NASDAQ (bars) up 15.3% year to date, while Russell 2000 (line) up just 1.9% year to date and that could be a problem

because 40% of NASDAQ 100 QQQ gains come from its top holding  of AAPL, MSFT, AMZN, FB,
GOOGL (see table below) and since they are having a good year (so far), Money Managers are
sending ALL NEW MONEY into the top QQQ movers, which sends AAPL, FB, MSFT, AMZN and
GOOGL even higher, while the rest of the market lags behind.
Year to date gains for Indexes
Nasdaq Composite +15.3% YTD
S&P 500 +7.9% YTD
Dow Jones Industrial Average +6.7% YTD
Russell 2000 +1.9% YTD
notice the growing divergence between Russell 2000 and the NASDAQ
Top weighted holdings of NASDAQ 100 (QQQ)
Stock Weight Amount
Apple 12.35% $6,164,720,714
Microsoft 8.22% $4,104,883,872
AMAZON.COM 7.21% $3,600,388,693
Facebook 5.37% $2,683,816,500
Alphabet 5.08% $2,537,641,302
Alphabet 4.45% $2,222,880,655
Comcast 2.92% $1,460,235,874
Intel 2.62% $1,308,461,396
Cisco Systems 2.44% $1,220,569,113
Amgen 1.76% $877,084,610
Kraft Heinz CO/THE 1.72% $860,399,339
Broadcom Ltd 1.47% $731,974,710
Celgene 1.41% $701,807,592
Priceline Group INC/THE 1.40% $698,732,986
Starbucks 1.39% $692,924,538
Charter Communications 1.36% $677,069,419
Walgreens Boots Alliance 1.34% $668,813,048
Qualcomm 1.34% $666,703,845
Gilead Sciences 1.30% $649,775,938
Texas Instruments 1.23% $613,185,049

Oil ETFs And OPEC Meet Again

The United States Oil Fund USO plunged 5.3 percent Thursday, bringing its year-to-date decline to 14.3 percent. USO, the most heavily traded oil exchange-traded product in the U.S., is now almost 20 percent below its 52-week high, putting it dangerously close to officially being in a bear market.

OPEC Extension

The Organization of Petroleum Exporting Countries is again confounding energy investors. On Thursday, the cartel and other major oil-producing countries extended a production cut that has done little to bolster crude prices.

“OPEC announced it would extend cuts in oil output by nine months to March 2018 on Thursday, after November’s landmark deal failed to clear a global supply overhang,” reported CNBC. “The move, which was then ratified by non-OPEC producers, was the base-case scenario for the market and means the 1.8 million barrel per day supply cut will roll over until the first-quarter of 2018.”

Year to date, USO has added more than $125 million in new assets, but there are some signs traders are growing tired of the fund from the long side as USO lost nearly $15 million in assets since the start of the current quarter.

Making the long oil trade all the more difficult is that high U.S. oil inventories mute the impact of output reductions by OPEC and other countries, indicating that oil bulls need to focus on other factors.

“Chinese demand in addition to U.S. production (including Trump’s export policy,) is probably more critical to oil price formation so is likely keeping oil range-bound, even if the possible range is wide,” said S&P Dow Jones Indices in a recent note. “According to index history, oil could reach between $25–$85 dollars before setting record moves. As OPEC cuts and if U.S. inventories decline to low levels, oil prices may increase, so China may use their own reserves or shop around rather than purchase oil at a higher price, capping the high end of the price range.”

Capitulation And Rebalancing

Some oil market observers may argue that capitulation is near and that the market has digested most of the readily available bad news, but there are other factors that need to come into play to help oil rebound.

“In this period of market rebalancing, it seems opportunities are hard to find but the good news possibly is there seems to be more stability from the lower volatility, higher correlation and tight term structures. If it is underpinned by the fundamentals of a recovering oil market, there could be more upside than downside,” said S&P Dow Jones.

