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Блог компании DayTraderClub | Америка сегодня. Индекс деловой активности.

Индекс деловой активности продолжает рост, новое значение ожидается на отметке 55.2:
Америка сегодня. Индекс деловой активности.


В обед в 12:00 и за полчаса до закрытия рынка в 15:30 ожидаются речи Харкера и Уильямса, представителей ФРС, которые могут задать движение на рынке.


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Америка сегодня. Индекс деловой активности.
Данные: DTC News, Briefing, Interactive, Economics, Public Sources


  Asian MarketsNikkei...19381...+130.40...+0.70%.  Hang Seng...23964...-182.50...-0.80%.
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  European MarketsFTSE...7284.66...-15.10...-0.20%.  DAX...11877.88...+50.30...+0.40%.
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  Huron Consulting downgraded to Mkt Perform from Outperform at Barrington Research  (42.60)
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  ObsEva initiated with a Buy at Jefferies; tgt $21  (13.21)
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  Dick's Sporting Goods downgraded to Perform from Outperform at Oppenheimer  (49.79)
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  Jagged Peak Energy initiated with a Market Perform at BMO Capital; $17 tgt  (13.50)
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  Deere target raised to $109 at RBC Capital Mkts  (110.27)RBC Capital Mkts raises their DE tgt to $109 from $98. DE continues to execute well and cost reduction benefits loom. Equipment mkts moving into better balance is a clear positive, however, they believe valuation captures this outlook, supporting their SP rating.
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  AnaptysBio initiated with a Mkt Outperform at JMP Securities; tgt $45  (23.89)
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  Dentsply Sirona downgraded to Mkt Perform from Outperform at Barrington Research  (62.68)
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  Flex target raised to $22 at RBC Capital Mkts  (16.44)RBC Capital Mkts raises their FLEX tgt to $22 from $17. Their analysis suggests there is a path for Nike (NKE) to contribute $2.0B+ in sales and $0.30c+ in EPS over the next couple years (>10% contribution) and importantly redefine how investors perceive FLEX inherently: Less EMS, more an enabler of manufacturing innovation. Fundamentally, FLEX is positioned to drive «GDP+» revenue growth and double-digit EPS growth through 2020 with Nike having the potential to drive multiple expansion vs. traditional EMS valuation.
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  Flowserve target lowered to $43 at RBC Capital Mkts — CEO transition muddies interpretation of disappointing 2017 guidance  (48.37)RBC Capital Mkts lowers their FLS tgt to $43 from $44. Underperform-rated Flowserve's 2017 EPS guidance disturbingly fell 20%/42c below consensus, leaving investors scrambling to interpret the message. Was guidance «kitchen-sinked» to provide a conservative/beatable bar for incoming-CEO Scott Rowe, or does it signal worse-than-feared operating downside? The stock's -4.8% selloff suggests the market is bracing for more earnings pressure. At some point, investors will be willing to «look through the valley», just not yet.
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  Mobileye N.V. downgraded to Neutral at Monness Crespi & Hardt on valuation  (45.65)Monness Crespi & Hardt downgrades MBLY to Neutral from Buy ahead of earnings. For 4Q, firm ests $105 MM in rev, about $9 MM above consensus, with their non-GAAP EPS est of $0.20 in line with the Street. It should be another solid sales quarter for co, one that creates a good setup for 2017. While Mobileye's fundamentals remain strong, however, firm believes expectations are high and the stock's valuation largely reflects co's strong growth profile. The stock has outperformed the market year to date despite no meaningful new information emerging (the Volkswagen news, discussed below, was largely anticipated) and the stock is within 3% of their prior $47 price target. As a result, they are going on the sidelines solely on valuation, downgrading MBLY shares from Buy to Neutral. They note that their ests for 4Q16 and for 2017-18 remain unchanged.
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  On The Wires
  • CEVA (CEVA) and Waves Audio announced that the companies have collaborated to address the substantial demand for far-field voice pickup and psychoacoustic sound enhancement solutions across the mobile, smart home and wireless audio markets.
  • Assembly Biosciences (ASMB) announced it has received early termination of the waiting period required by the Hart-Scott-Rodino Antitrust Improvements Act of 1976, closed the transaction and received the upfront payment from Allergan plc for the research, development, collaboration and license agreement between the two companies announced on January 9, 2017. 
  • Mcdermott (MDR) acquires deepwater pipelay and construction vessel Amazon; financial terms not disclosed. 
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  Vericel: FDA has designated the investigation of ixmyelocel‑T for reduction in the risk of death and cardiovascular hospitalization in patients with chronic advanced heart failure due to ischemic dilated cardiomyopathy as a Fast Track Development Program  (3.05)
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  Adient initiated with a Overweight at Morgan Stanley; tgt $95  (64.01)
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  Lear downgraded to Equal-Weight from Overweight at Morgan Stanley  (142.37)
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  Parkway upgraded to Overweight at CapitalOne  (21.58)
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  REV Group initiated with a Equal-Weight at Morgan Stanley; tgt $30  (27.59)
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  Early premarket gappersGapping up: RIC +17.7%, CYH +14.5%, CYH +14.5%, VIPS +9.7%, SCON +9.6%, TEVA +6.8%, VALE +6.5%, RBS +6.4%, EW +5.9%, EXAS +5%, GRPN +4.1%, MDLZ +3.8%, JKS +2.6%, AKS +2.5%, PBR +2.4%, MDWD +2.4%, WMT +2.4%, CYRN +2.3%, CLF +2.2%, HD +2.1%, NRZ +2%, PLUG +1.8%, X +1.7%, NDSN +1.7%, VOD +1.6%, BP +1.5%, MT +1.5%, GIS +1.5%, STM +1.3%, HBM +1.2%, BMY +1.2%, LYG +1.2%, RIG +1.1%, CHK +1.1%, AAP +1.1%, GM +1%, V +1%, AUY +1%, NVDA +1%, XCRA +1%, AAP +0.9%, RIO +0.8%

Gapping down: DRYS -21.7%, MNTA -10.5%, UL -8.4%, UN -8.2%, HSBC -6.3%, TRVN -6%, CYOU -4.2%, SOHU -3.2%, FCX -3.1%, AG -2.8%, SNY -2.3%, GFI -2.1%, HMY -1.8%, ASML -1.7%, SAN -1.6%, ING -1.4%, NVS -1.3%
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  European Markets Update: FTSE -0.1%, CAC +0.2%, DAX +0.6%

Major European indices trade mostly higher while the UK's FTSE (-0.1%) has been held back by shares of HSBC after the banking giant reported disappointing results. The euro (1.0535) and the pound (1.2407) show respective losses of 0.7% and 0.4% against the greenback, having retreated after Philadelphia Fed President and FOMC voter Patrick Harker said that a March rate hike is not off the table.

  • In economic data:
    • Eurozone February Manufacturing PMI 55.5 (expected 55.0; last 55.2) and Services PMI 55.6 (consensus 53.7; previous 53.7)
    • Germany's February Manufacturing PMI 57.0 (consensus 56.0; previous 56.4) and Services PMI 54.4 (expected 53.6; last 53.4)
    • UK's January Public Sector Net Borrowing -GBP9.82 billion (expected -GBP14.00 billion; previous GBP4.24 billion)
    • France's February Manufacturing PMI 52.3 (consensus 53.5; last 53.6) and Services PMI 56.2 (expected 53.8; previous 54.1). January CPI -0.2% month-over-month, as expected (last -0.2%)

---Equity Markets---

  • UK's FTSE is lower by 0.1% with HSBC falling 6.8%. Other financials like RBS, Standard Chartered, Barclays, and Prudential are down between 0.3% and 1.4%. On the upside, energy-related names like BP and Royal Dutch Shell hold respective gains of 2.2% and 1.4%. Homebuilders also display strength with Persimmon, Taylor Wimpey, and Barratt Developments up between 0.5% and 1.3%.
  • France's CAC has added 0.2%. Exporters Peugeot, Michelin, and Renault have added between 0.5% and 1.0% while financials are mixed. Societe Generale, AXA, and BNP Paribas are up between 0.3% and 0.7% while Credit Agricole is off 0.2%.
  • Germany's DAX trades up 0.6%. Siemens and Lufthansa lead with gains close to 1.7% apiece while Daimler, BMW, and Volkswagen have added between 0.7% and 1.1%. Financials lag with Deutsche Bank trading flat and Commerzbank lower by 0.3%.
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  Sarepta Therapeutics discloses in regulatory filing that the buyer of its Rare Pediatric Disease Priority Review Voucher was Gilead Sciences (GILD)   (28.28)See 07:03 for original mention of the transaction
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  Cidara Therapeutics to resume trading at 08:00
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Опять сегодня день роста.... 
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  Overseas Research Calls

Upgrades

  • Hugo Boss AG (BOSSY) upgraded to Sector Perform from Underperform at RBC Capital Mkts
  • Dialog Semi (DLGNF) upgraded to Overweight from Underweight at JP Morgan
  • Rolls Royce PLC (RYCEY) upgraded to Buy from Neutral at Goldman
  • Royal Bank of Scotland (RBS) upgraded to Equal Weight from Underweight at Barclays
  • Air France-KLM (AFLYY) upgraded to Buy from Neutral at Citigroup
  • Air France-KLM (AFLYY) upgraded to Buy from Sell at UBS
  • Tullow Oil plc (TUWLF) upgraded to Buy from Underperform at Jefferies
  • Tullow Oil plc (TUWLF) upgraded to Hold from Sell at Canaccord Genuity

Downgrades

  • Standard Chartered PLC (SCBFF) downgraded to Neutral at JP Morgan
  • Repsol SA (REPYY) downgraded to Neutral from Buy at Goldman
  • Carrefour SA (CRRFY) downgraded to Hold from Buy at Societe Generale
  • Engas (ENGGF) downgraded to Equal Weight from Overweight at Morgan Stanley
  • Vesuvius PLC (CKSNY) downgraded to Hold from Buy at HSBC
  • Cobham plc (CBHMF) downgraded to Hold from Buy at Liberum

Miscellaneous

  • Investment AB Kinnevik (KINNF) initiated with a Buy at Deutsche Bank
  • Sage plc (SGPYY) initiated with a Buy at Stifel
  • Inmarsat (IMASY) initiated with a Sell at Societe Generale
  • Johnson Matthey plc (JMPLY) initiated with a Market Perform at Bernstein
  • Royal Dutch Shell (RDS.A) removed from Conviction Buy List at Goldman
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  Dynegy resumed with a Neutral at Goldman  (9.04)
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  Jagged Peak Energy initiated with a Buy at Goldman; tgt $19  (13.50)
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  REV Group initiated with a Outperform at Credit Suisse; tgt $33  (27.59)
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  Verizon upgraded to Buy at MoffettNathanson  (49.19)
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  Edwards Lifesciences up 6% premarket after 10-K disclosure: CardiAQ testing has been completed; enrollment has resumed  (89.74)The Company disclosed in early February 2017 that it had voluntarily paused enrollment in its clinical trials for the Edwards-CardiAQ valve to perform further design validation testing on a feature of the valve. This testing has been completed and, in collaboration with clinical investigators, the Company has decided to resume screening patients for enrollment in its clinical trials.
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  Overnight Treasury Summary

Treasuries Slide to Begin Short Week

  • U.S. Treasuries are trading sharply lower this morning after eurozone purchasing managers' index data came out much better than expected for February. Activity was stronger in both the manufacturing and service sectors. Nevertheless, the euro is losing 0.67% to $1.0538 this morning and that is helping to lift the U.S. Dollar Index by 0.54% to 101.50. Other international economic data showed that Japanese and British manufacturing activity accelerated in February. The S&P 500 is set to open 0.17% higher at 2,355.1 to start the holiday-shortened week. WTI crude is 1.72% higher at $54.32/bbl. and gold is losing 0.64% at $1,231.2/troy oz.
  • Yield Check:
    • 2-yr: +3 bps to 1.22%
    • 5-yr: +5 bps to 1.95%
    • 10-yr: +4 bps to 2.45%
    • 30-yr: +4 bps to 3.06%
  • International News:
    • Japan's manufacturing purchasing managers' index unexpectedly jumped to 53.5 for February from 52.7 in January
      • Japan's All Industries Activity Index fell by 0.3% in December, reversing most of a 0.4% increase in November
    • The eurozone's manufacturing purchasing managers' index rose to 55.5 for February, according to preliminary data. Economists had expected a modest decline from January's reading of 55.2
    • The eurozone's services PMI jumped to 56.0 for February from 54.4 for January. Economists had expected a smaller decline
    • An index of eurozone consumer confidence fell to -6.2 in February from -4.8 in January, missing expectations for a more modest drop
    • France's consumer price index fell by 0.2% m/m in January, in line with both forecasts and December's pace
    • In the U.K., CBI Inustrial Trends Orders unexpectedly rose by three points to 8 in Feburary
    • Bank of England Governor Mark Carney told Parliament today that if import price inflation leads to higher wages, then the central bank will tighten policy. The BoE's current bias is neutral, indicating that it's next move is as likely to be a rate cut than a rate hike
    • Switzerland's trade surplus widened more than expected to CHF4.73 bln in January from CHF2.69 bln December
  • Fed Speakers:
    • Minneapolis Fed President Kashkari (FOMC voter) (08:50 ET)
    • Philadelphia Fed President Harker (FOMC voter) (12:00 ET)
    • San Francisco Fed President Williams (non-FOMC voter) (15:30 ET)
  • Treasury Auction:
    • $26 bln 2-year Treasury auction (results at 13:00 ET)
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  ObsEva initiated with a Outperform at Credit Suisse; tgt $27  (13.21)
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  ViaSat initiated with an Equal Weight at Barclays  (67.21)
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  Apple target raised to $154 from $150 at Morgan Stanley  (135.72)
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 S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +10.40.

Equity futures point to a higher open following the extended Presidents' Day weekend. The S&P 500 futures trade four points above fair value.

U.S. Treasuries are under pressure this morning ahead of comments from Minneapolis Fed President Neel Kashkari (FOMC voter), Philadelphia Fed President Patrick Harker (FOMC voter), and San Francisco Fed President John Williams (non-FOMC voter). The benchmark 10-yr yield is four basis points higher at 2.45%.

Crude oil has jumped 1.7% as strong OPEC supply cut compliance has overshadowed record high U.S. inventories. The energy component trades at $54.71/bbl.

Investors will not receive any economic data on Tuesday.

