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Блог компании DayTraderClub | Америка сегодня. Рынки труда и недвижимости.

Рынок недвижимости Америки продолжает свою восходящую тенденцию:
Америка сегодня. Рынки труда и недвижимости.


Ожидается увеличение показателей и в объёме строительства новых домов и в количестве выданных разрешений на новое строительство за январь. Объём строительства ожидается на уровне 1220 тыс:
Америка сегодня. Рынки труда и недвижимости.


Разрешения на новое строительство ожидаются аналитиками на отметке 1230 тыс.:
Америка сегодня. Рынки труда и недвижимости.


Плановое сокращение безработицы продолжает давать свои плоды и наблюдается продолжение этого многомесячного тренда:
Америка сегодня. Рынки труда и недвижимости.


Тем не менее, аналитики осторожны в своих оценках по поводу развития дальнейшей ситуации и ожидают данные выше уровня 240 тыс.:
Америка сегодня. Рынки труда и недвижимости.


Все новости: 
Америка сегодня. Рынки труда и недвижимости.
Данные: DTC News, Briefing, Interactive, Economics, Public Sources

  On The Wires
  • On February 15, 2017, the Board of Directors of Franklin Resources (BEN) took action to add Chief Operating Officer to Jennifer M. Johnson's title. Effective as of February 15, 2017, Ms. Johnson's title is President and Chief Operating Officer. Ms. Johnson, age 52, has served as President of the Company since December 31, 2016, and previously served as Co-President of the Company from October 2015 to such date. 
  • On February 7 2017, Educational Development (EDUC) and MidFirst Bank entered into a Fourth Amendment Loan Agreement. This amendment granted a waiver related to the «Debt to Worth Ratio» of the co's Loan Agreement with which it was in violation of at the time its financial statements dated November 30, 2016 were filed. In addition, the agreement deleted the «Debt to Worth Ratio» provision and substituted a new covenant «Minimum Tangible Net Worth» calculation, along with a modification in the «Funded Debt to EBITDA Ratio» to an «Adjusted Debt to EBITDA Ratio». The Company has experienced extraordinary growth the past two years. Net revenues in Fiscal Year 2015 were $33 million, Fiscal Year 2016 $64 million, and Fiscal Year ending February 2017 projected to reach $109 million. This growth has required the Company to invest in additional inventory, warehouse fulfillment equipment and software upgrades. Management believes it is in the best interest of the shareholders to suspend the dividend and focus all resources and cash requirements toward financing future growth.
  • Sun Life Financial Inc. (SLF) announced that James H. Sutcliffe will retire as Chairman and from the Board of Directors following the Company's Annual Meeting on May 10, 2017. He will be succeeded as Chairman by William D. Anderson who has been a Director since 2010 and currently chairs the Company's Audit and Conduct Review Committee.
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  Syngenta downgraded to Hold from Buy at Jefferies  (85.81)
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  Molina Healthcare downgraded to Hold from Buy at Stifel  (59.89)
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  Manitowoc Foodservice upgraded to Outperform from Neutral at Robert W. Baird  (18.25)
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  Regions Fincl upgraded to Buy from Hold at SunTrust  (15.56)
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  Blackhawk Network downgraded to Neutral from Outperform at Credit Suisse  (37.35)
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  Evercore upgraded to Buy from Neutral at BofA/Merrill; tgt $95  (79.05)
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  Integrated Device downgraded to Neutral from Buy at BofA/Merrill  (25.11)
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  Cavium Networks upgraded to Buy from Neutral at BofA/Merrill; tgt $85  (65.50)
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  Teck Resources downgraded to Hold from Buy at Deutsche Bank  (22.44)
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  Wells Fargo downgraded to Neutral from Outperform at Credit Suisse  (58.55)
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  Overnight Summary — World markets slightly pull back overnight
  • The global equity markets are easing off of recent highs in the overnight session, with the S&P Futures down ~4 pts heading into the open. It was a fairly dull night, however with volume on the lighter side and only a 5 point range.
  • China was among the only markets to see strength on Thursday. The PBOC stepped up its Open Operations, stepping up liquidity injections to a sizable amount of CNY250 bln in reverse repos. This may have been in response to the State issued Foreign Direct Investing figure for January, which fell 9.2% YoY. Although the number was likely a disappointment for the domestic economy, it should be noted that this could have been an isolated event, considering most of the recent economic data has been solid and the Lunar New Year was earlier than last year.
  • In Japan, the Nikkei traded in its usual pattern of trading lower on yen strength. The index only gave back half of the prior day's gains, closing 0.5% lower on the day. As expected, Exporters were hit hard during the session, while the hot Financial sector could not muster enough strength to support the broader market.
  • Across the pond, the major bourses are trading lower for the first time in over a week. Nestle (-2%) is among the heavyweights trading in negative territory, after the consumer giant released year-end results, expressing some caution in its outlook for 2017. The FTSE is biggest laggard this morning, however it should be noted that several of the larger index components (such as BP, Shell, and AstraZeneca) go ex-dividend today.

Market updates:

  • S&P Futures vs Fair Value: -4.00 
  • 10 yr Note: 2.4717% 
  • USD/JPY: 113.57 -0.54 
  • EUR/USD: 1.0637 +0.0039
  • Europe: FTSE -0.5% DAX -0.2% CAC -0.4% 
  • Asia: Hang Seng +0.5% Shanghai +0.5% Nikkei -0.5% 
  • Commodities: Gold (1238.50 +5.40) Silver (18.05 +0.08) crude (53.86 +0.26) 

US Econ Data

  • January Housing Starts & Building Permits (8:30am)
  • Initial Claims (8:30am)
  • February Philadelphia Fed (8:30am)
  • Natural Gas Inventories (10:30am)
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  Manitowoc Foodservice upgrade details — to Outperform at Robert W. Baird; tgt raised to $22  (18.25)Robert W. Baird upgrades MFS to Outperform from Neutral and raises their tgt to $22 from $18. The concerns firm laid out in their June downgrade are now known and largely behind us, with 2017 guidance resetting expectations lower in what to firm appears as appropriately conservative fashion. Importantly, the US consumer remains healthy and MFS' long-term thesis remains intact: focused mgmt team with multiple levers to improve the business which participates in an attractive, steady end market. Trajectory of profitability improvement likely to remain nonlinear but opportunity is still there for patient investors.
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  SunPower upgraded to Outperform from Perform at Oppenheimer  (7.25)
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  ITT Industries upgraded to Outperform from Perform at Oppenheimer  (43.36)
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  On The Wires
  • Cigna (CI) in a regulatory filing confirmed that on February 15, 2017, the Chancery Court granted Anthem's motion for a temporary restraining order and issued an order temporarily enjoining the Company from terminating the Merger Agreement. This is not a decision on the merits of the case, but rather a procedural order to ensure irrevocable actions do not take place before the Chancery Court's substantive review of the issues. Cigna respects the Chancery Court's decision and will continue to abide by terms of the Merger Agreement until the Chancery Court further reviews the case. A hearing will be scheduled the week of April 10 and we look forward to more fully briefing the Chancery Court at that time.
  • The European Commission has approved under the EU Merger Regulation the acquisition of joint control of Skytec UMC of Cyprus, by Skytec of Cyprus and Sharp of Japan (SHCAY). Skytec UMC designs, manufactures and distributes TVs under its own brands and under third party brands in the European Economic Area. The Commission concluded that the proposed acquisition would raise no competition concerns because following the sale of Sharp's TV business to Skytec UMC, Sharp no longer had activities in these markets in the EEA.
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  Valeant Pharma: Siliq appears dead in the water; Reiterate Underperform — Mizuho  (16.86)Mizuho notes that VRX has rallied with the rest of the sector but firm remains cautious on the fundamentals of this highly levered business. Their key concern is that VRX's underlying portfolio and pipeline may not provide sufficient growth to offset the declines of older products as well as the impact of asset sales (vs. consensus expectations of a return to growth in 2018). Furthermore, the debt load limits mgmt's optionality to invest in future growth. The recent approval of a highly anticipated pipeline drug in psoriasis is unlikely to improve VRX's situation as discussed below. Further, firm commented on the FDA approval of VRX's Siliq (brodalumab) for psoriasis, a day ahead of its February 16 PDUFA date. While everyone expected the drug launch to be hampered by a REMS program, based on our read of label, firm believes that prescribing information may be even more restrictive than expected. Following launch, VRX will also share profits on Siliq sales with partner AstraZeneca (AZN). Firm currently models VRX's share of 2020 profits as $72M, which may be insufficient for one of the «stars» in VRX's pipeline; $11 tgt.
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  Kraft Heinz downgraded to Neutral from Positive at Susquehanna  (91.09)
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  Albireo Pharma initiated with a Buy at Ladenburg Thalmann; tgt $40  (20.28)
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  Bank of America upgraded to Outperform at Macquarie  (24.58)
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  Colliers upgraded to Sector Outperform at CIBC  (42.05)
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  New Gold upgraded to Sector Perform from Underperform at Scotia  (3.07)
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  Hershey Foods upgraded to Buy from Hold at Argus  (108.80)
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  Salesforce.com initiated with a Hold at Needham  (81.67)
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  Groupon downgraded to Neutral from Outperform at Wedbush  (4.64)
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 Asian Markets Close: Nikkei -0.5%, Hang Seng +0.5%, Shanghai +0.5%

Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note while Japan's Nikkei (-0.5%) underperformed amid an uptick in the yen (113.69), which has added 0.4% against the dollar. Yesterday's TIC data showed that China increased its holdings of U.S. Treasuries for the first time in seven months. Elsewhere, employment data from Australia showed better than expected overall growth, but gains were entirely due to part time employment.

  • In economic data:
    • China's FDI -9.2% (expected 1.4%; last 5.7%)
    • Australia's MI Inflation Expectations 4.1% (last 4.3%). January Employment Change 13,500 (expected 10,000; last 16,300) and Full Employment Change -44,800 (last 11,300). January Unemployment Rate 5.7% (expected 5.8%; previous 5.8%).

---Equity Markets---

  • Japan's Nikkei lost 0.5%, but remained near this year's high. Toshiba lost 3.4% after it was revealed the stock will be relegated to the second-tier index. Fast Retailing, Olympus, Rakuten, Mitsubishi Motors, Marui Group, and Sony fell between 1.0% and 2.9%.
  • Hong Kong's Hang Seng gained 0.5% with financials contributing to the advance. China Construction Bank, Bank of China, HSBC, BoC Hong Kong, and Hang Seng Bank posted gains between 0.2% and 2.9%. Lenovo Group plunged 6.7% in reaction to disappointing earnings.
  • China's Shanghai Composite rose 0.5%. Shanxi Coking, Rising Nonferrous Metals Share, Changchun Gas, China Jialing Industrial, and Wanhua Chemical Group gained between 5.4% and 6.8%.
  • India's Sensex advanced 0.5%. Sun Pharma jumped 4.3% while Infosys, Maruti Suzuki, Tata Motors, Tata Steel, and Tata Consultancy climbed between 1.3% and 3.0%. On the downside, ITC lost 2.5%.

