Gapping down on weak earnings/guidance: MAMA -15.5%, BRLC -13.6%, BSQR 12.0%, MOVI -11.2%, FL -10.4%, PRXI -9.3%, MED -8.7%, DNDN -7.8%, THQI -4.7%, GRS -4.5%... Other news: AMGN -3.9% (continued weakness with multiple broker downgrades following yesterday's ODAC panel recommendations), JAV -1.8% (prices 7.1 mln share offering at $6/share).
Futures indicate a higher open for the mkt as the closely-watched core PPI was unchanged in April vs. consensus expectations of 0.2%. That pushes the yr/yr rate to 1.5% and provides more evidence that inflation pressures have abated somewhat. However, Apr Retail Sales unexpectedly fell 0.2% (consensus 0.4%), while the more closely-watched sales, ex-autos, was unchanged (consensus 0.5%), echoing yesterday's concerns about the health of the consumer.
Notable pre-market Calls include Upgrades: AMAT at UBS, ALU at Credit Suisse, NVDA at Needham; Downgrades: AMGN at Citi, JP Morgan, HSBC and Lazard, ISE at BofA, WEN at Citi... On the Earnings calendar, no cos are confirmed to report after the close. On the Economic calendar, Mar Business Inventories (consensus 0.2%) will be released at 10:00ET.
Gapping up on strong earnings/guidance: SYNM +17.9%, UEPS +9.1%, PRTS (also upgraded at RBC), VOLV +6.5%, NVDA +5.7% (also upgraded at Needham), ALU +3.0% (also upgraded at Credit Suisse)... CME raises their bid for BOT: CME +6.8%, BOT +1.9%, ICE +0.8%... Other news: KBH +5.2% (received a bid for its French subsidiary Kaufman & Broad), ALTI +4.4% (upgraded to Buy at First Albany).
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