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“You make most of your money in a bear market, you just don’t realize it at the time.” – Shelby M.C. Davis

Morning stock market summary

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While an up week is pretty much out of the question, can we at least get a positive close to the week?  Futures have been higher for most of the overnight session following a larger than expected interest rate cut out of China.  Retail earnings have been a big drag on the market this week with Walmart (WMT) and Target (TGT) declines impacting overall confidence.  This morning, Ross Stores (ROST) is also down 25% in reaction to its earnings report which cited some of the same issues, but being the third big retailer blowup this week makes it lose some of the shock value. There’s only so much the market can go down on the same issues.

There’s no economic data or Fed speakers on the calendar today, so the market will have to find other excuses in order to whip around between gains and losses.

In today’s Morning Lineup, we recap overnight trading in Asia and Europe (pg 4), Taiwan Export Orders (pg 4), and other economic data out of Europe and Asia (pg 5), and a lot more.

Earnings season is over, and all we can say is good riddance. There weren’t a lot of winners this earnings season, but the list of losers is long.  The table below lists each of the S&P 500 companies that experienced earnings reaction day declines of 10% or more over the course of the last three months.  In total, 20 companies made the list.  Again, these aren’t a bunch of rinky-dink penny stocks, they are some of the largest companies in the world.

Topping the list, Netflix (NFLX) reported weaker than expected revenues and lowered guidance, and in reaction saw its stock lose more than a third of its value in a single day!  More recently, just this week Target (TGT) missed EPS forecasts and saw its stock lose nearly a quarter of its value.  Some of the other more notable losers include (AMZN) which declined 14.1% while Walmart (WMT) saw its stock decline by more than 11%. GE falling 10% isn’t really a surprise these days, but the fact that it has become so much less relevant in the market than it used to still surprises us. In total, 20 companies – or 4% of the index – saw their stocks decline 10% or more in reaction to earnings over the last three months.

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