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08Feb2018 Pre-Market Commentary: Wall Street To Open Fractionally Higher, But Will It Stay That Way, Dow Futures Point To Higher, Stocks Could Charge 10% Higher From Here, If Bitcoin Stays Out Of Their Way

Written by Gary

US stock index futures edged moderately higher this morning (SPY +0.1%) as investors take stock of a heavy round of corporate results. Twitter rockets more than 20 percent after the company reports first-ever net profit


Here is the current market situation from CNN Money

European markets are lower today with shares in Germany off the most. The DAX is down 0.93% while London's FTSE 100 is off 0.74% and France's CAC 40 is lower by 0.62%.

What Is Moving the Markets

Here are the headlines moving the markets.

Futures slip, investors take stock after volatile week

(Reuters) - U.S. stock index futures edged lower on Thursday as investors took stock of a heavy round of corporate results after the most volatile week of trading in more than two-and-a-half years.

Twitter shares surge 15 percent on first quarterly profit

(Reuters) - Twitter Inc reported its first quarterly net profit and topped Wall Street targets on Thursday as video ad sales rose, while a clampdown on fake accounts brought the number of people using the social network in below expectations.

Fed likely to continue raising rates: Kaplan

FRANKFURT (Reuters) - The U.S. Federal Reserve is likely to continue removing policy accommodation gradually and could hike rates three times this year, Dallas Fed President Robert S. Kaplan told a business conference in Frankfurt on Thursday.

Tesla sticks by Model 3 target, warns spending could rise in 2018

SAN FRANCISCO (Reuters) - Tesla Inc said on Wednesday it was sticking with Chief Executive Elon Musk's revised production targets for its Model 3 sedan, cheering investors who have put up with two delays, but the electric automaker's plans to raise spending this year underscored its growing need for cash.

Russian watchdog says to examine Facebook in second half

MOSCOW (Reuters) - Russian communications watchdog Roskomnadzor said on Thursday it would carry out an audit into Facebook's compliance with Russian legislation in the second half of the year.

Thomson Reuters beats profit forecast, misses on revenue

(Reuters) - Thomson Reuters Corp beat Wall Street profit expectations in the fourth quarter even as revenue slightly missed forecasts.

Maritime patrol aircraft seen as key in Asia, but buyers elusive

SINGAPORE (Reuters) - When Boeing's P-8A Poseidon first arrived at the Singapore Airshow two years ago, it caused a stir. Defence buyers around the region were intrigued by the new aircraft, which was touted as reliable, capable and absolutely necessary in a region abundant with naval tension, both above and below the water.

Reckitt, GSK balance risk-reward in high-stakes Pfizer fight

LONDON (Reuters) - The leaders of GlaxoSmithKline and Reckitt Benckiser -- two of Britain's best-known but underperforming companies -- are in a high-stakes battle for a dose of Advil to ease their pain.

T-Mobile profit surges on $2.2 billion tax gain

(Reuters) - T-Mobile US Inc's quarterly profit jumped nearly sevenfold as the No. 3 U.S. wireless carrier added subscribers and recorded a $2.2 billion gain from recent changes in U.S. tax laws.

Stocks Go Vertical As Dollar, Bond Yields Slide

Having been down over 1% overnight, US equity futures are all back in the green now, going vertical in the last few minutes as the dollar and bond yields suddenly slump...

Overnight weakness is gone...

Thanks to another ramp in XIV...

And this is happening as Bond yields and the dollar suddenly drop...

House Democrats, Conservative Republicans Risk Shutdown By Opposing Senate Deal

In back-to-back speeches last night, Democratic leader Chuck Schumer and Republican Majority leader Mitch McConnell heralded what they described as a promising and fair two-year budget plan - what would be the first of the Trump era - replete with legislative priorities demanded by both sides: Raising spending caps for domestic programs and the military by a combined $300 billion, providing a generous disaster relief package for states and territories wracked by hurricanes and wildfires, generating funding to combat the opioid abuse epidemic and - crucially for US debt markets - agreeing to suspend America's borrowing limit for two years.

With at least nine Democratic votes needed to pass the bill. McConnell was forced to agree to open a freewheeling debate next week on immigration to help pass a bill that will enshrine DACA into law, include funding for border security and revamp some legal immigration laws.

