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Блог компании DayTraderClub | Америка сегодня. Доходность казначейских векселей.

Традиционно понедельник начинается без значительных событий. Данные по доходности казначейских векселей аналитиками ожидаются на уровне 0,54 для трехмесячных векселей:
Америка сегодня. Доходность казначейских векселей.


И на уровне 0,6 для шестимесячных векселей:
Америка сегодня. Доходность казначейских векселей.


Все новости: 
Америка сегодня. Доходность казначейских векселей.
Данные: DTC News, Briefing, Interactive, Economics, Public Sources
★2

  MDU Resources downgraded to Hold from Buy at Argus  (26.37)
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  Gannett downgraded to Hold from Buy at Argus  (8.94)
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  On The Wires
  • Palomar Specialty Insurance Company announced the launch of Flood Guard, a private flood program in California that uses a highly advanced and granular proprietary rating system. Palomar used catastrophe modeling firm AIR Worldwide's probabilistic flood model for the United States in its rate filing. AIR Worldwide is a Verisk Analytics (VRSK) business.
  • Liberty Media Corporation (LSXMA) announced that it intends to launch a process to refinance its $3,145 million term loan under the syndicated first lien facilities agreement executed by certain subsidiaries of Delta Topco Limited, the Liberty Media subsidiary which holds all of its interests in Formula 1, the iconic global motorsports business. The contemplated transaction will be net leverage neutral and the refinanced term loan will remain non-recourse to Liberty Media. Concurrent with the financing, the relevant subsidiaries of Delta Topco Limited intend to repay up to $300 million of the term loan under the first lien facilities agreement using excess cash on the balance sheet.
  • Opus Bank (OPB) announced that it has received a stock permit from the California Commissioner of the Department of Business Oversight for the previously announced sale of $53 million of its common stock in a private placement. The private placement is expected to close on February 15, 2017, subject to the completion of customary closing conditions.
  • NanoViricides (NNVC) reported that a substantial portion of its Series B Convertible Debentures, with a maturity date of January 31, 2017, have been converted into restricted common stock, effectively retaining $5 million in cash for the Company.
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  European Markets Update: FTSE +0.1%, DAX +0.9%, CAC +1.2%

Major European indices trade in the green with the UK's FTSE (+0.1%) struggling to keep pace with its peers. In Spain, caretaker Prime Minister Mariano Rajoy was re-elected to a fourth term as the head of the Popular Party. Separately, Greece has remained in the headlines with European Commission President Jean-Claude Juncker saying the third aid program to Greece is on shaky ground due to the magnitude of the problem. In addition, Mr. Juncker said he will not seek a second term in 2019.

  • Economic data was limited:
    • Germany's January Wholesale Price Index +0.8% month-over-month (expected 0.3%; last 1.2%); +4.0% year-over-year (last 2.8%)

---Equity Markets---

  • UK's FTSE is higher by 0.1%. Miners trade among the leaders while consumer names lag. Glencore, Anglo American, Rio Tinto, Antofagasta, and BHP Billiton have added between 1.5% and 2.5% while Paddy Power, Next, Marks & Spencer, Unilever, Imperial Brands, and Tesco show losses between 0.5% and 1.4%.
  • Germany's DAX has climbed 0.9%. The index has approached its January high with Volkswagen leading the advance. The stock has jumped 1.9% while peers BMW and Daimler are up 1.4% and 1.1%, respectively. Deutsche Bank also trades in the green, rising 0.7%, while Commerzbank is down 1.1%.
  • France's CAC trades up 1.2% with all but two components in the green. ArcelorMittal is the top performer, spiking 4.3%, while exporters Renault and Peugeot are both up near 3.5%. Financials BNP Paribas, Societe Generale, and Credit Agricole are up between 0.9% and 2.5%.
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  AXT initiated with a Buy at Dougherty  (6.20)
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  Shopify target raised to $63 at Monness Crespi & Hardt; Buy  (55.22)Monness Crespi & Hardt raises their SHOP tgt to $63 from $50 based on 6.5x firm's new 2018E EV/rev of $762MM. Their multiple is a discount to their previous 7.0x applied to their 2017E EV/rev of $553MM given the longer time horizon they utilize to value the shares. Firm projects upside to 4Q16 results. They est rev was up 74.2% to $122.2MM, compared to consensus of $121.7MM, and guidance of $120MM-$122MM. They also forecast EBITDA of $2.3MM, compared to consensus of $2.6MM, and guidance of ($3MM)-($1MM). They wouldn't be surprised to see upwards of 10% upside to consensus rev and 25%-50% to EBITDA for 2017 following the quarter. While their newly revised ests are somewhere in between, nonetheless they see upside.
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  Overnight Treasury Summary

Treasuries Start Week in Red

  • U.S. Treasuries are moving lower this morning in a curve-steepening trade following sharp declines on Thursday and Friday of last week. Overnight, Japanese GDP growth for the fourth quarter fell short of expectations and that is weighing on the yen and supporting European equities. Fed Chair Yellen is set to testify in front of the Senate Banking Committee on Tuesday and the House Financial Services Committee on Wednesday. While the FOMC participants had a median forecast of three 25-basis point rate hikes in 2017 at the December 14-15 FOMC meeting, Yellen will likely try to preserve flexibility to react to changes in fiscal policy. The S&P 500 is set to open up 0.15% to 2,319.4 and the U.S. Dollar Index is losing 0.04% to 100.76. WTI crude is off by 0.37% to $53.66/bbl. and gold is down 0.42% to $1,230.7/troy oz.
  • Yield Check:
    • 2-yr: +2 bps to 1.21%
    • 5-yr: +2 bps to 1.91%
    • 10-yr: +3 bps to 2.44%
    • 30-yr: +2 bps to 3.03%
  • International News:
    • Fed Vice Chair Stanley Fischer said on Saturday that there is «significant uncertainty» about how fiscal policy is going to evolve and that the Fed will just focus on «maintaining full employment and getting inflation to 2%»
      • Fischer went on to say that he does not think Dodd-Frank as a whole will be repealed and that he hopes capital requirements are not significantly reduced
    • In Japan, GDP grew by 0.2% q/q in the fourth quarter (1.0% y/y), missing expectations for a continuation of Q3's 0.3% growth
    • India's consumer price index increased by 3.17% y/y in January, missing forecasts and slowing from December's 3.41% pace
    • Germany's wholesale price index rose 0.8% m/m in January (4.0% y/y), beating forecasts but slowing from December's 1.2% pace
      • The year-on-year pace was the highest since 2011. CPI inflation in Germany is running at 1.9% y/y and PPI growth is 1.0%. The European Central Bank is set to taper its asset purchases by EUR20 bln/month to EUR60 bln/month on April 1
  • Data out Today:
    • (no market-moving events)
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  Apple target raised to $150 from $133 at Goldman  (132.12)
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  Triton International initiated with a Outperform at Wells Fargo  (25.09)
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  Costamare upgraded to Outperform from Market Perform at Wells Fargo  (5.58)
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  Corp. Exec. Board downgraded to Hold from Buy at SunTrust  (76.90)
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  Agrium downgraded to Sector Perform from Outperform at Scotia  (105.70)
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  ZELTIQ Aesthetics shares halted for news pending
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  On The Wires
  • CGI (GIB) has signed a new comprehensive outsourcing agreement with Swedish insurer Alecta to modernize its IT environment, including its infrastructure services. CGI will deliver new technology, including a cloud-based self-service portal, increased automation, and improved service-level agreement (SLA) management. The estimated value of the five-year agreement, which includes an option to renew for two years, is 315 million Swedish crowns (approx. CAD $50 million).
  • Pacific Biosciences of California (PACB) announced that data using its Single Molecule, Real-Time Sequencing technology, including results from its Sequel System, will be featured in more than 35 presentations at the Advances in Genome Biology & Technology  conference taking place February 13-16 in Hollywood Beach, Florida.
  • Lukoil (LUKOY) stated that, based on the geological exploration results and the revision of previous estimates, it added 0.7 billion barrels of oil equivalent to its proved reserves in 2016. The reserve replacement ratio reached 81% for proved hydrocarbon reserves, including 85% for crude oil. This performance was achieved despite the average annual oil price sliding to its minimum in 13 years and an increased tax burden. As of December 31, 2016, the Company's proved hydrocarbon reserves under the SEC standards totaled 16.4 billion barrels of oil equivalent, of which 76% was crude oil. The Company's proved hydrocarbon reserves life is 20 years based on 2016 production volume.
  • Smith & Nephew (SNN) announced that it will now commence its Quarterly Buy Back programme of 1,299,491 of its Ordinary shares of US 20¢ each through the Bank of America. These shares were used in connection with employee share schemes in Quarter 4 2016 and will be purchased at the prevailing market price.
  • CAE (CAE) announced that Airbus (EADSY) Defence and Space has awarded CAE a contract for a comprehensive C295W aircrew and maintenance training solution to support the Royal Canadian Air Force's (RCAF) Fixed-Wing Search and Rescue (FWSAR) program. The contract is worth approximately C$200 million over the next 11 years and includes options to extend an additional 15 years that would take the value to more than C$300 million.
  • Oceaneering International (OII) announced that it has entered into a long-term agreement with Mærsk (AMKBY) Supply Service A/S to provide eight work-class remotely operated vehicles, survey and associated services, including subsea tooling, engineering, communication and data solutions, to support Mærsk's global operations. These ROVs will be installed onboard six Mærsk newbuild vessels, comprising of two Stingray-class Subsea Intervention Vessels and four Starfish-class Anchor Handling Tug Supply Vessels, which are scheduled for delivery through 2017.
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  Sonoco Products announces a 10% price increase on all EPS parts and components and a 7% increase on all Sonopost products; will be effective on all shipments after March 1, 2017  (52.70)
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  Jack Henry increases quarterly dividend to $0.31/share from $0.28/share  (90.60)
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 S&P futures vs fair value: +4.80. Nasdaq futures vs fair value: +8.90.

Equity futures are in position to add to last week's gains this morning as the S&P 500 futures trade five points above fair value. This comes on the heels of the S&P 500's third consecutive weekly advance with the benchmark index rising 0.8% last week.

U.S. Treasuries are under selling pressure this morning and on track for their third consecutive loss. The benchmark 10-yr yield is up three basis points at 2.44%.

Crude oil is down 0.6% as some investors engage in profit taking ahead of OPEC's first report on production cut compliance. The energy component currently trades at $53.51/bbl.

Investors will not receive any economic data on Monday.

In U.S. corporate news:

  • Verizon (VZ 48.18, -0.80): -1.6% after reports indicate that the company will begin offering unlimited data plans to combat growing competition in the wireless space.
  • Teva Pharma (TEVA 33.96, +1.77): +5.5% after beating top and bottom line estimates.
  • Tower Semiconductor (TSEM 22.97, +0.90): +4.1% after reporting better than expected earnings per share.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacfic region began the week on a broadly higher note. Japan's Nikkei +0.4%, Hong Kong's Hang Seng +0.6%, China's Shanghai Composite +0.6%, India's Sensex +0.1%.
    • In economic data:
      • Japan's Q4 GDP +0.2% quarter-over-quarter (expected 0.3%; last 0.3%); +1.0% year-over-year (consensus 1.1%; last 1.4%). Q4 GDP Capital Expenditure +0.9% quarter-over-quarter, as expected (last -0.3%) and GPD Price Index -0.1% year-over-year (expected -0.2%; previous -0.2%)
      • New Zealand's January Electronic Card Retail Sales +2.7% month-over-month (last -0.1%); +5.6% year-over-year (last 5.8%)
    • In news:
      • The weekend meeting between President Donald Trump and Prime Minister Shinzo Abe featured a commitment to joint defense spending. Mr. Trump reiterated that the United States is determined to defend Japan after North Korea conducted a missile test on Sunday.
  • Major European indices trade in the green with the UK's FTSE struggling to keep pace with its peers. UK's FTSE +0.1%, Germany's DAX +0.9%, France's CAC +1.2%.
    • Economic data was limited:
      • Germany's January Wholesale Price Index +0.8% month-over-month (expected 0.3%; last 1.2%); +4.0% year-over-year (last 2.8%)
    • In news:
      • In Spain, caretaker Prime Minister Mariano Rajoy was re-elected to a fourth term as the head of the Popular Party.
      • Greece has remained in the headlines with European Commission President Jean-Claude Juncker saying the third aid program to Greece is on shaky ground due to the magnitude of the problem. In addition, Mr. Juncker said he will not seek a second term in 2019.
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  Boeing downgraded to Underperform from Neutral at Buckingham Research  (166.23)
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  Teva Pharma increases potential Copaxone generic competition impact; call underway  (32.19)

FY17 guidance assumes no generic Copaxone competition — potential impact of 1-2 generic competitors to Copaxone 40 mg launching in Feb 17 in the U.S: Revenues decrease $1.0 — $1.3 billion (from 1.0-1.2 bln); EPS decrease $0.75 — $0.95 (up from $0.65-0.80).

