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Блог компании DayTraderClub | Америка сегодня. Удивительный всплеск промпроизводства.

Еженедельный показатель ставки по 30-тилетним ипотечным кредитам находится в среднесрочном растущем тренде. Аналитики ожидают приостановку этой тендендии и развитие коррекционного движения:
Америка сегодня. Удивительный всплеск промпроизводства.

При этом количество заявок на кредиты увеличивается и подросшая ставка не пугает новых заёмщиков:
Америка сегодня. Удивительный всплеск промпроизводства.


Основная новость дня — индекс потребительских цен. Показатель сохраняет растущую динамику и ожидается его дальнейший рост на 0.3%:
Америка сегодня. Удивительный всплеск промпроизводства.

В годовом измерении рост составляет всего 1.7%. Ожидается, что новое значение подтянет годовой показатель инфляции к 2%:
Америка сегодня. Удивительный всплеск промпроизводства.

Основной рост инфляции приходится на сферу услуг. При этом товарная инфляция показывает отрицательную динамику:
Америка сегодня. Удивительный всплеск промпроизводства.

Ожидается, что промышленное производство покажет скачок с предыдущего показателя -0.4% к значению +0.8%, максимальному значению с начала 2015-го года:
Америка сегодня. Удивительный всплеск промпроизводства.

На этом фоне коэффициент использования производственных мощностей выходит из понижающегося цикла и ожидается его небольшой рост к значению 75.6%:
Америка сегодня. Удивительный всплеск промпроизводства.

В годовом выражении динамика производства останется нулевая:
Америка сегодня. Удивительный всплеск промпроизводства.

Все новости: 
Америка сегодня. Удивительный всплеск промпроизводства.


Данные: Briefing, Interactive, Economics, Public Sources
★4

On The Wires
  • Dialog Semiconductor plc (DLGNF) announced the DA9210-A power management IC. The DA9210-A is a multiphase, automotive grade, 12A DC-DC buck converter that supplies the high current core rails of microprocessor devices, including those used in next generation infotainment systems in connected cars. 
  • W Hotels Worldwide, now part of Marriott (MAR) announced an agreement with QPR Properties Kft, part of Constellation Hotels Holding, to debut the iconic W Hotels brand in Hungary with the opening of W Budapest.
  • ACI Worldwide (ACIW) announced the latest version of its UP Immediate Payments solution. Available via a SaaS delivery model or on-premise, UP Immediate Payments provides access to all Immediate Payments schemes globally.
  • Brocade (BRCD) announced that China Mobile (CHL) has selected an advanced network functions virtualization solution from Brocade to support its corporate development initiative.
  • Statoil (STO) announced that Baker Hughes (BHI) and Schlumberger (SLB) will be awarded the contracts for integrated drilling and well services on the Cat J rigs Askepott and Askeladden. The rigs will perform work at Oseberg and the Gullfaks.
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 Asian MarketsNikkei...18894...+80.80...+0.40%.  Hang Seng...23098...+257.30...+1.10%.
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 European MarketsFTSE...7230.41...+10.00...+0.10%.  DAX...11552.04...+12.00...+0.10%.
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 Deckers Outdoor upgraded to Buy from Neutral at Buckingham Research  (58.99)
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 KC Southern initiated with a Buy at Buckingham Research  (84.26)
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 Norfolk Southern initiated with a Neutral at Buckingham Research  (108.90)
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 McKesson upgraded to Mkt Outperform from Mkt Perform at Avondale  (148.43)
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  Scorpio Bulkers upgraded to Buy from Hold at Evercore ISI  (6.00)
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 Alcobra Pharma downgraded to Hold from Buy at Jefferies  (0.93)
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 Fastenal beats by $0.02, reports revs in-line; raises dividend 6.7%  (48.26)
  • Reports Q4 (Dec) earnings of $0.40 per share, $0.02 better than the Capital IQ Consensus of $0.38; revenues rose 2.7% year/year to $947.9 mln vs the $951.83 mln Capital IQ Consensus. 
  • Sales by month: +3.9% in Oct, +1.2% in Nov, +3.2% in December.
  • Co last night announced it was raising its quarterly dividend to $0.32 from $0.30.
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 Xactly initiated with a Buy at Craig Hallum; tgt $16.50  (11.70)
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  DCP Midstream downgraded to Neutral from Buy at Citigroup  (38.43)
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Daytrader

 Overnight Summary — World markets struggling to find direction in early stages of Wednesday's trade

The global equities are generally higher today, with Asian indices catching a bid around the mid-way point of the session. This has done little to entice traders into the US futures in the premarket with the S&P sitting little changed thus far.

  • Japanese shares finished higher for the first time this week, with buyers stepping up in tandem with weakness in the yen. Exporters saw a rebound with the likes of Toshiba closing nearly 3% higher after being down 2% earlier in the day.
  • In China, the Shanghai saw a tight range throughout the session, with activity remaining scarce. Helping to buoy the market was a fairly large liquidity injection by the PBOC (~CNY460 bln in rev repos) and goldy-locks growth in property prices across the Mainland. The December print came in at +12.4%, just a shade slower than November's growth of 12.6%
  • In Europe, the major bourses are mixed but trading has been subdued for the most part. Regional macro data played an insignificant role in the markets today with most of the data coming in-line with expectations. There were a handful of corporate updates including ASML (+4%) and Burberry (+2%) after reporting Quarterly earnings. Both have lent support to their respective peers. On the flip side, Pearson is down over 15% after the co slashed its longer term profit outlook.

Market updates:

  • S&P Futures vs Fair Value: +1.00 
  • 10 yr Note: 2.36% 
  • USD/JPY: 113.37 +0.75  
  • EUR/USD: 1.0687 -0.0025
  • Europe: FTSE +0.2% DAX +0.1% CAC -0.4% 
  • Asia: Hang Seng +1.1% Shanghai +0.1% Nikkei +0.4% 
  • Commodities: Gold (1212.40 -0.50) Silver (17.14 -0.01) crude (52.65 -0.61) 

US Econ Data

  • December CPI (8:30am)
  • December Industrial & Manufacturing Production (9:15am)
  • January NAHB Housing Market Index (10am)
  • Fed's Kashkari speaks (11am)
  • January Fed Beige Book (2pm)
  • Fed's Yellen speaks (3pm)
  • January Net Long-term TIC Flows (4pm)
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 Halliburton, HP, WFT, SLCA, RES, PTEN, NBR initiated with Buy ratings at SunTrust  (55.01)
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  Schlumberger, BHI, SPN, OIS initiated with Hold ratings at SunTrust  (86.43)
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Reynolds American downgraded to Neutral from Buy at Citigroup  (57.68)
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 Reynolds American downgraded to Neutral from Buy at Citigroup  (57.68)
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 Fortress Transportation and Infrastructure downgraded to Outperform from Strong Buy at Raymond James  (14.39)
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 Oceaneering Intl, Natl Oilwell Varco (NOV) initiated with Hold ratings at SunTrust  (27.99)
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 Thermo Fisher, DHR, A, LH, DGX, WAT, HOLX, TECH initiated with Buy ratings at Deutsche Bank  (145.05)
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  Illumina, MTD, PKI, BIO, BRKR, GHDX initiated with Hold ratings at Deutsche Bank  (160.47)
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  Luminex, Myriad Genetics (MYGN) initiated with Sell ratings at Deutsche Bank  (20.18)
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 Asian Markets Close: Nikkei +0.4%, Hang Seng +1.1%, Shanghai +0.1%

Equity indices across Asia-Pacific ended the week on a mixed note, with Asian averages catching a bid around the mid-way point of the session. The Hang Seng was among the best performers of the session, with relative strength coming into the property stocks after China reported its monthly update which showed a steady rise of 12.4%. 

In economic data:

  • Aus
    • Jan Westpac Consumer Conf Index: 97.4 vs 97.3 in Dec
  • China
    • Dec Property Prices: +12.4% vs +12.6% in Nov

---Equity Markets---

  • In Japan, the Nikkei finished higher for the first time this week, rising 0.4% by day's end. Buyers stepped up in tandem with weakness in the yen. Exporters saw a rebound with the likes of Toshiba closing nearly 3% higher after being down 2% earlier in the day.
  • In China, the Shanghai (+0.1%) saw a tight range throughout the session, with activity remaining scarce. Helping to buoy the market was a fairly large liquidity injection by the PBOC (~CNY460 bln in rev repos) and goldy-locks growth in property prices across the Mainland. The December print came in at +12.4%, just a shade slower than November's growth of 12.6%
  • In Hong Kong, the Hang Seng rose 1.1% today with only 3 stocks closing in negative territory today. As mentioned above, the property sector was strong, led by CK Property (+3.4%) and Sino Land (+1.9%). The gaming sector was also strong following the release of Macau gaming revs. As such, notable strength was seen in Sands China and Galaxy Entertainment, both up 1%.
  • In India, the Sensex traded back and forth to close out the session 0.2% higher. Sentiment was in-line with 16 advances vs 14 decliners. Tata Steel took back yesterday's losses and then some to post a gain of 3%. The auto sector was a drag on the broader market with names such as Hero Motor and Bajaj Auto down ~1% each.

---FX---

  • USDJPY +0.6% at 113.33
  • USDCNY +0.04% to 6.8480
  • USDINR +0.2% to 68.0750
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  On The Wires
  • Broadwind Energy (BWEN) announced $28 million in new tower orders. Broadwind will produce these towers in its Manitowoc, WI and Abilene, TX facilities for 2017 delivery.
  • Athersys (ATHX) announced that through its Belgian subsidiary, ReGenesys BVBA, it has entered into an agreement with a global leader in the animal health business segment to evaluate the cell therapy technology for application in a non-disclosed animal health area. Under the terms of the agreement, ReGenesys will receive an initial payment in exchange for an exclusive period to evaluate the cell therapy technology with an option to negotiate for a license for the development and commercialization of the technology for this area. Additional details were not disclosed.
  • International Game Technology PLC (IGT) announced that its subsidiary, IGT Juegos S.A.S. has signed a new five-year private operator contract to run the draw-based game «Baloto» for Coljuegos EICE. The private operator contract was awarded as part of a public procurement process. Under this new contract, IGT will continue operating the ONLINE LOTO-BALOTO game and provide full management services, including the central system, terminals, communications, data center operations, product, marketing, sales, and field services. The concession will begin in April 2017.
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Wells Fargo downgraded to Hold from Buy at Argus  (53.78)
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 Early premarket gappersGapping up: SHLO +15.5%, JAZZ +3.9%, FAST +2.1%, NTNX +1.5%, NXST +0.8%, GWR +0.8%, QCOM +0.8%

Gapping down: GIMO -21.8%, CCJ -8%, AFAM -5.8%, NBIX -5.4%, TGT -4.4%, BCEI -4%, TDOC -3.2%, CSX -2.6%, KOPN -2.4%, TTPH -1.9%, TRCH -1.9%, GPOR -1.6%, NSC -1.3%, AMTD -0.8%, UNP -0.6%
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 Enbridge resumed with a Neutral at Citigroup  (43.87)
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  European Markets Update: FTSE flat, DAX flat, CAC -0.6%

Major bourses in Europe are flat to modestly lower, as conviction has been lacking in front of Wall Street's open.  After a huge move yesterday, the British pound is backtracking some against the dollar (-0.9% to 1.2280), which is lending a measure of support to the FTSE.  Otherwise, there is a wait-and-see stance developing in European markets in front of the ECB meeting on Thursday.

