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Блог компании DayTraderClub | Америка сегодня. Заказы на товары длительного пользования и индекс незавершенных продаж.

В заказах на товары длительного пользования ожидается новый восходящий цикл:
Америка сегодня. Заказы на товары длительного пользования и индекс незавершенных продаж.


Рост в заказах за последний месяц аналитиками оценивается на отметке 2%:

Америка сегодня. Заказы на товары длительного пользования и индекс незавершенных продаж.

Также продолжение роста происходит и в данных по рынку недвижимости. Новый показатель незавершенных продаж оценивается отдельными аналитическими агентствами на уровне 0.8%:

Америка сегодня. Заказы на товары длительного пользования и индекс незавершенных продаж.


Все новости: 
Америка сегодня. Заказы на товары длительного пользования и индекс незавершенных продаж.
Данные: DTC News, Briefing, Interactive, Economics, Public Sources
120 комментариев
  Main Street Capital downgraded to Outperform from Strong Buy at Raymond James  (37.48)
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  Exelixis and Bristol-Myers Squibb (BMY) enter into clinical development collaboration to evaluate CABOMETYX with Opdivo  (21.69)The co and Bristol-Myers Squibb Company (BMY) announced the companies have entered into a clinical development collaboration to evaluate CABOMETYX (cabozantinib), Exelixis' small molecule inhibitor of receptor tyrosine kinases, with Opdivo (nivolumab), Bristol-Myers Squibb's PD-1 immune checkpoint inhibitor, either alone or in combination with Yervoy (ipilimumab). The clinical development program, which will be co-funded by the companies, is expected to include a phase 3 pivotal trial in first-line renal cell carcinoma, with additional trials planned in bladder cancer, hepatocellular carcinoma (HCC), and potentially other tumor types.
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  Heron Therapeutics initiated with a Buy at Needham; tgt $28  (13.90)
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  PostNL shares down 7% overseas following Q4 results & FY17 outlook  (4.59)
  • Q4 Profit for the period of €84 million (Q4 2015: €101 million); Revenue Q4 2016 at €955 million (Q4 2015: €1,007 million).
  • Outlook: Outlook 2017 and increased ambition 2020: Accelerating growth in global e-commerce will fuel stronger growth in PostNL's parcels business and cross-border activities. €115 million additional cost savings in anticipation of mail volume decline. Accelerated transformation is expected to deliver improved results for 2020; ambition underlying cash operating income 2020 increased to between €310 million — €380 million (previously €285 million — €355 million). Outlook underlying cash operating income 2017 adjusted to €220 million — €260 million, reflecting impact from additional implementation costs related to increased cost saving plans.
  • Dividend: «In view thereof, PostNL will recommend to the Annual General Meeting of Shareholders the payment of an election dividend of €0.12 per ordinary share over FY 2016. This represents a pay out ratio of 2/3rd of 75% of the underlying net cash income, which amounted to €101 million in 2016. The dividend of €0.12 will be paid, at the shareholder's election, either in ordinary PostNL shares or in cash.»
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  Public Service downgraded to Market Perform from Outperform at Wells Fargo  (45.61)
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  Invitation Homes initiated with a Overweight at JP Morgan; tgt $25  (21.60)
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  AcelRx New Drug Application for DSUVIA accepted for filing; PDUFA date is October 12, 2017   (3.10 -0.10)

The FDA has also set a Prescription Drug User Fee Act (PDUFA) date of October 12, 2017. The PDUFA date is the target date set by the FDA to communicate its decision on the New Drug Application.

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  Agree Realty downgraded to Hold from Buy at Wunderlich  (50.74)
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  Invitation Homes initiated with a Outperform at FBR & Co.; tgt $25  (21.60)FBR & Co. initiates INVH with a Outperform and price target of $25 as thy believe that the market density of Invitation's portfolio of homes, combined with a vertically integrated maintenance platform, positions the company well to capitalize on economies of scale and a fundamentally strong single-family rental (SFR) environment over the next several years. This should translate into stronger, sustained NOI and core FFO growth over the long term.
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  Laureate Education initiated with a Outperform at Robert W. Baird; tgt $16  (13.24)Robert W. Baird initiates LAUR with a Outperform and price target of $16 as they believe LAUR is well positioned for well-diversified enrollment/revenue growth; several markets/geographies facing macro headwinds appear to be troughing/positively inflecting; and, scale/underlying incremental margins coupled with company-specific initiatives (EiP, hybridity) should drive margin expansion and improving ROIC. Network should also position for differentiated attractive capital deployment opportunities. Valuation appears attractive at 7.1x/6.5x EV firm's '17/'18 estimates, respectively. Improving FCF conversion and/or ROIC key, in their view, to unlocking more meaningful upside potential in shares.
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  Tesaro downgrade details — to Neutral at Robert W. Baird; tgt raised to $182  (186.90)Robert W. Baird downgrades TSRO to Neutral from Outperform and raises their tgt to $182 from $127 as they expect 2017 to be a transformational year for Tesaro with the launch of niraparib, key Phase 3 data readouts, and continued progress across the pipeline. That said, given the recent run-up in shares, they see limited opportunities for additional near-term upside, outside a takeout, as well as possible volatility around competitors' data later this year. Hence, they still like the story here, but are moving to the sidelines, though raising price target.
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  Laureate Education initiated with a Buy at Stifel; tgt $17  (13.24)Stifel initiates LAUR with a Buy and price target of $17. Firm views LAUR's combination of global diversification (less than 20% U.S. revenue), 75% private pay mix, and consistently positive growth trends (both organically and through M&A), make it a unique asset that should trade inline with leading post-secondary education providers in the market on an EV/EBITDA basis. They are establishing a $17 target price on LAUR shares, which represents an 8.3x (roughly) peer-level EV/EBITDA valuation on their 2017 EBITDA estimate and a 7.3x EV/2018E EBITDA valuation — a modest discount to the peer group.
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  Nova Measuring downgraded to Hold at Stifel; tgt $18  (17.68)Stifel downgrades NVMI to Hold from Buy and sets target price at $18. With the stock hitting our target price and given that firm just recently raised their ests and target price, they believe that there are limited catalysts for any additional changes to our current forecasts or their view of the industry. Firm believes the fundamental story also remains intact and that has not changed over the past two weeks.
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  Invitation Homes initiated with a Outperform at RBC Capital Mkts; tgt $23  (21.60)RBC Capital Mkts initiates INVH with a Outperform and price target of $23. INVH's high quality well located portfolio appears positioned for growth due to a favorable supply and demand backdrop. Firm also expected operational improvements to add an extra layer of growth as INVH shifts its focus from aggregating homes to driving higher operational performance. In total, they expect comparable NOI growth of 6.8% and 6.0% in 2017 and 2018.
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  Asian Markets Close: Nikkei -0.9%, Hang Seng -0.2%, Shanghai -0.8%