A Peek Into The Markets: U.S. Stock Futures Drop Ahead Of GDP, Durable-Goods Orders Data

Pre-open movers

U.S. stock futures traded lower in early pre-market trade. Data on durable goods orders for April and Gross Domestic Product for the first quarter will be released at 8:30 a.m. ET. The University of Michigan’s consumer sentiment index for May is schedule for release at 10:00 a.m. ET. U.S. markets will be closed Monday for the Memorial Day holiday.

Futures for the Dow Jones Industrial Average dropped 38 points to 21,025.00, while the Standard & Poor’s 500 index futures fell 4.75 points to 2,408.75. Futures for the Nasdaq 100 index declined 8.25 points to 5,773.75.

Oil prices traded lower as Brent crude futures fell 0.37 percent to trade at $51.27 per barrel, while US WTI crude futures dropped 0.27 percent to trade at $48.77 a barrel. The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index dropping 1.01 percent, STOXX Europe 600 Index falling 0.52 percent and German DAX 30 index dropping 0.52 percent. The UK’s FTSE index was trading lower by 0.02 percent, while French CAC 40 Index declined 0.77 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.64 percent, Hong Kong’s Hang Seng Index rose 0.03 percent, China’s Shanghai Composite Index gained 0.07 percent and India’s BSE Sensex rose 0.90 percent.

Broker Recommendation

Analysts at JP Morgan upgraded Ecolab Inc. ECL from Neutral to Overweight.

Ecolab shares rose 0.77 percent to close at $130.31 on Thursday.

Breaking news

  • Big Lots, Inc. BIG reported better-than-expected earnings for its first quarter and raised its FY17 outlook.
  • GameStop Corp. GME reported stronger-than-expected results for its first quarter. However, the company reaffirmed its FY17 earnings outlook.
  • Costco Wholesale Corporation COST reported better-than-expected earnings for its third quarter.
  • Ulta Beauty Inc ULTA reported upbeat results for its first quarter and raised its FY17 outlook.

Market Summary #Wednesday, May 24, 2017

Wednesday, May 24, 2017

Market Summary
    Yesterday the markets shrugged off the terror attack in the U.K. and rolled higher for the 4th day in a row,
which has got to be the longest winning streak in 2017. The markets rebound has the Indexes within spitting
distance of last Mondays highs at DOW 21,000, S&P 2404 and NASDAQ 6160 and if nothing was going on,
the DOW, S&P and NASDAQ all could be setting new highs by the end of this week.
    Unfortunately, there is always something going on and aside from the Brits, raising their Terror Threat Level
to “Critical”, over in Asia, Moody’s has decided to cut China’s Debt Rating, because their Economy is slowing
and their Debt stands at 250% of the GDP, higher than the U.S. and that isn’t even the bad part! The bad part
is that the recent surge in Debt, isn’t coming from Government Spending, it is coming from Corporate and
Household Debt, which is way worse, because the PBOC, can always print more money to pay their Debt,
but Corporations and Mr & Mrs Wang,Li, Liu, Lin or Zhang, cannot print money and will go Bankrupt. Right now,
the Chinese are pooh, poohing the situation, but it is something to be concerned with. In addition to China’s
woes, the EU has been enjoying some solid economic growth, which is great, except that the ECB, is starting
to think about tapering their Stimulus Program and if you recall what happen when Ben Bernanke tried that
in June 2013, it wasn’t pretty.
    I know that the U.S. and the Global Economies are good for now and everyone is focused on the wonderful
Budget fantasies coming out of Washington, but the realities of the World, are still out there and you always
have to be concerned about what’s next. Speaking of what’s next, what’s next is the FOMC Minutes from the
Fed’s May 3rd Meeting at 2:00 today and we will get a good idea if the Fed will raise rates at the June 13-14 meeting.
    Overnight the Global markets were mixed and in early trading the DOW is flat along with Bonds, the Dollar
and Commodities as everyone is waiting to hear from the Fed this afternoon. This means that we are in for
a very long quiet day, but with the OPEC meeting tomorrow and a Credit Suisse upgrade in the Steels we might see a rebound in these battered sectors.
Today’s Early Markets
DOW Futures— up 10.00             London – up 8.58
S&P – up 100                               DAX – down 20.56
GOLD—$1250 July                      Nikkei — up 129.84
OIL— $50.70 July                        HangSeng — up 25.78
 