In U.S. corporate news:

  • Kraft Heinz (KHC 92.36, -4.29): -4.4% after withdrawing its proposal to merge with U.K. consumer products giant Unilever (UL 44.50, -4.03).
  • Wal-Mart (WMT 71.26, +1.89): +2.7% after beating earnings per share estimates and raising its dividend.
  • Home Depot (HD 145.88, +2.88): +2.0% after reporting better than expected top and bottom lines in addition to increasing its quarterly dividend. The company also authorized a $15.0 billion share repurchase program.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Tuesday on a mostly higher note while Hong Kong's Hang Seng underperformed after HSBC reported disappointing earnings. Japan's Nikkei +0.7%, Hong Kong's Hang Seng -0.8%, China's Shanghai Composite +0.4%, India's Sensex +0.4%.
    • In economic data:
      • Japan's February Manufacturing PMI 53.5 (expected 52.1; last 52.7). All Industries Activity Index -0.3% month-over-month (expected -0.2%; last 0.4%)
      • Hong Kong's January CPI +1.3% year-over-year (last 1.2%)
    • In news:
      • The People's Bank of China said it is evaluating a targeted RRR cut later this month.
      • Separately, the Chinese press reported that a third set of free trade zones may be opened before the end of February.
  • Major European indices trade mostly higher while the UK's FTSE has been held back by shares of HSBC after the banking giant reported disappointing results. UK's FTSE -0.1%, France's CAC +0.2%, Germany's DAX +0.6%.
    • In economic data:
      • Eurozone February Manufacturing PMI 55.5 (expected 55.0; last 55.2) and Services PMI 55.6 (consensus 53.7; previous 53.7)
      • Germany's February Manufacturing PMI 57.0 (consensus 56.0; previous 56.4) and Services PMI 54.4 (expected 53.6; last 53.4)
      • UK's January Public Sector Net Borrowing -GBP9.82 billion (expected -GBP14.00 billion; previous GBP4.24 billion)
      • France's February Manufacturing PMI 52.3 (consensus 53.5; last 53.6) and Services PMI 56.2 (expected 53.8; previous 54.1). January CPI -0.2% month-over-month, as expected (last -0.2%)
    • In news:
      • The euro (1.0535) and the pound (1.2407) show respective losses of 0.7% and 0.4% against the greenback, having retreated after Philadelphia Fed President and FOMC voter Patrick Harker said that a March rate hike is not off the table.
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  FBR & Co to be acquired by B. Riley Financial (RILY) for approximately $160.1 mln, or $20.28/share (shares halted)  (16.70)

B. Riley Financial, Inc. (RILY) has signed a stock for stock merger agreement to acquire FBR & Co. in a transaction valued at $160.1 million based on Friday's closing price of $17.55 for B. Riley Financial's common shares and an anticipated payment of a cash dividend before closing of $8.50 per share.

  • At closing, FBR shareholders will receive .671 shares of B. Riley common stock and an anticipated pre-closing cash dividend of $8.50 per share assuming sufficient funds are available for distribution. FBR is required to deliver a minimum of $33.5 million of cash (net of certain transactional and other expenses) to B. Riley Financial at closing. Based upon B. Riley Financial's closing stock price on Friday, the stock and anticipated pre-closing dividend amounts to $20.28 per FBR share.
  • Upon closing, Richard Hendrix, FBR's current Chairman and CEO, will assume the role of CEO of the combined investment banking and brokerage business, which will be a subsidiary of B. Riley Financial.

Additionally, based on preliminary unaudited information, B. Riley Financial expects to report revenue for the fourth quarter of 2016 in the range of $92 million to $94 million, net income for the fourth quarter of 2016 in the range of $12.3 million to $12.8 million, and adjusted EBITDA for the fourth quarter of 2016 in the range of $24.5 million to $25.5 million.

  • On February 20, 2017, the company's board of directors approved a regular quarterly dividend of $0.08 per share and a one-time special dividend of $0.18 per share, which will be paid on or about March 13, 2017 to stockholders of record on March 6, 2017.
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  DineEquity target lowered to $84 at Maxim Group — Tough end to 2016 amid CEO exit, but firm sees potential turnaround as compelling op'ty  (60.14)Maxim Group lowers their DIN tgt to $84 from $94 following the release of disappointing preliminary 4Q16 (December) results. On Friday February 17 before the market open, CEO Julia Stewart announced her resignation effective March 1, 2017. In her place, Lead Director Richard Dahl will serve as interim CEO until a permanent replacement is named. DIN also released preliminary 4Q16 EPS of $1.37, below their $1.46 est and the $1.39 Street mean. Same-restaurant sales of -7.2% at Applebee's and -2.1% at IHOP also were below consensus. The company plans to release finalized 4Q16 results before the open on Wed, March 1, 2017. Firm also expects mgmt to announce 2017 guidance at that time; now, firm models revised 2017 EPS of $6.33 (vs. $6.27 Street mean).
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  B. Riley Financial, FBR & Co (FBRC) to resume trading at 08:30
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  ChemoCentryx initiated with a Mkt Outperform at JMP Securities  (7.04)
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  REV Group initiated with a Neutral at Goldman; tgt $24  (27.59)
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  Zhaopin upgraded to Neutral from Underperform at Credit Suisse; tgt raised to $18 from $13.50  (16.92)
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  MakeMyTrip: Ward Ferry Management lowers passive stake to 4.7% (Prior 5.63%)  (33.80)
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  Tallgrass Energy GP upgraded to Buy from Hold at Stifel  (27.87)
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 S&P futures vs fair value: +3.80. Nasdaq futures vs fair value: +8.10.

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

Retailers have been well represented on the earnings front this morning with Wal-Mart (WMT 71.30, +1.93), Home Depot (HD 145.90, +2.90), Macy's (M 33.10, +0.80), and Advanced Auto Parts (AAP 163.88, +2.30) reporting their quarterly results before today's opening bell.

Wal-Mart has jumped 3.1% in pre-market trade after beating earnings estimates and raising its dividend, while AAP shares have increased 1.3% as the company's better than expected revenues have overshadowed its earnings miss.

Home Depot is also up, adding 1.9%, after reporting better than expected top and bottom lines in addition to increasing its quarterly dividend. The company also authorized a $15.0 billion share repurchase program.

Macy's held a solid gain ahead of its earnings release but shares have seen some volatility after the company reported mixed results. The company beat earnings estimates but missed on the top line and issued downbeat guidance. Macy's shares are currently higher by 2.8%.

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 On The Wires
  • AMRI (AMRI) announced it has entered into an agreement with the pharmaceutical group Ferrer and Accord Healthcare to jointly develop and manufacture an undisclosed complex parenteral drug product for registration and subsequent commercialization in the United States with the option to partner on additional drug products. Under terms of the agreement, AMRI will work with Ferrer to develop and initially provide cGMP manufacturing and analytical support for the registration of the new product. Accord Healthcare will be responsible for advancing the product candidate through regulatory submission and commercialization.
  • On February 18, 2017, Farmland Partners (FPI) entered into a Termination Agreement with Prudential Capital Mortgage Company pursuant to which the Company and Prudential agreed to terminate, effective as of March 31, 2017, the Amended and Restated Sub-Advisory Agreement, dated as of October 23, 2015, by and among American Farmland Company, American Farmland Advisors, American Farmland Company L.P. and Prudential and certain related property management agreements. The Termination Agreement provides that, as of March 31, 2017, Prudential will no longer provide services to the Company under the Prudential Agreements. The Company has agreed to pay Prudential $1.6 million in cash, which is equal to the fee that would be owed to Prudential for services through the quarter ended March 31, 2017, plus a termination fee of approximately $160,000.
  • Torchlight Energy Resources, Inc. (TRCH) it has completed the first of a two-stage frac in the lower interval of the Wolfcamp formation using 200,000 lbs. of sand. The frac procedure, originally planned for January, was pending delivery and subsequent review of well logs generated during drilling. A workover rig is being moved in to clean out any remaining sand in the casing and place a bridge plug above the first stage lower Wolfcamp interval. The upper Wolfcamp zone will then be perforated, acidized and prepared for the second and final stage of the frac. Following completion of the procedure, the wellbore will be cleaned out and enter the testing phase.
  • Second Sight Medical Products (EYES) announced that Professor Stanislao Rizzo (Professor Rizzo) has completed his 30th implant of the Argus II Retinal Prosthesis (Argus II) at the Azienda Ospedaliero Universitaria Careggi located in Florence, Italy.
  • Level 3 Communications (LVLT) announced that its wholly owned subsidiary, Level 3 Financing, Inc., has successfully completed the marketing of the refinancing of all of its outstanding $4,610,500,000 senior secured term loans through the issuance of a new Tranche B 2024 Term Loan in the amount of $4,610,500,000. The terms loans being refinanced are the Tranche B-III 2019 Term Loan, the Tranche B 2020 Term Loan and the Tranche B-II 2022 Term Loan.  Upon closing, the new Tranche B 2024 Term Loan will bear interest at LIBOR plus 2.25 percent, with a zero percent minimum LIBOR, and will mature on February 22, 2024. The Tranche B 2024 Term Loan was priced to lenders at par, with the payment to the lenders at closing of an upfront 25 basis point fee. The company anticipates saving approximately $35 million of cash interest expense initially, on an annualized basis. As a result of this transaction, the company expects to account for the refinancing as an extinguishment of debt and recognize a non-cash loss of $45M in the first quarter of 2017.
  • Selexis SA announced today it has entered three service agreements with Sanofi (SNY), through which Selexis will develop research cell banks using its SUREtechnology Platform. Under the three agreements, Selexis will develop: a cell line for a naked antibody, a new cell line for a bispecific antibody, and a new cell line for the expression of a complex recombinant vaccine protein.
  • iPass Inc. (IPAS) announced that Vivo will be utilizing the iPass SmartConnect Software Development Kit to offer premium Wi-Fi services to its mobile subscribers. The agreement with iPass will further expand «Vivo Travel Wi-Fi» coverage to millions of Wi-Fi hotspots globally.
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  GasLog, MRC Global (MRC) upgraded to Buy from Neutral at Seaport Global Securities  (15.95)
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  Gibraltar Industries target lowered to $50 at Wedbush   (40.30)Wedbush lowers their ROCK tgt to $50 from $52. Despite the reset lower in CY17 financial guidance versus Consensus expectations, firm believes mgmt can continue to deliver on its plan to increase margins and improve return on invested capital from operational improvements and portfolio mgmt. With mgmt in the mid-to-later innings of making structural changes in its legacy business platforms, firm remains confident ROCK can use free cash flow generation to fund organic growth investments and its improved balance sheet to complete strategic acquisitions in new markets with innovative technology; Outperform.
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Gapping up

Gapping up
In reaction to strong earnings/guidance
:

  • CYH +20.3%, XCRA +11.6%, HLX +8%, EXAS +7.2%, VIPS +6.9%, LL +6.1%, EROS +5.6%, OPME +3.6%
  • MDR +3.3%, WMT +3.2%, CTG +3%, AAP +2.4%, MDWD +2.4%, CYRN +2.3%, NRZ +2%, M +1.9%, NDSN +1.7%, HD +1.7%, EXPD +0.9%, WLK +0.6%


M&A news:

  • DGAS +16.6% (enters into a definitive agreement to merge with an affiliate of Peoples Natural Gas; Delta shareholders will receive $30.50 in cash/share)
  • PLKI +16.4% (Restaurant Brands (QSR) is in advanced discussions to purchase PLKI, according to Bloomberg)
  • FCH +15.8% (Ashford Hospitality Trust (AHT) submits non-binding proposal to acquire FelCor for a total consideration of $9.27 per share)
  • TROX +14.4% (to acquire the TiO2 business of Cristal for $1.673 bln of cash and Class A ordinary shares)

Select metals/mining stocks trading higher: CLF +2.9%, AKS +2.5%, X +1.5%, MT +1.3%, HBM +1.2%, AUY +0.8%, .

Other news:

  • DCTH +46.3% (study demonstrated that 45.7% of patients with ocular melanoma that metastasized to the liver who underwent percutaneous hepatic perfusion using investigational Melphalan/HDS experienced a complete or partial response)
  • EYEG +34.1% (enters into exclusive, worldwide licensing agreement with Valeant Pharmaceuticals (VRX) )
  • APOP +20.1% (announces 'positive' final results from its clinical trial of ApoGraft in healthy donors)
  • IDXG +19.5% (announces the initiation of a collaborative research program with Viatar CTC Solutions to detect and characterize early cancer in liquid biopsies)
  • VCEL +8.2% (FDA has designated the investigation of ixmyelocel-T for reduction in the risk of death and cardiovascular hospitalization in patients with chronic advanced heart failure due to ischemic dilated cardiomyopathy as a Fast Track Development Program)
  • VALE +7.6% (new shareholders' agreement was filed, executed by Litel Participações S.A., Litela Participações S.A., Bradespar S.A., Mitsui & Co., and BNDES Participações 
  • RBS +5.4% (provides update on remaining State Aid obligation)
  • EW +5.3% (CardiAQ testing has been completed; enrollment has resumed )
  • BCLI +4.2% (signs an agreement w/ CCRM to support the market authorization request for NurOwn)
  • PGH +3.1% (announcs plan to reduce its outstanding debt through the use of $530 mln cash on hand)
  • MDLZ +2.6% (following confirmation that KHC withdrew transaction with UL/UN)
  • GRPN +1.9% (continued strength)
  • SRPT +1.8% (enters into an agreement to sell its Rare Pediatric Disease Priority Review Voucher for $125 million)
  • AEHR +1.5% (receives an order in excess of $4 mln from a subcontractor to its lead customer for the FOX-XP Test and Burn-in System)
  • SCON +1.4% (receives a U.S. Patent for an aspect of the RCE-CDR system architecture used in manufacturing Conductus HTS wire)
  • GIS +1.3% (following confirmation that KHC withdrew transaction with UL/UN)

Analyst comments:

  • JAG +3.7% (initiated with a Outperform at Credit Suisse)
  • SBLK +3.1% (upgraded to Buy from Hold at Deutsche Bank)
  • ADNT +1.3% (initiated with a Overweight at Morgan Stanley)
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  Advanced Disposal target raised to $25 at Stifel ahead of earnings  (22.02)Stifel raises their ADSW tgt to $25 from $23. Firm feels the 4Q16 results should bring focus to both the improving operating leverage of the income statement and the meaningful upgrading of the balance sheet following the IPO and debt refinancing completed in October and November. Recall ADSW has not fully anniversaried a negative sales impact from contract turnover, asset sales, conclusion of special waste projects that would account for a probable reported negative volume. Reported price is expected to be over 2%. They look for FY17 guidance of organic growth of 2% plus price and 1% volume, acknowledging the sales headwinds anniversary by 2Q17.
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  Teva Pharma +6% ahead of the open after Momenta Pharmaceuticals (MNTA) announced that the FDA issued a warning letter to its contracted Glatopa (glatiramer acetate injection) fill/finish manufacturer  (35.20)

«The Glatopa 40 mg ANDA remains under regulatory review. The Company believes the application review could be completed at any time. However, under FDA policy, an approval of the application is dependent on the satisfactory resolution of the compliance observations at the Pfizer facility used to make the final product, and Momenta expects that an approval in the first quarter of 2017 is unlikely. Momenta is working with its collaboration partner Sandoz to resolve this matter in order to allow for an ANDA approval as soon as possible.»

