Блог компании DayTraderClub | Америка сегодня. Индексы цен производителей.

 European MarketsFTSE...7374.12...+7.10...+0.10%.  DAX...11976.51...-13.50...-0.10%.

 Genesee & Wyoming initiated with a Market Perform at Wells Fargo  (70.13)

 Expeditors Intl initiated with a Market Perform at Wells Fargo  (56.78)

 

KC Southern initiated with a Market Perform at Wells Fargo  (87.44)

 

Nexstar initiated with a Outperform at RBC Capital Mkts; tgt $83  (69.75)RBC Capital Mkts initiates NXST with a Outperform and price target of $83 as they believe co's significant FCF generation and strong, shareholder friendly mgmt team will result in equity value creation driven by some combination of equity accretion through de-levering and accretive M&A in NT and incremental returns of capital over the medium-term.

 

Spectrum Brands initiated with a Outperform at RBC Capital Mkts; tgt $160  (137.83)RBC Capital Mkts initiates SPB with a Outperform and price target of $160. Currently trading at a discount to peers, firm believes their expectations for consistent FCF delivery over the next decade justifies SPB shares trading in line with their broader staples group. Firm also believes co's more, more, more strategy will enable co to grow rev ahead of category run-rates.

 Early Research Calls

Downgrades:

• Mobileye (MBLY 63.54) downgraded to Sell from Buy at Dougherty & Company following co's merger news with Intel (INTC)

Misc

• Turning Point Brands (TPB 13.72) target raised to $15 from $14 at FBR & Co. Firm notes the stock has has multiple catalysts that we believe will drive growth over the next few years. These include (1) the rollout of Stoker's MST cans, (2) exposure to the high-growth NewGen space, (3) continued product development, (4) sales force additions and improvements, and (5) growth via potential acquisitions.
• Southern Copper (SCCO 35.64) target raised to $43 from $41 at FBR & Co. Firm notes they are updating our estimates for Southern Copper to incorporate additional information from the company's release of its 10-K earlier this month. They state the positive cost and sustaining capital guidance versus their estimates lead to an increase in their price target. Further more, they believe the shares' current level underappreciates long-term value as the company continues to pursue growth during a softer price environment.

 Mobileye N.V. downgraded to Sector Perform at RBC Capital Mkts; tgt raised to $63.54  (60.62)RBC Capital Mkts downgrades MBLY to Sector Perform from Outperform and raises their tgt to $63.54 from $57 as they expect the Intel (INTC) deal to close. Remaining in firm's coverage the other players with ADAS/autonomous businesses are DLPH and ALV. DLPH could be a beneficiary here as they have partnerships with both MBLY and INTC and could become a go-to Tier 1 for the INTC/MBLY products. With respect to ALV, bulls will want to place a premium on their autonomous efforts. However, firm would be somewhat cautious about doing that to a player they believe is behind from a technology standpoint and now faces a competitor with greater resources. Firm wouldn't be surprised to see further «partnerships» between automotive companies (ie. ALV, Bosch, Conti, etc.) and tech/semi players (Nvidia, NXP, etc.) as players attempt to join resources to solve autonomous driving.

 Texas Roadhouse upgraded to Outperform from Neutral at Robert W. Baird  (40.67)

 Herbalife initiated with a Neutral at Citigroup  (53.67)

 

Mobileye N.V. downgraded to Hold from Buy at SunTrust  (60.62)

 

Sturm Ruger initiated with a Hold at Wunderlich; tgt $51  (52.50)

 

Jabil Circuit target raised to $27 at RBC Capital Mkts ahead of earnings tomorrow afternoon  (26.45)RBC Capital Mkts raises their JBL tgt to $27 from $24. They think JBL will report in-line Feb-qtr results as iPhone 7 data points have been fairly consistent with expectations and sustained growth in healthcare/packaging on the DMS side, while for EMS, IT hardware data points have been mostly stable with better than expected performance in Storage and PCs, and mostly in-line performance in servers. Given JBL's outsized exposure to AAPL (24% revenue but we think ~40-50% of profit), investors will remain focused on comments surrounding the iPhone 7 and any potential initial comments regarding the iPhone 8.

 

Smart & Final Stores target lowered to $19 at RBC Capital Mkts — Acceleration squarely in sight  (10.95)RBC Capital Mkts lowers their SFS tgt to $19 from $20. The set-up for Smart & Final remains unchanged: comp growth is set to return as SFS lapping Haggen cannibalization coincides with deflation improving/reflation and strong growth from the newly acquired >10% of the comp base. They see weakness right now as opportunity to own.

 

Amgen: CHRS Neulasta biosimilar 'competitor' bullish on their upcoming approval date — RBC  (181.05)RBC notes CHRS has a Neulasta biosimilar FDA approval decision date in a few months. There is some Street nervousness over this given Neulasta is AMGN's 2nd biggest drug at $4B+ so it's competition to one of their largest and most profitable drugs....Mylan (MYL) also mentions their Neulasta biosimilar in slide decks with possible approval for November 2017...although overall, Street assumes that a biosimilar may come and launch by YE-17 and consensus models AMGN Neulasta down -10% for 2018. Their call is CHRS might get approval but this is somewhat already expected so not a material impact this year (despite headline/sentiment risk) and the bigger thesis is whether PCSK9 can pick up the pace in 2017-2018 and whether Romo FDA approval in July 2017 offers.

 

Walt Disney upgraded to Buy from Neutral at Guggenheim  (111.52)

 

Green Dot upgraded to Buy at SunTrust  (30.16)

 

GGP downgraded to Neutral from Buy at UBS  (23.28)

 

Harmonic downgraded to Hold from Buy at Drexel Hamilton  (5.85)

 