As it stands, the agreement would raise defense spending by $80 billion over current law in this fiscal year and $85 billion in the one that begins Oct. 1.. Non-defense spending would rise by $63 billion this year and $68 billion next year. Though Congress would still need to pass appropriations bills for both this year and next.

McConnell

FBI Informant Testifies: Moscow Routed Millions To Clinton Foundation In "Russian Uranium Dominance Strategy"



Undercover FBI informant William Campbell has given written testimony to Congressional investigators after an "iron clad" gag order was lifted in October

Campbell was a highly valued CIA and FBI asset deeply embedded in the Russian nuclear industry while Robert Mueller was the Director of the FBI

Campbell was required by the Russians, under threat, to launder large sums of money - which allowed the FBI to uncover a massive Russian "nuclear money laundering apparatus"

He collected over 5,000 documents and briefs over a six year period, some of which detail efforts by Moscow to route money to the Clinton Foundation

Campbell claims to have video evidence of bribe money related to the Uranium One deal being stuffed into suitcases.

The Obama FBI knew about the bribery scheme, yet the administration still approved the Uranium One deal.

To thank him for his service, Campbell was paid $51,000 by FBI officials at a 2016 celebration dinner in Chrystal City

When it emerged that Campbell had evidence against the Clinton Foundation, a Yahoo News article by Michael Isikoff (of FISA warrant application fame) slammed Campbell as a "disaster" potential witness

An undercover FBI informant embedded in the Russian nuclear industry who was made to sign an "illegal NDA" by former Attorney General Loretta Lynch has finally given his testimony to three Congressional committees.

William D. Campbell became an FBI counterintelligenc ...

Twitter Soars 20% After Smashing Expectations, Despite Decline In US Users, Ad Revenue

Twitter shares have stormed out of the gate, following today's Q4 earnings which smashed expectations, with revenue of $731.6 million, up 2% Y/Y, beating the highest estimate ($709MM) and certainly the consensus of $686.4MM, while EPS of 19 cents was also above the 14 cent estimate.

Twitter was quick to point out its reversal in revenue noting that "total revenue in Q4 was $732 million, reflecting year-over-year growth of 2%, as compared to a decline of 4% in Q3 2017, a decline of 5% in Q2 2017, and a decline of 8% in Q1 2017."

Commenting on the result, Twitter said that "Q4 was a strong finish to the year with total revenue increasing 2% year-over-year, and owned-and-operated (O&O) advertising revenue increasing 7% year-over-year, reflecting better-than-expected growth across all major products and geographies."

Also of note, EBITDA of $308.2MM was over 20% higher than the $241.6MM expected.

The company's outlook was also impressive, with Twitter predicting that in Q1, Adjusted EBITDA would be between $185 million and $205 million, vs est of $188.3MM, on adjusted EBITDA margin to be between 33% and 34%. For the full year, Twitter expects capital expenditures to be between $375 million and $450 million.

And yet, not all was well, for one the ...

Stocks Changed, But Bonds Still Sound the Same

Trouble for stocks has often been a boon to bonds in recent years. But recent turmoil seems unlikely to have the same outcome. The economic backdrop is simply too bond-unfriendly.

No-Wynn Situation Looks a No-Win for Investors

For the moment, investors seem to be hoping things will soon go back to normal at Wynn Resorts following Steve Wynn's departure as chief executive. But many uncertainties remain.

The Fed Put Is Far Away

Investors think the Federal Reserve is waiting with a net below the stock market, and chances are they are right. The only problem is that the net is far below where stocks are now.

Economic Report: Jobless claims drop 9,000 to 221,000, remain near 45-year low

The number of people who applied for unemployment benefits in early February fell by 9,000 to 2221,000. WIth jobless claims at a 45-year low, there's no sign of trouble in the U.S labor market.

Market Snapshot: Dow tries to rebound, but stock market set for another wild ride

U.S. stock futures signal that Wall Street trade is poised to wrestle with further volatility as traders wrestled with concerns about rising inflation and bond yields, against the backdrop of a relatively healthy domestic economy.

Your Digital Self: Google is developing its own prescription for U.S. health-care costs: smarter artificial intelligence

These neural networks could warn doctors to act sooner in order to increase patients' survival chances and reduce the cost of health care through more accurate diagnoses.

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To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

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