  • In economic data:
    • Germany December CPI unrevised at +0.7% month-over-month (expected +0.7%) and +1.7% year-over-year (expected +1.7%)
    • Eurozone December CPI +0.5% month-over-month (expected 0.5%; prior -0.1%); core CPI +0.4% month-over-month (prior -0.2%)
    • Eurozone final December CPI +1.1% year-over-year (expected +1.1%); final core CPI +0.9% (expected +0.9%)
    • UK Claimant Count Change for December -10.1K (expected 5.0K; prior 1.3K)

---Equity Markets---

  • UK's FTSE is little changed following Tuesday's 1.5% decline, which occurred on the back of a surging pound.  Pearson is the biggest drag on the index, having dropped 30% after cutting its earnings outlook for the next two years due to the changes the publishing industry is experiencing.  Other laggards include Sage Group (-4.2%), Experian (-4.2%), and Anglo American (-4.1%).  Hikma Pharmaceuticals (+2.6%) and Merlin Entertainments (+1.0%) sit atop the list of winners.
  • Germany's DAX is little changed after coughing up some early gains.  adidas (+1.3%), Merck KGaA (+1.0%), and Fresenius (+0.8%) are helping to offset losses in the likes of Deutsche Lufthansa (-1.5%), Continental AG (-0.9%), and Siemens (-0.7%), which lead the list of laggards.
  • France's CAC is down 0.6%, having declined steadily since the start of trading.  Weakness in the financial shares has applied the most pressure to the index.  AXA (-1.9%), BNP Paribas (-2.1%), Cap Gemini (-2.2%), Credit Agricole (-1.7%), and Societe Generale (-1.5%) are all down better than 1.0%.

---Currencies---

  • EUR/USD -0.2% at 1.0684
  • GBP/USD -0.9% at 1.2280
  • USD/CHF unch at 1.0024
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 Overnight Treasury Summary

Treasuries Slide Ahead of CPI and Industrial Production Data

  • U.S. Treasuries are trading lower this morning as the British pound gives back some of its gains from Tuesday (GBP/USD: -0.9% to 1.2282) and the U.S. Dollar Index rallies 0.36% to 100.69. Economic data releases overnight showed the U.K.'s labor market performing better than expected on both the job creation and wage growth fronts in December. Eurozone consumer price inflation for December was confirmed at a three-year high of 1.1% y/y construction output expanded in the single-currency bloc. House price appreciation in China moderated in December but still notched the fastest annual gain during a calendar year since 2011 (12.4%). The U.S. economic calendar today features CPI and industrial production data for December and Fed Chair Yellen will speak this afternoon on the goals of monetary policy. Many analysts are concluding from the public remarks of FOMC participants that Fed Chair Yellen had forecast three rate hikes for 2017 back at the December FOMC meeting. The S&P 500 is set to open up 0.03% to 2,268.7 and WTI crude is down 1.66% to $51.61/bbbl. Gold is down 0.07% to $1,212.1/troy oz.
  • Yield Check:
    • 2-yr: +2 bps to 1.17%
    • 5-yr: +3 bps to 1.85%
    • 10-yr: +3 bps to 2.36%
    • 30-yr: +3 bps to 2.96%
  • International News:
    • In China, average home prices in 70 major cities grew 12.4% y/y in December (0.3% m/m), slowing from November's 12.6% rate (0.6% m/m)
      • According to Reuters, 12 of the 15 housing markets that authorities had cited as overheating saw declines in December
    • Australia's Westpac Consumer Sentiment Index rose to 97.4 for January from 97.3 in December
    • Eurozone construction output climbed 0.4% m/m in November, the same pace seen in October. The growth was driven by a 1.7% m/m increase in construction of structures like railways while building of residential and commercial buildings slowed to 0.3% m/m
    • Eurozone CPI growth was confirmed at 1.1% y/y for December (0.5% m/m), as expected
      • Core CPI growth was confirmed at 0.9% y/y (0.4% m/m), also as expected
    • The number of people filing for unemployment in the U.K. fell by 10.1K in December, beating both estimates and November's increase of 1.3K
      • Average earnings grew by 2.8% y/y in November, also beating estimates. Earnings grew by 2.6% y/y in October
      • The unemployment rate remained at 4.8%, as expected
    • San Francisco Fed President Williams (non-FOMC voter) said on Tuesday that «further gradual increases in the target fed funds rate will likely be appropriate to bring monetary policy back to a more normal setting consistent with an economy at full strength»
  • Data out Wednesday:
    • MBA Mortgage Index for the week ending 1/14: Actual 0.8% w/w, Prior 5.8%
    • Average 30-year fixed rate: 4.27%, Prior 4.32%
    • December CPI and Core CPI (08:30 ET)
    • December Industrial Production and Capacity Utilization (09:15 ET)
    • January NAHB Housing Market Index (10:00 ET)
    • January Fed Beige Book (14:00 ET)
    • November Net Long-Term TIC Flows (16:00 ET)
  • Fed Speakers:
    • Minneapolis Fed President Kashkari (FOMC voter) (10:00 ET)
    • Fed Chair Yellen (FOMC voter) (15:00 ET)
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 Overseas Research Calls

Upgrades

  • Volvo (VLVLY) upgraded to Buy from Hold at Jefferies
  • JD Wetherspoon (JDWPY) upgraded to Hold from Sell at Peel Hunt
  • ArcelorMittal (MT) upgraded to Buy at Commerzbank

Downgrades

  • Moller Maersk (AMKBY) downgraded to Neutral from Buy at UBS
  • Danske Bank A/S (DNKEY) downgraded to Neutral from Buy at Swedbank
  • LVMH (LVMUY) downgraded to Outperform from Strong Buy at Raymond James
  • Premier Foods (PRRFY) downgraded to Sell from Hold at Shore Capital
  • Inmarsat (IMASY) downgraded to Neutral from Overweight at JP Morgan
  • Intercontinental Hotels Group (IHG) downgraded to Hold from Buy at HSBC
  • Munich Re (MURGY) downgraded to Neutral at Citigroup
  • AEGON N.V. (AEG) downgraded to Neutral at Citigroup
  • Cairn Energy (CRNCY) downgraded to Add from Buy at Numis

Miscellaneous

  • Smurfit Kappa (SMFKY) initiated with a Buy at Goldman
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 Altria among stocks with favorable commentary on Tuesday's Mad Money  (68.48)

Stocks with favorable mention: AAPL, BAC, CAKE, HD, HUN, JACK, JPM, MO, MPC, MS, PLKI, PM, PNRA, PVH, SLB, STZ, UNH, WFC

Stocks with unfavorable mention: EXEL, HIIQ, SDRL

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 CU Bancorp, Green Bancorp (GNBC) initiated with an Overweight at Piper Jaffray  (35.05)
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 Himax Tech downgraded to Neutral from Outperform at Credit Suisse  (5.80)
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 On The Wires
  • Asterias Biotherapeutics, Inc. (AST) announced that the company will host a conference call on Tuesday, January 24, 2017 to discuss new data evaluating the efficacy results six months after implantation of 10 million AST-OPC1 cells in patients with complete cervical spinal cord injuries in the ongoing SCiStar study. 
  • Peoples Bancorp Inc. (PEBO) announced that Thomas J. Wolf has resigned from its Board of Directors («Board») and the Board of Directors of its banking subsidiary, Peoples Bank, effective January 14, 2017. Mr. Wolf had served on the Board since 2004. He was a member of the Board's Audit, Risk and Executive Committees, and he served as Chairman of the Audit Committee from August of 2010 until June of 2016.
  • Paratek Pharmaceuticals (PRTK) announced that it has completed enrollment in the pivotal Phase 3 clinical study evaluating omadacycline for the treatment of Community Acquired Bacterial Pneumonia. This study, which is designed to assess the efficacy and safety of intravenous to once-daily oral omadacycline compared with moxifloxacin in subjects with CABP, enrolled its first patient in November 2015. The co expects to report top-line data from this study in the second quarter of 2017.
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Daytrader

 S&P futures vs fair value: +3.80. Nasdaq futures vs fair value: +9.90.

U.S. equity futures are pointing to a slightly higher open this morning, following a more positive performance in Asia overnight and amid more muted market action in Europe. The S&P 500 futures trade four points above fair value.

After opening the week modestly higher, crude oil has slid 1.6% to $51.63/bbl early this morning. In addition to a strengthening U.S. dollar, the commodity's downtick has been fueled by expectations that U.S. producers will boost output.

The Treasury market is also down this morning after closing significantly higher on Tuesday. The benchmark 10-yr yield is up three basis points at 2.36%.

Today's economic data will include a host of reports, most notably of which are December CPI (Briefing.com consensus 0.3%), which will be released at 8:30 am ET, and December Industrial Production (Briefing.com consensus 0.6%) and December Capacity Utilization (Briefing.com consensus 75.4%) at 9:15 am ET.

The NAHB Housing Market Index at 10:00 am ET, the Fed's Beige Book at 2:00 pm ET, and Net Long-Term TIC Flows at 4:00 pm ET will round out the day's remaining economic data.