Q1 will be the lowest of the four quarters; 40% of 2017 EPS will be generated in Q1-Q2; 60% in Q3-Q4; majority of U.S. Gx launches expected only in the second half of 2017

Copaxone accounted for 36% of profit in Q4

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  Kimbell Royalty Partners initiated with a Buy at Wunderlich; tgt $23  (20.00)
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  AU Optronics downgraded to Underweight from Neutral at JP Morgan  (3.97)
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  Gapping up

Gapping up
In reaction to strong earnings/guidance
:

  • ON +7.9%, VSM +4.8%, TSEM +3.7%, TEVA +3.6%, NSP +2.9%, FDC +2.4%, QSR +1.6%, WEX +0.6%

M&A news:

  • ELOS +4.3% (in talks to be acquired by Apax Partners, according to Calcalist)


Select metal producer stocks trading higher:

  • VALE +4.9%, MT +4.8%, X +2.4%, CLF +2.4%, FCX +1.6%, RIO +1.6%, BBL +1.5%, BHP +1.1%

Other news:

  • IMMU +7.8% (venBio comments on Immunomedics partnership announcement with Seattle Genetics (SGEN))
  • PLUG +7.6% (continued strength following Firday's move)
  • INO +7.5% (enters into a collaboration and license agreement providing ApolloBio with the exclusive right to develop and commercialize VGX-3100 within Greater China)
  • AXON +4.6% (announces preliminary results from the planned interim analysis of the first 11 patients to complete its Phase 2 study of nelotanserin)
  • SHLD +2% (continued strength following Friday's move higher)
  • M +1.8% (Barron's profiles positive view on Macy's)
  • MYL +1.6% (in sympathy with TEVA)
  • PRGO +1.3% (in sympathy with TEVA)
  • PSTI +0.9% (provides clinical updates; study initiation of the pivotal Phase III trial in CLI received clearance from regulatory authorities in the US, UK, and Germany)

Analyst comments:

  • CMRE +4.7% (upgraded to Outperform from Market Perform at Wells Fargo)
  • JCP +2.2% (upgraded to Equal-Weight from Underweight at Morgan Stanley)
  • PBR +1.8% (upgraded to Overweight from Neutral at JP Morgan)
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  S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +11.50.

Equity indices are on track to open the week higher as the S&P 500 futures trade six points above fair value.

Earnings news has been relatively quiet this morning, but will pick up later in the week with Express Scripts (ESRX 68.13, -0.28), PepsiCo (PEP 106.20, +0.10), AIG (AIG 65.70, +0.09), Cisco Systems (CSCO 31.59, +0.08), T-Mobile US (TMUS 61.15, -1.24), Kraft Heinz (KHC 90.20, 0.00), Duke Energy (DUK 78.10, 0.00), Marriott (MAR 86.45, 0.00), Pacific Gas & Electric  (PCG 63.35, +0.46), Deere (DE 110.10, -0.14), CBS (CBS 64.40, 0.00), and DaVita HealthCare (DVA 64.87, +0.12) all scheduled to report.

The same can be said on the data front. Investors will not receive any economic data today, but January PPI (Briefing.com consensus 0.3%), January CPI (Briefing.com consensus 0.3%), January Retail Sales (Briefing.com consensus 0.1%), January Industrial Production (Briefing.com consensus 0.0%), and January Housing Starts (Briefing.com consensus 1220K) are scheduled to be released later in the week, among others.

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  South Jersey Industries increases quarterly dividend to $0.2725/share from $0.26375/share  (33.47)
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  Coca-Cola: Continued improvement at the core — RBC  (40.58)RBC notes that despite weakness in the stock upon earnings, they found KO's 4Q16 top-line and operating results encouraging, particularly relative to global mega cap peers, who all continue to fight through macro challenges. Especially encouraging was North America where due to refranchising and improved marketing, volumes accelerated, driven in part by sparkling growth — a leading indicator for the global KO business post refranchising. Reiterate Outperform rating.
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  Gapping down

Gapping down
In reaction to disappointing earnings/guidance
:

  • STNG -7.8%, LNCE -3%, KNL -1.9%, STB -1.7%

Other news:

  • HAIN -10.2% (files to delay its 10-Q)
  • PSIX -7.2% (announces receipt of Nasdaq listing determination — to request hearing; appoints Frazier & Deeter as new audit firm)
  • NAKD -4.9% (entered into an At The Market Offering Agreement — may sell from time to time, up to an aggregate of $5,000,000 of shares of the common stock)
  • ADXS -3.4% (files for $250 mln common stock offering)
  • T -1.2% (AT&T and Communications Workers of America have not reached settlement; negotiations continue)

Analyst comments:

  • INOV -2.9% (downgraded to Underperform at BofA/Merrill)
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 On The Wires
  • RedHill Biopharma Ltd. (RDHL) announced enrollment of the last patient in the Phase III study with BEKINDA 24 mg for the treatment of acute gastroenteritis and gastritis (the GUARD study).
  • Theravance Biopharma (TBPH) announced that it will highlight clinical data on TD-1473, a novel, potent, and orally administered pan-Janus kinase («JAK») inhibitor designed to be intestinally restricted, in a poster presentation at the upcoming 12th Congress of the European Crohn's and Colitis Organization («CCO»). Researchers will present further data from the Company's completed Phase 1 study of single-ascending and multiple-ascending doses of TD-1473, results of which were first announced in June 2016. Theravance Biopharma is developing TD-1473 as an investigational compound with the potential to treat a range of inflammatory intestinal diseases and is currently conducting a Phase 1b study of the compound in patients with moderate to severe ulcerative colitis. The 12th Congress of ECCO is being held in Barcelona, Spain, February 15-18, 2017.
  • One Horizon Group (OHGI) announced the launch of its optimized VoIP technology in Ghana, West Africa through a commercial software agreement with the licensed carrier AccessPLUS Communications.
  • Brookfield Infrastructure (BIP) comments on Petrobras (PBR) news relating to the issuance of an injunction suspending the sale by Petrobras of a 90% stake at Nova Transportadora do Sudeste S.A. to a co-led consortium. Brookfield Infrastructure intends to take all necessary measures to protect its interests and enable the NTS transaction to proceed. Brookfield Infrastructure expects that appeals against the injunction will be heard in the first half of March 2017, if not earlier.
  • Sevcon (SEV) announced the results of voting at its 2017 Annual Meeting of Stockholders, held on February 7, 2017. The proposal to amend our certificate of incorporation to immediately declassify the Board of Directors received 2,394,494 votes in favor, falling short of the majority of outstanding shares, 2,670,997, required to pass.
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  Applied Materials target raised to $42 at Stifel  (35.32)Stifel raises their AMAT tgt to $42 from $37. On Wednesday after the market close, AMAT is scheduled to report Q1 earnings results. Firm expects AMAT to meet and possibly exceed their ests of $3.25 billion in rev and pro-forma EPS of $0.70, excluding options ($0.65, including). Given the current outlook for both wafer fab equipment (WFE) and display spending and Applied's competitive positioning, they are raising their FY17 (Oct) and CY17 ests. They believe AMAT will be among the biggest beneficiaries of the strength in 3D NAND and advanced foundry spending in 2017 and their checks indicate a building momentum in new display orders. These new display orders are not only for next generation OLED display capacity, but also for next generation (8.5, 10.5) LCD capacity; Buy.
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  Mohawk target raised to $255 at Stifel; Buy — Margins growing in 2017  (222.72)Stifel raises their MHK tgt to $255 from $230. In many ways, firm views the 2017 outlook as a very typical year for Mohawk, which should demonstrate the company's ability to continue to drive margin expansion despite certain start-up expenses and the expected loss of IP earnings. Overall, mgmt is expecting $100+ million of EBIT headwind in 2017, but as the company has over the years, there should be productivity gains, mix enhancements, and volume growth with acquisition growth to drive earnings. Firm is increasing their EBITDA est and target price, which is now $255, based on 12x their 2017 EBITDA est.
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  U.S. Steel: Steel names showing strength following report that China might force aluminum and steel producers to cut output (see 7:07 Early Morning Reading Summary)   (37.60)
  • Steel stocks showing strength pre-market include: X +3.0%, NUE +2.5%, STLD +1.3%, AKS +1.1%
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 European Summary

European Debt Sees Mixed Session, Le Pen Odds Tick Up

  • Eurozone core/periphery spreads are narrowing today as some of the risk aversion of recent weeks subsides. German year-on-year wholesale price inflation touched a five-year high of 4.0% in January but the European Central Bank has shown no signs yet of complacency in its battle to get eurozone inflation back to 2%. The ECB will taper its asset purchase program to EUR60 bln/month in April but ECB President Draghi has said the central bank stands ready to reverse course if reflation does not continue. The European Commission warned France that the incoming president (election in April) will have to implement austerity or risk violating the European Union's Stability and Growth Pact. France's fiscal deficit was 3.3% in 2016
  • New Issuance:
    • Italy sold EUR2.75 bln of BTPs maturing in October 2019 with a gross yield of 0.25% and a bid-to-cover ratio of 1.48
    • Italy sold EUR1.00 bln of BTPs maturing in May 2020 with a gross yield of 0.37% anda bid-to-cover of 1.85
    • Italy sold EUR2.50 bln of BTPs maturing in October 2023 with a gross yield of 1.59% and a bid-to-cover of 1.34
    • Italy sold EUR986 bln of BTPs maturing in August 2039 with a gross yield of 3.31% and a bid-to-cover of 1.76
    • Italy sold EUR 1.26 bln of BTPs maturing in march 2047 with a gross yield of 3.43% and a bid-to-cover of 1.79
  • European Economic Data:
    • Germany's wholesale price index rose 0.8% m/m in January (4.0% y/y), beating forecasts but slowing from December's 1.2% pace
      • The year-on-year pace was the highest since 2011. CPI inflation in Germany is running at 1.9% y/y and PPI growth is 1.0%. The European Central Bank is set to taper its asset purchases by EUR20 bln/month to EUR60 bln/month on April 1
    • Bloomberg now has French Presidential Candidate Le Pen's probability of victory at 33%. She is still seen as a long shot but a lot of analysts are understandably risk averse following the «Leave» and «Trump» results in 2016
  • Yield Check:
    • France, 10-yr OAT: -1 bp to 1.03%
    • Germany, 10-yr bund: +1 bp to 0.33%
    • Greece, 10-yr note: +2 bps to 7.30%
    • Italy, 10-yr BTP: -4 bps to 2.23%
    • Portugal, 10-yr PGB: -12 bps to 4.03%
    • Spain, 10-yr ODE: -5 bps to 1.65%
    • U.K., 10-yr gilt: +3 bps to 1.28%
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  Bank of N.T. Butterfield & Son increases quarterly dividend to $0.32/share from $0.10/share  (32.59)
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 S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: +9.90.

