Before the Open (Aug 9)

Good morning. Happy Tuesday.
The Asian/Pacific markets closed with a lean to the upside. Japan, China and South Korea did well. Europe is currently mostly up. Germany, France, the Netherlands, Norway, Sweden, Turkey, Denmark, Finland and Portugal are doing well. The Czech Republic is down 1%. Futures in the States point towards a positive open for the cash market.
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The dollar is flat. Oil is up; copper is down. Gold and silver are down. Bonds are down.
The S&P posted another all-time high yesterday and then closed down and below its open. The market keeps grinding. It casts enough doubt day to day to keep the bulls under-invested and gives enough hope of a move down to keep the bears on the short side.
Earnings season is winding down, and there’s a lack of major news items on the schedule.
Unlike last August when the market hit a downside air pocket and plunged, the internals don’t suggest that scenario is in the cards. Numerous breadth indicators trended down for a few months prior to that happening, but this isn’t the case right now. Internally the market is doing just fine, so any pullback should be bought.
Keep on keepin’ on. Don’t think too much. More after the open.
Stock headlines from barchart.com…
Chevron (CVX +0.69%) was upgraded to ‘Overweight’ from ‘Neutral’ at Piper Jaffray with a price target of $117.
Waste Management (WM -0.70%) was upgraded to ‘Overweight’ from ‘Sector Weight’ at Keyblanc Capital Markets with a 12-month target price of $74.
SINA Corp/China (SINA +1.44%) climbed over 4% in after-hours trading after it reported Q2 adjusted EPS of 27 cents, well above consensus of 15 cents, and then raised its view on 2016 adjusted revenue to $950 million-$1 billion from a March 2 view of $850 million-$950 million.
DaVita Healthcare Partners (DVA -2.08%) dropped over 4% in after-hours trading after it lowered guidance on 2016 adjusted operating income to $1.785 billion-$1.875 billion from a prior view of $1.8 billion-$1.95 billion.
Endo International PLC (ENDP +0.66%) gained over 3% in after-hours trading after it reported Q2 adjusted EPS continuing operations of 86 cents, higher than consensus of 74 cents.
LendingClub (LC +0.84%) lost nearly 3% in after-hours trading after CFO Carrie Dolan stepped down.
Rogers (ROG -0.85%) slid over 10% in after-hours trading after it reported Q1 net sales of $157.5 million, less than consensus of $162.7 million, and then said it sees Q3 adjusted EPS of 69 cents-79 cents, weaker than consensus of 92 cents.
Callon Petroleum (CPE +3.41%) climbed nearly 5% in after-hours trading after it reported Q2 EPS of 5 cents, above consensus of 4 cents.
Nevro (NVRO +0.51%) rallied over 7% in after-hours trading after it reported a Q2 adjusted loss per share of -31 cents, narrower than consensus of -47 cents, and then raised its 2016 revenue estimate to $210 million-$220 million from a prior view of $175 million-$185 million.
Castlight Health (CSLT -3.14%) rose over 8% in after-hours trading after it reported a Q2 adjusted loss per share of -11 cents, smaller than consensus of -13 cents.
MaxLinear (MXL +1.62%) dropped over 12% in after-hours trading after it said it sees Q3 revenue of $94 million-$98 million, below consensus od $102.9 million.
Resolute Energy (REN +23.70%) jumped 17% in after-hours trading after it reported Q2 revenue of $55.9 million, higher than consensus of $51.6 million, and then raised its 2016 production view to 11,500-13,400 barrels of ethanol per day from a prior estimate of 10,200-11,900 barrels of ethanol per day.
Zeltiq Aesthetics (ZLTQ -3.45%) rose over 4% in after-hours trading after it raised its 2016 revenue estimate to $340 million-$350 million from a May estimate of $320 million-$325 million.
Health Insurance Innovations (HIIQ +0.50%) surged over 20% in after-hours trading after it reported Q2 adjusted EPS of 27 cents, well above consensus of 6 cents, and then raised its full-year revenue view to $155 million-$165 million from a prior view of $138 million-$144 million.
TubeMogul (TUBE +6.49%) plunged 24% in after-hours trading after it reported Q2 revenue of $55.4 million, less than consensus of $58.2 million, and then lowered guidance on its full-year revenue estimate to $217 million-$221 million, below consensus of $229.1 million.
Monday’s Key Earnings
Allergan (NYSE:AGN) -1.9% following disappointing revenues.
Hertz (NYSE:HTZ) -1.7% AH due to car rental weakness.
LendingClub (NYSE:LC) -2.3% AH on widening losses, CFO exodus.
Rackspace (NYSE:RAX) -1.7% AH after no word on takeover rumors.
Sotheby’s (NYSE:BID) +13% improving its auction margin rate.
Today’s Economic Calendar
6:00 NFIB Small Business Optimism Index
8:30 Productivity and Costs
8:55 Redbook Chain Store Sales
10:00 Wholesale Trade
1:00 PM Results of $24B, 3-Year Note Auction
Today’s Earnings here
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings
this week’s Economic Numbers