---FX---

  • USDJPY -0.5% to 113.62
  • USDCNY -0.2% to 6.8577
  • USDINR +0.2% to 67.040
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  Science Applications initiated with a Buy at Seaport Global Securities; tgt $93  (86.36)
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  CACI Intl initiated with a Buy at Seaport Global Securities; tgt $140  (126.15)
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  Groupon downgrade details — to Neutral at Wedbush; tgt $4.50  (4.64)Wedbush downgrades GRPN to Neutral from Outperform and sets target price at $4.50 as the stock has achieved their tgt. Further, they expect steady progress on growth initiatives will likely result in low-double-digit earnings growth, as restructuring is lapped and larger cohorts continue to stack. As firm looks beyond FY17 they believe a reasonable expectation for future adjusted EBITDA growth for GRPN on a go-forward basis is in the low-double digits (they are currently modeling 10%) on low-single-digit rev growth. They believe the market now accurately reflects this growth profile, hence the downgrade.
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  CommerceHub target raised to $22 at Wedbush — Q4 margin expansion illustrates company's significant operating leverage and cash flow potential  (15.07)Wedbush raises their CHUBA tgt to $22 from $20 as they believe CommerceHub will continue to benefit from the secular growth of e-commerce by playing a key role in the e-commerce operations of retailers. They also believe its extensive two-sided network provides considerable barriers to entry while the company's integration within the e-commerce operations of some of the largest U.S. retailers will provide steady double-digit GMV and rev growth. They think the company's combination of long-term volume growth and high operating leverage is currently underappreciated by the market.
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  Shopify target raised to $75 at Wedbush — Q4 beat caps spectacular year  (60.61)Wedbush raises their SHOP tgt to $75 from $50 as they expect Shopify to continue to grow at above-ecommerce market growth rates for the foreseeable future as it continues to penetrate its sizable SMB TAM and makes in-roads with larger brands. Firm believes SHOP is democratizing the ecommerce landscape by bringing cutting-edge tech to the smallest merchants at a time when consumers' capacity and appetite for various ecommerce platforms is expanding. At the same time, SHOP's ability to scale up its platform to meet the needs of larger brands has the potential to act as a force multiplier; Outperform.
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  Workday target raised to $86 at Wedbush — Positive checks on 4Q activity and 1Q pipelines  (87.06)Wedbush raises their WDAY tgt to $86 from $77 noting their system integrator (SI) checks point to a pick-up in WDAY deal activity in 4Q/ Jan., with momentum carrying forward into 1Q deal pipelines. The improvement appears to extend to a broader base of large deals beyond the Wal-Mart «mega-deal» (2M+ employees) announced in a Jan. 11 filing. Firm heard varying explanations of the pick-up in 4Q activity, including seasonality/ budget cycles and the resolution of election-year uncertainty. They would note that CY16/ FY17 started with a similar uptick in near-term pipelines and then softened over the next few months as deals pushed later in the year. Their checks make them incrementally more positive, but they are on the sidelines given WDAY's relatively high multiple (over 8x EV/ FY17E rev), 30% run-up YTD (vs. 3% for the S&P 500), and uncertainty concerning the sustainability of 4Q strength in deal activity; Neutral.
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  Early premarket gappersGapping up: XTLB +44.8%, SCON +33%, CVRS +22.7%, HGG +15.1%, TIVO +13.6%, WINT +9.6%, CSLT +7.9%, SNPS +7.6%, BLDP +6.6%, NTES +5.9%, PGNX +5.5%, NTAP +5.3%, RUBI +5%, QUIK +4.2%, CRY +4.1%, SRCL +4%, CLD +3.9%, NGD +3.9%, RAD +3.5%, SFLY +3.1%, ERIC +3%, TTM +2.9%, MTL +2.7%, AVP +2.4%, NMIH +2.1%, FOLD +2%, WLL +2%, ABX +2%, CHK +1.9%, GG +1.9%, VRX +1.7%, CHH +1.7%, CSCO +1.7%, NOK +1.4%, AG +1.4%, BCOR +1.4%, FL +1.3%, SSNC +1.3%, GSK +1.2%, XEC +1.2%, MYL +1%, AMAT +1%, TECK +0.9%, WMB +0.9%, CHUBA +0.9%, DENN +0.8%, JMP +0.7%, ZTS +0.7%

Gapping down: CFMS -38.6%, ACUR -28.4%, GNC -14.7%, MOH -14%, MOH -14%, BBW -12.6%, OMCL -10.8%, HAWK -9%, EVOK -8.8%, NGL -7.5%, CAR -6.5%, CRSP -6.3%, TRIP -5.9%, MZOR -5%, GDDY -4.4%, HIMX -4.4%, CF -3.6%, GRPN -3.4%, MMLP -2.9%, LSCC -2.8%, EQIX -2.8%, CNNX -2.7%, SPWR -2.5%, KHC -2.5%, AEM -2.4%, ATKR -2.2%, HOS -2.2%, TRU -2%, CNC -2%, FSLR -2%, VSLR -1.5%, CYS -1.5%, KGC -1.5%, HTZ -1.4%, SDRL -1.4%, NCI -1.1%, QTWO -1%, FRSH -0.9%, CBS -0.9%, CSV -0.9%, ANH -0.7%, SLF -0.7%, NICE -0.7%
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  On The Wires
  • Neuralstem (CUR) announced completion of subject enrollment in its Phase 2 clinical trial of NSI-189 for the treatment of major depressive disorder (MDD). NSI-189 is a new chemical entity and the lead compound in Neuralstem's neurogenic small molecule program. Enrollment was completed ahead of schedule and data are expected in 3Q 2017.
  • Glaukos Corporation (GKOS) announced the completion of patient enrollment in the pivotal phase of its FDA Investigational Device Exemption trial for the iStent SUPRA Suprachoroidal Micro-Bypass Stent.
  • Windtree Therapeutics (WINT) announced that data from a preclinical influenza study showed that aerosolized KL4 surfactant reduced lung inflammation and improved overall survival in a well-established preclinical animal model.
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  Sonus Networks downgraded to Neutral at DA Davidson; tgt $6.50  (6.29)DA Davidson downgrades SONS to Neutral from Buy and sets target price at $6.50. Firm notes Q4 rev met the consensus expectation, while solid operating leverage drove upside to the consensus EPS est. In a repeat of Q3, co delivered a solid quarter, but lowered forward guidance for the next quarter. Co continues to encounter slower spending patterns from some of its Service Provider customers. SONS believes the issue is related to CAPX spending reviews as Service Providers decide how to implement next-generation infrastructure. Despite NT headwinds firm's LT thesis remains unchanged: continued adoption of voice-over IP, an increased focus on security threats targeted at real-time communications, and a move toward network functionality virtualization will all allow Sonus to achieve modest rev growth over the next several years. With increased operational efficiency, co should also be able to drive accelerated bottom line earnings growth; however, given the weak service provider spending envm't for the next few quarters, the dependence on a large customer in the second half of the year, as well as the lack of upside to tgt, they lower to Neutral.
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  European Markets Update: DAX -0.3%, CAC -0.4%, FTSE -0.4%

Major European indices trade in the red, but losses have been contained for the time being. The latest policy minutes from the European Central Bank showed that policymakers do not see a convincing upward trend in inflation. Separately, Bundesbank President Jens Weidmann said it would be a mistake to roll back financial market regulations since bad loans triggered the last crisis. Elsewhere, European Commissioner Pierre Moscovici made upbeat comments about an expected bailout review agreement with Greece.

  • In economic data:
    • France's Q4 Unemployment Rate 10.0% (expected 9.7%; last 10.1%)
    • Italy's December trade surplus expanded to EUR5.80 billion from EUR4.19 billion (expected surplus of EUR4.00 billion)

---Equity Markets---

  • Germany's DAX is lower by 0.3%. Commerzbank is the weakest performer, falling 1.6%. Deutsche Bank also trades in the red, down 0.6%, while exporters like Volkswagen, BMW, and Daimler show losses between 0.4% and 0.8%. Lufthansa outperforms, rising 2.2%.
  • France's CAC has given up 0.4%. Schneider Electric leads the retreat with a 4.7% decline in reaction to disappointing results. Consumer names like Danone, L'Oreal, Carrefour, and Klepierre show losses between 0.7% and 2.0%.
  • UK's FTSE is down 0.4%. AstraZeneca is down 3.6% while miners like Anglo American, Antofagasta, Glencore, and Fresnillo show losses between 0.8% and 3.1%. On the upside, Shire has jumped 3.9% while peers GlaxoSmithKline and Hikma Pharmaceuticals are both up near 1.1%.
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  Salesforce.com initiation details — Hold at Needham  (81.67)Needham initiates CRM with a Hold as they believe CRM is the epitome of what most SaaS companies strive to be: large, bold, and at the forefront of taking down legacy software vendors with an unmatched platform in software today. They also believe CRM continues to have a tremendous growth opportunity in front of it, even at its current outsized rev level of $8B+. CRM is armed with an innovative and leading platform in the Customer Management Ecosystem, a long growth tail, and a compelling play with the Big Data platform that customers crave to drive business performance; together, they think these can double revs during the next 5-6 years. But decelerating organic rev growth, a looming sales reorg, and an operating model not profitable enough at its rev keep firm on the sidelines at current valuation levels.
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  CBS: Color on Quarter  (65.24)
  • RBC notes that in 2016 CBS said what it would do, and then it did what it said. This kind of visibility and execution on strategy deserves at least an S&P multiple, so they comfortably value CBS on 17x P/E and raise their price target to $78 from $70; reiterate Outperform. 
  • Pivotal notes that CBS reported 4Q16 results with revenues below expectations, profit margins well above expectations and EPS that essentially matched forecasts. With refinements to their model for the year ahead, their price target is unchanged at $67 on a YE2017 basis and they maintain their Hold rating.
  • FBR notes that CBS's in-line 4Q16 supported a bankable growth story that they see as the most appealing, on a fundamental basis, in the TV network group. Radio was stripped out as discontinued, due to the pending Entercom merger/split, resulting in revenues and adjusted OI not being comparable to consensus but adjusted EPS being comparable. Versus their ex-radio estimates, revenue of $3,518M, down 2% YOY, was $57M below their estimate of flat, mainly because the comp for a year-ago international licensing deal at Showtime was tougher than we modeled; and Showtime revenues of $501M were $25M light. Reiterate $86 price target and Outperform. 

Shares are trading ~1% lower pre-market

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  TransCanada increases quarterly dividend to $0.625/share from $0.565/share  (47.54)
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  DCP Midstream upgraded to Buy from Hold at Drexel Hamilton; tgt $47  (41.57)
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  Aqua Metals initiated with a Buy at National Securities; tgt $25  (16.94)
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  Intl Flavors downgraded to Neutral from Outperform at Consumer Edge Research  (119.16)
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  SS&C Techs upgraded to Outperform from Neutral at Macquarie  (32.81)
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  Sun Life downgraded to Sector Perform from Outperform at Scotia  (40.27)
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  BioCryst Pharma initiated with a Buy at Ladenburg Thalmann; tgt $11  (6.16)
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  Ixia downgrade details — to Hold at Stifel; tgt lowered to $19.65  (19.50)Stifel downgrades XXIA to Hold from Buy and lowers their tgt to $19.65 from $20. On February 15th post the market close Ixia released a Schedule 14A detailing the proposed acquisition of the company by Keysight (KEYS, Hold, $38.10), originally announced on January 30th. Given a competitive bidding process and a multiple that firm sees as valuing Ixia at a premium given the strategic value of the assets, they do not anticipate a superior bid for Ixia emerging.
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  Molina Healthcare downgrade details — to Hold at Stifel; tgt lowered to $45  (59.89)Stifel downgrades MOH to Hold from Buy and lowers their tgt to $45 from $64 following earnings. Firm feels this story has been materially damaged and investors will not be drawn to this pressure. They admit they hate to downgrade the stock after the news is out, understanding that is of help to no one. But in some instances it must be done. They feel this is one of those times. Firm is establishing a $45 target and moving rating to Hold. The target is based on 15x their $3.00 est for 2018. That said, they believe the 2018 est could see material revision given uncertainties with MOH and its approach to ACA products in the year.
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 Overnight Treasury Summary

