, below consensus of 26 cents and below the lowest estimate of 12 cents.
EP Energy (EPE +0.23%) jumped nearly 20% in after-hours trading after it reported Q1 adjusted EPS of 19 cents, well above consensus of 1 cent.
Wednesday’s Key Earnings
AB Inbev (BUD) -1.6% on unfavorable currency, Brazil turmoil.
Annaly Capital (NYSE:NLY) flat AH following in-line results.
Delphi Automotive (NYSE:DLPH) -4.2% despite doubling its profits.
Energy Transfer Partners (NYSE:ETP) unmoved AH after beating estimates.
Fitbit (NYSE:FIT) -10.4% AH following heavy spending.
Priceline (NASDAQ:PCLN) -7.5% hammered by weak profit guidance.
Shell (NYSE:RDS.A) -2.5% as tumbling oil prices took their toll.
Tesla (TSLA) +3.8% AH after a beat and strong guidance.
Time Warner (NYSE:TWX) +1.6% driven by Turner and HBO.
Transocean (NYSE:RIG) +1.1% AH after topping expectations.
Twenty-First Century Fox (NASDAQ:FOXA) swung AH following a mixed quarter.
Whole Foods (NASDAQ:WFM) +1.1% AH battling a traffic dip in FQ2.
Zynga (NASDAQ:ZNGA) +14.8% AH boosted by big ad gains.
Today’s Economic Calendar
Chain Store Sales
7:30 Challenger Job-Cut Report
8:30 Initial Jobless Claims
8:30 Gallup Good Jobs Rate
9:45 Bloomberg Consumer Comfort Index
10:30 EIA Natural Gas Inventory
11:50 Fed’s Bullard speech
4:30 Money Supply
4:30 Fed Balance Sheet
Today’s Earnings here
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings
this week’s Economic Numbers