  • Glatopa (glatiramer acetate injection) is the generic candidate of Teva's Copaxone
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  Campbell Soup target lowered to $56 at Stifel following earnings  (58.48)Stifel lowers their CPB tgt to $56 from $62. Campbell reported 2Q17 EPS of $0.91 which was up $0.04 (5%) versus the prior year which outpaced our consensus matching estimate by $0.04. The outperformance was driven by a lower tax rate ($0.05) and underlying sales remain weak with declines in each segment. With a lower tax rate and heavier savings for the year ($85 million now), the company maintained EPS guidance for the year. These tailwinds offset weaker trends at C-Fresh and softer sales growth overall; Hold.
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 S&P futures vs fair value: +3.80. Nasdaq futures vs fair value: +8.40.

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

Equity indices in the Asia-Pacific region ended Tuesday on a mostly higher note while Hong Kong's Hang Seng (-0.8%) underperformed after HSBC reported disappointing earnings. The People's Bank of China said it is evaluating a targeted RRR cut later this month. Separately, the Chinese press reported that a third set of free trade zones may be opened before the end of February.

  • In economic data:
    • Japan's February Manufacturing PMI 53.5 (expected 52.1; last 52.7). All Industries Activity Index -0.3% month-over-month (expected -0.2%; last 0.4%)
    • Hong Kong's January CPI +1.3% year-over-year (last 1.2%)

---Equity Markets---

  • Japan's Nikkei rose 0.7% with Nippon Paper Industries surging 6.8% after it was reported the company will hike paper prices. Peer Hokuetsu Kishu Paper gained 4.8% while JTEKT, Yokohama Rubber, Suzuki Motor, Yamaha Motor, Mazda Motor, and Fast Retailing climbed between 1.8% and 3.4%.
  • Hong Kong's Hang Seng fell 0.8% with HSBC Holdings falling 5.0% in reaction to disappointing results. Gaming names like Galaxy Entertainment, Tencent Holdings, and Sands China lost between 1.3% and 2.3% while select consumer names outperformed. Belle International gained 8.2% and Li & Fung climbed 1.8%.
  • China's Shanghai Composite added 0.4%. Shanghai Dingli Technology Development, Shanghai Material Trading, Wuxi Huaguang Boiler, and Sinomach Automobile advanced between 4.5% and 4.8%.
  • India's Sensex climbed 0.4% with help from most components. AXIS Bank jumped 5.0% after receiving a merger proposal while ICICI Bank and HDFC Bank gained 1.0% and 0.4%, respectively. On the downside, Bharti Airtel lost 3.4%.

Major European indices trade mostly higher while the UK's FTSE (-0.3%) has been held back by shares of HSBC after the banking giant reported disappointing results. The euro (1.0535) and the pound (1.2420) show respective losses of 0.7% and 0.3% against the greenback, having retreated after Philadelphia Fed President and FOMC voter Patrick Harker said that a March rate hike is not off the table.

  • In economic data:
    • Eurozone February Manufacturing PMI 55.5 (expected 55.0; last 55.2) and Services PMI 55.6 (consensus 53.7; previous 53.7)
    • Germany's February Manufacturing PMI 57.0 (consensus 56.0; previous 56.4) and Services PMI 54.4 (expected 53.6; last 53.4)
    • UK's January Public Sector Net Borrowing -GBP9.82 billion (expected -GBP14.00 billion; previous GBP4.24 billion)
    • France's February Manufacturing PMI 52.3 (consensus 53.5; last 53.6) and Services PMI 56.2 (expected 53.8; previous 54.1). January CPI -0.2% month-over-month, as expected (last -0.2%)

---Equity Markets---

  • UK's FTSE is lower by 0.3% with HSBC falling 7.0%. Other financials like RBS, Standard Chartered, Barclays, and Prudential are down between 0.5% and 1.3%. On the upside, energy-related names like BP and Royal Dutch Shell hold respective gains of 2.3% and 1.1%. Homebuilders also display strength with Persimmon, Taylor Wimpey, and Barratt Developments up between 0.6% and 1.5%.
  • France's CAC has added 0.3%. Exporters Peugeot, Michelin, and Renault have added between 0.3% and 0.7% while financials also trade higher. Societe Generale, AXA, BNP Paribas, and Credit Agricole are up between 0.2% and 0.7%.
  • Germany's DAX trades up 0.6%. Siemens and Lufthansa lead with gains close to 1.7% apiece while Daimler, BMW, and Volkswagen have added between 0.3% and 0.8%. Financials trade mixed with Deutsche Bank higher by 0.2% while Commerzbank trades lower by 0.2%.
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 Gapping down

Gapping down
In reaction to disappointing earnings/guidance
:

  • DAKT -25.8%, MNTA -18.4%, HSBC -6.2%, DDS -4.9%, CYOU -4.2%, AMRI -3.5%, SOHU -3.2%, WAB -3%, MGIC -2.6%, UIHC -2.5%
  • CBRL -1.6%, AU -1.3%, PWR -1.2%, CRMT -0.6%

M&A news:

  • UL -8.5% (Unilever and Kraft Heinz (KHC) jointly confirm that KHC has amicably agreed to withdraw its proposal for a combination of the two companies )
  • UN -8.3%, KHC -5% 

Other news:

  • TRVN -33.4% (announces its Phase 3 APOLLO-1 and APOLLO-2 pivotal efficacy studies of oliceridine)
  • CDTX -32.6% (reports that the Phase 2 RADIANT clinical trial in acute vulvovaginal candidiasi did not show sufficient efficacy to justify further development)
  • MNTA -18.9% (receives notice of warning letter from FDA to contracted Glatopa; Approval of the Glatopa 40 mg ANDA will be dependent on resolution of Pfizer (PFE) facility compliance issues)
  • DRYS -18.8% (enters into $200 mln stock purchase agreement with Kalani Investments)
  • IMMU -3.4% (files a federal lawsuit and a motion seeking injunctive relief against venBio Select Advisor and venBio's four director candidates)
  • GMS -3.1% (commences 6 mln common stock offering by its existing stockholders, including certain affiliates of AEA Investors LP)
  • ING -1.1% (in sympathy with HSBC earnings)

Analyst comments:

  • FCX -3.7% (downgraded to Sell from Hold at Deutsche Bank)
  • EIGI -3.2% (downgraded to Underweight from Equal-Weight at Morgan Stanley)
  • DKS -1.1% (downgraded to Perform from Outperform at Oppenheimer)
  • OHI -0.9% (downgraded to Hold from Buy at Jefferies)
  • BLMN -0.8% (downgraded to Neutral from Overweight at JP Morgan)
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  European Summary

European Yields Jump on Strong PMI Data

  • European sovereign debt yields are almost universally higher this morning at the 10-year maturity after the eurozone composite PMI jumped to a five-year high for February. Purchasing managers' index data has been performing quite well for the past few months despite a lot of media noise about the Dutch, French, and German elections coming up this year. As noted below, Germany's two-year schatz yield fell to a record low today and that has helped the spread between French and German debt at that tenor widen to a fresh four-year high of 44 basis points, indicating a heightened (but still small) probability of a eurozone breakup. While French right-wing presidential candidate Marine Le Pen still has a very slim chance of victory, the eurozone is perceived as nonviable without France and so her win would almost surely lead to the demise of the single currency bloc
  • The German two-year schatz yield hit a record low of -0.872% this morning as the European Central Bank's new year shift into buying securities with yields below the ECB's deposit rate of -0.40% has helped to steepen the German yield curve. Recent data for the ECB's asset purchase program, set to fall by EUR20/bln month to a pace of EUR80 bln/month on April 1, showed increased accumulation of short-term German government debt and so traders are simply piggybacking on the central bank purchases
  • The Eurogroup of 19 eurozone finance ministers met on Monday and there appears to be progress between Greece and its official European creditors. Eurogroup president Jeroen Dijsselbloem said that reform would shift «away from austerity» and focus more on «deep reforms.»
    • Greece's next big debt repayment is in July
  • Central Banks:
    • Bank of England Governor Mark Carney told Parliament today that if import price inflation leads to higher wages, then the central bank will tighten policy. The BoE's current bias is neutral, indicating that it's next move is as likely to be a rate cut than a rate hike
  • European Economic Data:
    • The eurozone's manufacturing purchasing managers' index rose to 55.5 for February, according to preliminary data. Economists had expected a modest decline from January's reading of 55.2
      • France: 52.3 (Prior 53.6)
      • Germany: 57.0 (Prior 56.4)
    • The eurozone's services PMI jumped to 56.0 for February from 54.4 for January. Economists had expected a smaller decline
      • France: 56.7 (Prior 54.1)
      • Germany: 54.4 (Prior 53.4)
    • The eurozone's composite PMI rose to 56.0 for February from 54.4 for January. Economists had expected a slight dip
      • France: 56.2 (Prior 54.0)
      • Germany: 56.1 (Prior 54.8)
    • An index of eurozone consumer confidence fell to -6.2 in February from -4.8 in January, missing expectations for a more modest drop
    • France's consumer price index fell by 0.2% m/m in January, in line with both forecasts and December's pace
    • In the U.K., CBI Industrial Trends Orders unexpectedly rose by three points to 8 in February
      • Public sector net borrowing for January rose to a surplus of GBP9.4 bln, up by GBP300 mln y/y. Economists had expected a larger surplus
    • Switzerland's trade surplus widened more than expected to a record high of CHF4.73 bln in January from CHF2.69 bln December
      • Weakening vehicle imports and stronger pharmaceutical exports drove the improvement
  • Yield Check:
    • France, 10-yr OAT: +4 bps to 1.10%
    • Germany, 10-yr bund: +3 bps to 0.33%
    • Greece, 10-yr note: -31 bps to 7.09%
    • Italy, 10-yr BTP: +3 bps to 2.21%
    • Portugal, 10-yr PGB: +2 bps to 3.99%
    • Spain, 10-yr ODE: +3 bps to 1.63%
    • U.K., 10-yr gilt: +3 bps to 1.26%
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  Williams Cos increases quarterly dividend to $0.30/share from $0.20/share  (28.20)
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  Eaton Vance upgraded to Neutral from Underperform at BofA/Merrill  (43.53)
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  Gapping up/down: CYH +20%, VIPS +7%, LL +6% and WMT +3% after earnings; HSBC -6%, WAB -3% and CBRL -2% after earnings, DKS -1% after downgrade

Gapping up
In reaction to strong earnings/guidance
:

  • CYH +20.3%, XCRA +11.6%, HLX +8%, EXAS +7.2%, VIPS +6.9%, LL +6.1%, EROS +5.6%, OPME +3.6%
  • MDR +3.3%, WMT +3.2%, CTG +3%, AAP +2.4%, MDWD +2.4%, CYRN +2.3%, NRZ +2%, M +1.9%, NDSN +1.7%, HD +1.7%, EXPD +0.9%, WLK +0.6%


M&A news:

  • DGAS +16.6% (enters into a definitive agreement to merge with an affiliate of Peoples Natural Gas; Delta shareholders will receive $30.50 in cash/share)
  • PLKI +16.4% (Restaurant Brands (QSR) is in advanced discussions to purchase PLKI, according to Bloomberg)
  • FCH +15.8% (Ashford Hospitality Trust (AHT) submits non-binding proposal to acquire FelCor for a total consideration of $9.27 per share)
  • TROX +14.4% (to acquire the TiO2 business of Cristal for $1.673 bln of cash and Class A ordinary shares)

Select metals/mining stocks trading higher: CLF +2.9%, AKS +2.5%, X +1.5%, MT +1.3%, HBM +1.2%, AUY +0.8%, .

Other news:

  • DCTH +46.3% (study demonstrated that 45.7% of patients with ocular melanoma that metastasized to the liver who underwent percutaneous hepatic perfusion using investigational Melphalan/HDS experienced a complete or partial response)
  • EYEG +34.1% (enters into exclusive, worldwide licensing agreement with Valeant Pharmaceuticals (VRX))
  • APOP +20.1% (announces 'positive' final results from its clinical trial of ApoGraft in healthy donors)
  • IDXG +19.5% (announces the initiation of a collaborative research program with Viatar CTC Solutions to detect and characterize early cancer in liquid biopsies)
  • VCEL +8.2% (FDA has designated the investigation of ixmyelocel-T for reduction in the risk of death and cardiovascular hospitalization in patients with chronic advanced heart failure due to ischemic dilated cardiomyopathy as a Fast Track Development Program)
  • VALE +7.6% (new shareholders' agreement was filed, executed by Litel Participações S.A., Litela Participações S.A., Bradespar S.A., Mitsui & Co., and BNDES Participações 
  • RBS +5.4% (provides update on remaining State Aid obligation)
  • EW +5.3% (CardiAQ testing has been completed; enrollment has resumed )
  • BCLI +4.2% (signs an agreement w/ CCRM to support the market authorization request for NurOwn)
  • PGH +3.1% (announcs plan to reduce its outstanding debt through the use of $530 mln cash on hand)
  • MDLZ +2.6% (following confirmation that KHC withdrew transaction with UL/UN)
  • GRPN +1.9% (continued strength)
  • SRPT +1.8% (enters into an agreement to sell its Rare Pediatric Disease Priority Review Voucher for $125 million)
  • AEHR +1.5% (receives an order in excess of $4 mln from a subcontractor to its lead customer for the FOX-XP Test and Burn-in System)
  • SCON +1.4% (receives a U.S. Patent for an aspect of the RCE-CDR system architecture used in manufacturing Conductus HTS wire)
  • GIS +1.3% (following confirmation that KHC withdrew transaction with UL/UN)

Analyst comments:

  • JAG +3.7% (initiated with a Outperform at Credit Suisse)
  • SBLK +3.1% (upgraded to Buy from Hold at Deutsche Bank)
  • ADNT +1.3% (initiated with a Overweight at Morgan Stanley)

Gapping down
In reaction to disappointing earnings/guidance
:

  • DAKT -25.8%, MNTA -18.4%, HSBC -6.2%, DDS -4.9%, CYOU -4.2%, AMRI -3.5%, SOHU -3.2%, WAB -3%, MGIC -2.6%, UIHC -2.5%
  • CBRL -1.6%, AU -1.3%, PWR -1.2%, CRMT -0.6%

M&A news:

  • UL -8.5% (Unilever and Kraft Heinz (KHC) jointly confirm that KHC has amicably agreed to withdraw its proposal for a combination of the two companies )
  • UN -8.3%, KHC -5% 

Other news:

  • TRVN -33.4% (announces its Phase 3 APOLLO-1 and APOLLO-2 pivotal efficacy studies of oliceridine)
  • CDTX -32.6% (reports that the Phase 2 RADIANT clinical trial in acute vulvovaginal candidiasi did not show sufficient efficacy to justify further development)
  • MNTA -18.9% (receives notice of warning letter from FDA to contracted Glatopa; Approval of the Glatopa 40 mg ANDA will be dependent on resolution of Pfizer (PFE) facility compliance issues)
  • DRYS -18.8% (enters into $200 mln stock purchase agreement with Kalani Investments)
  • IMMU -3.4% (files a federal lawsuit and a motion seeking injunctive relief against venBio Select Advisor and venBio's four director candidates)
  • GMS -3.1% (commences 6 mln common stock offering by its existing stockholders, including certain affiliates of AEA Investors LP)
  • ING -1.1% (in sympathy with HSBC earnings)

Analyst comments:

  • FCX -3.7% (downgraded to Sell from Hold at Deutsche Bank)
  • EIGI -3.2% (downgraded to Underweight from Equal-Weight at Morgan Stanley)
  • DKS -1.1% (downgraded to Perform from Outperform at Oppenheimer)
  • OHI -0.9% (downgraded to Hold from Buy at Jefferies)
  • BLMN -0.8% (downgraded to Neutral from Overweight at JP Morgan)
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  Filings, Offerings and Pricings

Filings:

  • Mosaic (MOS) files for mixed securities shelf offering
  • Stellus Capital (SCM) files for $200 mln mixed securities shelf offering
  • Xilinx (XLNX) files for mixed securities shelf offering

Offerings:

  • DryShips (DRYS) enters into $200 mln stock purchase agreement with Kalani Investments; company hasw agreed to issue up to $1.5 mln of common stock to Kalani as a commitment fee
  • GMS (GMS) commences 6 mln common stock offering by its existing stockholders, including certain affiliates of AEA Investors LP

Pricings:

  • Resonant (RESN 4.90) enters $7.5 mln private placement of units w/ an affiliate of Longboard Capital Advisors at a per-unit price of $4.61; each unit consists of one share of its common stock, and one warrant to purchase one share of Common Stock at an exercise price of $8.25/share
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  On The Wires
  • Ultra Electronics Holdings plc and Sparton Corporation (SPA) announced the award of subcontracts valued at $64.6 million to their ERAPSCO joint venture, for the manufacture of sonobuoys for the United States Navy. The award is a GFY17 ERAPSCO Indefinite Delivery Indefinite Quantity contract release for sonobuoy requirements under ERAPSCO's five year contract. ERAPSCO will provide production subcontracts in the amount of million $29.3 and $35.3 million to Ultra Electronics USSI and Sparton De Leon Springs, LLC respectively. Production will take place at Ultra Electronics USSI's Columbia City, IN facility and Sparton's De Leon Springs, FL facility and is expected to be completed by January 2019.
  • Intersections (INTX) sold the membership interest of its wholly-owned subsidiary Captira Analytical, LLC effective January 31, 2017 for undisclosed sum; results of which have not had a significant impact on its consolidated financial results. 
  • To maximize 5G mobile service opportunities across China Unicom's network, services acceleration company Radisys Corporation (RSYS) and China Unicom, one of the world's largest mobile service providers, are partnering to build and integrate Mobile CORD (M-CORD) development PODs that use open source software. M-CORD, built on top of ONOS and the CORD open source project, combines data center economics and the agility of the cloud with the benefits of a virtualized and disaggregated mobile core, as well as access infrastructure and mobile edge computing for innovation and deployment of 5G services. The companies will work together to develop deployment scenarios for this solution in China Unicom's network.
  • Coupa Software (COUP) announced that Gartner, Inc. has included Coupa in the February 2017 Gartner Magic Quadrant for Strategic Sourcing Suites. Gartner first began evaluating and publishing assessments of this market in 2003. 
  • Verizon Enterprise Solutions (VZ) has selected Ericsson (ERIC) to provide enabling technologies for its virtualized global Managed Network Services offerings, including Software Defined Wide Area Networking services.
  • Immunomedics (IMMU) disclosed in a regulatory filing that as a result of the pending litigation before the Delaware Chancery Court challenging the transactions contemplated by the License Agreement, the Company and Seattle Genetics (SGEN) have committed to the Court not to close the transactions contemplated by the License Agreement until March 10, 2017.
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  Mannkind receives $16.7 mln upon closing the sale of real estate owned by the co in Valencia, California, net of closing costs  (0.526)
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  Rockwell Medical updates progress on calcitriol commercial launch, stating that the FDA has requested that the Co resubmit the application for the new contract manufacturer as a Prior Approval Supplement and pay a fee for the Agency review  (6.00)As a result, the Company anticipates Calcitriol to become commercially available in the U.S. market in approximately 4-6 months. Calcitriol is Rockwell's FDA approved active Vitamin D injection for the management of hypocalcemia in patients undergoing chronic renal dialysis.
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  Lumos Networks downgraded to Hold from Buy at Drexel Hamilton  (15.23)
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 S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +10.60.

Equity futures point to a higher open on Wall Street as the S&P 500 futures trade five points (0.2%) above fair value.

U.S. Treasuries hold losses on Tuesday morning amid a speech from Minneapolis Fed President Kashkari (FOMC voter) and ahead of comments from Philadelphia Fed President Harker (FOMC voter). San Francisco Fed President Williams is also scheduled to speak on Tuesday, but his comments hold less weight given that he is not a voting member on this year's FOMC.

Also of note, the U.S. Dollar Index (101.51, +0.59) holds a solid 0.6% gain this morning as the greenback is up 0.7% and 0.5%, respectively, against the euro (1.0536) and the Japanese yen (113.68). The pound (1.0535) also trades lower against the U.S. dollar, down 0.3%.

Retailers have dominated the earnings front this morning with several large-cap names reporting their quarterly results. The reactions have been favorable so far with Wal-Mart (WMT 71.86, +2.49) adding 3.6% in pre-market trade after beating earnings estimates and raising its dividend.

Investors will not receive any notable economic data on Tuesday.

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  Nokia initiated with a Buy at Craig Hallum  (5.05)
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  Crude futures rally towards the higher bound of their FY17 trading range as net long US crude futures/options positions reach a record high on the heels of last week's headlines OPEC may consider further production cuts  (11.39)

Crude futures for April delivery were up about $1.17 (+2.2%) around the $54.95/barrel level on the heels of last week's headlines that OPEC was considering deeper production cuts & may extend the coordinated output reduction effort with non-OPEC producers at the next official OPEC meeting, scheduled to take place in Vienna, Austria on May 25th. This latest rally brings crude near the top of its trading range (roughly between $50-55/barrel) so far in 2017. Other factors providing a boost to oil prices this morning include:

  • At a weekend conference in London, OPEC Secretary General Mohammad Barkindo stated that oil inventories would decline further this year & Jan data showed conformity from participating OPEC nations, with output curbs above 90%. Barkindo stated, «All countries involved remain resolute in the determination to achieve a higher level of conformity.»
  • OPEC also stated it was sticking to its agreement to cut production and hoped compliance with the deal would be even higher.
  • Analysts at Citi are forecasting crude oil prices to possibly be near $70/barrel by the end of 2017.
  • Note: Net long US crude futures & options positions are at a record high & could be a source of increased volatility going forward, given a bearish catalyst.
  • Upcoming data reminders (as a result of Monday's holiday):
    • API data will be released tomorrow at 4:30 pm ET.
    • Weekly EIA petroleum data will be released this Thursday at 11:00 am ET.
    • Baker Hughes rig count data will be released at its normally scheduled time on Friday at 1 pm ET.
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  Helix Energy upgraded to Overweight from Equal Weight at a boutique firm  (7.41)
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  EMSC reporting a 6.4 magnitude quake 143 km E of Sucre, Bolivia  (31.83)We'd point out that during the weekend, there was a 6.3 magnitude quake 50 km NW of San Antonio de los Cobres, Argentina
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  Huron Consulting downgrade details — to Mkt Perform at Barrington Research; Preliminary 2016 results below expectations due to weakness in Healthcare segment  (42.60)Barrington Research downgrades HURN to Mkt Perform from Outperform. On February 16, after the market close, Huron announced preliminary 2016 results, initial 2017 guidance and the planned acquisition of strategic consulting firm Innosight. The company held a conference call on February 17 to discuss these developments. Starting with 2016 results, rev is expected to be $726.3 million (+3.9% YOY), lower than guidance of $730-740 million. Huron sees 2016 adjusted EPS of $3.21 (+7% YOY), below guidance of $3.25-3.35. This implies Q4/16 revenue of $178.2 million and adjusted EPS of $0.58, short of firm's ests of $187.3 million and $0.67, respectively. Additionally, initial 2017 guidance was also below expectations due to Healthcare challenges.
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  Dentsply Sirona downgrade details — to Mkt Perform at Barrington Research  (62.68)Barrington Research downgrades XRAY to Mkt Perform from Outperform noting co generated $996.5 million in rev for Q4, below firm's est of $1.02 billion and the consensus est of $1.01 billion. Constant currency growth for the combined businesses (DENTSPLY and SIRONA) was 4.3%. Internal rev growth was 1.8%. The internal growth result includes the negative impact of a channel inventory reduction due to the change in relationship between the company and Patterson (PDCO — NOT RATED). Firm admits that, while they like what XRAY is doing to position itself for the longer term, they think that both the very modest and lower earnings growth now expected in 2017 (along with the back-end loaded nature of it) and their reduced EPS expectations through 2019 will likely put a nearterm cap on share price appreciation for at least the next couple of quarters.
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  On The Wires
  • Workiva (WK) and OpenGov jointly announced today a partnership to help state and local governments modernize their budgeting and financial reporting processes.
  • Cree (CREE) announced that McLaren Health Care has selected Cree LED Lighting and Cree SmartCast Technology to modernize exterior and interior lighting across 11 hospitals. Cree's advanced LED solutions go beyond light with intelligence that automatically adapts to the environment to deliver greater energy savings and personalized environments that promote comfort, safety and security for McLaren patients, visitors and staff. 25,000 Cree outdoor and indoor LED fixtures, including over 12,000 Cree SmartCast intelligent lighting fixtures are installed throughout the facilities, enabling McLaren to reduce their energy costs by 66 percent and realize an estimated savings of over $1.6M annually in energy and operating expenses.
  • Nutanix (NTNX) announced an application virtualization project to achieve Internet Segregation for Sapporo City, the fifth largest population in Japan, and the largest city on the northern Japanese island of Hokkaido.
  • Veresen (FCGYF) announced it has entered into a suite of separate agreements to sell its power generation business for $1.18 billion. Veresen has maximized the value of its power business by selling the assets in three separate packages.
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  Hearing MakeMyTrip was downgraded to Reduce at Nomura  (33.55 -0.25)
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  Hearing Portland Gen Elec was downgraded to Underperform from Peer Perform at Wolfe Research  (42.74 -0.24)
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  Hearing Saneamento Basico was downgraded to Neutral from Buy at Citigroup  (10.82 -0.07)
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  Hearing Encana was downgraded premarket to Hold at GMP Securities  (12.39 +0.04)
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 Opening Market Summary: Stock Market Opens Tuesday at Record High

The S&P 500 opened Tuesday's session with a modest gain of 0.3%.

Energy (+0.6%) has shown relative strength in early action amid a 1.8% jump in crude oil, which currently trades at $54.79/bbl. The heavily-weighted financial sector (+0.5%) has also outperformed the broader market thus far.

On the flip side, the rate-sensitive utilities sector (-0.3%) trades in the red as selling pressure in the Treasury market has pushed interest rates higher. The benchmark 10-yr yield is up four basis points at 2.45%.

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  Hearing Relx was upgraded to Buy from Hold at Jefferies  (18.66 -0.12)
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 Economic Summary: NO US data today; Existing Home sales out tomorrow at 10:00 ETUpcoming Economic Data:
  • Weekly MBA Mortgage Applications due out Wednesday at 7:00 (Last Week was -3.7%)
  • January Existing Home Sales due out Wednesday at 10:00 (Briefing.com consensus of 5.57 M; December was 5.49 M )

Upcoming Fed/Treasury Events:

  • Fed's Hacker to speak today at 12:00 ET
  • Fed's Williams to speak today at 15:30 ET
  • The Treasury is scheduled to auction off new debt this week.  The results will be out at 13:00 ET each today.
    • Tuesday — $26 bln in 2 Year Treasury Notes
    • Wednesday — $34 bln in 5 Year Treasury Notes
    • Thursday — $28 bln in 7 Year Treasury Notes

Other International Events of Interest

  • Japan's February Manufacturing PMI 53.5 (expected 52.1; last 52.7). All Industries Activity Index -0.3% month-over-month (expected -0.2%; last 0.4%)
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  Public Service increases quarterly dividend to $0.43/share from $0.41/share  (43.71 +0.22)
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  Great Panther Silver updates the Mineral Resource Estimate for its Guanajuato Mine Complex   (2.14 -0.04)

Co states, " For 2017, we have more than doubled our drilling budget at the GMC, to 34,500 metres, and will continue our efforts to expand and further define the resource base at the Guanajuato and San Ignacio Mines, and the outlying El Horcon Project."

  • Estimated Measured and Indicated Mineral Resources at the GMC increased 15% from the previous Mineral Resource (news release of February 22, 2016) to 7,146,076 silver equivalent ounces
  • Estimated Measured Mineral Resources at the GMC increased 22% to 5,564,396 Ag eq oz from the previous Measured Mineral Resource, as San Ignacio Mine Indicated Mineral Resources were developed and categorized as Measured, and a slight increase in the Guanajuato Mine Measured Resource.
  • Estimated Indicated Mineral Resources at the GMC decreased 12% from the previous Indicated Mineral Resource to 1,581,680 Ag eq oz, due to an upgrade of San Ignacio Mine Indicated Mineral Resources to Measured Mineral Resources, and a slight decrease at the Guanajuato Mine.
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  Sector Summary: Technology (XLK +0.40%) trading higher today, modestly behind the broader market

The tech sector — XLK — trades modestly behind the broader market. Semiconductors, meanwhile, display relative strength as the SOX index trades +1.19%. Within the SOX index, AMD (+4.22%) outperforms, while ASML (-0.71%) lags. Among other major indices, the SPY is trading 0.55% higher, while the QQQ +0.43% and the NASDAQ +0.18% trade modestly higher on the session. Among tech bellwethers, NVDA (+2.36%) is showing relative strength, while NTES (-1.54%) lags.

Notable gainers following earnings:

  • CYOU (+6.3%) reported better than expected Q4 earnings and guided Q1 EPS and revs worse than expected, SOHU (+5.6%), XCRA (+4.6%)

Notable laggards following earnings:

  • DAKT (-14.2%) missed on the top and bottom lines for Q3, TVPT (-6.8%)

Gainers on news:

  • LMOS (+15.9%) co to be acquired by EQT Infrastructure for $18.00 per share.
  • AMZN (+1.1%) co to create 5,000 new full-time jobs this year across the UK.
  • VZ (+0.8%) shares trade modestly higher following reports that Verizon (VZ) /YHOO will cut deal price by up to $350 mln.
  • ACN (+0.2%) co to acquire SinnerSchrader for EUR9.00 per share.