Overnight Summary — World markets do little overnight ahead of start of FOMC meeting The global equity markets had a very quiet overnight session, seemingly content to tread water with the 2-day FOMC meeting beginning today. Although there is little question surrounding a rate hike, the market will focus more in on the tone and any forward guidance in the commentary. As such, S&P Futures slightly lower this morning, a few points below fair value. Asia had an extremely tight trading session, with the major regional indices finishing little changed (±0.1%). There were a couple of notable economic releases last night, particularly out of China. The results were mixed, however with Feb Industrial Production topping expectations by a tick at +6.3%, while Feb Retail Sales missed the mark, coming in at +9.5% (vs +10.6%e). Neither of the releases provided much of a spark to inspire traders with muted reactions seen following the releases. Japanese equities did little more than tread water, despite a weakening yen throughout the session. The lone macro-data release was of no consequence, with the Q2 Manpower Survey remaining flat with a reading of 23, unchanged from Q1's result. European bourses are under slight pressure, but still seeing only minimal declines. The tone of activity has been similar to that of Asia, with trading volumes on the lighter side so far. The most notable mover of the night was the British pound, which is down 0.7.5% against the green back, and printing a 2 month low. This comes in the wake of British Parliament granting approval for Prime Minister May to begin Brexit, officially withdrawing from the EU. Market Updates: S&P Futures vs Fair Value: -2.00  10 yr Note: 2.6204%   USD/JPY: 115.08 +0.20 EUR/USD: 1.0638 -0.0012 Europe: FTSE Unch  DAX -0.1% CAC -0.2%  Asia: Hang Seng Unch  Shanghai +0.1%  Nikkei -0.1%  Commodities: Gold (1203.20 +0.10) Silver (17.00 +0.02) crude (48.75 +0.35)  US Econ Data February PPI (8:30am) FOMC Meeting begins

 

Tabula Rasa HealthCare target raised to $19 from $17 at Stifel following the Q4 print  (14.08)

 

Arc Logistics Partners target lowered to $14 from $15 at Stifel; LNG arbitration continues to be overhang  (13.81)

 

Quest Diagnostics added to Conviction Buy List at Goldman  (98.79)

 

Texas Roadhouse upgrade details — to Outperform at Robert W. Baird as pullback creates entry point; tgt $48  (40.67)Robert W. Baird upgrades TXRH to Outperform from Neutral and sets target price at $48 as they believe the YTD pullback in TXRH has presented a good opportunity to buy a high-quality company at a discounted valuation. Although the NT outlook for casual dining admittedly is somewhat cloudy, firm considers TXRH a best-in-class operator that is capable of producing solid results in upcoming periods, and they see a scenario in which signs of better top-line momentum in the balance of 2017 can contribute to better investor sentiment and out-performance for the shares during the next 6-12+ months.

 Opko Health initiated with a Buy at Guggenheim; tgt $25  (7.92)

 

On The Wires On Mar 13, 2017, Sempra Energy's (SRE) subsidiary, San Diego Gas & Electric Co received a decision from the International Chamber of Commerce International Court of Arbitration on claims against Mitsubishi Heavy Industries and a related co regarding the failure of the replacement steam generators that MHI supplied for the San Onofre Nuclear Generating Station, which is co-owned by Southern California Edison, SDG&E and the City of Riverside. The arbitration was initiated in Oct 2013 by SCE as the operating agent for SONGS, and, subsequently, SDG&E and Riverside joined and became claimants in the arbitration. SDG&E holds a 20% interest in SONGS. On Mar 10, 2017, Ignite Restaurant Group (IRG) received a notice from the Office of General Counsel of the Nasdaq Stock Market indicating that the Nasdaq Hearings Panel has determined that the co's securities would be delisted from The Nasdaq Global Select Market. Accordingly, trading of the Company's common stock was suspended at the opening of biz on Mar 14, 2017. On Mar 13, 2017, Pendrell (PCO) repurchased 2,432,923 shares of the co's class A common stock from Highland Crusader Offshore Partners at a price of $6.55/share, subject to possible adjustment if, on or before Aug 15, 2017, the co buys or sells a substantial number of shares of class A stock for a higher price. Absent adjustment, the aggregate repurchase price will be $15,935,645.65.

 

Mid-America Aptmt upgraded to Buy form Neutral at UBS  (97.76)

 

Abbott Labs downgraded to Market Perform from Outperform at BMO Capital  (45.53)

 

Horizon Global initiated with a Neutral at BofA/Merrill; tgt $18  (14.51)

 

Wayfair initiated with an Overweight at a boutique firm  (37.25)

 Asian Markets Close: Nikkei -0.1%, Hang Seng UNCH, Shanghai +0.1%

Equity indices in the Asia-Pacific region ended Tuesday on a mixed note, but all in all, trading ranges were very narrow. In China, the country's National Bureau of Statistics noted that fundamentals of the Chinese economy are improving and that the business environment is in better shape than one year ago. Staying in China, press reports suggest the country will deploy anti-radar equipment to counter US deployment of THAAD missiles in South Korea.

• In economic data:
  • China's January Retail Sales +9.5% year-over-year (consensus 10.5%; last 10.9%), January Industrial Production +6.3% year-over-year (expected 6.2%; previous 6.0%), and January Fixed Asset Investment +8.9% year-over-year (consensus 8.2%; last 8.1%)
  • Australia's NAB Business Confidence 7 (previous 10)
  • South Korea's February Import Price Index +9.1% year-over-year (previous 13.3%) and Export Price Index +4.9% year-over-year (last 7.4%)
  • India's February WPI Inflation 6.55% year-over-year (expected 5.90%; last 5.25%)

---Equity Markets---

• Japan's Nikkei spent the day in a slim range, shedding 0.1%. Toshiba was down nearly 8.0% intraday amid continued speculation that the company's earnings report would be delayed once again; however, the stock rallied to end higher by 0.6% after the company confirmed the delay and announced it will take a JPY712.50 billion writedown. Nisshin Steel Holdings, Familymart, Dentsu, Toyota Motor, Mitsui Fudosan, Isuzu, and Yamaha lost between 1.0% and 2.4%.
• Hong Kong's Hang Seng settled just below its flat line. Property names struggled with New World Development, Hang Lung Properties, SHK Properties, Sino Land, and Henderson Land losing between 0.2% and 2.0%. Casino names displayed strength with Galaxy Entertainment and Sands China rising 1.7% and 2.1%, respectively.
• China's Shanghai Composite ticked up 0.1%. China Enterprise, China Grand Automotive Services, Tibet Tourism, Anhui Conch Cement, Sichuan Languang Development, and Shenyang Commercial City posted gains between 3.1% and 4.4%.
• India's Sensex jumped 1.7% after Prime Minister Narendra Modi's Bharatiya Janata Party won in Uttar Pradesh and Uttarkhand. Mr. Modi will stand for reelection in 2009 and his party's victories are seen as a vote of confidence for his economic agenda. ICICI Bank surged 6.0% while Hindustan Unilever, Larsen & Toubro, Housing Development Finance, Maruti Suzuki, Adami, Wipro, and Infosys gained between 1.5% and 4.5%.