Equity indices in the Asia-Pacific region began the week on a lower note, but no major index lost more than 1.0%. Japan's Nikkei (-0.9%) ended among the laggards while the yen has slipped 0.1% against the dollar to 112.28. Elsewhere, China Securities Regulatory Commission Chairman Liu Shiyu said that China is ready for a larger supply of IPOs, thanks to a stronger than expected recovery from a swoon in 2015.

  • In economic data:
    • Australia's Q4 Company Gross Operating Profits +20.1% quarter-over-quarter (expected 8.0%; last 1.5%). Q4 Business Inventories +0.3% month-over-month (expected 0.5%; last 0.9%)
    • Hong Kong's trade deficit HKD12.30 billion (expected deficit of HKD45.50 billion). January Imports -2.7% month-over-month (last 8.7%) and January Exports -1.2% month-over-month (last 10.1%)

---Equity Markets---

  • Japan's Nikkei lost 0.9%. SUMCO, Toshiba, Isuzu Motors, Sumitomo Mitsui Trust, Casio Computer, Softbank, and Panasonic lost between 2.2% and 4.0%. A handful of names posted gains with Mitsubishi Motors, TOTO, and Konami gaining between 0.3% and 2.9%.
  • Hong Kong's Hang Seng shed 0.2% with financials and property names showing relative weakness. Bank of China, HSBC, Hang Lung Properties, Ping An Insurance, and BoC Hong Kong posted losses between 0.6% and 1.5%.
  • China's Shanghai Composite slipped into the close, ending lower by 0.8%. Hebei Jinniu Chemical Industry, Baosheng Science & Technology Innovation, China Fortune Land Development, and Nanning Department Store lost between 4.0% and 4.4%.
  • India's Sensex lost 0.3% with most components ending lower. AXIS Bank fell 3.6% while Power Grid, ICICI Bank, and Maruti Suzuki lost between 1.4% and 3.1%. On the upside, Reliance Industries jumped 4.7%.