The S&P 500 futures trade five points above fair value.

Equity indices in the Asia-Pacfic region began the week on a broadly higher note. The weekend meeting between President Donald Trump and Prime Minister Shinzo Abe featured a commitment to joint defense spending. Mr. Trump reiterated that the United States is determined to defend Japan after North Korea conducted a missile test on Sunday.

  • In economic data:
    • Japan's Q4 GDP +0.2% quarter-over-quarter (expected 0.3%; last 0.3%); +1.0% year-over-year (consensus 1.1%; last 1.4%). Q4 GDP Capital Expenditure +0.9% quarter-over-quarter, as expected (last -0.3%) and GPD Price Index -0.1% year-over-year (expected -0.2%; previous -0.2%)
    • New Zealand's January Electronic Card Retail Sales +2.7% month-over-month (last -0.1%); +5.6% year-over-year (last 5.8%)

---Equity Markets---

  • Japan's Nikkei added 0.4%, climbing near this year's high. Growth-sensitive names led the way with Toho Zinc, Pacific Metals, Sumitomo Metal Mining, Japan Steel Works, and Kobe Steel added between 1.7% and 5.7%.
  • Hong Kong's Hang Seng climbed 0.6% thanks to gains in most components. Financials displayed relative strength with China Life Insurance, Ping An Insurance, Bank of China, ICBC, BoC Hong Kong, and Citic Pacific posted gains between 0.5% and 3.2%.
  • China's Shanghai Composite rose 0.6%. Sichuan Swellfun, Jiangsu Sopo Chemical, Anhui Golden Seed Winery, and Shandong Hualu Hengsheng Chemical advanced between 4.8% and 6.1%.
  • India's Sensex ticked up 0.1%. Infosys and Wipro posted respective gains of 1.6% and 1.2%, while Mahindra&Mahindra, Power Grid, Bajaj Auto, and Tata Steel gained between 0.6% and 1.8%.

Major European indices trade in the green with the UK's FTSE (+0.2%) struggling to keep pace with its peers. In Spain, caretaker Prime Minister Mariano Rajoy was re-elected to a fourth term as the head of the Popular Party. Separately, Greece has remained in the headlines with European Commission President Jean-Claude Juncker saying the third aid program to Greece is on shaky ground due to the magnitude of the problem. In addition, Mr. Juncker said he will not seek a second term in 2019.

  • Economic data was limited:
    • Germany's January Wholesale Price Index +0.8% month-over-month (expected 0.3%; last 1.2%); +4.0% year-over-year (last 2.8%)

---Equity Markets---

  • UK's FTSE is higher by 0.2%. Miners trade among the leaders while consumer names lag. Glencore, Anglo American, Rio Tinto, Antofagasta, and BHP Billiton have added between 1.9% and 2.6% while Paddy Power, Next, Marks & Spencer, Unilever, Imperial Brands, and Tesco show losses between 0.2% and 1.6%.
  • Germany's DAX has climbed 1.0%. The index has approached its January high with Volkswagen leading the advance. The stock has jumped 2.2% while peers BMW and Daimler are up 1.8% and 1.3%, respectively. Deutsche Bank also trades in the green, rising 0.9%, while Commerzbank is down 0.8%.
  • France's CAC trades up 1.3% with all but two components in the green. ArcelorMittal is the top performer, spiking 5.5%, while exporters Renault and Peugeot are up 4.1% and 3.5%, respectively. Financials BNP Paribas, Societe Generale, and Credit Agricole are up between 0.9% and 2.4%.
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  KBS Fashion Group +47% ahead of the open as shares continue to garner interest following last week's 1:15 reverse split  (10.87)The split reduced the number of outstanding Common Stock of the Company from approximately 26.5 million to approximately 1.77 million. The reverse stock split was intended to increase the per share trading price of the Company's Common Stock to satisfy the $1.00 minimum bid price requirement for continued listing on the NASDAQ Stock Market.
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  Amplify Snack Brands initiated with a Hold at Craig Hallum; tgt $11  (10.19)
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  On The Wires
  • Raytheon Company (RTN) has begun work on enhancements to the combat-proven Patriot Air and Missile Defense System that will make the system more capable, and improve Patriot's already high readiness. The U.S. Army Contracting Command issued the contract, which was funded by the 13 nations that rely on Patriot for their defense. It was announced by the Department of Defense on Feb 1, and will sustain more than 500 highly skilled jobs across four U.S. states.
  • Xplore Technologies (XPLR) fulfilled an initial $1.3 million order for its XSLATE D10 tablet PCs and is in the process of deploying them as part of the first rugged tablet-based vehicle safety and emissions system ever built for a public or private-sector emissions safety program. The completely mobile system, which is also the first to leverage an Android device, exclusively relies on Xplore XSLATE D10 fully rugged tablet PCs to power the field and back-office workflows of vehicle safety and emissions programs across the United States.
  • OncoMed Pharmaceuticals (OMED) announced it has enrolled and dosed the first patient in a Phase 1b clinical trial of its anti-DLL4/VEGF bispecific antibody (OMP-305B83) in combination with paclitaxel in patients with platinum-resistant ovarian cancer. OncoMed's anti-DLL4/VEGF bispecific antibody is designed to have anti-angiogenic, anti-cancer stem cell and immuno-modulatory activity.
  • Zogenix, Inc. (ZGNX) announced the initiation of the clinical efficacy portion of Study 1504 for ZX008 in patients with Dravet syndrome. Study 1504 is a multi-center, two-cohort study to initially assess the pharmacokinetic and safety profile of single doses of ZX008 (fenfluramine hydrochloride), clobazam and valproate when added to stiripentol, followed by a randomized, double-blind, placebo-controlled parallel group evaluation of the efficacy, safety and tolerability of ZX008 as adjunctive antiepileptic therapy to a drug regimen that includes stiripentol, clobazam and valproate. Stiripentol in combination with clobazam and valproate is approved for the treatment of seizures in Dravet syndrome in Europe, Canada, Australia, and Japan.
  • Piper Jameson will join Universal Technical Institute (UTI), as executive vice president and chief marketing officer effective February 14. She replaces Jeff May, who is leaving the company by mutual agreement.
  • i-team Global and Tennant Company (TNC) of Minneapolis, Minnesota, U.S.A. (through its Dutch subsidiary Tennant Netherland Holding B.V.), recently formed i-team North America B.V., a joint venture that will operate as the distributor of the i-mop, a heavy-duty scrubber that combines the cleaning performance of an autoscrubber with the agility of a flat mop, in North America. i-team North America will begin selling and servicing the i-mop starting April 3, 2017.
  • DelMar Pharmaceuticals (DMPI) announced that patient dosing has commenced in a Phase 2 clinical study of its investigational drug VAL-083 (dianhydrogalactitol) for MGMT-unmethylated Avastin (bevacizumab)-naïve recurrent glioblastoma. 
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 Filings, Offerings and Pricings

Filings:

  • Advaxis (ADXS) files for $250 mln common stock offering
  • Bank of N.T. Butterfield & Son (NTB) files for $100 mln common stock offering by selling stockholders
  • Catasys (CATS) files for $15 mln common stock offering
  • Celanese (CE) files mixed securities shelf offering
  • Goodrich Petroleum (GDPP) files mixed securities shelf offering — prospectus relates to the offer and sale by the selling security holders
  • Eastman Kodak (KODK) files for offering of 2 mln shares of 5.50% Series A Convertible Preferred Stock and 11,494,200 shares of common stock by selling shareholders
  • Marathon Patent Group (MARA) files for 1,915,095 share common stock offering by holders
  • MabVax Therapeutics (MBVX) files for $10 mln common stock offering
  • Tellurian (TELL) files for mixed securities shelf offering as well as a potential offering of 500,150 shares of common stock on behalf of certain selling stockholders
  • Uranium Resources (URRE) filed to withdraw Registration Statement on Form S-3
  • XCel Brands (XELB) files for $75 mln mixed securities shelf offering

Offerings:

  • Bank of N.T. Butterfield & Son (NTB) to conduct a registered public secondary offering of shares of its common stock by certain selling shareholders
  • Naked Brand (NAKD) enters into an At The Market Offering Agreement — may sell from time to time, up to an aggregate of $5,000,000 of shares of the common stock

Pricings:

  • XOMA (XOMA 4.03) agrees to sell 1,200,000 shares of its common stock and 5,003 shares of convertible preferred stock directly to Biotechnology Value Fund; the shares of commons tock were sold to BVF at $4.03/share
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 S&P futures vs fair value: +6.80. Nasdaq futures vs fair value: +15.10.

The equity market is on track to open Monday's session in positive territory as the S&P 500 futures trade seven points (0.3%) above fair value.

Conversely, U.S. Treasuries trade in the red this morning to extend Friday's downtick. The benchmark 10-yr yield is three basis points higher at 2.44%.

Earnings news has been relatively quiet with only a handful of names reporting quarterly results this morning. Most notably, Teva Pharma (TEVA 33.49, +1.30) has jumped 4.1% after reporting better than expected top and bottom lines.

Elsewhere on the corporate front, Verizon (VZ 48.36, -0.62) has slid 1.3% in pre-market trade after announcing that it will begin offering an unlimited data plan. The move is a response to growing competition in the wireless space as smaller companies like T-Mobile US (TMUS 61.50, -0.89) and Sprint (S 8.66, -0.30) have gained ground on Verizon and fellow industry heavyweight AT&T (T 41.05, -0.33) with their unlimited offerings.

Investors will not receive any economic data on Monday. The first notable report of the week will be Tuesday's 8:30 am ET release of January CPI (Briefing.com consensus 0.3%).

