Before the Open (Aug 3)

Good morning. Happy Wednesday.
The Asian/Pacific markets closed mostly down. Japan, Hong Kong, Singapore, Australia, India and South Korea each dropped more than 1%. Malaysia, New Zealand and Taiwan were also weak. Europe currently leans to the downside. The Czech Republic is down more than 2%; Turkey more than 1%; France, Sweden and Denmark are also weak. Belgium is doing well. Futures in the States point towards a negative open for the cash market.
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The dollar is up. Oil is up; copper is down. Gold and silver are flat. Bonds are down.
The S&P finally moved out of its historically tight range yesterday, but after a little follow through, the index bounced 10 points off its low. This likely really pissed off the bears, who were hoping a break of support would lead to some momentum selling as the market let out a bunch of pent of pressure.
I see nothing to do right now. Gold and silver stocks are too far gone to chase. Oil stocks aren’t good for anything but a small bounce. Other stocks have randomly moved up or down after releasing earnings. There are no trades that “jump off the screen” at me.
The market needs to digest its gains and chop around and perhaps correct to allow the charts to reset.

Stock headlines from barchart.com…
American International Group (AIG -0.13%) gained over 2% in pre-market trading after it reported Q2 operating EPS of 98 cents, higher than consensus of 92 cents, and then said it will add up to $3 billion to its stock buyback plan.
Verisk Analytics (VRSK -1.34%) lost over 4% in after-hours trading after it reported Q2 adjusted EPS continuing operations of 73 cents, below consensus of 76 cents.
Hanesbrands (HBI -3.39%) fell nearly 5% in after-hours trading after it reported Q2 adjusted EPS of 51 cents, weaker than consensus of 52 cents.
Phillips 66 (PSX +2.55%) was upgraded to ‘Outperform’ from ‘Market Perform’ at Cowen.
Fitbit (FIT -3.87%) rose over 5% in after-hours trading after it reported Q2 adjusted EPS of 12 cents, above consensus of 11 cents.
Qorvo (QRVO -3.18%) slid over 7% in after-hours trading after it reported fiscal-year Q1 gross margin of 48.2%, weaker than consensus of 50% and then said it sees fiscal-year Q2 gross margin of 47%, below consensus of 50.3%.
Community Health Systems (CYH -3.02%) dropped over 12% in after-hours trading after it reported Q2 adjusted EPS continuing operations of 9 cents, well below consensus of 56 cents, and then lowered its view of 2016 EPS continuing operations to $1.40-$1.90 from a prior view of $2.50-$2.80.
Hudson Technologies (HDSN +7.41%) gained over 3% in after-hours trading after it reported Q2 EPS of 14 cents, higher than consensus of 11 cents.
Oclaro (OCLR -3.99%) rose over 9% in after-hours trading after it reported Q4 adjusted EPS of 11 cents, better than consensus of 6 cents, and then forecast Q1 revenue of $126 million-$134 million, above consensus of $118.6 million.
Stone Energy (SGY -1.16%) sank 20% in after-hours trading after it reported a Q2 adjusted loss of -$7.45, a bigger loss than consensus of -$6.12.
Big 5 Sporting Goods (BGFV +1.65%) climbed nearly 10% in after-hours trading after it reported Q2 net sales of $241.4 million, above consensus of $239 million.
ZAGG Inc. (ZAGG -0.31%) jumped over 11% in after-hours trading after it reported Q2 adjusted EPS of 11 cents, well above consensus of 2 cents.
Cray (CRAY -0.92%) plunged 20% in after-hours trading after it reported a Q2 adjusted EPS loss of -29 cents, a wider loss than consensus of -2 cents, and then cut its fiscal 2016 revenue estimate to in the range of $650 million, well below consensus of $796 million.
Tuesday’s Key Earnings
AIG (NYSE:AIG) +2.1% AH boosting its buyback.
CVS Health (NYSE:CVS) +4.9% beating earnings estimates.
Electronic Arts (NASDAQ:EA) -2.5% AH giving a light forecast.
Fitbit (NYSE:FIT) +7.2% AH on new product sales.
Pfizer (NYSE:PFE) -2.5% despite topping expectations.
Procter & Gamble (NYSE:PG) +0.4% on productivity savings.
Sodastream (NASDAQ:SODA) +16.4% posting strong sales growth.
Today’s Economic Calendar
7:00 MBA Mortgage Applications
8:15 ADP Jobs Report
8:30 Gallup U.S. Job Creation Index
8:30 Treasury Refunding Quarterly Announcement
9:45 PMI Services Index
10:00 ISM Non-Manufacturing Index
10:30 EIA Petroleum Inventories
Today’s Earnings here
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings
this week’s Economic Numbers