Laggards on news:

  • SITO (-10.9%) co CEO Jerry Hug resigned effective today; Richard O'Connell, Jr. was appointed to serve as Interim CEO. Co also announced that based on sales activity for the first six weeks of Q1 2017, the company is confident that its Q1 Media Placement revenue will deliver strong growth over last year's Q1 Media Placement revenue.
  • BIDU (-0.8%) co disclosed that its majority-owned subsidiary Qiyi.com has recently completed the issuance of certain convertible notes to a group of investors for an aggregate investment amount of $1.53 bln.
  • TEF (-0.1%) co agreed to sell of up to 40% of Telxius to KKR (KKR) for EUR 1,275 mln.

Among notable analyst upgrades:

  • VZ (+0.8%) upgraded to Buy at MoffettNathanson
  • ZPIN (-0.2%) to Neutral from Underperform at Credit Suisse

Among notable analyst downgrades:

  • EIGI (-2.1%) downgraded to Underweight from Equal Weight at Morgan Stanley
  • LMOS (+15.9%) to Market Perform from Outperform at William Blair
  • LMOS (+15.9%) to Hold from Buy at Jefferies
  • LMOS (+15.9%) to Hold from Buy at Drexel Hamilton
  • MMYT (-0.5%) to Reduce at Nomura
  • MBLY (+1.3%) to Neutral from Buy at Monness Crespi & Hardt

Scheduled to report earnings after the bell:

  • FSLR, HCKT, FUEL, RUBI, SREV, SSNI

Scheduled to report earnings tomorrow morning:

  • CRTO, MBLY
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  NuStar Energy Chairman disclosed purchase of 20K shares worth about $1.08 mln (transaction date 2.16)  (53.76 +0.05)
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SPY шорт
 AMD шорт от 13,7
Рынок с ума сошел… куда он растет братцы???
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sereja К

 M
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sereja К

BABA шорт
BMY пробой лоу
WMT шорт жду
 CELG интересный
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sereja К

VZ с чата
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sereja К

 APC слабая
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sereja К

 OXY тоже
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sereja К

 вместе с рыноком сейчас на шорт сижу
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sereja К

 SYMC 29 уровень
 URI шорт от третьей вершины
 TRIP на лонг смахивает от 46,90
 жалко кончено что под уровнем
 X
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sereja К

 XOM c чата
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sereja К

 
  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:

  • QCOM Weekly Mar31 60 calls are seeing interest with 2780 contracts trading vs. open int of 1260, pushing implied vol up around 1 points to ~23% — co is scheduled to present at a Management Q&A on February 27. Co will also present at a Mobile World Congress on March 1 (annual general meeting March 7).  Co is confirmed to report earnings April 19 after the close.

Puts:

  • KBW Regional Bank ETF (KRE) Mar 58 puts are seeing interest with 2520 contracts trading vs. open int of 410, pushing implied vol up around 1 points to ~21% — nearly all the volume occurred in one 2.5K contract transaction.

Stocks seeing volatility selling:

  • FELE, DDS, AAP, HD, LL implied vol is lower following earnings/guidance

Sentiment: The CBOE Put/Call ratio is currently: 0.71… VIX: (11.64, +0.15, +1.3%).
March 17 is options expiration — the last day to trade March equity options.
*Please use the Talk to Us link at the top of the page to provide feedback on this comment as well as the OPTNX comments.

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 Morning Commodities: Gold extends last session's losses on a stronger dollar index & higher bond yields following Sunday's comments from the Cleveland Fed President; crude breaks out to session highs ahead of tomorrow's API
  • In precious metals, gold extended last session's losses on a stronger dollar index following Sunday's comments from Cleveland Fed President Mester
    • April 2017 gold futures were down about $4.50 (-0.4%) around the $1234.50/oz level
    • A stronger dollar & higher bond yields have been putting pressure on gold futures this morning
    • Mar 2017 silver futures were down about $0.05 (-0.3%) around the $17.99/oz level
  • The dollar index was +0.5% around the 101.45 level following Sunday's comments from the Cleveland Fed President, weighed on precious metals
    • Cleveland Fed President Loretta Mester said on Sunday that she would be comfortable raising rates if the U.S. economy kept performing.
    • Commodities, as measured by the Bloomberg Commodity Index, were +0.1% around the 88.17 level.
  • Crude oil broke out to session highs & was approaching the upper bound of its 2017 range ahead of tomorrow's API data release
    • April 2017 crude oil futures were up about $0.96 (+1.8%) around the $54.74/barrel level
    • Color on price action in oil:
      • Crude futures for April delivery rallied to session highs on the heels of last week's headlines that OPEC was considering deeper production cuts & may extend the coordinated output reduction effort with non-OPEC producers at the next official OPEC meeting, scheduled to take place in Vienna, Austria on May 25th. This latest rally brings crude near the top of its trading range (roughly between $50-55/barrel) so far in 2017.
      • Other factors providing a boost to oil prices this morning include:
        • At a weekend conference in London, OPEC Secretary General Mohammad Barkindo stated that oil inventories would decline further this year & Jan data showed conformity from participating OPEC nations, with output curbs above 90%. Barkindo stated, «All countries involved remain resolute in the determination to achieve a higher level of conformity.»
        • OPEC also stated it was sticking to its agreement to cut production and hoped compliance with the deal would be even higher.
        • Analysts at Citi are forecasting crude oil prices to possibly be near $70/barrel by the end of 2017.
        • Note: Net long US crude futures & options positions are at a record high & could be a source of increased volatility going forward, given a bearish catalyst.
    • Upcoming data reminders (as a result of Monday's holiday):
      • API data will be released tomorrow at 4:30 pm ET.
      • Weekly EIA petroleum data will be released this Thursday at 11:00 am ET.
      • Baker Hughes rig count data will be released at its normally scheduled time on Friday at 1 pm ET.
  • Natural gas futures plummeted 7.5% ahead of Thursday's inventory data on updated warmer weather forecasts across the US as winter winds down
    • Mar 2017 natural gas futures were down about $0.22 (-7.5%) around the $2.73/MMBtu level.
    • EIA weekly natural gas data will be released at its normally scheduled time this Thursday at 10:30 am ET.
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 Notable movers of interest: EXAS+16.7% on Q4 EPS beat, guidance

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

Large Cap Gainers

  • TEVA (37.13 +5.48%): Shares rise after Momenta Pharmaceuticals (MNTA) announces that the FDA issued a warning letter to its contracted Glatopa (glatiramer acetate injection) fill/finish manufacturer; Glatopa (glatiramer acetate injection) is the generic candidate of Teva's Copaxone.
  • VALE (11.41 +4.01%): New shareholders' agreement was filed, executed by Litel Participações S.A., Litela Participações S.A., Bradespar S.A., Mitsui & Co., and BNDES Participações.
  • EW (93.3 +3.97%): Shares rise after 10K disclosure that CardiAQ testing has been completed; enrollment has resumed.

Large Cap Losers

  • UL (44.38 -8.56%): Co and Kraft Heinz (KHC) jointly confirm that KHC has amicably agreed to withdraw its proposal for a combination of the two companies.
  • FCX (14.11 -5.4%): Downgraded to Sell from Hold at Deutsche Bank.
  • MAR (88.17 -1.33%): Downgraded to Hold from Buy at SunTrust.

Mid Cap Gainers

  • EXAS (23.24 +16.73%): Reports Q4 EPS beat; guides FY17 revenues above consensus.
  • RBA (34.16 +10.3%): Reports Q4 EPS and revenue beats.
  • TREX (75.9 +8.72%): Shares rise on Q4 EPS and revenue beats; Q1 revenue guidance slightly above consensus.

Mid Cap Losers

  • WAB (82.93 -5.51%): Shares fall after reporting Q4 EPS and revenue misses.
  • CBRL (163.12 -3.3%): Reports Q2 revenue miss; guides Q3 EPS below consensus; lowers FY17 revenue guidance. 
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  Workhorse Group outperforming early, +9%, after UPS (UPS) announced that it has successfully tested a drone that launches from the top of a UPS package car, autonomously delivers a package to a home and then returns to the vehicle while the delivery driver continues along the route to make a separate delivery.  (3.50 +0.29)UPS conducted the test on Monday in Lithia, Fla. with Workhorse Group (WKHS), an Ohio-based battery-electric truck and drone developer. Workhorse built the drone and the electric UPS package car used in the test.
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  On Deck Capital: EJF Capital increases stake to 7% (Prior 5.3%), changes shareholding position from passive to active, may seek to engage in discussions  (5.24 +0.35)The Subject Shares were acquired by the Funds for investment purposes. The Reporting Persons believe that the shares of Common Stock are undervalued and are an attractive investment. The Reporting Persons may seek to engage in discussions with management, the Issuer's Board of Directors and other shareholders of the Issuer and other persons concerning the business, assets, capitalization, financial condition, operations, governance, management, and strategic future plans of the Issuer.
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  General Finance Corp initiated with a Buy at Singular Research; tgt $9.20  (5.10 -0.25)
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  Argo Group increases quarterly dividend to $0.27/share from $0.22/shre  (66.65 +0.05)
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 Legg Mason shares see quick spike on vague M&A chatter  (38.35 +1.65)
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  Hearing Popeyes Louisiana Kitchen was downgraded to Neutral from Outperform at Wedbush in light of QSR takeout  (78.83 +12.71)
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 Sector Summary: Energy leads the broader market to new highs, crude futures extend gains ahead of tomorrow's API, & natural gas plummets to a fresh 3-month low on updated warmer weather forecasts

The Energy Sector (XLE, +1.1%) leads the broader market (SPY, +0.5%) to fresh highs in early afternoon trading. Crude oil (USO, +2.1%) futures see a notable extension rally after closing modestly higher on Friday. This latest rally comes on the heels of last week's headlines regarding OPEC possibly extending or engaging in deeper oil production cuts. Other factors boosting oil prices are highlighted below. Lastly, natural gas (UNG, -6.3%) futures plummet to their lowest level in 3-months on updated warmer weather forecasts across much of the US as the winter season comes to an end.

Color on price action in oil:

  • Crude futures for April delivery rallied to session highs on the heels of last week's headlines that OPEC was considering deeper production cuts & may extend the coordinated output reduction effort with non-OPEC producers at the next official OPEC meeting, scheduled to take place in Vienna, Austria on May 25th.
  • This latest rally brings crude near the top of its trading range (roughly between $50-55/barrel) so far in 2017.

Other factors providing a boost to oil prices this morning include:

  • At a weekend conference in London, OPEC Secretary General Mohammad Barkindo stated that oil inventories would decline further this year & Jan data showed conformity from participating OPEC nations, with output curbs above 90%. Barkindo stated, «All countries involved remain resolute in the determination to achieve a higher level of conformity.»
  • OPEC also stated it was sticking to its agreement to cut production and hoped compliance with the deal would be even higher.
  • Analysts at Citi are forecasting crude oil prices to possibly be near $70/barrel by the end of 2017.
  • Note: Net long US crude futures & options positions are at a record high & could be a source of increased volatility going forward, given a bearish catalyst.

Upcoming data reminders (as a result of Monday's holiday):

  • API data will be released tomorrow at 4:30 pm ET.
  • Weekly EIA petroleum data will be released this Thursday at 11:00 am ET.
  • Baker Hughes (BHI, +0.2%) rig count data will be released at its normally scheduled time on Friday at 1 pm ET.
  • EIA natural gas inventory data will be released at its normally scheduled time Thursday at 10:30 am ET.

Notable gainers:

  • Oil & Gas Drilling & Exploration: Seadrill (SDRL, +12%)
  • Equipment and services: Helix Energy Solutions Group (HLX, +14%)
  • Independent oil & gas: Mexco Energy (MXC, +7%)
  • Major-integrated: PetroChina Company (PTR, +3%)
  • Refining & Marketing: BP Prudhoe Bay Royalty Trust (BPT, +4%)
  • Pipelines: Martin Midstream Partners (MMLP, +2%)

Notable laggards:

  • Oil & Gas Drilling & Exploration: Eca Marcellus Trust I (ECT, -7%)
  • Equipment and services: GulfMark Offshore (GLF, -4%)
  • Independent oil & gas: San Juan Basin Royalty Trust (SJT, -2%)
  • Major-integrated: Ecopetrol (EC, -1%)
  • Refining & Marketing: Calumet Specialty Products Partners (CLMT, -2%)
  • Pipelines: Holly Energy Partners (HEP, -1%)

In current trade:

  • April WTI crude oil futures: up about $1.00 around $54.78/barrel (+1.8%)
  • Mar natural gas futures: down about $0.18 around $2.77/MMBtu (-6.1%)
  • April RBOB gasoline futures: up about $0.01 around $1.74/gallon (+0.1%)
  • April heating oil futures: up about $0.03 around $1.69/gallon (+1.8%)

Earnings/News

  • Holly Energy Partners (HEP, -1%) missed by $0.11, beat on revs
    • Reported Q4 earnings of $0.40 per share, $0.11 worse than the Capital IQ Consensus of $0.51; revenues rose 15.7% year/year to $112.53 mln vs the $107.32 mln Capital IQ Consensus.
    • Distributable cash flow was $58.5 mln, an increase of $4.9 mln, or 9.2% compared to the fourth quarter of 2015.
  • Crestwood Equity Partners (CEQP, -4%) reported Q4 results, beat on revs
    • Reported a Q4 loss of $1.20 per share, may not be comparable to the Capital IQ Consensus of $0.22; revenues rose 26.4% year/year to $795 mln vs the $565.12 mln Capital IQ Consensus.
    • FY17 Outlook: Net income of $0 to $30 mln. Adj EBITDA of $360 mln to $390 mln. Distributable cash flow of $200 mln to $230 mln.
  • InterOil (IOC, -0.2%) received approval from the Supreme Court of Yukon for the ExxonMobil (XOM, -0.1%) merger; expects the transaction to be completed this week
  • Williams Cos (WMB, +2%) increased the quarterly dividend to $0.30/share from $0.20/share.

Broker Calls

  • MRC Global (MRC, +4%) upgraded to Buy at Seaport Global Securities
  • Tallgrass Energy GP (TEGP, +3%) upgraded to Buy at Stifel
  • Laredo Petroleum (LPI, +5%) upgraded to Overweight at Piper Jaffray
  • Jagged Peak Energy (JAG, +4%) initiated with a Buy at Goldman
  • SemGroup (SEMG, +0.1%) resumed with a Equal Weight at Barclays
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  Rumor Round Up

Rumor Activity was slow to start out the week.

  • Legg Mason (LM 38.19 +1.43) vague M&A chatter circulated.
  • Nikkei Asian Review discussed that Toshiba (TOBSF 1.68 +0.07) plans to withdraw from nuclear plant plan.