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  Activision Blizzard downgraded to Underperform from Long-term Buy at Hilliard Lyons  (47.23)
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  Allscripts Healthcare upgraded to Buy from Neutral at Dougherty & Company   (11.89)
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 On The Wires
  • Wayne Savings Bancshares (WAYN) sends letter to stockholders concerning the nomination of a candidate to the Board by Stilwell Activist Investments. Co states, «We believe, however, that the Stilwell Fund's actions to launch a disruptive proxy contest are both unwarranted and counterproductive.»
  • XTL Biopharmaceuticals Ltd. (XTLB) announced that two leading experts in rheumatology, Robert Fox, MD and Simon Bowman, MD, have joined the Company's clinical advisory board to help guide a planned Phase II trial to evaluate the company's investigational drug, hCDR1, for the treatment of Sjögren's syndrome (SS).  Drs. Fox and Bowman join a distinguished group of leading rheumatologists on the company's advisory board, including Murray Urowitz, MD, David Isenberg, MD, Dan Wallace, MD and Lee S. Simon MD, FACP, FACR.
  • Vuzix Corporation (VUZI) announced an update on its M300 Smart Glasses rollout to Enterprise clients and certain aspects of its general business.
  • Thermo Fisher Scientific Inc. (TMO) announced that its pending acquisition of Finesse Solutions, Inc., a 'leader' in the development of scalable control automation systems and software for bioproduction, has received early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Thermo Fisher expects to complete the acquisition in the coming days. The business will be integrated into Thermo Fisher's Life Sciences Solutions Segment. Terms of the transaction were not disclosed.
  • Orbital ATK (OA) announced it has been awarded a contract by the U.S. Air Force Space and Missiles Systems Center to provide payload integration and support services for Space Test Program Satellite 6 (STPSat-6). The multipurpose satellite will operationally demonstrate advanced communication capabilities, collect space weather data and support nuclear detonation detection in the Earth's atmosphere or in near space. STPSat-6 is the primary payload on the STP-3 mission which is set to launch no earlier than June 2019. Terms of the contract were not disclosed. 
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  Hearing American Axle was downgraded to Neutral from Buy at Citigroup  (20.30 -0.19)
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  Plug Power off morning highs amid cautious blog mention  (1.16 -0.02)
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  Impala Asset Management (Robert Bishop-previously was CIO at Soros Fund Mgmt) discloses updated portfolio positions in 13F filing: New FCX position, Closed out CAA DHI CSX Highlights from 2016 Q4 filing as compared to 2016 Q3 filing:
  • New positions in: FCX (~10.94 mln shares — also has calls), TRN (~1.7 mln), SALT (~1.47 mln), LPI (~1.21 mln), JNUG (~1.06 mln), SUM (~1.05 mln), VALE (~0.82 mln), DOW (~0.79 mln), TXT (~0.78 mln)
  • Increased positions in: RIO (to ~4.42 mln shares from ~3.36 mln shares), HES (to ~1.08 mln from ~0.45 mln), SU (to ~0.71 mln from ~0.23 mln), CAT (to ~0.45 mln from ~0.06 mln), HZO (to ~1.51 mln from ~1.13 mln), TSE (to ~0.83 mln from ~0.46 mln), DAL (to ~0.47 mln from ~0.18 mln) NEM (to ~1.82 mln from ~1.59 mln), CENX (to ~0.7 mln from ~0.57 mln), EOG (to ~0.2 mln from ~0.08 mln)
  • Maintained positions in: TCK (~12.04 mln shares), TTWO (~1.04 mln)
  • Closed positions in: CAA (from ~1.01 mln shares), DHI (from ~0.65 mln), KSU (from ~0.54 mln), BCS (from ~0.53 mln), AMD (from ~0.47 mln), CLD (from ~0.41 mln), BC (from ~0.39 mln), LPX (from ~0.36 mln), TUR (from ~0.28 mln), WAB (from ~0.19 mln), COH (from ~0.16 mln), TJX (from ~0.13 mln), CBS (from ~0.13 mln), SLB (from ~0.12 mln)
  • Decreased positions in: SWFT (to ~2.79 mln shares from ~3.69 mln shares), FLR (to ~0.6 mln from ~1.34 mln), NFX (to ~0.15 mln from ~0.81 mln), X (to ~2.12 mln from ~2.49 mln), CLR (to ~0.19 mln from ~0.51 mln), DVN (to ~0.29 mln from ~0.48 mln), ARLP (to ~0.18 mln from ~0.35 mln), HOG (to ~1.07 mln from ~1.24 mln), FDX (to ~0.16 mln from ~0.29 mln)
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  Hearing KB Financial was upgraded to Overweight from Neutral at JP Morgan  (41.93 +0.51)
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 Economic Summary: No US data today; PPI tomorrow at 8:30 ETUpcoming Economic Data:
  • January PPI due out Tuesday at 8:30 (Briefing.com consensus of 0.3%; December was 0.3%)
  • January Core PPI due out Tuesday at 8:30 (Briefing.com consensus of 0.2%; December was 0.2%)

Upcoming Fed/Treasury Events:

  • Fed's Lacker to speak today at 8:50 ET
  • Fed Chair Janet Yellen to testify to Senate Tuesday at 10:00 ET and House Wednesday at 10:00 ET

Other International Events of Interest

  • Japan's Q4 GDP +0.2% quarter-over-quarter (expected 0.3%; last 0.3%); +1.0% year-over-year (consensus 1.1%; last 1.4%). Q4 GDP Capital Expenditure +0.9% quarter-over-quarter, as expected (last -0.3%) and GPD Price Index -0.1% year-over-year (expected -0.2%; previous -0.2%)
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  CPI Card Group initiation details — Mkt Perform at Barrington Research  (4.97 -0.03)Barrington Research initiates PMTS with a Mkt Perform. The financial payment card industry is undergoing a conversion to EMV cards from magnetic stripe cards. Issues related to the overstocking of EMV cards and delays in the conversion to EMV by retailers have caused CPI to lower guidance throughout 2016. With the release of Q3/16 financial results, CPI continued to see softness in demand for card purchases by large issuers and processors with no uptick in buying levels. Once issues related to EMV conversion and inventory de-stocking correct themselves, firm believes top-line growth for co should range from 7-9% annually with consistent adjusted EBITDA margin expansion.
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 Opening Market Summary: Financials Lead Higher Monday Open

The major indices opened Monday's session in the green with the S&P 500 holding a gain of 0.3%.

The financial sector (+0.7%) is the early leader with JPMorgan Chase (JPM 88.08, +1.09), Bank of America (BAC 23.40, +0.31), and Goldman Sachs (GS 247.21, +4.58) up between 1.3% and 1.9%. Industrials (+0.7%) and materials (+0.5%) also outperform the benchmark index.

At the bottom of the leaderboard is the telecom services space (-1.2%) thanks to losses from sector heavyweights Verizon (VZ 48.53, -0.45) and AT&T (T 40.81, -0.56). The two names are down 1.1% and 1.4%, respectively.

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SPY красавчик)
 РАстет и хоть бы что ему
Спай так и напрашивает на обвальчик под закрытие
AAPL продавец
 от 138,80 продавец силит
 базу сильную выстроил.
 ну или как вариант сейчас начнут его разбирать и будет вообще что то не понятное
 к закрытию эпл может и по 134 увидим)
согласен, почему бы и нет…
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sereja К

 Рынок вон как шпарит как бешанный
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sereja К

 FB тоже вон
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sereja К

NVDA лонг от 109 выставил отложку
 TWTR левел 16
 AMD 13,61 уровень
 CLF брал в лонг?
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sereja К

 В чате скидывали… забыл написать
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sereja К

 от 12 было закругление и вместе с рынком нормально сходила
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sereja К

sereja К, ага, 30 центов))
Максим Лавров, тебе мало?
Максим Лавров, 30 центов это норм как по мне…
Максим Лавров, темболее когда так технично
Максим Лавров, красиво
QCOM база!
 STX 48 шорт
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sereja К

 TEVA
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sereja К

sereja К, думаю еще подрастет

Алексей Михайлович, кто подрастет? TEVA?
Алексей Михайлович, она же слабая…
Алексей Михайлович, тем боле еще 34 уровень держит
Алексей Михайлович, без коррекции к вивапу не думаю что вырастет
а там уже видно будет
я продал от 99 копеек. Стоп с переворотом по 12 центов выставил. но не должно вроде
CSX лонг от 48
 T лонг
ATVI
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sereja К

 GM c чата
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sereja К

 CAT тоже
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sereja К

 Пол чата в скайпе на шорт готовятся под закрытие
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sereja К

sereja К, а есть акции интересные под закрытие?
мне тоже кажется надо шорт искать начинать
Максим Лавров, да, сейчас скину
V на шорт
  X 
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sereja К

 MSFT 
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sereja К

 C CVS 
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sereja К

 WFC 
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sereja К

 JPM и XOM
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sereja К

 Максим Лавров, Это вроде все акции на шорт под закрытие что нашел, если будут еще, подкину
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sereja К

 Блин, но рынок совсем не падает
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sereja К

 прям аж страшно
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sereja К

 DIS еще слабая
MRK шорт от 64,8
 UAA лонг от 21,34
 MPC шорт от 50,30
ARNC шорт
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sereja К

 уровень хая вчерашнего дня
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sereja К

 UAL
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sereja К

MAT шорт от 26
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sereja К

SCHW
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sereja К

MDLZ с чата
шорчу от хая по 108,06
 GEO c чата
 BABA купил от 53 копеек
 
  Hearing Zoetis was initiated with a Sell at Off Wall Street  (55.21 -0.52)
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  AXT initiation details — Buy at Dougherty & Company; tgt $8  (6.65 +0.45)Dougherty & Company initiates AXTI with a Buy and price target of $8. AXT is a pure play specialty materials company benefiting from accelerating demand for its Indium Phosphide (InP) substrates. Firm believes InP is in the early stages of a multi-year growth cycle that has potential to drive significant upside to our estimates. Market adoption of silicon photonics for 100G data center connectivity, the continued global build out of fiber optical connections for gigabit passive optical networks (GPONs), and potentially 5G wireless and autonomous car applications all require InP. In addition, AXT's Gallium Arsenide (GaAs) substrates could see increased sales as 3D imaging applications are adopted on mobile devices. They believe AXT's rev and earnings are at an inflection point and believe growth can exceed 15% in the coming years. In addition, the company's focus on cost reduction and yield improvement should lead to margin expansion.
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 Sector Summary: Technology (XLK +0.35%) trading higher today, modestly behind the broader market

The tech sector — XLK — trades modestly behind the broader market. Semiconductors, meanwhile, display relative strength as the SOX index trades +0.39%. Within the SOX index, ON (+5.02%) outperforms, while NVDA (-2.19%) lags. Among other major indices, the SPY is trading 0.40% higher, while the QQQ +0.44% and the NASDAQ +0.17% trade modestly higher on the session. Among tech bellwethers, QCOM (+1.33%) is showing relative strength, while ADBE (-0.39%) lags.

Notable gainers following earnings:

  • FDC (+4.3%) reported better than expected Q4 earnings, but worse than expected revs

Notable laggards following earnings:

  • WEX (-1.5%)

Gainers on news:

  • ZG (+2.2%) co provided update on court case vs. VHT; jury awarded VHT $79,875 in actual damages and $8.24 mln in statutory damages.
  • JKHY (+0.9%) co increased quarterly dividend to $0.31/share from $0.28/share.
  • HRS (+0.5%) co was awarded a five-year, $403 million, single-award IDIQ contract by the Defense Logistics Agency for tactical radio spares and components for DLA Land and Maritime and the U.S. Army Communications-Electronics Command.

Laggards on news:

  • T (-1.5%) co and Communications Workers of America have not reached settlement; negotiations continue.
  • VZ (-1.2%) co, over the weekend, renewed its Unlimited Data Plan offering. Customers can now purchase unlimited data, talk and text for $80 with certain conditions, or for $45 per line for four lines with conditions.
  • ULTI (-0.7%) co amended 'change in control' portion of bylaws.

Among notable analyst upgrades:

  • MDRX (+1.8%) upgraded to Buy from Neutral at Dougherty

Among notable analyst downgrades:

  • ATVI (-2.5%) downgraded to Underperform from Long-Term Buy at Hilliard Lyons
  • AUO (-5.8%) to Underweight from Neutral at JP Morgan
  • INOV (-8.4%) to Underperform at BofA/Merrill

Scheduled to report earnings after the bell:

  • AMKR CSOD GUID PDFS QTNA RNG

Scheduled to report earnings tomorrow morning:

  • AUO DBD FLIR IPGP MGI NVMI RDCM SQNS TMUS VG
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  Early Options Activity

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

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

Calls:

  • LUV Feb 55.5 calls are seeing interest ahead of Stifel conference Wednesday, February 15 starting at 9:55 ET with 1780 contracts trading vs. open int of 40, pushing implied vol up around 13 points to ~33% — we noted activity in the Feb 53 calls earlier this month (see 2/1 13:29 OPTNX). Co reported earnings last week and is expected to report its next quarterly earnings report late April. 

Puts:

  • CAR Mar 37 puts are seeing interest ahead of earnings Wednesday, February 15 after the close with 2250 contracts trading vs. open int of 20, pushing implied vol up around 49 points to ~57% — over 1500 contracts traded in a single transaction. Co and Travel signed new, multi-year partnership agreement; financial details not disclosed. 

