No comeback today...

Stocks continued to drift lower as the day wore on, basically giving back the gains from the last two sessions.

Dow -207
Nas -61
S&P -25 to 1229

Amazon.com misses earnings and is down another 33 points after the bell.  The market is getting dangerous again.  It certainly has not be worth holding stocks for their earnings reports.

As far as Netflix goes, it closed down over 41 points to 77 and change.  OK, I get it, the stock was overpriced, but now I think it is looking underpriced and should probably be bought. I doubt Netflix is going away any time soon.

With 30 minutes left....

Stocks are down big ahead of the EU Meeting tomorrow.  Gold and Silver are back in the Fear trade, as is a flight to quality into Treasuries.

Dow -151
Nas -49
S&P -18 to 1235

Multiple Blowups today:

Netflix -42.01 to 76.84
Green Mountain Coffee -8.78 to 64.95
First Solar -14.55 to 43.40
Interactive Intelligence -8.00 to 25.79

Earnings due tomorrow before the bell...

Lockheed Martin (LMT)
Northrup Grumman (NOC)
Sprint (S)
Ford (F)
Boeing (BA)
Allergan (AGN)
Wellpoint (WLP)
Brinker International (EAT)
JetBlue (JBLU)
Corning (GLW)
Medco Health (MHS)

Earnings due out after the bell...

Amazon.com (AMZN)
Panera Bread (PNRA)
Robert Half (RHI)
Broadcom (BRCM)
Express Scripts (ESRX)
FFive Networks (FFIV)
Trustmark (TRMK)

First Solar CEO steps down...

 First Solar (FSLR -10.4%) is getting hit after announcing that CEO Rob Gillette is stepping down. The company names Chairman and founder Michael Ahearn to serve as interim CEO effective immediately.

FSLR is down 11.18 to 46.75

We had pointed out the negative chart back at 66

At 1:15 pm....

Stocks are lower, as more and more concerns surface about the Eurozone and the Summit meeting tomorrow. 

Dow -92
Nas -30
S&P -12

Movers:

Under Armour (UA) +5.56 to 81.89
Gold ETF (GLD) +4.37 to 165.40
Wellcare (WCG) +1.61 to 47.43
CF Industries (CF) +2.38 to 161.52
British Petroleum (BP) +2.08 to 43.95

Netflix (NFLX) -41.00 to 77.90
Interactive Intelligence (ININ) -7.28 to 26.50

More on the Gold spike...

Gold spikes higher over the past 90 minutes, threatening to push past $1,700/oz. for the first time since it plummeted under that level in September. There's no particular news other than the continuing idea that Western governments have little choice but to continue bailing, which has to be good for the metal. Dec. Gold is at $1,694.

Gold and Silver spike higher...

This has been a curious trade to me.  Gold and Silver have been holding up after the drop that was experienced in late September.  Below are the Daily Charts for GLD and SLV the two ETFs.  You can see that both are breaking higher today ahead of tomorrow's EU Summit.  Looks like a break above 165 on GLD and above 32 on SLV would be breakout levels.

Stocks open under pressure...

Stocks are lower after news that German PM Merkle rejects initial agreement proposal for tomorrow's EU Summit.  Also confusion that another UK Finance Minister's meeting has been cancelled, even though the two meetings are not really connected.  Either way, looks like the market is very skiddish ahead of the Summit meeting.

Dow -129
Nas -30
S&P -15

Stocks that are bucking the trend:

Under Armour +3.82 to 80.06
BP +1.67 to 43.48
ARM Holding +0.85 to 28.56

Netflix is down 42.76 to 76.18

Today's Upgrades and Downgrades...

These are some of this Monday’s top analyst upgrades, downgrades, and initiations seen from Wall Street research calls this morning.


AT&T Inc. (NYSE: T) Cut to Market Perform at Bernstein.

The Bank of New York-Mellon (NYSE: BK) maintained Underperform as Bear of the Day at Zacks.

Brightpoint, Inc. (NASDAQ: CELL) Raised to Outperform as Bull of the Day at Zacks.

Family Dollar Stores, Inc. (NYSE: FDO) named Growth & Income stock of the day at Zacks.

Forest Laboratories Inc. (NYSE: FRX) Cut to Hold at Argus.

