Before the Open (Jul 21)

Good morning. Happy Thursday.
The Asian/Pacific markets closed mixed. Hong Kong, Japan, New Zealand and Taiwan did well. India and Malaysia were weak. Europe is currently mixed. Switzerland is up more than 3%; Norway, Russia and Hungary are also doing well. Turkey is down more than 3%; Sweden and Denmark are also doing poorly. Futures in the States point towards a flat open for the cash market.
—————
List of Indexes and ETFs – here
—————
The dollar is down. Oil is down slightly; copper is flat. Gold is flat; silver is down. Bonds are down.
Several indexes moved to new all-time highs yesterday. A few others pushed to higher highs. The small and mid caps are doing very well but are still trading in little consolidation patterns.
Semiconductors put in a solid day and are not far from their own all-time high.
Commodities are weakening. Oil has been drifting down for six weeks. Gold and silver stocks, after trading very quietly in small ranges, finally let out some air and suffered a stiff drop. I still like the groups a lot but am standing aside in the near term.
Tesla has unveiled its master plan going forward. Wall St. is not entirely impressed…or perhaps it already knew what the plan was. The stock is down a couple bucks premarket. It’s time for TSLA to execute. No more smoke and mirrors. It’s time to start pumping out cars.
Including dividends, Microsoft moved to a new all-time high yesterday.
There isn’t much to dislike about the market. The charts are doing very well. The internals support the strength. There seems to be a constant wall of worry present. If tops are formed when investors get euphoric and start buying at any price, we’re far from a top. There is very little excitement and enthusiasm out there.
My bias remains to the upside. I see no reason to abandon this stance. Yes there will be hiccups along the way, but I still fully the S&P is headed to 2300-2400. More after the open.
Stock headlines from barchart.com…
Intel (INTC +1.54%) lost 3% in pre-market trading after it reported Q2 adjusted EPS of 59 cents, higher than consensus of 54 cents, but said it remains cautious on the PC market and forecasts a high-single-digit PC market contraction in 2016.
Qualcomm (QCOM +1.23%) jumped nearly 7% in after-hours trading after it reported Q3 adjusted EPS of $1.16, well above consensus of 97 cents.
eBay (EBAY +1.85%) rallied nearly 6% in after-hours trading after it reported Q2 adjusted EPS continuing operations of 43 cents, higher than consensus of 42 cents and then added $2.5 billion to its stock buyback plan.
Relypsa (RLYP +1.31%) surged over 50% in pre-market trading after Galencia agreed to buy it for $1.53 billion or $32 a share.
Mattel (MAT +1.42%) rose nearly 4% in after-hours trading after it reported a Q2 adjusted EPS loss of -2 cents, a smaller loss than consensus of -5 cents
Joy Global (JOY +1.07%) jumped 20% in pre-market trading after Komatsu Ltd. agreed to buy the company for $2.89 billion or $28.30 a share.
United Rentals (URI +2.84%) jumped 9% in after-hours trading after it reported Q2 adjusted EPS of $2.06, well above consensus of $1.82.
F5 Networks (FFIV +0.72%) climbed 3% in after-hours trading after it reported Q3 adjusted EPS of $1.81, above consensus of $1.79, and said it sees Q4 adjusted EPS of $1.92-$1.95, stronger than consensus of $1.92.
Kinder Morgan Inc/DE (KMI +0.68%) slid over 1% in after-hours trading after it reported Q2 revenue of $3.14 billion, below consensus of $3.41 billion.
Trueblue (TBI +1.23%) gained almost 5% in after-hours trading after it reported Q2 adjusted EPS of 51 cents, better than consensus of 43 cents, and said it sees Q3 adjusted EPS of 73 cents-78 cents, higher than consensus of 67 cents.
IMAX Corp. (IMAX -0.17%) gained over 4% in after-hours trading after it reported Q2 adjusted EPS of 18 cents, higher than consensus of 17 cents, and raised its 2016 installation view to 155 theaters from a prior estimate of 135-140 theaters
PTC Inc. (PTC +1.33%) climbed nearly 4% in after-hours trading after it reported Q3 adjusted revenue of $289.7 million, above consensus of $288 million.
Tractor Supply (TSCO +0.16%) slipped 2% in after-hours trading after it reported Q2 EPS of $1.16 and Q2 revenue of $1.85 billion, both right on expectations.
Newmont Mining (NEM -5.07%) rose over 2% in after-hours trading after it reported Q2 sales of $2.04 billion, stronger than consensus of $1.91 billion.
Wednesday’s Key Earnings
Abbott (NYSE:ABT) +2% after topping expectations.
American Express (NYSE:AXP) -0.9% AH on strength overseas.
eBay (NASDAQ:EBAY) +6.9% AH on heavy sales gains.
Halliburton (NYSE:HAL) -1.6% after swinging to a loss.
Intel (NASDAQ:INTC) -3.4% AH hurt by restructuring costs.
Kinder Morgan (NYSE:KMI) -1.3% AH maintaining its dividend.
Mattel (NASDAQ:MAT) +3.5% AH following Barbie improvements.
Morgan Stanley (NYSE:MS) +2.1% after beating estimates.
Newmont Mining (NYSE:NEM) +1.8% AH improving production.
Qualcomm (NASDAQ:QCOM) +7.9% AH on strong chip shipments.
SAP (NYSE:SAP) +5.5% following an impressive quarter.
Today’s Economic Calendar
8:30 Initial Jobless Claims
8:30 Philly Fed Business Outlook
8:30 Chicago Fed National Activity Index
9:00 FHFA House Price Index
9:45 Bloomberg Consumer Comfort Index
10:00 Existing Home Sales
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
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