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

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  Sector Summary: The Healthcare sector (+0.18%) is trading higher today, lagging the S&P 500 (+0.40%)Gainers on news:
  • Eyegate Pharma (EYEG +54.08%) enters into exclusive, worldwide licensing agreement with Valeant Pharmaceuticals (VRX)
  • Delcath (DCTH +40.89%) announces a study demonstrated that 45.7% of patients with ocular melanoma that metastasized to the liver who underwent percutaneous hepatic perfusion using investigational Melphalan/HDS experienced a complete or partial response
  • Cellect Biotech (APOP +14.75%) announces 'positive' final results from its clinical trial of ApoGraft in healthy donors
Decliners on news:
  • Cidara Therapeutics (CDTX -39.32%) reports that the Phase 2 RADIANT clinical trial in acute vulvovaginal candidiasi did not show sufficient efficacy to justify further development
  • Trevana (TRVN -33.94%) announces its Phase 3 APOLLO-1 and APOLLO-2 pivotal efficacy studies of oliceridine in moderate-to-severe acute pain following bunionectomy and abdominoplasty both achieved their primary endpoints
  • Amphastar Pharma (AMPH -16.79%) receives a CRL for its NDA for for Naloxone Hydrochloride 2mg/0.5mL Nasal Spray; CRL identifies issues including user human factors study, device evaluation, and other items that need to be addressed before the NDA can be approved
Gainers on earnings:
  • Community Health (CYH +26.16%) beats by $0.27, beats on revs; sees FY17 EPS in-line with consensus
  • EXACT Sciences (EXAS +12.46%) beats by $0.06, reports revs in-line; guides FY17 revs above consensus
  • Henry Schien (HSIC +2.96%) beats by $0.04, beats on revs; reaffirms FY17 EPS guidance
Decliners on earnings:
  • Momenta Pharma (MNTA -15.92%) beats by $0.82, beats on revs; provides expense guidance
  • Albany Molecular (AMRI -15.58%) misses by $0.14, misses on revs; guides FY17 EPS below consensus, revs below consensus
  • Ardelyx (ARDX -3.07%) reports Q4 GAAP EPS ($0.66) vs ($0.65) Cap IQ consensus and details plans to initiate second phase 3 trial mid-year 2017
Upgrades/Downgrades:
  • Inspyr Therapeutics (NSPX +16.67%) assumed with a Buy at Rodman & Renshaw; tgt $2
  • Miragen Therapeutics (MGEN +12.46%) initiated with an Outperform at Wedbush; $19 tgt
  • STRATA Skin Sciences (SSKN +3.3%) assumed with a Buy at Rodman & Renshaw; tgt $1.50
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  Hearing Popeyes Louisiana Kitchen was downgraded to Sell at Feltl & Co. after QSR buyout  (78.81 +12.69)
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 Stocks/ETFs that traded to new 52 week highs/lows this session — New highs (399) outpacing new lows (27)Stocks that traded to 52 week highs: AAOI, AAPL, AB, ABCB, ACGL, ACWI, ACWX, ADBE, ADI, ADSK, ADX, AEHR, AEL, AER, AFG, AINV, AJG, AKAO, AL, ALGN, ALLE, AMAT, AME, AMH, AMP, AMZN, ANET, ANSS, AON, APH, ARCC, ARDC, ARE, ASG, ASGN, ASTE, ATSG, AUDC, AVGO, AXP, AXTI, AZPN, B, BA, BAC, BAM, BANR, BAX, BCR, BDX, BEAV, BEN, BG, BIF, BIO, BKMU, BLKB, BMO, BNCN, BOJA, BPFH, BRKS, BWA, CAG, CAI, CATY, CB, CBG, CBOE, CBS, CBSH, CC, CCMP, CDC, CDK, CDNS, CDW, CE, CENT, CENTA, CFA, CFR, CGNX, CHRW, CHW, CIBR, CIEN, CIG, CIM, CIT, CM, CMI, CNI, COF, COHU, COMM, COO, COST, CPRT, CPS, CSCO, CSII, CSTM, CTXS, CUB, CUNB, CVBF, CY, DEI, DGRW, DHR, DIAX, DOW, DPZ, DWCH, EBAY, ECPG, EFR, EMF, EMKR, ENTG, EPZM, EQM, ESPR, EV, EVF, EWZS, EXAR, EXAS, EXEL, EXPD, EXTR, FATE, FBNC, FBZ, FCB, FDS, FEX, FGB, FIS, FISI, FISV, FLEX, FN, FNX, FTA, FTC, FTV, FUN, FV, FVC, GAB, GBT, GD, GEO, GGB, GGG, GGT, GLW, GMED, GOGL, GOL, GS, GSBD, GSIT, GT, HAS, HBAN, HBHC, HCA, HCLP, HD, HEI, HEI.A, HON, HRC, HRG, HRS, HTGC, HTLF, HUBS, HUN, HYH, HYLS, HZO, IDCC, IFV, INGN, IPHI, IRWD, ISBC, ISRG, ITW, IXUS, JBL, JKHY, JMLP, JPM, KEM, KINS, KLAC, KLIC, KN, KRNT, KRO, LAMR, LBAI, LITE, LLL, LLTC, LM, LMIA, LMOS, LPX, LSXMA, LSXMK, LUK, LXP, LYV, MASI, MDCO, MED, MEOH, MGLN, MKSI, MKTX, MMC, MMSI, MO, MRCY, MRVL, MSFG, MSM, MT, MTD, MTN, MTOR, NANO, NATI, NCR, NGHC, NRZ, NSA, NSC, NSL, NVMI, NXST, OCLR, OFC, OGE, OLLI, OLN, ON, ONB, OOMA, ORA, ORCL, PBT, PCMI, PDM, PEN, PF, PG, PGR, PKX, PLKI, PLXS, PM, PODD, POOL, PRAA, PRAH, PRCP, PRIM, PRU, PSCT, PSEC, PWR, PXLW, QQEW, QQQ, QRVO, QSR, QTEC, RAVN, RDVY, RHP, RHT, RJF, RMAX, RMD, RNG, RNR, ROBO, ROG, ROP, RP, RSG, RTN, RUSHA, RVT, RY, SAH, SANM, SAP, SASR, SBGI, SBLK, SCD, SCM, SF, SGM, SGRY, SHLO, SHOP, SHW, SIRI, SIVB, SKYY, SLRC, SMTC, SNI, SNOW, SOXX, SPGI, SPNC, STL, STM, STMP, STRL, SUNS, SWKS, SYK, TCBK, TCP, TCPC, TD, TDIV, TDS, TDY, TEGP, TEP, TER, TGS, THO, TIF, TMST, TQQQ, TREX, TROX, TRTN, TSC, TSEM, TSLX, TTC, TWI, TWNK, TWO, TY, USFD, USPH, UTEK, UTHR, V, VAC, VALE, VBTX, VEDL, VLY, VMW, VNO, VNTV, VONE, VONG, VONV, VRML, VSAR, VTWO, VUSE, VXUS, WAL, WB, WBA, WBK, WBS, WCN, WD, WIRE, WIX, WLK, WM, WRB, WTFC, WY, X, XCRA, XL, XXIA, ZIXI

Stocks that traded to 52 week lows: ALQA, AXSM, CDTX, DRRX, DRWI, ENT, GALE, GBSN, GEC, GEVO, GPOR, ICLD, KONA, LN, NAO, NCMI, PMF, RTK, SABR, SAEX, SITO, SQQQ, ULTRQ, VLRS, VLTC, VMEMQ, WMIH
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 Thinly-Traded Stocks/ETFs that to traded to 52 week highs/lows this sessionThinly-Traded Stocks (ADV below 45k) that traded to 52 week highs on High Volume: AC, ADRE, AIA, AIQ, ARKR, AVNW, BANF, BCBP, BCRH, CART, CARZ, CATH, CDL, CEL, CFCB, CFO, CHFN, CIGI, CLBH, DDF, DTRM, DWAT, DXGE, DXJS, EARN, ENFC, EQS, EVBS, FAB, FAD, FCFP, FDT, FEMS, FHY, FJP, FNK, FNY, FORK, FTCS, FYC, GBLI, GCH, GRP.UT, GRVY, HBMD, ISTR, ITEQ, JKI, JSMD, KMDA, KRMA, KURA, LFGR, LGI, LOR, LVHD, MILN, MMAC, MPB, MSP, NAUH, NCBS, NPK, NTZ, OCIP, OLBK, ONEQ, OPOF, OSB, PBNC, PEBK, PEBO, PKBK, PLBC, PNQI, POPE, PRFZ, PSCH, PTNR, QCLN, QCRH, QQXT, QYLD, RFAP, RFDI, SAL, SMCP, TCFC, TCI, TORM, TRCB, TUSA, VTHR, VTWG, WOOD, ZPIN

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

ETFs that traded to 52 week highs: DIA, DVY, EEB, EIS, EPOL, EWJ, FDN, IGN, IGV, IHI, IOO, ITA, IWF, IWM, IYF, IYG, IYJ, IYK, IYM, JNK, KCE, KIE, KRE, MDY, OEF, PHO, PIN, PPA, QQQ, REMX, SDY, SKYY, SMH, SOXX, SPY, UWM, UYG, VTI, XBI, XLF, XLI, XLK, XLY

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: CYH (8.7 +26.12%), EXAS (22.36 +12.32%)
  • Materials: TROX (17.76 +23.15%), KRO (15.46 +8.57%)
  • Industrials: SBLK (9.49 +14.89%), GNK (11.1 +12.46%), RBA (34.77 +12.27%), GOGL (6.46 +10.14%), SALT (7.73 +9.57%)
  • Consumer Discretionary: LL (18.53 +20.64%), PLKI (78.82 +19.21%), GNC (8.63 +12.96%), SAH (25.95 +9.26%)
  • Information Technology: SOHU (42.94 +9.11%), CYOU (27.24 +8.7%), SPWR (8.57 +8.61%)
  • Financials: OCN (5.69 +8.59%)
  • Energy: HLX (8.41 +13.5%), SDRL (2.15 +10.82%)
Today's top 20 % losers
  • Healthcare: TRVN (4.75 -33.39%), MNTA (15.93 -16.18%), AMPH (15.49 -15.82%), AMRI (16.07 -13.65%), IMMU (4.94 -7.49%), AGIO (50.42 -6.78%)
  • Materials: NAK (2.05 -9.29%), FCX (14.12 -5.3%)
  • Industrials: VLRS (12.55 -7.99%), WAB (82.72 -5.75%)
  • Consumer Discretionary: ENT (4.57 -26.61%), NEWM (15.04 -5.35%)
  • Information Technology: DAKT (8.67 -14.24%), PI (28.78 -7.67%), TVPT (13.19 -6.72%)
  • Financials: ORC (10.02 -7.56%), UIHC (14.93 -6.39%), HSBC (41.51 -5.47%)
  • Consumer Staples: UN (44.95 -7.88%), UL (44.76 -7.77%)
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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: CYH (14.33 mln +26.12%), TEVA (13.89 mln +3.12%)
  • Materials: FCX (31.42 mln -5.3%), VALE (17.26 mln +4.24%), AUY (11.95 mln -2.91%), NAK (9.13 mln -9.29%), X (8.71 mln +2.8%), AKS (8.57 mln +2.26%)
  • Consumer Discretionary: F (10.87 mln +0.5%), VIPS (10.76 mln +6.62%), M (9.31 mln +1.24%)
  • Information Technology: AMD (24.87 mln +4.57%), AAPL (9.5 mln +0.55%), MU (8.94 mln +1.61%)
  • Financials: BAC (30.69 mln +0.79%)
  • Energy: CHK (16.86 mln -0.74%), SDRL (10.34 mln +10.82%), PBR (8.16 mln +1.95%), WLL (7.9 mln +3.83%)
  • Consumer Staples: WMT (12.06 mln +2.91%)
Today's top relative volume (current volume to 1-month average daily volume)
  • Healthcare: TRVN (12.77x -33.39%), CYH (4.59x +26.12%), MNTA (3.55x -16.18%), EXAS (2.79x +12.32%), AMRI (2.29x -13.65%)
  • Materials: TROX (3.03x +23.15%), KRO (3.01x +8.57%)
  • Industrials: WAB (2.22x -5.75%), DGI (2.1x -2.93%)
  • Consumer Discretionary: PLKI (10.92x +19.21%), LL (8.19x +20.64%), ENT (4.11x -26.61%), DIN (2.68x +3.48%), VIPS (2.27x +6.62%), SNI (2.2x +8.47%)
  • Information Technology: DAKT (3.38x -14.24%), XCRA (2.2x +5.18%)
  • Financials: ORC (3.26x -7.56%), LM (2.49x +4.36%)
  • Consumer Staples: UN (2.35x -7.88%)
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  Today's biggest point gainers/losersBiggest point gainers: PLKI 78.8(12.68), SJM 141.9(5.95), SNI 81.94(5.9), TSLA 277.94(5.71), HSIC 173.18(5.07), CMG 432.34(4.73), PXD 196.69(4.69), TREX 74.36(4.55), AYI 224.6(4.31), WLK 65.59(3.93), SOHU 43.21(3.86), QSR 57.49(3.59), RBA 34.53(3.56), SINA 79.16(3.54), TROX 17.84(3.42), EW 93.13(3.39), TDG 252.95(3.21), BA 175.9(3.19), ADNT 67.19(3.18), LL 18.48(3.12), SPG 184.08(2.99), NVDA 109.99(2.76), VSAR 18.99(2.64), WB 57.91(2.6), HDB 72.99(2.59)