---FX---

• USDJPY +0.2% to 115.07
• USDCNY UNCH at 6.9139
• USDINR -0.4% to 65.895

 

Kadmon Holdings initiated with a Overweight at Piper Jaffray  (3.32)

 

Iconix Brand: Huber Capital Management lowers active stake to 6.9% (prior 10.7%)  (7.22)

 

Hutchison China MediTech target raised to $22 from $20 at Stifel — Superior drug tolerability driving superior efficacy now center stage  (15.97)

 

Moneygram: Follow up to competing bid by EEFT this morning; MGI had previously agreed to be acquired by Ant Financial  (12.66) As mentioned at 7:06, Euronet Worldwide (EEFT) has made competing proposal to acquire MGI for $15.20/share. On January 26, MGI had agreed to be acquired by Alibaba's (BABA) Ant Financial for $13.25/share in cash or approx. $880 mln. Today's offer by Euronet Worldwide is for $15.20/share in cash or more than $1 bln Euronet will hold a conference call this morning, Tuesday, March 14, 2017 at 8:00 a.m. ET to discuss the proposal.

 

Olympic Steel upgraded to Outperform from Neutral at Macquarie  (19.99)

 

Worthington upgraded to Neutral from Underperform at Macquarie  (49.95)

 

Reliance Steel upgraded to Outperform from Neutral at Macquarie  (80.83)

 

Transdigm Group upgraded to Buy from Hold at Vertical Research  (234.75)

 

European Markets Update: FTSE +0.2%, DAX UNCH, CAC -0.2% Major European indices trade in mixed fashion with Spain's IBEX (-0.5%) showing relative weakness. Bank of England deputy governor for banking and markets Charlotte Hogg resigned after not disclosing her brother's employment at Barclays. Staying in the UK, the British parliament has approved the Brexit bill, which is now set to receive Royal Assent—a final step before article 50 can be triggered. Elsewhere, inflation data from Germany showed the hottest year-over-year growth since late 2012. In economic data: Eurozone January Industrial Production +0.9% month-over-month (expected 1.3%; last -1.2%); +0.6% year-over-year (consensus 0.9%; previous 2.5%). ZEW Economic Sentiment 25.6 (consensus 19.3; previous 17.1) Germany's March ZEW Economic Sentiment 12.8 (expected 13.1; last 10.4) and ZEW Current Conditions 77.3 (consensus 78.0; previous 76.4). February CPI +0.6% month-over-month, as expected (last 0.6%); +2.2% year-over-year, as expected (previous 2.2%) Spain's February CPI -0.4% month-over-month (expected -0.3%; last -0.3%); +3.0% year-over-year, as expected (last 3.0%) ---Equity Markets--- UK's FTSE is higher by 0.2% with Prudential leading the way. The stock has spiked 3.2% in reaction to better than expected results and a dividend boost. Energy names Royal Dutch Shell and BP show respective gains of 0.9% and 0.7% while consumer names like Unilever, Coca Cola HBC, Sainsbury, British American Tobacco, and Kingfisher are up between 0.6% and 0.9%. Germany's DAX sits near its flat line. Utilities outperform with RWE surging 8.7% in reaction to its earnings while E.On follows with a gain of 1.8%. Exporters BMW, Daimler, and Volkswagen are down between 0.2% and 0.5% while Deutsche Bank trades down 1.2%. France's CAC is down 0.2%. Renault lags with a loss of 1.2% while Peugeot trades down 0.4%. Financials BNP Paribas, Societe Generale, AXA, and Credit Agricole show losses between 0.8% and 1.1%. On the upside, Publicis Groupe has spiked 1.7%. Spain's IBEX has given up 0.5%. Financials like Banco Popular, Santander, Banco Sabadell, Caixaban, Bankia, Bankinter, and BBVA show losses between 0.5% and 1.6%.

 

Valeant Pharma: Pershing walks away, but balance sheet strengthening should not be dismissed — Stifel  (12.11)Stifel notes VRX's top holder, Pershing Square, announced the offering of its 27.2mn share stake, giving up two board seats (Bill Ackman/Stephen Fraidin) at re-election and ending what was a very public entanglement with the company since the failed bid for Allergan. VRX has since rebuilt its mgmt team, pursued asset sales to simplify the business, strengthened the balance sheet, and has refocused investment into growth assets and R&D. Despite this, the stock has continued to decline and Ackman is finally capitulating and taking the tax loss, with VRX representing ~$300mn (or <3% of its capital) down from what was a multi-billion dollar investment. This will be another sentiment hit to VRX shares, only a day after agreeing to terms on the restructuring of its Term Loan facilities and upsizing a bond financing that extends a good portion of its 2018-2020 obligations. Though the overhang of its most urgent debt maturities have been removed, VRX remains committed to its debt repayment target by early-2018, of which half remains to be satisfied through cash flow and additional divestments. VRX -12.5% premarket.

 Early premarket gappersGapping up: DRWI +43.5%, TDW +27.4%, ETRM +19.8%, SBOT +17%, WAC +9.3%, EARS +7.1%, CIE +7%, CBR +6.9%, RTTR +4.7%, YY +4.5%, EGY +3.8%, COKE +3.5%, DSW +3.4%, REN +3%, SCYX +2.3%, PUK +2.2%, F +1.2%, ATRS +1.2%, GRBK +1.2%, GEO +1%, ENOC +0.9%, TRHC +0.8%, VALU +0.8%, HDS +0.7%

Gapping down: ANTH -31.5%, ADPT -22.4%, AUPH -16.5%, CBIO -16.4%, VRX -12.9%, TLYS -12.5%, LNTH -11%, PPHM -8.9%, RYI -8.4%, KNDI -8%, PETX -7.9%, APRI -6.4%, AMPH -5.2%, DOC -4.5%, RBS -4%, CORT -3.6%, BLCM -3.5%, GBT -3.2%, LYG -2.9%, PSO -2.2%, TPVG -2%, ON -1.7%, HMY -1.7%, BCS -1.7%, DB -1.6%, AU -1.2%, RIO -1.2%, HSBC -1%, GFI -1%, MT -0.9%, SAN -0.9%, TWTR -0.9%, COUP -0.9%, AUY -0.8%, BHP -0.8%

 

Entegris upgrade details-- to Buy at Needham; tgt $25  (22.05)Needham upgrades ENTG to Buy from Hold and sets target price at $25 reflecting firm's increased confidence of growth and margin expansion in the coming quarters. With improved semi demand, new leading-edge fab capacities going into production, and several company-specific programs starting to ramp up, they believe ENTG will continue to outperform the long-term target growth rate of 4-5%. They also expect margins to expand driven by mix, reduced overhead absorption, and leverage, which will enable the stock to close its valuation discount to its peers. They believe ENTG offers investors greater relative value to participate in the growth of the Fab Materials space on top of next week's Analyst Event being a near-term catalyst.