Treasuries Try to Stage Rally

  • U.S. Treasuries are rallying this morning after five consecutive losing sessions as the U.S. Dollar Index extends Wednesday's decline by 0.42% at 100.75. The front end of the German yield curve is getting hit hard following the release of the January 19 ECB meeting minutes which said that deviating from the capital key in the asset purchase program could help to limit the extent of purchases below the deposit rate (currently -0.40%). The international economic data was rather light but the Bank of Indonesia did hold its policy rate steady at 4.75% and adopt a more hawkish tone. The Indonesian economy is one that would be vulnerable to Fed rate hikes and dollar strength because of its dependence on foreign and often dollar-denominated financing. Today's U.S. calendar features January Housing Starts. The S&P 500 is set to open down one point to 2,348.2 and WTI crude is adding 0.49% to $53.37/bbl. Gold is up 0.40% to $1,238/troy oz.
  • Yield Check:
    • 2-yr: -4 bps to 1.23%
    • 5-yr: -4 bps to 1.97%
    • 10-yr: -2 bps to 2.48%
    • 30-yr: -1 bp to 3.07%
  • International News:
    • In Australia, employment grew by 13.5K workers in January, exceeding expectations but slowing from December's 16.3K growth
      • The unemployment rate unexpectedly fell to 5.7% from 5.8%
    • Indonesia's central bank kept the seven-day reverse repo rate at 4.75%, as expected
      • Bank Indonesia Governor Martowardojo described the space for further easing as «not too wide» and maintained a «cautiously accommodative» stance
    • The minutes from the European Central Bank's January 19 meeting showed that policymakers are becoming impatient with the lack of action on structural reform in the single currency bloc
      • Governing council members were unfazed by the recent jump in inflation, and they considered it to be driven by energy prices and not broad price pressures
      • As for the asset purchase program, set to taper to EUR60 bln/month on April 1, the minutes said there is «some room for a trade-off between relative deviations from the capital key across jurisdictions and limiting the extent of purchase below the [deposit rate]
    • France's unemployment rate fell less than expected to 10.0% for the fourth quarter from 10.1% for Q3
    • Italy's trade surplus unexpectedly widened to EUR5.8 bln for December from EUR4.19 bln in November
      • Separately, Italy's parliament approved the creation of an EUR20 bln fund to recapitalize its banks
    • Sweden's ILO Unemployment Rate remained at 6.9% in January, beating forecasts for an uptick
    • Brazil's IBC-Br Economic Activity Index was -0.26% in December, slightly below forecasts and worse than November's 0.20% reading
    • New York Fed President Dudley (FOMC voter) said on Wednesday night that „We expect to gradually remove further monetary policy accommodation and snug up interest rates a little bit further in the months ahead“
      • William Dudley went on to say that the possibility of fiscal stimulus tilted the risks to the U.S. outlook more to the upside
  • Data out Thursday:
    • January Housing Starts and Building Permits (08:30 ET)
    • Initial Jobless Claims for the week ending 2/11 and Continuing Jobless Claims for the week ending 2/4 (08:30 ET)
    • February Philadelphia Fed (08:30 ET)
    • Natural Gas Inventories for the week ending 2/11 (10:30 ET)
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 S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: +2.40.

Yesterday's bullish sentiment that pushed the major averages to record highs has faded this morning ahead of another wave of economic data. The S&P 500 futures currently trade one point below fair value.

U.S. Treasuries have reversed their bearish trends this morning after posting their fifth consecutive loss on Wednesday. The benchmark 10-yr yield is down two basis points at 2.47%.

Crude oil has climbed 0.5% to recoup yesterday's modest loss. The energy component trades at $53.35/bbl as OPEC supply cuts have provided support against yesterday's Energy Information Administration (EIA) inventory report, which showed a build of 9.5 million barrels.

On the data front, Thursday will see January Housing Starts (Briefing.com consensus 1.22 million), Initial Claims (Briefing.com consensus 245K), and the Philadelphia Fed Index for February (Briefing.com consensus 17.5). All three reports will cross the wires at 8:30 am ET.

In U.S. corporate news:

  • Cisco Systems (CSCO 33.31, +0.49): +1.5% after beating bottom line estimates and issuing in-line guidance, while also raising its dividend.
  • Kraft Heinz (KHC 89.00, -2.10): -2.3% despite reporting better than expected top and bottom line results.
  • Avis Budget (CAR 38.00, -2.66): -6.5% after missing earnings and revenue estimates and issuing disappointing guidance.
  • TiVo (TIVO 21.30, +2.20): +11.5% after beating revenue estimates and increasing its stock buyback authorization.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note while Japan's Nikkei underperformed amid an uptick in the yen (113.57), which has added 0.5% against the dollar. Japan's Nikkei -0.5%, Hong Kong's Hang Seng +0.5%, China's Shanghai Composite +0.5%, India's Sensex +0.5%.
    • In economic data:
      • China's FDI -9.2% (expected 1.4%; last 5.7%)
      • Australia's MI Inflation Expectations 4.1% (last 4.3%). January Employment Change 13,500 (expected 10,000; last 16,300) and Full Employment Change -44,800 (last 11,300). January Unemployment Rate 5.7% (expected 5.8%; previous 5.8%).
    • In news:
      • Yesterday's TIC data showed that China increased its holdings of U.S. Treasuries for the first time in seven months.
      • Employment data from Australia showed better than expected overall growth, but gains were entirely due to part time employment.
  • Major European indices trade in the red, but losses have been contained for the time being. Germany's DAX -0.3%, France's CAC +0.4%, UK's FTSE -0.4%.
    • In economic data:
      • France's Q4 Unemployment Rate 10.0% (expected 9.7%; last 10.1%)
      • Italy's December trade surplus expanded to EUR5.80 billion from EUR4.19 billion (expected surplus of EUR4.00 billion)
    • In news:
      • The latest policy minutes from the European Central Bank showed that policymakers do not see a convincing upward trend in inflation.
      • Separately, Bundesbank President Jens Weidmann said it would be a mistake to roll back financial market regulations since bad loans triggered the last crisis.
      • European Commissioner Pierre Moscovici made upbeat comments about an expected bailout review agreement with Greece.
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Daytrader

наверное очень интересная тема затронута, но жаль не владею иностранными языками.
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vorona969

vorona969, это новостной фон, из него дейтрейдеры свои бумаги выбирают — где есть необычное движение
сегодня хороший будет день!
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Игорь Т

Equinix target raised to $435 at Stifel post earnings  (380.76)Stifel raises their EQIX tgt to $435 from $418. EQIX delivered solid 4Q results, beating consensus ests on the top-line and AFFO. Quarterly bookings once again hit a new record on strength from the Cloud and Enterprise verticals, and mgmt commentary suggests that multi-cloud deployments are on the rise across its global footprint. Although 1Q17 guidance came in a bit light vs. expectations (mostly FX and seasonal costs), they believe the FY17 guide for margins and organic growth put co on track to meet or exceed our estimates after accounting for the Verizon deal accretion.
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Daytrader

 
  Lumentum target raised to $57.50 at Stifel on 3D sensing potential  (49.45)Stifel raises their LITE tgt to $57.50 from $45. Post publishing their white paper on the technology and market size of the 3D sensing opportunity, and given what they see as an increasing probability of adoption in mobile handsets this year, firm performed a sensitivity analysis on a number of variables to assess accretion potential and valuation for Lumentum. They conclude that the growth, margin, and diversification characteristics of 3D sensing warrant further valuation multiple expansion on shares. While they consider a wide range of earnings accretion as possible, they est that FY18 EPS accretion of about $0.60 as a reasonably likely scenario; Buy.
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Daytrader

 
  Targa Resources target raised to $64 at Stifel — Growing Permian opportunity set, mgmt focused on balance sheet  (59.29)Stifel raises their TRGP tgt to $64 from $52 following Q4 results which were above firm's ests. Strong commodity prices and LPG export volumes lifted cash flows, along with a $43 million receipt from TRGP's condensate splitter contract. Management provided high level 2017 guidance with robust volume growth in the Permian, partially offset by declines in Oklahoma and North Texas. In addition, Targa expects to produce coverage in excess of 1.0x on a flat dividend, while spending at least $700 million on growth projects. Mgmt plans at least 50% of funding from equity issuance as a push toward consolidated leverage of 3x to 4x; Hold.
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  NetApp upgraded to Buy from Hold at Lake Street  (38.93)
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Daytrader

 
  Berry Plastics resumed with a Buy at Citigroup  (49.62)
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Daytrader

 
  Angie's List downgraded to Sell at ROTH Capital; tgt $4.75  (5.74)
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Daytrader

 
  Regeneron Pharma downgraded to Neutral from Buy at Goldman  (384.00)
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Daytrader

 
  Julius Baer downgraded to Hold from Buy at Berenberg  (9.69)
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Daytrader

 
  Heineken upgraded to Neutral from Underperform at Exane BNP Paribas  (40.14)
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  Safran SA downgraded to Mkt Perform from Outperform at Bernstein  (17.44)
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  Open Text initiated with a Neutral at Citigroup; tgt $36  (34.02)
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  MGM Resorts also initiates quarterly dividend of $0.11/share  (29.60)MGM -4.7% premarket.
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Daytrader

 
  On The Wires
  • Clearside Biomedical (CLSD) announced the enrollment of the first patient in a Phase 3 clinical trial («SAPPHIRE») of Zuprata, its proprietary suspension formulation of the corticosteroid triamcinolone acetonide, used together with EYLEA® (aflibercept) for the treatment of macular edema associated with retinal vein occlusion.
  • Imprimis Pharmaceuticals (IMMY) announced that it has begun shipping its core sterile ophthalmic medications to select customers from its FDA-registered outsourcing facility without the need for a patient-specific prescription. Over the next few weeks Imprimis' flagship Dropless Therapy injectable and LessDrops topical formulations will become available to all customers.
  • A new multi-year agreement between Microsoft (MSFT) and MGM Resorts International (MGM) is a first for both companies. To MGM Resorts, the deal represents the largest single-corporation meeting event ever hosted by the leading global entertainment company. To Microsoft it marks the first time the computer giant has combined four separate annual events, with as many as 30,000 participants, into one signature meeting.
  • AdCare Health Systems (ADK) announced it has signed a letter of intent to purchase an assisted living facility with 106 operational beds located in Alabama for $5.5 million.
  • TRACON Pharmaceuticals (TCON) announced that it has initiated patient dosing in its Phase 3 TAPPAS (TRC105 And Pazopanib versus Pazopanib alone in patients with advanced AngioSarcoma) trial of TRC105.
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  Telstra shares down 7% overseas following H2-16 results/FY17 guidance  (20.00)
  • Net profit after tax reduced to $1.8 billion due to planned restructuring costs and increased amortisation associated with shorter asset life for business software.
  • The Telstra Board announced an FY17 interim dividend of 15.5 cents per share fully franked, returning $1.8 billion to shareholders.
  • Added 200,000 domestic retail mobile services, 90,000 retail fixed broadband customers, 124,000 bundles, 292,000 nbn connections and 322,000 Telstra TV devices.
  • Outlook: Telstra today reconfirmed FY17 guidance of mid to high-single digit income growth and low to midsingle digit EBITDA growth. Free cash flow is expected to be in the range of $3.5-4 billion and capital expenditure is expected to be approximately 18 per cent of sal «First half income growth was impacted by lower hardware revenue. Given this, we expect that full year FY17 income growth will be at the bottom end of our mid to high-single digit range. In the second half of FY17, the MTAS impacts in the first half will drop out of the comparison so the full year effect will be smaller, and the nbn rollout is expected to accelerate in accordance with the nbn Corporate Plan,»
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  Gapping up/down

Gapping up
In reaction to strong earnings/guidance
:

  • WINT +16.9%, TIVO +13.6%, CSLT +12.7%, SNPS +7.6%, NTES +7.3%, KATE +6.8%, (also announce it is reviewing strategic alternatives) NTAP +5.3%
  • QUIK +4.2%, CRY +4.1%, SRCL +4%, NGD +3.9%, TPX +3.9%, ALXN +3.4%, LBTYA +3.3%, CIR +3.3%, GNCA +2.4%, NMIH +2.1%, GG +2%, ABX +2%
  • CHH +1.7%, CSCO +1.6%, SHPG +1.6%, EQIX +1.4%, AMAT +1.4%, SSNC +1.3%, PBFX +1.2%, GFI +1.2%, CVA +1%, TRP +1%

M&A news:

  • HGG +17.5% (HHGregg confirms plans to explore strategic alternatives)
  • RAD +2.6% (Walgreens (WBA) is optimistic regarding FTC approval for RAD M&A deal due to divesture package, according to NY Post)
  • BIDU +0.5% (acquired digital assistant startup Raven Tech, according to TechCrunch)

Other news:

  • XTLB +58.4% (continued strength), SCON +42.6% (receives a U.S. Patent enabled by STI's proprietary superconducting wire manufacturing method)
  • MDGS +37.4% (announces tha tthe China FDA has approved the commencement of the first multi-center MUSE Clinical Study in China)
  • CVRS +22.7% (Corindus Vascular Robotics announces a distribution agreement w/ a subsidiary of Mitsubishi (MSBHY); includes an initial order for 12 CorPath GRX Systems accompanied by an advance of $2 million toward the purchase price), RUBI +11% (still checking), BLDP +7.6% (receives 5-year, $25 mln deal Broad-Ocean Motor Co)
  • PGNX +5.6% (to join S&P SmallCap 600), SFLY +3.1% (to join S&P SmallCap 600)
  • VRX +2.6% (FDA approves Siliq to treat adults with moderate-to-severe plaque psoriasis)
  • TTM +2.3% (Tata Motors and and Microsoft (MSFT) India confirm that cos will collaborate on connected cars)
  • FOLD +2.1% (presents additional positive preliminary Phase 1/2 Data; demonstrates improving trends in majority of patients)
  • FL +1.3% (increases quarterly dividend to $0.31/share from $0.28/share; approves a new 3-year $1.2 bln share repurchase program extending through January 2020, replacing the previous $1 bln program; approves $277 mln capital expenditure program for 2017)
  • GSK +1% (in sympathy with SHPG earnings)
  • ALGN +0.9% (announces it has prevailed in proceedings initiated by ClearCorrect Operating that challenged the validity of three of its U.S. patents)

Analyst comments:

  • MDCA +4.6% (upgraded to Buy from Hold at Jefferies)
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  S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: +1.40.

The S&P 500 futures trade two points below fair value.

Housing starts decreased to a seasonally adjusted annualized rate of 1.246 million units in January, down from a revised 1.279 million units in December (from 1.226 million). The Briefing.com consensus expected starts to decrease to 1.220 million units. Building permits increased to a seasonally adjusted 1.285 million in January from a revised 1.228 million (from 1.210 million) for December. The Briefing.com consensus expected a reading of 1.230 million.

The latest weekly initial jobless claims count totaled 239,000 while the Briefing.com consensus expected a reading of 245,000. Today's tally was above the unrevised prior week count of 234,000. As for continuing claims, they declined to 2.076 million from the revised count of 2.079 million (from 2.078 million).

The Philadelphia Fed Survey for February rose to 43.3 from an unrevised 23.6 in January while economists polled by Briefing.com had expected a reading of 17.5.

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 Gapping down

Gapping down
In reaction to disappointing earnings/guidance
:

  • CFMS -38.6%, GNC -20.4%, BBW -17.6%, MOH -16.7%, CLD -14.8%, (Cloud Peak Energy replaces its throughput agreement with Westshore Terminals Limited Partnership)
  • OMCL -10.8%, HAWK -9%, CAR -8.1%, AVP -6.1%, DF -6.1%, TRIP -5.8%, GDDY -5.8%, HOS -5%, MGM -4.7%, SPWR -4.6%, GEL -4%, CF -3.6%
  • CAB -3.3%, MZOR -3.2%, LSCC -2.8%, MMLP -2.7%, (commences 2.6 mln common units offering), CNNX -2.7%, CYS -2.5%, AEM -2.4%, KHC -2.2%
  • HIMX -1.9%, WM -1.8%, KGC -1.3%, CBS -1.1%, NCI -1.1%, QTWO -1%, NICE -1%, BCOR -1%, CSV -0.9%, DUK -0.9%

Other news:

  • ACUR -32.8% (to be delisted from the Nasdaq; will begin to trade on the OTCQB on February 23)
  • EVOK -10.3% (intends to offer and sell shares of its common stock in a 'firm commitment' underwritten public offering)
  • NGL -6% (upsizes offering by 800K units and prices 8.8 mln common units for gross proceeds of $198 mln)
  • CRSP -5.7% (CRISPR Therapeutics to host call to provide update on the CRISPR/Cas9 U.S. patent interference proceedings and corresponding U.K. patents tomorrow February 16 at 11am ET)
  • MMLP -2.7% (commences 2.6 mln common units offering)
  • ATKR -2.4% (commences 8 mln common stock offering by selling stockholder CD&R Allied Holdings, L.P., an affiliate of Clayton, Dubilier & Rice)
  • TRU -2.1% (prices secondary offering by certain of its stockholders of 19.85 mln shares of common stock)
  • CNC -2% (MOH earnings/guidance sympathy)
  • HTZ -1.4% (CAR sympathy)
  • FRSH -0.9% (announces a strategic realignment of resources aimed at better supporting franchise-owners and field staff while reducing overall SG&A expenses; expects to achieve annual cost savings of $1.5 million)

Analyst comments:

  • OZM -3.1% (downgraded to Neutral from Overweight at JP Morgan)
  • GRPN -2.4% (downgraded to Neutral from Outperform at Wedbush)
  • WFC -0.6% (downgraded to Neutral from Outperform at Credit Suisse)
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Daytrader

 Gapping up/down: TIVO +14%, NTAP +5% and CSCO +2% after earnings, KATE +7% after earnings and announcing it will review strategic alt's; GNC -20%, MOH -17%, CAR -8%, MGM -5% after earnings

Gapping up
In reaction to strong earnings/guidance
:

  • WINT +16.9%, TIVO +13.6%, CSLT +12.7%, SNPS +7.6%, NTES +7.3%, KATE +6.8% (also announce it is reviewing strategic alternatives) NTAP +5.3%
  • QUIK +4.2%, CRY +4.1%, SRCL +4%, NGD +3.9%, TPX +3.9%, ALXN +3.4%, LBTYA +3.3%, CIR +3.3%, GNCA +2.4%, NMIH +2.1%, GG +2%, ABX +2%
  • CHH +1.7%, CSCO +1.6%, SHPG +1.6%, EQIX +1.4%, AMAT +1.4%, SSNC +1.3%, PBFX +1.2%, GFI +1.2%, CVA +1%, TRP +1%

M&A news:

  • HGG +17.5% (HHGregg confirms plans to explore strategic alternatives)
  • RAD +2.6% (Walgreens (WBA) is optimistic regarding FTC approval for RAD M&A deal due to divesture package, according to NY Post)
  • BIDU +0.5% (acquired digital assistant startup Raven Tech, according to TechCrunch)

Other news:

  • XTLB +58.4% (continued strength), SCON +42.6% (receives a U.S. Patent enabled by STI's proprietary superconducting wire manufacturing method)
  • MDGS +37.4% (announces tha tthe China FDA has approved the commencement of the first multi-center MUSE Clinical Study in China)
  • CVRS +22.7% (Corindus Vascular Robotics announces a distribution agreement w/ a subsidiary of Mitsubishi (MSBHY); includes an initial order for 12 CorPath GRX Systems accompanied by an advance of $2 million toward the purchase price)
  • RUBI +11% (SoundCloud selected Rubicon Project to automate its streaming audio and video ad inventory)
  • BLDP +7.6% (receives 5-year, $25 mln deal Broad-Ocean Motor Co)
  • PGNX +5.6% (to join S&P SmallCap 600), SFLY +3.1% (to join S&P SmallCap 600)
  • VRX +2.6% (FDA approves Siliq to treat adults with moderate-to-severe plaque psoriasis)
  • TTM +2.3% (Tata Motors and and Microsoft (MSFT) India confirm that cos will collaborate on connected cars)
  • FOLD +2.1% (presents additional positive preliminary Phase 1/2 Data; demonstrates improving trends in majority of patients)
  • FL +1.3% (increases quarterly dividend to $0.31/share from $0.28/share; approves a new 3-year $1.2 bln share repurchase program extending through January 2020, replacing the previous $1 bln program; approves $277 mln capital expenditure program for 2017)
  • GSK +1% (in sympathy with SHPG earnings)
  • ALGN +0.9% (announces it has prevailed in proceedings initiated by ClearCorrect Operating that challenged the validity of three of its U.S. patents)

Analyst comments:

  • MDCA +4.6% (upgraded to Buy from Hold at Jefferies)

Gapping down
In reaction to disappointing earnings/guidance
:

  • CFMS -38.6%, GNC -20.4%, BBW -17.6%, MOH -16.7%, CLD -14.8%, (Cloud Peak Energy replaces its throughput agreement with Westshore Terminals Limited Partnership)
  • OMCL -10.8%, HAWK -9%, CAR -8.1%, AVP -6.1%, DF -6.1%, TRIP -5.8%, GDDY -5.8%, HOS -5%, MGM -4.7%, SPWR -4.6%, GEL -4%, CF -3.6%
  • CAB -3.3%, MZOR -3.2%, LSCC -2.8%, MMLP -2.7%, (commences 2.6 mln common units offering), CNNX -2.7%, CYS -2.5%, AEM -2.4%, KHC -2.2%
  • HIMX -1.9%, WM -1.8%, KGC -1.3%, CBS -1.1%, NCI -1.1%, QTWO -1%, NICE -1%, BCOR -1%, CSV -0.9%, DUK -0.9%

Other news:

  • ACUR -32.8% (to be delisted from the Nasdaq; will begin to trade on the OTCQB on February 23)
  • EVOK -10.3% (intends to offer and sell shares of its common stock in a 'firm commitment' underwritten public offering)
  • NGL -6% (upsizes offering by 800K units and prices 8.8 mln common units for gross proceeds of $198 mln)
  • CRSP -5.7% (CRISPR Therapeutics to host call to provide update on the CRISPR/Cas9 U.S. patent interference proceedings and corresponding U.K. patents tomorrow February 16 at 11am ET)
  • MMLP -2.7% (commences 2.6 mln common units offering)
  • ATKR -2.4% (commences 8 mln common stock offering by selling stockholder CD&R Allied Holdings, L.P., an affiliate of Clayton, Dubilier & Rice)
  • TRU -2.1% (prices secondary offering by certain of its stockholders of 19.85 mln shares of common stock)
  • CNC -2% (MOH earnings/guidance sympathy)
  • HTZ -1.4% (CAR sympathy)
  • FRSH -0.9% (announces a strategic realignment of resources aimed at better supporting franchise-owners and field staff while reducing overall SG&A expenses; expects to achieve annual cost savings of $1.5 million)

Analyst comments:

  • OZM -3.1% (downgraded to Neutral from Overweight at JP Morgan)
  • GRPN -2.4% (downgraded to Neutral from Outperform at Wedbush)
  • WFC -0.6% (downgraded to Neutral from Outperform at Credit Suisse)
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  NetApp upgrade details — to Buy at Lake Street; tgt raised to $43  (38.93)Lake Street upgrades NTAP to Buy from Hold and raises their tgt to $43 from $32 based on several positive factors that could fuel upward EPS revisions in the near term: 1) a lower cost base due to recent restructuring 2) a return to y/y quarterly rev growth 3) a rich flash opportunity in the installed base. Less than 10% of the installed base has purchased AFF. 4) a platform-agnostic storage architecture that allows existing customers a single data mgmt interface regardless of whether the storage target is private cloud, public cloud, or hybrid. Customers naturally favor incumbents (the devil they know) when budget is available to upgrade data center infrastructure.
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Daytrader