In U.S. corporate news of note:

  • Goldman Sachs (GS 236.00, +0.26): +0.1% after beating top and bottom line estimates.
  • CSX (CSX 37.59, -0.50): -1.3% after reporting in-line on the top and bottom lines following yesterday's close.
  • U.S. Bancorp (USB 50.33, +0.02): unch after reporting better-than-expected earnings and in-line revenues.
  • Target (TGT 68.00, -2.94): -4.1% after lowering Q4 guidance following disappointing holiday sales. Peer Wal-Mart (WMT 67.40, -1.02) is also ticking down in pre-market trade.

Reviewing overnight developments:

  • Equity indices across Asia-Pacific ended the day on a mixed note, with Asian averages catching a bid around the mid-way point of the session. Japan's Nikkei +0.4%, China's Shanghai Composite +0.1%, Hong Kong's Hang Seng +1.1%, India Sensex +0.2%.
    • In economic data:
      • Australia's Jan Westpac Consumer Conf Index: 97.4 vs 97.3 in Dec
      • China's Dec Property Prices: +12.4% vs +12.6% in Nov
    • In news:
      • There was no notable news out of the Asia-Pacific region.
  • Major bourses in Europe are flat to modestly lower, as conviction has been lacking in front of Wall Street's open. UK's FTSE unch, Germany's DAX unch, France's CAC -0.6%.
    • In economic data:
      • Germany December CPI unrevised at +0.7% month-over-month (expected +0.7%) and +1.7% year-over-year (expected +1.7%)
      • Eurozone December CPI +0.5% month-over-month (expected 0.5%; prior -0.1%); core CPI +0.4% month-over-month (prior -0.2%)
      • Eurozone final December CPI +1.1% year-over-year (expected +1.1%); final core CPI +0.9% (expected +0.9%)
      • UK Claimant Count Change for December -10.1K (expected 5.0K; prior 1.3K)
    • In news:
      • After a huge move yesterday, the British pound is backtracking some against the dollar (-0.9% to 1.2280).
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Daytrader

 
  European Summary

European Yields Move Higher

  • European sovereign debt yields are trading higher on balance this morning one day ahead of the ECB Governing Council's monetary policy decision. Both rates and the asset purchase program, which was extended by nine months back in December, are expected to remain on hold. European economic data released this morning confirmed that eurozone headline CPI inflation is running at a three-year high of 1.1% y/y, but the core CPI was up just 0.9% y/y, well within its 0.6-1.1% range of the past three years. Both the euro and the British pound are retreating after very strong gains on Tuesday
    • EUR/USD: -0.36% to 1.0669
    • GBP/USD: -0.85% to 1.2287
  • Germany's parliamentary election is now scheduled for September 24. The Christian Democrat/Christian Socialist bloc led by Chancellor Angela Merkel has recovered from a September dip in the polls and now has 38% support, according to a Forsa poll. The right-wing Alternative for Germany party has just 11%, the same as the Green party
  • Credit Suisse wrote today that expectations are too low for eurozone growth in 2017. Credit Suisse cites steady growth in domestic demand and an improving external environment that will boost exports, particularly to Russia
  • European Economic Data:
    • Eurozone construction output climbed 0.4% m/m in November, the same pace seen in October. The growth was driven by a 1.7% m/m increase in construction of structures like railways while building of residential and commercial buildings slowed to 0.3% m/m
    • Eurozone CPI growth was confirmed at 1.1% y/y for December (0.5% m/m), as expected
      • Core CPI growth was confirmed at 0.9% y/y (0.4% m/m), also as expected
    • The number of people filing for unemployment in the U.K. fell by 10.1K in December, beating both estimates and November's increase of 1.3K
      • Average earnings grew by 2.8% y/y in November, also beating estimates. Earnings grew by 2.6% y/y in October
      • The unemployment rate remained at 4.8%, as expected
  • Yield Check:
    • France, 10-yr OAT: +2 bps to 0.80%
    • Germany, 10-yr Bund: +1 bp to 0.33%
    • Greece, 10-yr note: unch at 7.06%
    • Italy, 10-yr BTP: +1 bp to 1.92%
    • Portugal, 10-yr PGB: -3 bps to 3.79%
    • Spain, 10-yr ODE: unch at 1.40%
    • U.K., 10-yr Gilt: +1 bp to 1.32%
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 On The Wires
  • Icahn Enterprises L.P. (IEP) announced it has extended the expiration of its cash tender offer, through its indirect wholly owned subsidiary, IEH FM Holdings LLC, to acquire all of the outstanding shares of common stock of Federal-Mogul Holdings Corporation (FDML) not already owned by IEH or its affiliates to 12:00 midnight, New York City time, on January 18, 2017 (one minute after 11:59 P.M., New York City time, on January 18, 2017) in order to give certain shareholders who have advised it that they intended, but were unable, to tender their Shares prior to the deadline an opportunity to do so. No increase of the offer price will be made under any circumstances.
  • MagneGas Corporation (MNGA) announced that it has expanded its product offering to include the commercial sale of Carbon Dioxide (CO2) in Florida.
    The Company will initially add CO2 to its industrial gas line of products in the Sarasota and Ft Myers areas of Florida, with plans to expand into other retail locations in the state in the coming months.
  • Delcath Systems, Inc. (DCTH) announced that new data from a retrospective study of Melphalan/HDS, entitled «Percutaneous Hepatic Perfusion For Unresectable Metastatic Ocular Melanoma To The Liver: A Multi-Institutional Report Of Outcomes,» has been accepted for oral presentation at the Regional Cancer Therapies 12th International Symposium, taking place February 18 — 20, 2017 at the Snowbird Ski and Summer Resort in Snowbird, UT.
  • Abbott (ABT) announced the European launch of the new Proclaim DRG Neurostimulation System, designed to deliver dorsal root ganglion (DRG) stimulation to patients suffering from chronic neuropathic pain. Through the Proclaim platform's Bluetooth wireless technology and iOS software, the Proclaim DRG Neurostimulation System offers patients a more intuitive therapy experience, compared to current systems with traditional controllers that can be difficult to operate. This new system will improve the experience of how patients interact with their device, which may lead more patients to consider DRG stimulation for the treatment of chronic neuropathic pain.
  • IBM (IBM) announced that the U.S. Army has signed a five-year, multi-million dollar contract with IBM to build, manage and operate a cloud solution for greater IT flexibility, efficiency and performance.
  • Daiichi Sankyo Company, Limited (DSNKY) announced the initiation of a three-part open-label phase 1/2 study in Japan with U3-1402, a novel HER3-targeting antibody drug conjugate, in patients with HER3-positive metastatic or unresectable breast cancer who are refractory or intolerant to standard treatment, or for whom no standard treatment is available.
  • Renewable Energy Systems (RES) announced substantial completion of the Bluestem Wind Project located in Beaver County, Oklahoma. The project, which consists of 60 Vestas V117-3.3 MW turbines, will distribute power via OG&E's transmission system, feeding the grids of cities and industries across the state, in addition to the broader Southwest Power Pool region. The project is expected to generate approximately 845,000 MWh per year, enough electricity to power 77,000 U.S. homes.
  • Quest Diagnostics (DGX) announced the launch of a new test service that helps physicians evaluate a patient's response to drug therapies used to treat infection with the hepatitis B virus (HBV). The first test of its kind available in the United States, the test is significant because it may help physicians tailor more effective treatments for the up to 2.2 million individuals infected with HBV.
  • IBM (IBM) announced that the U.S. Army has signed a five-year, multi-million dollar contract with IBM to build, manage and operate a cloud solution for greater IT flexibility, efficiency and performance.
  • Eisai (ESALY) the U.S. pharmaceutical subsidiary of Eisai Co., announced today that it is participating in Access Accelerated, a global partnership to advance access to non-communicable diseases prevention, treatment and care in low and lower-middle income countries.
  • The EnLink Midstream companies, EnLink Midstream Partners, LP (ENLK) and EnLink Midstream, LLC (ENLC), will hold a conference call to discuss fourth quarter, full-year 2016 financial results and 2017 Guidance on Wednesday, February 15, at 9 a.m. Central time.
  • TD Bank Group announced that it expects TD Ameritrade's (AMTD) first quarter earnings to translate into a contribution of approximately CAD$111 million to fiscal 2017 first quarter net income for the Bank, which will be reported under International Financial Reporting Standards.
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 S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +12.40.

The stock market is on track for a slightly higher open as the S&P 500 futures trade six points (+0.3%) above fair value.

Just released, total CPI rose 0.3% (Briefing.com consensus +0.3%) in December while core CPI, which excludes food and energy, increased 0.2% (Briefing.com consensus +0.2%). On a year-over-year basis, total CPI is up 2.1% and core CPI has increased 2.2%.

Next on today's economic agenda is December Industrial Production (Briefing.com consensus 0.6%) and December Capacity Utilization (Briefing.com consensus 75.4%). Both reports will cross the wires at 9:15 am ET.

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 Filings, Offerings and Pricings

Filings:

  • Equity Bancshares (EQBK) files for ~3 mln share Class A common stock offering by selling shareholders
  • Sabra Healthcare REIT (SBRA) files mixed securities shelf offering
  • Top Ships (TOPS) files for $200 mln mixed securities shelf offering and 1,000,000 common shares offered by the selling securityholder
  • Torchlight Energy Resources (TRCH) files for 6.15 mln share common stock offering by selling shareholders

Offerings:

  • Almost Family (AFAM) announces proposed underwritten public offering of 2.5 mln shares of its common stock
  • Evans Bancorp (EVBN) commences $14 mln common stock offering
  • SmartFinancial (SMBK) commences public offering of 1,770,084 shares of its common stock, of which 170,084 shares will be offered by certain selling shareholders
  • Teledoc (TDOC) commences public offering of common stock, which includes 5.4 mln shares offered by the co and 1.85 mln shares offered by certain stockholders
  • Tetraphase Pharma (TTPH) enters into a Controlled Equity Offering sales agreement with Cantor to sell up to $40 mln in common stock

Pricings:

  • New York Mortgage Trust (NYMT 6.37) prices $120 mln (upsized from $100 mln) of 6.25% senior convertible notes due 2022 at 96% of the principal amount
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  Gapping up

Gapping up
In reaction to strong earnings/guidance
:

  • NXTD +21.7%, SHLO +14%, ASML +4.9%, MHG +3.6%, FAST +0.9%

M&A news:

  • CLCD +32.7% (to be acquired by Eli Lilly (LLY) for $46.50/share)

Other news:

  • APRI +22.5% (announces that Mexico has granted the co's commercialization partner, Ferring Pharmaceuticals, market approval for Vitaros)
  • CRNT +9.7% (announces over $60 mln in new orders so far in 2017)
  • LIFE +8.2% (FDA grants Fast Track Designation for aTyr's Resolaris to treat limb girdle muscular dystrophy 2b and removes partial clinical hold for resolaris)
  • JAZZ +7.3% (FDA approves first generic version of Xyrem (sodium oxybate) Oral Solution, to treat cataplexy and excessive daytime sleepiness in patients with narcolepsy, which is a potentially debilitating disease)
  • GPOR +2.8% (reports Q4 net production averaged 787.0 MMcfe per day, +22% Y/Y)
  • NTNX +1.5% (following Hewlett Packard Enterprise's purchase of hyperconverged infrastructure peer SimpliVity for $650 mln in cash)
  • QCOM +1% (says will 'vigorously contest' FTC complaint)

Analyst comments:

  • EDU +3.8% (upgraded to Overweight from Neutral at JP Morgan)
  • DECK +2.5% (upgraded to Buy from Neutral at Buckingham Research)
  • JWN +1.6% (upgraded to Outperform from Neutral at Credit Suisse)
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  Gapping down

Gapping down
In reaction to disappointing earnings/guidance
:

  • PSO -28.5%, GIMO -22.2%, CCJ -10.3%, (expects adjusted net earnings for 2016 will be significantly lower than analysts' earnings estimates; announces workforce reductions)
  • TGT -3.9%, NTRS -3.3%, CSX -2.9%, IBKR -2.8%, AMTD -0.8%, C -0.5%

M&A news:

  • BCEI -4.3% (pulling back following y'day's move; confirms receipt of unsolicited inquiry from Bill Barrett Corporation (BBG) regarding a potential transaction between the two companies),

Select financial related names showing weakness:

  • CS -1.9%, BCS -1.7%, RBS -1.6%, ING -1.3%

Other news:

  • AFAM -5.8% (proposed underwritten public offering of 2,500,000 shares of its common stock)
  • NBIX -4.2% ( announces the top-line results from the Company's Phase II T-Forward study of INGREZZA)
  • TRCH -3.9% (files for 6.15 mln share common stock offering by selling shareholders)
  • TDOC -3.2% (announced a proposed offering of shares of its common stock, which includes 5,400,000 shares offered by Teladoc and 1,850,000 shares offered by certain stockholders)
  • KOPN -2.4% (modestly pulling back from new multi-year high made today; discloses was unable to complete its investigation and has submitted a plan to regain compliance with Nasdaq)
  • TTPH -1.9% (entered into a Controlled Equity Offering sales agreement with Cantor to sell up to $40 mln in common stock)
  • NSC -1.9% (in sympathy with CSX)
  • WMT -1.2% (in sympathy with WMT)

Analyst comments:

  • HIMX -3.8% (downgraded to Neutral from Outperform at Credit Suisse)
  • KSS -2.1% (downgraded to Underperform from Neutral at Credit Suisse)
  • JCP -1.6% (downgraded to Underperform from Neutral at Credit Suisse)
  • DIS -0.9% (downgraded to Underperform from Market Perform at BMO Capital)
  • XLNX -0.9% (downgraded to Underweight from Equal Weight at Barclays)
  • MCD -0.6% (Nomura out cutting Q4 and Q1 US comps ests)
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 IPO Radar: No IPOs Opening Today; Keane Group (FRAC) Set to Open 2017 IPO Market on FridayToday's IPOs:
  • No IPOs Opening Today.


Upcoming IPOs:

January 20: Keane Group (FRAC) — The provider of well completion services with a focus on complex oil plays is expected to price its upsized 22.3 million share IPO within a range of $17-$19. The deal was originally expected to consist of 16.7 million shares.
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 Gapping up/down: ASML +5% after earnings, CLCD +33% after M&A news, JWN +1.6% after upgrade; PSO -29% and TGT -4% after earnings, DIS -1% after dg

Gapping up
In reaction to strong earnings/guidance
:

  • NXTD +21.7%, SHLO +14%, ASML +4.9%, MHG +3.6%, FAST +0.9%

M&A news:

  • CLCD +32.7% (to be acquired by Eli Lilly (LLY) for $46.50/share)

Other news:

  • APRI +22.5% (announces that Mexico has granted the co's commercialization partner, Ferring Pharmaceuticals, market approval for Vitaros)
  • CRNT +9.7% (announces over $60 mln in new orders so far in 2017)
  • LIFE +8.2% (FDA grants Fast Track Designation for aTyr's Resolaris to treat limb girdle muscular dystrophy 2b and removes partial clinical hold for resolaris)
  • JAZZ +7.3% (FDA approves first generic version of Xyrem (sodium oxybate) Oral Solution, to treat cataplexy and excessive daytime sleepiness in patients with narcolepsy, which is a potentially debilitating disease)
  • GPOR +2.8% (reports Q4 net production averaged 787.0 MMcfe per day, +22% Y/Y)
  • NTNX +1.5% (following Hewlett Packard Enterprise's purchase of hyperconverged infrastructure peer SimpliVity for $650 mln in cash)
  • QCOM +1% (says will 'vigorously contest' FTC complaint)

Analyst comments:

  • EDU +3.8% (upgraded to Overweight from Neutral at JP Morgan)
  • DECK +2.5% (upgraded to Buy from Neutral at Buckingham Research)
  • JWN +1.6% (upgraded to Outperform from Neutral at Credit Suisse)

Gapping down
In reaction to disappointing earnings/guidance
:

  • PSO -28.5%, GIMO -22.2%, CCJ -10.3%, (expects adjusted net earnings for 2016 will be significantly lower than analysts' earnings estimates; announces workforce reductions)
  • TGT -3.9%, NTRS -3.3%, CSX -2.9%, IBKR -2.8%, AMTD -0.8%, C -0.5%

M&A news:

  • BCEI -4.3% (pulling back following y'day's move; confirms receipt of unsolicited inquiry from Bill Barrett Corporation (BBG) regarding a potential transaction between the two companies),

Select financial related names showing weakness:

  • CS -1.9%, BCS -1.7%, RBS -1.6%, ING -1.3%

Other news:

  • AFAM -5.8% (proposed underwritten public offering of 2,500,000 shares of its common stock)
  • NBIX -4.2% ( announces the top-line results from the Company's Phase II T-Forward study of INGREZZA)
  • TRCH -3.9% (files for 6.15 mln share common stock offering by selling shareholders)
  • TDOC -3.2% (announced a proposed offering of shares of its common stock, which includes 5,400,000 shares offered by Teladoc and 1,850,000 shares offered by certain stockholders)
  • KOPN -2.4% (modestly pulling back from new multi-year high made today; discloses was unable to complete its investigation and has submitted a plan to regain compliance with Nasdaq)
  • TTPH -1.9% (entered into a Controlled Equity Offering sales agreement with Cantor to sell up to $40 mln in common stock)
  • NSC -1.9% (in sympathy with CSX)
  • WMT -1.2% (in sympathy with WMT)

Analyst comments:

  • HIMX -3.8% (downgraded to Neutral from Outperform at Credit Suisse)
  • KSS -2.1% (downgraded to Underperform from Neutral at Credit Suisse)
  • JCP -1.6% (downgraded to Underperform from Neutral at Credit Suisse)
  • DIS -0.9% (downgraded to Underperform from Market Perform at BMO Capital)
  • XLNX -0.9% (downgraded to Underweight from Equal Weight at Barclays)
  • MCD -0.6% (Nomura out cutting Q4 and Q1 US comps ests)
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 Church & Dwight downgraded to Hold from Buy at Deutsche Bank  (44.52)
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  S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: +11.10.

The S&P 500 futures trade five points (+0.2%) above fair value.

Equity indices across Asia-Pacific ended the week on a mixed note, with Asian averages catching a bid around the mid-way point of the session. The Hang Seng was among the best performers of the session, with relative strength coming into the property stocks after China reported its monthly update which showed a steady rise of 12.4%. 

  • In economic data:
    • Australia's Jan Westpac Consumer Conf Index: 97.4 vs 97.3 in Dec
    • China's Dec Property Prices: +12.4% vs +12.6% in Nov
  • In news:
    • There was no notable news out of the Asia-Pacific region.

---Equity Markets---

  • Japan's Nikkei finished higher for the first time this week, rising 0.4% by day's end. Buyers stepped up in tandem with weakness in the yen. Exporters saw a rebound with the likes of Toshiba closing nearly 3% higher after being down 2% earlier in the day.
  • China's Shanghai Composite (+0.1%) saw a tight range throughout the session, with activity remaining scarce. Helping to buoy the market was a fairly large liquidity injection by the PBOC (~CNY460 bln in rev repos) and goldy-locks growth in property prices across the Mainland. The December print came in at +12.4%, just a shade slower than November's growth of 12.6%
  • Hong Kong's Hang Seng rose 1.1% today with only 3 stocks closing in negative territory today. As mentioned above, the property sector was strong, led by CK Property (+3.4%) and Sino Land (+1.9%). The gaming sector was also strong following the release of Macau gaming revs. As such, notable strength was seen in Sands China and Galaxy Entertainment, both up 1%.
  • India's Sensex traded back and forth to close out the session 0.2% higher. Sentiment was in-line with 16 advances vs 14 decliners. Tata Steel took back yesterday's losses and then some to post a gain of 3%. The auto sector was a drag on the broader market with names such as Hero Motor and Bajaj Auto down ~1% each.

Major bourses in Europe are flat to modestly lower, as conviction has been lacking in front of Wall Street's open.  After a huge move yesterday, the British pound is backtracking some against the dollar (-0.9% to 1.2280), which is lending a measure of support to the FTSE.  Otherwise, there is a wait-and-see stance developing in European markets in front of the ECB meeting on Thursday.

  • In economic data:
    • Germany December CPI unrevised at +0.7% month-over-month (expected +0.7%) and +1.7% year-over-year (expected +1.7%)
    • Eurozone December CPI +0.5% month-over-month (expected 0.5%; prior -0.1%); core CPI +0.4% month-over-month (prior -0.2%)
    • Eurozone final December CPI +1.1% year-over-year (expected +1.1%); final core CPI +0.9% (expected +0.9%)
    • UK Claimant Count Change for December -10.1K (expected 5.0K; prior 1.3K)
  • In news:
    • After a huge move yesterday, the British pound is backtracking some against the dollar (-0.9% to 1.2280), which is lending a measure of support to the FTSE.

