Thursday Watch

Night Trading 

• Asian equity indices are -.50% to +.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 143.75 +.75 basis point. 
• Asia Pacific Sovereign CDS Index 55.50 +.5 basis point. 
• Bloomberg Emerging Markets Currency Index 72.19 +.05%. 
• S&P 500 futures +.34%. 
• NASDAQ 100 futures +.38%.

Morning Preview Links

Earnings of Note
Company/Estimate 

• (DDD)/.05
• (BABA)/.56
• (ABC)/1.58
• (APA)/-.88
• (AVP)/.03
• (BDX)/2.01
• (CVC)/.20
• (CHK)/-.11  
• (DISCA)/.43
• (K)/.94
• (MRK)/.85
• (MGM)/.11
• (MBLY)/.14
• (PWR)/.26
• (REGN)/2.55
• (ATVI)/.12
• (CERN)/.53
• (LOCO)/.18
• (FLR)/.84
• (GPRO)/-.59
• (ICPT)/-3.76 
• (MHK)/2.32
• (NWSA)/.04
• (YELP)/.03

Economic Releases  
8:15 am EST

• Challenger Job Cuts YoY for April.

8:30 am EST

• Initial Jobless Claims are estimated to rise to 260K versus 257K the prior week.
• Continuing Claims are estimated to fall to 2128K versus 2130K prior.   

Upcoming Splits 

• None of note

Other Potential Market Movers

• The Fed's Lockhart speaking, Eurozone retail sales reports, weekly Bloomberg Consumer Comfort Index, (FAST) April sales and the (VZ) annual meeting could also impact trading today.

BOTTOM LINE: Asian indices are mostly lower, weighed down by industrial and technology shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.