U.S. equity futures are trading roughly flat, following strenth in overseas markets overnight. Macro data was relatively light overnight and there isn't much of interest on the U.S. econ calendar today.  China did post better than expected Trade Balance data overnight, and despite skepticism about the data, it helped give a boost to the Asian market (particularly mining stocks, particularly in Australia). That positive sentiment carried over to  Europe, where there were also an abundance of earnings, mostly of which were better than expected. The euro has gained strength as the EU session progressed and commodities are showing  strength this morning.

U.S. Summary:

Earnings/Guidance: (See Earnings Calendar for full list)

• DIS reported Q2 (Mar) earnings of $0.79 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.77; revenues rose 9.6% year/year to $10.55 bln vs the $10.49 bln consensus. 
• WFM Reports Q2 (Mar) earnings of $0.76 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.73; revenues rose 13.4% year/year to $3.03 bln vs the $3.03 bln consensus. Based on its year-to-date results and updated assumptions, the Company is narrowing its comparable and identical store sales growth ranges for the fiscal year, and raising its EPS range to $2.86-2.89, prior guidance $2.83-2.87, vs $2.87 consensus; revs +10-11%, prior guidance for +10-12% (+12-14% on 52 week basis) vs +11.6% consensus at $13.06 bln.
• EA missed by $0.02, reported revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY14 EPS above consensus, revs in-line
• SYMC reported Q4 (Mar) earnings of $0.44 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.38; revenues rose 4.0% year/year to $1.75 bln vs the $1.73 bln consensus. Co issued disappointing guidance on call.
• JCP said it sees  Q1 rev $2.64 bln vs $2.73 bln Capital IQ Consensus Estimate; comps -16.6%
• MCK reported Q4 (Mar) earnings of $1.45 per share, excluding non-recurring items, may not compare to the Capital IQ Consensus Estimate of $2.30; revenues fell 3.4% year/year to $30.62 bln vs the $32.01 bln consensus. Fourth-quarter GAAP and Adjusted Earnings per diluted share included $0.76 of non-cash impairment charges and $0.11 of severance and facility exit charges. Co issued in-line guidance.
• CHRW reports Q1 (Mar) earnings of $0.64 per share, $0.04 worse than the Capital IQ Consensus Estimate of $0.68; revenues rose 17.3% year/year to $2.99 bln vs the $2.98 bln consensus. 
• Z reports Q1 (Mar) loss of $0.11 per share, $0.03 better than the Capital IQ Consensus Estimate of ($0.14); revenues rose 71.1% year/year to $39 mln vs the $37.39 mln consensus. Co issues upside guidance for FY13, raises FY13 revs to $178-182 mln from $165-170 mln vs. $172.25 mln Capital IQ Consensus Estimate. 
• FANG reports Q1 (Mar) adj. earnings of $0.12 per share vs. the $0.17 consensus; revenues rose 76.2% year/year to $28.9 mln vs. $32.9 mln consensus. Co reaffirms FY13 production 7.2-7.5K Boe/d.
• PZZA Reports Q1 (Mar) adj. earnings of $0.84 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.83; revenues rose 7.3% year/year to $355.6 mln vs the $360.04 mln consensus. Co issues guidance for FY13, raises EPS to $2.90-3.00 from $2.85-2.95 vs. $2.96 Capital IQ Consensus Estimate. 
• MRO Reports Q1 (Mar) earnings of $0.51 per share, $0.21 worse than the Capital IQ Consensus Estimate of $0.72; revenues rose 1.6% year/year to $4.11 bln vs the $4.56 bln consensus.
• VITC reports Q1 (Mar) loss of $0.09 per share, $0.02 better than the Capital IQ Consensus Estimate of ($0.11); revenues rose 17.0% year/year to $97.8 mln vs the $97.47 mln dual estimate. 

