Before the Open (Jul 22)

Good morning. Happy Friday.
The Asian/Pacific markets closed mostly down. Japan dropped more than 1%; China and Taiwan were also weak. Europe is currently mixed and little changed from its unchanged level. Turkey, Finland, the Czech Republic and Austria are up; Poland and Norway are down. Futures in the States point towards a positive open for the cash market.
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List of Indexes and ETFs – here
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The dollar is down. Oil and copper are up small amounts. Gold and silver are down. Bonds are down.
The market actually posted a decent loss yesterday on it strongest volume day of the week. So far this week we’ve gotten two up days and two down days, and the S&P is up 3.4 points. A down day today who mean the first back-to-back down days since the Brexit vote, and a moderate down day would put an end to the 3-week win streak.
None of this changes anything. Even though the market has gone straight up the last month, this kind of movement won’t last. Healthy markets back and fill and cause a little doubt before continuing. Heck, the S&P could drop all the way back to 2100, and the uptrend would remain solidly in place.
The hardest part of dealing with the market recently is it’s been very boring, very dull. We’re getting gap opens but then very little intraday movement. A 10-point intraday move, which is on the low side historically, is exciting. But most days don’t even give us 10 points, and when you consider the level the S&P is at, the percentage move is tiny (a 10-point move when the S&P was at 1200 is significantly bigger than a 10-point move today).
Bias remains to the upside. Earnings are moving individual stocks in both directions, so know your risk if you choose to hold into a report. More after the open.
Stock headlines from barchart.com…
Advanced Micro Devices (AMD -3.51%) jumped nearly 10% in pre-market trading after it reported Q2 revenue of $1.03 billion, above consensus of $956.2 million.
Starbucks (SBUX +0.10%) dropped nearly 3% in pre-market trading after it reported Q3 comparable sales of +4%, weaker than consensus of +5.6%, and said it now expects full year global comparable sales growth to be mid-single digits, below a prior view of above mid-single digits.
Capital One Financial (COF +0.56%) slid nearly 3% in after-hours trading after it reported Q2 adjusted EPS of $1,76, below consensus if $1.87.
Skechers (SKX -0.31%) tumbled nearly 10% in pre-market trading after it reported Q2 revenue of $877.8 million, below consensus of $890.6 million, and said it sees Q3 revenue of $950 million-$975 million, weaker than consensus of $1.01 billion.
Visa (V -0.72%) reported Q3 adjusted EPS of 69 cents, higher than consensus of 67 cents, and authorized anew $5 billion share repurchase program.
PayPal (PYPL +0.20%) rose 2% in after-hours trading after it said it sees Q3 net revenue of $2.62 billion-$2.67 billion, above consensus of $2.61 billion, and then raised guidance on fiscal 2016 adjusted EPS to $1.47-$1.50 from an April 27 view of $1.45-$1.50.
Athenahealth (ATHN -1.00%) slumped 12% in after-hours trading after it reported Q2 adjusted EPS o 34 cents, below consensus of 42 cents.
Chipotle Mexican Grill (CMG -0.38%) dropped over 2% in after-hours trading after it reported Q2 EPS of 87 cents, below consensus of 91 cents, and said Q2 comparable sales fell -23.6%, weaker than consensus of -20.6%.
Stryker (SYK +0.16%) slipped 4% in after-hours trading after it said it sees Q3 adjusted EPS of $1.33-$1.38, below consensus of $1.41.
Celestica (CLS +0.10%) climbed over 2% in after-hours trading after it reported Q2 revenue of $1.49 billion, above consensus of $1.46 billion, and said it sees Q3 revenue of $1.475 billion-$1,575 billion, higher than consensus of $1.46 billion.
Boston Beer (SAM -0.75%) rose over 2% in after-hours trading after it reported Q2 EPS of $2.06, better than consensus of $1.94.
Pandora Media (P -2.83%) dropped 6% in after-hours trading after it cut its 2016 revenue view to $1.385 billion-$1.405 billion from an April 28 view of $1.41 billion-$143 billion.
E*TRADE Financial Corp. (ETFC -0.94%) gained nearly 2% in after-hours trading after it reported Q2 adjusted EPS of 48 cents, well above consensus of 38 cents.
Proofpoint (PFPT -4.35%) jumped over 11% in after-hours trading after it reported an unexpected Q2 EPS profit of 6 cents, much better than consensus for a -7 cent loss, and then raised guidance on fiscal 2016 adjusted EPS to 6 cents-10 cents from an April 21 view of a loss of -13 cents to -15 cents.
Thursday’s Key Earnings
AMD (NASDAQ:AMD) +9.8% AH swinging to a profit.
AT&T (NYSE:T) -0.9% AH despite DirecTV gains.
Biogen (NASDAQ:BIIB) +7.6% after topping expectations.
Blackstone (NYSE:BX) +3.8% boosted by an energy rebound.
Chipotle (NYSE:CMG) -1.2% AH failing to win back customers.
Dunkin’ Brands (NASDAQ:DNKN) -0.7% feeling the breakfast heat.
General Motors (GM) +1.6% raising its forecast for 2016.
Pandora (NYSE:P) -8.8% AH amid lackluster subscription growth.
PayPal (NASDAQ:PYPL) +1.5% AH announcing a partnership with Visa (NYSE:V).
Schlumberger (NYSE:SLB) -0.4% AH posting a loss and more job cuts.
Skyworks Solutions (NASDAQ:SWKS) -3.5% AH despite beating estimates.
Southwest Airlines (NYSE:LUV) -11.2% following a downbeat outlook.
Starbucks (NASDAQ:SBUX) -2.8% AH on disappointing comparable sales.
Union Pacific (NYSE:UNP) -3.4% as freight revenues declined.
Visa (V) flat AH despite higher payments volume.
Today’s Economic Calendar
9:45 PMI Manufacturing Index Flash
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