 

On The Wires Canadian Solar Inc. (CSIQ) announced that it has secured Power Purchase Agreements for an aggregate 80 MWac of solar power projects with the Solar Energy Corporation of India, a public sector undertaking of the Government of India. Canadian Solar was awarded these projects under a 450 MWac solar capacity tender in the state of Maharashtra, through a competitive auction process. These projects are scheduled to commence operations by late 2017 and will generate clean solar electricity for SECI over the next 25 years. Financial details were not disclosed.  Kratos Defense & Security Solutions (KTOS) announced today that its subsidiary, RT Logic, was awarded a contract from the prime contractor for two BE-CDL test sets to support CDL interoperability testing. The test sets will ultimately be used to ensure that Joint Warfighting IT capabilities are interoperable and support mission needs. Financial details were not disclosed.  The Medicines Company (MDCO) announced that it will webcast, over the internet simultaneously with the presentation, the detailed results from its ORION-1 Phase II study of inclisiran, the Company's PCSK9 synthesis inhibitor, featured in the «Late-Breaking Clinical Trials — Featured Clinical Research 1» session at the American College of Cardiology's 66th Annual Scientific Session on Friday, March 17, 2017, at 1:30pm ET.

 Mobileye N.V. downgraded to Hold at Needham  (60.62)Needham downgrades MBLY to Hold from Buy following the Intel (INTC) deal. They also view this deal as a positive read-through into the entire ADAS and automotive supply chain, namely: ON Semi, MU, CY, NXPI, NVDA, TSEM, and Infineon (IFNNY). They would bifurcate the market between ADAS and fully autonomous vehicles. While MBLY does have a roadmap for L4 and L5 vehicles, the predominant volume of the vehicles during the next 3-4 years will include L2/L2+ ADAS functionalities aided by regulatory tailwinds.

 

Overnight Treasury Summary Treasuries Edge Higher Ahead of PPI U.S. Treasuries are ticking higher this morning just one day before the FOMC is expected to announce its third 25-basis point rate hike of this tightening cycle. The international economic data out overnight showed that Chinese industrial production and fixed asset investment grew faster than expected in January but retail sales growth there disappointed. ZEW's Economic Sentiment Index rose less than expected for Germany but the same index for the entire eurozone soared past expectations. As indicated by disappointing national data, eurozone industrial production grew less than expected in January. Today's calendar features the first piece of U.S. economic data for the week, February's producer price index. The S&P 500 is set to open down 0.15% to 2,370 and the U.S. Dollar Index is 0.29% higher at 101.60. Gold is adding 0.12% to $1,204.6/troy oz. and WTI crude is adding 0.58% to $48.68/bbl. Yield Check: 2-yr: unch at 1.37% 5-yr: -1 bp to 2.14% 10-yr: unch at 2.62% 30-yr: -1 bp to 3.20% International News: In China, industrial production grew by 6.3% y/y in January, just beating expectations and improving on December's 6.0% growth Fixed asset investment rose 8.9% y/y, also exceeding expectations and December's growth of 8.1% Retail sales climbed only 9.5% y/y, missing expectations and slowing from 10.9%. Retail sales are much less important in China, where consumer spending is roughly 35% of GDP vs. 70% in the U.S. In Australia, the NAB Business Confidence Index fell to 7 in February (10 in January) The NAB Business Survey Index fell to 9 from 16 Spain's CPI growth was revised down to -0.4% m/m for February (+3.0% y/y), missing expectations for no revision Germany's CPI growth was confirmed at 0.6% m/m for February (2.2% y/y), as expected Also in Germany, the ZEW Economic Sentiment Index rose less than expected in March to 12.8 from 10.4 The Current Conditions Index also rose less than expected to 77.3 from 76.4 The ZEW Economic Sentiment Index for the eurozone jumped to a 15-month high of 25.6 for March from 17.1 in February Also in the eurozone, industrial production rose just 0.9% m/m in January (0.6% y/y), missing forecasts but reversing some of December's 1.2% slide In the U.S., the NFIB Small Business Optimism Index unexpectedly fell to 105.3 from 105.9 Data out Today: February CPI and Core CPI (08:30 ET)

 

Viad Corp initiated with a Buy at B. Riley & Co.; tgt $49.25  (45.00)

 

Natural Resource: Blackstone Holdings discloses a 4.3% active stake  (39.40)The Blackstone purchasers entered into a board representation & observation rights agreement dated Mar 2, 2017 by and among the Blackstone purchasers, the partnership and certain other parties thereto. GP Natural Resource Partners LLC, the general partner of the partnership's general partner, appointed one person designated by the Blackstone purchasers to its board and one person designated by the Blackstone purchasers as an observer to attend the meetings of the GP LLC Board. The Blackstone Purchasers have appointed Jasvinder Khaira as their designee on the GP LLC Board & David Kaden as their board observer. Each of Messrs. The Blackstone purchasers' right to appoint one member of the GP LLC Board and an observer shall terminate at such time as the Blackstone Purchasers, together with their affiliates, no longer own at least 20% of the total number of the Preferred Units issued by the Partnership pursuant to the Purchase Agreement to all purchasers on March 2, 2017, together with all PIK Units that have been issued but not redeemed at such time.

 

U.S. Concrete among stocks with favorable commentary on Monday's Mad Money  (69.80) Stocks with favorable mention: ABBV, ABT, BETR, FL, GOOGL, INTC, NXPI, PLCE, SWKS, ULTA, USCR Stocks with unfavorable mention: IONS, JILL, SONC, XOM

 

UPS initiated with a Market Perform at Wells Fargo  (107.49)

 On The Wires

• Baker Hughes (BHI) announced today the commercial release of its TerrAdapt adaptive drill bit, which can deliver dramatic improvements in drilling economics by using automation to mitigate downhole dysfunctions that cause inefficient drilling and costly tool failures. With the industry's first self-adjusting depth-of-cut control elements, the TerrAdapt bit automatically changes its aggressiveness based on the formation through which it is drilling to mitigate vibrations, stick-slip and impact loading. For operators, this means faster, more consistent rates of penetration, longer bit/tool life and significantly reduced non-productive time and invisible lost time.
• On Mar 13, 2017, the board of NexPoint Residential Trust (NXRT) unanimously approved an extension of the co's Advisory Agreement by and among the co, NexPoint Residential Trust Operating Partnership, and NexPoint Real Estate Advisors, as amended on June 15, 2016, for an additional one-year term pursuant to the terms of the Advisory Agreement.
• On Mar 10, 2017, Euronet Worldwide (EEFT) money transfer business signed an extension of its contract with Wal-mart Stores (WMT) for the Walmart-2-Walmart Money Transfer Service. The parties agreed to extend the term for an additional three years until April 2020 plus a subsequent automatic renewal term of one year unless either party provides written notice to the contrary.

