After Hours

Another Day, Another V-Shaped Panic-Buying Spree in Crude Oil

Suuposedly catalyzed this time by EIA forecast production cuts, WTI crude has spiked off an early tumble for the 3rd day in a row, running stops above $45. It appears the algos missed the fact that EIA also cut its price forecasts for the next two years, cut demand growth estimates, and confirmed OPEC production is higher than expected...

Nasdaq Triggers Market-Wide Circuit-Breaker As AMZN "Crashes" 87% After-Hours

Nasdaq has issued a market-wide trading halt amid what appears to be a "glitch" that sent a number of the largest Nasdaq-listed stocks to crash or spike to exactly $123.47 per share. This move crashed the value of companies including Amazon and Apple, sparked chaos in Microsoft, while sending Zynga rocketing up more than 3000%.

Bed, Bloodbath, & Beyond

Bed, Bath, & Beyond collapsed in after-hours trading to below $30 per share - the lowest since July 2009 - as yet another retailer hits the wall.

Cisco Plunges After Slashing Revenue Guidance

While Cisco reported both EPS and revenue that beat Wall Street estimates, it was the company's revenue guidance that stunned the market as the company now expects sales to decline between 4 and 6% in the fourth quarter, crushing consensus estimates of a modest 1% decline.

Hertz Plunges 14% After Reporting Abysmal Earnings

Hertz stock plunged after hours after the car rental company missed first-quarter expectations, when it reported abysmal Q1 earnings. HTZ reported a Q1 net loss from continuing operations of $223 million, or $2.69 a share, including $30 million of impairment charges, a loss over four times greater compared to the $52 million it lost in Q1 of 2016.

How Uber Hurts Hertz

While Hertz gets keelhauled when it loses a few hundred millions dollars, Uber is considered a hero when it loses billions of dollars. It’s easy to plow down competition when burning unlimited amounts of investor cash is part of the business model. This allows Uber to undercut any kind of competition.

Global Stocks Pause Ahead Of GDP Report; Nasdaq Hits Fresh Record High

Despite yesterday's whopping beats by Amazon and Google which sent the Nasdaq to new record highs after hours, this morning futures S&P futures are little changed ahead of the closely watched Q1 GDP report, European stocks and Asian equities are slightly lower, oil is higher after Russia said it had reached the 300kbpd oil cut per the OPEC pact, and the dollar was modestly in the red.