 
  European Summary

European Debt Rallies as ECB Releases Minutes

  • European sovereign debt is trading higher across the board this morning as the minutes from the ECB Governing Council's January 19 meeting said that there is «some room for a trade-off between relative deviations from the capital key across jurisdictions and limiting the extent of purchase below the [deposit rate]». More deviation from the capital key, which apportions the bond purchases for the ECB's asset purchase program roughly in proportion to the size of each economy, would allow the ECB to buy more peripheral debt. The release of the minutes sent short-term German debt, like the two-year schatz, lower. In recent weeks, the front end of the German yield curve has moved near to record lows as investors priced in the removal of the deposit-rate floor for asset purchases. That is, since January 1, the ECB's public sector purchase program has been allowed to buy securities yielding less than -0.40%. On the inflation front, the ECB minutes showed little concern about the recent jump in inflation in the eurozone, with most policymakers considering it to be a reflection of rebounding energy prices rather than indicative of broad price pressure. Unemployment remains high in most eurozone countries, Germany being the most obvious exception, so there is reason to believe that a lot of excess capacity remains
  • New Issuance:
    • Spain sold EUR2.05 bln of five-year Bonos with an average rate of 0.532% and a bid-to-cover of 1.53
    • Spain sold EUR1.02 bln of 10-year ODEs with an average rate of 1.733% and a bid-to-cover of 2.95
    • Spain sold EUR1.48 bln of 11y 8m ODEs with an average rate of 1.894% and a bid-to-cover of 1.67
    • France sold EUR3.25 bln of 3-year BTANs with an average rate of -0.34% and a bid-to-cover of 2.06
    • France sold EUR3.75 bln of 5-year BTANs with an average rate of 0.09% and a bid-to-cover of 2.05
  • European Economic Data:
    • France's unemployment rate fell less than expected to 10.0% for the fourth quarter from 10.1% for Q3
    • Italy's trade surplus unexpectedly widened to EUR5.8 bln for December from EUR4.19 bln in November
      • Separately, Italy's parliament approved the creation of an EUR20 bln fund to recapitalize its banks
    • Sweden's ILO Unemployment Rate remained at 6.9% in January, beating forecasts for an uptick
  • Yield Check:
    • France, 10-yr OAT: -2 bps to 1.04%
    • Germany, 10-yr bund: -1 bp to 0.37%
    • Greece, 10-yr note: +2 bps to 7.66%
    • Italy, 10-yr BTP: -6 bps to 2.19%
    • Portugal, 10-yr PGB: -9 bps to 3.98%
    • Spain, 10-yr ODE: -8 bps to 1.61%
    • U.K., 10-yr gilt: -2 bps to 1.28%
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Daytrader

 
  S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: +2.40.

The S&P 500 futures trade two points below fair value.

Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note while Japan's Nikkei (-0.5%) underperformed amid an uptick in the yen (113.71), which has added 0.4% against the dollar. Yesterday's TIC data showed that China increased its holdings of U.S. Treasuries for the first time in seven months. Elsewhere, employment data from Australia showed better than expected overall growth, but gains were entirely due to part time employment.

  • In economic data:
    • China's FDI -9.2% (expected 1.4%; last 5.7%)
    • Australia's MI Inflation Expectations 4.1% (last 4.3%). January Employment Change 13,500 (expected 10,000; last 16,300) and Full Employment Change -44,800 (last 11,300). January Unemployment Rate 5.7% (expected 5.8%; previous 5.8%).

---Equity Markets---

  • Japan's Nikkei lost 0.5%, but remained near this year's high. Toshiba lost 3.4% after it was revealed the stock will be relegated to the second-tier index. Fast Retailing, Olympus, Rakuten, Mitsubishi Motors, Marui Group, and Sony fell between 1.0% and 2.9%.
  • Hong Kong's Hang Seng gained 0.5% with financials contributing to the advance. China Construction Bank, Bank of China, HSBC, BoC Hong Kong, and Hang Seng Bank posted gains between 0.2% and 2.9%. Lenovo Group plunged 6.7% in reaction to disappointing earnings.
  • China's Shanghai Composite rose 0.5%. Shanxi Coking, Rising Nonferrous Metals Share, Changchun Gas, China Jialing Industrial, and Wanhua Chemical Group gained between 5.4% and 6.8%.
  • India's Sensex advanced 0.5%. Sun Pharma jumped 4.3% while Infosys, Maruti Suzuki, Tata Motors, Tata Steel, and Tata Consultancy climbed between 1.3% and 3.0%. On the downside, ITC lost 2.5%.

Major European indices trade in the red, but losses have been contained for the time being. The latest policy minutes from the European Central Bank showed that policymakers do not see a convincing upward trend in inflation. Separately, Bundesbank President Jens Weidmann said it would be a mistake to roll back financial market regulations since bad loans triggered the last crisis. Elsewhere, European Commissioner Pierre Moscovici made upbeat comments about an expected bailout review agreement with Greece.

  • In economic data:
    • France's Q4 Unemployment Rate 10.0% (expected 9.7%; last 10.1%)
    • Italy's December trade surplus expanded to EUR5.80 billion from EUR4.19 billion (expected surplus of EUR4.00 billion)

---Equity Markets---

  • Germany's DAX is lower by 0.3%. Commerzbank is the weakest performer, falling 1.8%. Deutsche Bank also trades in the red, down 0.5%, while exporters like Volkswagen, BMW, and Daimler show losses between 0.4% and 1.0%. Lufthansa outperforms, rising 2.1%.
  • France's CAC has given up 0.4%. Schneider Electric leads the retreat with a 4.6% decline in reaction to disappointing results. Consumer names like Danone, L'Oreal, Carrefour, and Klepierre show losses between 0.6% and 1.9%.
  • UK's FTSE is down 0.3%. AstraZeneca is down 3.5% while miners like Anglo American, Antofagasta, Glencore, and Fresnillo show losses between 1.0% and 3.0%. On the upside, Shire has jumped 4.8% while peers GlaxoSmithKline and Hikma Pharmaceuticals are both up near 1.3%.
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  Filings, Offerings and Pricings

Filings:

  • NGL Energy Partners (NGL) files for mixed securities shelf offering
  • Oncobiologics (ONS) files for approx 2.02 mln share common stock offering by holders
  • PepsiCo (PEP) files mixed securities shelf offering

Offerings:

  • Atkore International (ATKR) commences 8 mln common stock offering by selling stockholder CD&R Allied Holdings, L.P., an affiliate of Clayton, Dubilier & Rice, LLC
  • Civista Bancshares (CIVB) commences $30 mln common stock offering

Pricings:

  • Evoke Pharma (EVOK 3.40) prices 2,413,793 share offering at $2.90/share
  • Martin Midstream (MMLP 18.85) prices 2.6 mln common unit offering at $18.00 per unit
  • NGL Energy Partners (NGL 24.15) upsizes offering by 800K units and prices 8.8 mln common units for gross proceeds of $198 mln
  • OSI Systems (OSIS 77.59) upsizes offering and prices $250 mln of its 1.25% Convertible Senior Notes due 2022
  • Transunion (TRU 37.35) prices secondary offering by certain of its stockholders of 19.85 mln shares of common stock at $36.90
  • Windtree Therapeutics (WINT 1.36) completes $10.5 mln private placement of convertible preferred stock units
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  Zayo Group Holdings, CIT Group (CIT) both lower ahead of the open following block trades  (31.42)
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  On The Wires
  • Invesco (IVZ) announced that Jemstep, Inc., Invesco's digital advice platform, is partnering with Shareholders Service Group, a brokerage and custodial services firm that works exclusively with independent registered investment advisors. Jemstep Advisor Pro will be made available in Q1 2017 to more than fifteen hundred independent RIA client firms who do business with SSG.
  • Mitel (MITL) announced the further expansion of its business and global presence in the ASEAN region through a new distribution agreement with Exclusive Networks Ltd. As part of the agreement, Exclusive Networks will serve as a distributor of Mitel's MiVoice Business and MiContact Center offerings in Singapore, Malaysia and Thailand with other countries to follow.
  • As previously disclosed, the Federal Communications Commission announced United States Cellular (USM) as a qualified bidder in the FCC's forward auction of 600 MHz spectrum licenses, referred to as Auction 1002. The Clock Phase of the auction was completed on February 10, 2017. With the completion of the Clock Phase of the auction, U.S. Cellular is now committed to purchase 600 MHz spectrum licenses on which it submitted bids for a minimum amount of $327 million, subject to increase as the FCC completes the Assignment Phase of the auction, which is pending. U.S. Cellular expects to be obligated to pay for the total committed amount, less the $143 million upfront payment made in June 2016, in the second quarter of 2017. U.S. Cellular currently expects to make such payment using cash on hand and/or borrowings under its revolving credit agreement.
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  Verizon acquires Skyward; terms not disclosed  (48.08)Co announced that it has purchased Skyward, a private company based in Portland, Oregon. Skyward brings drone operations management to the Verizon IoT portfolio, simplifying drone operations and management for organizations of any size. Terms of the transaction have not been disclosed.
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  Time on call guides Q1 total revenues to be down mid to high single digits  (19.00)
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 Economic Summary: Jobless Claims below expectations; Philadelphia Fed well above estimates

Economic Data Summary:

  • January Housing Starts 1.246 M vs Briefing.com consensus of 1.22 M; December was revised to 1.279 M from 1.226 M
  • January Building Permits 1.285 M vs Briefing.com consensus of 1.23 M; December was revised to 1.228 M from 1.210 M
    • The key takeaway from the report is that initial claims continue to be stuck at low levels historically, which is a good portent for nonfarm payroll growth.
  • Weekly Initial Claims 239K vs Briefing.com consensus of 245K; Last Week was revised to 234K from 234K
  • Weekly Continuing Claims 2.076 M vs Briefing.com consensus of; Last Week was revised to 2.079 M from 2.078 M
  • February Philadelphia Fed 43.3 vs Briefing.com consensus of 17.5; January was 23.6
    • Results from the February Manufacturing Business Outlook Survey suggest that growth in regional manufacturing is broadening. The diffusion indexes for general activity, new orders, and shipments were all positive this month and increased notably from their readings last month. The surveyed firms continued to report growth in employment and work hours. Although they moderated from last month, the future indexes for growth over the next six months continued to reflect a high degree of optimism.

Upcoming Economic Data:

  • January Leading Indicators due out Friday at 10:00 (Briefing.com consensus of 0.5%; December was 0.5%)

Other International Events of Interest

  • Australia's MI Inflation Expectations 4.1% (last 4.3%). January Employment Change 13,500 (expected 10,000; last 16,300) and Full Employment Change -44,800 (last 11,300). January Unemployment Rate 5.7% (expected 5.8%; previous 5.8%).
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 S&P futures vs fair value: +0.30. Nasdaq futures vs fair value: +3.60.

Investors have paused for a breather this morning after pushing the major averages to record highs yesterday. The S&P 500 futures trade in line with fair value, indicating a flat open on Wall Street.

Traders received another dose of economic data this morning with January Housing Starts, Initial Claims, and the Philadelphia Fed Index for February crossing the wires at 8:30 am ET.

Housing starts decreased to a seasonally adjusted annualized rate of 1.246 million units in January, down from a revised 1.279 million units in December (from 1.226 million). The Briefing.com consensus expected starts to decrease to 1.220 million units. Building permits increased to a seasonally adjusted 1.285 million in January from a revised 1.228 million (from 1.210 million) for December. The Briefing.com consensus expected a reading of 1.230 million.