 S&P futures vs fair value: -4.00. Nasdaq futures vs fair value: -6.90.

Equity futures point to a slightly lower open on Tuesday morning as the Federal Open Market Committee meeting gets underway in Washington. The S&P 500 futures trade four points below fair value.

The FOMC meeting will occur over the course of two days with the Fed's rate decision on Wednesday afternoon serving as the climax. It's pretty much a given that the U.S. central bank will increase the Fed funds target range by a quarter point, leaving investors more interested in the Fed's updated rate projections for 2017 and beyond.

On the political front, yesterday evening, the Congressional Budget Office released its research on House Republicans' proposed replacement of the Affordable Care Act. Without going into the specifics, the report has stirred up some controversy, leaving investors worried that health care reform might take longer than previously anticipated, and thereby pushing back the timeline for tax reformation.

Crude oil trades in the red this morning, poised to extend its streak of five consecutive losses. The weekly inventory report from the American Petroleum Institute will cross the wires tonight at 4:30 pm ET with the EIA release scheduled for tomorrow morning. Currently, WTI crude trades 0.5% lower at $48.11/bbl.

In the Treasury market, U.S. sovereign debt trades just above its unchanged mark with the benchmark 10-yr yield one basis point lower at 2.62%.

Tuesday's lone economic report, February PPI (Briefing.com consensus 0.1%), will cross the wires at 8:30 am ET.

In U.S. corporate news:

• DSW (DSW 20.48, +0.65): +3.3% after better than expected earnings overshadowed a miss on revenues.
• Walt Disney (DIS 112.06, +0.54): +0.5% after the company's stock was upgraded to 'Buy' from 'Neutral' at Guggenheim.
• Tilly's (TLYS 8.79, -1.25): -12.5% after disappointing guidance outweighed better than expected earnings.

Reviewing overnight developments:

• Equity indices in the Asia-Pacific region ended Tuesday on a mixed note, but all in all, trading ranges were very narrow. Japan's Nikkei -0.1%, Hong Kong's Hang Seng unch, China's Shanghai Composite +0.1%, India's Sensex +1.7%.
  • In economic data:
    • China's January Retail Sales +9.5% year-over-year (consensus 10.5%; last 10.9%), January Industrial Production +6.3% year-over-year (expected 6.2%; previous 6.0%), and January Fixed Asset Investment +8.9% year-over-year (consensus 8.2%; last 8.1%)
    • Australia's NAB Business Confidence 7 (previous 10)
    • South Korea's February Import Price Index +9.1% year-over-year (previous 13.3%) and Export Price Index +4.9% year-over-year (last 7.4%)
    • India's February WPI Inflation 6.55% year-over-year (expected 5.90%; last 5.25%)
  • In news:
    • In China, the country's National Bureau of Statistics noted that fundamentals of the Chinese economy are improving and that the business environment is in better shape than one year ago.
    • Staying in China, press reports suggest the country will deploy anti-radar equipment to counter US deployment of THAAD missiles in South Korea.

• Major European indices trade in mixed fashion with Spain's IBEX showing relative weakness. UK's FTSE +0.2%, Germany's DAX unch, France's CAC -0.2%, Spain's IBEX -0.5%.
  • In economic data:
    • Eurozone January Industrial Production +0.9% month-over-month (expected 1.3%; last -1.2%); +0.6% year-over-year (consensus 0.9%; previous 2.5%). ZEW Economic Sentiment 25.6 (consensus 19.3; previous 17.1)
    • Germany's March ZEW Economic Sentiment 12.8 (expected 13.1; last 10.4) and ZEW Current Conditions 77.3 (consensus 78.0; previous 76.4). February CPI +0.6% month-over-month, as expected (last 0.6%); +2.2% year-over-year, as expected (previous 2.2%)
    • Spain's February CPI -0.4% month-over-month (expected -0.3%; last -0.3%); +3.0% year-over-year, as expected (last 3.0%)
  • In news:
    • Bank of England deputy governor for banking and markets Charlotte Hogg resigned after not disclosing her brother's employment at Barclays.
    • The British parliament has approved the Brexit bill, which is now set to receive Royal Assent—a final step before article 50 can be triggered.
    • Inflation data from Germany showed the hottest year-over-year growth since late 2012.

 

Overseas Research Calls Upgrades:  John Wood Group plc (WDGJF) upgraded to Overweight from Equal Weight at Morgan Stanley Rexel SA (RXEEY) upgraded to Overweight from Equal Weight at Morgan Stanley Unicredit S.p.A (UNCFF) upgraded to Equal Weight from Underweight at Barclays Lonza (LZAGY) upgraded to Hold from Sell at Baaderbank Akzo Nobel N.V. (AKZOY) upgraded to Neutral from Underperform at BofA/Merrill Clariant (CLZNY) upgraded to Hold from Reduce at HSBC JD Wetherspoon (JDWPY) upgraded to Hold from Reduce at Peel Hunt BASF AG (BASFY) upgraded to Add from Hold at Alphavalue Downgrades:  Amec Foster Wheeler (AMFW) downgraded to Neutral from Buy at Citigroup GAM Holding (GMHLY) downgraded to Hold from Buy at Kepler HomeServe PLC (HMSVY) downgraded to Underperform from Hold at Jefferies Standard Life (SLFPF) downgraded to Hold from Buy at Jefferies 58.com (WUBA) downgraded to Sell form Neutral at Haitong Miscellaneous:  Peugeot SA (PEUGF) resumed with an Outperform at Bernstein

 Gapping up

Gapping up
In reaction to strong earnings/guidance:

• WAC +9.3%, EARS +7.1%, YY +4.5%, ALBO +4%, EGY +3.8%, DSW +3.3%, REN +3%, SCYX +2.3%
• PUK +2.2%, ATRS +1.2%, GRBK +1.2%, ENOC +0.9%, VALU +0.8%, TRHC +0.6%

M&A news:

• MGI +23.5% (Euronet Worldwide (EEFT) has made competing proposal to acquire MGI for $15.20/share)
• CBR +10.2% (confirms receipt of non-binding letter of interest from Ameri Holdings to acquire co for $0.75 per share)
• LCUT +5.8% (receives takeover offer for $20.00 per share from Mill Road Capital)

Other news:

• DRWI +34.8% (Signs new Master Sales and Services Agreement with Ingram Micro Australia)
• TDW +27.4% (Receives additional limited waiver extensions from its lenders and noteholders)
• ETRM +21.5% (Announced that its vBloc Neurometabolic Therapy for the treatment of obesity will be featured on the March 14 episode of the Emmy Award-winning syndicated daytime talk show The Doctors)
• SBOT +17% (Enters into a technology transfer and purchase agreement with Matrivax Inc related to Stellar's proprietary Clostridium difficile technology)
• TNXP +7.8% (announces that the U.S. Patent and Trademark Office has issued a Notice of Allowance for U.S. Patent Application covering composition and manufacture of tnx-102 sl)
• RTTR +4.7% (Discloses holding a a Type C informational meeting with the FDA)
• COKE +3.5% (To join the S&P SmallCap 600)

Analyst comments:

• ARRS +5.1% (upgraded to Buy from Neutral at Goldman)
• OPK +1.3% (initiated with a Buy at Guggenheim; tgt $25)
• LADR +0.9% (upgraded to Outperform from Market Perform at Wells Fargo)
• WMT +0.6% (added to US 1 List at BofA/Merrill)

 

Imperva initiated with a Buy at Monness Crespi & Hardt; tgt $52  (42.35)Monness Crespi & Hardt initiates IMPV with a Buy and price target of $52. Despite a moderation in cyber security spending from recent peaks, they continue to think the segment remains a key spending priority. Against this backdrop, they think IMPV is well positioned with a comprehensive offering in two of the faster growth verticals, application and database security. Near to medium term, they expect IMPV to benefit from a number of catalysts, including 1) improving execution as evidenced by out-performance relative consensus the last two quarters; 2) a lower cost structure and the potential for margin expansion; 3) a focus on higher growth segments; 4) an activist shareholder with a track record of driving positive change; 5) the potential to revisit a takeout; and 6) policy-based spending catalysts in Europe. Recent changes in customer buying patterns, a competitive landscape and the potential for some negative impact from the public cloud are key challenges. However, firm thinks risk/reward is favorable.

 Air Methods shares halted for news pending  (41.40)

 

Check Point Software initiated with a Neutral at Monness Crespi & Hardt  (100.40)Monness Crespi & Hardt initiates CHKP with a Neutral. Despite a moderation in cyber security spending from recent peaks, they continue to think the segment remains a key spending priority. Against this backdrop, they view CHKP as well-positioned in the firewall market with a comprehensive platform and significant install base that it can leverage for upgrades. In the near to medium term, key catalysts include the ongoing product refresh, ramping of new products and policy-based spending in Europe. Co accelerated investments in the business in 2015, and while spending plans have been well-communicated, the duration appears to be longer than most investors expected. Recent out-performance and a slightly better outlook imply a modest re-acceleration of growth, but they do not see a clear inflection point with regards to unlocking operating leverage.

 Gapping down

Gapping down
In reaction to disappointing earnings/guidance:

• CIE -14.4%, TLYS -12.5%, PN -12.3%, AMPH -10.1%, RYI -8.4%, PETX -6.5%, APRI -6.4%
• GBT -4.5%, PPHM -3.1%, TPVG -2%, COUP -1.9%, HDS -1.7%, BLCM -0.6%

Select EU financial related names showing weakness:

• RBS -4.5%, LYG -3.5%, BCS -2%, PSO -1.4%, DB -1.6%, HSBC -1.4%, SAN -0.9%

Select metals/mining stocks trading lower:

• MT -1.6%, RIO -1.4%, VALE -1.3%, BHP -1%, HMY -0.9%, FCX -0.9%, AU -0.8%, AUY -0.8%, GFI -0.6%

Select oil/gas related names showing early weakness:

• WLL -1.9%, SWN -1.7%, ESV -1.4%, MRO -1.3%, TOT -1.2%, RDS.A -1.1%, DVN -1.1%

Other news:

• ANTH -32.3% (To offer and sell shares of its common stock and warrants to purchase shares of its common stock in an underwritten public offering)
• AUPH -23.3% (Commences common stock offering)
• ADPT -20.3% (Amends credit agreement, hires chief restructuring officer and financial advisor to advise the Board and management as they explore various strategic alternatives)
• CBIO -16.4% (Files for $12 mln offering of Class A Units consisting of common stock and warrants and Class B Units consisting of shares of Series A Preferred Stock and warrants)
• VRX -11% (Ackman's Pershing Square sells its stake)
• KNDI -10.3% (Determines that some previously issued financial statements should no longer be relied upon)
• LNTH -9.6% (To sell 3 mln shares of its common stock to be offered by certain of its existing stockholders)
• DOC -3.8% (prices offering of 15 mln shares of common stock at $18.20 per share)
• CORT -3.6% (Files for $200 mln mixed securities shelf offering, as well as 349k share offering by selling stockholders)

Analyst comments:

• GLW -1.5% (downgraded to Neutral from Buy at Goldman)