Other news:

• MCD reports global comps of -0.6% in April
• DAL initiates $0.06 per share quarterly dividend, authorizes $500 million share repurchase
• Higher One (ONE) acquires Sallie Mae’s (SLM) Campus Solutions Business in an all-cash transaction valued at ~ $47.25 million 
• DVA discloses letter agreement (the “Standstill Agreement”) with Berkshire Hathaway (BRK.A, BRK.B)
• YHOO has had discussions with Hulu over possible buyout, according to reports  
• Barron's profiles positive view on LAZ, BAX

Analyst Research (see Upgrades/Downgrades calendar for full list):

• LULU upgraded to Buy from Neutral at Sterne Agee 
• LOW upgraded to Buy from Neutral at ISI Group 
• MRO upgraded to Outperform from Neutral at Macquarie  
• BBBY downgraded to Cautious from Neutral at ISI Group  
• Z downgraded to Neutral from Buy at Goldman 
• URS downgraded to Hold from Buy at BB&T Capital Mkts 
• VSI downgraded to Underperform from Neutral at BofA/Merrill 
• FXCM removed from Focus List at JPMorgan  

Commodities: 

• Gold +11 @ 1460
• Silver +0.129 @ 23.953
• Copper +0.675 @ $3.37
• Crude +0.14 @ 95.75

Upcoming Events:

• Econ Data/Fed Speakers/Other:
  • The weekly MBA Mortgage Index rose 7.0% to follow last week's increase of 1.8%.
  • Fed's Stein speaks (8:30am)- Bank capital levels will be a key topic.
  • Petroleum Inventories (10:30am)
  • 10-year Bond Auction (1pm)- Prior yield 1.80%, demand 2.8x
  • Ira Sohn Conference- Gundlach, Ackmann, Einhorn, Druckenmiller, Chanos, Bass, Singer among those speaking; a decidedly bearish tone
• Earnings:
  • After the close: ETE, ETP, NWSA, CTL, SXL, RIG, DK, ALJ, CF, MCR, CLR, MDR, ATVI, AFG, GRPN, ATLS, WR, MNST, MHLD, TSLA, CENT, XTEX, WG, KRO, RAX, JOE, etc.
  • Tomorrow morning:  SNE, BCE, AES, BAM, APA, GLP, DISH, AGU, DF, PCP, VC, CVC, WIN, CTB, CG, SATS, XRAY, ALR, HSC, SPH, WWAV, THS, AM, GTIV, TK, DNDN, etc.
  • See earnings calendar for full listing

Summary of Stocks Gapping Up/Down:

Gapping Up: 