DOW RESISTANCE 21,000       S&P RESISTANCE 2405/2112
DOW SUPPORT: 20,800            S&P SUPPORT: 2388/2380
$NASDAQ RESISTANCE 6160
$NASDAQ SUPPORT 6100

Morning Notes May 23, 2017 Market Summary

Market Summary
    The markets traded higher for the 3rd day in a row, as the “buy the dip” crowd kept chipping away at
the markets big losses from last Wednesday. The Indexes closed yesterday, within throwing distance of last
weeks highs at DOW 21,000, S&P 2400 and NASDAQ 6160, all pretty much on its own merits of strong 1st
Qtr earnings and improving outlooks going forward. If the markets traded in a vacuum, I would say that
the averages were “locked and loaded” and very ready to explode higher across the board, just like they
were last Tuesday, right before that business with the President, maybe, but not likely, asking or not asking,
Ex-FBI Chief Comey, to back off on the Mikey Flynn investigation, because he was a “good guy”.
    Anyway, the markets don’t trade in a vacuum and this morning, Investors are faced with another terror
abomination, a bombing of a Concert in Manchester U.K.. So far the markets are shrugging off the horrible
news, but with the averages near last week’s highs, I wonder if there’s enough fuel to push the averages through to new highs, especially with the attack in the U.K. and front of the 3-day Memorial Day weekend.
    This morning, the Trump Administration released its 2017 Budget and judging from various Politico’s reaction
to the news, this Budget as is, will be DOA in the Congress. Also on the slate today, we will hear CIA Director John Brennan’s testimony, on the CIA’s Russia Investigation at 10:00am and there’s always the possibility of a
surprise, which could affect the day’s trading, one way or another.
    Overnight the Global markets were quietly mixed and in early trading the DOW is up 40pts, the Yield on the
10 Yr is 2.25%, the Dollar is flat and Commodities are slightly lower.
Today we have the flash PMI Services and Manufacturing estimates for May out at 9:45am, followed by the
April New Home Sales at 10:00am, but none of this will move the markets, but tomorrows FOMC Minutes will.
 
I am working from 80 Broad and can be reached at 212 -417-8062
Today’s Early Markets
DOW Futures— up 50.00                          London – up 8.58
S&P – up 400                                            DAX – up 33.56
GOLD—$1260 July                                   Nikkei — down 67.84
OIL— $50.40 July                                     HangSeng — up 11.78
 
DOW RESISTANCE 21,000                   S&P RESISTANCE 2405
DOW SUPPORT: 20,800                       S&P SUPPORT: 2388/2380
$NASDAQ RESISTANCE 6160
$NASDAQ SUPPORT 6100

‘Trump Troubles’ Could Reinforce S&P 500’s Underperformance For Some Time

Jay Pelosky, the founder of Pelosky Global Strategies, highlighted something about the stock market’s 2017 performance that may be flying under the radar: It isn’t as great as it seems.

Speaking as a guest on “Bloomberg Daybreak: Americas” on Monday, Pelosky explained that the developed markets excluding the U.S. have seen their stock markets gain 15 percent since the start of 2017, which is even short of the 18-percent return emerging markets have shown. Meanwhile, the S&P 500 index is up just 6 percent — at time of publication, the SPDR S&P 500 ETF Trust SPY was up 7.15 percent year to date.

“The real question is not why has the S&P 500 held up so well, the real question is: Is the rest of the world starting to take the leadership baton away from U.S. equities?” Pelosky asked. “And that’s a big deal because these moves tend to last for years — not quarters, not months.”