---Equity Markets---

  • UK's FTSE is up 0.4% following Tuesday's 1.5% decline, which occurred on the back of a surging pound. Pearson is the biggest drag on the index, having dropped 27.2% after cutting its earnings outlook for the next two years due to the changes the publishing industry is experiencing. Other laggards include Sage Group (-2.4%), Experian (-1.7%), and Anglo American (-0.6%). Burberry (+3.1%), Hikma Pharmaceuticals (+1.4%) and Merlin Entertainments (+1.6%) sit atop the list of winners.
  • Germany's DAX has added a modest 0.2% gain. adidas (+1.6%), Merck KGaA (+1.0%), and Fresenius (+0.4%) are helping to offset losses in the likes of Deutsche Lufthansa (-1.0%), Continental AG (-0.5%), and Siemens (-0.4%), which lead the list of laggards.
  • France's CAC remains down 0.3%, but the index has moved up from its session low in recent action. Weakness in the financial shares has applied the most pressure to the index. AXA (-1.5%), BNP Paribas (-1.3%), Cap Gemini (-2.5%), Credit Agricole (-0.8%), and Societe Generale (-0.7%) are all down better than 0.7%.
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 On The Wires
  • Cemtrex (CETX) reminded rights holders and broker-dealers of the January 20 subscription expiration date intended to help them successfully participate in the process and fairly subscribe to purchase units in the offering. The offering of units, which can be purchased for $10.00 each, consist of one share of series 1 preferred stock, paying cumulative dividends at the rate of 10% of the purchase price per year, and two series 1 warrants, each to purchase one share of Cemtrex's common stock at $6.31 per share for a period of five years after the closing of the offering. On January 17, 2017, the closing price of Cemtrex's common stock, as reported by the Nasdaq Capital Market, was $6.80 per share.
  • ARCA biopharma (ABIO) announced that the 150th patient has been randomized into GENETIC-AF, a seamless Phase 2B/3 clinical trial evaluating Gencaro(bucindolol hydrochloride) as a potential treatment for atrial fibrillation. The Company expects the outcome of this interim analysis in the third quarter of 2017.
  • Global Blood Therapeutics (GBT) announced enrollment of the first patient in the HOPE (Hemoglobin Oxygen Affinity Modulation to Inhibit HbS PolymErization) Study, a pivotal Phase 3 clinical trial of GBT440 in people with sickle cell disease (SCD). The HOPE Study will be conducted at leading SCD sites globally and is expected to enroll up to 400 adults and adolescents with SCD who have had at least one episode of vaso-occlusive crisis (VOC) in the previous year.
  • UQM Technologies Inc. (UQM) announced the receipt of a new follow-on order from Proterra for PowerPhase HD electric drive systems, to be manufactured and shipped throughout 2017. Proterra will continue to increase its production capacity in 2017 as an increasing number of transit agencies see zero-emission buses as a credible and proven alternative to diesel, CNG, and hybrid buses. Proterra has fleets active in numerous cities throughout the US. Proterra's expansion is continuing to manifest as new investments and investors are attracted to their leading edge bus technology utilizing the UQM electric powertrain system.
  • Fusion (FSNN) announced that it has signed a three year, $100,000 contract with a resource optimization and business process software company in the metropolitan Washington, D.C. area.
  • FactSet (FDS) announced that it has strengthened its relationship with Axioma, a leading provider of enterprise risk management, portfolio construction and risk and regulatory reporting solutions.  The strategic relationship includes making Axioma's linear fixed income and multi-asset class model available on FactSet and expands the multi-asset class risk models already available through FactSet.
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 S&P futures vs fair value: +4.30. Nasdaq futures vs fair value: +10.90.

The stock market is poised for a modestly higher open as the S&P 500 futures trade four points (+0.2%) above fair value.

Just released, December Industrial Production increased 0.8% (Briefing.com consensus +0.6%) while Capacity Utilization rose to 75.5% (Briefing.com consensus 75.4%).

Earlier today, it was reported that total CPI rose 0.3% (Briefing.com consensus +0.3%) in December while core CPI, which excludes food and energy, increased 0.2% (Briefing.com consensus +0.2%). On a year-over-year basis, total CPI is up 2.1% and core CPI is up 2.2%.

Financials have headlined this morning's earnings reports, with Goldman Sachs (GS 236.77, +1.03), Citigroup (C 57.96, -0.42), and U.S. Bancorp (USB 50.33, +0.02) all reporting. All three names beat earnings estimates, but revenues were mixed. Goldman Sachs is up 0.4% in pre-market trade after beating on revenues, while Citigroup is down 0.7% after missing on the same metric. U.S. Bancorp is unchanged, reporting in-line revenue results.

U.S. Treasuries have reversed yesterday's trend as they sit in negative territory this morning. The benchmark 10-yr yield is up five basis points at 2.37%.

Crude oil is also down, losing 2.2%. The energy component trades at $51.29/bbl amid concerns that U.S. producers will boost output.

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 On The Wires
  • Twilio (TWLO) announced it has been awarded the ISO 27001 certification. The scope of Twilio's information security management system (ISMS) includes people, processes, and technology for creating and supporting products that enable developers to add messaging, voice, and video to web and mobile applications.
  • Amazon Studios (AMZN) announced it has acquired Long Strange Trip, a four hour documentary about the Grateful Dead from director Amir Bar-Lev and executive producer Martin Scorsese. Set to debut May 26 on Amazon Prime Video in the US and UK as a six part documentary, with additional territories to be announced, Long Strange Trip probes the creative forces, subversive ambitions, and interpersonal dynamics that drove the Grateful Dead in their 30-year quest for moments of collective inspiration.
  • American Airlines (AAL) announced it will begin selling Basic Economy fares in addition to the wide range of Main Cabin fares currently offered. These no-frills tickets provide a simple and affordable way to experience American's network, and provide customers the option to pay for the services they want. Basic Economy fares will go on sale in February in 10 select markets, with the first flights occurring shortly thereafter and expansion to additional markets expected later this year. Not every American Airlines flight will offer Basic Economy fares.
  • Rapid7, Inc. (RPD) announced that it has partnered with Coalfire, an industry-leading cyber risk management and compliance solution provider, to deliver its PCI Approved Scanning Vendor offering. The companies have also announced that Coalfire has standardized its scanning solution on Nexpose, Rapid7's vulnerability management solution. With Nexpose as the underlying scanning engine behind CoalfireOne, customers will benefit from the combined power of top-rated vulnerability management and compliance expertise to more effectively meet the needs of their organizations.
  • Instructure's (INST) Canvas releases an integration w/ Google tools that allows students and teachers to use Google while working inside of Canvas. 
  • Boehringer Ingelheim announced that BI 695501, its adalimumab biosimilar candidate to Abbvie's (ABBV) Humira, has been accepted for regulatory review by the EMA and the FDA.
  • Gigamon (GIMO) announces that CME Group selected Gigamon Visibility Platform on Amazon Web Services. 
  • Synthetic Genomics and ExxonMobil (XOM) extend their agreement to conduct joint research into advanced algae biofuels after making significant progress in understanding algae genetics, growth characteristics and increasing oil production.
  • Diana Shipping Inc. (DSX) announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Capesize dry bulk vessels, the m/v Santa Barbara. The gross charter rate is US$12,000 per day, minus a 4.75% commission paid to third parties, for a period of about 12 months to maximum 15 months. The charter is expected to commence on January 24, 2017. The Co also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Uniper Global Commodities SE, Düsseldorf, for one of its Capesize dry bulk vessels, the m/v Salt Lake City. The gross charter rate is US$9,000 per day, minus a 5% commission paid to third parties, for a period of minimum 12 months to maximum 16 months. The charter is expected to commence on January 20, 2017.
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  Starbucks: Hearing was upgraded to Positive from Mixed at OTR Global  (58.30 +0.30)
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 Exxon Mobil: Hearing was upgraded to Peer Perform from Underperform at Wolfe Research  (87.19 -0.17)
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 Hearing Derma Sciences was downgraded to Neutral from Buy at ROTH Capital  (6.97 -0.03)
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 Citigroup — - Earnings Mover extends its January weakness to its 50-day moving averages around the $57-vicinity.  (57.59 -0.78)
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  ServiceNow: Hearing was upgraded earlier to Positive from Mixed at OTR Global  (83.77 +2.36)
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 Cameco (-12%) leading uranium stocks lower (URA -4%) after warning about 2016 results, announcing restructuring  (11.7 -1.54)CCJ -11.83% URRE -7.16% URG -4.66% URA -4.20% UUUU -3.04% DNN -1.61% UEC flat
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 Opening Market Summary: Stock Market Opens Wednesday's Session Flat

The stock market opened Wednesday's session flat as the S&P 500 remains unchanged.

Financials (-0.2%) are showing modest losses in early action after Goldman Sachs (GS 236.77, +1.03), Citigroup (C 57.96, -0.42), and U.S. Bancorp (USB 50.33, +0.02) all reported before the opening bell. The three names beat earnings expectations, but came up mixed on the revenue front. Regardless, the three financial heavyweights are down between 0.1% and 1.0% as it appears that some of yesterday's sell-the-news mentality has carried over into today. 

Consumer discretionary (-0.4%) is among those at the bottom of today's leaderboard after Target (TGT 67.37, -3.59) lowered its Q4 guidance following disappointing holiday sales. The company is down 5.0%, while other heavily-weighted consumer discretionary components like Amazon (AMZN 806.78, -2.94), Home Depot (HD 135.31, -0.62), and Nike (NKE 53.23, -0.45) are down between 0.3% and 0.7%.

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  Sector Summary: Technology (XLK +0.30%) trading higher today, ahead of the broader market

The tech sector — XLK — trades ahead of the broader market. Semiconductors, meanwhile, display relative strength as the SOX index trades +1.23%. Within the SOX index, MKSI (+2.05%) outperforms, while TSM (-0.03%) lags. Among other major indices, the SPY is trading 0.03% higher, while the QQQ +0.17% and the NASDAQ -0.13% trade opposite on the session. Among tech bellwethers, AVGO (+1.73%) is showing relative strength, while NTES (-1.66%) lags.