 On The Wires

• Biocept (BIOC) announced a collaboration with Catalyst Pharmaceuticals for the provision of Biocept's Target Selector platform to screen patients diagnosed with LEMS for early onset or recurrence of small cell lung cancer (SCLC). Specifically, Biocept's liquid biopsy tests will be offered by Catalyst Pharmaceuticals at no cost to all patients enrolled in its ongoing Phase III clinical trial designed to demonstrate the safety and efficacy of Firdapse (amifampridine phosphate) for the treatment of LEMS. These patients will also have access to Biocept's liquid biopsy testing in the long-term extension study phase of the trial allowing for testing every six months for up to two years to monitor for early signals of SCLC.
• Aytu BioScience (AYTU) announced the publication of a peer-reviewed journal article demonstrating the clinical utility of the Company's MiOXSYS System for assessing the level of oxidative stress in semen as an aid in the diagnosis of infertility in men. The article, titled, «Clinical Relevance of Oxidation-Reduction Potential in the Evaluation of Male Infertility,» will be published in the high profile medical journal Urology, the «Gold Journal», and is currently available online ahead of print.
• Milacron Holdings Corp. (MCRN) announced that its DME product brand, a leader in mold components, molding supplies and industrial supplies, has partnered with Linear AMS (a Moog Company) to offer metal 3D printed Conformal Cooling products to help improve productivity in the molding industry.
• Axcelis Technologies (ACLS) announced that it has received orders for multiple Purion XE high energy systems from a leading chip manufacturer in the Asia Pacific region. The new systems will be deployed across multiple fabs and will be used to support high volume production of 300mm memory and 200mm mature process technology. The systems are scheduled to ship in the first quarter.
• First Insight announced an agreement with Pier 1 Imports (PIR). Using First Insight's consumer-driven predictive analytics, Pier 1 Imports will be able to more quickly and accurately make design, buying and pricing decisions for its furniture, tabletop items, decorative accessories and seasonal décor categories, as well as evaluate opportunities for new product launches.

 S&P futures vs fair value: -8.50. Nasdaq futures vs fair value: -15.90.

The S&P 500 futures trade nine points (0.4%) below fair value.

Just in, February producer prices increased 0.3%, which is above the Briefing.com consensus of 0.1%. Core producer prices increased 0.3% while the Briefing.com consensus expected an increase of 0.2%.

 Gapping up/down: WAC +9%, YY +5%, DSW +3% and PUK +2% after earnings; MGI +23% after M&A news; RYI -8% and HDS -2% after earnings, VRX -11% after reports Ackman sold stake

Gapping up
In reaction to strong earnings/guidance:

• WAC +9.3%, EARS +7.1%, YY +4.5%, ALBO +4%, EGY +3.8%, DSW +3.3%, REN +3%, SCYX +2.3%
• PUK +2.2%, ATRS +1.2%, GRBK +1.2%, ENOC +0.9%, VALU +0.8%, TRHC +0.6%

M&A news:

• MGI +23.5% (Euronet Worldwide (EEFT) has made competing proposal to acquire MGI for $15.20/share)
• CBR +10.2% (confirms receipt of non-binding letter of interest from Ameri Holdings to acquire co for $0.75 per share)
• LCUT +5.8% (receives takeover offer for $20.00 per share from Mill Road Capital)

Other news:

• DRWI +34.8% (Signs new Master Sales and Services Agreement with Ingram Micro Australia)
• TDW +27.4% (Receives additional limited waiver extensions from its lenders and noteholders)
• ETRM +21.5% (Announced that its vBloc Neurometabolic Therapy for the treatment of obesity will be featured on the March 14 episode of the Emmy Award-winning syndicated daytime talk show The Doctors)
• SBOT +17% (Enters into a technology transfer and purchase agreement with Matrivax Inc related to Stellar's proprietary Clostridium difficile technology)
• TNXP +7.8% (announces that the U.S. Patent and Trademark Office has issued a Notice of Allowance for U.S. Patent Application covering composition and manufacture of tnx-102 sl)
• RTTR +4.7% (Discloses holding a a Type C informational meeting with the FDA)
• COKE +3.5% (To join the S&P SmallCap 600)

Analyst comments:

• ARRS +5.1% (upgraded to Buy from Neutral at Goldman)
• OPK +1.3% (initiated with a Buy at Guggenheim; tgt $25)
• LADR +0.9% (upgraded to Outperform from Market Perform at Wells Fargo)
• WMT +0.6% (added to US 1 List at BofA/Merrill)

Gapping down
In reaction to disappointing earnings/guidance:

• CIE -14.4%, TLYS -12.5%, PN -12.3%, AMPH -10.1%, RYI -8.4%, PETX -6.5%, APRI -6.4%
• GBT -4.5%, PPHM -3.1%, TPVG -2%, COUP -1.9%, HDS -1.7%, BLCM -0.6%

Select EU financial related names showing weakness:

• RBS -4.5%, LYG -3.5%, BCS -2%, PSO -1.4%, DB -1.6%, HSBC -1.4%, SAN -0.9%

Select metals/mining stocks trading lower:

• MT -1.6%, RIO -1.4%, VALE -1.3%, BHP -1%, HMY -0.9%, FCX -0.9%, AU -0.8%, AUY -0.8%, GFI -0.6%

Select oil/gas related names showing early weakness:

• WLL -1.9%, SWN -1.7%, ESV -1.4%, MRO -1.3%, TOT -1.2%, RDS.A -1.1%, DVN -1.1%

Other news:

• ANTH -32.3% (To offer and sell shares of its common stock and warrants to purchase shares of its common stock in an underwritten public offering)
• AUPH -23.3% (Commences common stock offering)
• ADPT -20.3% (Amends credit agreement, hires chief restructuring officer and financial advisor to advise the Board and management as they explore various strategic alternatives)
• CBIO -16.4% (Files for $12 mln offering of Class A Units consisting of common stock and warrants and Class B Units consisting of shares of Series A Preferred Stock and warrants)
• VRX -11% (Ackman's Pershing Square sells its stake)
• KNDI -10.3% (Determines that some previously issued financial statements should no longer be relied upon)
• LNTH -9.6% (To sell 3 mln shares of its common stock to be offered by certain of its existing stockholders)
• DOC -3.8% (prices offering of 15 mln shares of common stock at $18.20 per share)
• CORT -3.6% (Files for $200 mln mixed securities shelf offering, as well as 349k share offering by selling stockholders)

Analyst comments:

• GLW -1.5% (downgraded to Neutral from Buy at Goldman)

 

Air Methods shares to resume trading at 9:00  (41.40)

 

