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Блог компании DayTraderClub | Америка сегодня. Предварительные данные по доверию потребителей и цены на экспорт-импорт.

Индексы цен на экспорт и импорт в Америке продолжают развитие годового растущего тренда. Рост индекса импортных цен выглядит более уверенно, в экспорте наблюдаются небольшие перепады. Прирост в индексе цен на экспорт ожидается 0.1% против 0.2% в индексе цен на импорт:
Америка сегодня. Предварительные данные по доверию потребителей и цены на экспорт-импорт.
Америка сегодня. Предварительные данные по доверию потребителей и цены на экспорт-импорт.


Аналитики с большей уверенностью начинают рассматривать эти движения как новую растущую волну десятилетних циклов:
Америка сегодня. Предварительные данные по доверию потребителей и цены на экспорт-импорт.
Америка сегодня. Предварительные данные по доверию потребителей и цены на экспорт-импорт.


В потребительском секторе ожидается, что предварительные данные по доверию потребителей от университета Мичиган подтвердят сложившуюся оптимистичную пятилетнюю картину:
Америка сегодня. Предварительные данные по доверию потребителей и цены на экспорт-импорт.


Все новости: 
Америка сегодня. Предварительные данные по доверию потребителей и цены на экспорт-импорт.
Данные: DTC News, Briefing, Interactive, Economics, Public Sources

  Gran Tierra Energy upgraded to Outperform from Neutral at Credit Suisse  (2.56)
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  Control4 upgraded to Outperform from Mkt Perform at Raymond James  (11.57)
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  Twitter downgraded to Sell from Neutral at UBS  (16.41)
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  Twitter downgraded to Sell from Neutral at Citigroup  (16.41)
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  MarineMax initiated with a Buy at Citigroup; tgt $26  (21.00)
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  Overnight Summary — World markets remain afloat overnight backed by strong Chinese Trade Data
  • Most of the global equity markets are trading higher again this morning, with S&P up a couple of points heading into the open. The Nikkei was the darling of the night, posting a gain of 2.5%.
  • Japan's benchmark blasted off right after the open and continued to increase in altitude with the buyers embracing equities after the significant drop in the yen against the dollar yesterday. As expected, exporters benefitted greatly by this. The auto sector took back yesterday's losses and then some with both Toyota and Honda gaining over 3% on the day.
  • The Shanghai closed the week on a high note, finishing the day up 0.4% higher. The market was supported by strong Trade Data for January. Although the headline beat was considerable, both Imports and Exports blew away expectations. Probably the most impressive component was the 15.9% growth in Exports, exceeding the +5.2% consensus.
  • In Europe, the major bourses are attempting to extend its winning streak to 4-days, although the indices have pulled back from earlier highs. The strength out of the gate stemmed from the robust Trade Data from China, which considerable as China is Europe's largest trading partner.
  • Crude oil is ~1% higher this morning. The release of the monthly IEA report provided the spark, after the report indicated OPEC crude production fell 1% in January with Saudi Arabia cut supply more than required. The report also rose its demand expectations for the 3rd straight month for the 2016 calendar year.

Market Updates:

  • S&P Futures vs Fair Value: +2.00 
  • 10 yr Note: 2.4126% 
  • USD/JPY: 113.50 +0.28 
  • EUR/USD: 1.0644 -0.0007
  • Europe: FTSE +0.3% DAX +0.2% CAC +0.1% 
  • Asia: Hang Seng +0.2% Shanghai +0.4% Nikkei +2.5% 
  • Commodities: Gold (1227.90 -8.90) Silver (17.60 -0.14) crude (503.46 +0.46) 

US Econ Data

  • January Export/Import Prices (8:30am)
  • February Michigan Sentiment- Prelim (10am)
  • January Treasury Budget (2pm)
  • Sat- Fed's Fischer speaks (7:30am)
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  Twitter downgraded to Hold from Buy at Deutsche Bank  (16.41)
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  Immunomedics shares spike 42% following entry into exclusive global licensing agreement with Seattle Genetics (SGEN)  (4.30) 
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  Golub Capital downgraded to Mkt Perform from Outperform at Raymond James  (18.65)
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  MTS Systems downgraded to Neutral from Overweight at JP Morgan  (57.50)
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  QEP Resources upgraded to Outperform at Wells Fargo  (16.93)
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  Williams Partners initiated with a Buy at Deutsche Bank  (40.84)
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  Discovery, AMC Networks (AMCX), Williams Cos (WMB) initiated with Hold ratings at Deutsche Bank  (27.96)
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  Cerner downgraded to Perform at Oppenheimer  (53.88)
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  Enerplus upgraded to Outperform from Market Perform at BMO Capital Markets  (8.81)
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  Knight Transportation, WERN, CGI, LSTR upgraded to Hold ratings at Stifel  (32.65)
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  Marten Transport, HTLD also upgraded to Hold ratings at Stifel  (22.30)
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  Spectrum Pharma resumed with a Buy at Jefferies  (5.12)
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  Jack In The Box upgraded to Buy at SunTrust  (108.56)
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  Medidata Solutions upgraded to Buy from Neutral at SunTrust  (55.80)
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  Intel downgraded to Hold from Buy at Canaccord Genuity  (35.46)
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  Tesaro downgraded to Mkt Perform from Outperform at Leerink Partners  (186.91)
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  LyondellBasell downgraded to Neutral from Positive at Susquehanna  (92.24)
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  Reynolds American downgraded to Market Perform at Cowen  (60.54)
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  Biostage prices public offering with expected total gross proceeds of approx. $8.0 mln at $0.40/share  (0.51)
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 Rayonier downgraded to Neutral at DA Davidson  (29.14)
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 Pinnacle initiated with a Hold at SunTrust; tgt $17  (16.09)
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  Golden Entertainment upgraded to Buy from Neutral at SunTrust  (11.47)
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  Boyd Gaming initiated with a Buy at SunTrust; tgt $24  (20.86)
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  Penn Natl Gaming initiated with a Hold at SunTrust; tgt $14  (14.24)
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  Yelp target raised to $37 at Wedbush — Marketing investments likely to limit margin expansion in FY17  (41.49)Wedbush raises their YELP tgt to $37 from $35 following Q4 earnings. Firm believes YELP maintains the top platform for user-generated reviews and discovery of local businesses. They remain on the sidelines as they believe valuation accurately reflects the current growth outlook.
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  Dunkin Brands target raised to $54 at Wedbush   (54.13)Wedbush raises their DNKN tgt to $54 from $49 following Q4 earnings. Firm believes Dunkin's current valuation properly reflects its large domestic and int'l growth opportunities, as well as the advantages of its franchised model, offset by int'l and U.S. comp challenges. Although mgmt. has indicated new store volumes in new markets continue to exceed their expectations, the volumes have not translated into the historical 25-30% cash-on-cash returns. The 2015 West & Emerging cohort delivered 18-20% CoC returns. Firm remains skeptical as to the CoC return improvement that can be achieved given our expectation for lower volumes post-honeymoon, higher and rising cost structures, and less brand loyalty. They also continue to believe that given continued SSS growth under-performance and declining CoC returns, risk to long-term DD U.S. unit growth guidance exists. 2017 guidance is for 4% growth, below 5% long-term guidance.
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  Asian Markets Close: Nikkei +2.5%, Hang Seng +0.2%, Shanghai +0.4%

Equity indices in the Asia-Pacific region ended the week on a higher note with Japan's Nikkei (+2.5%) setting the pace. The Bank of Japan stepped up its bond purchases by JPY20 billion in order to curtail rising longer-term yields. Prime Minister Shinzo Abe will be meeting with President Donald Trump this weekend. On a separate note, better than expected trade data from China also contributed to the upbeat sentiment.

  • In economic data:
    • China's January trade surplus $51.35 billion (expected surplus of $47.90 billion; last surplus of $40.71 billion). January Imports +16.7% year-over-year (expected 10.0%; last 3.1%) and Exports +7.9% year-over-year (consensus 3.3%; previous -6.2%)
    • Japan's January PPI +0.6% month-over-month (expected 0.2%; last 0.6%); +0.5% year-over-year (consensus 0.0%; last -1.2%). Tertiary Industry Activity Index -0.4% month-over-month (expected -0.1%; last 0.3%)
    • Australia's December Home Loans +0.4% month-over-month (expected 1.0%; last 1.3%) and December Invest Housing Finance -1.0% month-over-month (last 4.9%)

---Equity Markets---

  • Japan's Nikkei spiked 2.5% to end the week with a 2.4% gain. Tokai Carbon surged 14.9% while Yamaha Motor, Yokohama Rubber, Toshiba, Okuma, Mazda Motor, Hino Motors, JTEKT, and Fuji Heavy Industries posted gains between 4.3% and 7.7%.
  • Hong Kong's Hang Seng added 0.2%, extending its weekly gain to 1.9%. Financials and energy-related names had a good showing with PetroChina, CNOOC, and China Petrol & Chemical posting gains between 0.8% and 2.0% while Bank of East Asia, HSBC, Bank of China, and Hang Seng Bank advanced between 0.7% and 1.3%.
  • China's Shanghai Composite rose 0.4%, ending the week higher by 1.8%. Guanghui Energy, Huaxin Cement, Lingyuan Iron & Steel, and Ningxia Building Materials Group climbed between 6.2% and 10.0%.
  • India's Sensex settled just above its flat line, locking in a 1.6% gain for the week. Tata Consultancy, Infosys, and Wipro rose between 0.5% and 3.1% while ITC fell 1.6%. Financials were mixed with AXIS Bank, HDFC Bank, and SBI adding between 0.2% and 0.7% while ICICI Bank lost 1.2%.

---FX---

  • USDJPY +0.2% to 113.47
  • USDCNY +0.2% to 6.8797
  • USDINR +0.2% to 66.898
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  Sierra Wireless upgraded to Overweight at First Analysis Sec; tgt $27  (18.65)First Analysis Sec upgrades SWIR to Overweight from Equal-Weight and sets target price at $27 on the belief cost and expense control has improved to an extent that the overall middling demand envm't they model (and perhaps further quarterly top-line surprises they still think likely but don't model) will provide a solid enough backdrop for some meaningful bottom-line improvement over the next few years.
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  STORE Capital upgraded to Buy at Ladenburg Thalmann  (24.39)
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  VCA downgraded to Hold from Buy at The Benchmark Company  (90.78)
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  Ford Motor upgraded to Hold from Underperform at Jefferies; tgt raised to $12 from $10  (12.38)
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  Prudential downgraded to Neutral afrom Overweight t Atlantic Equities  (108.39)
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  Infinera upgraded to Buy from Neutral at Instinet  (9.40)
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  TreeHouse Foods among stocks with favorable commentary on Thursday's Mad Money  (84.99)

Stocks with favorable mention: ACC, AGCO, AGN, ALK, CMI, COST, DOW, FB, GOOGL, HON, JPM, LUV, MMM, PEP, REVG, SAP, SHOP, THO, THS

Stocks with unfavorable mention: ADM, EMR, KNOP, KO, NAK, TWTR

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 Twitter downgraded to Underweight from Neutral at Atlantic Equities  (16.41)
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  AltaGas upgraded to Outperform from Neutral at Macquarie  (23.45)
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  CSX upgraded to Mkt Outperform at Avondale  (47.75)
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 MEG Energy upgraded to Outperform at Raymond James  (4.80)
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  Zayo Group Holdings downgraded to Underperform at FBR & Co. on weak organic outlook; tgt lowered to $25  (30.79)FBR & Co. downgrades ZAYO to Underperform from Mkt Perform and lowers their tgt to $25 from $30. The lack of an enterprise sales force is a concern; and, despite synergy potential between ELI and Allstream, rev at ZAYO Canada remains weak, and the business may need to restructure. Firm's checks indicate that, similarly to the decision by TELUS to build, versus buy, fiber from ZAYO in Canada, VZ's issuance of a 20- to 30-city, two-year, fiber RFP buildout may affect ZAYO's potential rev opportunity and may provoke competitive fiber responses from cable cos. Also, they see these as significant headwinds against ZAYO's achieving $3M in net installs organically. They think the company will rely more on M&A to drive long-term growth, as the organic business does not appear to be able to sustain the momentum it has enjoyed over the last few years.
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  Bright Horizons downgraded to Market Perform from Outperform at William Blair  (71.47)               
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  Cerner downgraded to Mkt Perform from Mkt Outperform at Avondale  (53.88)
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  Twitter downgraded to Sell from Hold at Loop Capital  (16.41)
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  Yum! Brands downgraded to Neutral from Buy at Longbow  (67.39)
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  Alamos downgraded to Sector Perform at RBC Capital Mkts; tgt raised to $9  (8.60)RBC Capital Mkts downgrades AGI to Sector Perform from Outperform and raises their tgt to $9 from $8.50 given modest upside to their increased price target of $9, valuation in context of past trading range and relative valuation to peers at current/historical levels. While firm remains constructive on the company's underlying fundamentals/long-term prospects, they believe shares are fairly valued and would look for a more attractive entry point.
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  Brookfield Asset Mgmt downgraded to Outperform at RBC Capital Mkts; tgt raised to $41  (36.72)RBC Capital Mkts downgrades BAM to Outperform from Top Pick and raises their tgt to $41 from $40. Brookfield Asset Management («BAM») posted strong Q4/16 results, which capped-off a good year overall. Modest upward revisions to key estimates underpin a $1 increase in their Target (to $41) and they remain highly constructive on BAM's business model and competitive advantages. Having risen 11% (already) this year, the relative return outlook for the shares warrants a ratings change to Outperform from Top Pick.
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  ArcelorMittal upgraded to Buy from Neutral at BofA/Merrill  (8.24)
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  Costco initiated with a Positive at Susquehanna; tgt $192  (170.96)
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  Dillard's initiated with a Neutral at Susquehanna; tgt $60  (57.29)
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  J. C. Penney initiated with a Positive at Susquehanna; tgt $8.50  (7.07)
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  Nordstrom initiated with a Neutral at Susquehanna; tgt $47  (45.55)
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  Kohl's initiated with a Neutral at Susquehanna; tgt $41  (42.10)
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  Macy's initiated with a Neutral at Susquehanna; tgt $31  (32.37)
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 On The Wires
  • Effective February 9, 2017, STERIS plc (STE) completed the divestiture of Synergy Health Textiel Service B.V. and its subsidiaries, STERIS's remaining linen business, with a buy-out by that business's current management team. Terms of the transaction have not been disclosed. STERIS's fiscal 2017 revenues will be reduced by approximately $14 million as a result of this transaction with no impact on profitability.
  • Hannon Armstrong Sustainable Infrastructure Capital (HASI) announced a $144 million investment to acquire over 4,000 acres of land that is leased under long-term contracts to over 20 individual solar projects with investment grade off-takers. The projects have an aggregate capacity of over 690 megawatts direct current.
  • RAVE Restaurant Group (RAVE) today announced that it has extended the shareholder rights offering for up to $3,000,000 of its 4% Convertible Senior Notes due 2022 from the previous expiration date of February 13, 2017, until 5:00 p.m., Dallas, Texas time, on Friday, February 24, 2017. Shareholders desiring to exercise.
  • Sundance Energy (SNDE) reports proved reserves as December 31, 2016 of 33.8 MMboe, +29% Y/Y.Proved undeveloped reserves increased by 37% to 20.5 MMboe as of December 31, 2016 reflecting continued development of Sundance's acreage. Sundance's proved reserves were 39% proved developed producing and 79% liquids (61% oil). Proved reserves revisions, extensions, discoveries and other additions of 8.3 MMboe during the year equate to a reserve replacement ratio of ~358%. Sundance's finding & development cost (F&D) for proved developed producing reserves was $12.31 per barrel of oil equivalent (boe) for the year ended December 31, 2016.
  • On February 8, 2017, Acorda Therapeutics (ACOR) entered into a settlement agreement with Apotex Corporation and Apotex to resolve pending patent litigation brought by the Company against Apotex involving Ampyra (dalfampridine) Extended-Release Tablets. The pending patent litigation was filed by the Company in the U.S. District Court for the District of Delaware in response to Apotex's submission of an Abbreviated New Drug Application to the FDA, seeking marketing approval for a generic version of Ampyra. As a result of the settlement agreement, Apotex will be permitted to market a generic version of Ampyra in the United States at a specified date in 2025, or potentially earlier under certain circumstances. Details of the settlement are confidential, and the parties will submit the agreement to the Federal Trade Commission and the Department of Justice, as required by federal law.
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  Ross Stores initiated with a Positive at Susquehanna; tgt $80  (68.17)
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  Big Lots initiated with a Neutral at Susquehanna; tgt $55  (52.97)
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  Sears Holdings initiated with a Negative at Susquehanna; tgt $4  (5.54)
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  Target initiated with a Neutral at Susquehanna; tgt $70  (66.41)
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  TJX initiated with a Positive at Susquehanna; tgt $92  (76.11)
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  Wal-Mart initiated with a Positive at Susquehanna; tgt $80  (69.08)
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 European Markets Update: FTSE +0.3%, DAX +0.2%, CAC -0.1%

Major European indices trade in mixed fashion with Italy's MIB (-0.9%) showing relative weakness. The first half of today's session has been shaky, even though Reuters reported that IMF and eurozone officials have agreed on a common stance on Greece. According to the report, Greece will be asked to assume EUR1.80 billion in new measures until 2018, followed by another EUR1.80 billion after 2018. Greece's 10-yr yield has fallen 38 basis points to 7.33%.