Notable gainers following earnings:

  • ASML (+7.6%) reported better than expected Q4 EPS and revs, ADTN (+1.3%)

Gainers on news:

  • CRNT (+7.6%) co announced more than $60 mln in new orders so far in 2017; increased prelim revs expectation in the first half of 2017 to $25 mln from $20 mln.
  • QCOM (+2.3%) co in response to FTC complaint, will 'vigorously contest' FTC allegations.
  • HPE (+0.9%) co to acquire SimpliVity for $650 million in cash; expects the acquisition to be accretive to earnings in the first full fiscal year following close. Also, HPE's Software COO Chris Hsu to resign and become CEO of new entity; spin-off/merger transaction is currently targeted to be completed by August 31.
  • ADBE (+0.6%) co authorized new $2.5 bln stock repurchase program through the end of fiscal year 2019.

Laggards on news:

  • VIAV (-0.6%) co approved a restructuring and global workforce reduction plan, will reduce workforce by up to 10%.

Among notable analyst downgrades:

  • XLNX (+0.5%) downgraded to Underweight from Equal Weight at Barclays
  • HIMX (-2.7%) to Neutral from Outperform at Credit Suisse

Scheduled to report earnings after the bell:

  • NFLX, PLXS, PTC

Scheduled to report earnings tomorrow morning:

  • CHKP, WNS
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 Economic Summary: December CPI in line with expectations while Industrial Production tops expectations; Fed's Beige Book today at 14:00 ET

Economic Data Summary:

  • Weekly MBA Mortgage Applications 0.8% vs Briefing.com consensus of; Last Week was 5.8%
  • December CPI 0.3% vs Briefing.com consensus of 0.3%; November was 0.2%
  • December Core CPI 0.2% vs Briefing.com consensus of 0.2%; November was 0.2%
    • On a year-over-year basis, total CPI is up 2.1% on an unadjusted basis. That is the largest 12-month increase since the period ending June 2014. Core CPI, meanwhile, is up 2.2% year-over-year, which is up slightly from the 2.1% increase registered for the 12-month period ending in November.
  • December Industrial Production 0.8% vs Briefing.com consensus of 0.6%; November was -0.4%
  • December Capacity Utilization 75.5% vs Briefing.com consensus of 75.4%; November was 75.0%
    • The key takeaway from the report is that overall industrial production remains soft, having slipped at an annual rate of 0.6% in the fourth quarter and increasing just 0.5% year-over-year.
  • January NAHB Housing Market Index 67 vs (December was 70).

Upcoming Economic Data:

  • January Net Long Term TIC Flows due out Wednesday at 16:00 (Briefing.com consensus of; December was $9.4 bln)
  • Weekly Initial Claims due out Thursday at 8:30 (Briefing.com consensus of 252K; Last Week was 247K)
  • Weekly Continuing Claims due out Thursday at 8:30 (Briefing.com consensus of; Last Week was 2.087 M )
  • December Housing Starts due out Thursday at 8:30 (Briefing.com consensus of 1.193 M; November was 1.090 M )
  • December Building Permits due out Thursday at 8:30 (Briefing.com consensus of 1.217 M; November was 1.201 M )
  • January Philadelphia Fed due out Thursday at 8:30 (Briefing.com consensus of 15.3; December was 21.5)

Upcoming Fed/Treasury Events:

  • Fed's Beige Book today at 14:00 ET
  • President Obama will give his final news conference as POTUS today at 14:15 ET.
  • Fed Chair Janet Yellen to speak today at 15:00 ET. Speech will be titled 'The Goals of Monetary Policy and How We Pursue Them'

Other International Events of Interest

  • Germany December CPI unrevised at +0.7% month-over-month (expected +0.7%) and +1.7% year-over-year (expected +1.7%). Eurozone December CPI +0.5% month-over-month (expected 0.5%; prior -0.1%); core CPI +0.4% month-over-month (prior -0.2%).
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 Hearing Check Point Software target was raised to $118 from $100 at Jefferies ahead of earnings tomorrow morning  (90.04 -0.35)
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 Republic Airways seeing continued momentum — more than doubled this week  (0.56 +0.22)
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 Nationstar Mortgage shares ticking slightly lower in recent trade following report that NY AG might investigate co's servicing practices  (17.40 +0.00)
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 Notable movers of interest: TGT -4.7% on downside guidance due to softer-than-expected holiday sales

The following are some of today's most notable movers of interest, categorized by market capitalization (large cap over $10 billion and mid cap between $2-10 billion) and ranked by % change (all stocks over 100K average daily volume).

Large Cap Gainers

  • ASML (125.7 +8.45%): Reports Q4 EPS and revenue beats, guides Q1 revenues above consensus.
  • LLY (77.11 +0.34%): Will acquire CoLucid Pharmaceuticals (CLCD) for $46.50/share or about $960 mln in cash.
  • AGN (215.45 +0.31%): Co and Gedeon Richter report Phase III results for Ulipristal Acetate met all co-primary and secondary endpoints; agrees to admit securities law violations and pay a $15 mln penalty for disclosure failures in the wake of a hostile takeover bid.

Large Cap Losers

  • NTRS (84.01 -4.7%): Reports Q4 EPS and revenue misses.
  • TGT (67.62 -4.68%): Issues downside guidance for Q4 and FY17 due to softer-than-expected holiday sales.
  • CSX (37.09 -2.64%): Shares down despite guiding Q1, FY17 EPS in-line.

Mid Cap Gainers

  • JAZZ (125.95 +8.98%): FDA approves first generic version of Xyrem (sodium oxybate) Oral Solution, to treat cataplexy and excessive daytime sleepiness in patients with narcolepsy, which is a potentially debilitating disease.
  • NBIX (41.74 +3.91%): Announces the top-line results from the Company's Phase II T-Forward study of INGREZZA.

Mid Cap Losers

  • PSO (7.14 -28.53%): Provides FY16 trading statement, sees EPS above expectations, sees FY17 below consensus.
  • CCJ (11.42 -13.95%): Expects 2016 adj net earning will be 'significantly lower' than analysts' earnings estimates; announces workforce reductions.
  • KSS (39.71 -4.04%): Downgraded to Underperform from Neutral at Credit Suisse.
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 Gravity shares seeing strength in early trade, higher by 21%  (16.49 +2.90)
  • Move appears to be technical as stock broke above prior November resistance that sat near the $14.75-15.00 area.
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 Early Options Activity

Taking an early look at the options market, we found the following names that may be worth watching throughout the day for further indication of investor expectations given their options volume and implied volatility movement.

Stocks seeing volatility buying (bullish call buying/bearish put buying):

Calls:

  • MDLZ Jan 45 calls are seeing interest with 2230 contracts trading vs. open int of 23.5K, pushing implied vol up around 9 points to ~36% — co is confirmed to report February 7 before the open. Last month, there was speculation that Mondelez could make another bid for Hershey.

Puts:

  • DXCM Jan 85 puts are seeing interest for the second consecutive day with 1750 contracts trading vs. open int of 6010, pushing implied vol up around 8 points to ~48% — we noted activity in the same strike yesterday — see 1/17 13:30 OPTNX. Co is confirmed to report earnings February 28 after the close (co provided Q4 guidance last week).

Stocks seeing volatility selling:

  • GS, SCHW, FAST, USB implied vol is lower following earnings/guidance

Sentiment: The CBOE Put/Call ratio is currently: 1.15… VIX: (12.24, +0.37, +3.1%).
This Week is options expiration — Friday, January 20th is the last day to trade January equity options.
*Please use the Talk to Us link at the top of the page to provide feedback on this comment as well as the OPTNX comments.

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 Morning Commodities: Crude extends initial morning losses after OPEC's Monthly Oil Market Report showed a y/y increase in the world oil supply; EIA on tap for tomorrow
  • Crude oil futures extended this morning's initial losses after the OPEC monthly oil market report showed a y/y increase in the world oil supply ahead of tomorrow's EIA
    • Feb 2017 crude oil futures were down about $1.01 (-1.9%) around the $51.47/barrel level
    • API data is due out today after the bell due to Monday's holiday.
    • EIA petroleum data will be released Thursday at 11:00 am ET.
    • Baker Hughes rig count data will be released this Friday at 1 pm ET.
    • OPEC monthly report highlights:
      • Non-OPEC oil supply in 2016 is expected to shrink by about 0.71 mln barrels/day, following last month's upward revision of 70 tbpd. This revision was driven by higher-than-expected growth in Norway, Russia, and the US.
        • In 2017, non-OPEC oil supply is projected to grow by 0.12 mb/d, revised downward by about 0.18 mb/d.
      • Demand for OPEC crude in 2016 is estimated to stand at 31.2 mln barrels/day, about 1.8 mln barrels/day higher vs FY15.
        • In 2017, demand for OPEC crude is forecast at 32.1 mb/d, a further increase of 0.9 mb/d over 2016.
      • Global oil demand growth in 2016 is expected at 1.25 mln barrels/day after an upward revision of about 10 tbpd.
      • The reference basket was priced higher by ~20% in Dec to $51.67/barrel, above $50.00/barrel for the first time in 18 months.
      • World oil supply fell by 0.30 mln barrels/day m/m in Dec to avg 96.92 mln barrels/day & rose by 0.71 mln barrels/day y/y.
  • Natural gas extended yesterday's losses ahead of tomorrow's regularly scheduled natural gas inventory data report
    • Feb 2017 natural gas futures were down about $0.06 (-1.7%) around the $3.35/MMBtu level
    • EIA natural gas inventory data will be released at 10:30 am ET tomorrow, its normally scheduled time.
  • In precious metals, gold extended yesterday's run to a second consecutive 2-month high, despite strength returning to the dollar index
    • Feb 2017 gold futures were up about $1.00 (+0.1%) around the $1214.00/oz level
    • Mar 2017 silver futures were up about $0.10 (+0.6%) around the $17.25/oz level
  • The dollar index was +0.3% around the 100.59 level, did not appear to weigh on precious metals in morning pit trading
    • Commodities, as measured by the Bloomberg Commodity Index, were -0.4% around the 88.56 level
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 Hearing CoLucid Pharmaceuticals was downgraded to Neutral from Overweight at Piper Jaffray  (46.25 +11.35)
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 Alexander's increases quarterly dividend to $4.25/share from $4.00/share  (438.48 +0.47)
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 AK Steel & related steel names spike in recent trade after Wilbur Ross at his confirmation hearing says the US needs to increase tariff focus on Steel & Aluminum dumping  (9.62 +0.17)Related Tickers: NUE, PKX, STLD, WOR, AA
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 United Continental on call: Saw an inflection point for business demand across the board since the election; mgmt expects unit rev to continue to improve throughout the year  (73.68 -0.06)
  • Mgmt notes that unit revenue visibility is inherently low — performance is on par with Delta (DAL) — after analyst suggested UAL was lagging in unit rev trends.
  • UAL margins do lag DAL's but co is on the path to close the gap over time — aiming for best of the big three (AAL, DAL, UAL) by 2020.
  • AAL +1.5%, SAVE +1%, DAL +0%, UAL -0.2%, LUV -0.3%, JBLU -0.6%, ALK -0.6%
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  Sector Summary: The Healthcare sector (-0.24%) is trading lower today, lagging the S&P 500 (+0.08%)Gainers on news:
  • Apricus Biosciences (APRI +150.7%) announces that Mexico has granted the co's commercialization partner, Ferring Pharmaceuticals, market approval for Vitaros
  • CoLucid Pharma (CLCD +32.38%) to be acquired by Eli Lilly (LLY) for $46.50/share or about $960 mln in cash
  • aTyr Pharma (LIFE +27.55%) FDA grants Fast Track Designation for aTyr's Resolaris to treat limb girdle muscular dystrophy 2b and removes partial clinical hold for resolaris
Decliners on news:
  • EnteroMedics (ETRM -35.06%) prices $16.5 mln underwritten public offering of units at $5.31/unit
  • Hemispherx Biopharma (HEB -5.98%) enters into a purchase order with Jubilant Hollister Stier pursuant to which Jubilant will manufacture a commercial batch of Ampligen for the Company
Gainers on earnings:
  • Corindus Vascular Robotics (CVRS +2.51%) sees FY17 (Dec) revs of $13-15 mln, prior $12 mln+ vs. $12.04 mln Capital IQ Consensus Estimate
Decliners on earnings:
  • iRadimed (IRMD -18.11%) sees Q4, Q1 and FY17 below consensus
Upgrades/Downgrades:
  • VWR Corp (VWR -1.91%) downgraded to Hold from Buy at Deutsche Bank
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 oday's biggest point gainers/losersBiggest point gainers: CLCD 46.2(11.3), JAZZ 125.82(10.25), ASML 123.45(7.54), GWW 244.48(3.8), AVGO 182.75(3.64), FAST 50.84(2.59), VMC 126.19(2.53), MSM 101.05(2.03), URI 109.24(2.01), MMM 179.17(1.91), TSLA 237.47(1.89), NBIX 41.98(1.81), LRCX 110.9(1.8), SWK 120.01(1.71), NOW 83.11(1.7), WDC 73.31(1.69), TMUS 58.6(1.55), RTN 146.57(1.47), ALDR 23(1.45), CTXS 92.35(1.45), PH 145.05(1.43), ROP 187.41(1.39), NUE 61.52(1.38), SWKS 78.2(1.31), PRU 105.23(1.31)