---FX---

  • USDJPY +0.1% to 112.28
  • USDCNY +0.1% to 6.8738
  • USDINR +0.1% to 66.700
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  Ituran Location and Control increases quarterly dividend to $0.40/share from $0.20/share  (27.85)
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  Cinemark downgraded to Sector Perform at RBC Capital Mkts; tgt raised to $45  (42.28)RBC Capital Mkts downgrades CNK to Sector Perform from Outperform and raises their tgt to $45 from $43 as they like CNK on a secular basis due to its LatAm growth opportunities, under-levered balance sheet and strong mgmt team. However, they struggle to see near-term upside to their modestly ahead of consensus estimates. And, with a full multiple, its tough to see further near-term expansion absent an external catalyst (M&A, tax reform, etc.), especially given window discussions.
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  Clearwater Paper upgraded to Sector Perform at RBC Capital Mkts; tgt $60  (56.05)RBC Capital Mkts upgrades CLW to Sector Perform from Underperform and sets target price at $60. CLW shares are trading 15% lower since early January compared to a 3.6% rise for the S&P 500 over the same period. As a result of the lower valuation, firm is now comfortable upgrading CLW to Sector Perform (from Underperform) as they believe the near-term headwinds are now priced into the stock.
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  Rayonier Adv. Materials upgraded to Outperform at RBC Capital Mkts; tgt $15  (12.31)RBC Capital Mkts upgrades RYAM to Outperform from Sector Perform and sets target price at $15 on a combination of a strong outlook for commodity viscose markets and recent share price movements since the company reported Q4 results (-27% vs. the S&P 500 +3.7%).
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  Sun Communities downgraded to Neutral from Buy at Citigroup  (83.52)
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  Invitation Homes initiated with a Outperform at Wells Fargo  (21.60)
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  Masimo target raised to $95 at Wedbush — Flu season remains elevated, bodes well for MASI's 1Q17 results  (88.53)Wedbush raises their MASI tgt to $95 from $85. Flu activity remains elevated, which could have positive implications for Masimo's 1Q17 results. Historically, severe flu seasons have led to a higher-than-average number of flu related hospitalizations, which tends to bode well for MASI's pulse oximetry franchise. This was the case during 2012-2013 and 2014-2015 flu seasons, which had a positive impact on MASI's 1Q13 and 1Q15 results, respectively. Masimo is on the Wedbush Best Ideas List (BIL).
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  Dupont Fabros Tech target raised to $56 at RBC Capital Mkts  (51.67)RBC Capital Mkts raises their DFT tgt to $56 from $49. 4Q16 financials were ahead of or in-line with RBC expectations, with positive renewal spreads. 2017 guidance was in-line or higher vs. expectations. DFT commenced developments in Toronto and Chicago and purchased land in Phoenix. Their price target increases to $56 on roll forward impact and higher cash flow expectations.
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  Foot Locker target raised to $84 at Wedbush   (75.01)Wedbush raises their FL tgt to $84 from $81 as they feel FL's 4Q16 and FY17 outlook continues to illustrate that the company is executing despite the difficult backdrop through effective merchandising, inventory control and expense mgmt. Co simply knows who their customer is and what they want. With no surprise 1Q17 has gotten off to a slow start due to the timing of tax refund checks but firm strongly believes this has nothing to do with the fundamentals of the company and expect business to improve throughout 1Q17.
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  Nordstrom target lowered to $47 at RBC Capital Mkts — Investments lessen, gross margins improve but topline remains challenged  (43.94)RBC Capital Mkts lowers their JWN tgt to $47 from $50. They continue to find JWN as the best positioned department store with its investments in ecommerce, off-price, Canada and customer service. Although these investments are not able to tangibly inflect topline trends and are weighing on earnings, they are encouraged that the management remains focused on the parts of the business they can control (adapt to changing customer demand, inventory mgment) to remain relevant.
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  Healthsouth target raised to $50 at RBC Capital Mkts  (42.22)RBC Capital Mkts raises their HLS tgt to $50 from $48. HLS posted another strong quarter on continued topline growth in both segments driven by pricing in IRF and volume in home health and hospice, as well as an EPS boost from buybacks. Despite known headwinds for the year ahead, mgmt. reaffirmed FY17 guidance.
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  JELD-WEN target raised to $34 from $31 at Wedbush after the Q4 report  (30.74)
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  Pool target raised to $128 at Wedbush; Outperform  (116.10)Wedbush raises their POOL tgt to $128 from $120. With scale, and as a value-added distributor of swimming pool supplies, equipment and related outdoor leisure products, firm views shares as a core holding for mid-capitalization portfolios. Furthermore, POOL's market share and scale lends itself to relative advantages operationally and in purchasing efficiencies; firm believes POOL can grow EPS in the range of 15-18% over the mid-term. With low cap-ex reinvestment rates, mgmt converts ~100% of net income to cash flow from operations, thereby funding a disciplined acquisition strategy and providing consistent returns to shareholders via growing dividend and share repurchases.
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  Heron Therapeutics initiation details — Buy at Needham; tgt $28  (13.90)Needham initiates HRTX with a Buy and price target of $28. HRTX made the transition to a commercial co. in 4Q16 with the launch of Sustol for CINV. Cinvanti, on file with FDA (likely 4Q17 PDUFA), will round out the CINV franchise. The main value driver, HTX-011, is an extended-release combination of bupivacaine/meloxicam in development for post-op pain mgmt. HTX-011 successfully completed a comprehensive ph 2 program in various surgical procedures demonstrating superior efficacy to placebo and bupivacaine. HTX-011 will begin ph 3 development in 2017. Our valuation looks at the differentiated CINV assets and cash balance (~$215MM) as a floor value for HRTX, while the potential of HTX-011 remains mostly undervalued.
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 On The Wires
  • Orange (ORAN) announced it will deploy LTE-M technology in Spain and Belgium, with rest of Europe to follow Orange reinforces its commitment to develop the IoT ecosystem, with the launch of Europe's first LTE-M Open IoT Lab. Orange reinforces its commitment to develop the IoT ecosystem, with the launch of Europe's first LTE-M Open IoT Lab. AT&T (T), KPN (PHG), KDDI (Japan), NTT DOCOMO (DCM), Orange (Europe, Middle East and Africa), Telefonica (TEF), Telstra (Australia), TELUS (Canada) and Verizon (VZ) confirmed support for the global deployment of LTE-M at the Mobile World Congress in Barcelona.
  • RSP Permian's (RSPP) stockholders approve the issuance of approximately 16 million shares of RSP common stock as partial consideration for RSP's acquisition of Silver Hill E&P II, LLC. With receipt of the stockholder's approval of the issuance of RSP common stock, the SHEP II transactions are expected to close on March 1, 2017.
  • Qualcomm Technologies (QCOM) announced it is working with TomTom (TMOAY) on using the Qualcomm Drive Data Platform for high-definition map crowdsourcing, to accelerate the future of autonomous driving.
  • Arrakis Therapeutics completed a $38 million Series A financing led by Canaan Partners with participation by Advent Life Sciences, Pfizer (PFE), Celgene Corporation (CELG), Osage University Partners, and biotech industry leader Henri Termeer. The proceeds from the Series A financing will be used to advance Arrakis' proprietary discovery platforms, comprised of a high-throughput, comprehensive system of bioinformatics tools, assays and chemical libraries that can identify new ribonucleic acid (RNA) targets and create new small-molecule drugs.
  • Valeant Pharmaceuticals International, Inc.'s (VRX) wholly owned subsidiary, Salix announced that it has rapidly scaled up its sales force by nearly 40 percent, effective immediately. During the past three months, the company has hired approximately 250 highly-trained and experienced sales force representatives and managers to bolster, create and sustain deep relationships with primary care physicians — key potential prescribers of Xifaxan (rifaximin) for IBS-D and RELISTOR (methylnaltrexone bromide) tablets for opioid induced constipation.
  • Attunity (ATTU) signed a $1.8 million deal with a global food processing company that will use Attunity Replicate for SAP to ingest SAP data in real-time to its Hadoop data lake.
  • SunCoke Energy, Inc. (SXC) has awarded Fluor (FLR) a contract to provide certain maintenance support and capital project services at SunCoke coke facilities in the United States. Fluor will book the undisclosed contract value in the first quarter of 2017.
  • Pointer Telocation Ltd. (PNTR) announced the selection of its Mexican subsidiary, to provide fleet management services for COCA — COLA FEMSA (KOF).
  • Toshiba's Westinghouse Electric Company (TOSBF) announced that it has signed a nuclear fuel contract with OKG (Uniper), a major supplier of base load to the Nordic power supply system. Provided the plant is in operation and under the terms of the contract, Westinghouse will continue to provide reload fuel assemblies for the remaining Oskarshamn 3 unit until 2030. This contract continues the important relationship between OKG and Westinghouse's Västerås Fuel Fabrication Facility in Västerås, Sweden.
  • Metso will develop the next generation of its flow control equipment faster and more economically thanks to a new agreement with ANSYS (ANSS), expanding its access to engineering simulation software and services.
  • Centennial Resource Development together with its affiliates (CDEV) announced that it intends to deliver a notice on March 1, 2017 for the redemption of all of its outstanding warrants originally sold as part of units in its initial public offering in February 2016.
  • Ritchie Bros (RBA) announced that more than US$188 million of equipment and trucks was sold at the five-day mega-auction, with approximately 38 percent (US$71+ million) selling to online buyers. A record 10,400+ people from 88 countries registered to bid in the auction, with buyers from the United States purchasing 79 percent of the equipment and international buyers purchasing 21 percent, from such countries as Germany, Australia, and Vietnam. The auction took place in Orlando Florida. 
  • Meritor (MTOR) announced that EX+L air disc brakes will be available on International LT Series tractors beginning in February. The co also announced  its new 14X HE high-efficiency linehaul tandem drive axle at the 2017 Technology & Maintenance Council's (TMC) Annual Meeting & Transportation Technology Exhibition in Nashville, Tennessee. The 14X HE is one of 20 new global products that Meritor will introduce as part of its M2019 strategic plan. 
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 Qorvo added to Catalyst Watch List at Citigroup  (66.19)
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  Western Gas Equity Partners upgraded to Neutral from Underperform at BofA/Merrill  (45.90)
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  Chevron added to Franchise Pick List at Jefferies  (110.12)
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  US Cellular downgraded to Mkt Perform at Raymond James  (40.90)
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  Telephone & Data downgraded to Mkt Perform at Raymond James  (29.86)
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  Lumentum downgraded to Neutral from Buy at MKM Partners  (47.80)
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  LCNB initiated with a Neutral at Boenning & Scattergood  (22.60)
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 European Markets Update: CAC -0.1%, FTSE +0.1%, DAX +0.1%