Trump Troubles

Pelosky isn’t necessary optimistic that U.S. markets can regain its leadership position as a home for stock market outperformance, especially under the current political climate, which he dubbed “Trump troubles.”

Pelosky believes the current “Trump troubles” will first lead to “policy inertia,” which then leads to weak growth. As such, earnings strength will shift from one of the best in years to questionable at best and ultimately present a poor risk-to-reward profile for U.S. equities.

Pelosky continued that a poor risk to reward profile for U.S. equities could further emphasize America’s status as a market laggard, not a market outperformer.

Children Among The 22 Dead In Latest UK Terror Attack

Terrorism struck yet again in the United Kingdom. Two months after a terrorist drove a car into pedestrians on the iconic Westminster Bridge in London, authorities are saying a suicide bomber blew himself up at the conclusion of an Ariana Grande concert in Manchester.

22 Dead, 59 Injured, 13 Missing

According to the UK-based Telegraph, children are among the 22 people killed and 59 injured. The publication noted that the first confirmed fatality was an 18-year old Ariana Grande “superfan” who met the pop star in 2015.

Another 13 people remained missing when Telegraph’s report was published.

British Prime Minister Theresa May confirmed the terrorist nature of the attack and said, “All acts of terrorism are cowardly attacks on innocent people, but this attack stands out for its appalling, sickening cowardice — deliberately targeting innocent defenceless children and young people who should have been enjoying one of the most memorable nights of their lives.”

Monday’s attack marks the country’s worst terror attack since multiple bombs across central London killed 52 people.

ISIS To Blame?

Authorities have yet to confirm the identify the suicide bomber and any possible links to terrorist groups, including ISIS. But what is known is that the terrorist was not acting alone as a 23-year old man was arrested in South Manchester in connection with the bombing. According to a Times report at 8:09 a.m. ET, ISIS has claimed responsibility for the atrocity.

Calm Down, Investors: OPEC Meetings Themselves Hold Little Weight

Members of the Organization of the Petroleum Exporting Countries and other oil producers are set to meet this Thursday to discuss extending output cuts. The current cuts, an output reduction of 1.8 million barrels per day for six months, were decided in November and implemented on January 1.

The cuts are expected to be extended by nine months under the urging of the Saudi Arabia and Russia, the world’s top two oil producers.

Early in the week, oil prices were up in anticipation of the meeting, in addition to oil stocks, including Exxon Mobil Corporation XOM and BP plc (ADR) BP.

 

On Monday, share prices took a dive, though, after the news that Iraq was resistant to longer extensions, but returned to pre-market levels when Saudi energy minister, Khalid al-Falih, flew to Iraq to gain its support for a nine-month extension.

A Brief Look Back

Volatile trades are to be expected in the coming week, but investors should be cautious of placing too much stock in any sharp movements in the near term.

Looking back at the week before and after the past five OPEC meetings, there doesn’t seem to be any trend in share price movement in the short term.

The weeks surrounding OPEC’s 167th meeting on June 5, 2015, and 169th meeting on June 2, 2016, highlight the vast different movements that can occur:

  • The 167th meeting was preceded by a near linear drop in prices among top U.S. exchange-traded oil stocks.
  • The 169th meeting was preceded by a drop in prices, which returned to their starting value just before the meeting. The following week saw a rise in prices, which within another week had lost any gains made.

After both meetings, oil shares saw large price shifts in the longer term — the six months following each meeting — bouncing between highs and lows differing by over 15 percent.

What To Keep In Mind

The OPEC meeting last December had a distinctly noticeable impact on prices due to organization’s decision to implement a production cut for the first time since 2008.

Investors should be wary of speculating based on past meetings; the only evident trend in their effect on oil share prices is that there is no trend.

Investors should also note that OPEC’s effect on prices is ultimately determined by its members’ willingness to abide by its decisions, and they should pay attention in the long run to see if the petroleum exporting countries stick to their obligations.