The latest weekly initial jobless claims count totaled 239,000 while the Briefing.com consensus expected a reading of 245,000. Today's tally was above the unrevised prior week count of 234,000. As for continuing claims, they declined to 2.076 million from the revised count of 2.079 million (from 2.078 million).

The Philadelphia Fed Survey for February rose to 43.3 from an unrevised 23.6 in January while economists polled by Briefing.com had expected a reading of 17.5.

Treasuries have squandered the majority of their gains in the wake of the hotter than expected readings. The benchmark 10-yr yield is lower by one basis point at 2.49%. 

On the earnings front, Cisco Systems (CSCO 32.14, -0.68), Kraft Heinz (KHC 88.69, -2.41), Charter Communications (CHTR 322.25, -2.93), and Duke Energy (DUK 76.07, -0.71) reported their quarterly results between yesterday's close and today's open, among others. 

The reactions were generally negative. CSCO, KHC, and CHTR have slipped despite beating bottom line estimates (Kraft Heinz also reported better than expected revenues). Conversely, DUK has dropped in reaction to worse than expected earnings.

Investors will not receive any more economic data on Thursday.

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  Analog Devices: Color on Quarter  (81.60)
  • Drexel Hamilton raises their ADI tgt to $93 from $90. ADI delivered a very strong January quarter, with the largest upside coming from a much better than expected Consumer segment, which supplies Apple's Force Touch technology, while its B2B segments also outperformed, seeing broad strength consistent with what they've heard from most peers. They believe the Consumer outperformance is a result of stronger global Apple volumes that drove higher turns business during the quarter, plus about a 30% increase in ADI dollar content in current generation products. With a focus on expanding and diversifying its engagements into additional functionality, they believe ADI has the potential to see further dollar content increases in next-generation platforms.
  • RBC raises tgt to $90 from $85. They see the ADI/LLTC transaction as complementary, and see the combined co sustaining higher margins/FCF with potential for revenue acceleration given ability to cross-sell solutions across their customer stack.
  • Stifel raises tgt to $90 from $86.after ADI announced substantial upside to F1Q17 results and F2Q17 guidance, as it continues to see healthy, broad-based demand in its B2B businesses, even as Consumer has performed well above seasonal trends. With the impending close of its LLTC acquisition, ADI will achieve top two market share positions in all key analog building blocks—data converters, power management, amplifiers, interface, RF and microwave. Over the intermediate and longer term, they believe the combined company could generate significant revenue synergies not only through greater cross-selling opportunities, but by leveraging their individual technological strengths to bring unique solutions to market. As such, they remain constructive and reiterate Buy rating on ADI shares.
  • Wells Fargo downgraded to Market Perform
  • ADI indicated slightly lower premarket.
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  ConforMIS downgrade details — to Hold at Canaccord Genuity; tgt lowered to $7  (8.55)Canaccord Genuity downgrades CFMS to Hold from Buy and lowers their tgt to $7 from $12 noting, «While we expected a conservative tone from new CEO Mark Augusti, commentary about 2017 being a transition year with expectations for investments and changes in both structure and focus of the commercial organization being necessary to re-accelerate growth in the core business moves us to the sidelines. Lastly, from a trading perspective we note the stock is indicating down as much as 40% after hours. While we expect shares are likely to rebound modestly in the near term, we believe investors are best positioned on the sidelines for the ensuing 6-9 months.»
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 On The Wires
  • Perry Ellis International (PERY) announced it has entered into a license agreement with Roffe Accessories, Inc. granting rights to design and distribute handbags, small leather goods, cold weather accessories, hats, scarves and cover-ups under the Rafaella brand in the US and Canada. The new line will be distributed in department stores, specialty retail stores and online with a product launch scheduled for Fall 2017.
  • Harris Corporation (HRS) has been selected to supply a next-generation, VoIP communication system to support the Republic of Turkey's air traffic management services. Harris was chosen following a rigorous review by Devlet Hava Meydanlari Isletmesi, Turkey's air navigation service provider. Harris will provide DHMI with its cloud-based Voice Communication System for the 21st Century. 
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  Hearing Wyndham Worldwide was downgraded to Peer Perform from Outperform at Wolfe Research  (85.23 -0.47)
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  Approach Resources resumed with a Neutral at Seaport Global Securities; tgt $3.50  (3.28 +0.02)
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 Medley Management re-opens public offering of 7.25% notes due 2024  (9.80 -0.05)
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  PHH Corp highlights from earnings slides — call starts at 10 AM  (13.90 -0.10)
  • Review of Next Steps:
    • Shareholder approval for MSR sale to NRZ and PHH Home Loans transaction
      • Targeting approval during second quarter 2017
    • Close sale transactions for MSR and related advances
      • Target closing of initial sale to NRZ in second quarter and final closing in the fourth quarter
    • Monetize investment in PHH Home Loans Joint Venture
      • Target interim closings beginning in June and final closing in the fourth quarter
    • Return of capital to shareholders
      • Anticipated to begin after closing substantially all asset sales
    • Cost re-engineering and transition to PHH 2.0
      • Intend to execute over the next 12 — 18 months
    • Complete exit from PLS
      • Expect to substantially complete by first quarter 2018
      • Estimated total cash operating losses and exit costs of $195 million to $220 million
  • PHH 2.0 
    • Near-term profit outlook = Approaching break-even in 2018 and Profitable in 2019
  • Key takeaways:
    • Co intends to monetize a substantial amount of its assets for total proceeds of approximately $1.1 billion
    • Co has decided to exit unprofitable business lines
    • Co estimates up to $550 million of excess cash could be available after asset sales and meeting all cash requirements
    • Co has determined that dissolution of the business was suboptimal for shareholders
    • Co is transitioning to smaller, more focused, capital light business comprised of subservicing and portfolio retention («PHH 2.0»)
    • The co believes PHH 2.0 has the potential to earn low double-digit to mid-teen returns after achieving cost re-engineering and organic growth objectives
    • The co intends to begin to return substantially all of its excess cash to shareholders after closing substantially all of its asset sales
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  Hearing Manitowoc Foodservice was downgraded to Neutral from Buy at Dougherty  (18.73 +0.48)
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  Hearing Northern Dynasty Minerals was upgraded earlier to Speculative Buy from Hold at TD Securities  (2.63 +0.09)
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 Opening Market Summary: Averages Open Thursday Slightly Higher

The major averages opened Thursday's session with slim gains. The S&P 500 is currently higher by 0.1%.

Nearly half of the sectors trade in the green with technology (+0.3%) showing relative strength. Conversely, financials (-0.1%) have slipped in early action as almost all banks trade below their flat lines.

The Treasury market still holds a modest gain after falling from its overnight high in the wake of this morning's batch of economic data. The benchmark 10-yr yield is one basis point lower at 2.49%.

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  General Mills ticking lower following CNBC report that 3G Capital will not purchase a consumer packaged goods company  (62.09 -1.11)Other Potential Related Stocks: GIS, KHC, MDLZ, K
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  Mondelez Int'l dives -4% to probe its 2-month support along the 43/43 area and its 200-day moving averages...  (43.66 -1.73)
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  Kraft Heinz — - Earnings Mover with a -4% drop down to its 50/200 — day moving average zone between 87/86.  (87.72 -3.37)
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  Mondelez Int'l: Food companies trading lower after CNBC report suggests 3G Capital is not looking to do next deal in food space  (43.74 -1.63)
  • Mondelez Int'l (MDLZ -3.6%), General Mills (GIS -2.0%), Kraft Heinz (KHC -3.9%) and Kellogg (K -1.3%) are all trading lower after David Faber on CNBC noted that 3G Capital will not be looking to roll into the next deal with KHC, if there is one. This is pressuring food/consumer packaged goods companies, where M&A speculation has been prevalant.
  • Other stocks in the consumer space to watch include Post (POST), McCormick (MKC), Treehouse (THS), Hain Celestial (HAIN), ConAgra (CAG), Campbell (CPB), Smucker (SJM), Pinnacle Foods (PF), and  B&G Foods (BGS).
  • Current changes: KHC -3.8%, MDLZ -3.6%, GIS -1.9%, K -1.5%, CPB -1%, THS -0.9%, POST -0.8%, MKC -0.6%, SJM -0.5%, PF -0.5%, BGS -0.2%, CAG 0%, HAIN +0.2%.
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 Natural gas inventory is due out at 10:30 ET

Natural gas inventory data for the week ending Feb 10, is due out this morning:

  • Expectations call for a draw of approx. -124 bcf.
  • Last week's inventory showed a draw of -152 bcf, to 2,559 bcf.
  • Mar 2017 natural gas futures declined near Tuesday's 3-month low, down about $0.02 (-0.6%) around the $2.91/MMBtu level ahead of the EIA release. Keep in mind, this move comes on the heels of yesterday's notable rally following headlines of yesterday morning's pipeline explosion in Texas.
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  Sector Summary: Technology (XLK +0.22%) trading higher today, ahead of the broader market

The tech sector — XLK — trades ahead of the broader market. Semiconductors, meanwhile, display relative weakness as the SOX index trades -0.02%. Within the SOX index, CRUS (+1.09%) outperforms, while LRCX (-1.07%) lags. Among other major indices, the SPY is trading 0.11% lower, while the QQQ +0.02% and the NASDAQ +0.03% trade modestly higher on the session. Among tech bellwethers, ORAN (+1.21%) is showing relative strength, while CHA (-1.63%) lags.

Notable gainers following earnings:

  • NTES (+9.6%) reported better than expected Q4 EPS and revs, CSCO (+3.0%) reported better than expected Q2 EPS and in-line revs; guided Q3 EPS and revs in-line, EQIX (+0.2%)

Notable laggards following earnings:

  • TRIP (-5.0%) reported worse than expected Q4 EPS and revs, GDDY (-4.5%) reported Q4 EPS and in-line revs; guided Q1 revs below market expectations, FY17 revs ahead of market expectations, AMAT (-1.2%)

Gainers on news:

  • MSFT (+0.6%) co's India arm and Tata Motors (TTM) confirmed the two parties will collaborate on connected cars.
  • QCOM (+0.2%) co's Chief Accounting Officer John Murphy to resign effective March 17 to pursue other opportunities.
  • ADBE (+0.2%) co named John Murphy as Chief Accounting Officer effective March 20.

Laggards on news:

  • DBD (-1.7%) co appointed Juergen Wunram as Chief Operating Officer; President Eckard Heidloff resigns effective March 31.
  • VZ (-0.2%) co acquired Skyward; terms not disclosed.
  • TWX (-0.1%) co shareholders approved proposed merger w/ AT&T Inc. (T); co continues to expect the transaction to close before year-end 2017.