Major European indices trade in mixed fashion with Italy's MIB (+0.9%) showing relative strength. Italy's Democratic Party has scheduled a primary vote for April 30, which is seen as a precursor to a general election being called later in the year. Elsewhere, Fitch affirmed Greece's sovereign rating at ‘CCC' while Moody's affirmed Germany's ‘AAA' rating with a ‘Stable' outlook. On a separate note, the British pound is down 0.4% against the dollar at 1.2412 amid reports Scotland may conduct another independence referendum once the UK triggers article 50.

  • In economic data:
    • Eurozone February Business and Consumer Survey 108.0, as expected (last 107.9). January M3 Money Supply +4.9% year-over-year (consensus 4.8%; last 5.0%) and Private Sector Loans +2.2% year-over-year (consensus 2.1%; previous 2.0%)
    • Spain's CPI -0.3% month-over-month (expected -0.2%; last -0.5%); +3.0% year-over-year (consensus 3.3%; last 3.0%)

---Equity Markets---

  • France's CAC is lower by 0.1%. Growth-sensitive names like TechnipFMC, Solvay, Legrand, ArcelorMittal, and Valeo are down between 0.8% and 1.8%. Financials outperform with Societe Generale, BNP Paribas, and Credit Agricole rising between 0.8% and 1.1%.
  • UK's FTSE has added 0.1% with BP and Royal Dutch Shell contributing to the relative strength. The two names are both up near 1.0% while consumer names like Unilever, Sainsbury, Marks & Spencer, Carnival, and British American Tobacco show gains between 0.4% and 1.3%. On the downside, insurers Direct Line Insurance and Admiral Group show respective losses of 6.8% and 2.5% after announcing cuts to discount rates used to calculate personal injury damages awards.
  • Germany's DAX trades up 0.1%. Adidas has jumped 4.0% in reaction to upbeat analyst commentary while Deutsche Bank, BMW, and Daimler show gains between 0.2% and 0.9%. Deutsche Boerse is the weakest performer, falling 4.8%, amid concerns about the viability of the merger with London Stock Exchange.
  • Italy's MIB trades up 0.9%. Banco Bpm, Intesa Sanpaolo, Banca Pop Emilia Romagna, UBI Banca, and Fiat Chrysler have added between 2.3% and 4.4%.
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 Overnight Treasury Summary

Treasuries Dip Ahead of Durable Goods Report

  • U.S. Treasuries are starting the week with minor losses after an overnight session light on international economic data. An index of overall economic sentiment in the eurozone ticked up to a nine-year high in February, driven higher by strength in France and Spain while the mood in Germany soured. Loan growth accelerated to 2.2% y/y in the eurozone last month and Spanish consumer price inflation remained at 3.0% y/y. Strength in inflation barometers is an artifact of the February 2016 low in oil prices. The year-on-year comparisons will become more difficult as we go through the year, assuming that oil prices do not jump sharply. WTI crude is 0.76% higher this morning at $54.40/bbl. and gold is down 0.21% to $1,255.6/troy oz. The S&P 500 is set to open down 0.09% to 2,365.2 and the U.S. Dollar Index is off by 0.01% to 101.08. The British pound fell as low as $1.2382 this morning on reports that Scotland's first minister, Nicola Sturgeon, might call another Scottish independence vote in March. The pound is currently losing 0.37% at $1.2412
  • Yield Check:
    • 2-yr: +1 bp to 1.16%
    • 5-yr: +1 bp to 1.82%
    • 10-yr: +2 bps to 2.33%
    • 30-yr: unch at 2.96%
  • International News:
    • The eurozone's Business and Consumer Survey ticked up to 108.0 in February from 107.9 in January, as expected
      • The Business Climate Index remained at 0.8 in February
      • The Consumer Confidence gauge fell to -6.0 from -5.0
      • Services Sentiment rose to 14.0 from 13.0
      • Industrial Sentiment climbed to 1.0 from 0.8
      • On a national basis, France and Spain showed strength while Germany fell to a four-month low
    • Household loans in the eurozone grew by 2.2% y/y in January, accelerating from 2.0% growth in December
      • Loan growth to non-financial businesses grew by 2.3% y/y
    • Spain's consumer price index fell 0.3% m/m in February (+3.0% y/y), missing forecasts after a 0.5% decline in January
      • Spain's harmonized index of consumer prices also fell 0.3% m/m (+3.0% y/y), matching expectations after a 1.0% drop in January
    • Italy's non-EU trade balance swung to a deficit of EUR0.89 bln in January from a surplus of EUR5.67 bln in December
    • Switzerland's employment level fell to 4.910 million in Q4 from 4.918 million in Q3
  • Data out Today:
    • January Durable Goods Orders and Durable Goods Orders ex-transportation (08:30 ET)
    • January Pending Home Sales (10:00 ET)
  • Fed Speaker:
    • Dallas Fed President Kaplan (FOMC voter) (11:00 ET)
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  Live Nation among stocks with favorable commentary on Friday's Mad Money  (28.84)