The Market In 5 Minutes 5/23/2017

  • Technology-focused Gene Munster peeked into another realm of reality last week at the Cannes Film Festival and discovered filmmakers eagerly awaiting progress in virtual reality:
  • BlackBerry Ltd (BBRY) continued its bullish momentum on Monday when the company announced a new deal with Ford Motor Company (F) to expand the use of the QNX operating system in Ford automobiles:
  • Buffalo Wild Wings (BWLD) will hold an important board vote at its annual investor meeting on June 2, hoping to settle the battle the company is embroiled in with activist investor Marcato Capital Management:
  • Americans and investors hoping for healthcare reform may have the strongest congressional motivator of all on their side, fear:
  • The government of Saudi Arabia pledged $20 billion to Blackstone (BX)’s newly created infrastructure investment vehicle with the ultimate aim of raising another $20 billion from other investments and ultimately bring the total to $100 billion:

THE WALL STREET JOURNAL

  • President Donald Trump on Tuesday will propose a plan he says will balance the federal budget in a decade on the strength of substantially faster economic growth and cuts to taxes and government safety-net programs:
  • A group linked to North Korea is highly likely behind this month’s global ransomware assault, and the attack more closely resembles the behavior of a crime ring rather than a government-orchestrated campaign, a cybersecurity researcher said
  • A contentious tax dispute between Australia and Chevron Corp. (CVX) could cost the company billions of dollars and open a new front in global efforts to crack down on the aggressive tax strategies used by many multinational corporations:
  • A resurgent music industry, fueled by the rise of streaming services, is tempting the parent company of Universal Music Group to cash in with a public stock offering:

REUTERS

  • U.S. President Donald Trump’s proposal to sell half of the United States’ strategic oil reserve surprised energy markets on Tuesday since it counters OPEC’s efforts to control supply in order to boost prices
  • Nokia has settled its legal battle with Apple (AAPL) with a new patent license agreement and also signed a business deal with the U.S. giant, surprising investors who had expected the dispute to drag on:
  • The CEOs of two major American companies – retailer Target Corp (TGT) and agribusiness Archer Daniels Midland Co (ADM) – will offer countering views in a hearing before U.S. lawmakers on Tuesday on a proposed border adjustment tax:

    BLOOMBERG

  • Since the day it was created, Democrats loved it, Republicans hated it and Wall Street, at best, tolerated it. The fate of the Consumer Financial Protection Bureau and its chief, Richard Cordray, is in the hands of a Washington appeals court that will hear arguments Wednesday
  • OPEC’s second-biggest producer is also its biggest cheater. And if past is prologue, that lengthens the odds the group will be able to squeeze too many more price gains out of its output cuts:
  • Inside the Whole Foods Market (WFM) in midtown Manhattan at lunchtime, it’s easy to forget that the organic supermarket chain is facing its biggest crisis since going public in 1992:
  • White House budget director Mick Mulvaney has floated an idea to bring down drug prices that’s both promising and — if other Republicans can be persuaded to go along — bipartisan:

NY POST

  • The often maligned crypto-currency continued its incredible run on Monday, soaring to nearly $2,200 at 10:30 p.m. — leaving it up 124 percent this year and ahead nearly 400 percent over the past 12 months, according to Coindesk:

CONSUMER

Toll Brothers (TOL) Reports Q2 EPS $0.73 vs $0.63 Est; Revenue $1.363B vs $1.27B Est.
AutoZone (AZO) Q3 EPS EPS $11.44 vs $11.66 Est, Sales $2.62B vs $2.71B Est
Take-Two (TTWO) Reports Q4 EPS $0.89 vs $0.48 in Same Qtr. Last Year, Sales $571.6M vs $377.2M YoY
DSW (DSW) Reports Q1 Adj. EPS $0.32 vs $0.35 Est., Sales $691.1M vs $684.9M Est.