Among notable analyst upgrades:

  • NTAP (+4.6%) upgraded to Market Perform from Underperform at William Blair
  • NTAP (+4.6%) to Buy from Hold at Lake Street
  • CAVM (+3.1%) to Buy from Neutral at BofA/Merrill
  • SPWR (-3.8%) to Outperform from Perform at Oppenheimer
  • SSNC (+4.3%) to Outperform from Neutral at Macquarie

Among notable analyst downgrades:

  • GDDY (-4.5%) downgraded to Hold from Buy at Summit Redstone
  • ADI (+0.0%) to Market Perform from Outperform at Wells Fargo
  • IDTI (-1.7%) to Neutral from Buy at BofA/Merrill
  • GRPN (-0.5%) to Neutral from Outperform at Wedbush
  • SONS (-1.6%) to Neutral from Buy at DA Davidson
  • ANGI (-3.7%) to Sell at Roth Capital
  • XXIA (-0.1%) to Hold from Buy at Stifel

Scheduled to report earnings after the bell:

  • AIRG MDRX AMBR ANET BCOV CGNX COHU FIVN GLOB PI MCHX TTD TRUE VECO WBMD YUME

Scheduled to report earnings tomorrow morning:

  • TYPE
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  CORRECTION — Altisource Portfolio Solutions misses Q4 EPS estimates, beats on revs  (24.40 -6.39)
  • The co reported Q4 Adj-EPS of $0.55 vs the $0.83 two analyst estimate (GAAP EPS was ($1.08) vs. the $0.32 two analyst GAAP estimate); revs were -11.58% y/y to $238.63 mln vs $217.10 mln two analyst estimate. Fourth quarter 2016 EPS were impacted by an adjustment to increase the effective income tax rate for the first three quarters of 2016 from 20% to 29%. Additionally, the fourth quarter 2016 included a litigation settlement loss of $28.0 million, which is net of an anticipated $4.0 million insurance recovery, related to an agreed upon settlement of a class action lawsuit, subject to final court approval; the fourth quarter 2015 included a non-cash impairment loss of $71.8 million
  • The Company also announced that it is actively exploring refinancing its existing $480 million Senior Secured Term Loan to, among other things, extend the maturity date.
  • Commentary from earnings slides — Call starts at 11 AM
    • Co sees 2017 Adj-Service revenue unrelated to Ocwen (OCN) of $275-365 mln vs. $236 mln in 2016
    • 2017 Service Revenue Scenario calls for revenues of $790-930 mln
  • «In 2016, we continued our transformation from a mortgage services company generating the majority of revenue from Ocwen to a real estate and mortgage marketplace company offering many of the same innovative solutions to a diversified customer base. Because the sales cycle was longer than originally projected, our 22% non-Ocwen service revenue growth and earnings were lower than we anticipated. We are disappointed that we did not achieve our anticipated non-Ocwen revenue growth but the progress made in 2016 positions us for a higher rate of non-Ocwen growth in 2017 and beyond...We believe the ongoing investments we are making in our growth will produce a high return on investment and are critical to the franchise we are building.»

Shares are down 21% following this morning's report

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 Sector Summary: S&P Consumer Discretionary Index -0.3%, underperforming the broader marketThe consumer discretionary and staples groups are underperforming the broader market in early trade. The retail group is also in the red with the Retail HOLDRS Trust (RTH) -0.3% and the SPDR S&P Retail ETF (XRT) -0.9%.

Notable earnings/guidance

  • Trading higher following earnings/guidanceDENN +12.2%, KATE +11.4% (also says reviewing strategic alternatives & will not be providing guidance at this time), CHH +7%, MAR +1.2%, H +0.6%, WMMVY 1.1%, TIME +0.5%
  • Trading lower following earnings/guidance: BBW -29.8%, AVP -15.5%, GNC -13.8%, STRA -9.8%, DF -7.9%, MGM -7.6%, TRIP -7%, WEN -5.9%, KHC -3.7%, CBS -1.1%

Earnings/guidance secondary plays

  • Casino/gaming names are lower following MGM resultsBYD -2.8%, WBAI -1.9%, WYNN -1.6%, LVS -1.2%, PENN -1%, BJK -1%, IKGH -0.7%, MPEL -0.6%, CNTY -0.5%, IGT -0.4%, ISLE -0.2%
  • Avon (AVP -16%) is weighing on cosmetic names: COTY -3.2%, EL -0.6%, REV -1.4%, ULTA -0.2%
  • Strayer Education (STRA -10%) is leading for profit education names lowerCECO -1.3%, APEI -1.2%, BPI -1%, DV -0.5%, LOPE -0.5%, EDU -0.4%, CPLA -0.3%
In the news:
  • LeadersFRSH 1.1% (announces a strategic realignment of resources aimed at better supporting franchise-owners and field staff while reducing overall SG&A expenses; expects to achieve annual cost savings of $1.5 million), FL 1.2% (increases quarterly dividend to $0.31/share from $0.28/share; approves a new 3-year $1.2 bln share repurchase program extending through January 2020, replacing the previous $1 bln program; approves $277 mln capital expenditure program for 2017), TZOO 2.2% (announces new 1 million share buyback authorization), HGG 8.7% (HHGregg confirms plans to explore strategic alternatives), GTN 0.6% (Gray Television to acquire Diversified's two television stations for a total purchase price of $85 mln; expect the acquisition will be immediately free cash flow accretive), WBA 0.5% and RAD 0.8% (Walgreens is optimistic regarding FTC approval for Rite Aid M&A deal due to divesture package, according to NY Post)
  • LaggardsPERY -0.3% (entered into a license agreement with Roffe Accessories)
  • Nearly unchangedPEP (files mixed securities shelf offering)
  • Consumer staples (packaged foods in particular) are under pressure after CNBC reported 3G is not pursuing deal with US consumer goods company as reported last year. KHC -4.3%, MDLZ -3.8%, GIS -2.4%, THS -1.4%, CPB -1%, MKC -0.8%, POST -0.7%, SJM -0.5%, PF -0.5%, BGS -0.4%, CAG -0.1%,  HAIN flat (also announced plans to acquire The Yorkshire Provender Limited; financial details not disclosed)

Looking ahead:

  • On the earnings front: LOPE, NUS report after the close; BLMN, CTB, SJM, RUTH tomorrow before the open.
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  SCANA Corp increases quarterly dividend to $0.6125 from $0.575  (67.25)
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  Hearing Pan Am Silver was downgraded to Sector Perform from Outperform at Scotia  (19.91 +0.52)
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  Notable movers of interest: MOH -17.2% on Q4 EPS and revenue misses

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

  • NTES (289.72 +10.64%): Reports Q4 EPS and revenue beats; increases dividend.
  • NTAP (41.2 +5.83%): Reports Q3 EPS and revenue beats; increases dividend.
  • SHPG (179.6 +3.1%): Shares rise on Q4 EPS and revenue beats.

Large Cap Losers

  • MGM (27.58 -6.82%): Reports Q4 EPS miss.
  • AEM (48.1 -2.67%): Shares fall on Q4 EPS and revenue misses.
  • SLF (39.13 -2.83%): Reports Q4 EPS and revenue misses.

Mid Cap Gainers

  • TIVO (21.13 +10.6%): Shares rise on Q4 revenue beat; increases share repurchase authorization.
  • KATE (21.62 +9.94%): Reports Q4 EPS beat; in the process of reviewing strategic alternatives & will not be providing guidance at this time.
  • SNPS (72.62 +9.6%): Reports Q1 EPS and revenue beats; guides Q2 & FY17 EPS and revenues above consensus.

Mid Cap Losers

  • MOH (49.6 -17.18%): Shares down on Q4 EPS and revenue misses.
  • AVP (4.97 -15.15%): Reports Q4 EPS and revenue misses.
  • CAR (36.16 -11.07%): Reports Q4 EPS and revenue misses; guides FY17 revenues below consensus.
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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:

  • GG Feb 17 calls are seeing interest with the underlying stock up 4% following last night's earnings with 1270 contracts trading vs. open int of 7590, pushing implied vol up around 48 points to ~118% — co is scheduled to present at a BMO conference on February 25 (outside of February expiration).

Puts:

  • EMR Feb 62.5 puts are seeing interest as company's annual meeting is ongoing today with 2690 contracts trading vs. open int of 390, pushing implied vol up around 17 points to ~74% — co reported earnings earlier this month and is expected to report its next quarterly earnings early May. 

Stocks seeing volatility selling:

  • DF, KATE, AVP, CBS implied vol is lower following earnings/guidance

Sentiment: The CBOE Put/Call ratio is currently: 0.58… VIX: (12.28, +0.31, +2.6%).
Tomorrow is options expiration — Tomorrow, 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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 Natural gas storage data summaryWorking gas in storage was 2,445 Bcf as of Friday, February 10, 2017, according to EIA estimates. This represents a net decrease of 114 Bcf from the previous week. Stocks were 303 Bcf less than last year at this time and 87 Bcf above the five-year average of 2,358 Bcf. At 2,445 Bcf, total working gas is within the five-year historical range.
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  Natural gas futures extend initial morning losses (-1.4%) on a smaller-than-expected draw in EIA natural gas inventories — see 10:30 am ET comments  (7.26 -0.11)
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  BJ Restaurants: Arthur Zaske & Associates discloses a 7.2% passive stake  (37.35 +0.05)
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  President Trump will host a news conference at 12:00 today  (234.27 -0.65)XRT
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  Coca-Cola increases quarterly dividend to $0.37/share from $0.35/share  (40.92 +0.47)
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  Morning Commodities: Natural gas hits a fresh 3-month low on a smaller-than-anticipated inventory draw; gold futures hit a 1-week high on a continuation slide in the dollar index
  • Natural gas gave back all of yesterday's notable gains & slid to a fresh 3-month low on a smaller-than-anticipated draw in natural gas inventories
    • Mar 2017 natural gas futures were down about $0.06 (-2.2%) around the $2.86/MMBtu level following the release.
    • Ahead of the release, natural gas futures were down about $0.02 (-0.6%) around the $2.91/MMBtu level.
    • Reminder: Yesterday's initial morning rally was due in large part to news of a pipeline explosion in Texas
    • EIA highlights:
      • Natural gas inventory showed a draw of -114 bcf vs expectations for inventory to be a draw of approx. -124 bcf.
      • Working gas in storage was 2,445 Bcf as of Friday, Feb 10, 2017, according to EIA estimates.
      • Stocks were 303 Bcf less than last year at this time and 87 Bcf above the five-year average of 2,358 Bcf.
      • At 2,445 Bcf, total working gas is within the five-year historical range.
  • In precious metals, gold extended yesterday's gains & rallied to a 1-week high on notable dollar index weakness
    • April 2017 gold futures were up about $8.90 (+0.7%) around the $1242.00/oz level
    • Mar 2017 silver futures were up about $0.11 (+0.6%) around the $18.09/oz level
  • The dollar index slid -0.7% around the 100.51 level, boosted precious metals
    • Commodities, as measured by the Bloomberg Commodity Index, were -0.3% around the 88.78 level
  • Crude oil dropped to its lowest level of the session after seeing an initial spike higher on headlines OPEC may extend or increase production cuts
    • Mar 2017 crude oil futures were down about $0.29 (-0.6%) around the $52.83/barrel level
    • Baker Hughes rig count data will be released tomorrow at 10:30 am ET
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  United Comm Banks increases quarterly dividend to $0.09/share from $0.08/share  (28.59 -0.17)
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  XBiotech pulls back after Adam Feuerstein questions the enrollment number  (12.78 +0.58)'XBIT study was designed to enroll 40 patients. They reported data on 20 patients. But hey, we all know how honest they are about data!'
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  ServisFirst Bancshares Director disclosed purchase of 5628 shares, worth total of $235.4K (transaction date 2/15)  (42.17 +0.08)
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 Sector Summary: The Healthcare sector (-0.41%) is trading lower today, in-line w/ the S&P 500 (-0.27%)Gainers on news:
  • Neuralstem (CUR +16.35%) Announces Last Subject Enrolled in Phase 2 Trial with NSI-189 for Major Depressive Disorder
  • Akers Biosciences (AKER +12.5%) announces the USPTO allowed a patent covering the co's cartridge for the optical scanning device used in BreathScan Lync technology
  • Medigus (MDGS +11.06%) announces that the China FDA has approved the commencement of the first multi-center MUSE Clinical Study in China
Decliners on news:
  • Acura Pharma (ACUR -22.84%) to be delisted from the Nasdaq; will begin to trade under the same ticker on the OTCQB on February 23
  • Evoke Pharma (EVOK -10.29%) prices 2,413,793 share offering at $2.90/share
Gainers on earnings:
  • Shire plc (SHPG +2.29%) beats by $0.14, beats on revs; guides FY17; XIIDRA captures 19% market share
  • Laboratory Corp (LH +2.3%) reports EPS in-line, beats on revs; guides FY17 EPS in-line, revs in-line
Decliners on earnings:
  • ConforMIS (CFMS -33.33%) misses by $0.06, beats on revs; guides Q1 revs below consensus; guides FY17 revs below consensus
  • CryoLife (CRY -18.41%) beats by $0.01, misses on revs; guides FY17 EPS in-line, revs in-line
  • Moline Healthcare (MOH -18.55%) misses earnings and revenue estimates; guides FY17
Upgrades/Downgrades:
  • BioCryst Pharma (BCRX +7.31%) initiated with a Buy at Ladenburg Thalmann; tgt $11
  • Albireo Pharma (ALBO +7.25%) initiated with a Buy at Ladenburg Thalmann; tgt $40
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 Today's biggest point gainers/losersBiggest point gainers: NTES 294.65(32.8), SRCL 84.32(6.93), SNPS 72.37(6.11), CHH 62.95(5.1), IFF 123.85(4.69), SHPG 178.47(4.27), CPA 103.02(4.2), LILAK 25.36(3.53), LILA 25.72(3.43), QTWO 35.95(3.05), LH 139.1(2.73), PSA 219.56(2.48), KATE 22.13(2.46), EPAM 69.74(2.42), SSNC 35.15(2.34), TIVO 21.35(2.25), STZ 158.2(1.99), NTAP 40.9(1.97), DUK 78.63(1.85), ALXN 133.82(1.82), TEP 53.96(1.81), WIX 63.05(1.55), LITE 50.95(1.5), ESPR 22.34(1.46), SFLY 47.19(1.46)