Stocks with favorable mention: ADSK, BURL, CBG, CSCO, DLTR, DPZ, ED, LYV, MRVL, PANW, SKT, TGT, VRX

Stocks with unfavorable mention: BBY, GNC, KR, SUN, VSI

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  Kraft Heinz: Warren Buffet on CNBC says KHC is not planning hostile takeover of Unilever (UL, UN); there is no «backup deal»; prices in the space would make other deals less attractive  (93.08)MDLZ, CL, GIS, K, CPB, SJM, KMB
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 European Research Calls

Upgrades

  • Adidas AG (ADDYY) upgraded to Buy from Neutral at UBS

Downgrades

  • Grana y Montero (GRAM) downgraded to Underweight from Neutral at JP Morgan
  • Drax Group (DRXGY) downgraded to Underweight from Equal Weight at Morgan Stanley
  • Rightmove (RTMVY) downgraded to Equal Weight from Overweight at Morgan Stanley
  • Nordex (NRDXF) downgraded to Sell from Hold at Deutsche Bank
  • Nordex (NRDXF) downgraded to Hold from Buy at HSBC
  • Nordex (NRDXF) downgraded to Underweight from Equal Weight at Barclays
  • Nordex (NRDXF) downgraded to Underperform from Neutral at Macquarie

Miscellaneous

  • None of note
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  Carnival upgraded to Buy from Hold at Argus  (56.03)
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  HollyFrontier downgraded to Sell from Hold at Tudor Pickering  (28.94)
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 On The Wires
  • Kura Oncology, Inc. (KURA) announced an oral presentation for its lead product candidate, tipifarnib, at the 15th International Congress on Targeted Anticancer Therapies (TAT 2017), taking place March 6-8, 2017 in Paris, France. The presentation will feature clinical data from the first stage of Kura Oncology's tipifarnib Phase 2 program in HRAS mutant tumors.
  • China Lodging Group, Limited (HTHT) announced that its wholly-owned subsidiary China Lodging Holdings (HK) Limited has entered into a definitive share purchase agreement with the shareholders of Crystal Orange Hotel Holdings Limited to acquire all of the equity interests of Crystal Orange for an initial aggregate consideration in cash of approximately RMB 3.65 billion, with customary post-closing adjustments. The closing of the Transaction is subject to the approval from the Antitrust Bureau of Ministry of Commerce of China.
  • HTG Molecular Diagnostics (HTGM) announced that its new direct-target sequencing chemistry will be available in the company's VERI/O laboratory as a service offering beginning in the first quarter of 2017. The new chemistry is designed for direct sequencing of specified DNA and, in the future, RNA targets with the same high sensitivity and specificity as the company's current HTG EdgeSeq chemistry applications. The initial panel planned for the VERI/O laboratory will detect common mutations in the EGFR, KRAS and BRAF genes for retrospective research studies especially from small and difficult samples, such as formalin-fixed, paraffin-embedded tissue.
  • Five Star Quality Care (FVE) announced that it will issue a press release containing its fourth quarter and year end 2016 financial results before the Nasdaq opens on Friday, March 3, 2017. At 10:00 a.m. Eastern Time that morning, President and Chief Executive Officer Bruce Mackey, Chief Financial Officer and Treasurer Rick Doyle and Chief Operating Officer Scott Herzig will host a conference call to discuss these results.
  • Recro Pharma (REPH) announced completion of enrollment for its double-blind Phase III safety study evaluating the safety and tolerability of intravenous (IV) meloxicam (N1539) following major surgery. 
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 S&P futures vs fair value: -2.30. Nasdaq futures vs fair value: -8.90.

Equity futures point to a slightly lower open this morning as investors look to extend the Dow's streak of record closes to twelve on Monday. The S&P 500 futures trade two points below fair value.

The Treasury market holds a modest loss on Monday morning after finishing Friday near its three-month high. The benchmark 10-yr yield is currently two basis points higher at 2.33%.

Crude oil shows a solid gain in early action with WTI crude trading 0.7% higher at $54.36/bbl.

On the data front, investors will receive January Durable Orders (Briefing.com consensus 1.8%) and January Pending Home Sales (Briefing.com consensus 0.9%). The two reports will cross the wires at 8:30 am ET and 10:00 am ET, respectively.

In U.S. corporate news:

  • Apple (AAPL 137.14, +0.48): +0.4% after Warren Buffett said that he more than doubled his holdings in the company between January 1 and the company's earnings report on January 31.
  • Urban Outfitters (URBN 26.00, -0.88): -3.3% after the company's stock was downgraded to 'Sell' from 'Neutral' at MKM Partners.
  • Gogo (GOGO 9.79, +0.67): +7.4% after beating top and bottom line estimates in addition to issuing positive revenue guidance. 