Biggest point losers: GIMO 31.65(-12.4), NTES 235.79(-7.29), NTRS 83.77(-4.38), CMG 401.58(-4.29), TGT 67.46(-3.48), UNH 157.3(-3.36), DLTR 76.54(-2.97), CI 142.01(-2.76), PVH 92.8(-2.03), DG 72.35(-1.98), CRI 86.11(-1.97), CCJ 11.45(-1.82), BIDU 175.25(-1.71), STZ 152.2(-1.53), PANW 137.01(-1.44), PI 30.28(-1.43), HP 78.4(-1.4), Q 75.39(-1.4), SHPG 166.8(-1.38), VFC 50.84(-1.3), IBKR 36.81(-1.21), NFLX 131.75(-1.14), PRGO 75.42(-1.13), EFX 119.53(-1.13), CBSH 54.78(-1.12)
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 Stocks/ETFs that traded to new 52 week highs/lows this session — New highs (95) outpacing new lows (28)Stocks that traded to 52 week highs: AA, AAOI, AAPL, ACSF, AGCO, AHL, AIT, AMAT, ARDC, ARRY, ASMB, ASML, ATKR, BBL, BERY, BGB, BHP, BKEP, BPI, CCN, CGNX, CHE, CHTR, CLC, CLCD, CMO, CNP, COHR, CTXS, CWEI, CYBE, ECPG, EFR, EXFO, FAST, FMSA, FRA, FUN, GGG, GWW, HIG, HYB, INFO, JSD, KAR, KEM, KLIC, KOPN, LAMR, LBRDA, LBRDK, LHCG, LRCX, LUNA, MAN, MNTX, MPLX, MSM, MTOR, MXL, NGL, NXRT, ORA, OUT, PAM, PATK, PSB, PZE, RE, REN, RIO, SALT, SBLK, SCCO, SCM, SHOP, SLB, SMLP, SMTC, SNOW, SYMC, TRGP, TSE, TTWO, UNVR, UVV, VALE, VEDL, VGR, VR, VTA, WDC, WLDN, WNC, WRB

Stocks that traded to 52 week lows: ACUR, AMCN, AVGR, BONT, COSIQ, DRYS, ECYT, EMG, FENX, FIT, GBSND, HIMX, ICLD, IPWR, IRMD, KONA, M, MACK, MYGN, OMAB, PRGO, PSO, SMRT, TVIX, VFC, VLRS, VNCE, VSTO

Thinly-Traded Stocks (ADV below 45k) that traded to 52 week highs on High Volume: ASRV, BRT, DAX, FTAG, GGE, GILT, GRVY, GSH, GULF, KFS, LAND, MILN, MPB, NSSC, OFS, OVLY, PBBI, RMCF, SPAN

Thinly-Traded Stocks (ADV below 45k) that traded to 52 week lows on High Volume: CGG

ETFs that traded to 52 week highs: EWG, GULF

ETFs that traded to 52 week lows: VXX
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 Today's biggest % gainers/losersThe following are today's top 20 percentage gainers and top 20 percentage losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).

Today's top 20 % gainers
  • Healthcare: JAZZ (125.75 +8.81%), ALDR (22.9 +6.26%), INSY (10.84 +5.24%), NBIX (41.89 +4.28%), RDUS (44.61 +4.21%)
  • Materials: AKS (10.03 +6.18%), VALE (10.06 +5.73%), X (33.86 +5.02%), VEDL (14.43 +4.34%), CMC (20.95 +4.33%), AA (34.02 +4.23%), ATI (17.15 +3.53%),
  • Industrials: FAST (50.81 +5.29%)
  • Consumer Discretionary: IRBT (60.52 +3.52%)
  • Information Technology: ASML (123.48 +6.53%), XTLY (12.4 +5.98%), RATE (11.65 +3.56%), CGNX (66.82 +3.39%)
  • Financials: JNS (13.59 +3.82%)
  • Consumer Staples: VGR (23.09 +3.5%)
Today's top 20 % losers
  • Healthcare: TDOC (16.15 -7.18%), BIOS (1.47 -6.96%), CYH (6.85 -3.73%)
  • Materials: RFP (5.45 -3.54%)
  • Consumer Discretionary: PSO (7.1 -28.93%), TUES (4.58 -8.5%), ASNA (5.08 -6.19%), TGT (67.35 -5.06%), PIR (7.81 -4.47%), DLTR (76.52 -3.76%), JMEI (4.36 -3.54%)
  • Information Technology: GIMO (31.2 -29.17%), XXIA (16.25 -3.85%)
  • Financials: NTRS (83.69 -5.06%), GSBD (22.66 -4.98%), PNFP (62.95 -3.52%)
  • Energy: CCJ (11.54 -13.07%), BPT (28.24 -4.29%), UNT (25.81 -3.98%)
  • Utilities: DYN (9.69 -7.01%)
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 Onebeacon Insurance shares jump on reports the company is considering options  (17.10 +1.94)
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  Today's most active stocksThe following are today's most active stocks ranked by volume and relative volume, categorized by sectors (over $300 mln market cap and 100K average daily volume).

Today's top 20 volume
  • Materials: VALE (20.92 mln +5.73%), AKS (10.05 mln +6.18%), MT (9.86 mln +2.03%), X (9.09 mln +5.02%)
  • Industrials: CSX (9.44 mln -2.42%), GE (9.31 mln +0.01%)
  • Consumer Discretionary: F (10.23 mln -0.36%), JCP (10.05 mln -1.87%), TGT (8.89 mln -5.06%)
  • Information Technology: AMD (25.9 mln +1.22%), AAPL (8.7 mln +0%)
  • Financials: BAC (59.5 mln +1.45%), C (12.53 mln -1.48%), CS (9.56 mln -1.91%), JPM (9.38 mln -0.02%), RF (8.68 mln -0.07%), WFC (8.62 mln -0.46%)
  • Energy: CHK (12.38 mln +0.01%)
  • Consumer Staples: RAI (11.62 mln +0.33%), ABEV (8.73 mln +1.22%)
Today's top relative volume (current volume to 1-month average daily volume)
  • Healthcare: JAZZ (2.24x +8.81%), NBIX (1.45x +4.28%)
  • Materials: RFP (2.49x -3.54%)
  • Industrials: FAST (1.38x +5.29%), FTAI (1.3x -1.32%)
  • Consumer Discretionary: PSO (3.34x -28.93%), TGT (1.83x -5.06%), FDML (1.73x +1.22%)
  • Information Technology: GIMO (8.2x -29.17%), ASML (3.32x +6.53%), ADTN (2.63x +0.55%), QIWI (1.31x -2.71%)
  • Financials: GSBD (2.08x -4.98%), PSTB (1.72x +0.28%), CS (1.51x -1.91%), CIB (1.43x +0.08%)
  • Energy: TEP (7.23x -0.84%), CCJ (1.99x -13.07%), CWEI (1.58x +0.53%)
  • Consumer Staples: RAI (1.79x +0.33%)
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  Sector Summary: Industrials trade higher than the broader market; United Continental (UAL) reports Q4 EPS beat

The Industrials sector (XLI) is trading 0.5% higher today, higher than the broader market (SPY +0.1%). In the industrial sector, United Continental (UAL +0.4%) and CSX (CSX -2.4%) report Q4 results, Icahn Enterprises (IEP +0.5%) extends tender offer for Federal-Mogul (FDML +1.2%) to midnight tonight. 