ENERGY

INDUSTRIALS

Raven Industries (RAVN) Reports Q1 EPS $0.34 vs $0.24 Est., Sales $93.5M vs $79.9M Est.
Nordson (NDSN) Reports Q2 EPS Adj. $1.35 vs $1.31 Est., Sales $496M vs $472.24M Est.

FINANCIALS

Independence Holding Co. (IHC) Reports Q4 EPS $0.49 vs $0.28 in Same Qtr. Last Year, Sales $78.871M vs $124.602M

HEALTHCARE

Agilent (A) Reports Q2 Adj. EPS $0.58 vs $0.48 Est., Sales $1.1B vs $1.05B Est.
Quotient (QTNT) Ltd Reports Q4 EPS $(0.69) vs $(0.74) Est., Sales $5.526M vs $4.9M Est.

TECHNOLOGY

Momo (MOMO) Reports Q1 EPADS $0.44 vs $0.31 Est; Revenue $265.2M vs $242.82M Est

ECONOMIC FIGURES

08:30 a.m. Redbook (YoY)

08:55 a.m. Redbook (MoM)

09:45 a.m. Services PMI

09:45 a.m. Manufacturing PMI

10:00 a.m. Richmond Services Index

10:00 a.m. Richmond Manufacturing Index

10:00 a.m. Richmond Manufacturing Shipments

10:00 a.m. Richmond Fed Manufacturing Index

10:00 a.m. New Home Sales

10:00 a.m. New Home Sales (MoM)

11:30 a.m. 52-Week Bill Auction

11:30 a.m. 6-Month Bill Auction

11:30 a.m. 4-Week Bill Auction

11:30 a.m. 3-Month Bill Auction

1:00 p.m. 2-Year Note Auction

3:15 p.m. FOMC Member Kashkari Speaks

5:00 p.m. FOMC Member Harker Speaks

Analyst & Shareholder Meetings

  • 8:00 a.m. GNC Holdings (GNC)
  • 9:00 a.m. Merck (MRK)
  • 9:00 a.m. Nielsen (NLSN)
  • 9:00 a.m. Xerox (XRX)
  • 10:00 a.m. Southwestern Energy Co. (SWN)
  • 10:00 a.m. Wendy’s (WEN)
  • 10:30 a.m. Urban Outfitters (URBN)
  • 12:00 p.m. Amazon (AMZN)
  • 1:30 p.m. NVIDIA (NVDA)
  • 2:00 p.m. Skechers (SKX)
  • 2:00 p.m. Tableau (DATA)

UPGRADES

  • JP Morgan Upgraded McKesson (MCK) from Neutral to Overweight
  • Goldman Sachs Upgraded Atwood Oceanics (ATW) from Sell to Neutral
  • Bank of America Upgrades Reliance Steel & Aluminum (RS) From Neutral to Buy

DOWNGRADES

  • Wells Fargo Downgraded Xilinx (XLNX) from Outperform to Market Perform
  • Goldman Sachs Downgraded Helmerich & Payne (HP) from Neutral to Sell
  • Wells Fargo Downgrades Papa Murphy’s (FRSH) From Outperform to Market Perform

Deal Talk

  • Chinese billionaire Jack Ma’s Ant Financial is moving closer to getting regulatory approval to buy MoneyGram (MGI), The New York Post has learned — despite concerns in Washington about money laundering.

  • PPG Industries (PPG) remains interested in negotiating a “consensual” deal withAkzo Nobel, even as the Dutch rival paint maker resists its 26.3 billion euro ($29.5 billion) takeover offer, PPG’s top executive said on Tuesday