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region began the week on a lower note, but no major index lost more than 1.0%. Japan's Nikkei -0.9%, Hong Kong's Hang Seng -0.2%, China's Shanghai Composite -0.8%, India's Sensex -0.3%.
    • In economic data:
      • Australia's Q4 Company Gross Operating Profits +20.1% quarter-over-quarter (expected 8.0%; last 1.5%). Q4 Business Inventories +0.3% month-over-month (expected 0.5%; last 0.9%)
      • Hong Kong's trade deficit HKD12.30 billion (expected deficit of HKD45.50 billion). January Imports -2.7% month-over-month (last 8.7%) and January Exports -1.2% month-over-month (last 10.1%)
    • In news:
      • China Securities Regulatory Commission Chairman Liu Shiyu said that China is ready for a larger supply of IPOs, thanks to a stronger than expected recovery from a swoon in 2015.
  • Major European indices trade in mixed fashion with Italy's MIB showing relative strength. France's CAC -0.1%, UK's FTSE +0.1%, Germany's DAX +0.1%, Italy's MIB +0.9%.
    • In economic data:
      • Eurozone February Business and Consumer Survey 108.0, as expected (last 107.9). January M3 Money Supply +4.9% year-over-year (consensus 4.8%; last 5.0%) and Private Sector Loans +2.2% year-over-year (consensus 2.1%; previous 2.0%)
      • Spain's CPI -0.3% month-over-month (expected -0.2%; last -0.5%); +3.0% year-over-year (consensus 3.3%; last 3.0%)
    • In news:
      • Italy's Democratic Party has scheduled a primary vote for April 30, which is seen as a precursor to a general election being called later in the year.
      • Fitch affirmed Greece's sovereign rating at ‘CCC' while Moody's affirmed Germany's ‘AAA' rating with a ‘Stable' outlook.
      • The British pound is down 0.4% against the dollar at 1.2412 amid reports Scotland may conduct another independence referendum once the UK triggers article 50.
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  Early Pre-Market Gappers:

Gapping up: LJPC +51.1%, GOGO +5.3%, PTEN +3.4%, FIT +2.6%, LPX +2.5%, TEO +2.4%, MU +2.0%, VSTO +2.0%.

Gapping down: NVFY -11.5%, DRYS -10.3%, KEM -9.1%, SPKE -7.0%, PERI -5.2%, JKS -3.8%, URBN -3.3%, TSLA -2.1%, SNN -1.7%, SNCR -1.6%.

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  Cempra upgraded to Buy from Neutral at ROTH Capital  (4.05)
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Московский Лоссбой, комментарии под топиком для проверки тикеров на предмет новостей. Америку торговать — читать учиться нужно как минимум.
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  Invitation Homes initiated with a Mkt Outperform at JMP Securities; tgt $25.50  (21.60)
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Algonquin Power & Utilities initiated with a Neutral at JP Morgan  (9.25)
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  Fortis initiated with a Neutral at JP Morgan  (32.60)
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  European Summary

Eurozone Periphery Yields Decline

  • Sovereign debt yields in the eurozone periphery are trading lower this morning as French election worries ease and European equities seek direction following their Thursday/Friday sell-off. The economic data from the eurozone continues to show strong sentiment among businesses and consumers but the gains in actual activity are still painfully slow. Spanish consumer price inflation ran at a four-year high of 3.0% y/y in January, but the year-on-year figures are flattered by very low oil prices in February 2016. Policymakers at the European Central Bank and many economists expect inflation to subside as energy prices stabilize. French and Italian inflation data for January are due out on Tuesday
  • New Issuance:
    • Italy sold EUR4.0 bln of 5-year BTPs at a gross yield of 1.11% with a bid-to-cover of 1.25
    • Italy tapped a 10-year BTP with nine years of residual maturity for EUR1.0 bln with a bid-to-cover of 1.74
    • Italy sold EUR2.0 bln of 10-year BTPs at a gross yield of 2.28% with a bid-to-cover of 1.41
  • European Economic Data:
    • The eurozone's Business and Consumer Survey ticked up to 108.0 in February from 107.9 in January, as expected
    • Household loans in the eurozone grew by 2.2% y/y in January, accelerating from 2.0% growth in December
      • Loan growth to non-financial businesses grew by 2.3% y/y
    • The eurozone's broad money supply, as measured by M3, rose 4.9% y/y in January, accelerating from December's 4.8% growth rate
    • Spain's consumer price index fell 0.3% m/m in February (+3.0% y/y), missing forecasts after a 0.5% decline in January
      • Spain's harmonized index of consumer prices also fell 0.3% m/m (+3.0% y/y), matching expectations after a 1.0% drop in January
    • Italy's non-EU trade balance swung to a deficit of EUR0.89 bln in January from a surplus of EUR5.67 bln in December
    • Switzerland's employment level fell to 4.910 million in Q4 from 4.918 million in Q3
    • Hungary's unemployment rate fell to 4.3% in January from 4.4% in December, as expected
  • Yield Check:
    • France, 10-yr OAT: -1 bp to 0.91%
    • Germany, 10-yr bund: +1 bp to 0.20%
    • Greece, 10-yr note: -6 bps to 7.02%
    • Italy, 10-yr BTP: -2 bps to 2.15%
    • Portugal, 10-yr PGB: -4 bps to 3.87%
    • Spain, 10-yr ODE: -3 bps to 1.57%
    • U.K., 10-yr gilt: unch at 1.08%
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  SK Telecom enters into an agreement w/ Nokia (NOK) to cooperate in the quantum cryptography business  (22.74)

Under the agreement, SK Telecom and Nokia will conduct joint R&D activities to achieve interworking between SK Telecom's Quantum Key Distribution Systemand Nokia's next-generation optical transport system by the second half of this year.

  • Under the agreement, the two companies will also cooperate in the area of Quantum Random Number Generator (QRNG), a technology necessary for applying quantum cryptography technologies to IoT devices.
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  Gapping up:

Earnings: GOGO +5.3%, LUK +3.0%.

General news:

  • LJPC +40.2% (announces positive top-line results from athos-3 phase 3 study of LJPC-501; 'primary efficacy endpoint analysis highly statistically significant'),
  • PIRS +17.2% (granted ASKA Pharma an exclusive option to license development and commercial rights to Pieris' anemia drug, PRS-080, in Japan and certain other Asian markets following completion of a multi-dose Phase 2a study; co will receive an immediate option payment of $2.75 mln from ASKA),
  • ATRS +12.0% (announces that the New Drug Application for QuickShot Testosterone has been accepted for standard review by the FDA),
  • ACRX +8.3% (New Drug Application for DSUVIA accepted for filing; PDUFA date is October 12, 2017),
  • FEYE +2.3% (still checking)

Analyst actions:

  • PTEN +3.4% (added to US 1 List at BofA/Merrill),
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 On The Wires
  • Interpace Diagnostics Group (IDXG) announced the acceptance of four posters to be presented at the upcoming United States and Canadian Academy of Pathology (USCAP) meeting being held March 4-10, 2017 in San Antonio, Texas.  The posters reflect a review of data from the Company's extensive experience in molecular thyroid testing, including experience with over 5000 analyses of indeterminate thyroid nodules using its combined mutational (ThyGenX) and microRNA classifier (ThyraMIR) testing format. Fundamental insights into the mechanism of thyroid cancer development and progression are reported as well as a comprehensive statistical analysis of the mutational and microRNA profiling features representing the largest integrated analysis of DNA and RNA alterations in existence for commercially available molecular products in the area of thyroid cancer.
  • Raytheon Company (RTN) demonstrated, in a recent flight test, single-ship geolocation capability for the ALR-69A(V), a first for any radar warning receiver.
    The AN/ALR-69A(V) — the world's first all-digital radar warning receiver — enhances aircrew survivability, providing «sensors forward» situational awareness at lower costs than competing systems through simple software modifications.
  • NAPCO Security Technologies (NSSC) announced it has formally launched its Starlink Connect Radio product. The radio was recently showcased at the ISC East security trade show in New York and was well received by the security professionals in attendance.
  • Cellular Biomedicine Group (CBMG) announced that the governing Board of the California Institute for Regenerative Medicine, California's stem cell agency, has awarded the Company $2.29 million to support pre-clinical studies of AlloJoinTM, CBMG's «Off-the-Shelf» Allogeneic Human Adipose-derived Mesenchymal Stem Cells for the treatment of Knee Osteoarthritis in the United States.
  • Cherwell Software announced it has secured $50 million in funding from KKR (KKR).  KKR is making the investment through its Next Generation Technology Fund, which focuses on investments in software, security, Internet, digital media, and information services.
  • Aimmune Therapeutics (AIMT) announced that new clinical data on AR101 will be presented during poster sessions on Monday, March 6, at the 2017 American Academy of Allergy, Asthma & Immunology Annual Meeting taking place March 3--6, 2017, in Atlanta, Georgia. The presentations will report data from the Phase 2 ARC001 study (Abstract 803) and from the screening population of the PALISADE Phase 3 study (Abstracts L20 and 807). 
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  F.N.B. Corp merger with Yadkin Financial (YDKN) receives all required regulatory clearances; deal expected to be completed by March 13  (15.65 )
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S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -12.10.

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

Just in, January durable goods orders rose 1.8%, which is in line with the Briefing.com consensus. The prior month's reading was revised to -0.8% (from -0.4%). Excluding transportation, durable orders declined 0.2% (Briefing.com consensus +0.5%) to follow the prior month's revised gain of 0.9% (from 0.5%).

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  Amyris: Temasek Holdings lowers active stake to 22.1% (Prior 23.2%)  (0.52)
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  Gapping down:

Earnings related: BCRX -16.2%, SSTK -11.4%, JKS -2.2%

General news:

  • NVFY -9.7% (pulling back following recent gains)
  • DRYS -8.5% (still checking)
  • SPKE -7.0% (pulling back following Friday's spike on M&A chatter)
  • VIAV -2.8% (commences $400 mln private offering of its Senior Convertible Notes due 2024; intends to use up to $75 mln of the proceeds from the offering to repurchase common stock to its existing program)

Analyst actions:

  • SUI -5.9% (downgraded to Neutral from Buy at Citigroup)
  • URBN -3.3% (downgraded to Sell from Neutral at MKM Partners)
  • TSLA -2.7% (downgraded to Sell from Neutral at Goldman; tgt lowered to $185 from $190)
  • NVMI -2.7% (downgraded to Hold at Stifel; tgt $18)
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  Ally Financial in 10-K discloses recent information request from the New York Department of Financial Services related to subprime automotive finance and related securitization activities  (22.77)«In October 2014, we received a document request from the SEC in connection with its investigation related to subprime automotive finance and related securitization activities. Separately, in December 2014, we received a subpoena from the DOJ requesting similar information. In May 2015 and December 2016, we received information requests from the New York Department of Financial Services requesting similar information. We have cooperated with each of these agencies with respect to these matters.»
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  S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -9.90.

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

Equity indices in the Asia-Pacific region began the week on a lower note, but no major index lost more than 1.0%. Japan's Nikkei (-0.9%) ended among the laggards while the yen has slipped 0.3% against the dollar to 112.47. Elsewhere, China Securities Regulatory Commission Chairman Liu Shiyu said that China is ready for a larger supply of IPOs, thanks to a stronger than expected recovery from a swoon in 2015.

  • In economic data:
    • Australia's Q4 Company Gross Operating Profits +20.1% quarter-over-quarter (expected 8.0%; last 1.5%). Q4 Business Inventories +0.3% month-over-month (expected 0.5%; last 0.9%)
    • Hong Kong's trade deficit HKD12.30 billion (expected deficit of HKD45.50 billion). January Imports -2.7% month-over-month (last 8.7%) and January Exports -1.2% month-over-month (last 10.1%)

---Equity Markets---

  • Japan's Nikkei lost 0.9%. SUMCO, Toshiba, Isuzu Motors, Sumitomo Mitsui Trust, Casio Computer, Softbank, and Panasonic lost between 2.2% and 4.0%. A handful of names posted gains with Mitsubishi Motors, TOTO, and Konami gaining between 0.3% and 2.9%.
  • Hong Kong's Hang Seng shed 0.2% with financials and property names showing relative weakness. Bank of China, HSBC, Hang Lung Properties, Ping An Insurance, and BoC Hong Kong posted losses between 0.6% and 1.5%.
  • China's Shanghai Composite slipped into the close, ending lower by 0.8%. Hebei Jinniu Chemical Industry, Baosheng Science & Technology Innovation, China Fortune Land Development, and Nanning Department Store lost between 4.0% and 4.4%.
  • India's Sensex lost 0.3% with most components ending lower. AXIS Bank fell 3.6% while Power Grid, ICICI Bank, and Maruti Suzuki lost between 1.4% and 3.1%. On the upside, Reliance Industries jumped 4.7%.

