They sure picked a great day to report. They could actually do well and not receive the full benefit of a good report because of the negativity everywhere.
It's acting like a pre-earnings warning. You just had Mossberg on who interviewed Joly and it pushed shares down another .40.
Remember that show....The Doobie Brothers actually performed on an episode. As far as capacity I guess time will tell. Hedge funds will accentuate these rumors before markets open and short/slam these stocks then cover when the story does not play out.
He counters the story today and says as a result of consolidation in the industry he expects players will stay disciplined as far as production goes. I guess time will tell.
Maybe a flush is going on. Tomorrow's jobs number will move markets in addition possibly new fund monies enter markets around the first of each month. If so they must be salivating at today's drop and hope it holds. On the other side of that is Putin and the weekend.
He just did talking down MU which he has pumped endlessly referring to Samsung and increasing capacity above GS estimates.
He tanked them another 25 points minutes ago talking about how Russia is affecting all international corporations. Suddenly the last few days he has flipped from being Mr. Happy. I would guess he wants cheaper prices for his charity to buy more and mostly to help his hedge fund brothers.
Wage inflation grew to the biggest number in six years and you would think that would be a good thing for the economy since the consumer is near 65% of the economy yet the market futures worsen for the fear it may hurt corporate profits and speed up the Fed to hike rates both of which may actually help the economy get out of the mud. The market is absolutely hooked on the sugar and any talking head on the air waves who says no is just a paid pumper.
If so combined with the negative futures and possibly Samsung it shook out weak hands in the pre-market like it does to a lot of stocks.