European Summary Eurozone Economic Sentiment Jumps Sharply European sovereign debt is seeing mixed results this morning after the ZEW institute reported that eurozone economic sentiment jumped to a 15-month high in March. Industrial production growth disappointed expectations in January, in line with the trend of misses in the national industrial production data. The Bank of England, Swiss National Bank, and Norges Bank will all release their next rate decisions on Thursday. The British pound fell to an eight-week low (-0.68% to $1.2136) as the likelihood that Article 50 will be triggered this month has increased. On Monday, members of parliament voted down two amendments to the Article 50 bill made by the House of Lords New Issuance: The U.K. sold GBP2.25 bln of 10-year gilts at an average yield of 1.312% with a bid-to-cover of 2.19. The auctioned tailed by 0.3 basis points The Netherlands sold EUR2.275 bln of 5-year notes with an average yield of -0.197%, one day ahead of the country's general election. More from Bloomberg European Economic Data: In Germany, the ZEW Economic Sentiment Index rose less than expected in March to 12.8 from 10.4 The Current Conditions Index also rose less than expected to 77.3 from 76.4 The ZEW Economic Sentiment Index for the eurozone jumped to a 15-month high of 25.6 for March from 17.1 in February Also in the eurozone, industrial production rose just 0.9% m/m in January (0.6% y/y), missing forecasts but reversing some of December's 1.2% slide Spain's CPI growth was revised down to -0.4% m/m for February (+3.0% y/y), missing expectations for no revision Germany's CPI growth was confirmed at 0.6% m/m for February (2.2% y/y), as expected Sweden's CPI rose 0.7% m/m in February (1.8% y/y), exceeding estimates after a 0.7% decline in January. The year-on-year pace was a five-year high Yield Check: France, 10-yr OAT: +1 bp to 1.10% Germany, 10-yr bund: -1 bp to 0.46% Greece, 10-yr note: +2 bps to 7.14%  Italy, 10-yr BTP: +2 bps to 2.39%  Portugal, 10-yr PGB: -1 bp to 3.97% Spain, 10-yr ODE: unch at 1.89% U.K., 10-yr gilt: unch at 1.17%

 S&P futures vs fair value: -6.50. Nasdaq futures vs fair value: -12.90.

The S&P 500 futures trade seven points (0.3%) below fair value.

Equity indices in the Asia-Pacific region ended Tuesday on a mixed note, but all in all, trading ranges were very narrow. In China, the country's National Bureau of Statistics noted that fundamentals of the Chinese economy are improving and that the business environment is in better shape than one year ago. Staying in China, press reports suggest the country will deploy anti-radar equipment to counter US deployment of THAAD missiles in South Korea.

• In economic data:
  • China's January Retail Sales +9.5% year-over-year (consensus 10.5%; last 10.9%), January Industrial Production +6.3% year-over-year (expected 6.2%; previous 6.0%), and January Fixed Asset Investment +8.9% year-over-year (consensus 8.2%; last 8.1%)
  • Australia's NAB Business Confidence 7 (previous 10)
  • South Korea's February Import Price Index +9.1% year-over-year (previous 13.3%) and Export Price Index +4.9% year-over-year (last 7.4%)
  • India's February WPI Inflation 6.55% year-over-year (expected 5.90%; last 5.25%)

---Equity Markets---

• Japan's Nikkei spent the day in a slim range, shedding 0.1%. Toshiba was down nearly 8.0% intraday amid continued speculation that the company's earnings report would be delayed once again; however, the stock rallied to end higher by 0.6% after the company confirmed the delay and announced it will take a JPY712.50 billion writedown. Nisshin Steel Holdings, Familymart, Dentsu, Toyota Motor, Mitsui Fudosan, Isuzu, and Yamaha lost between 1.0% and 2.4%.
• Hong Kong's Hang Seng settled just below its flat line. Property names struggled with New World Development, Hang Lung Properties, SHK Properties, Sino Land, and Henderson Land losing between 0.2% and 2.0%. Casino names displayed strength with Galaxy Entertainment and Sands China rising 1.7% and 2.1%, respectively.
• China's Shanghai Composite ticked up 0.1%. China Enterprise, China Grand Automotive Services, Tibet Tourism, Anhui Conch Cement, Sichuan Languang Development, and Shenyang Commercial City posted gains between 3.1% and 4.4%.
• India's Sensex jumped 1.7% after Prime Minister Narendra Modi's Bharatiya Janata Party won in Uttar Pradesh and Uttarkhand. Mr. Modi will stand for reelection in 2009 and his party's victories are seen as a vote of confidence for his economic agenda. ICICI Bank surged 6.0% while Hindustan Unilever, Larsen & Toubro, Housing Development Finance, Maruti Suzuki, Adami, Wipro, and Infosys gained between 1.5% and 4.5%.

Major European indices trade in negative territory with Spain's IBEX (-0.7%) showing relative weakness. Bank of England deputy governor for banking and markets Charlotte Hogg resigned after not disclosing her brother's employment at Barclays. Staying in the UK, the British parliament has approved the Brexit bill, which is now set to receive Royal Assent—a final step before article 50 can be triggered. Elsewhere, inflation data from Germany showed the hottest year-over-year growth since late 2012.

• In economic data:
  • Eurozone January Industrial Production +0.9% month-over-month (expected 1.3%; last -1.2%); +0.6% year-over-year (consensus 0.9%; previous 2.5%). ZEW Economic Sentiment 25.6 (consensus 19.3; previous 17.1)
  • Germany's March ZEW Economic Sentiment 12.8 (expected 13.1; last 10.4) and ZEW Current Conditions 77.3 (consensus 78.0; previous 76.4). February CPI +0.6% month-over-month, as expected (last 0.6%); +2.2% year-over-year, as expected (previous 2.2%)
  • Spain's February CPI -0.4% month-over-month (expected -0.3%; last -0.3%); +3.0% year-over-year, as expected (last 3.0%)

---Equity Markets---

• UK's FTSE is lower by 0.2%. Prudential has jumped 1.7% in reaction to better than expected results and a dividend boost. Energy names Royal Dutch Shell and BP show respective losses of 0.6% and 0.3% while consumer names like Unilever, Coca Cola HBC, Sainsbury, British American Tobacco, and Kingfisher are up between 0.3% and 1.1%.
• Germany's DAX shows a loss of 0.3%. Utilities outperform with RWE surging 8.1% in reaction to its earnings while E.On follows with a gain of 1.1%. Exporters BMW, Daimler, and Volkswagen are down between 0.2% and 0.5% while Deutsche Bank trades down 1.4%.
• France's CAC is down 0.5%. Renault lags with a loss of 1.3% while Peugeot trades down 0.3%. Financials BNP Paribas, Societe Generale, AXA, and Credit Agricole show losses between 0.9% and 1.5%. On the upside, Publicis Groupe has spiked 1.6%.
• Spain's IBEX has given up 0.7%. Financials like Banco Popular, Santander, Banco Sabadell, Caixaban, Bankia, Bankinter, and BBVA show losses between 0.4% and 1.5%.

 

Viavi initiated with a Buy at Rosenblatt; tgt $17.20  (9.65)