Biggest point losers: CBRL 161.92(-6.78), TSRO 185.39(-4.98), WAB 82.94(-4.83), UN 44.89(-3.9), UL 44.67(-3.86), AGIO 50.24(-3.85), NTES 293.44(-3.81), KHC 93.51(-3.14), MNTA 15.93(-3.08), AMPH 15.41(-3), AMRI 15.91(-2.7), PI 28.62(-2.55), HSBC 41.51(-2.4), GPC 98.46(-2.21), IBB 292.19(-2.16), BIIB 286.84(-2.1), CLVS 63.82(-1.98), ATHN 117.24(-1.73), BLUE 75.5(-1.6), DXCM 80.31(-1.58), YY 46.52(-1.53), MAR 87.89(-1.47), DDS 56.93(-1.46), CELG 119.7(-1.46), SPH 25.98(-1.42)
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  JELD-WEN initiation details — Overweight at Barclays; tgt $35  (29.99 +0.51)Barclays initiates JELD with a Overweight and price target of $35. Unique cost-out and operational improvement story driving significant, non cycle-dependent earnings growth; Across firm's coverage universe, they have been hunting for investment opportunities that aren't solely reliant on a debate of when or whether housing starts reach 1.4 or 1.5 mln units, or if home improvement is going to be a 4% or 5% CAGR. JELD is the epitome of what they are looking for. They see a unique, multi-year cost-out and operational improvement story, supported by a strong and deep mgmt team which is bringing proven track records and tools from the multi-industry world to a previously under-managed business. Firm expects this to drive meaningful value creation.
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  SemGroup resumed with a Equal Weight at Barclays; tgt $43 — details  (40.15 +0.10)Barclays resumes coverage of SEMG with a Equal Weight and sets target price at $43. Firm ests the stock is currently trading at 11.4x 2018E EV/EBITDA and think it should trade more along the lines of 12.0x, which is where firm is basing tgt off of. In its new form, firm expects SEMG to fund its growth opportunities with internally generated cash flow and balance sheet capacity, removing reliance on the external equity markets. At this time, they are inclined to think that the company may keep the dividend flat over '16 as they est growth capex to be ~$300 million, which could possibly move higher as it continues to evaluate the viability of other projects, pushing leverage to ~4.5x sometime this year. They est dividend coverage of ~1. 5x for the year, rising as high as 1.78x in outer years (assuming 8.0% annual dividend growth in '18-'20) due to the current slate of growth projects under development and their assumption of no equity issuances over the duration of firm's forecast.
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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: + 1.2%
  • France's CAC: + 0.5%
  • Spain's IBEX: + 0.3%
  • Portugal's PSI: + 0.5%
  • Italy's MIB Index: + 0.3%
  • Irish Ovrl Index: + 1.1%
  • Greece ASE General Index: + 1.4%
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  New Supply

Treasury Auction Preview

  • $26 bln 2-year Treasury auction (results at 13:00 ET)
    • Prior auction results
      • High yield: 1.210%
      • Bid-to-cover: 2.68
      • Indirect bid: 48.8%
      • Direct bid: 9.3%
    • Average results of prior 12 auctions
      • High yield: 0.903%
      • Bid-to-cover: 2.71
      • Indirect bid: 42.6%
      • Direct bid: 15.0%
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  Radiant Logistics — volume alert  (5.41 +0.42)
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 Sector Summary: Industrials trade lower than the broader market

The Industrials sector (XLI) is trading 0.3% higher today, lower than the broader market (SPY +0.5%). In a slow day for the Industrial Sector, American Electric Technologies (AETI +5.4%) receives $6 mln of contracts to provide turnkey power delivery solutions for a North American provider of midstream energy services.

Earnings/Guidance

  • Expeditors (EXPD -0.7%) reports Q4 earnings of $0.61 per share, $0.02 better than the consensus of $0.59; revenues rose 2.9% year/year to $1.64 bln vs the $1.62 bln consensus.
  • AerCap (AER +1.7%) reports Q4 GAAP earnings of $2.01 per share, $0.51 better than the Capital IQ GAAP Consensus of $1.50; revenues rose 2.3% year/year to $1.37 bln vs the $1.23 bln consensus.
  • Wabtec (WAB -5.8%) reports Q4 earnings of $0.81 per share, excluding $0.39 in non-recurring items, $0.13 worse than the consensus of $0.94; revenues fell 8.7% year/year to $760 mln vs the $784.15 mln Capital IQ Consensus.
  • Nordson (NDSN -0.8%) reports Q1 earnings of $0.86 per share, $0.04 better than the consensus of $0.82; revenues rose 9.5% year/year to $407.5 mln vs the $396.98 mln consensus.
    • Co issues guidance for Q2, sees EPS of $1.21-1.33 vs. $1.23 consensus; sees Q2 revs of +3-7% YoY to $450.7-$468.2 mln vs. $448.04 mln consensus.
    • Additionally, co entered into a definitive agreement to acquire Vention Medical's Advanced Technologies business, a leading designer, developer and manufacturer of minimally invasive interventional delivery devices, catheters and advanced components for the global medical technology market, for $705 million in an all cash transaction. The acquisition will be accretive to GAAP earnings per share in FY17.

Additional Industrials reporting earnings/guidance: PWR +3.5% RBA +12.6% TREX +6.7% FELE +7.1% MDR +0.3% XXIA +0.1% ASTE -0.6% GMS +0.2% PGTI -3.7%

News

  • American Electric Technologies (AETI +5.4%) receives $6 mln of contracts to provide turnkey power delivery solutions for a North American provider of midstream energy services.
    • Co received orders for IntelliSafe arc-resistant switchgear and M&I turnkey solutions to power a new pipeline designed to transport Permian Basin crude oil and condensate from the customer's Midland, Texas terminal to its storage facility west of Houston.
    • Co received a separate order for the IntelliSafe to provide safe power distribution for the expansion of the customer's Houston-based terminal that provides crude storage capacity and a pipeline that links the terminal with refining facilities in the southeast Texas refinery market.

Broker Research

Upgrades

  • Star Bulk Carriers (SBLK +14.8%) upgraded to Buy from Hold at Deutsche Bank.
  • GasLog (GLOG +2.5%), MRC Global (MRC +4.7%) upgraded to Buy from Neutral at Seaport Global Securities

Downgrades

  • Volaris Aviation (VLRS -8.4%) downgraded to Equal-Weight from Overweight at Morgan Stanley.
  • Huron Consulting (HURN -0.2%) downgraded to Mkt Perform from Outperform at Barrington Research.

Other

  • JELD-WEN (JELD +1.8%) initiated with a Buy at Deutsche Bank; $36 tgt.
  • JELD-WEN (JELD +1.8%) initiated with an Overweight at Barclays; $35 tgt.
  • JELD-WEN (JELD +1.8%) initiated with a Neutral at JP Morgan; tgt $32.
  • FBR & Co. initiates JELD-WEN (JELD +1.8%) with a Mkt Perform and price target of $33.
  • RBC Capital Mkts initiates JELD-WEN (JELD +1.8%) with an Outperform and price target of $35.
  • JELD-WEN (JELD +1.8%) initiated with a Outperform at Wells Fargo.
  • JELD-WEN (JELD +1.8%) initiated with a Hold at SunTrust; tgt $31.
  • Robert W. Baird initiates JELD-WEN(JELD +1.8%) with a Outperform and price target of $34.
  • RBC Capital Mkts raises their Deere (DE -1%) tgt to $109 from $98.
  • RBC Capital Mkts lowers their Flowerserve (FLS +0.4%) tgt to $43 from $44.
  • Wedbush lowers their Gibraltar (ROCK +1.3%) tgt to $50 from $52.
  • Stifel raises their Advanced Disposal (ADSW +1.7%) tgt to $25 from $23.
  • General Finance Corp (GFN -2.8%) initiated with a Buy at Singular Research; tgt $9.20.
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  Manitowoc EVP disclosed purchase of 5K share worth about $32K (transaction date 2.21)  (6.62 +0.08)
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  Market Internals

The broader market begins the week on a high note, led to the upside thus far by the S&P 500 which gains about 10 points (+0.42%) to 2361, the Dow Jones Industrial Average adds 83 (+0.40%) to 20707, and the Nasdaq Composite is up about 13 (+0.22%) to 5851. Action has come on higher than average volume (NYSE 337 vs. avg. of 316; NASDAQ 850 mln vs. avg. of 786), with advancers outpacing decliners (NYSE 1987/998, NASDAQ 1526/1268) and new highs outpacing new lows (NYSE 241/9, NASDAQ 297/23).

Relative Strength:

Poland-EPOL +2.5%, Copper Miners-COPX +2.2%, Clean Energy-PBW +2.2%, Rare Earth Metals-REMX +2.1%, Coal-KOL +2.0%, US Oil-USO +1.9%, Coffee-JO +1.9%, Steel-SLX +1.9%, Greece-GREK +1.7%, India-INP +1.7%, Emrg. Mkts. M. East&Africa-GAF +1.6%, Brazil-EWZ +1.6%, S. Korea-EWY +1.5%, Latin Am. 40-ILF +1.5%.

Relative Weakness:

US Nat Gas-UNG -7.4%, Netherlands-EWN -1.4%, Thailand-THD -1.0%, Colombia-GXG -0.9%, Saudi Arabia-KSA -0.8%, Cocoa-NIB -0.8%, Gold Miners-GDX -0.7%, Biotech-IBB -0.6%, Swiss Franc-FXF -0.6%, Platinum-PPLT -0.6%, Japanese Yen-FXY -0.5%, Silver Miners-SIL -0.5%, Austria-EWO -0.4%, Grains-JJG -0.4%.

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  Hearing Arris was initiated earlier with a Market Perform at Northland Capital; tgt $30  (30.06 -0.14)
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  Hearing Colgate-Palmolive was upgraded earlier to Outperform from Neutral at Exane BNP Paribas  (73.11 +1.13)
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  Hearing Park Hotels & Resorts was initiated earlier with a Neutral at BofA/Merrill  (27.01 -0.01)
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  Hearing China Life Insurance was upgraded to Buy from Neutral at Citigroup  (15.79 +0.23)
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  Hearing Mitsubishi Financial was upgraded earlier to Buy from Neutral at Citigroup  (6.84 +0.12)
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  Hearing Changyou.com was upgraded to Neutral from Underperform at Macquarie  (28.15 +3.09)
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  Hearing Cree was resumed earlier with a Overweight at JP Morgan; tgt $30  (27.14 +0.65)
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  Hearing GeoPark was upgraded earlier to Outperform from Market Perform at Itau BBA  (5.05 +0.15)
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  Hearing Global Eagle was downgraded earlier to Neutral from Overweight at Piper Jaffray  (4.39 -1.83)
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  JELD-WEN initiation details — Buy at Deutsche Bank; tgt $36  (29.99 +0.51)Deutsche Bank initiates JELD with a Buy and price target of $36. The opportunity in JELD-WEN's stock arises from both the company's leading global positions in windows/doors and the under-management of the business during the great recession and in the early years of recovery. So investors have the opportunity to invest in a high quality set of businesses that are being brought up to their full potential by new mgmt. The continued recovery in many global construction markets, especially the US, provides a rev growth backdrop, but the JELD-WEN story will mainly be driven by mgmt's ability to expand margins. JELD-WEN enters firm's coverage as one of their top picks.
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  Freeport-McMoRan downgrade details — to Sell at Deutsche Bank; tgt lowered to $12.50  (14.09 -0.82)Deutsche Bank downgrades FCX to Sell from Hold and lowers their tgt to $12.50 from $14. Following news that Freeport has failed to reach an agreement to export copper concentrate from Indonesia, firm now assumes 1) Grasberg operates on scaled-back mode, only supplying the local Gresik smelter for the remainder of 2017 and 2) underground development and ramp-up (production and capex both pushed-out) are delayed a further 18 months. They now value PT-FI's share of Grasberg at $11.7bn ($8.3/sh), down from $12.9bn ($9.1/sh). Grasberg is a high quality, long life, low cost asset, but ownership and operating risks continue to increase. As a result of Grasberg assumption changes, they have reduced PT from $14/sh to $12.5/sh (~1x NPV) and downgrade to Sell.
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  REV Group initiation details — Hold at Deutsche Bank; tgt $30  (26.59 -1.00)Deutsche Bank initiates REVG with a Hold and price target of $30. Firm feels REV is among the largest OEMs in the niche, fragmented US specialty vehicles market, and holds the #1/2 market position for 72% of its revenue. They see significant medium-term growth opportunity via a combination of organic growth and continued bolt-on deals, however, given limited upside to their price target, initiate with a Hold rating. Post-IPO, REV now trades at 24x 2017e EPS, a premium to OSK/WGO and a modest discount to PCAR; firm cannot assess the stock as cheap given that they view OSK as its best comp.
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  Star Bulk Carriers upgrade details — to Buy at Deutsche Bank; tgt raised to $12  (9.46 +1.20)Deutsche Bank upgrades SBLK to Buy from Hold and raises their tgt to $12 from $3.50 implying about 45% add'l upside to current levels. Firm's revisions reflect increasing confidence in the dry bulk market recovery, unpinned by stable-to-improving demand drivers and positive outlook for net supply growth. They also see strong potential for continued improvement in asset values, which SBLK has significant leverage to given its huge 73-ship fleet. Ultimately they see potential for shares to move beyond their $12 target in a rate recovery scenario, with their «blue sky» valuation pointing to $22 per share.
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  Sector Summary: S&P Consumer Discretionary Index +0.4%, in-line with the broader marketThe consumer discretionary group is in-line with the broader market. The retail group is outperforming with heavyweight Wal-mart higher following earnings/dividend raise. The Retail HOLDRS Trust (RTH) 0.8% and the SPDR S&P Retail ETF (XRT) 0.7%.

Notable earnings/guidance

  • Trading higher following earnings/guidanceLL +15.8%, SNI +7.3%, MDLZ 4.7% (Mondelez Int'l highlights Consumer Analyst Group of New York presentation, reaffirms FY17 outlook), FDP +4%, WMT +3.3%, SEAS 2.8% (SeaWorld Entertainment expects FY16 total revs of $1.344 bln vs $1.345 bln consensus), GPC -3.8% (Genuine Parts increases quarterly dividend to $0.675/share from $0.66/share), AAP +0.5%, M +0.4%
  • Trading lower following earnings/guidance: DDS -5.6%, CBRL -4.1%, GPC -3.9%
In the news:
  • Leaders
    • PLKI 19.1% / QSR 6.7% (Popeyes Louisiana Kitchen agrees to be acquired by Restaurant Brands for $79.00/share in cash, or approximately $1.8 bln)
    • FCH 10.3% / AHT -0.7% (Ashford Hospitality Trust submits non-binding proposal to acquire FelCor for a total consideration of $9.27 per share; also nominates slate of seven independent directors for election to FelCor's Board)
    • MTN 1.3% (to acquire Stowe Mountain Resort)
    • GM 2% and PEUGF 5.1% (Peugeot SA reports on 'constructive meeting' between IG Metall, Gerneral Motors Opel unit's European Works Council, and PSA Group; also Barron's profiles positive view on General Motors)
    • ZX 1.9% (China Zenix Auto International announces the settlement of a shareholder lawsuit), LOW 0.3% (following HD results), GIS 2.4% (following KHC/Unilever news), BLMN 0.5% (higher despite being downgraded to Neutral from Overweight at JP Morgan), DKS 0.4% (higher despite being downgraded to Perform from Outperform at Oppenheimer), DPZ 0.5% (Tiger Global increases passive stake to 6.2%), IPG 0.4% (in 10-K confirms that one of its standalone domestic agencies has been contacted by the Department of Justice Antitrust Division for documents regarding video production practices and is cooperating with the government
  • Laggards
    • UN -7.9% and KHC -3.7% (Unilever and Kraft Heinz jointly confirm that KHC has amicably agreed to withdraw its proposal for a combination of the two companies)
    • CZR -1.6% / CACQ -3.1% (Caesars Entertainment and Caesars Acquisition announce amendment to merger agreement; enters into committed financing agreements for proposed new senior secured credit facilities, comprising up to $1,235 mln in the aggregate principal amount of a seven-year senior secured term loan facility and up to $200 mln in the aggregate principal amount of a five-year senior secured revolving credit facility)
    • CIDM -4.6% (executes exchange agreements; sees approx. $480k in annual interest savings)
  • Nearly unchangedSIX (Six Flags signs agreement w/ Riverside Investment Group to build a Six Flags-branded park in Chongqing, which is expected to open in 2020), HAR  (Harman stockholders approved Samsung merger at today's Special Meeting of stockholders)