  • In economic data:
    • UK's December trade deficit GBP10.89 billion (expected deficit of GBP11.50 billion; last deficit of GBP11.56 billion). December Industrial Production +1.1% month-over-month (expected 0.2%; last 2.0%); +4.3% year-over-year (consensus 3.2%; previous 2.2%). December Manufacturing Production +2.1% month-over-month (expected 0.5%; last 1.4%); +4.0% year-over-year (consensus 1.8%; last 1.7%). December Construction Output +1.8% month-over-month (expected 1.0%; last 0.4%); +0.6% year-over-year (consensus -0.5%; last 1.8%)
    • France's Q4 Nonfarm Payrolls +0.4% quarter-over-quarter (expected 0.3%; last 0.3%) and December Industrial Production -0.9% month-over-month (expected -0.7%; last 2.4%)

---Equity Markets---

  • UK's FTSE is higher by 0.3% with miners and select financials among the leaders. Anglo American, Antofagasta, Rio Tinto, Glencore, and BHP Billiton are up between 1.7% and 3.6% while Direct Line Insurance, Old Mutual, Standard Life, Prudential, and Hargreaves Lansdown show gains between 0.7% and 1.8%.
  • Germany's DAX trades up 0.2% amid gains in more than half of its components. Growth-sensitive names like Thyssenkrupp, Heidelbergcement, Continental, Volkswagen, and Infineon hold gains between 0.7% and 2.0%. On the downside, Commerzbank and Deutsche Bank are down 2.5% and 1.1%, respectively.
  • France's CAC is lower by 0.1%. Financials trail the broader market with Societe Generale, BNP Paribas, and AXA showing losses between 0.3% and 2.0%. On the upside, automakers Peugeot and Renault show respective gains of 0.7% and 1.6% while ArcelorMittal leads with a 5.9% gain.
  • Italy's MIB has given up 0.9% with financials leading the slide. Banca Pop Emilia Romagna, Banco Bpm, Mediobanca, Intesa Sanpaolo, and UBI Banca are down between 1.1% and 8.1%.
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  Early premarket gappersGapping up: IMMU +25.6%, INFN +17%, AVEO +16%, CTRL +15%, SKX +11.4%, HDP +10.1%, QUOT +10.1%, CBR +9.4%, ATVI +9%, TRVG +8.6%, ASYS +8.1%, SWIR +7.5%, RPD +7.5%, ATEN +7%, ELLI +5.5%, MJN +4.9%, CPN +4.7%, ICHR +4.5%, COLM +4.4%, VALE +4%, TLND +3.9%, NE +3.9%, HXL +3.4%, FLR +3.3%, ARCW +3.2%, RGC +3.2%, INVA +2.7%, FCX +2.5%, MT +2.4%, AMD +2.1%, PBR +2.1%, JCOM +2%, LPLA +1.9%, VRSN +1.8%, ESNT +1.7%, CPST +1.6%, NWSA +1.6%, RIO +1.5%, NVDA +1.5%, CCJ +1.4%, AVGO +1.3%, GFI +1.2%, HAL +1.2%, NR +1.2%, HMY +1.1%, REGN +1%, RIG +0.8%, AON +0.7%, CHK +0.6%, MIME +0.6%

Gapping down: RSYS -15.3%, ONVO -15.1%, TCON -12.4%, YELP -9.1%, BTX -9%, NDLS -9%, UBNT -8.1%, CATM -7.3%, MX -6.6%, IPAS -6.3%, CLF -6.2%, SGEN -5.6%, MCFT -5%, CYBR -4.4%, CERN -4.1%, ZNGA -4%, ZAYO -3.9%, APTI -3.2%, SANW -3.2%, MPWR -2.6%, ALDW -2.6%, EGAN -2.4%, CS -1.8%, P -1.8%, TBBK -1.7%, TWTR -1.6%, DB -1.5%, CARB -1.4%, MHK -1.3%, LYG -1.2%, NVO -1.1%, NBIX -0.8%, TEVA -0.8%
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  Investors got the point: This wasn’t the quarter for truckload. Upgrading 6 truckload names from Sell to Hold — Stifel  (32.65)

Stifel notes expectations of every possible benefit in the world had seemingly been modeled in and discounted over no time at all. This had come at a time when many, if not all truckload carriers had been griping about shorter and shallower peak season volumes moving into 4Q16 earnings season. Nonetheless, earnings expectations looked fairly generous. To date, 9 of the truckload carriers have reported 4Q16 results. On average EPS was down over 30% y/y, against a 4Q15 comparable which was already reflecting weakness in the truckload market. Analysts across the Street for each of these cos have adjusted ests down a couple of additional notches on top of the already downwardly revised ests. So, as expected, despite analysts and investors not expecting much, for the most part, each of the truckload names failed to overcome their expectations for a difficult 4Q16.

Names which move to Hold from Sell: KNX, WERN, MRTN, CGI, LSTR, HTLD

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  Starbucks downgraded to Hold from Buy at Argus  (55.81)
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  Veeco Instruments upgraded to Buy at BofA/Merrill  (24.85)
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  FB Financial upgraded to Buy from Hold at Sandler O'Neill  (26.32)
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 Overnight Treasury Summary

Treasuries Slip as European Data Surprises on Upside

  • U.S. Treasuries sit near three-day lows this morning as the reflation trade (stocks and commodities up, government bonds and precious metals down) advances after taking a beating in the beginning of the week. International data releases showed that industry in the U.K. continues to benefit from better terms of trade (a weaker pound) and year-on-year industrial production growth both there and in Italy is now running at a five-year high. China reported that both exports and imports grew faster than expected in January and its trade surplus widened to a five-month high. Producer price inflation in Japan ran hotter than expected in January but recent strengthening in the yen will pose a downside risk for the Bank of Japan reaching its inflation target. The S&P 500 is set to open up 0.11% to 2,310.5 and the U.S. Dollar Index is adding 0.19% at 100.84. Gold is losing 0.80% to $1,227/troy oz. and WTI crude is up 1.47% to $53.78/bbl.
  • Yield Check:
    • 2-yr: unch at 1.19%
    • 5-yr: +2 bps to 1.89%
    • 10-yr: +2 bps to 2.42%
    • 30-yr: +2 bps to 3.02%
  • International News:
    • China's trade surplus widened more than expected to $51.35 bln in January from $40.71 bln in December
      • Exports grew faster than expected (16.7% y/y) vs. 3.1% prior) as did imports (7.9% y/y vs. -6.2% prior)
    • Japan's Tertiary Industry Activity Index fell 0.4% m/m in December, reversing November's rise of 0.3%. Analysts expected a smaller decline
      • Japan's producer price index grew by 0.6% m/m in January (0.5% y/y), beating forecasts and matching December's growth rate
    • In Australia, home loans increased by 0.4% m/m in December, missing forecasts and slowing from November's 1.3% growth
    • Indian industrial production fell 0.4% m/m in December, missing estimates after a 5.7% surge in November
    • In the U.K., manufacturing production jumped 2.1% m/m in December (4.0% y/y), beating both expectations and November's 1.4% growth
      • Industrial production, which adds in mining and utility output to manufacturing production, increased by 1.1% m/m in December (4.3% y/y, a five-year high). Economists had expected a bigger slowdown after November's 2.0% increase
      • Construction output was up 1.8% m/m (0.6% y/y), also exceeding estimates after 0.4% growth in November
      • The U.K.'s trade deficit narrowed more than expected in December to GBP10.89 bln from GBP11.56 bln in November
    • In France, nonfarm payrolls grew by 0.4% q/q in the fourth quarter, exceeding both expectations and Q3's 0.3% pace
      • Industrial production fell by a worse-than-expected 0.9% m/m in December after 2.4% growth in November
    • In Italy, industrial production was up 1.4% m/m in December (6.6% y/y), beating estimates and November's 0.8% rise
      • The year-on-year growth (6.6%) was the best since August of 2011, when the doom loops of higher yields and lower growth threatened to break up the eurozone
  • Data out Today:
    • January Export Prices ex-agriculture and Import Prices ex-oil (08:30 ET)
    • February Michigan Sentiment — Preliminary (10:00 ET)
    • January Treasury Budget (14:00 ET)
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 Blackbaud downgraded to Hold from Buy at Wunderlich  (70.40)
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 X
  S&P futures vs fair value: +4.30. Nasdaq futures vs fair value: +9.90.

After the major U.S. averages finished at record highs yesterday, most global markets and U.S. futures have maintained the positive posture this morning. The S&P 500 futures trade four points (+0.2%) above fair value.

U.S. Treasuries have extended Thursday's losses this morning. The benchmark 10-yr yield is two basis points higher at 2.41%.

Meanwhile, crude oil is up 1.6% at $53.83/bbl amid reports that initial OPEC supply cut compliance reached a record high. The 11 OPEC members with production targets under the deal complied with a record 92.0% of the targeted volume in January, according to Reuters.

On the data front, investors will receive January Export/Import Prices at 8:30 am ET, February Michigan Sentiment Index (Briefing.com consensus 97.9) at 10:00 am ET, and January Treasury Budget at 2:00 pm ET.

In U.S. corporate news:

  • NVIDIA (NVDA 118.30, +1.92): +1.7% after beating top and bottom line expectations and issuing positive guidance. 
  • Activision Blizzard (ATVI 43.50, +3.77): +9.5% after reporting better than expected revenues, raising its dividend, and announcing $1 billion buyback.
  • Skechers (SKX 25.90, +2.62): +11.3% after beating revenue estimates and issuing upbeat revenue guidance for the first quarter.
  • YELP (YELP 37.50, -3.99): -9.6% after below-consensus guidance overshadowed better than expected earnings per share.
  • Columbia Sportswear (COLM 55.62, +2.33): +4.4% after upbeat earnings results outweighed a miss on revenues and below-consensus guidance.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended the week on a higher note with Japan's Nikkei setting the pace. Japan's Nikkei +2.5%, Hong Kong's Hang Seng +0.2%, China's Shanghai Composite +0.4%, India's Sensex unch.
    • In economic data:
      • China's January trade surplus $51.35 billion (expected surplus of $47.90 billion; last surplus of $40.71 billion). January Imports +16.7% year-over-year (expected 10.0%; last 3.1%) and Exports +7.9% year-over-year (consensus 3.3%; previous -6.2%)
      • Japan's January PPI +0.6% month-over-month (expected 0.2%; last 0.6%); +0.5% year-over-year (consensus 0.0%; last -1.2%). Tertiary Industry Activity Index -0.4% month-over-month (expected -0.1%; last 0.3%)
      • Australia's December Home Loans +0.4% month-over-month (expected 1.0%; last 1.3%) and December Invest Housing Finance -1.0% month-over-month (last 4.9%)
    • In news:
      • The Bank of Japan stepped up its bond purchases by JPY20 billion in order to curtail rising longer-term yields. Prime Minister Shinzo Abe will be meeting with President Donald Trump this weekend.
      • On a separate note, better than expected trade data from China also contributed to the upbeat sentiment.
  • Major European indices trade in mixed fashion with Italy's MIB showing relative weakness. UK's FTSE +0.3%, Germany's DAX +0.2%, France's CAC -0.1%, Italy's MIB -0.9%.
    • In economic data:
      • UK's December trade deficit GBP10.89 billion (expected deficit of GBP11.50 billion; last deficit of GBP11.56 billion). December Industrial Production +1.1% month-over-month (expected 0.2%; last 2.0%); +4.3% year-over-year (consensus 3.2%; previous 2.2%). December Manufacturing Production +2.1% month-over-month (expected 0.5%; last 1.4%); +4.0% year-over-year (consensus 1.8%; last 1.7%). December Construction Output +1.8% month-over-month (expected 1.0%; last 0.4%); +0.6% year-over-year (consensus -0.5%; last 1.8%)
      • France's Q4 Nonfarm Payrolls +0.4% quarter-over-quarter (expected 0.3%; last 0.3%) and December Industrial Production -0.9% month-over-month (expected -0.7%; last 2.4%)
    • In news:
      • Reuters reported that IMF and eurozone officials have agreed on a common stance on Greece. According to the report, Greece will be asked to assume EUR1.80 billion in new measures until 2018, followed by another EUR1.80 billion after 2018. Greece's 10-yr yield has fallen 38 basis points to 7.33%.
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  JetBlue Airways reports January traffic; January prasm -8.5% Y/Y, RPMs +8.6% Y/Y, ASMs +7.7% Y/Y, Load factor of 83.3%, +0.7% Y/Y  (19.97)

January revenue per available seat mile was negatively impacted by ~5 points due to holiday placement and the impact of winter weather last year.

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  Seattle Genetics downgraded to Underperform from Neutral at BofA/Merrill  (62.81)
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  Yelp: Color on Quarter  (41.49)
  • RBC lowers their price target to $49 from $55, maintains Outperform.  Firm notes that Q4 results were solid, if not spectacular, though Q1 and '17 guidance came in below Street expectations. Nevertheless, they believe the long-term thesis remains unchanged.
  • Stifel lowers their price target to $40 from $42, maintains Hold.  Firm notes that Yelp delivered 4Q revenue roughly in line with consensus expectations, while adj. EBITDA came in well above Street forecasts. Despite the steady 4Q performance, Yelp failed to deliver upside similar to prior quarters and the company's 1Q / FY 2017 guidance came in slightly below consensus estimates on both revenue and adj. EBITDA. Expectations for 2017 may have risen in recent months following three straight quarters of accelerating Local Advertising growth and commentary about products like Transactions and Request a Quote, but Yelp is approaching monetization of these products with caution and they are less likely to move the needle on revenue growth this year than developments in the core business.
  • Needham raises their price target to $45 from $43, maintains Buy.  Firm notes Yelp reported solid 4Q16 results above expectations, but lower than expected FY17 guidance is likely to result in share weakness. On the positive side, the core local advertising remained strong with National Accounts and Self-Service layering on incremental revenue. They estimate that these advertising growth trends should continue in FY17, propelling Advertising revenue ~25% y/y. Management also intends to focus on growing transaction activity, and they estimate solid mid-20% growth in Transaction revenue. However, they believe EBITDA guidance could prove conservative as Yelp's investment in products and performance advertising should either drive incremental revenue above guidance or if unsuccessful costs are likely to be curtailed.

Shares of Yelp are trading ~9.9% lower in the pre-market

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  Blackbaud target raised to $79 at Stifel  (70.40)Stifel raises their BLKB tgt to $79 from $73 following Q4 earnings. The quarter beat ests across the board, with focus around 22% organic subscription growth, op margin expansion of 400bps y/y, EPS four cents above consensus, and FCF of $44mn (~$7.5mn above Street). The company provided guidance that was in line-to-slightly below the Street but with tangible «headwinds» detailed, falls in line with LT goals; Buy.
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  Intercept Pharma down 11% ahead of update on Phase 3 REGENERATE Trial of Obeticholic Acid for the treatment of NASH patients with Liver Fibrosis at 8:30  (112.69)
  • ICPT may get halted here around the release… stock is testing 2016 lows near 100 premarket.
  • NASH is non-alcoholic fatty liver disease.
    • NASH stocks: GLMD, GALT, GNFTF, CNAT; AGN acquired NASH company TBRA last year
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  Skechers USA: Color On Quarter  (23.28)
  • Wedbush stays at hold w/ a tgt of $25. The firm was pleased to see continued growth internationally and apparently improving trends in the US, these are coming at a much higher cost, resulting in greater deleverage and risk to the story should growth slow similar to 2H16. Ultimately, the firm believes shares will likely trade higher (+9% after hour) given the improved revenue outlook and what may have been a low bar on expectations.

SKX shares are up ~10% at the 25.7 in after hours trading. 

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  European Summary

European Bond Yields Bounce Back

  • European sovereign debt yields are moving higher this morning as declines on Wednesday and Thursday were met with selling pressure this morning that pushed prices lower and yields higher. The standoff between the IMF and Greece's European creditors (the ESM and EFSF) continues but Greece's 10-year yield is still down sharply today. The Greek 2-year note yield jumped by more than 100 basis points on Thursday as an agreement between the two looked further away and nothing has changed this morning. Nevertheless, it is really in nobody's interest (except for maybe Greece) for the country to default on its debt load so while strategic posturing is to be expected, the outcome is always likely to be pretend and extend. In economic data, U.K. industrial production grew at its fastest year-on-year pace since 2011 but the growth was largely due to the volatile pharmaceuticals industry. Italian industrial production growth is also running at a multi-year high but the same data series in France missed expectations in December
  • The European Union's financial regulation chief urged the Trump Administration to respect the international financial regulatory structures like the Basel Committee on Banking Supervision. Valdis Dombrovskis, a VP of the European Commission, said that Europe is «sensitive to talk of unpicking financial legislation which applies to carefully negotiated international standards and rules.»
  • European Economic Data:
    • In the U.K., manufacturing production jumped 2.1% m/m in December (4.0% y/y), beating both expectations and November's 1.4% growth
      • Industrial production, which adds in mining and utility output to manufacturing production, increased by 1.1% m/m in December (4.3% y/y, a five-year high). Economists had expected a bigger slowdown after November's 2.0% increase
      • Construction output was up 1.8% m/m (0.6% y/y), also exceeding estimates after 0.4% growth in November
      • The U.K.'s trade deficit narrowed more than expected in December to GBP10.89 bln from GBP11.56 bln in November
    • In France, nonfarm payrolls grew by 0.4% q/q in the fourth quarter, exceeding both expectations and Q3's 0.3% pace
      • Industrial production fell by a worse-than-expected 0.9% m/m in December after 2.4% growth in November
    • In Italy, industrial production was up 1.4% m/m in December (6.6% y/y), beating estimates and November's 0.8% rise
      • The year-on-year growth (6.6%) was the best since August of 2011
  • Yield Check:
    • France, 10-yr OAT: +5 bps to 1.04%
    • Germany, 10-yr bund: +2 bps to 0.33%
    • Greece, 10-yr note: -37 bps to 7.34%
    • Italy, 10-yr BTP: +7 bps to 2.26%
    • Portugal, 10-yr PGB: +6 bps to 4.08%
    • Spain, 10-yr ODE: +4 bps to 1.67%
    • U.K., 10-yr gilt: +2 bps to 1.26%
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  Equifax target raised to $144 at Stifel — Underlying growth is just stronger than expected – Despite mortgage & ACA headwinds  (128.13)Stifel raises their EFX tgt to $144 from $131. While mortgage emerged as a 300bps headwind since the last earnings call, the rest of the business generally seems to be firing on all cylinders (and there may be a turbo-charger in there as well...). 2017 revenue guidance of 8%-9% implies organic growth will be at least in the middle of the target range (6%-8%) despite the 300bps mortgage headwinds and ACA business likely to be flat (instead of growing). Firm believes the significant focus on new product development over the last decade, in conjunction with a general benign consumer credit envm't and improving macro envm't internationally, is enabling the very solid organic growth trajectory. Firm raises their EPS ests essentially back to the levels they were prior to the mortgage and ACA concerns, and are raising tgt, or 15.5x their 2017 EV/EBITDA est.
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 Gapping up

Gapping up
In reaction to strong earnings/guidance
:

  • CTRL +15%, INFN +11.7%, SKX +10.4%, HDP +10.1%, ATVI +10.1%, QUOT +10.1%, SWIR +9.7%, ASYS +8.1%, TRVG +7.8%, RPD +7.5%, IMMU +7%
  • ATEN +7%, ELLI +5.5%, CPN +4.7%, ICHR +4.5%, NE +4.4%, COLM +4.4%, TLND +3.9%, MT +3.6%, FLR +3.3%, ARCW +3.2%, RGC +3.2%, INVA +2.7%
  • ESNT +2.7%, NVDA +2.4%, JCOM +2%, LPLA +1.9%, VRSN +1.8%, CPST +1.6%, NWSA +1.6%, NR +1.2%, EXPE +0.9%, AON +0.7%, MIME +0.6%, NTT +0.6%

M&A news:

  • MJN +5.2% (to be acquired by Reckitt Benckiser (RBGLY) for $90 per share)

Select metals/mining stocks trading higher:

  • FCX +4.2%, VALE +3.9%, GFI +2.4%, RIO +1.9%, HMY +1.5%

Select oil/gas related names showing strength:

  • WLL +2.5%, PBR +2.2%, RIG +1.9%, CHK +1.3%, HAL +0.8%

Other news:

  • SHLD +35.2% (announces 2nd phase of strategic restructuring program, targeting cost reductions of at least $1.0 billion on an annualized basis and enters into amended credit facility, sees upside Q4 sales)
  • CBR +9.4% (Lone Star Value discloses 5.4% active stake, says has engaged, and may continue to engage, in general discussions with the Board and management team, including with respect to the composition of the Board)
  • IMMU +9.1% (enters into exclusive global licensing agreement with Seattle Genetics (SGEN))
  • HXL +3.4% (authorizes $300 million of additional share repurchases)
  • AMD +2.7% (NVDA sympathy)
  • AVEO +1.1% (announces updates for its lead drug candidate, tivozanib; 'Pivotal TIVO-3 Trial Enrollment Proceeding Substantially Ahead of Schedule', not revising anticipated topline data time)
  • JBLU +0.7% (reports January traffic)

Analyst comments:

  • GTE +5.5% (upgraded to Outperform from Neutral at Credit Suisse)
  • QEP +0.6% (upgraded to Outperform at Wells Fargo)
  • BYD +0.5% (initiated with a Buy at SunTrust)
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  TreeHouse Foods target raised to $93 at Stifel  (84.99)Stifel raises their THS tgt to $93 from $83 following Q4 earnings. Firm believes the in-line 4Q profit performance combined with strong EPS guidance for FY17 and stabilized rev for the Private Brands business provided investors with a sense of relief and renewed optimism for the outlook for the business. They believe the risk/reward remains compelling and are upgrading tgt, based on a 9.5x EV/EBITDA multiple, a multiple that is underwhelming even by private label standards; Buy.
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  Activision Blizzard reiterated with a Buy at Stifel, $45 tgt — Diversification + Digital Drives 4Q Beat  (39.73)

Firm notes Activision Blizzard reports better-than-expected 4Q results with non-GAAP EPS of $0.92 (vs. $0.83) which came in ahead of their $0.73 estimate, and consensus and guidance (implied) at $0.74. The company was able to overcome a disappointing Call of Duty: Infinite Warfare release, through a combination of digital momentum (+94%) and contributions from other franchises (i.e., Overwatch + World of Warcraft). They thought management's preliminary guidance for '17 was in line/slightly better vs. what they perceived to Morning Research Summary February 10, 2017 Page 32 be a very wide range of expectations, and thus they suspect #s will drift higher, and the shares see a positive response to this update.

Shares of ATVI are up ~10.2% in the pre-market

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  Yum! Brands target raised to $75 from $65 at Stifel following earnings  (67.39)
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 S&P futures vs fair value: +3.80. Nasdaq futures vs fair value: +8.10.

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

Just in, import prices excluding oil declined 0.2% in January after ticking down 0.1% in December (revised from -0.2%). Export prices excluding agriculture increased 0.1% in January after rising 0.4% in December.

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  Gapping down

Gapping down
In reaction to disappointing earnings/guidance
:

  • ONVO -17.2%, RSYS -15.3%, YELP -9.7%, UBNT -9.6%, CATM -7.3%, CERN -7%, MX -6.6%, SGEN -6.5%, IPAS -6.3%, MPWR -5.6%, CYBR -5.4%, MCFT -5%
  • ZNGA -4.8%, ZAYO -3.2%, APTI -3.2%, SANW -3.2%, ALDW -2.6%, EGAN -2.4%, P -1.8%, TBBK -1.7%, CARB -1.4%, MHK -1.3%, AXL -0.9%, .

Select financial related names showing weakness:

  • DB -2.2%, SAN -2.2%, RBS -2%, ING -1.7%, CS -1.6%, LYG -1.2%

Other news:

  • MJN 5.2% (to be acquired by Reckitt Benckiser (RBGLY) for $90 per share)
  • BSTG -37.6% (prices public offering with expected total gross proceeds of approx. $8.0 mln at $0.40/share)
  • TCON -17.5% ( reports top-line results from a randomized Phase 2 clinical trial of TRC105 in recurrent glioblastoma (GBM) funded and conducted by the Clinical Therapy Evaluation Program (CTEP) of the National Cancer Institute )
  • ICPT -11.3% (will provide an update on the Phase 3 REGENERATE trial of obeticholic acid in NASH patients with liver fibrosis during a conference call today)
  • NDLS -9% (completes $18.5 mln private placement of Series A Convertible Preferred Stock and warrants to L Catterton, amends credit facility, and preannounces in-line Q4 revs; commences common stock offering; size not disclosed)
  • BTX -8.6% (commences common stock offering)
  • CLF -5.8% (upsizes offering by 5 mln shares and prices 55 mln shares of common stock at $10.75 per share)
  • NBIX -0.8% (Neurocrine Biosci and BIAL enter into an exclusive licensing agreement for the development and commercialization of opicapone in North America)

Analyst comments:

  • TWTR -1.9% (downgraded to Sell from Neutral at Citigroup)
  • TEVA -1.1% (downgraded to Neutral from Buy at Mizuho)
  • GBDC -0.9% (downgraded to Mkt Perform from Outperform at Raymond James)
  • SBUX -0.6% (downgraded to Hold from Buy at Argus)
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  Infinera target raised to $13.50 at Needham — Braced for bad, got good — starting to rebound  (9.40)Needham raises their INFN tgt to $13.50 from $12.50. With more than 40% of INFN's customer base undergoing merger disruption including XO and Verizon as well as Level 3 and Century Link, firm had been braced for rough results. Further, with the new products in the headlights there was even more potential for trouble. Despite these concerns, INFN beat on Revenues and beat GM guidance and beat on EPS. Firm was too early trying to call the bottom on INFN. They admit the Strong Buy was a mistake when we put it on. But they now believe that the company has troughed, ests have bottomed out and that INFN is poised to rebound results. The rating now finally seems more appropriate; Strong Buy.
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  RadiSys target lowered to $5 at Needham — Mixed 4Q16; Lower '17 outlook on lower embedded  (4.25)Needham lowers their RSYS tgt to $5 from $6 after co delivered mixed 4Q16 results and issued initial 2017 guidance below expectations. While the initial '17 guidance is disappointing, firm notes that it was due to a faster than expected decline in the company's legacy Embedded Systems business, while the outlook for its strategic businesses, i.e., Software Systems and DCEngine, appears unchanged. As such, while the meaningfully down y/y earnings will no doubt hit the stock, firm sees RSYS's transition to higher-margin product driven by strategic wins with Tier 1 carriers as intact; Buy.
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  Gapping up/down: SKX +10%, ATVI +10%, MT +4% and NVDA +2% after earnings, MJN +5% after M&A news; YELP -10%, CERN -7%, SGEN -7% and ZAYO -3% after earnings

Gapping up
In reaction to strong earnings/guidance
:

  • CTRL +15%, INFN +11.7%, SKX +10.4%, HDP +10.1%, ATVI +10.1%, QUOT +10.1%, SWIR +9.7%, ASYS +8.1%, TRVG +7.8%, RPD +7.5%, IMMU +7%
  • ATEN +7%, ELLI +5.5%, CPN +4.7%, ICHR +4.5%, NE +4.4%, COLM +4.4%, TLND +3.9%, MT +3.6%, FLR +3.3%, ARCW +3.2%, RGC +3.2%, INVA +2.7%
  • ESNT +2.7%, NVDA +2.4%, JCOM +2%, LPLA +1.9%, VRSN +1.8%, CPST +1.6%, NWSA +1.6%, NR +1.2%, EXPE +0.9%, AON +0.7%, MIME +0.6%, NTT +0.6%

M&A news:

  • MJN +5.2% (to be acquired by Reckitt Benckiser (RBGLY) for $90 per share)

Select metals/mining stocks trading higher:

  • FCX +4.2%, VALE +3.9%, GFI +2.4%, RIO +1.9%, HMY +1.5%

Select oil/gas related names showing strength:

  • WLL +2.5%, PBR +2.2%, RIG +1.9%, CHK +1.3%, HAL +0.8%

Other news:

  • SHLD +35.2% (announces 2nd phase of strategic restructuring program, targeting cost reductions of at least $1.0 billion on an annualized basis and enters into amended credit facility, sees upside Q4 sales)
  • CBR +9.4% (Lone Star Value discloses 5.4% active stake, says has engaged, and may continue to engage, in general discussions with the Board and management team, including with respect to the composition of the Board)
  • IMMU +9.1% (enters into exclusive global licensing agreement with Seattle Genetics (SGEN))
  • HXL +3.4% (authorizes $300 million of additional share repurchases)
  • AMD +2.7% (NVDA sympathy)
  • AVEO +1.1% (announces updates for its lead drug candidate, tivozanib; 'Pivotal TIVO-3 Trial Enrollment Proceeding Substantially Ahead of Schedule', not revising anticipated topline data time)
  • JBLU +0.7% (reports January traffic)

Analyst comments:

  • GTE +5.5% (upgraded to Outperform from Neutral at Credit Suisse)
  • QEP +0.6% (upgraded to Outperform at Wells Fargo)
  • BYD +0.5% (initiated with a Buy at SunTrust)

Gapping down
In reaction to disappointing earnings/guidance
:

  • ONVO -17.2%, RSYS -15.3%, YELP -9.7%, UBNT -9.6%, CATM -7.3%, CERN -7%, MX -6.6%, SGEN -6.5%, IPAS -6.3%, MPWR -5.6%, CYBR -5.4%, MCFT -5%
  • ZNGA -4.8%, ZAYO -3.2%, APTI -3.2%, SANW -3.2%, ALDW -2.6%, EGAN -2.4%, P -1.8%, TBBK -1.7%, CARB -1.4%, MHK -1.3%, AXL -0.9%, .

Select financial related names showing weakness:

  • DB -2.2%, SAN -2.2%, RBS -2%, ING -1.7%, CS -1.6%, LYG -1.2%

Other news:

  • MJN 5.2% (to be acquired by Reckitt Benckiser (RBGLY) for $90 per share)
  • BSTG -37.6% (prices public offering with expected total gross proceeds of approx. $8.0 mln at $0.40/share)
  • TCON -17.5% ( reports top-line results from a randomized Phase 2 clinical trial of TRC105 in recurrent glioblastoma (GBM) funded and conducted by the Clinical Therapy Evaluation Program (CTEP) of the National Cancer Institute )
  • ICPT -11.3% (will provide an update on the Phase 3 REGENERATE trial of obeticholic acid in NASH patients with liver fibrosis during a conference call today)
  • NDLS -9% (completes $18.5 mln private placement of Series A Convertible Preferred Stock and warrants to L Catterton, amends credit facility, and preannounces in-line Q4 revs; commences common stock offering; size not disclosed)
  • BTX -8.6% (commences common stock offering)
  • CLF -5.8% (upsizes offering by 5 mln shares and prices 55 mln shares of common stock at $10.75 per share)
  • NBIX -0.8% (Neurocrine Biosci and BIAL enter into an exclusive licensing agreement for the development and commercialization of opicapone in North America)

Analyst comments:

  • TWTR -1.9% (downgraded to Sell from Neutral at Citigroup)
  • TEVA -1.1% (downgraded to Neutral from Buy at Mizuho)
  • GBDC -0.9% (downgraded to Mkt Perform from Outperform at Raymond James)
  • SBUX -0.6% (downgraded to Hold from Buy at Argus)
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  Cubic target raised to $55 at Needham; Buy — FQ1 modestly better than firm's expectations  (46.90)Needham raises their CUB tgt to $55 from $48 after posting FQ1 results after the close yesterday that were better than firm was expecting. By CUB standards,it was a relatively clean quarter and business appears to be tracking expectations in both the Defense and Transportation segments. CUB's defense business (60% of revs) was stronger than expected, with faster growth in Defense Systems. Mgmt remains optimistic about its pipeline of opportunities in Transportation (40% of revs). CUB appears well positioned to win the large multi-year MTA contactless fare card contract in NYC. Mgmt reaffirmed guidance for 3-6% rev growth for F17 and 10% growth in adj. EBITDA at the midpoint of its F17 guidance. Firm is tweaking their ests for F17 and F18 and continue to look for significant improvement in profitability in F18.
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ликвида на рынке нет. сильно объемами не поганяешь…
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Игорь Т

Игорь Т, как это нету?))
Игорь Т, SPY 
Игорь Т, FB
Игорь Т, AAPl
Игорь Т, NVDA
Игорь Т, они ликвидные)
Игорь Т, каждый день за ними наблюдаю
Игорь Т, в основном ими и торгую
Игорь Т, а если конечно из обычных акций то да, ликвидных очень мало

Игорь Т, 20-30 акций и по сути, и все, остальные уже так себе.
Игорь Т, разве что еще остается инплейки гонять
Игорь Т, ну там которые на объемах повышенных начинают торговаться, тоже бывают ого го ликвидные становятся))
SPY шорт
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sereja К

 от 20 копеек взял
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sereja К

FB
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sereja К

 
  Monolithic Power target raised to $94 at Needham — Would be aggressive buyers should stock open down this morning  (89.01)Needham raises their MPWR tgt to $94 from $87 after delivered better than expected results and guidance driven by strength across multiple end markets. With a diverse set of revenue drivers across the notebook, server, industrial, automotive and gaming segments, they believe MPS enters 2017 poised for share gains and they forecast many of these opportunities will ramp in 2H17. Reflecting the company's strong momentum across multiple markets, they reiterate their Buy rating, increase their forward ests and raise tgt. Should the shares open down this morning as indicated after hours, they would be aggressive buyers of the stock.
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  ICHOR Corporation: Color on Quarter  (16.71)
  • Cowen raises tgt to $22 from $20, stays at Outperform. The firm believes the cos still lack a ton of 2H:17 visibility and are taking a conservative tack, but ICHR wouldn't have invested the money to expand quarterly revenue capacity well into the low $200MMs (another ~50% from here!) if customers like LRCX weren't asking for it (even if timing is hard to determine). The firm notes the float here is still small, but the point here is that ICHR still has upside potential.
  • RBC raises tgt to $19 from $18, stays at Outperform. The firm believes that the key focus points through the year will be the degree to which ICHR can continue to gain market share in both gas and liquid delivery markets.
  • Needham reiterates Buy and raises its PT from $17 to $21. With high exposure to growing segments leveraging technology inflections in WFE and its success in winning at key customers, the firm believes ICHR will continue to outperform the industry.
  • Stifel maintain its Buy rating and raises its tgt to $20 from $17. While the company's results and outlook reflected the very favorable industry current trends, the firm believes the company continues to outperform the industry growth rates. The firm believes its strong position with its top two customers (Applied Materials and Lam Research), its increasing presence within them, and new market opportunities (in areas like fluid delivery and process areas like CMP) provide it with a strong tailwind for another above-average growth year in 2017.

ICHR shares are up ~4.5% at 17.5 in after hours trading.

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  Intercept Pharma surges on NASH update; now +10% after being down by a similar amount ahead of the call  (112.69)
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  Viacom: Color on Quarter  (43.89)
  • FBR notes that Viacom put up an impressive F1Q17 beat, which should be very helpful today for this low-expectations equity. But core media nets advertising and affiliate fee trends were close, and a bigger source of upside appeared to us to have been the Telefe acquisition on November 15 (which was not in our estimates or consensus, we believe) and a surprising step-up in ancillary revenues tied somehow to a slate financing deal. Maintains Market Perform, $44 tgt. 
  • Needham notes that VIAB's new CEO, Bob Bakish, has a new strategy that calls for VIAB to slim down from 20+ TV channels to 6 «Flagship» channels: Nickelodeon, Nick Jr., MTV, BET, Comedy Central and a new Paramount Channel (called Spike last week). In a world of skinny bundles, this is VIAB's best chance to stay relevant. The new strategy also pivots from being an antagonist to US MVPDs to being a «partner», which is a good action plan since it owns a large, weak, expensive bundle of channels, which has been thrown off by several small MVPDs. Execution hurdles remain, with 2017 requiring extra investment to fund the new strategies, including the rebranding of Spike to become the Paramount Channel. Also, they fear that affiliate fees and ad rev may both decline as 20 channels fall to 6 channels, even though we believe this is the best long-term path for VIAB. Maintains Hold. 
  • RBC notes that it was a good day for Viacom as new management delivered a beat and a bonafide strategy. But now comes the hard part and they think content risks are ill appreciated. Maintains $35 tgt, and maintains Underperform.

Shares of Viacom are trading 0.3% higher in the pre-market

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  Bright Horizons Correction: Stock was not downgraded at William Blair  (71.47)Prior comment incorrectly stated BFAM was downgraded to Market Perform at William Blair, and has been removed
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  Intel: Color on Analyst Day  (35.46)
  • Mizuho notes INTC held its analyst day today. The co will focus more on Data Center and new growth markets such as ADAS, 5G and deep learning, while PC drives strong FCF. INTC sees a low single-digit topline CAGR, with strong FCF and dividends growing inline with EPS. They believe a stable PC market and strength in data center, with strong FCF and dividends, should remain a tailwind. INTC noting 64-L 3D-NAND is expected in 3Q17, a positive for partner MU. They also see positive for QCOM. INTC did not focus much on modems and mobile R&D is likely down 55% through 2021E. ALso positive on Not changing any estimates and maintaining their Buy rating.
  • Needham attended INTC's Analyst Day at its Santa Clara Campus. The presentation was upbeat and management walked through its 2016 highlights, reiterated its 2017 financial targets and provided an outlook on its shift from a PC centric company to one that powers the cloud and connected devices. INTC is focusing on the performance segment of CCG to counteract a continuing decline in PCs. Management reiterated its 2017 DCG revenue outlook, but noted segment OM will take a ~5% over the next several years. INTC remains a step ahead of the competition in memory and storage with its investments in 3D NAND and Optane technology. Its IoT unit is focused on high growth areas, including ADAS. Overall, they come away positive and reiterate our Buy rating and $43 price target.
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 S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +8.30.

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

Equity indices in the Asia-Pacific region ended the week on a higher note with Japan's Nikkei (+2.5%) setting the pace. The Bank of Japan stepped up its bond purchases by JPY20 billion in order to curtail rising longer-term yields. Prime Minister Shinzo Abe will be meeting with President Donald Trump this weekend. On a separate note, better than expected trade data from China also contributed to the upbeat sentiment.

  • In economic data:
    • China's January trade surplus $51.35 billion (expected surplus of $47.90 billion; last surplus of $40.71 billion). January Imports +16.7% year-over-year (expected 10.0%; last 3.1%) and Exports +7.9% year-over-year (consensus 3.3%; previous -6.2%)
    • Japan's January PPI +0.6% month-over-month (expected 0.2%; last 0.6%); +0.5% year-over-year (consensus 0.0%; last -1.2%). Tertiary Industry Activity Index -0.4% month-over-month (expected -0.1%; last 0.3%)
    • Australia's December Home Loans +0.4% month-over-month (expected 1.0%; last 1.3%) and December Invest Housing Finance -1.0% month-over-month (last 4.9%)

---Equity Markets---

  • Japan's Nikkei spiked 2.5% to end the week with a 2.4% gain. Tokai Carbon surged 14.9% while Yamaha Motor, Yokohama Rubber, Toshiba, Okuma, Mazda Motor, Hino Motors, JTEKT, and Fuji Heavy Industries posted gains between 4.3% and 7.7%.
  • Hong Kong's Hang Seng added 0.2%, extending its weekly gain to 1.9%. Financials and energy-related names had a good showing with PetroChina, CNOOC, and China Petrol & Chemical posting gains between 0.8% and 2.0% while Bank of East Asia, HSBC, Bank of China, and Hang Seng Bank advanced between 0.7% and 1.3%.
  • China's Shanghai Composite rose 0.4%, ending the week higher by 1.8%. Guanghui Energy, Huaxin Cement, Lingyuan Iron & Steel, and Ningxia Building Materials Group climbed between 6.2% and 10.0%.
  • India's Sensex settled just above its flat line, locking in a 1.6% gain for the week. Tata Consultancy, Infosys, and Wipro rose between 0.5% and 3.1% while ITC fell 1.6%. Financials were mixed with AXIS Bank, HDFC Bank, and SBI adding between 0.2% and 0.7% while ICICI Bank lost 1.2%.

Major European indices trade just above their flat lines with Italy's MIB (-0.8%) showing relative weakness. The first half of today's session has been shaky, even though Reuters reported that IMF and eurozone officials have agreed on a common stance on Greece. According to the report, Greece will be asked to assume EUR1.80 billion in new measures until 2018, followed by another EUR1.80 billion after 2018. Greece's 10-yr yield has fallen 38 basis points to 7.33%.

  • In economic data:
    • UK's December trade deficit GBP10.89 billion (expected deficit of GBP11.50 billion; last deficit of GBP11.56 billion). December Industrial Production +1.1% month-over-month (expected 0.2%; last 2.0%); +4.3% year-over-year (consensus 3.2%; previous 2.2%). December Manufacturing Production +2.1% month-over-month (expected 0.5%; last 1.4%); +4.0% year-over-year (consensus 1.8%; last 1.7%). December Construction Output +1.8% month-over-month (expected 1.0%; last 0.4%); +0.6% year-over-year (consensus -0.5%; last 1.8%)
    • France's Q4 Nonfarm Payrolls +0.4% quarter-over-quarter (expected 0.3%; last 0.3%) and December Industrial Production -0.9% month-over-month (expected -0.7%; last 2.4%)

---Equity Markets---

  • UK's FTSE is higher by 0.3% with miners and select financials among the leaders. Anglo American, Antofagasta, Rio Tinto, Glencore, and BHP Billiton are up between 2.1% and 4.2% while Direct Line Insurance, Old Mutual, Standard Life, Prudential, and Hargreaves Lansdown show gains between 0.2% and 1.9%.
  • Germany's DAX trades up 0.2% amid gains in more than half of its components. Growth-sensitive names like Thyssenkrupp, Heidelbergcement, Continental, Volkswagen, and Infineon hold gains between 0.8% and 1.9%. On the downside, Commerzbank and Deutsche Bank are down 2.4% and 1.3%, respectively.
  • France's CAC is higher by 0.1%. Financials trail the broader market with Societe Generale, BNP Paribas, and AXA showing losses between 0.1% and 2.2%. On the upside, automakers Peugeot and Renault show respective gains of 0.4% and 1.6% while ArcelorMittal leads with a 7.3% gain.
  • Italy's MIB has given up 0.8% with financials leading the slide. Banca Pop Emilia Romagna, Banco Bpm, Mediobanca, Intesa Sanpaolo, and UBI Banca are down between 1.4% and 8.8%.
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  Intel downgrade details — to Hold at Canaccord Genuity following Investor Day; tgt lowered to $38  (35.46)Canaccord Genuity downgrades INTC to Hold from Buy and lowers their tgt to $38 from $43 noting, "We left [Intel's investor meeting] feeling Intel is caught between the proverbial rock and a hard place. Should mgmt invest heavily into competitive new markets for growth that may prove margin-dilutive or focus to protect its traditional high-margin PC & data center franchises and reap the cash flow benefits while facing the risks of an increasingly capital intensive future? In the end, firm agrees with mgmt's LT decision to invest for growth; however, turning a battleship like Intel takes time and we believe other stocks we cover will generate more attractive returns during this period of prolonged transition... We concede Intel shares generate a strong yield and remain inexpensive, but we believe shares could remain range bound as margins stagnate and until investors see proof of new investments in 10/7nm, automotive, IoT and memory are capable of generating strong returns within a reasonable time horizon."
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  CIGNA upgraded to Outperform from Sector Perform at RBC Capital Mkts  (148.14)
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  NVIDIA: Color on Quarter  (116.38)
  • RBC Capital Mkts raises their NVDA tgt to $130 from $124. Nvidia reported another solid quarter despite increasingly high expectations due to Data Center growth, sustained Gaming trends and higher than expected gross margins. With the Data Center segment continuing to grow at triple digits, they think margins will also continue to benefit.
  • Needham notes NVIDIA delivered another stellar quarter and guide. Revenue for the qrt was $2.173B (up 55% Y/Y) stemming from strength in the Gaming and Data center. As they expect revenue growth to decelerate in Gaming to 11% Y/Y from 44% (FY2H17 benefited from 2x the number of product launches), they believe NVDA is aligned to massive revenue TAM opportunities in AI, autonomous vehicles and VR. Data Center is on a $1.2BN revenue-run rate and could accelerate as they see GPU deployments in the cloud, hyperscale and enterprise markets, all of which are benefiting from AI and machine learning.
  • Stifel raises tgt to $90 from $76. Nvidia turned in another solid quarter as its GPU platform revenue for gaming, workstations and data centers all grew q/q. Outlook for the 1QFY18 beat their and consensus estimates as the company's gaming business declines with seasonality, though from a higher revenue base. Also the final Intel payment will be recorded in March. Mgmt set expectations for a high teens increase in OpEx to support the many active GPU platforms currently in design. This increase in spending is more than offset by the increase in revenue. They are maintaining their Hold rating based on the shares' valuation with the income model de-levering and revenue growth slowing.
  • Mizuho raises tgt to $130 from $115. Firm notes NVDA noted strength in data center and gaming demand as parallel compute drives AI & deep learning and eSports continue to gain popularity. Automotive was up 1% q/q while data center was up 23% q/q and 205% y/y. They believe data center orders have expanded significantly versus the same time last year.
  • NVDA +3.8% right near its all time high premarket after initially selling off on the print last night; peer AMD +3%.
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  Pandora Media: Color on quarter  (12.62)
  • Aegis Capital — Aegis states the premium on-demand product has been launched to industry participants & should be rolled out beginning in Mar. Aegis believes that the market for paid online streaming will continue to expand & Pandora will be one of the primary beneficiaries when they launch the on-demand service. Aegis sees an increasing willingness for users to pay $120/year to stream music, even among millennials. Aegis continues to believe that an acquisition remains part of the bull case on the stock; Buy the stock for success of the on-demand launch, core ad monetization, & potential acquisition; maintains Buy.
  • FBR — FBR states after a 4Q16 that was broadly consistent with preannounced upside & came coupled with a minor 1Q17 guidance air pocket, followed by guidance reacceleration in 2H17, Pandora stands at a crossroads. The co is on pace over the next month to have a full rollout of its big bet on entering on-demand. Crucial for the stock will be the early consumer reaction of whether Pandora has built something that is differentiated and appealing relative to a growing list of alternatives.
  • Needham — Needham states that assuming execution, the economics of Pandora's stated strategy for 2017 are powerful. P's core biz of 80 mlm ad-driven listeners generates about $14 of rev per listener per year. P will try to shift these to either: a) $60/year from the $5/month existing Plus subscription service; or b) $120/year from the $10/month new Premium subscription service. P will launch its $10/month service in late 1Q17 and is targeting 6-9mm total subscribers by 12/31/17, up from 4.4 mln subs at 12/31/16. If P only converts its $5/month subs into $10/month subs, this would double their profit contribution to $42 each. Needham notes the multiplier is higher if ad listeners buy the $10/month service.
  • Wedbush — Wedbush expects losses through most of 2017 as Pandora invests in on-demand music and transitions to a 3-tiered subscription model. In addition to its new live events venture, its on-demand service and increasing ad pricing are Pandora's strategic priorities. Wedbush states that Pandora can convert at least 1 mln Pandora Plus subscribers to on-demand and can attract 1-2 mln net new U.S. on-demand subscribers in 2017, while up-selling ad-supported customers to its Pandora Plus service. They expect international expansion in 2018.
  • Mizuho — Mizuho states they were surprised that Pandora did not provide EBITDA guidance for 2017. The co plans to invest in marketing ahead of the Mar launch of the Premium product. Mizuho discusses they believe that marketing spend could continue beyond 1Q. Furthermore, without experiencing the P Premium, Mizuho states they can't have an informed opinion on how it will do. While Mizuho likes the long-term opportunity of subscription & the potential for significantly greater EBITDA dollars driving higher cash flows, proof will be in execution over the next few quarters. Mizuho states they think Pandora's stock will trade side-to-side until there is better clarity on EBITDA profitability.
  • RBC — RBC states Pandora posted a solid Q4 result, with Q1 guidance below expectations and 2017 guidance bracketing the Street on the top-line. The key for P will be the Mar launch of its new Pandora Premium (on-demand) product; maintains Sector Perform & raised price target to $16.00/share from $14.00/share.

— Shares of P +0.2% pre-market.

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  British American Tobacco upgraded to Buy from Hold at Berenberg  (125.83)
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  London Stock Exchange upgraded to Buy from Hold at Commerzbank  (39.75)
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  Sage plc upgraded to Outperform from Neutral at Exane BNP Paribas  (31.43)
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  Filings, Offerings and Pricings

Filings:

  • Brookfield Asset Mgmt (BAM) files for $2.5 bln mixed securities shelf offering 
  • Cliffs Natural Resources (CLF) files mixed securities shelf offering
  • Ignite Restaurant (IRG) files to withdraw registration statement on form S-1 originally filed on July 8, 2013 — says has determined not to utilize the Registration Statement for a public offering at this time citing prevailing market conditions
  • LPL Financial (LPLA) files for mixed securities shelf offering and potential offering of common stock by selling stockholders
  • Noodles & Co (NDLS) files for $32 mln common stock offering
  • Real Goods Solar (RGSE) files for mixed securities shelf offering
  • xG Technology (XGTI) files for 416,667 common stock offering by selling stockholders

Offerings:

  • BioTime (BTX) commences common stock offering; size not disclosed
  • Noodles & Co (NDLS) commences common stock offering; size not disclosed

Pricings:

  • Biostage (BSTG 0.51) prices public offering with expected total gross proceeds of approx. $8.0 mln at $0.40/share
  • Cliffs Natural Resources (CLF 11.37) upsizes offering by 5 mln shares and prices 55 mln shares of common stock at $10.75 per share
  • Noodles & Co (NDLS 4.45) completes $18.5 mln private placement of Series A Convertible Preferred Stock and warrants to L Catterton
  • RiceBran Tech. (RIBT 0.99) enters into definitive agreements with a group of accredited investors for the purchase of $6 million of non-convertible original issue discount debentures and $2 million of convertible preferred stock
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  HeidelbergCement upgraded to Buy from Hold at Berenberg  (18.66)
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  Osram Licht upgraded to Equal Weight from Underweight at Barclays  (58.21)
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  Infinera: Color on quarter — Needham raises tgt to $13.50 from $12.50, Stifel reiterates Hold  (9.40)
  • Needham notes that with over 40% of Infinera's customer base undergoing merger disruption including XO and Verizon as well as Level 3 and Century Link, they had been braced for rough results. Further, with the new products in the headlights there was even more potential for trouble. They note that despite these concerns, Infinera beat on Revenues and beat GM guidance and beat on EPS. They now believe that the company has troughed, estimates have bottomed out and that INFN is poised to rebound results. They think it could double over the next to 4-8 quarters if it can rebound to Revenue and earnings levels it hit last June. Reiterates Strong Buy Rating, raises tgt to $13.50 from $12.50.
  • Stifel notes that Pro forma EPS loss of ($0.12) was in line with their estimate for a loss of ($0.12) and the consensus estimate loss of ($0.13). Guidance for 1Q17 revenue of $167-$177 million was above their estimate of $165.0 million and above consensus of $170.7 million at the midpoint, but guidance for an EPS loss of ($0.16) ± a couple of pennies was below both their and consensus estimates of ($0.09)/($0.11), respectively. They expect 1Q17 to serve as a trough quarter, with revenues ramping sequentially through 2017 as ICE4 (Infinite Capacity Engine) products are brought to market. However, given their expectation for earnings to remain pressured in the intermediate term, and continued risk in the timing of revenue acceleration, they reiterate their Hold rating, $10 tgt.
  • Instinet upgraded INFN to Buy from Neutral 
  • INFN shares are +15% at $10.80 in the pre-market.
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 Aperam downgraded to Hold from Buy at Deutsche Bank  (45.27)
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CERN нашел покупателя
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sereja К

 ABC лонг
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sereja К

 от 30 копеек откупать вроде как должны начать сейчас
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sereja К

ADSK тоже лонг
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sereja К

SKX

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sereja К

 EA уровень 86 интересный
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sereja К

дейтрейдерклуб… а Герчик состоит у вас в клубе?
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smt

C шорт на коррекцию
 безоткатно поднялся,… должен и чуток подспуститься
 M лонг на разворот
INFN
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sereja К

 TDC
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sereja К

 CERN
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sereja К

 BHI
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sereja К

 MPC
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sereja К

 Усталость в пятницу конечно присутствует…
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sereja К

 и в действиях рынка тоже…
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sereja К

SKX еще присматриваю 
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sereja К

HAL
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sereja К

 SBUX от вивапа
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sereja К

SPY
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sereja К

 на 231.55 наверно его дотягивают
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sereja К

  ING Groep downgraded to Hold from Buy at Santander  (14.57)
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  Novozymes downgraded to Neutral from Overweight at JP Morgan  (39.99)
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  Ryanair Hldgs downgraded to Hold from Buy at Kepler  (82.14)
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 S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +10.30.

The major averages are poised for an extension to new record highs this morning as the S&P 500 futures trade five points above fair value.

Conversely, U.S. Treasuries are under pressure amid the risk-on sentiment. The benchmark 10-yr yield is higher by three basis points at 2.42%.

NVIDIA (NVDA 120.55, +4.17) has jumped 3.8% in pre-market action after the company impressed with its fourth quarter earnings report following yesterday's close. NVIDIA justified its huge 55.8% Q4 gain by reporting better than expected earnings and revenues. In addition, the company provided upbeat first quarter guidance.

Cerner (CERN 50.75, -3.13), on the other hand, has slipped 5.8% after the company issued disappointing earnings guidance for the first quarter and all of 2017. Similarly, YELP (YELP 36.75, -4.74) has plunged 11.4% after below-consensus guidance overshadowed the company's better than expected earnings per share.

Also from the corporate front, shares of Sears Holdings (SHLD 7.77, +2.23) have spiked 40.3% this morning following the company's better than expected fourth quarter guidance, EBITDA improvement, and restructuring plans. SHLD has returned to its pre-2017 level after losing over 39.0% since the start of the year.

Released earlier this morning, import prices excluding oil declined 0.2% in January after ticking down 0.1% in December (revised from -0.2%). Export prices excluding agriculture increased 0.1% in January after rising 0.4% in December.

Investors will also receive the preliminary Michigan Sentiment Index for February (Briefing.com consensus 97.9) at 10:00 am ET, and January Treasury Budget at 2:00 pm ET.

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  Gladstone downgraded to Underperform at Hilliard Lyons  (9.82)
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 On The Wires
  • ExxonMobil (XOM) has awarded to Pason Systems, Inc. the first global license of its patented Drilling Advisory System™, a key component of the company's Fast Drill technology suite. The licensing agreement accelerates the technology's commercialization by combining Pason's expertise in drilling data and ExxonMobil's experience in drilling surveillance and optimization.
  • Diana Shipping (DSX) announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with SwissMarine Services S.A., Geneva, for one of its Capesize dry bulk vessels, the m/v Aliki, for a period of about eleven (11) months to maximum fourteen (14) months. The gross charter rate is US$10,300 per day, minus a 5% commission paid to third parties. The new charter period is expected to commence on February 13, 2017. The «Aliki» is a 180,235 dwt Capesize dry bulk vessel built in 2005.
  • Manulife Financial (MFC) announced that it does not intend to exercise its right to redeem all or any of its currently outstanding 10 mln non-cumulative rate reset class 1 shares series 7 on Mar 19, 2017. As a result the holders of the series 7 preferred shares have the right to convert all or part of their series 7 preferred shares on a one-for-one basis into Non-cumulative Floating Rate Class 1 Shares Series 8 of Manulife on Mar 19, 2017. A formal notice of the right to convert Series 7 Preferred Shares into Series 8 Preferred Shares will be sent to the registered holders of the Series 7 Preferred Shares in accordance with the share conditions of the Series 7 Preferred Shares. Holders of Series 7 Preferred Shares are not required to elect to convert all or any part of their Series 7 Preferred Shares into Series 8 Preferred Shares.
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  Hearing Patterson-UTI was upgraded to Outperform from Peer Perform at Wolfe Research  (28.81 +0.97)
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  Hearing Mead Johnson Nutrition was downgraded to Market Perform from Outperform at BMO Capital Markets  (86.96 +3.91)
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  Opening Market Summary: Averages Open Friday with Modest Gains

Equity indices hold modest gains this morning to extend Thursday's record levels. The S&P 500 is currently up 0.2%.

All six cyclical sectors trade in the green with energy (+0.8%) leading the advance. The material sector (+0.6%) follows closely while the top-weighted technology and financial spaces hold gains of 0.1% apiece.

On the countercyclical side, consumer staples (-0.1%), real estate (-0.1%), and utilities (unch) all trade in negative territory. Meanwhile, the influential health care space (+0.2%) performs in line with the benchmark index.

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  Hearing Precision Drilling was upgraded to Mkt Perform from Underperform at Raymond James  (5.86 +0.32)
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  Twitter downgrade details — to Sell at UBS; tgt lowered to $12  (15.75 -0.66)UBS downgrades TWTR to Sell from Neutral and lowers their tgt to $12 from $18. In the past, firm has made the argument that Twitter would need «two wings» to succeed (user growth/engagement & robust ad $s). In light of its Q4 earnings report (& mgmt's initial take on '17), they see Twitter as struggling to increase a mix of user time & mainstream adoption (despite being at the forefront of many real-time global events) & needing to re-position its ad business around a smaller cohort of ad products (driven by video) in the face of hyper-competition for branded ad $s targeted at digital video by GOOG, FB/Instagram, etc. Their downgrade to Neutral (a month ago) was predicated on an even balance between a worrying operational outlook (based on their extensive ad industry checks) & potential strategic alternatives (as the press — WSJ, CNBC — have reported extensively). Going forward, they now see '17 as a year of revs growth struggles, some benefits from cost cutting (unlikely to get much investor weighting) & a valuation that remains demanding (even if non-GAAP metrics are employed).
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  Tempur Sealy Int'l downgrade details — to Sell at UBS; tgt lowered to $42  (45.32 -0.43)UBS downgrades TPX to Sell from Neutral and lowers their tgt to $42 from $46. Firm admits that the termination of TPX's relationship with MFRM in 1Q'17 is going to have NT & LT ramifications. They see these implications weighing on its earnings & valuation for some time to come. Thus, they think it's prudent to approach the shares with a guarded view, particularly after the rally in the wake of the shareholder rights plan announcement. Obviously, with the shares down ~25% in the last 2 weeks, some risk was priced in. But, firm doesn't think the drop goes far enough. Their checks in the wake of the original disclosure lead us to believe TPX & MFRM will not reunite. If they do, the stock has upside. But, they see that as a very low probability event. Firm's updated price target of $42, implies 10% downside & is based on a 14x their new CY'18 EPS est. (a 7% discount to its 5 yr. average).
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 Crude rallies for a 3rd consecutive session on a bullish IEA report which showed 90% OPEC compliance & an increased oil demand growth forecast for FY17; gold extends losses
  • Crude rallied for a 3rd session in a row on a bullish IEA report which showed 90% OPEC output cut compliance & an increased oil demand growth forecast
    • Mar 2017 crude oil futures were up about $0.79 (+1.5%) around the $53.79/barrel level
    • IEA monthly oil market report highlights:
      • OPEC is currently at 90% compliance with their portion of the coordinated OPEC/non-OPEC output reduction agreement.
      • Saudi Arabia exceeded their portion of the promised 490k barrel/day reduction by 70k barrels/day. Angola & Qatar also cut more than originally expected.
      • IEA also stated the global oil stocks overhang that has weighed on prices should fall by about 600k barrels per day in the next 6 months.
      • IEA raised global oil demand growth expectations for 2017 to 1.4 mln bpd, up 100k bpd from their previous estimate.
      • Global oil supplies plunged nearly 1.5 mb/d in Jan, both OPEC and non-OPEC countries produced less.
      • At 96.4 mb/d, world oil production stood 730 kb/d below a year ago, with OPEC posting its first y/y decline since early 2015.
      • Lower production was partly offset by higher flows from Libya and Nigeria, which are exempt from cuts.
      • After falling by 0.8 mb/d last year, non-OPEC output is expected grow by 0.4 mb/d in 2017.
    • Rig count data will be released today at 1 pm ET.
      • Last week's data showed a US oil rig count increase for the third consecutive week in a row.
      • US oil rigs have been added for 13 out of the past 14 weeks.
      • The number of active U.S. rigs drilling for oil rose by 17 to 583 rigs last week.
      • The rig count is at its highest level since Oct 2015.
  • In precious metals, gold extended yesterday's retreat from Wednesday's 3-month high on a continuation rally in the dollar index
    • April 2017 gold futures were down about $3.00 (-0.2%) around the $1233.70/oz level
    • Mar 2017 silver futures were up about $0.08 (+0.5%) around the $17.88/oz level
  • Natural gas gave up all of yesterday's post-EIA gains in morning pit trading
    • Mar 2017 natural gas futures were down about $0.09 (-2.9%) around the $3.05/MMBtu level
  • The dollar index was +0.2% around the 100.82 level, weighed on gold futures
    • Commodities, as measured by the Bloomberg Commodity Index, were up about +0.9% around the 89.32
  • Base metal copper surged +4% in morning pit trading
    • Copper futures were up about $0.11 (+4.1%) around the $2.76/lb level
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  Economic Summary: Michigan Sentiment misses the mark; Treasury Budget out today at 14;00 ET

Economic Data Summary:

  • January Export Prices Ex-Ag 0.1% vs Briefing.com consensus of; December was 0.4%
  • January Import Prices Ex-Oil -0.2% vs Briefing.com consensus of; December was revised to -0.1% from -0.2%
    • The key takeaway from the report is that nonfuel import prices remain in check, but nonetheless, inflation concerns could get dialed up just a bit on the notion of a potential pass-through effect should higher fuel prices persist.
  • February Michigan Sentiment — Final 95.7 vs Briefing.com consensus of 97.9; January was 98.5
    • The pullback in February was related almost entirely to the Expectations Index, which slipped from 90.3 to 85.7. The Current Economic Conditions Index slipped from 111.3 to 111.2.

Upcoming Economic Data:

  • January Treasury Budget due out Friday at 14:00 (December was $55.2 bln)

Other International Events of Interest

  • China's January trade surplus $51.35 billion (expected surplus of $47.90 billion; last surplus of $40.71 billion). January Imports +16.7% year-over-year (expected 10.0%; last 3.1%) and Exports +7.9% year-over-year (consensus 3.3%; previous -6.2%)
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  Sector Summary: Technology (XLK +0.27%) trading higher today, mostly in-line with the broader market

The tech sector — XLK — trades mostly in-line with the broader market. Semiconductors, meanwhile, display relative weakness as the SOX index trades -0.45%. Within the SOX index, QCOM (+1.15%) outperforms, while CRUS (-2.26%) lags. Among other major indices, the SPY is trading 0.29% higher, while the QQQ +0.29% and the NASDAQ +0.54% trade modestly higher on the session. Among tech bellwethers, ACN (+1.36%) is showing relative strength, while TMUS (-0.71%) lags.

Notable gainers following earnings:

  • ATVI (+15.8%) reported Q4 earnings with revs ahead of market expectations; guided Q1, FY17, ZAYO (+2.4%) reported in-line Q2 EPS and revs, VRSN (+1.5%)

Notable laggards following earnings:

  • NVDA (-2.7%) reported better than expected Q4 EPS and revs; guided Q1 revs ahead of market expectations, WU (-2.3%), EXPE (-1.3%)

Gainers on news:

  • SWIR (+25.5%) co, in addition to reporting quarterly results, announced that Volkswagen (VLKAY) selected Sierra Wireless AirPrime AR Series modules and the Legato platform for its next generation of connected cars.
  • VRSN (+1.6%) co, in addition to reporting quarterly results, approved an additional authorization for share repurchases of about $641 mln.
  • NTT (+0.4%) co filed application for voluntary delisting of American Depositary Receipts from the NYSE and revising the handling procedures of ADRs.
  • NXPI (+0.4%) co announced gross debt will be reduced to $6.5 bln from the $9.2 bln reported at the end of 4Q16.

Laggards on news:

  • ECOM (-21.8%) in addition to reporting quarterly results, co's Chief Technology Officer, Aris Buinevicius, resigned effective March 17.
  • WINS (-7.5%) co announced it is not aware of reasons for the recent volatility in its stock price; states it is not in possession of any material non-public information.
  • MCHP (-0.5%) co announced the pricing of $1.8 billion 1.625% aggregate principal amount of convertible senior subordinated notes due 2027 and $500 million 2.250% aggregate principal amount of convertible junior subordinated notes due 2037.

Among notable analyst upgrades:

  • INFN (+27.7%) upgraded to Buy from Neutral at Instinet
  • SWIR (+25.5%) to Overweight from Equal Weight at First Analysis Sec
  • VECO (+4.2%) to Buy at BofA/Merrill

Among notable analyst downgrades:

  • TWTR (-4.4%) downgraded to Sell from Neutral at UBS
  • TWTR (-4.4%) to Sell from Neutral at Citigroup
  • TWTR (-4.4%) to Hold from Buy at Deutsche Bank
  • TWTR (-4.4%) to Sell from Hold at Loop Capital
  • TWTR (-4.4%) to Underweight from Neutral at Atlantic Equities
  • INTC (-0.8%) to Hold from Buy at Canaccord Genuity
  • ZAYO (+2.8%) to Underperform from Mkt Perform at FBR & Co.
  • MTSC (-3.8%) to Neutral from Overweight at JP Morgan
  • BLKB (-2.0%) to Hold from Buy at Wunderlich
  • UBNT (-15.9%) to Underperform from Neutral at Credit Suisse

Scheduled to report earnings Monday morning:

  • FDC LIOX TSEM VSM WEX
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 Notable movers of interest: SKX +21.3% on Q4 revenue beat, guidance

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

  • ATVI (45.86 +15.43%): Reports Q4 revenue beat; guides Q1, FY17 raises dividend 15% and announces $1 bln buyback.
  • CBG (34.15 +8.17%): Shares rise on Q4 EPS beat; guides FY17 EPS above consensus.
  • MT (8.69 +5.46%): Reports Q4 EPS beat.

Large Cap Losers

  • TWTR (15.68 -4.42%): Extends yesterday's decline after reporting a disappointing Q4; downgraded at: Loop Capital, Atlantic Equities, Citigroup, and UBS.
  • CERN (51.75 -3.95%): Reports Q4 EPS and revenues in-line; guides Q1 EPS below consensus, revs in-line; guides FY17 EPS below consensus, revs in-line.
  • NVDA (113.86 -2.17%): Shares fall despite a Q4 EPS and revenue beats; Q1 revenue guidance above consensus.

Mid Cap Gainers

  • SKX (28.23 +21.26%): Reports Q4 revenue beat; guides Q1 revs above consensus
  • COLM (59.9 +12.4%): Reports Q4 revenue beat; guides Q1 revs above consensus
  • ESNT (37.42 +3.26%): Shares rise on Q4 and revenue beat.

Mid Cap Losers

  • UBNT (52.87 -17.56%): Reports Q2 EPS miss.
  • YELP (36.53 -11.95%): Shares fall on Q1 revenue guidance below consensus.
  • CSL (103.54 -4.63%): Shares fall after reporting a Q4 revenue miss.
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  Stadium Capital (Alexander Medina Seaver) discloses updated portfolio positions in 13F filing: Increased CIVI / CPSI positions, Closed out BKEHighlights from 2016 Q4 filing as compared to 2016 Q3 filing:
  • Increased positions in: CIVI (to ~1.58 mln shares from ~0.3 mln shares), CPSI (to ~1.38 mln from ~0.87 mln)
  • Maintained positions in: ASNA (~14.75 mln shares), BLDR (~8.58 mln shares), UTI (~3.53 mln shares)
  • Closed positions in: BKE (from ~0.56 mln shares), WSBF (from ~0.03 mln)
  • Decreased positions in: BGFV (to ~0.85 mln shares from ~2.58 mln shares), EXPR (to ~0.04 mln from ~1.74 mln), HSII (to ~0.28 mln from ~0.59 mln), RBCAA (to ~0.16 mln from ~0.41 mln)
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  Covisint: Dialectic Capital Partners increases active stake to 7.3% (Prior 6.2%)   (2.04 -0.11)
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  Rumor Round Up

Rumor Activity was slow to close out the week.

  • Reuters discussed that Blackstone (BX 30.18 +0.01) might acquire Aon's (AON 115.72 +0.55) employee benefits outsourcing unit for $4.8 bln.
  • Anadarko Petroleum (APC 69.11 +0.70) renewed M&A speculation circulated.
  • The Australian discussed that Rio Tinto (RIO 45.15 +2.01) is preparing to sell $2 bln in Queensland Mine assets.

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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  Sector Summary: S&P Consumer Discretionary Index +0.2%, in-line with the broader marketThe consumer discretionary group is in-line with the broader market. The retail group is mixed with the Retail HOLDRS Trust (RTH) +0.2% and the SPDR S&P Retail ETF (XRT) 0%.

Notable earnings/guidance

  • Trading higher following earnings/guidanceSHLD 27.1% (launches comprehensive restructuring; amends credit facility adding liquidity; announces prelim Q4 results above consensus), SKX +21.7%, QUOT +18.4%, COLM +11.9%, P +4.4%, IPG +4.3%, ZNGA +2.4%, RGC +1.2%
  • Trading lower following earnings/guidance: YELP -13.1%, NDLS -6.7% (completes $18.5 mln private placement of Series A Convertible Preferred Stock and warrants to L Catterton, amends credit facility, and preannounces in-line Q4 revs), AXL -3.4%, EXPE -0.7%

Earnings/guidance secondary plays:

  • Footwear names are higher following Sketchers (SKX) earnings: BOOT +2.6%, SHOO +2.4%, NKE +1.9%, WWW +1.8%, SCVL +1.1%, DSW +0.8%, GCO +0.7%
  • SHOS +5.5% DDS +1% are higher following Sears (SHLD) update. 
In the news:
  • LeadersMJN 5% (Mead Johnson Nutrition to be acquired by Reckitt Benckiser for $90 per share), TITN 1.1% (announces the implementation of a restructuring plan to consolidate certain dealership locations and a reorganization of its operating structure; expects $25 million in annual cost savings), RCKY 1.7% (expects to make an internal hire for open CFO role by early March), AMZN 0.7% (WSJ detail that Amazon plans to start selling specialized woman's apparel)
  • LaggardsBBBY -0.9% (provides update, discloses that its Board is considering modifications to the Company's governance and executive compensation plans)
  • Women's apparel brand J.Jill files for $100 mln IPO, expects shares to trade on the NYSE under the symbol JILL
Analyst related:
  • UpgradesF 0.9% (upgraded to Hold from Underperform at Jefferies; tgt raised to $12 from $10)
  • DowngradesYUM 1.1% (downgraded to Neutral from Buy at Longbow), VIAB -0.1% (downgraded to Equal Weight from Overweight at Barclays), SBUX 0.6% (downgraded to Hold from Buy at Argus) 

Looking ahead:

  • On the earnings front: QSR reports earnings Monday before the open
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  Sector Summary: Industrials trade higher than the broader market; JetBlue (JBLU) reports January traffic

The Industrials sector (XLI) is trading +0.6% higher today, higher than the broader market (SPY +0.3%). In the Industrial Sector, JetBlue (JBLU -1.6%) reports January traffic and UK's Serious fraud office confirms probe of ABB Ltd. (ABB +0.4%). 

Earnings/Guidance

  • Carlisle Cos (CSL -4.3%) reports Q4 earnings of $1.32 per share, excluding non-recurring items, $0.03 better than the consensus of $1.29; revenues rose 2.0% year/year to $893.5 mln vs the $907 mln consensus.
  • Cubic (CUB +6.2%) reports Q4 earnings of $1.32 per share, excluding non-recurring items, $0.03 better than the consensus of $1.29; revenues rose 2.0% year/year to $893.5 mln vs the $907 mln consensus.
  • Fluor (FLR +0.3%) sees Q4 adj net profit from continuing operations of $0.82/share vs. the $0.79 consensus.
    • Expects Q4 earnings to include non-cash adverse tax effects of $45 million, or $0.32 per diluted share, as a result of the inability to deduct or otherwise benefit certain foreign losses.
    • Expects to report fourth quarter net profit from continuing operations of $70 million, or $0.50 per fully diluted share.

Additional Industrials reporting earnings/guidance: VVI +4.10% BEAV -0.11% WTS -8.88% CPST -2.44% MCFT -0.20% ARCW -0.53%

News

  • JetBlue Airways (JBLU -1.6%) reports January traffic; January prasm -8.5% Y/Y, RPMs +8.6% Y/Y, ASMs +7.7% Y/Y, Load factor of 83.3%, +0.7% Y/Y.
  • ABB Ltd (ABB +0.4%): The UK's Serious Fraud Office confirms that it has commenced an investigation into the activities of ABB Ltd's United Kingdom subsidiaries, their officers, employees and agents for suspected offences of bribery and corruption

Broker Research

Upgrades

  • Knight Transportation (KNX +1.1%), Werner Enterprises (WERN +2.2%), Celadon Group (CGI +6.7%), Landstar System (LSTR +1.4%), and Marten Transport (MRTN +3.8%) upgraded to Hold ratings at Stifel
  • CSX (CSX +1.5%) upgraded to Mkt Outperform at Avondale.

Downgrades

  • Ryanair Hldgs (RYAAY -0.9%) downgraded to Hold from Buy at Kepler.

Other

  • Stifel raises their Equifax (EFX +1.2%) tgt to $144 from $131.
  • Needham raises their Cubic (CUB +6.2%) tgt to $55 from $48 after posting FQ1 results after the close yesterday that were better than firm was expecting.
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  Intercept Pharma: Changes to REGENERATE lower the hurdle for success — FBR & Co.  (117.77 +5.08)FBR notes on February 10, ICPT provided an update on its REGENERATE Phase III trial with obeticholic acid (OCA) in NASH patients with liver fibrosis. As a reminder, the 2,000-patient international study was initiated in September 2015 with the co-primary endpoints (1EPs): 1) fibrosis improvement w/no worsening of NASH; and (2) NASH resolution w/no worsening of fibrosis. The study includes an interim analysis after 72 weeks of treatment in 1,400 patients, which is intended to serve as the basis for seeking initial regulatory approval. They consider ICPT as trailblazing NASH drug development but in an environment where regulatory requirements for approval are unclear. They think the study's changes reflect this view as significant evolution has occurred as to what LT clinically meaningful outcome would be acceptable in NASH. They also think two noteworthy changes, demonstration of one of the 1EPs and not both, and an interim analysis conducted after enrollment of 750 patients, lower the hurdle for success, which are positive developments. However, although the OCA FLINT Phase II results were strong, firm remains uncertain whether the level of improvement seen with OCA will be adequate to demonstrate clinical benefit outweighs OCA's known negative safety signals; Market Perform.
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  SPY +0.3%, Energy leads the market higher, Staples are the only sector not positive on the day
Sector Ticker % Change YTD % Change
Energy XLE 0.8% -3%
Materials XLB 0.7% 5%
Industrials XLI 0.6% 4%
Telecom IYZ 0.5% -1%
Real Estate XLRE 0.4% 1%
Cons. Disc. XLY 0.3% 5%
Utilities XLU 0.3% 1%
Technology XLK 0.3% 6%
Financials XLF 0.2% 2%
Healthcare XLV 0.1% 4%
Cons. Staples XLP 0.0% 4%
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  Symantec resumption details — Equal Weight at Barclays; tgt $30  (29.10 +0.11)Barclays resumes coverage of SYMC with a Equal Weight and sets target price at $30. Strategically, the LifeLock deal should broaden the Consumer suite and with the right integration could help with retention and pricing. While the business is lower margin, it should be accretive to FY19 EPS, which with a better core business coming out of 3Q, brings firm's FY18 EPS est to $1.74 despite the additional debt.
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  Sector Summary: Energy leads the broader market higher for a 2nd consecutive session; crude futures rally a 3rd day on a bullish IEA; rig count data on tap 1 pm ET

The Energy Sector (XLE, +1.0%) leads the broader market (SPY, +0.2%) higher for the 2nd consecutive session. Crude oil (USO, +1.8%) futures rally for the third day in a row on a bullish IEA report (summarized below) ahead of today's rig count data. Lastly, natural gas (UNG, -2.8%) futures gave up all of yesterday's post-EIA gains, on track to end the week down about 1.0%.

Mar crude oil futures remained on track to extend their rally into a third consecutive session following the release of the IEA's monthly oil market report.

  • Note that OPEC is currently at 90% compliance with their portion of the coordinated OPEC/non-OPEC output reduction agreement.
  • IEA raised global oil demand growth expectations for 2017 to 1.4 mln bpd, up 100k bpd from their previous estimate.
  • Saudi Arabia exceeded their portion of the promised 490k barrel/day reduction by 70k barrels/day.
  • Angola & Qatar also cut more than originally expected.
  • IEA also stated the global oil stocks overhang that has weighed on prices should fall by about 600k barrels per day in the next 6 months.

Other notable highlights of the report include:

  • Global oil supplies plunged nearly 1.5 mb/d in Jan, both OPEC and non-OPEC countries produced less.
  • At 96.4 mb/d, world oil production stood 730 kb/d below a year ago, with OPEC posting its first y/y decline since early 2015.
  • OPEC crude production fell by 1 mb/d to 32.06 mb/d in Jan.
  • Lower production was partly offset by higher flows from Libya and Nigeria, which are exempt from cuts.
  • OECD total oil stocks fell nearly 800 kb/d in 4Q16, the largest fall in three years.
  • End-Dec inventories were below 3k mb for the first time since Dec 2015. Stocks continued to build in China and other emerging economies, volumes of oil at sea also increased.
  • After falling by 0.8 mb/d last year, non-OPEC output will grow by 0.4 mb/d in 2017.
  • Growth is mainly in the Americas, where higher prices are fueling increased investments in US LTO activity and long lead-time projects are coming on stream in Brazil and Canada.

Reminder: Baker Hughes rig count data will be released today at 1 pm ET.

  • Last week's data showed a US oil rig count increase for the third consecutive week in a row.
  • US oil rigs have been added for 13 out of the past 14 weeks.
  • The number of active U.S. rigs drilling for oil rose by 17 to 583 rigs last week.
  • The rig count is at its highest level since Oct 2015.

Notable Gainers:

  • Oil & Gas Drilling & Exploration: Noble (NE, +12%)
  • Equipment and services: GulfMark Offshore (GLF, +14%)
  • Independent oil & gas: TransGlobe Energy (TGA, +10%)
  • Major-integrated: Encana (ECA, +3%)
  • Refining & Marketing: BP Prudhoe Bay Royalty Trust (BPT, +4%)
  • Pipelines: Cheniere Energy Partners (CQP, +2%)

Notable Laggards:

  • Oil & Gas Drilling & Exploration: Breitburn Energy (BBEPQ, -14%)
  • Equipment and services: Forum Energy Technologies (FET, -9%)
  • Independent oil & gas: Fieldpoint Petroleum (FPP, -5%)
  • Major-integrated: Mitsui & Co (MITSY, -1%)
  • Refining & Marketing: CVR Energy (CVI, -3%)
  • Pipelines: Blueknight Energy Partners (BKEP, -1%)

In Current Trade:

  • Mar WTI crude oil futures: up about $1.05 around $54.06/barrel (+2.0%)
  • Mar natural gas futures: down about $0.11 around $3.03/MMBtu (-3.6%)
  • Mar RBOB gasoline futures: up about $0.03 around $1.60/gallon (+2.2%)
  • Mar heating oil futures: up about $0.03 around $1.70/gallon (+1.8%)

Earnings/News

  • Buckeye Partners (BPL, +0.2%) missed by $0.23, beat on revs; raised distribution 1% Q/Q
    • Reported Q4 GAAP earnings of $0.78 per share, $0.23 worse than the Capital IQ Consensus of $1.01; revenues rose 10.0% year/year to $924.1 mln vs the $860.16 mln Capital IQ Consensus.
  • Forum Energy Tech (FET, -9%) beat by $0.01, reported revs in-line
    • Reported a Q4 loss of $0.16 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of ($0.17); revenues fell 25.0% year/year to $147.1 mln vs the $146.43 mln Capital IQ Consensus.
  • Western Gas Partners (WES, -0.4%) entered into an agreement with Williams Partners (WPZ, +0.5%) whereby WES will acquire WPZ's 50% non-operated interest in the assets of Delaware Basin JV Gathering
    • «This highly strategic transaction increases our exposure to the Delaware Basin, enables us to aggressively support our customers' accelerating drilling plans, and advances our objective of providing sustainable distribution growth over time,» said Chief Executive Officer, Don Sinclair. «With this consolidation of ownership in DBJV, we are taking another important step in the development of our fully integrated gas gathering and processing footprint in the Permian Basin. Our ability to develop these types of asset positions has proven to be successful in generating incremental returns for our unitholders, with the DJ Basin being our most notable example.»
  • Sanchez Production Partners (SPP, +1%) increased quarterly distribution to $0.4310/unit from $0.4246/unit

Broker Calls

  • MEG Energy (MEGEF, 0%) upgraded to Outperform at Raymond James
  • Enerplus (ERF, +8%) upgraded to Outperform at BMO Capital Markets
  • Gran Tierra Energy (GTE, +4%) upgraded to Outperform at Credit Suisse
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  Viacom downgrade details — to Equal Weight at Barclays; tgt $45  (43.79 -0.10)Barclays downgrades VIAB to Equal Weight from Overweight and sets target price at $45 as tehy believe Viacom's new strategic path is rational and credible. However, as they also highlighted in their note from yesterday, they believe the interim transition process is likely to need a very delicate balancing act on the execution front. The company's challenge in firm's opinion will be to make this transition in at least a revenue neutral manner. Given that Viacom faces more a terminal value question, what they think the new plan will need to do is to generate more revenue and operating income on a smaller base of assets, in a saturated market at media networks. This will have to be done in an envm't where none of the secular sources of pressure seen by Viacom in the form of demographics have seen any signs of change.
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  Stocks/ETFs that traded to new 52 week highs/lows this session — New highs (273) outpacing new lows (27)Stocks that traded to 52 week highs: AAPL, ACV, ACWI, ACWX, ADES, ADX, AER, AGC, AGCO, AGD, AGO, AJG, AL, ALL, ALLY, AM, AME, AMH, AMP, AOD, AON, ARCC, ARDC, ARIA, AROC, ARRY, ASGN, ASND, ATHM, ATVI, AVK, AXP, AYR, BAM, BAP, BCO, BDJ, BEL, BGB, BGX, BHE, BIF, BIP, BIT, BKMU, BLW, BMA, BNS, BOE, BSBR, CBA, CBG, CDNS, CDW, CEM, CFO, CHE, CHKP, CHW, CII, CIM, CM, CNO, COHR, COO, COST, CPRT, CRESY, CTR, CTRL, CUNB, DCP, DE, DGRW, DPZ, DSCI, EA, EBAY, ECOL, ECPG, EMF, ENIA, ENTG, EQM, ESNT, EXEL, EXTN, EXTR, FEM, FET, FEX, FFWM, FMI, FNGN, FNX, FSIC, FSV, FTA, FTV, GER, GGAL, GLBL, GMZ, GTY, HBM, HD, HDS, HON, HTGC, ICLR, IFV, ILG, IMMU, IPG, IPGP, IR, IRS, IXUS, JBL, JCOM, JRO, KEM, KLXI, KOP, KYN, LFC, LII, LLL, LNC, LNCE, LOB, LUV, MAR, MBUU, MDCO, MDP, MDSO, MED, MELI, MERC, MHK, MHLD, MIE, MLI, MMC, MMSI, MOBL, MPG, MPLX, MRCY, MS, MSM, MTG, MTN, MTOR, MXL, NCR, NDRM, NDSN, NFLX, NMFC, NOVT, NSA, NSIT, NTAP, NTCT, NUVA, NXRT, NXTM, OFC, OGE, OOMA, ORA, ORC, PAH, PATK, PBT, PCH, PCLN, PCYG, PEGA, PF, PJC, PJT, PLKI, PLXS, PNC, PNK, PNNT, PRCP, PRI, PSCT, PSEC, PVTB, PXLW, QQEW, QQQ, QQQX, QSR, RCL, RDN, RE, REN, RESI, RF, RICK, RJF, RMAX, RMT, ROBO, ROL, ROP, RSG, RVT, RWT, RY, SBCF, SBGI, SBS, SCCO, SCI, SGM, SGMS, SHG, SHLO, SHOP, SIVB, SKYY, SLM, SMM, SNI, SNPS, SODA, SOHO, SSP, STMP, SUNS, SWIR, SYMC, TAL, TAST, TDIV, TEI, TEP, THO, TICC, TKR, TQQQ, TROX, TSC, TSE, TSEM, TTMI, TTWO, TY, UEPS, UNM, USA, USG, VCRA, VVR, VXUS, WBC, WEB, WEN, WES, WEX, WGP, WWE, WY, WYN, YUM, ZLTQ

Stocks that traded to 52 week lows: ADVM, APDN, BSTG, COSIQ, DCTH, FCEL, FOSL, GALE, GBSN, HIMX, ICLD, NAO, OHRP, RELY, RGSE, RNVA, RWLK, SHIP, SOL, SQQQ, SRRA, STAF, TCON, TVIX, ULTRQ, VMEMQ, XOMA

Thinly-Traded Stocks (ADV below 45k) that traded to 52 week highs on High Volume: AIQ, APPF, BBGI, BBP, BCBP, BOCH, BYBK, CAPX, CATH, CFA, CIVB, CNBKA, DAIO, DHG, DNI, EQFN, ESXB, EWZS, FAD, FBZ, FCE.B, FCFP, FEMS, FNY, FRBA, FTCS, FUSB, GCH, GGZ, IBUY, IPKW, KMDA, KRMA, KYO, LAWS, LCM, LFGR, LVHD, MILN, MPB, MRLN, MTLS, NBRV, ONEQ, OSB, OVLY, PCF, PKBK, PLSE, PNQI, QQXT, RFAP, RGT, SAL, SGF, SHBI, SNOA, SRV, SSBI, STN, VONE, VONG, VTHR, VTWG, WAYN, WEBK

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

ETFs that traded to 52 week highs: AMJ, BKF, CROP, DBB, DIA, ECH, EEB, EPOL, EPP, EPU, EWA, EWC, EWT, IAI, IGN, IGV, IOO, ITA, IWF, IYF, IYG, JJC, KIE, MDY, OEF, QQQ, SKYY, SPY, UYG, VTI, XLK, XLY, XME

ETFs that traded to 52 week lows: NIB, VXX
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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: + 0.2%
  • France's CAC: + 0.0%
  • Spain's IBEX: -0.6%
  • Portugal's PSI: + 0.2%
  • Italy's MIB Index: -0.5%
  • Irish Ovrl Index: -0.1%
  • Greece ASE General Index: + 2.5%
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  Cameco mgmt cautiously optimistic — Call notes  (11.14 +0.30)
  • Mgmt is cautiously optimistic. Still long way to go… improved term contracts will signal a positive environment.
  • Cameco is managing for difficult environment in the meantime (announced restructuring in January).
  • Sees continued growth in reactor construction (currently at 58), which will lead to uranium consumption, but prices remain far from favorable. No one thought the market would get this bad, even after Fukushima.
  • Supply/demand balance similar to last year but going in the right direction: Demand ~170 mln lbs/year, supply ~160 mln lbs; plus there is secondary supply of ~20 mln… Cautiously optimistic going forward due to reactor construction and more disciplined production.
  • Optimistic Japanese reactors will come back on line this year but mgmt has been disappointed on this front for 5-6 tears in a row.
  • China has become a big deal — really good customers.
  • Will talk with S&P next week about ratings watch negative outlook (Jan 19) next week.
  • Was surprised and disappointed with Tepco  -- believes that co is violating its agreement. The contract price is relatively high, which may be playing a role in Tepco trying to get out of it.
  • Cameco reduced FY17 sales guidance from last month, which now excludes the TEPCO contract. Sees FY17 production down 7%. Sees realized price $49 for FY17 with avg. unit cost of $36-38/lb — this assumes current spot and term market prices.

Uranium stocks (URA +1.4%): URRE +3.5%, URG +3%, CCJ +2.7%, UEC +0.9% UUUU +0%

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  Hearing Lifetime Brands was upgraded earlier to Buy from Neutral at Sidoti  (14.45 -0.10)
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  Sector Summary: The Healthcare sector (%) is trading today, the S&P 500 (%)General Commentary: Immunomedics (IMMU) shares are up ~25% after news that SGEN purchased 3 mln of IMMU common stock at $4.90/share. The co entered into a global licensing agreement w/ Seattle Genetics (SGEN). The agreement provides for potential payments of ~$2 bln. IMMU is receiving $250 mln upfront. SGEN is trading down ~4% following the news.

Gainers on news:
  • Immunomedics (IMMU +23.57%) enters into exclusive global licensing agreement with Seattle Genetics (SGEN); agreement provides for potential payments of approximately $2 bln, SGEN to purchase 3 mln shares of IMMU common stock at $4.90/share
  • Intercept Pharma (ICPT +6.42%) changed Phase 3 REGENERATE trial co-primary endpoints of 1) NASH resolution or 2) fibrosis improvement to an 'either or', de-riskingd the stud; mgmt remains confident in both primary endpoints
  • Mead Johnson Nutrition (MJN +5.18%) to be acquired by Reckitt Benckiser (RBGLY) for $90 per share
Decliners on news:
  • Biostage (BSTG -40.9%) prices public offering with expected total gross proceeds of approx. $8.0 mln at $0.40/share
  • Tracon Pharma (TCON -21.65%) reports top-line results from a randomized Phase 2 clinical trial of TRC105 in recurrent glioblastoma (GBM) funded and conducted by the Clinical Therapy Evaluation Program (CTEP) of the National Cancer Institute
  • BioTime (BTX -8.64%) prices 6,481,482 shares of its common stock at a public offering price of $2.70/share
Gainers on earnings:
  • Sonoma Pharma (SNOA +10.77%) reported Q3 EPS from cont ops of $0.18 vs ($1.28) year ago on revs +35% y/y to $3.4 mln.
  • Civitas Solutions (CIVI +3.63%) misses by $0.01 (GAAP), misses on revs; reaffirms FY17 guidance
  • ICHOR Corporation (ICHR +3.47%) reports EPS in-line, revs in-line; guides Q1 EPS above consensus, revs above consensus
Decliners on earnings:
  • Organovo (ONVO -14.68%) beats by $0.01, misses on revs; lowers FY17 revs below consensus due to order
  • Cerner (CERN -4.47%) reports EPS in-line, revs in-line; guides Q1 EPS below consensus, revs in-line; guides FY17 EPS below consensus, revs in-line
  • Taro Pharm (TARO -1.7%) reports Q3 EPS of $3.42 vs $4.41 year ago; revs -14.7% to $220.395 mln (no estimates).
Upgrades/Downgrades:
  • Spectrum Pharma (SPPI +9.67%) resumed with a Buy at Jefferies
  • Medidata Solutions (MDSO +4.48%) upgraded to Buy from Neutral at SunTrust
  • Tesaro (TSRO -2.33%) downgraded to Mkt Perform from Outperform at Leerink Partners
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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: IMMU (5.4 +25.47%), CPSI (27.43 +14.27%), FMI (27.3 +10.75%), ZLTQ (51.3 +8.96%), SPPI (5.57 +8.79%)
  • Materials: HBM (8.86 +8.65%)
  • Consumer Discretionary: SHLD (7.15 +29.06%), SKX (27.97 +20.15%), COLM (59.42 +11.5%)
  • Information Technology: SWIR (23.55 +26.27%), INFN (11.83 +25.85%), QUOT (12.93 +18.58%), ATVI (46.9 +18.05%), ATEN (9.65 +12.21%), WEB (22.14 +12.1%), RPD (13.95 +11.07%)
  • Energy: SDRL (1.96 +12.01%), NE (7.35 +10.86%), ERF (9.49 +7.66%)
Today's top 20 % losers
  • Healthcare: BIOB (0 -25.93%), ONVO (3.23 -14.32%), BTX (2.75 -8.64%), PTCT (12.91 -6.58%), CERN (51.66 -4.12%)
  • Industrials: EGLE (5.14 -20.43%), WTS (61.1 -7.28%), BGC (16.85 -4.8%)
  • Consumer Discretionary: BFAM (68.32 -4.41%)
  • Information Technology: UBNT (54.27 -15.38%), YELP (35.98 -13.28%), APTI (15.34 -10.01%), CATM (46.1 -9.41%), MIME (21.59 -6.37%), CARB (19.03 -6.17%), CYBR (52.26 -5.56%), TWTR (15.68 -4.48%), G (24.2 -3.97%)
  • Financials: TBBK (4.99 -5.77%)
  • Energy: FET (22.28 -8.33%)
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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
  • Healthcare: IMMU (38.5 mln +25.47%)
  • Materials: CLF (77.18 mln -3.43%), FCX (29.14 mln +4.16%), MT (17.67 mln +6.49%), AKS (15.12 mln -2.42%), VALE (13.22 mln +4.57%)
  • Consumer Discretionary: F (11.38 mln +0.69%), JCP (11.34 mln -0.64%)
  • Information Technology: TWTR (39.33 mln -4.48%), AMD (32.43 mln +0.45%), ATVI (30.47 mln +18.05%), NVDA (25.15 mln -1.61%), INTC (19.89 mln -0.45%), MU (11.69 mln -1.74%), INFN (10.24 mln +25.85%)
  • Financials: BAC (34.6 mln -0.54%)
  • Energy: SDRL (18.63 mln +12.01%), CHK (14.17 mln +1.66%), NE (11.77 mln +10.86%)
  • Consumer Staples: MJN (39.67 mln +5.12%)
Today's top relative volume (current volume to 1-month average daily volume)
  • Healthcare: IMMU (19.79x +25.47%), BTX (6.11x -8.64%), ICPT (3.48x +5.38%), CPSI (3.14x +14.27%), ZLTQ (2.87x +8.96%)
  • Materials: CLF (4.99x -3.43%)
  • Industrials: EGLE (8.36x -20.43%)
  • Consumer Discretionary: SKX (4.47x +20.15%), SHLD (3.83x +29.06%)
  • Information Technology: SWIR (12.43x +26.27%), UBNT (11.79x -15.38%), INFN (6.04x +25.85%), YELP (4.82x -13.28%), ATVI (4.16x +18.05%), RPD (4x +11.07%), HDP (3.9x +7.08%), APTI (3.72x -10.01%), CATM (3.27x -9.41%), QUOT (2.71x +18.58%)
  • Consumer Staples: MJN (13.59x +5.12%)
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  Today's biggest point gainers/losersBiggest point gainers: ELLI 97.3(7.12), ATVI 46.49(6.76), COLM 59.22(5.93), ICPT 118.5(5.81), SWIR 23.8(5.15), MLM 230.42(5.1), SKX 27.93(4.65), MJN 87.31(4.26), MHK 218.96(4.19), ZLTQ 50.78(3.7), BIIB 274.12(3.68), REGN 363.58(3.58), VMC 123.91(3.41), CPSI 27.15(3.15), PXD 194.67(3.08), EGN 56.05(2.95), JACK 111.5(2.94), CBG 34.37(2.8), NCR 46.82(2.64), INFN 12.02(2.62), XEC 132.2(2.56), EA 85.79(2.53), JCOM 88.05(2.47), MDSO 58.23(2.43), CXO 142.2(2.34)

Biggest point losers: UBNT 55.12(-9.01), YELP 35.8(-5.69), WTS 60.7(-5.2), CATM 45.86(-5.03), TSRO 182.24(-4.67), ORLY 270.79(-3.99), CSL 105.11(-3.47), ECOM 10.88(-3.38), CYBR 52.01(-3.32), BFAM 68.49(-2.98), ATHN 113.57(-2.84), CHTR 322.74(-2.33), SGEN 60.5(-2.32), CERN 51.7(-2.18), FET 22.3(-2), APTI 15.17(-1.87), UVV 76.1(-1.75), HUM 205.29(-1.74), EVHC 69.14(-1.74), ACIA 55.18(-1.5), SBAC 106.28(-1.35), SIG 72.3(-1.32), ABC 90.36(-1.29), DG 76.45(-1.26), AAP 163.62(-1.21)
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  Market Internals

The broader market is on pace to close with week with some decent gains on the Friday session, led higher by the Dow Jones Industrial Average which gains about 81 points (+0.40%) to 20252, the Nasdaq Composite is up about 17 (+0.30%) to 5732, and the S&P 500 adds about 7 (+0.30%) to 2314. Action has come on mixed average volume (NYSE 301 vs. avg. of 321; NASDAQ 837 mln vs. avg. of 778), with advancers outpacing decliners (NYSE 2026/939, NASDAQ 1694/1010) and new highs outpacing new lows (NYSE 178/0, NASDAQ 175/17).

Relative Strength:

Copper-JJC +4.5%, Copper Miners-COPX +3.9%, Steel-SLX +2.8%, Base Metals-DBB +2.7%, Mexico-EWW +2.3%, Latin Am. 40-ILF +2.2%, US Gasoline-UGA +2.1%, Greece-GREK +2.0%, Jr. Gold Miners-GDXJ +2.0%, Silver Miners-SIL +1.9%, Brazil-EWZ +1.9%, S. Africa-EZA +1.6%, Australia-EWA +1.4%, Taiwan-EWT +1.4%.

Relative Weakness:

US Nat Gas-UNG -2.4%, Cocoa-NIB -2.2%, Short-Term Futures-VXX -1.9%, Sugar-SGG -1.8%, Turkey-TUR -1.6%, Spain-EWP -0.9%, Social Media-SOCL -0.8%, Platinum-PPLT -0.7%, New Zealand-ENZL -0.6%, Italy-EWI -0.5%, Netherlands-EWN -0.4%, Belgium-EWK -0.3%, Israel-EIS -0.3%, Uranium/Nuclear Energy-NLR -0.3%.

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  Yelp target lowered to $46 at Axiom Capital following earnings  (36.05 -5.44)Axiom Capital lowers their YELP tgt to $46 from $47 after reporting Q4 earnings and giving Q1, FY17 guidance. However, firm sees the guidance as conservative. This was the first time in three quarters that Yelp has not reported a classic «beat & raise» quarter. Further, local advertiser net additions of 2.8K came in below our expectations of 4.1K leading to decelerating Local Advertising revenue growth, after accelerating for three consecutive quarters. Yelp cited salesforce distraction from the election, which has been resolved this year. The stock is taking a breather on the less than stellar guidance after close to tripling from its 52-Week low. However, firm sees the negative reaction as short-lived. Yelp is finding new product opportunities to drive growth and expand margins. National is becoming a bigger part of the mix, important because national accounts have higher revenue yields per account, have higher margins, and have higher retention rates. As well, self-serve continues to grow rapidly and has very high margins. In addition, the Request A Quote feature has shown strong engagement (4.5M sent in 2016) and should provide upside to 2018 estimates. As such, we remain buyers of the stock.
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  Unusual Options Activity

Taking a 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:

  • SVU Apr 4 calls are seeing interest with 5000 contracts trading vs. open int of 17.8K, pushing implied vol up around 3 points to ~40% — nearly 3K traded in a single transaction. Co reported earnings last month and is expected to report its next quarter late April (likely outside of expiration).
  • BBT Feb 46 calls are seeing interest with 2000 contracts trading vs. open int of 3020, pushing implied vol up around 1 points to ~18% — 2K traded in a single transaction. Co is expected to report earnings late April.

Puts:

  • FOSL Feb 20 puts are seeing interest after it was downgraded to Underperform from Neutral at Mizuho with 7320 contracts trading vs. open int of 320, pushing implied vol up around 36 points to ~158% — over 4300 contracts traded in a single transaction. We noted activity in the Mar03 27 calls earlier this month (see 2/1 13:29 OPTNX). Co is confirmed to report earnings next week, February 14 after the close.
  • BKD Feb 14 puts are seeing interest ahead of earnings next week, Monday February 13 after the close with 10.6K contracts trading vs. open int of 570, pushing implied vol up around 33 points to ~98% — 5K contracts traded in a single transaction.

Stocks seeing volatility selling:

  • ALLY Mar 22 puts are active with 1040 contracts trading vs. open int of 60, pushing implied vol down around 2 points to ~24% — we noted activity in the Mar 23 calls last week (see 2/6 13:33 OPTNX). Co reported earnings late January and is expected to report its next quarter late April.
  • MT, ZNGA, YELP, EXPE, ELLI implied vol is lower following earnings/guidance

Sentiment: The CBOE Put/Call ratio is currently: 0.89… VIX: (10.62, -0.26, -2.4%).
February 17 is options expiration — the last day to trade February 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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  Earnings Calendar for the week of February 13
  • Friday (February 10)
    • After-Hours: KNL       
  • Monday (February 13)
    • Pre-Market: TEVA, FDC, QSR, NSP, LNCE, HCP, TSEM, WEX, VSM, NNN, STNG, CSWI, USAC, DCIX
    • After-Hours: BKD, NBL, AMKR, FLO, ACGL, OMF, SCI, RCII, VNO, BRKR, MPSX, DCP, AGII, BRX, DDR, FRT, GPOR, CSOD, RNG, CHGG, etc...
  • Tuesday (February 14)
    • Pre-Market: AUO, TMUS, DISCA, DPS, DBD, WSO, MLM, AB, CAE, ITT, LECO, TOWR, FLIR, CRL, TRU, GNRC, MGI, STFC, INCY, IPGP, VG, AYR, AMAG, ACOR, CPLA, SALE, TTS, etc...
    • After-Hours: ESRX, AIG, INT, DVN, OMI, ENLK, FOSL, ASGN, BYD, CCS, IOSP, DIOD, LXFT, PAAS, MASI, FANG, CIM, RPAI, CALX, HOLI, SKT, etc...
  • Wednesday (February 15)
    • Pre-Market: PEP, BG, USFD, TECK, ETR, HLT, HUN, LAD, WYN, ICL, GRPN, ADI, CIGI, DNOW, ALE, MFS, CBB, OZM, ALKS, FUN, SODA, SHOP, PLAB, etc...
    • After-Hours: CSCO, SLF, KHC, MAR, MOH, CBS, AMAT, ABX, CAR, WMB, NTES, NTAP, CC, ANDE, MRO, GG, SPWR, EQIX, SRCL, CF, KGC, HAWK, IFF, SNPS, CW, CPA, AEM, GDDY, CVA, NLY, etc...
  • Thursday (February 16)
    • Pre-Market: YNDX, CHTR, DUK, PCG, PBF, SHPG, TRP, WM, CVE, MGM, LH, FTS, DF, HII, AVP, AEE, CAB, SCG, ZTS, CVI, CVRR, H, TIME, etc...
    • After-Hours: DVA, ED, RSG, TRN, FLS, CPS, MRC, KEYS, NUS, DLR, MEP, AUY, CRC, AMN, MDRX, NWE, ANET, NAVG, LOPE, WBMD, TMST, UEIC, etc...
  • Friday (February 17)
    • Pre-Market: ENB, FLR, DE, VFC, CPB, SJM, LPNT, SE, BLMN, MCO, AAN, CTB, WBC, SEP, GVA, POR, MTRN, ROCK, ATRO, etc...
    • After-Hours: None of note
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  Baker Hughes total U.S. rig count increased by 12 to 741 following last week's increase of 17  (61.52 +0.46)
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 Midday Market Summary: Averages Hold Gains at Midday

The major averages hover at fresh record highs at midday after spending the first half in a steady ascent. The S&P 500 (+0.3%) has extended its weekly gain to 0.8% while the Nasdaq (+0.4%) is set to end the week higher by 1.2%.

Today's modest uptick has been a continuation of yesterday's advance that was spurred by President Trump's promise to make a «phenomenal» tax-related announcement in the coming weeks. Mr. Trump didn't supply any specific details of the plan, but his statement did provide a psychological boost to push the stock market out of its recent sideways trend.

Energy (+1.1%) has provided solid sector leadership thanks to a 1.9% climb in crude oil. The commodity trades at $54.02/bbl following a bullish International Energy Agency report which showed a 90.0% OPEC compliance with agreed-upon production cuts and increased oil demand growth forecast for 2017.

The top-weighted technology (+0.2%) and financial (+0.1%) sectors haven't been able to keep pace with the benchmark index thus far. Financials trade mixed while technology has been weighed down by lackluster performance from Apple (AAPL 132.21, -0.21) and chipmakers. The PHLX Semiconductor Index trades flat as a solid gain in Qualcomm (QCOM 54.10, +1.22) has been counter-balanced by losses in Micron Technology (MU 24.00, -0.45) and NVIDIA (NVDA 114.96, -1.41).

NVIDIA's 1.0% loss has resulted from a sell-the-news response after the company justified its huge 55.8% gain in the fourth quarter by beating top and bottom line estimates and issuing upbeat first quarter guidance after yesterday's close.

The consumer discretionary sector was also represented on the earnings front, with Skechers (SKX 27.90, +4.62) and Yelp (YELP 36.25, -5.24) providing mixed results. SKX has spiked 19.7% after reporting above-consensus revenues and upbeat Q1 revenue guidance, while YELP has plunged 13.1% after issuing worse than expected first quarter revenue guidance.

On the countercyclical side, the influential health care space (+0.3%) trades just a tick below the broader market. On the other hand, the lightly-weighted utilities and real estate sectors outperform with gains of 0.6% and 0.5%, respectively.

Today's economic data has included January Export/Import Prices and the preliminary Michigan Sentiment Index for February:

  • Import prices excluding oil declined 0.2% in January after ticking down 0.1% in December (revised from -0.2%). Export prices excluding agriculture increased 0.1% in January after rising 0.4% in December.
    • The key takeaway from the report is that nonfuel import prices remain in check, but nonetheless, inflation concerns could get dialed up just a bit on the notion of a potential pass-through effect should higher fuel prices persist.
  • The preliminary reading of the University of Michigan Consumer Sentiment Index for February declined to 95.7 (Briefing.com consensus 97.9) from 98.5 in the prior month.
    • While consumer sentiment faded, the key takeaway is that it is still high, as there have only been five higher readings in the past decade.

Investors will also receive the January Treasury Budget at 2:00 pm ET.

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  Hearing Brookfield Infrastructure was downgraded to Neutral from Outperform at Credit Suisse  (36.92 +0.41)
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  Parsley Energy target lowered to $41 at Barclays  (32.15 +0.95)Barclays lowers their PE tgt to $41 from $48. On 02/07/17, PE announced it entered into an agreement to purchase Midland Basin (Permian) assets from Double Eagle for $2.8 billion, including $1.4 billion in cash and $1.4 billion in shares (April 20th expected close). Firm ests an adjusted purchase price of ~$37.7k/net acre. The acquisition is PE's largest to date, and creates the second largest Midland Basin company by net acreage (behind PXD). As a result of equity dilution, firm lowers tgt. However, they believe the larger acreage footprint and inventory should support high volume growth for at least the next several years, and think their 2018 production forecast could turn out to be conservative; Overweight.
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  Valeant Pharma target lowered to $20 at Barclays  (15.11 +0.19)Barclays lowers their VRX tgt to $20 from $34 noting VRX remains one of the most hotly debated stocks in their coverage as investors remain concerned about the company's leverage. Last summer saw some enthusiasm when VRX sent a constructive message on its ability to generate cash through potential divestitures. Shares slumped in the fall with VRX unable to close any deals, though they gained some short-lived traction in Jan when some non-core sales were finally announced. Those gains were given back when VRX outlined headwinds it faced in '17. Firm thinks it's possible, though not certain, for VRX to generate an additional $8bn from non-core but recognize this likely won't address all investor concerns, since VRX would remain leveraged at +6x EBITDA; firm suspects a more aggressive recapitalization may be needed; Equal Weight.
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  Twitter downgrade details — to Hold at Deutsche Bank; tgt lowered to $15  (15.52 -0.89)Deutsche Bank downgrades TWTR to Hold from Buy and lowers their tgt to $15 from $22 reflecting (1) substantial challenges across both the DR and branded side of the company's ad business, (2) stagnant MAU growth despite massive publicity of late, and (3) recent checks from large advertisers planning to move budget away from Twitter. The company's pivot to Live Video seems promising but will likely take time to ramp and carries uncertain unit economics (rev-share and infrastructure costs). Firm cuts ests and their TP. They would get positive on signs of stability in the core ad products and/or with more visibility into when video can drive overall growth.
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  Discovery initiation details — Hold at Deutsche Bank; tgt $32  (28.28 +0.32)Deutsche Bank initiates DISCA with a Hold and price target of $32. Firm feels DISCA has an attractive business model, but also has maturing key growth drivers, particularly in the US. Furthermore, the industry is changing in ways that firm thinks will pressure LT fundamentals; with particular disadvantages to ad-supported cable, long-tail networks, and those without sports. US growth is completely dependent on pricing, and many int'l markets (particularly Europe) are becoming increasingly price dependent due to lack of pay TV subscriber growth. Furthermore, DISCA is less exposed to potential tax reform than its more US-focused peers, and it continues to face foreign currency headwinds. However, firm thinks these points are largely reflected in the stock price.
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  AMC Networks initiation details — Hold at Deutsche Bank; tgt $64  (55.17 -0.02)Deutsche Bank initiates AMCX with a Hold and price target of $64. Firm thinks AMCX will be a LSD EBITDA grower over the next 5 years. The maturity of The Walking Dead (WD) is a headwind to ad revenue, but growth in original hours should offset some of the pressure. The increase in originals, which AMCX plans to increasingly self-produce, should drive growth in licensing, which they see as the primary offset to WD ad rev declines. Firm thinks WD concerns are priced into the stock and consolidation represents potential upside as AMCX is considered one of the sub-scale «free radicals» amidst a growing rationale for scale. Our Hold rating is based on valuation and risk — while they see some upside, firm thinks the risk/reward is symmetrical.
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  Hearing both Pure Storage and NetApp (NTAP) were upgraded this morning at OTR Global  (11.71 +0.40)
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