Notable airlines moving today: DAL -0.2% LUV -0.3% AAL +2% ALK -0.26% JBLU -0.3% SAVE +0.94% HA +0.8%

Earnings/Guidance

  • CSX (CSX -2.4%) reports Q4 earnings of $0.49 per share, in-line with the consensus of $0.49; revenues rose 2.8% year/year to $2.86 bln (excluding the extra week, $3.04 bln including it) vs the $2.86 bln consensus.
    • Comparable (excluding the extra week) volume down 1% (-2% intermodal, +3% coal, -2% merchandise).
    • Q1 EPS growth expected to be low-to-mid teens year-over-year in-line with consensus +13.5% to $0.42/share.
  • United Continental (UAL +0.4%) reports Q4 earnings of $1.78 per share vs. $1.73 consensus; revenues rose 0.2% year/year to $9.05 bln vs the $9.04 bln consensus.
    • Passenger revenue per available seat mile (PRASM) decreased 1.6% and consolidated yield decreased 1.2%. This outperformance versus the co's initial guidance (raised guidance to down 1.25-1.75% from down 3-4% on Jan 10) was due to stronger close-in bookings and yields in November and December. For the full-year 2016, consolidated PRASM declined 5.4% compared to the prior year driven by factors including a strong U.S. dollar, lower surcharges, reductions from energy-related corporate travel, and declining yields.
    • Sees Q1 PRASM -1% to +1%; adj. pre-tax margin 0.5-2.5%; capacity +1-2%
    • Sees FY17 capacity +1-2%; unit costs +3.5-4.5%, cap-ex $4.2-4.4 bln. 
    • Mgmt notes that unit revenue visibility is inherently low — performance is on par with Delta (DAL %) — after analyst suggested UAL was lagging in unit rev trends.
  • Fastenal (FAST +5.8%) reports Q4 earnings of $0.40 per share vs. the $0.38 consensus; revenues rose 2.7% year/year to $947.9 mln vs the $951.83 mln consensus.

News

  • Federal-Mogul (FDML +1.2%): Icahn Enterprises (IEP +0.5%) extends tender offer to tonight at midnight. 
  • EnerNOC (ENOC +0.9%) signs a 4-year multi-mln dollar demand response contract with FirstEnergy (FE -0.2%). 

Broker Research

 

Upgrades

  • TransUnion (TRU +0.9%) upgraded to Overweight from Equal-Weight at Morgan Stanley.
  • Volvo (VLVLY -0.2%) upgraded to Buy from Hold at Jefferies

Downgrades

  • Equifax (EFX -0.9%) downgraded to Equal-Weight from Overweight at Morgan Stanley
  • Verisk Analytics (VRSK -0.9%) downgraded to Equal-Weight from Overweight at Morgan Stanley.
  • Fortress Transportation and Infrastructure (FTAI -1.3%) downgraded to Outperform from Strong Buy at Raymond James.

Other

  • Ampco-Pittsburgh Corp. (AP -0.7%) initiated with a Neutral at Janney.
  • Union Pacific (UNP +0.8%) initiated with a Neutral at Buckingham Research.
  • KC Southern (KSU +1%) initiated with a Buy at Buckingham Research.
  • Norfolk Southern (NCS +0.8%) initiated with a Neutral at Buckingham Research. 
  • Scorpio Bulkers (SALT +5%) upgraded to Buy from Hold at Evercore.
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 Sector Summary: S&P Consumer Discretionary Index -0.3%, underperforming the broader marketThe consumer discretionary group is underperforming the broader market. The retail group is also in the red with the Retail HOLDRS Trust (RTH) -0.6% and the SPDR S&P Retail ETF (XRT) -0.5%.

Notable earnings/guidance

  • Trading higher following earnings/guidance
    •  BURBY 2.4% (Burberry plc reports Q3 sales update; reaffirms FY17 outlook)
  • Lower following earnings/guidance
    • PSO -29.1% (Pearson Plc provides FY16 trading statement; sees EPS above expectations; sees FY17 below consensus)
    • ASNA -5.9% (Ascena Retail Group guides Q2 EPS & net sales in-line with Consensus in presentation slides for an Investor Day & Teleconference)
    • TGT -5.1% (Target Comparable store sales November/December -1.3%; lowers Q4 guidance)
    • BGFV -5.3% (Big 5 Sports raises Q4 EPS guidance; sees Q4 revs slightly below consensus; Q4 comps +3.1%)

Earnings/guidance secondary plays:

  • Retail sector is under pressure today after disappointing guidance from TGT / ASNA / BGFV.
  • A few names trading notably lower include: TUES -7% (continued weakness following guidance; also downgraded to Hold from Accumulate at Johnson Rice), PIR -3.4%, M -2.9%, COLM -2.8%, DXLG -2.8%, DLTR -2.4%, CTRN -2.3%, VRA -2.2%, HBI -2.1%, FOSL -1.7%, GPS -1.9%, GES -1.4%, TCS -1.6%, ZUMZ -2%, PVH -1.5%, PERY -1.6%, CONN -1.6%, KIRK -1.6%, BKE -1.2%, SSI -1.2%, WWW -1.4%, JCP -1.6% (downgraded to Underperform from Neutral at Credit Suisse), KSS -1.5% (downgraded to Underperform from Neutral at Credit Suisse), CROX -1.3%, SHOO -1.3%, JWN -1.1% (lower despite being upgraded to Outperform from Neutral at Credit Suisse)
In the news:
  • LeadersNXST 1.1% (Nexstar completes Media General acquisition and related divestitures; increases pro-forma average annual free cash flow guidance for the 2016/2017 cycle to approx. $565 mln vs prior guidance of $540 mln), GTN 2.6% (reaches agreement in principle with Dish Network)
  • LaggardsTIME -1.8% (Hearst Company not planning on purchasing publications unit, according to NY Post)
  • Nearly unchangedDPZ (Lemelson Capital Management releases 2016 performance results for The Amvona Fund; confirms 'substantially' increased its short position in Domino's Pizza)
Analyst related:
  • Upgrades: DECK +2% (upgraded to Buy from Neutral at Buckingham), BURL 0.1% (upgraded to Outperform from Neutral at Credit Suisse), 
  • DowngradesDIS flat (downgraded to Underperform from Market Perform at BMO Capital), TIF -0.2% (downgraded to Neutral from Overweight at Atlantic Equities)
  • MiscAZO -0.8% (initiated with a Buy at Guggenheim), AAP 0.4% and ORLY 0.4% (initiated with a Neutral at Guggenheim), EXPE -0.4% (initiated with a Strong Buy at Miller Tabak), PCLN -0.6% (initiated with a Buy at Miller Tabak), TRIP 0.3% (initiated with a Hold at Miller Tabak)
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 European Markets Closing PricesEuropean markets are now closed; stock markets across Europe performed as follows:
  • UK's FTSE: + 0.4%
  • Germany's DAX: + 0.5%
  • France's CAC: -0.1%
  • Spain's IBEX: -0.1%
  • Portugal's PSI: + 0.2%
  • Italy's MIB Index: + 0.3%
  • Irish Ovrl Index: -0.4%
  • Greece ASE General Index: + 0.2%
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 Hearing China Life Insurance was upgraded premarket to Outperform from Neutral at Credit Suisse  (14.08 +0.40)
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 Market Internals

The broader market is mixed into midday, with the Nasdaq Composite leading action higher, now up 6 points (+0.10%) to 5544, the S&P 500 is also in the green, higher by less than a point though (+0.02%) to 2268, and the Dow Jones Industrial Average lags, down about 47 (-0.24%) to 19779. Action has come on lower than average volume (NYSE 287 vs. avg. of 346; NASDAQ 757 mln vs. avg. of 808), with advancers outpacing decliners (NYSE 1620/1328, NASDAQ 1449/1242) and new highs outpacing new lows (NYSE 73/11, NASDAQ 56/21).

Relative Strength:

Steel-SLX +2.6%, Metals&Mining-XME +2.2%, Base Metals-DBB +1.3%, Semis-SMH +1.3%, Hong Kong-EWH +1.0%, Sugar-SGG +1.0%, China Lg.-Cap-FXI +0.8%, Insurance-KIE +0.8%, Peru-EPU +0.6%, US Basic Materials-IYM +0.6%, Vietnam-VNM +0.5%, Russia-RSX +0.5%, Turkey-TUR +0.3%, Sweden-EWD+0.2%.

Relative Weakness:

Brazil-BZF -2.5%, Egypt-EGPT -1.8%, US Nat Gas-UNG -1.6%, Cocoa-NIB -1.4%, Infrastructure-GRID -1.4%, US Gasoline-UGA -1.2%, S. Korea-EWY -1.1%, US Oil-USO -1.1%, Mexico-EWW -1.0%, Canadian Dollar-FXC -0.9%, Canada-EWC -0.9%, 20+ Yr. Treas. Bond-TLT -0.9%, Colombia-GXG -0.8%, US Healthcare Prob.-IHF -0.7%

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 Volume alert: YY pops above the 44-level on increased volume  (44.75 +1.71)
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 YY higher by 4.4%; strength attributed to positive mention at GeoInvesting  (44.85 +1.82)
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 Earnings Calendar for Wednesday, January 18th
  • Today after the close look for the following companies to report:
    • KMI, NFLX, CP, PLXS, FUL, CLC, PTC, WTFC, SLM, FNB, CNS, CVBF, EGBN
  • Tomorrow before the open look for the following companies to report:
    • UNP, BK, PPG, BBT, KEY, MTB, CHKP, KCG, GATX, SBNY, MTG, WBS, TAL, WNS, HOMB, IIIN, SASR
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  Rumor Round Up

Rumor Activity was active today.

  • NY Post detailed that Hearst Company not planning on purchasing publications of Time (TIME 18.23 -0.33).
  • Hartford Financial (HIG 49.29 +0.75) M&A speculation circulated.
  • WSJ reported that the NY AG might investigate Nationstar Mortgage's (NAVI 15.73 -0.04) servicing practices.
  • Reuters reported that Credit Suisse (CS 15.17 -0.33) is said to have contacted some analysts and caution them about certain aspects of the company's upcoming Q4 report.
  • Juno Therapeutics (JUNO 19.89 +0.81) M&A speculation circulated.
  • Onebeacon (OB 16.31 +1.15) strength attributed to report that company is considering options.
  • WSJ details that Cosco (SINO 3.16 +0.07) is in discussions to purchase Orient Overseas for $4 billion.

While many rumors circulate during the day, and the validity of the source of these rumors can be questionable, the speculation may increase volatility in the near term.

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