The Asian/Pacific markets closed mostly down. Japan and Singapore dropped more than 1%; Indonesia was also weak. Europe currently leans to the downside. Russia is down 1%; the Czech Republic, Turkey and Switzerland are also weak. Spain and Hungary are up. Futures in the States point towards a flat open for the cash market.
The dollar is down. Oil is up; copper is down. Gold and silver are up. Bonds are down.
Except for the S&P 600, every index is at an all-time high. I sound like a broken record. The market’s trend resumed after the election, and the bears have had zero success taking control. The S&P’s longest losing streak is 4, and during that time the index dropped a grand total of 20 points.
Yellen begins her semi-annual Congressional testimony today about 30 minutes after the open. I don’t expect fireworks, but given Trump’s anti-Fed comments, I do wonder if she takes this opportunity not only defend the Fed but also trade policies in general.
The only side of the market to be on is the long side. Stick with the trend. Don’t get cute with your analysis.
Stock headlines from barchart.com…
Goldman Sachs Group (GS +1.46%) was downgraded to ‘Market Perform’ from ‘Market Outperform’ at Vining Sparks with a target price of $255.
PulteGroup (PHM -0.46%) was upgraded to ‘Outperform’ from ‘Market Perform’ at FBR Capital Markets with a 12-month target price of $26.
Hostess Brands (TWNK -1.75%) was rated a new ‘Strong Buy’ at CL King with a 12-month target price of $20.
Quantena Communications (QTNA +3.82%) climbed 3% in after-hours trading after it reported Q4 adjusted EPS of 3 cents, better than consensus of 1 cent.
Brookdale Senior Living (BKD -2.05%) slid 3% in after-hours trading after it reported Q4 revenue of $1.21 billion, less than consensus of $1.22 billion.
Cornerstone OnDemand (CSOD -4.90%) rose 3% in after-hours trading after it reported Q4 billings of $156.3 million, higher than consensus of $135.5 million.
Golar LNG Ltd (GLNG -1.97%) dropped 5% in after-hours trading after it announced a proposed offering of $350 million in convertible senior notes due 2022.
PDF Solutions (PDFS -0.62%) rallied 6% in after-hours trading after it reported Q4 revenue of $28.4 million, above consensus of $28.3 million.
Amkor Technology (AMKR +4.71%) tumbled nearly 10% in after-hours trading after it said it sees Q1 EPS of down -11 cents a share to up 5 cents, well below consensus of 14 cents.
Chegg (CHGG +2.92%) lost over 1% in after-hours trading after it reported Q4 adjusted EPS of 10 cents, below consensus of 11 cents.
Guidance Software (GUID +4.52%) climbed over 4% in after-hours trading after it reported Q4 adjusted EPS of 9 cents, above consensus of 6 cents.
Hibbett Sports (HIBB -0.60%) slumped 14% in after-hours trading after it reported preliminary Q4 comparable sales unexpectedly fell -2.2%, weaker than expectations of up +1.3%, and then said it sees 2018 EPS at $2.65-$2.85, below consensus of $3.06.
GigPeak (GIG +7.54%) jumped over 12% in after-hours trading after Integrated Devices said it will purchase the company for $250 million, or $3.08 a share.
Monday’s Key Earnings
Noble Energy (NYSE:NBL) +1.3% AH following a strong Q4.
Teva Pharma (NYSE:TEVA) +5.6% after topping expectations.
Today’s Economic Calendar
6:00 NFIB Small Business Optimism Index
8:30 Producer Price Index
8:50 Fed’s Lacker speech
8:55 Redbook Chain Store Sales
10:00 Yellen delivers semi-annual testimony
1:00 PM Fed’s Kaplan: Monetary Policy