US OPTIONS RECAP

  • GIS Gen Mills Oct 62.5 Calls: 9000 @ ASK $0.85: 10k traded vs 1647 OI: Earnings 6/29 Before Open (est) $56.67 Ref 
  • TOL Toll Brothers May 26th 37.5 Calls Sweep: 618 @ ASK $1.25: 1041 traded vs 153 OI: Earnings tmrrw Before Open $37.90 Ref 
  • HPE Hewlett-Packard Ent May 26th 19.0 Calls Sweep: 2233 @ ASK $0.15: 4544 traded vs 2087 OI: Earnings 5/31 After Close $18.80 Ref 
  • CXW CoreCivic Sep 27.0 Puts Sweep: 1000 @ ASK $1.45: 1229 traded vs 152 OI: Earnings 8/2 After Close (est) $30.65 Ref 
  • SQ Square Jun 22.0 Calls: 500 @ ASK $0.35: 1490 traded vs 1021 OI: Earnings 8/3 After Close (est) $20.86 Ref 
  • TTMI

18 Biggest Mid-Day Losers For Thursday

  • Ascena Retail Group Inc ASNA 30.14% shares dipped 37.8 percent to $1.75 after the company lowered its Q3 and FY17 guidance.
  • Endologix, Inc. ELGX 35.96% shares dropped 35 percent to $4.38 after the company issued an update on Nellix System US regulatory status. Following meeting with the FDA, Endologix will seek US approval by conducting a confirmatory clinical study with the IFU and Gen2 device design. Stifel Nicolaus downgraded Endologix from Buy to Hold.
  • Stein Mart, Inc. SMRT 37.06% shares tumbled 34.7 percent to $1.11 after the company reported weak Q1 results and suspended its quarterly dividend.
  • Gol Linhas Aereas Inteligentes SA (ADR) GOL 26.05% shares declined 23.4 percent to $11.76 on fears that another political scandal will result in the impeachment of President Michel Temer. Temer, who ran on a platform of economic reform, has been in office for less than a year, but a new report by Brazilian newspaper O Globo has accused Temer of paying off a potential witness in an ongoing graft probe.
  • Banco Bradesco SA (ADR) BBD 18.73% shares tumbled 18.1 percent to $8.22 session. Stocks of US-listed Brazil-based companies seeing a substantial downside amid bribery allegations related to President Temer.
  • Banco Santander Brasil SA (ADR) BSBR 20.48% shares declined 17.8 percent to $7.26.
  • Companhia Brasileira de Distribuicao-ADR CBD 15.1% shares dipped 17.4 percent to $19.63.
  • Itau Unibanco Holding SA (ADR) ITUB 18.24% shares fell 16.3 percent to $10.50 after dipping 3.28 percent on Wednesday.
  • Gafisa SA (ADR) GFA 16.57% shares slipped 16 percent to $7.35.
  • Companhia Siderurgica Nacional (ADR) SID 17.3% shares dropped 15.6 percent to $2.00.
  • Companhia de Saneamento Basico (ADR) SBS 17.3% shares declined 15.7 percent to $8.48.
  • Gerdau SA (ADR) GGB 14.58% shares dipped 15.2 percent to $2.71 after declining 3.19 percent on Wednesday.
  • Petroleo Brasileiro SA Petrobras (ADR) PBR 16.57% dropped 14 percent to $8.85 amid bribery allegations related to President Temer.
  • Banco Bradesco S.A. BBDO 16.42% shares fell 13.7 percent to $7.98.
  • Pure Storage Inc PSTG 13.84% shares plunged 10.5 percent to $10.45. Morgan Stanley downgraded Pure Storage from Overweight to Equal-Weight.
  • Teekay Corporation TK 8.06% fell 8.3 percent to $6.66. Teekay reported a Q1 loss of $45.3 million on revenue of $543.5 million.
  • Cisco Systems, Inc. CSCO 7.61% shares declined 7.3 percent to $31.35. Cisco reported better-than-expected earnings for its third quarter, but issued a weak revenue forecast for the current quarter. Cisco also announced plans to cut an additional 1,100 jobs.
  • ZTO Express (Cayman) Inc (ADR) ZTO 5.84% shares slipped 6 percent to $13.20. ZTO reported Q1 adjusted earnings of $0.10 per share on sales of $379.9 million. The company also named Hongqun Hu as COO.