Healthways Inc. (NASDAQ: HWAY) downgraded at William Blair, Barclays, and Piper Jaffray.

JA Solar Holdings Co., Ltd. (NASDAQ: JASO) Raised to Overweight at Piper Jaffray.

Level 3 Communications Inc. (NASDAQ: LVLT) Raised to Neutral at Citigroup.

Lowe’s Companies Inc. (NYSE: LOW) Raised to Buy at Janney.

Netflix, Inc. (NASDAQ: NFLX) downgraded by Reed Hastings and everyone left who was still positive.

Royal Gold, Inc. (NASDAQ: RGLD) Raised to Overweight at HSBC.

Veeco Instruments Inc. (NASDAQ: VECO) Cut to Neutral at Sterne Agee; Reiterated Sell ar Canaccord Genuity.

Under Armour reports strong earnings...

Shares of Under Armour (UA) slip 3.2% premarket despite beating analyst estimates for Q3 EPS, $0.88 vs. $0.83. The sporting apparal retailer also steered its revenue guidance higher to $1.46B-$1.47B, from $1.42B-$1.44B, but investors may be taking profits off of yesterday's 4.4% gain.


Here is the weekly chart:

Simon Property Group beats and raises...

Simon Property Group Inc. (SPG). The owner of malls and outlet centers reported better-than-expected quarterly earnings and raised its profit forecast for the year. It said third-quarter funds from operations totaled $606.2 million, or $1.71 per share, up from $503.6 million, or $1.43 per share, a year earlier. The company increased its full-year FFO forecast to a range of $6.80 to $6.85 per share from a previously raised range of $6.65 to $6.73.

SPG broke out yesterday ahead of this earnings report:

Coach still selling their high end handbags...

Coach Inc. (COH). The company reported a higher-than-expected first-quarter profit as sales of its upscale handbags, wallets and accessories rose in North America despite the rocky economy and continued to grow in China. It reported earnings of 73 cents a share on net income of $215 million.

ARM Holdings beats expectations...

ARM Holdings (ARMH). The company reported strong licensing of its chip designs in the third quarter, helping it beat market expectations and offset current weak demand in consumer electronic markets ahead of the holiday season. It reported a 44 percent rise in pretax profit to 55.8 million pounds on revenue up 20 percent to 120.2 million pounds. The company reported earnings of 3.05 pence per share.


ARMH's technology is a major component of the iPad.

Netflix gets pounded...

Netflix Inc. (NFLX). The video rental company lost more customers than it anticipated in the third quarter and warned of still more defections to come. It reported a better-than-expected 49 percent surge in third-quarter revenue to $822 million, surpassing Wall Street's target of about $812 million. It also beat expectations on earnings per share. Netflix also forecast a loss for the first quarter of 2012 as it expands into Europe.

Netflix is currently down 41 points to 77 premarket. OUCH!!!

Good Morning...

The Dow and the Nasdaq are coming off their best closes since August 1, the S&P 500 since August 3, but the immediate outlook for the U.S. stock market clearly rests on negotiations taking place in Europe. Futures have been moving between gains and losses on the uncertainty over exactly what kind of deal on European debt will be forthcoming on Wednesday.

A busy day of corporate earnings is also ahead, with Dow components DuPont (DD) reporting earnings per share of $0.69 ex-items versus expectations of $0.56.

This morning's earnings list also includes 3M (MMM), Cummins (CMI), Coach (COH), Sherwin-Williams (SHW), UPS (UPS), U.S. Steel (X), and Xerox (XRX), among others. Amazon.com (AMZN) leads today's after-the-bell earnings roster, with Panera Bread (PNRA), Express Scripts (ESRX), and Broadcom (BRCM) also set to report.

Netflix (NFLX) leads this morning's list of stocks to watch, plunging in after-hours trading on weak subscriber numbers and soft fourth quarter guidance.

Amgen (AMGN) may get some positive action after beating estimates with its third quarter numbers, while Texas Instruments (TXN) also beat estimates, but issued a cautious fourth quarter outlook.

BP (BP) shares are up about 4% overseas, after chief executive Bob Dudley said the company has turned a corner following the Gulf oil spill, and that the dividend could be lifted this year.