Biggest point losers: REGN 370.68(-13.32), MOH 49.23(-10.66), EQIX 370.97(-9.79), ASPS 24.82(-5.97), CAR 35.09(-5.58), CHTR 320.5(-4.69), TSLA 275.35(-4.41), TRIP 48.53(-4.17), SYNT 19.19(-4.14), KHC 86.99(-4.1), PXD 193.66(-4.06), TSRO 180.99(-3.62), PANW 151.75(-3.6), CRY 16(-3.55), HAWK 33.85(-3.5), ICPT 129.42(-3.43), ILMN 159.98(-3.31), IBB 291.82(-3.14), RDUS 45.03(-3.03), WST 83.97(-2.99), FANG 108.93(-2.91), BLUE 76.35(-2.9), XIV 64.32(-2.84), DXCM 80.5(-2.76), ZTS 52.45(-2.71)
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  Hearing Agios Pharma was upgraded earlier to Buy from Neutral at Janney  (48.14 +2.02)
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  Stocks/ETFs that traded to new 52 week highs/lows this session — New highs (298) outpacing new lows (32)Stocks that traded to 52 week highs: ABCB, ACWI, ACWX, ADBE, ADI, ADSK, AER, AFG, AGO, AJG, ALL, ALLY, AME, AMH, AMP, ANSS, APH, ARCC, ARDC, ARE, AROC, ASG, ASML, AXTI, AZPN, BAM, BBD, BBH, BCR, BEAV, BEL, BG, BKMU, BMO, BNS, BOE, BOJA, BPFH, BRKS, BWA, CAE, CAG, CB, CBOE, CC, CCMP, CDC, CDNS, CE, CEB, CHE, CHH, CHRW, CHW, CIBR, CIEN, CIG, CIM, CIR, CM, CNI, CNO, COMM, COST, CPL, CPRT, CPS, CSCO, CSII, CTXS, CUNB, CVCY, CVGI, CY, DCP, DD, DEI, DENN, DGRW, DGX, EA, EBAY, EMF, EMN, ENIA, ENTG, EQM, ESPR, EWZS, EXAR, FEM, FEP, FEX, FFWM, FIVN, FLEX, FLN, FN, FNGN, FNX, FRME, FSD, FTA, FTC, FTV, FUN, FV, GAB, GAM, GDV, GEO, GGB, GGT, GLW, GRFS, GSBD, HCA, HCI, HD, HII, HLT, HPT, HRG, HRS, HTGC, HUBS, IBM, IFV, INFO, IRWD, ITT, ITUB, ITW, IXUS, JBL, JD, JKHY, JMF, JMLP, JPM, JQC, JRVR, KEYS, KIO, KMX, KN, KRO, KYN, LAMR, LBTYA, LBTYK, LFL, LITE, LLTC, LM, LNC, LPX, LSXMA, LSXMK, LUK, LYV, MAR, MDC, MDCO, MED, MELI, MFA, MMC, MMM, MPLX, MTN, NCZ, NDSN, NGVT, NMFC, NSL, NTAP, NTCT, NTES, NVMI, NXTM, ODFL, OFC, OGE, OLN, OTIV, OUT, PCLN, PDM, PFG, PGNX, PGR, PLAY, PLXS, PME, POOL, PRAA, PRIM, PRU, PSCT, PSEC, QQEW, QQQ, QQQX, QRVO, QSR, QTEC, QTWO, QUIK, RACE, RAS, RAVN, RDVY, RDWR, RE, RESI, RHP, RJF, RMAX, RMD, RMR, RMT, RNR, ROBO, RP, RS, RUSHA, RWT, RY, SAGE, SASR, SBGI, SBS, SCM, SCZ, SFBS, SGBK, SGMS, SHG, SHLO, SHOP, SIRI, SKYY, SNI, SNPS, SPGI, SSNC, STAY, STL, STMP, SWX, TAST, TCBK, TCP, TCPC, TD, TDIV, TEGP, TEO, TEP, TER, TGH, TLLP, TMK, TQQQ, TROX, TSE, TSM, TSU, TTC, TTWO, TWNK, UNH, UNM, V, VAC, VAL, VEDL, VMW, VNO, VNTV, VONE, VOYA, VXUS, VYMI, WB, WBK, WES, WGP, WIX, WRB, WSBF, WYN, XL, XXIA, YNDX, YZC, ZSAN,

Stocks that traded to 52 week lows: ALQA, ANGI, AOBC, AXSM, BBW, BIS, BWINB, CERS, COSIQ, COYN, DRRX, DRWI, GBSN, GEC, GEVO, GNC, GTS, ICLD, KONA, MAV, MBRX, NAO, OHRP, PMF, RGSE, SAEX, SHIP, SPWH, SQQQ, ULTRQ, VMEMQ, WMIH

Thinly-Traded Stocks (ADV below 45k) that traded to 52 week highs on High Volume: AAPC, AC, ACFC, ACTX, ADRE, AIQ, BANF, BBP, BCBP, BICK, BOCH, CART, CATH, CDL, CFA, CFCB, CFO, CHFN, CLBH, CRAI, CVCO, DDF, ELEC, ENFC, ESGE, FAD, FBMS, FBZ, FDT, FEMS, FHY, FONE, FORK, FRBA, FSZ, FTCS, GRP.UT, GRVY, IPKW, ITEQ, JKI, JMP, JSMD, KMM, KRMA, LFGR, LGI, LOR, LVHD, MGIC, MMAC, MPB, NTIC, ONEQ, OSB, PBBI, PEBO, PNQI, PTNR, QCLN, QQXT, RFDI, RFEU, RGT, SBBX, SCKT, SKIS, SWZ, VONG, VTHR, VTWG, WBKC, WOOD, Y

Thinly-Traded Stocks (ADV below 45k) that traded to 52 week lows on High Volume: CCUR, GSIH, GTXI, NHA, NMRX, PESI, ZBIO

ETFs that traded to 52 week highs: AFK, AMJ, BKF, CUT, DIA, DVY, ECH, EEB, EEM, EFA, EPOL, EPP, EWA, EWC, EWO, EWZ, HYG, IGN, IGV, IHI, ILF, IOO, ITA, IWF, IWM, IYM, KCE, KIE, MDY, OEF, PPA, QQQ, REMX, SKYY, SMH, SPY, UYM, VTI, VWO, XBI, XLK

ETFs that traded to 52 week lows: SMN
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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: CSLT (3.58 +13.49%), PGNX (10.23 +6.34%), BCRX (6.54 +6.09%)
  • Materials: ABX (20.62 +6.73%), VEDL (15.55 +6%)
  • Industrials: SRCL (84.13 +8.71%)
  • Consumer Discretionary: LILAK (25.14 +15.16%), LILA (25.59 +14.78%), DENN (13.82 +12.36%), KATE (21.99 +11.77%), CHH (63 +8.9%)
  • Information Technology: TIVO (21.45 +12.3%), NTES (293.77 +12.19%), EIGI (9.3 +10.06%), SNPS (72.25 +9.05%), QTWO (35.85 +8.97%), RUBI (8.91 +8.07%), SSNC (35.12 +7.04%)
  • Energy: CVI (22.94 +6.55%)
  • Consumer Staples: ANDE (40.85 +5.97%)
Today's top 20 % losers
  • Healthcare: CFMS (5.76 -32.63%), MOH (49.08 -18.05%), NOVN (5.81 -9.86%), ACHN (4.31 -8.49%)
  • Industrials: CAR (35.17 -13.5%)
  • Consumer Discretionary: GNC (7.42 -10.82%), LTRPA (15.95 -9.89%), TRIP (48.36 -8.24%)
  • Information Technology: SYNT (19.24 -17.53%), HAWK (33.83 -9.44%)
  • Financials: PHH (12.63 -15.29%), ONDK (4.79 -14.77%), OZM (2.93 -9.43%), COWN (14.85 -8.62%), OCN (5.41 -7.29%), NMIH (10.73 -7.14%), LC (5.85 -7%)
  • Consumer Staples: AVP (4.8 -18.09%), DF (18.93 -7.43%)
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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: VRX (20.95 mln -2.91%), PFE (18.64 mln +0.51%), NVAX (15.59 mln -5.56%)
  • Materials: VALE (17.54 mln -0.18%), ABX (16.16 mln +6.73%), CLF (14.36 mln -1.69%), FCX (12.9 mln -1.98%)
  • Consumer Discretionary: MGM (28.08 mln -6.79%), GRPN (14 mln +0.86%), SIRI (13.8 mln +1.23%), GNC (11.85 mln -10.82%)
  • Information Technology: CSCO (24.88 mln +3.03%), AMD (24.05 mln -2.29%), MU (12.46 mln +0.15%)
  • Financials: BAC (46.25 mln -0.57%), FIG (18.86 mln -0.13%)
  • Energy: ECA (15.71 mln -1.33%), CHK (14.64 mln -2.37%), MRO (13.19 mln -0.4%)
  • Consumer Staples: AVP (15.63 mln -18.09%)
Today's top relative volume (current volume to 1-month average daily volume)
  • Healthcare: CFMS (14.28x -32.63%), MOH (9.17x -18.05%)
  • Industrials: TRU (6x -0.24%), CAR (3.71x -13.5%)
  • Consumer Discretionary: LILA (4.23x +14.78%), MGM (4.18x -6.79%), GNC (3.95x -10.82%), TRIP (3.45x -8.24%)
  • Information Technology: SYNT (5.02x -17.53%), HAWK (4.59x -9.44%), SSNC (3.84x +7.04%), GDDY (3.71x -3.11%)
  • Financials: ISD (5.1x -0.68%), PHH (4.56x -15.29%), ONDK (3.52x -14.77%)
  • Energy: MMLP (5.53x +1.33%), NGL (4.13x -4.76%)
  • Consumer Staples: AVP (3.98x -18.09%)
  • Telecommunication Services: TKC (3.56x +2.25%)
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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: -0.3%
  • France's CAC: -0.5%
  • Spain's IBEX: -0.4%
  • Portugal's PSI: + 0.0%
  • Italy's MIB Index: + 0.2%
  • Irish Ovrl Index: -0.2%
  • Greece ASE General Index: + 0.5%
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