Looking ahead:

  • On the earnings frontACC, CHEF, DL, HVT, KAR, LZB, NLS, RRGB, SHO, TXRH report after the close
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  Earnings Calendar for Tuesday, February 21st
  • Today after the close look for the following companies to report:
    • EIX, XPO, FE, ES, TX, NEM, BZUN, QUAD, WCN, HLS, TEX, AWK, KAR, VMI, CXO, VRSK, TXRH, MATX, PZZA, FSLR, LZB, NFX, WLL, SPN, CPRT, CHEF, KALU, RRGB, SHO, EXR, HVT, ACC, WMGI, MMSI, IPHS, WRI, NLS, DEPO, FUEL, DAC, QTS, PSB, ARC, IVR, SSNI, IRWD, SREV, HCKT, RPT, HCI, HCLP, HSTM, LMAT, ENTL, NYMT, DL
  • Tomorrow before the open look for the following companies to report:
    • TJX, FMS, SO, LYG, DISH, HFC, UNVR, HST, NI, NCLH, HCN, HSNI, TOL, SBGI, GRMN, TPH, WWW, CLH, PNK, CHS, AVA, GEO, NSM, WLH, SCL, ACCO, UTHR, SUM, LAMR, EV, MYCC, NWHM, ARCC, SIX, DORM, DRH, CRTO, GLDD, SN, ETM, NM, MBLY, GOV, NEO, RGEN, ENZY, ONCE, AG
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  EXACT Sciences follow up: Upgraded details — to Buy at The Benchmark Company; tgt raised to $27  (22.35 +2.44)The Benchmark Company upgrades EXAS to Buy from Hold and raises their tgt to $27 from $17 following earnings. Rev in Q4 expanded 144% to $35.2 million in Q4 and Cologuard coverage expanded to 72% of the addressable population by February 20. Gross margin expanded 400 bps sequentially, to 60.7%, as revenue collected per test expanded $20 sequentially, to $432, and firm calculates the average cost per test declined $10 sequentially to $169. The compliance rate held steady sequentially, at 67%. With favorable cost trends and Cologuard now covered for the majority of patients, firm increasingly sees Exact as a marketing platform for internally developed and potentially acquired diagnostics. Exact plans to present data for its developmental lung cancer blood test, at the AACR conference in April.
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  Midday Market Summary: Averages Trade Higher at Midday

The major averages climbed to fresh record highs following Tuesday's opening bell, but squandered a portion of their early gains ahead of comments from Philadelphia Fed President Patrick Harker (FOMC voter). The S&P 500 and the Dow are both up near 0.5%, while the Nasdaq (+0.3%) lags at midday.

Mr. Harker didn't provide any new information during his speech today, reiterating his belief that three rate hikes are appropriate for 2017. Still, the event prompted investors to displayed caution in light of Mr. Harker's statements over the weekend, in which he expressed that a March rate hike is on the table.

U.S. Treasuries displayed losses in the early going, but they are now just below their flat lines. Mr. Harker's hawkish tone has been largely offset by dovish comments from Minneapolis Fed President Neel Kashkari (FOMC voter). Mr. Kashkari stated that the U.S. labor market has «more room to run,» suggesting that he believes there is no hurry for the Fed to raise rates. The benchmark 10-yr yield remains unchanged at 2.42% after showing a four basis point gain this morning.

Through all the noise, the fed funds futures market continues pointing to June as the most likely time for the next hike to be announced with an implied probability of 70.9%. The implied probability of a March rate hike did tick up slightly, to 22.1% from Friday's 17.7%.

All eleven sectors trade in the green early this afternoon with energy (+0.9%) leading the advance. The space has profited from a 1.5% rally in crude oil, which comes on the heels of last week's headlines regarding OPEC possibly extending oil production cuts or engaging in deeper ones. The news has overshadowed an increase in U.S. inventories, which hover near record highs.

Earnings news has been highlighted by retailers, which have pushed the SPDR S&P 500 Retail ETF (XRT 44.13, +0.31) higher by 0.7%. Wal-Mart (WMT 71.60, +2.23) has been the biggest post-earnings gainer, adding 3.2%, after the company beat earnings per share estimates and raised its dividend.

The consumer staples sector has responded to Wal-Mart's upbeat earnings report with a 0.7% gain. The remaining sectors show gains between 0.2% (materials) and 0.7% (real estate).

Investors did not receive any economic data on Tuesday.

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  Auction Out

Treasury Auction Results

  • $26 bln 2-year Treasury auction
    • Auction results
      • High yield: 1.23% (when-issued: 1.235%)
      • Bid-to-cover: 2.82
      • Indirect bid: 49.8%
      • Direct bid: 20.1%
    • Average results of prior 12 auctions
      • High yield: 0.903%
      • Bid-to-cover: 2.71
      • Indirect bid: 42.6%
      • Direct bid: 15.0%
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  SPY up 0.4% w/ all sectors gaining today; Energy is the best performing sector and Materials and Telecom are lagging, but still up for the day
Sector Ticker % Change YTD % Change
Energy XLE 1.0% -3%
Cons. Staples XLP 0.8% 6%
Real Estate XLRE 0.8% 3%
Utilities XLU 0.7% 3%
Cons. Disc. XLY 0.4% 7%
Technology XLK 0.4% 8%
Industrials XLI 0.3% 6%
Financials XLF 0.3% 6%
Healthcare XLV 0.3% 7%
Materials XLB 0.2% 5%
Telecom IYZ 0.2% -1%
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 Unusual Options Activity

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

Bullish Call Activity:

  • JCP Weekly Feb24 36.5 calls are seeing interest ahead of earnings Friday, February 24 before the open (volume: 2080, open int: 3420, implied vol: ~15%, prev day implied vol: 4%) — stock was mentioned unfavorably on Mad Money Friday night. 
  • SPWR Weekly Mar10 7.5 calls (volume: 2110, open int: 20, implied vol: ~61%, prev day implied vol: 58%) -- Cajon Valley Union School District and SunPower will begin construction of SunPower Helix solar systems at 24 school sites.  Co is expected to report earnings early March.
  • QCOM Weekly Mar31 60 calls (volume: 2840, open int: 1260, implied vol: ~23%, prev day implied vol: 22%) — co is scheduled to present at a Management Q&A on February 27 (also ex-dividend date on Feb 27). Co will also present at a Mobile World Congress on March 1 (annual general meeting March 7). Co is confirmed to report earnings April 19 after the close.

Bearish Put Activity:

  • KRE Mar 58 puts (volume: 2550, open int: 410, implied vol: ~21%, prev day implied vol: 20%) — nearly all the volume occurred in one 2.5K contract transaction.

Sentiment: The CBOE Put/Call ratio is currently: 0.81… VIX: (11.70, +0.21, +1.8%).
March 17 is options expiration — the last day to trade March 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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  Hearing AVANGRID was upgraded to Buy from Neutral at Janney  (42.42 +1.51)
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  Metals Closing Prices: Precious metals decline on strength in the dollar index
  • April gold ended today's session down $0.30 (-0.1%) to $1238.80/oz
  • Mar silver closed today's session $0.03 lower (-0.2%) at $18.00/oz
  • Mar copper closed $0.04 higher (+1.5%) at $2.75/lb

— The dollar index was +0.5% around the 101.40 level.

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  BioAmber: Sofinnova Capital VI lowers active stake to 9.6% following the sale of 301,453 shares  (3.59 -0.07)
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  Tata Motors seeing notable strength in recent trade; higher by 2.2%  (34.23 +0.77)
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 Agriculture Closing Prices
  • Mar corn closed $0.02 higher (+0.5%) at $3.70/bushel
  • Mar wheat closed $0.07 lower (-1.6%) at $4.36/bushel
  • Mar soybeans closed $0.08 lower (-0.8%) at $10.27/bushel
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  Notable ETF Movers Over Past Week — Looking at moves in Health Care, Financials, Staples, Nat Gas and others   (236.33 +1.24)

ETF Weekly Gainers of note:

  • Pharma/Health Care: Strong for a second week in a row. While the president has pressed his case for lowering drug prices, market participants were attracted to his added belief that regulations should be reduced and that the drug approval process should be sped up.
    • Notable Pharma/Health Care ETF movers over the past week:
      • PPH +3.1% (VanEck Vectors Pharmaceutical ETF)
      • XLV +2.2% (The Health Care Select Sector SPDR Fund)
      • PTH +2.1% (PowerShares DWA Healthcare Momentum Portfolio)
  • Financials/Banks: Bank ETFs led the financial sector ETFs, driven by continued tailwinds of better economic data, increasing rates and prospects for deregulation.
    • Notable movers:
      • KBWB +2.6%(PowerShares KBW Bank Portfolio)
      • KBWR +2.1% (PowerShares KBW Regional Banking Portfolio)
      • XLF +2.1% (The Financial Select Sector SPDR Fund)
      • KRE +1.9%  SPDR S&P Regional Banking ETF)
  • Consumer Staples: Gained on M&A prospects with Kraft bidding on Unilever. 
    •  XLP +2.6% The Select Sector SPDR Trust — The Consumer Staples Select Sector SPDR Fund

ETF Weekly Losers of note:

  • Energy/Nat Gas/Oil: Natural gas was weak last week and getting hit very hard today, as warmer weather persists around the country. 
    • Notable ETF movers:
      • UNG -10.0% (United States Natural Gas Fund, LP)
      • UNL -8.2% (United States 12 Month Natural Gas Fund, LP)
      • OIH -2.7% (VanEck Vectors Oil Services ETF)

  • Cotton: Indian cotton prices fell from recent highs with local reports citing speculation.
    • Notable ETF movers:
      • BAL -3.7% (iPath Bloomberg Cotton Subindex Total Return ETN)
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  First Solar Earnings Preview  (36.73 +1.89)

First Solar (FSLR) is set to report Q4 results tonight after the close with a conference call to follow at 4:30pm ET. FSLR will report shortly after the bell. Current Capital IQ consensus stands at EPS of $0.98 on Revenue of $394 mln.

It has been a difficult year for the solar industry. There are two fronts that are squeezing the industry: 1) An over slow down in demand due to a draw back of some feed in tariffs and uncertainty around future government policies and 2) the miss steps in capacity growth that provided a glut of modules which would flood the market. FSLR was particularly hurt by the glut as its biggest advantage in the industry, low cost thin film modules, were under pressure by a slew of promotional sales by PV module providers in order to work down the capacity glut. How this continues to impact FSLR in 2017 will be key. The impact will be reflected in the company's guidance which will make 2017 projections and commentary key drivers.

There are some tailwinds in FSLR's favor. The company was early in recognizing the issues facing the industry and began taking steps in the middle of 2016 to combat the issue. It accepted the decline in demand as it would not chase cheap deals in order to preserve margins. It also announced that it would be pressing forward with its Line 6 production, evolving from its Line 4 and basically by-passing the Line 5 all together. FSLR viewed the move as prudent as it felt it could take advantage of the lull in demand and get Line 6 up and running. This will bring about an improved gross margin but it could also prolong the slump for FSLR as Line 6 is not expected to be up and running until mid-2018. If the co is able to convince investors that this is running on (or ahead) of target this could help offset low 2017 expectations.

Solar as a whole has been looking better as market participants look at some of the low pricing around the group. SPWR and SEDG have both posted mediocre reports but the idea that there is light at the end of the tunnel has led some people back into the names. FSLR has seen its share price rally approx 13% over the past week ahead of tonight's report. It has broken above itss 100-sma (34.64) and is attempting to break back towards $40. It faces plenty of headline risk today but a surprise showing could share a few more shorts out and lead to some additional investments.

2017 Guidance

  • 2017 Net Sales in the range of $2.5-2.6 bln, Capital IQ consensus $2.966 bln
  • Gross Margins between 12.4-14.5%
  • Operating Expense Non-GAAP $280-300 mln
  • Operating Income Non-GAAP $40-80 mln
  • Non-GAAP EPS $0.00-0.50, Capital IQ consensus $1.91
  • Net Cash Balance $1.4-1.6 bln
  • Operating Cash Flow $550-650 mln
  • CapEx $525-625 mln
  • Shipments 2.4-2.6 GW (Street Expectations were for approx 3.0 GW)
  • Co announced an acceleration of Series 6 production into 2018, with approximately 3 Gigawatts of production expected in 2019. Over the course of 2017 and 2018 the Company's existing production facilities will be converted to Series 6 production and the current Series 4 product will be phased out. As a result of the change in roadmap the Company will cancel its Series 5 product. The Company will reduce its workforce at its manufacturing facilities both domestically and internationally as a result of the transition from Series 4 to Series 6 production.
  • Additional reductions in administrative and other staff are also planned. Resulting from the transition to Series 6 from Series 4 and other competitive factors, the Company expects to incur restructuring and asset impairment charges of $500 to $700 million, which includes a cash impact of $70 to $100 million. These actions, combined with additional reductions in administrative and other staff, are expected to reduce First Solar's workforce by approximately 1,600 associates, or 27% of its approximately 6,000 global total.

Comments on ASPs (From 11/2)

  • ASPs declined in Q3 but have started to level off in Q4. FSLR said it would walk away from deals that did not make economic sense. FSLR was looking at capacity in saturated market. In current ASP Series 4 and 5 margins may be challenged. Series 6 will be most competitive product. Progressing in evaluation initiatives.

FY16 Results

  • FSLR reported Q3 (Sep) earnings of $1.22 per share, excluding non-recurring items, $0.56 better than the Capital IQ Consensus of $0.66. Revenues fell 45.9% year/year to $688 mln vs the $985.39 mln Capital IQ Consensus. Co issued guidance for FY16, seeing EPS of $4.30-4.50. FSLR projected FY16 revs in the range of $2.8-2.9 bln (Prior $3.8-4.0 bln), excluding non-recurring items.
  • Revenue guidance lowered for revised project sale timing.
  • FY16 Guidance
    • Gross Margin 25.5-25.6% (Prior 18.5-19.0%)
    • Operating Expense $375-385 mln (Prior $380-400 mln)
    • Operating Income $340-370 mln (Prior $310-370 mln)
    • Net Cash Balance $12.4-1.5 bln (Prior $1.9-2.2 bln)
    • Operating Cash Flow- ($100 mln)-$0 mln (Prior $500-600 mln)
    • CapEx- $225-275 mln (Prior $275-325 mln)
    • Shipments 2.8-2.9 GW (Prior 2.9-3.0 GW)
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