Stocks seeing volatility selling:

  • FDC, TEVA, DCIX implied vol is lower following earnings/guidance

Sentiment: The CBOE Put/Call ratio is currently: 0.62… VIX: (11.30, +0.45, +4.2%).
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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  Nokia upgraded to Mkt Perform at Charter Equity — Stabilizing macro envm't and cost savings suggest a better year ahead  (4.94 +0.06)Charter Equity upgrades NOK to Mkt Perform from Mkt Underperform. With the closing of the ALU transaction in November and both OPEX and COGS synergies ahead of schedule, Nokia will likely endure a period of stable if not better-than-expected results. This isn't likely to outlast the slowdown in demand for 4G networks but it should buoy the stock near-term. Material, sustained rev from 5G systems is still too far out to provide any real hope for the immediate future, but India's launch of 4G, positive catalysts in N. Am., and renewed investment in expanding capacity in Japan will help improve Networks demand in 2017. Despite the loss of licensing rev from Apple (AAPL) and lumpiness on a q/q basis, Nokia Technologies remains a high-margin topline contributor not tied to the weak market plaguing the majority of the business. Given the higher tax rate forecasted, firm is skeptical that mgmt will achieve its goal of positive free cash flow in 2017, but strong execution on cost savings coupled with a stabilizing, if still challenging, macroeconomic environment point to better results in 2017.
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  Notable movers of interest: TEVA +4% on Q4 EPS and revenue beats, 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

  • TEVA (33.47 +3.98%): Reports Q4 EPS and revenue beats; reaffirms FY17 EPS and revenue guidance (MYL, PRGO).
  • FDC (16.38 +3.54%): Shares rise on Q4 EPS beat.
  • QSR (52.33 +1.77%): Reports Q4 EPS beat; increases quarterly dividend to $0.18/share from $0.17/share.

Large Cap Losers

  • ATVI (46.17 -2.25%): Downgraded to Underperform from Long-term Buy at Hilliard Lyons.
  • OXY (67.32 -1.68%): Downgraded to Neutral from Buy at Mizuho; tgt lowered to $70 from $87.
  • VZ (48.49 -1.01%): Shares fall after unveiling a new data plan.

Mid Cap Gainers

  • CC (32.43 +15.29%): Co announces an agreement with DuPont (DD) to address the costs of the global settlement of the multi-district PFOA litigation between DuPont and the plaintiffs.
  • X (39.8 +5.85%): Steel names show strength following report that China might force aluminum and steel producers to cut output (NUE, STLD, AKS).
  • ON (14.85 +4.99%): Reports Q4 EPS and revenue beats; guides Q1 revs above consensus.

Mid Cap Losers

  • HAIN (33.9 -12.02%): Shares drop after co files to delay its 10-Q.
  • AUO (3.75 -5.54%): Downgraded to Underweight from Neutral at JP Morgan.
  • LNCE (37.53 -4.24%): Reports Q4 EPS miss.
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  Hearing UDR, Essex Property (ESS), AvalonBay (AVB) were all downgraded to Sell at Zelman  (35.03 -0.67)
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  Lansdowne Partners (Alex Snow, Sir Paul Ruddock retired) discloses updated portfolio positions in 13F filing: New HAS position, large BAC stake increase, sold most of its V position Highlights from 2016 Q4 filing as compared to 2016 Q3 filing:
  • New positions in: HAS (~1.4 mln shares), ADNT (~0.24 mln — JCI spinoff), COG (~0.24 mln), FSLR (~0.08 mln), ECA (~0.05 mln), NEE (~0.05 mln)
  • Increased positions in: BAC (to ~30.5 mln shares from ~0.08 mln shares), SPWR (to ~0.29 mln from ~0.05 mln), JCI (to ~0.42 mln from ~0.31 mln), CRM (to ~0.13 mln from ~0.11 mln)
  • Maintained positions in: DAL (~26.19 mln shares), LB (~10.42 mln shares), FB (~5.41 mln shares), GOOGL (~1.28 mln shares)
  • Closed positions in: AES (from ~0.41 mln shares), AMD (from ~0.11 mln), BWA (from ~0.08 mln)
  • Decreased positions in: V (to ~1.42 mln shares from ~7.52 mln shares), NKE (to ~17.05 mln from ~20.71 mln), JPM (to ~21.21 mln from ~23.96 mln), CMCSA (to ~21.37 mln from ~23.89 mln), C (to ~6.05 mln from ~7.89 mln), DIS (to ~8.11 mln from ~9.59 mln), AMZN (to ~1.47 mln from ~1.8 mln), IR (to ~0.07 mln from ~0.2 mln), CNQ (to ~0.17 mln from ~0.25 mln)
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 Currency Commentary: Fed Heavy Week
  • The Dollar Index rallied back to the 101 level to start off the weekend. This marked the highest level since the Presidential Inauguration (January 20). The move comes ahead of a big week on the Fed front. The main focus will be on the testimony of Fed Chair Janet Yellen (Tuesday and Wednesday). Markets will be closely watching any comments on forward guidance for monetary policy as well as comments on potential fiscal policy and de-regulation. Ms. Yellen will also need to defend the Fed's independence as Congress, particularly on the G.O.P. side, will look for more over sight. In addition to Janet Yellen we will also here from Lacker, Kapaln, Lockhart (Tue), Rosengren and Harker (Wed) in what is setting up as a busy week for the Fed.
  • The euro has pulled back to test its 50-sma (1.0598) as the dollar rallies. The DXY will be the primary driver for the week but there is plenty of potential catalysts in the region with Q4 GDPs (Tue-Thu), ZEW Surveys and Eurozone Industrial Production (Tue), Eurozone Trade Balance (Wed), and the latest ECB Minutes (Thu) all due out this week.
  • The pound is holding steady at the 1.25 area. The inflation reports (Tue) and Jobs Reports (Wed) promise to be key economic news for the region. The news will come as sterling sits above key support levels with the 50-sma (1.2415) and 100-sma (1.2434). 
  • The yen slid back to the 114 level. Market participants were relieved to see that FX exchange rates was not a focus of the Trump-Abe meeting from last Friday. Japan saw the first look at its Q4 GDP come in short of expectations (+0.2% vs +0.3% street expectations.
  • The yuan continues to creep higher but is holding steady in the 6.80-6.90 area. This week kicks off some key economic reports for China starting with inflation (Tonight) and New Yuan Loans and FDI (Tuesday). (BONDX, FOREX)
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  Hearing ZELTIQ Aesthetics was downgraded to Neutral from Overweight at Piper Jaffray following AGN deal  (55.61 +6.21)
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  Sector Summary: The Healthcare sector (+0.54%) is trading higher today, in-line w/ the S&P 500 (+0.47%)Gainers on news:
  • Zosano Pharma (ZSAN +71.67%) announces its lead product candidate, M207, achieved both co-primary endpoints of pain freedom and most bothersome symptom freedom at 2 hours in the recently completed ZOTRIP trial
  • XOMA (XOMA +17.12%) agrees to sell 1,200,000 shares of its common stock and 5,003 shares of convertible preferred stock directly to Biotechnology Value Fund, L.P. and certain of its affiliates; BVF agreed to purchase the shares of common stock from the Co pursuant to a subscription agreement at a price of $4.03/share
  • SAGE Therapeutics (SAGE +12.78%) announces 'encouraging' top-line results from its Phase 2 clinical trial of orally-administered SAGE-217 for the treatment of major depressive disorder; study 'demonstrates positive signal of activity and tolerability'
Decliners on news:
  • Signal Genetics (SGNL -19.31%) stockholders approved all of the merger-related proposals including the issuance of common stock, note conversion and reverse stock split
  • XTL Biopharma (XTLB -9.59%) Expands Clinical Advisory Board to Support Phase II Study of HCDR1 in Sjogren's Syndrome
  • Axovant Sciences (AXON -5.13%) announces preliminary results from the planned interim analysis of the first 11 patients to complete its Phase 2 study of nelotanserin in Lewy body dementia patients; Beneficial treatment effect observed on the pre-specified primary endpoint of Unified Parkinson's Disease Rating Scale Parts II + III
Gainers on earnings:
  • Teva Pharma (TEVA +4.01%) beats by $0.02, beats on revs; reaffirms FY17 EPS and rev guidance
Upgrades/Downgrades:
  • BioLineRx (BLRX +9.17%) initiated with a Buy at Rodman & Renshaw; tgt $3
  • Capricor Therapeutics (CAPR +4.17%) assumed with a Buy at Rodman & Renshaw; tgt $14
  • Arch Therapeutics (ARTH +3.54%) initiated with a Buy at Rodman & Renshaw; tgt $2.50
  • Masimo (MASI -1.09%) downgraded to Mkt Perform from Outperform at Raymond James
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  Today's biggest point gainers/losersBiggest point gainers: REGN 372.45(12.58), TSLA 277.55(8.32), ZLTQ 55.64(6.24), SAGE 53.34(5.92), ICPT 123.98(5.47), ACIA 60.26(4.24), GS 246.8(4.08), IDCC 100.68(3.88), CC 31.84(3.71), CMI 153.35(2.79), AAOI 35.43(2.77), LITE 50.06(2.61), X 40.15(2.55), BIIB 277.3(2.54), GD 186.84(2.44), NUE 63.39(2.4), PH 152.62(2.37), NOC 238.61(2.36), CAT 98.67(2.36), SWK 125.87(2.14), IBB 286.5(2.13), LEA 143.37(2.02), NSC 123.14(2.02), SBCF 25.01(2), TWLO 33.95(1.99)

Biggest point losers: HAIN 34.2(-4.33), NVDA 109.69(-3.93), CYNO 51.33(-3.73), CHTR 321.37(-3.19), UBNT 50.33(-3.1), KNL 24.06(-3), WEX 116.59(-2.7), EXPE 120.21(-2.44), TMUS 60.5(-1.89), FANG 103(-1.79), AVB 178.14(-1.73), ATVI 45.58(-1.65), LNCE 37.56(-1.63), CSOD 40.48(-1.6), OXY 67(-1.47), COLM 58.4(-1.43), CARA 13.57(-1.28), EVHC 67.19(-1.25), INCY 120.45(-1.25), APC 68.12(-1.22), EQT 63.14(-1.21), NBIX 43.27(-1.17), INOV 11.18(-1.08), EOG 100.41(-1.03), AEM 49.81(-1.02)
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  Rumor Round Up

Rumor Activity was active to start out the week.

  • Calcalist reported that Syneron Medical (ELOS 9.60 +0.30) is in talks to be acquired by Apax Partners.
  • M&A blogger Ben Harrington (Betaville) in weekly video interview discusses unsubstantiated speculation of PE interest in ZELTIQ Aesthetics (ZLTQ 55.70 +6.29); also discussed vague chatter that Allergan (AGN 247.87 +1.51) may be interested in Cynosure (CYNO 50.83 -4.23).
  • CNBC's David Faber reported a potential takeover of Macy's (M 33.14 +1.15) by Hudson's Bay (HBAYF 8.91 +0.32) seems unlikely.
  • Gilead Sciences (GILD 67.52 +1.16) activist chatter circulated,
  • Sunday Times UK reported on possible buyers for The Body Shop from Loreal (LRLCY 36.81 +0.55).
  • Telegraph reported that hedge funds support Fox (FOXA 29.86 -0.05) planned M&A deal with Sky (SKYAY 50.19 +0.23).

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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  Stocks that traded to new 52 week highs/lows this session — New highs (375) outpacing new lows (28)Stocks that traded to 52 week highs: A, AA, AAOI, AAPL, ABCB, ACH, ACWI, ACWX, ADBE, ADX, AEL, AER, AERI, AFI, AGCO, AGD, AGO, AIMC, AJG, AL, ALL, ALLY, ALSN, AME, AMH, AMP, ANTM, AOD, APOG, ARCC, ARES, ARIA, ASG, ASGN, ASML, ASND, ASTE, AUDC, AVK, AXP, AXTI, AYR, BAP, BCO, BEL, BGX, BIF, BKMU, BKU, BNS, BOFI, BOJA, BRKS, BSBR, BWA, BWEN, BWXT, BXMT, CC, CDC, CDNS, CDW, CEM, CFO, CGNX, CHE, CHKP, CHW, CIBR, CIEN, CIM, CLF, CM, CMI, CNA, CNO, CNP, COMM, COST, CPRT, CRESY, CRNT, CSII, CSWI, CTRL, CUNB, CUTR, CVCY, DE, DFT, DGRW, DIAX, DLX, DNKN, DSCI, EA, EBAY, ECOL, ECPG, EFSC, ELOS, EMF, EMR, ENIA, ENTG, ESPR, ETN, ETV, EVF, EXAR, EXTR, FBNC, FDC, FDT, FEM, FEP, FEX, FFWM, FGB, FLEX, FLN, FN, FNGN, FNX, FRC, FRME, FTA, FTC, FTV, GAB, GAIN, GD, GDV, GEO, GER, GGAL, GGG, GLBL, GLNG, GLOP, GMZ, GT, GTLS, GTY, HAS, HBM, HCI, HD, HDS, HII, HIX, HMC, HON, HSBC, HSKA, HTGC, IBM, IBTX, IDCC, IFV, IGA, ILG, INB, IPGP, IR, IVAC, IXUS, JBL, JKHY, JPM, KAR, KB, KBSF, KEX, KLXI, KMT, KOP, KTOS, LFC, LFL, LITE, LLL, LNC, LOB, LPX, LUV, LXP, LYV, MAGS, MDCO, MDP, MDSO, MED, MELI, MFA, MHK, MHLD, MLI, MMC, MMSI, MO, MOS, MPSX, MRCY, MS, MSM, MT, MTB, MTG, MTOR, MXL, NANO, NDRM, NDSN, NFLX, NIE, NMFC, NMIH, NOVT, NSA, NSC, NSIT, NSM, NTAP, NTCT, NUVA, NVMI, NXRT, NXST, NYT, ODFL, OEC, OFC, OGE, ON, OOMA, ORA, ORC, PAH, PCAR, PCLN, PCMI, PFG, PGC, PH, PJC, PJT, PKE, PKO, PKX, PLKI, PLXS, PNC, PNK, PNNT, POOL, PRCP, PRI, PRU, PSCT, PSEC, PVTB, PXD, PXLW, QQEW, QQQ, QQQX, QRVO, QSII, QSR, RACE, RAS, RCL, RDN, RDVY, RDWR, RE, RESI, RF, RIO, RJF, RMR, RMT, RNR, ROBO, ROL, ROLL, ROP, RP, RPXC, RSG, RVT, RWT, RY, SAP, SASR, SBCF, SBS, SCI, SFBS, SGBK, SGM, SGMS, SHOP, SID, SIVB, SKYY, SLM, SLRC, SNI, SNOW, SNPS, SODA, SOHO, SSP, STK, STX, SUNS, SWIR, SYMC, TAST, TD, TDIV, TDY, TEI, TEP, TER, TGS, TICC, TKR, TMK, TQQQ, TROX, TRR, TRTN, TSC, TSE, TSEM, TSLA, TSLX, TSU, TTC, TTMI, TWI, TY, UNM, USA, USB, USG, USPH, VALE, VIAV, VIDI, VTWO, VVI, VVR, VXUS, WAL, WBC, WEN, WES, WEX, WGP, WNEB, WRB, WWE, WY, WYN, X, XL, XXIA, YHOO, YUM, ZION, ZLTQ

Stocks that traded to 52 week lows: ANGI, AOBC, CIE, COSIQ, DCTH, DHX, DPRX, GBSN, GEVO, HAIN, ICLD, JRJC, NAO, NCMI, OHRP, RELY, RGSE, RWLK, SHIP, SPWH, SQQQ, STAF, TDW, TVIX, ULTRQ, VMEMQ, VNRSQ, VRA
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  Thinly-Traded Stocks/ETFs that to traded to 52 week highs/lows this sessionThinly-Traded Stocks (ADV below 45k) that traded to 52 week highs on High Volume: AIQ, ARL, BBGI, BCBP, BOCH, CAPX, CART, CATH, CEL, CFA, CHFN, CVCO, CZWI, DHG, DNI, DTRM, DXJS, ENFC, EQFN, ESGD, ESLT, ESXB, EWZS, FAB, FAD, FBZ, FCCO, FCE.B, FCFP, FEMS, FNY, FRBA, FTCS, FUND, FUSB, FYC, GCH, GFY, HBK, IBUY, IPKW, ITEQ, JKI, JSMD, KFFB, KMDA, KYO, LAWS, LGI, LVHD, MILN, MRLN, MTLS, OBCI, ONEQ, OSB, PBHC, PCF, PLSE, PNQI, QCLN, QQXT, QYLD, RFDI, RGT, SAR, SLCT, SNOA, SONA, SPLP, SSBI, STN, TCFC, TORM, TRCB, TUSA, UBFO, USLB, VONE, VONG, VONV, VTHR, VTWG

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

ETFs that traded to 52 week highs: BKF, CROP, DBB, DIA, DVY, EEB, EFA, EPOL, EPP, EPU, EWA, EWC, EWJ, EWO, EWT, HYG, IAI, IGN, IGV, IOO, ITA, IWF, IWM, IYF, IYG, IYJ, IYM, JJC, KBE, KCE, KIE, KRE, MDY, MOO, OEF, PHO, QQQ, REMX, SKYY, SLX, SPY, UWM, UYG, UYM, VTI, VWO, XLF, XLI, XLK, XLY, XME

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

Today's top 20 % gainers
  • Healthcare: ZLTQ (55.63 +12.61%), SAGE (53.39 +12.59%), CRBP (7.75 +9.14%), MNKD (0.56 +8.3%), MYGN (16.9 +5.69%)
  • Materials: CC (31.79 +13.01%), VALE (11.3 +8.03%), CLF (12.03 +7.89%), X (40.23 +6.99%)
  • Industrials: CMRE (6.03 +8.06%)
  • Information Technology: AAOI (35.49 +8.67%), ACIA (60.29 +7.62%), TRVG (13.28 +7.27%), SWIR (26.2 +7.16%), ON (15.03 +6.29%)
  • Financials: FBC (28.26 +9.79%), SBCF (25.03 +8.78%)
  • Energy: STNG (3.83 +6.98%)
  • Telecommunication Services: GSAT (1.44 +6.71%), I (3.85 +6.65%)
Today's top 20 % losers
  • Healthcare: INOV (11.18 -8.78%), CARA (13.55 -8.75%), CYNO (51.08 -7.22%), LXRX (14.44 -5.37%), ONVO (3.02 -5.33%), AXON (12 -5.29%)
  • Materials: NAK (3.19 -5.21%)
  • Industrials: KNL (23.8 -12.05%), CECE (11.85 -5.35%)
  • Consumer Discretionary: GCI (8.44 -5.59%), SPWH (5.81 -4.99%), VRA (10.31 -4.63%)
  • Information Technology: NQ (3.9 -7.8%), AUO (3.72 -6.3%), UBNT (50.37 -5.73%), UCTT (12.12 -4.57%), LPL (12.21 -4.39%)
  • Financials: BFR (18.78 -5.1%)
  • Energy: CIE (0.77 -5.58%)
  • Consumer Staples: HAIN (34.19 -11.26%)
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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: ZLTQ (15.73 mln +12.61%), TEVA (11.75 mln +3.85%)
  • Materials: CLF (34.73 mln +7.89%), VALE (33.41 mln +8.03%), AKS (17.48 mln +3.34%), X (12.38 mln +6.99%), FCX (12.13 mln +2.19%), MT (11.24 mln +4.74%),
  • Industrials: GE (8.74 mln +0.61%)
  • Consumer Discretionary: F (11.79 mln -0.08%)
  • Information Technology: AMD (22.46 mln +0.81%), NVDA (14.36 mln -3.44%), TWTR (11.84 mln +0.74%), ON (9.65 mln +6.29%), AAPL (9.64 mln +0.92%), ATVI (9.53 mln -3.55%)
  • Financials: BAC (45.66 mln +1.73%)
  • Energy: CHK (8.75 mln -0.78%)
  • Telecommunication Services: S (12.05 mln -1%), T (10.18 mln -1.08%)
Today's top relative volume (current volume to 1-month average daily volume)
  • Healthcare: ZLTQ (21.16x +12.61%), SAGE (2.24x +12.59%), IMMU (1.92x -1.82%), CRBP (1.61x +9.14%)
  • Materials: CLF (1.84x +7.89%), CC (1.65x +13.01%)
  • Industrials: KNL (3.03x -12.05%), KTOS (2.33x +5.21%)
  • Consumer Discretionary: MPG (1.52x -0.42%)
  • Information Technology: UBNT (4.11x -5.73%), LIOX (3.04x +0%), SWIR (2.17x +7.16%), AUO (1.75x -6.3%), ON (1.69x +6.29%), FDC (1.68x +3.48%)
  • Financials: SBCF (2.08x +8.78%)
  • Energy: STNG (2x +6.98%), TGS (1.89x +1.33%)
  • Consumer Staples: HAIN (6.01x -11.26%)
  • Telecommunication Services: TI (2.49x -0.12%)
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  Sector Summary: Industrials trade higher than the broader market

The Industrials sector (XLI) is trading 1% higher today, higher than the broader market (SPY +0.5%). In a quiet day for the Industrial Sector, Avis Budget (CAR +0.2%) and Travel (TVPT +0.1%) sign new, multi-year partnership agreement, and Deluxe (DLX +0.3%) will acquire 100% of the stock of RDM Corp of Canada for approx. $70 mln in cash.

Earnings/Guidance

  • Insperity (NSP +5.8%) reports Q4 earnings of $0.58 per share, excluding non-recurring items, $0.04 better than the consensus of $0.54; revenues rose 12.2% year/year to $729.1 mln vs the $731.99 mln consensus.
    • Co issues upside guidance for Q1, sees EPS of $1.78-1.87, excluding non-recurring items, vs. $1.75 consensus.
    • Co issues upside guidance for FY17, sees EPS of $4.21-4.42, excluding non-recurring items, vs. $4.12 consensus.
    • Co sees Q1 Average WSEE's of 174200-175800; FY17 of 185-188K.
  • Knoll (KNL -12.4%) reports Q4 earnings of $0.44 per share, in-line with the consensus of $0.44; revenues fell 4.2% year/year to $292.9 mln vs the $313.55 mln two analyst estimate.
  • Scorpio Tankers (STNG +8.2%) reports Q4 loss of $0.18 per share, excluding non-recurring items, in-line with the consensus of ($0.18); revenues fell 40.5% year/year to $106.1 mln vs the $108.03 mln consensus
    • TCE revenue decreased $72.5 mln to $105.6 mln from $178.1 mln for the three months ended December 31, 2016 and 2015, respectively.

Additional Industrials reporting earnings/guidance: EVI +18% DCIX +12.4%

News

  • Avis Budget (CAR +0.1%) and Travel (TVPT +0.1%) sign new, multi-year partnership agreement.
    • Through the agreement, Avis Budget Group will have continued access to Travelport's Travel Commerce Platform enabling the Company to continue to showcase its available vehicle inventory and suite of ancillary products and services for its portfolio of brands, including Avis Car Rental, Budget Car Rental, Payless Car Rental, Apex Car Rentals and Maggiore.
  • Deluxe (DLX +0.2%) to acquire 100% of the stock of RDM Corp of Canada for approx. $70 mln in cash, net of estimated cash to be acquired. On closing, RDM will become part of the growing suite of Treasury Management Solutions offered by Deluxe.

Broker Research

Upgrades

  • Costamare (CMRE +7.9%) upgraded to Hold from Sell at Stifel, $5.50 target.
  • Twin Disc (TWIN +4.1%) upgraded to Buy from Neutral at Seaport Global Securities

Downgrades

  • Stifel downgrades Covanta (CVA -3.5%) to Hold from Buy and sets target price at $16.50 noting shares should be benefiting from better commodity prices.
  • Corp. Exec. Board (CEB +0.1%) downgraded to Hold from Buy at SunTrust.
  • Boeing (BA +1.5%) downgraded to Underperform from Neutral at Buckingham Research.

Other

  • Belden (BDC +0.3%) initiated with a Neutral at JP Morgan; tgt $76.
  • Triton International (TRTN +4.7%) initiated with a Outperform at Wells Fargo.
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  Hearing Agilysys was upgraded to Buy from Neutral at Sidoti  (9.44 +0.66)
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  Air Products resumed with a Overweight at Barclays; tgt $160 — details  (140.22 +0.09)Barclays resumes coverage of APD with a Overweight and sets target price at $160. Shares of APD are up ~50% (vs. S&P +40%) since Pershing Square disclosed its 10% stake in July 2013, driven by a classic activist story: replace existing mgmt with a highly effective industry CEO, cut costs to industry-leading levels, and shed non-core assets. While solid execution of these objectives drove share returns over the past 3.5 years, firm is now in the later innings of that story. The thesis is evolving now to capital deployment.
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  Park Hotels & Resorts initiation details — Overweight at Barclays; tgt $30  (27.60 +0.26)Barclays initiates PK with a Overweight and price target of $30. Post its spin-off from Hilton, Park is a high cash flow generating lodging REIT with a meaningful margin expansion story over the next several quarters and with additional growth drivers (acquisitions, ROI projects) over the medium term. Firm believes Park will begin identifying margin expansion opportunities this year and could potentially announce an acquisition by late 2017 / early 2018. Crucially, these opportunities do not appear to be priced into the shares; Park trades at a discount to its lodging REIT peers on many metrics, with an estimated dividend yield that exceeds all 18 lodging REITs. At current prices, firm sees shares as a 'free' option on mgmt execution against its key initiatives.
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  European Markets Closing PricesEuropean markets are now closed; stock markets across Europe performed as follows:
  • UK's FTSE: + 0.3%
  • Germany's DAX: + 0.9%
  • France's CAC: + 1.2%
  • Spain's IBEX: + 1.3%
  • Portugal's PSI: -0.2%
  • Italy's MIB Index: + 1.1%
  • Irish Ovrl Index: + 1.1%
  • Greece ASE General Index: + 0.9%
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  Hearing Pluristem Therapeutics was downgraded to Hold from Buy at Maxim Group  (1.13 -0.01)
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  Mobileye N.V. — volume alert  (44.69 +1.37)
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  Sector Summary: S&P Consumer Discretionary Index +0.1%, modestly underperforming the broader market with retailers in the redThe consumer discretionary group is slightly underperforming the broader market. The retail group is in the red with the SPDR S&P Retail ETF (XRT) -0.6%.

Notable earnings/guidance

  • Trading higher following earnings/guidanceQSR +2.1%
In the news:
  • comScore reported Q4 U.S. retail e-commerce spending from desktop computers and mobile devices +18% (AMZN +1.6%).
  • LeadersM 3.3% (outperforming amid ongoing M&A speculation despite CNBC's David Faber reporting a potential takeover of Macy's by Hudson's Bay seems unlikely), LRLCY 1.4% (Sunday Times UK reported on possible buyers for The Body Shop from Loreal), LEA 1.2% (announces increase in the Co's share repurchase authorization to $1 billion; increases quarterly dividend to $0.50/share from $0.30/share), SHO 0.4% (Sunstone Hotel announces the sale of Fairmont Newport beach for $125.0 mln; results in an estimated net book gain of approximately $44 mln and is estimated to increase 2017 taxable income by approximately $37 mln), SGMS 0.7% (appoints of Karin-Joyce Tjon as Chief Operating Officer and President effective February)
  • Laggards: VRA -5.6% (CFO leaving)  AOBC -4% and RGR -1% (reports that fishing and hunting chain Gander Mountain is mulling a possible bankruptcy filing), SHLD -3.9% (continued weakness; issues formal response to reports it and Kmart removed Trump products from their websites), KORS -0.6% (files to delay its 10-Q due to technical issue with its information technology reporting systems; does not expect previously reported ending cash balance of $368.8 million as of December 31, 2016 to change), DAN -0.3% (to purchase axle housing and driveline shaft manufacturing operations from U.S. Manufacturing Corporation for $100 mln in cash)
  • Nearly unchangedCOH (Coach approved an amendment and restatement of the Company's Bylaws, effective as of February 8, 2017 to add proxy access)
Other notable trends:
  • Most retail names are in the red today
    • Teen/fashion retailersBKE -3%, TLYS -2.5%, EXPR -1.8%, FRAN -1.3%, AEO -1.3%, LB -1%, URBN -0.7%, GES -0.6%, ANF -0.4%
    • Discount retailersTUES -3.8%, CATO -2.2%, BIG -2.2%, FIVE -2.2%, SSI -1.1%, SMRT -0.8%, FRED -0.8%, ROST -0.7%, TJX -0.5%
Analyst related:
  • UpgradesJCP 0.6% (upgraded to Equal-Weight from Underweight at Morgan Stanley)
  • DowngradesAXL -1.6% (downgraded to Neutral from Buy at Citigroup), WSM -1.9% (downgraded to Market Perform at Telsey Advisory Group)

Looking ahead:

  • On the earnings front: DPS, TAP, SALE, TTS report earnings tomorrow after the close. 
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  Market Internals

The broader market makes fresh all-time highs after finishing last week on a high note, led higher now by the Dow Jones Industrial Average which gains about 122 points (+0.60%) to 20391, the Nasdaq Composite adds 29 (+0.50%) to 5762, and the S&P 500 is up about 10 (+0.43%) to 2326. Action has come on mixed average volume (NYSE 308 vs. avg. of 321; NASDAQ 794 mln vs. avg. of 780), with advancers outpacing decliners (NYSE 1750/1212, NASDAQ 1670/1095) and new highs outpacing new lows (NYSE 226/4, NASDAQ 261/18).

Relative Strength:

Steel-SLX +3.8%, Emrg. Mkts. M. East&Africa-GAF +3.2%, Rare Earth Metals-REMX +2.7%, Copper Miners-COPX +1.9%, Metals&Mining-XME +1.7%, Israel-EIS +1.6%, US Broker/Dealers-IAI +1.4%, Turkey-TUR +1.3%, Vietnam-VNM +1.3%, Banking-KBE +1.2%, Reg. Banking-KRE +1.2%, China Lg. Cap-FXI +0.9%, Italy-EWI +0.7%, France-EWQ +0.6%.

Relative Weakness:

US Nat Gas-UNG -2.8%, Sugar-SGG -2.6%, Short-Term Futures-VXX -2.3%, US Gasoline-UGA -2.3%, Cocoa-NIB -1.9%, Colombia-GXG -1.6%, US Oil-USO -1.4%, Gold Miners-GDX -1.3%, Greece-GREK -1.1%, Mexico-EWW -0.7%, Chinese Yuan-CYB -0.6%, Russia-RSX -0.6%, India-INP -0.5%, Australian Dollar-FXA -0.5%.

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  Pluristem Therapeutics downgrade details — to Hold at Maxim Group  (1.13 -0.01)Maxim Group downgrades PSTI to Hold from Buy as co raised capital in a structured transaction (100% warrant coverage), and firm ests after fees of ~$16.5M providing a about year's worth of operating capital. The goods news is they got the cash even if the terms were dilutive. They are lowering their rating as firm is not in agreement with the company in terms of their clinical plans. Firm feels the CLI programs are not properly powered. Mgmt intends to leverage fast track pathways now available in Japan, Europe and firm would expect the U.S. to drive a CLI product to commercialization. While firm believes PSTI's allogeneic cell therapy is safe, the issue is will it really work in CLI and how can that be proven? Fast track pathways are designed to allow these «safe» therapies a more rapid pathway to the marketplace but the sponsor must demonstrate proof that it works. They do not believe the trial designs that the company is proposing can definitely answer this question in a variable disease like CLI.
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  Stanley Furniture: TALANTA Investment Group discloses 5.1% active stake  (0.91 +0.03)The Reporting Persons have previously filed Statements of Beneficial Ownership on Schedule 13D jointly with the Hale Funds as a group. The Reporting persons believe that, as of the date hereof, they no longer constitute a group with the Hale Funds within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended.
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  ZELTIQ Aesthetics downgraded to Hold from Buy at Maxim Group following AGN deal; Firm does not believe there will be any anti-trust issues with the acquisition, no higher bid incoming  (55.70 +6.30)
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  Midday Market Summary: Averages Hold Record Highs at Midday

The major averages have ridden investors' bullish bias to fresh record highs in the first half of Monday's session. The benchmark S&P 500 has increased steadily since posting a modest gain at the opening bell, and now hovers 0.5% above its flat line at midday.

Monday's upbeat sentiment has stemmed from the continued optimism surrounding President Trump's upcoming tax-related announcement, which is expected in the coming weeks. The president has called the plan «phenomenal» but has yet to give any specific details. Still, investors have appeared to take comfort in in the announcement as a sign that the new administration is looking to make good on the pro-growth promises of Mr. Trump's presidential campaign.

Financials (+1.2%) have provided strong sector leadership again today, similar to last Thursday following the news of the president's tax-related announcement. Industrials (+0.9%) have also outperformed the broader market with sector heavyweight Caterpillar (CAT 98.62, +2.31) leading the advance.

The industrial sector has profited from a recent U.S. Department of Homeland Security report which showed the cost of President Trump's proposed barrier along the U.S./Mexico border to be greater than it was originally estimated. However, Mr. Trump promised to bring the costs back down once he steps up to the negotiation table.

The lightly-weighted telecom services sector (-1.1%) has set up camp at the opposite end of today's leaderboard. Shares of Verizon (VZ 48.54, -0.43) trade 0.9% lower after the company announced that it will begin offering an unlimited data plan. The move is a response to growing competition in the wireless space as smaller companies like T-Mobile US (TMUS 60.64, -1.75) and Sprint (S 8.85, -0.11) have gained ground on Verizon and fellow industry heavyweight AT&T (T 40.80, -0.57) with their unlimited offerings.

Energy (-0.3%) is the only other sector that resides in negative territory at midday. The space's loss has been spurred by a 1.9% decline in crude oil, which currently trades at $52.84/bbl.

In the Treasury market, longer-dated issues hold the majority of their earlier losses while shorter-dated issues have ticked back up to their flat lines in recent action. The benchmark 10-yr yield is two basis points higher at 2.43% while the 2-yr yield is unchanged at 1.20%.

Investors did not receive any economic data today.

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  Earnings Calendar for Monday, February 13th
  • Today after the close look for the following companies to report:
    • BKD, NBL, AMKR, FLO, ACGL, OMF, SCI, RCII, VNO, BRKR, MPSX, DCP, AGII, BRX, DDR, FRT, GPOR, CSOD, RNG, CHGG, CUTR, QTNA, GUID, PDFS, EFC, NVTA, TTOO
  • Tomorrow before the open look for the following companies to report:
    • AUO, TMUS, TAP, QDISCA, DPS, DBD, WSO, MLM, AB, CAE, ITT, LECO, TOWR, FLIR, CRL, TRU, GNRC, MGI, STFC, INCY, IPGP, VG, AYR, AMAG, ACOR, CPLA, SALE, TTS, NMM, NVMI, DSX, SQNS, RDCM
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  SPY up 0.5%; Financials are the best performing sector and Telecom and Energy are lagging
Sector Ticker % Change YTD % Change
Financials XLF 1.2% 3%
Industrials XLI 1.0% 5%
Materials XLB 0.9% 6%
Healthcare XLV 0.6% 5%
Technology XLK 0.4% 7%
Real Estate XLRE 0.3% 2%
Utilities XLU 0.3% 2%
Cons. Disc. XLY 0.2% 6%
Cons. Staples XLP 0.0% 4%
Telecom IYZ -0.1% -1%
Energy XLE -0.2% -3%
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  Teva Pharma target lowered to $40 at Maxim Group following earnings  (33.98 +1.79)Maxim Group lowers their TEVA tgt to $40 from $41 following Q4 results. Firm continues to watch Copaxone market share which today they est accounts for 28%-29% of new and total Rx's in the U.S. Firm models additional share loss not yet factored into Teva's guidance; however their numbers are in-line with guidance as they assume more robust performance in generics performance; Hold.
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  Unusual Options Activity

The following options are exhibiting notable trading, potentially indicating changing sentiment toward the underlying stocks, and/or potentially representing positioning for increased volatility.

Bullish Call Activity:

  • SN Feb 13 calls are seeing interest with the underlying stock down 3% ahead of Credit Suisse conference Wednesday, February 15 starting at 12:25 ET (volume: 5640, open int: 5950, implied vol: ~91%, prev day implied vol: 37%) — nearly 5.4K traded in a single transaction. Co received notification from the Tag Owner stating that they have elected not to exercise their Tag Rights in regards to the transaction announced on Jan. 12, 2017.  Co is confirmed to report earnings February 22 before the open (outside of expiration).
  • LUV Feb 55.5 calls are seeing interest ahead of Stifel conference Wednesday, February 15 starting at 9:55 ET (volume: 2750, open int: 40, implied vol: ~30%, prev day implied vol: 20%) -- we noted activity in the Feb 53 calls earlier this month (see 2/1 13:29 OPTNX). Co reported earnings last week and is expected to report its next quarterly earnings report late April.
  • AKS Mar 10 calls are seeing interest with strength in steel names — AKS up 5% (volume: 14.3K, open int: 19.0K, implied vol: ~62%, prev day implied vol: 59%) — 5K traded in a single transaction. There was as report that China might force aluminum and steel producers to cut output.  Co reported earnings late January and is expected to report its next quarterly earnings report late April.

Bearish Put Activity:

  • HTZ Feb 20 puts (volume: 5410, open int: 2560, implied vol: ~79%, prev day implied vol: 53%) — co's new CEO Kathryn Marinello announced structural changes in N America. Co is scheduled to present at a Mobile World Congress on February 28. Co is expected to report earnings early March.
  • CAR Mar 37 puts are seeing interest ahead of earnings Wednesday, February 15 after the close (volume: 2560, open int: 20, implied vol: ~57%, prev day implied vol: 54%) — over 1500 contracts traded in a single transaction. Co and Travel signed new, multi-year partnership agreement; financial details not disclosed.

Sentiment: The CBOE Put/Call ratio is currently: 0.94… VIX: (11.15, +0.30, +2.8%).
This Week is options expiration — Friday, February 17th is 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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  Events and conferences of interest for tomorrow

Events and conferences of interest for tomorrow, December 14th include:

  • Stifel Transportation & Logistics conference (Feb 14-15th)
    • Scheduled to appear: KNX, GBX, KEX, ARCB, ANW, GATX, UNP, ATSG, WERN, NSC, R, KSU, CHRW, LSTR, CNI, LUV, HTLD, GWR, OSG, USAK
  • Goldman Sachs Technology and Internet Conference (Feb 14-16th)
    • Notable cos to present: SAP, ACN, INFN, SQ, PFPT, MU, MSFT, ARW, GLW, YELP, JNPR, GPN, INST, TXN, ULTI, GOOG, GOOGL, VMW, AVT, CSOD, XRX, TEL, FFIV, P, NEWR, WEX, PTC, EFX, SABR, SFLY, V, TWLO, FTNT, KLAC, ARRS, ADBE, MSCC, WU, QCOM, RNG, ETSY, ZEN, MTSI, OLED, JBL, BKFS, VSM, FLEX, TEAM, CTXS, CHKP, AMAT, Z, ZG, INFO, DATA, EXPE, CSCO
  • SunTrust Robinson Humphrey Orphan Drug Day Conference (Feb 14-17th)
    • Scheduled to appear: EIGR, SMMT, RGNX, VYGR, ADAP, ANTH, ARRY, BLCM, BLUE, CPRX, CLLS, CNAT, CRIS, DMTX, EDIT, EXEL, GBT, GLYC, JUNO, MGNX, NLNK, OMED, RARX, SAGE, SRRA, ONCE, TGTX, RARE, QURE, VSAR, WVE

Conference in progress:

  • BIO CEO & Investor Conference 2017 (Feb 13-14th)
    • Notable cos to present: TIG, EIGR, ABBV, ACN, AFMD, AGRX, ARNA, ALPMY, BLPH, BSGM, BTX, CEMI, CLCD, CTSO, EDIT, GALE, RGEDF, HTBX, HTGC, IMUC, INO, NVTA, JMP, JNJ, JPM, LTS, MBVX, MGA, MSTX, MRK, MS, NVO, OCX, PDLI, PFE, PZRX, PJC, PFSCF, RSPI, RVXCF, RTRX, ROSG, SPGI, SNY, ACRX, AXIM, FENCF, AEZS, OCUL, AVEO, EBIO, STLT, AKBA, TGTX, CBMG, ALBO, VBLT, INVA, ATNM, CORI, NTRP, CTRV, SMMT, INFI, ORMP, NVIV, CYCC, BCLI, MTST, LPTX, ARDM, PIRS, CLBS, CA:HBP, BIOC, CLRB, INO, ARGS, CNAT, GALT, ONTX, RDHL, APHB, SYN, CYTR, CBIO, MYOV, SCLN, SBPH, NVCR, CRXM, MATN, SNSS, CAPN, CTIC, TNXP, ADHD, VKTX, AXSM, APRI, VSTM, ITUS, SYRS, CBAY, FLKS, OREX, BLRX, BPTH, KMPH, CALA, MNTM, ONCE, VICL, CWBR, CAPR, FOMX, IMMVF, ARTH, OMED, AVXL, RXII, ONCS, PGNX, BMY
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  China Eastern Airlines discloses January operating data  (27.16 +0.19)In January 2017, the Company seized the market opportunities during the Chinese New Year travel period, optimized its capacity allocation and strengthened its marketing and sales strategies. Market demand grew more rapidly over the same period last year, which was because of the fact that CNY came in earlier in 2017, and in turn the peak travel period came in earlier year-on-year. Passenger capacity of the Company increased by 12.5% year-on-year and passenger load factor of the Company increased by 2.89 percentage points to 81.75% year-on-year. Due to the increase in the overall bellyhold cargo capacity, the freight transportation capacity of the Company increased by 4.9% year-on-year. Freight traffic volume decreased by 2.3% year-on-year, while freight load factor was 47.59%.
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 Metals Closing Prices
  • April gold ended today's session down $10.00 (-0.8%)  to $1225.8/oz
  • March silver closed today's session $0.11 lower (-0.6%) at $17.82/oz
  • March copper closed $0.01 higher (+0.4%) at $2.78/lb
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  KapStone Paper and Packaging: Strength in paper names attributed to positive mention from a research firm regarding a potential price increase  (23.02 -0.07)Related Stocks: IP, KS, WRK
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  Currency Market Summary

Dollar Grinds Higher

  • The U.S. Dollar Index added 0.16% to 100.96 today as the greenback gained against the euro, yen, and Swiss franc. Higher Treasury yields helped to support USD in a session devoid of U.S. economic data releases but the British pound continued to show relative strength versus the euro and the dollar alike. Markets look ahead to the preliminary Q4 eurozone GDP report on Tuesday and the market remains on watch for any hints of a tax plan from the Trump administration. Last week, the president promised one in «two to three weeks.» In France, Marine Le Pen remains a long shot for the presidential election in April but traders are still on edge because she would almost certainly remove France from the eurozone. All of the majors are now firmly within their ranges from the past few months but the Russian rouble traded to its strongest level against USD since July 2015
  • EUR/USD: -0.38% to 1.0601
    • Germany's wholesale price index rose 0.8% m/m in January (4.0% y/y), beating forecasts but slowing from December's 1.2% pace
    • The year-on-year pace was the highest since 2011
    • The eurozone's preliminary GDP growth reading for the fourth quarter is due out on Tuesday morning
  • GBP/USD: +0.30% to 1.2524
  • USD/CHF: +0.28% to 1.0054
  • USD/JPY: +0.40% to 113.67
    • In Japan, GDP grew by 0.2% q/q in the fourth quarter (1.0% y/y), missing expectations for a continuation of Q3's 0.3% growth
  • USD/CNY: +0.02% to 6.8827
    • China's CPI and PPI data for January is due out on Tuesday
  • USD/INR: +0.20% to 66.98
    • India's consumer price index increased by 3.17% y/y in January, missing forecasts and slowing from December's 3.41% pace
  • USD/RUB: -0.34% to 58.03
  • USD/TRY: -0.70% to 3.670
  • USD/BRL: -0.20% to 3.1096
  • USD/MXN: -0.12% to 20.313
  • USD/CAD: -0.17% to 1.3061
    • Canadian Prime Minister Justin Trudeau will give a press conference with U.S. President Trump shortly
  • AUD/USD: -0.33% to 0.7650
  • NZD/USD: -0.32% to 0.7179
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 Agriculture Closing Prices
  • March corn closed $0.01 higher at $3.75/bushel
  • March wheat closed $0.04 higher at $4.51/bushel
  • March soybeans closed $0.02 lower at $10.56/bushel
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  Sector Summary: Energy (XLE, +0.05%) trading slightly higher, lagging the broader market (SPY, +0.61%)

Crude oil (USO, -1.4%) futures down today, ending a 3 day rally. Natural gas (UNG, -3%) continued Friday's losses.

Notable Gainers:

  • Oil & Gas Drilling & Exploration: Pengrowth Energy (PGH, +4%)
  • Equipment and services: Mcdermott International (MDR, +2%)
  • Independent oil & gas: Midstates Petroleum Co (MPO, +1.5%)
  • Major-integrated: Chevron (CVX, +0.75%)
  • Refining & Marketing: Valvoline (VVV, +2%)
  • Pipelines: TCP Pipelines (TCP, +1.5%)

Notable Laggards:

  • Oil & Gas Drilling & Exploration: Bill Barrett (BBG, -4%)
  • Equipment and services: Tidewater (TDW, -8%)
  • Independent oil & gas: Jones Energy (JONE, -6.4%)
  • Major-integrated: Aegean Marine Petroleum (ANW, -2.76%)
  • Refining & Marketing: Ferrellgas Partners (FGP, -3.5%)
  • Pipelines: PennTex Midstream Partners (PTXP, -2.25%)

Earnings/News

  • Diamond Offshore (DO, +2%) revises previously announced Q4 earnings; discovered that its liability for uncertain tax positions in certain foreign jurisdictions did not appropriately reflect changes in foreign exchange rates
  • USA Compression Partners (USAC, +1.4%) misses by $0.01, beats on revs
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 Energy Closing Prices
  • March Crude Oil futures fell $0.90 (-1.7%) to $52.95/barrel
  • March Natural Gas closed $0.08 lower (-2.6%) at $2.95/MMBtu
  • March RBOB Gasoline closed $0.04 lower (-2.5%) at $1.55/gallon
  • March Heating oil futures closed $0.03 lower (-1.8%) at $1.63/gallon
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