• In reaction to strong earnings/guidance: WBMD +17.2% (also Carl Icahn enters into memeber agreement with WBMD; adds to the Board - amended 13D filing), ARAY +14.5%, MYGN +9.5% (also upgraded to Buy from Neutral at Mizuho), WFM +8.2%, EA +7.9%, ACTS +7.2% (light volume), LOPE +6.7%, CTSH +5.6%, WILC +5.2% (thinly traded), ONXX +3.8%, NVTL +3.4% (light volume), DVA +3.4% (also disclosed letter agreement with Berkshire Hathaway), MODN +3.3% (light volume), TWO +3%, DMD +2.6% (light volume), KGC +2.3%, ING +2.1%, MCK +1.5% (Hearing tgt to $130 from $122 at Lazard), BIO +1.2% (dropped in late trade), MITK +1.1% (light volume), MRO +1% (also upgraded to Outperform from Neutral at Macquarie), DGI +0.8%, JCP +0.5%.
• M&A related: PSE +19.4% (receives buyout proposal from Pioneer Natural Resources through a stock-for-unit exchange), LEDR +10.8% (Market Leader to be acquired by Trulia for an implied price of $11.33/share), YHOO +0.5% (Yahoo! has had discussions with Hulu over possible buyout, according to reports).
• Select financial related names showing strength: NBG +14.9%, CS +1.5%, UBS +0.8%.
• Metals/mining stocks trading higher: HMY +1.8%, BHP +1.6%, GDX +1.6%, RIO +1.3% (Rio Tinto is keeping its expansion plans as it sees iron ore demand intact, according to reports ), BBL +1.3%, ABX +1.3%, GLD +0.9%, SLW +0.7%, GOLD +0.6%, SLV +0.4%.
• A few European drug names are modestly higher: SHPG +2.1%, SNY +1.8%, NVS +1.2%.
• Other news: BID +7.9% (following its Impressionist Evening Sale), GHDX +6.3% (announces availability of Oncotype DX prostate cancer test ), PERI +5.7% (entered into a three year non-exclusive search and distribution relationship with Ask.com), IO +5% (Director disclosed buying 110,000 shares at $5.90 to $5.94 on 5/6, worth ~$650K), AFFY +4.3% (continued strength), TSLA +3% (modestly rebounding), HLF +1.6% (Carl Icahn discloses 16.48% ownership stake in Herbalife in 13D filing, up from 15.55% in previous filing), NOK +1.4% (still checking), DAL +1.2% (initiates $0.06 per share quarterly dividend, authorizes $500 million share repurchase), BUD +1% (still checking), INFY +1% (ticking higher following CTSH results), AMGN +0.7% (Announces Top-Line Results of Vectibix (panitumumab) Phase 3 Head-to-Head Study Against Erbitux (cetuximab) in Metastatic Colorectal Cancer; the relative adverse event profiles were as anticipated for each of the anti-EGFR therapies studied), FB +0.4% (settles trademark infringement suit with Timelines Inc., according to reports).
• Analyst comments: BBRY +3.2% (hearing Macquarie suggesting potential rally), LULU +1.6% (upgraded to Buy from Neutral at Sterne Agee), LOW +1.1% (upgraded to Buy from Neutral at ISI Group)

 Gapping Down:

• In reaction to disappointing earnings/guidance: VCLK -19.8% (also downgraded by multiple analysts), OCLR -19.1%, RBCN -12%, SYNC -11.3%, CHRW -7.0%, CA -6.4%, SGMS -5.8%, BTH -5.8%, FRGI -5%, (light volume), SYMC -4.8%, Z -4.8% (also downgraded to Neutral from Buy at Goldman), WMB -4.3%, JAZZ -4.2%, SODA -3.6%, AEG -3.4%, IHG -3.2%, ANDE -3% (light volume), GPOR -2.9% (light volume), MAKO -2.5%, SD -1.7%, OAS -1.1%, MDLZ -0.7%, DIS -0.7%, ISIS -0.6% (also Isis Pharmaceuticals Announces Proposed Public Offering of Common Stock), BIOL -0.2%.
• M&A news: TRLA -0.4% (Market Leader to be acquired by Trulia for an implied price of $11.33/share).
• A few solar names ticking lower: TSL -2.8%, STP -2.4%, SPWR -0.9%.
• Other news: CIE -6.9% (announces secondary public offering of 50 mln shares of common stock), DDD -6.1% (announces $250 mln public offering and offering of up to 1.3 mln shares by holders), JMI -3.8% ( announces public offering of 6 mln shares of common stock), ANR -2.5% (announces public offering of $300 million convertible senior notes), APO -2.4% (Apollo Global Management Announces Launch of Public Offering of Class A Shares), BIP -2.2% (files for Limited Partnership Unit offering), WBS -1.9% (announced that Warburg Pincus Private Equity X, L.P. and one of its affiliates intend to offer for sale in an underwritten secondary offering 8,744,850 shares of Webster's common stock ), VOD -1.3% (still checking), PULB -1.1% (announces at-the-market equity offering), CFX -0.9% (prices 10 mln share common stock offering at $44.25 per share).
• Analyst comments: EMR -0.6% (downgraded to Market Perform from Outperform at Bernstein), VSI -1% (downgraded to Underperform from Neutral at BofA/Merrill)

 

Overseas Summary:

Asia: