Yesterday, Investopedia warned investors to be wary of a possible end to heady stock prices, noting that investment manager PIMCO had been raising cash and taking steps "aimed at buffering the company against risks involved with stocks and high yield debt." After the close of trading last night, Netflix reported blockbuster earnings, including an earnings per share beat of $0.15, by $0.01, on estimates of $0.14. Netflix shares surged by more than 8 percent in after-hours trading following the announcement and continue to rally this morning. S&P futures are down 2.0 points, the dollar is 0.3 percent higher versus the euro, gold is down 0.8 percent, and oil is up 0.9 percent.

Check Point Software Technologies Ltd. (Nasdaq: CHKP) stock was higher, by more than 4 percent, in pre-market action after the Tel Aviv-based software security firm reported revenue of $487 million, up by $28.9 million, or 6.3 percent, year over year. The revenue number beat the Wall Street consensus estimate, reported by Yahoo Finance, of $477.82, by $9.2 million, or 1.9 percent.

Strong Check Point earnings buoy CHKP shares

Check Point earnings, on a per share basis, came in at $1.46, smashing the consensus of $1.25, by $0.21, or 16.8 percent. Year over year, CHKP EPS was up 21.7 percent, from $1.20, in the fourth quarter of 2015. Full-year 2016 Check Point EPS was up 13 percent to $4.72.

Gil Shwed, Check Point chief executive and co-founder, and his management team have scheduled a conference call for 8:30 a.m.

ET that investors can listen in to at the firm's investor relations website. Check Point last reported an operating margin of 49.62 percent and a return on equity of 20.00 percent.

BK stock higher on inline earnings

This morning, The Bank of New York Mellon Corporation (NYSE: BK) joined a number of other asset management firms that have already reported results from the fourth quarter of 2016.

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BK stock was higher on the early pre-market tape on the announcement. Bank of New York Mellon reported EPS of $0.77, inline with the street view. EPS was up 13.2 percent, by $0.09, from $0.68 in the fourth quarter of 2015. The $48.8 billion market capitalization firm reported revenue of $3.79 billion, missing the consensus of $3.85 billion, by $600 million, or 1.6 percent.

BK revenue was up 1.8 percent, from $3.72 billion, on a year-over-year basis.

Chairman and CEO Gerald Hassell and the bank's management team will discuss this morning's results with the investment community at a conference call scheduled for 8 a.m. ET. A webcast of the discussion will be available at The Bank of New York Mellon investor web site. Alternatively, investors may listen by dialing 1-800-390-5696 or 1-719-325-2110, from outside the United States. A release from the firm advises those interested to use the password "445371."