Major European indices trade in mixed fashion with Italy's MIB (+1.0%) showing relative strength. Italy's Democratic Party has scheduled a primary vote for April 30, which is seen as a precursor to a general election being called later in the year. Elsewhere, Fitch affirmed Greece's sovereign rating at ‘CCC' while Moody's affirmed Germany's ‘AAA' rating with a ‘Stable' outlook. On a separate note, the British pound is down 0.4% against the dollar at 1.2412 amid reports Scotland may conduct another independence referendum once the UK triggers article 50.

  • In economic data:
    • Eurozone February Business and Consumer Survey 108.0, as expected (last 107.9). January M3 Money Supply +4.9% year-over-year (consensus 4.8%; last 5.0%) and Private Sector Loans +2.2% year-over-year (consensus 2.1%; previous 2.0%)
    • Spain's CPI -0.3% month-over-month (expected -0.2%; last -0.5%); +3.0% year-over-year (consensus 3.3%; last 3.0%)

---Equity Markets---

  • France's CAC is lower by 0.1%. Growth-sensitive names like TechnipFMC, Solvay, Legrand, ArcelorMittal, and Valeo are down between 0.6% and 1.5%. Financials outperform with Societe Generale, BNP Paribas, and Credit Agricole rising between 0.8% and 1.2%.
  • UK's FTSE has added 0.1% with BP and Royal Dutch Shell contributing to the relative strength. The two names are up 0.9% and 0.6%, respectively, while consumer names like Unilever, Sainsbury, Marks & Spencer, Carnival, and British American Tobacco show gains between 0.1% and 1.1%. On the downside, insurers Direct Line Insurance and Admiral Group show respective losses of 5.9% and 2.1% after announcing cuts to discount rates used to calculate personal injury damages awards.
  • Germany's DAX trades flat. Adidas has jumped 3.9% in reaction to upbeat analyst commentary while Deutsche Bank, BMW, and Daimler show gains between 0.1% and 1.1%. Deutsche Boerse is the weakest performer, falling 4.5%, amid concerns about the viability of the merger with London Stock Exchange.
  • Italy's MIB trades up 1.0%. Banco Bpm, Intesa Sanpaolo, Banca Pop Emilia Romagna, UBI Banca, and Fiat Chrysler have added between 2.1% and 4.7%.
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 Gapping up/down: LJPC +40.2% following positive data; GOGO +5% on earnings, TSLA -2.7% on Goldman downgrade

Gapping up:

Earnings: GOGO +5.3%, LUK +3.0%.

General news:

  • LJPC +40.2% (announces positive top-line results from athos-3 phase 3 study of LJPC-501; 'primary efficacy endpoint analysis highly statistically significant'),
  • PIRS +17.2% (granted ASKA Pharma an exclusive option to license development and commercial rights to Pieris' anemia drug, PRS-080, in Japan and certain other Asian markets following completion of a multi-dose Phase 2a study; co will receive an immediate option payment of $2.75 mln from ASKA),
  • ATRS +12.0% (announces that the New Drug Application for QuickShot Testosterone has been accepted for standard review by the FDA),
  • ACRX +8.3% (New Drug Application for DSUVIA accepted for filing; PDUFA date is October 12, 2017),
  • FEYE +2.3% (still checking)

Analyst actions:

  • PTEN +3.4% (added to US 1 List at BofA/Merrill),

 

Gapping Down:

Earnings related: BCRX -16.2%, SSTK -11.4%, JKS -2.2%

General news:

  • NVFY -9.7% (pulling back following recent gains)
  • DRYS -8.5% (still checking)
  • SPKE -7.0% (pulling back following Friday's spike on M&A chatter)
  • VIAV -2.8% (commences $400 mln private offering of its Senior Convertible Notes due 2024; intends to use up to $75 mln of the proceeds from the offering to repurchase common stock to its existing program)

Analyst actions:

  • SUI -5.9% (downgraded to Neutral from Buy at Citigroup)
  • URBN -3.3% (downgraded to Sell from Neutral at MKM Partners)
  • TSLA -2.7% (downgraded to Sell from Neutral at Goldman; tgt lowered to $185 from $190)
  • NVMI -2.7% (downgraded to Hold at Stifel; tgt $18)
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 Filings, Offerings and Pricings

Filings:

  • Atlantica Yield (ABY) files for offering of 41,530,843 ordinary shares held by selling shareholders Abengoa Concessions Investments
  • Aqua Metals (AQMS) files for 939,005 common stock offering by selling stockholders
  • Ares Management (ARES) files for offering of common units and preferred units representing LP interests by the co and/or certain selling unitholders; size not disclosed
  • Camber Energy (CEI) files for $150 mln mixed securities shelf offering
  • Cotiviti (COTV) files for 7 mln share common stock offering by selling shareholders
  • Foamix (FOMX) files for $291,936,389 ordinary share offering (including the shares carried forward from the Previous F-3 Registration Statement)
  • Fortress Transportation and Infrastructure (FTAI) files for mixed securities shelf offering; size not disclosed
  • Leaf Group (LFGR) files for $100 mln mixed securities shelf offering and 8 mln share offering by holders
  • Bio Blast Pharma (ORPN) files for $10 mln ordinary share offering
  • Penske Auto (PAG) files mixed securities shelf offering
  • Sunstone Hotel (SHO) files mixed securities shelf offering
  • Southern (SO) files mixed securities shelf offering
  • Uranium Resources (URRE) files for $60 mln mixed securities shelf offering
  • Wells Fargo (WFC) files mixed securities shelf offering

Offerings:

  • Encore Capital (ECPG) commences $125 mln private placement of convertible senior notes due 2022
  • Viavi (VIAV) commences $400 mln private offering of its Senior Convertible Notes due 2024

Pricings:

  • MGT Capital Investments (MGTI 0.77) entered into a Securities Purchase Agreement relating to the issuance and sale of 1,000,000 shares of common stock at a purchase price of $0.40 per Share
  • Parkervision (PRKR 2.13) enters into a subscription agreement providing for the sale of 80,510 shares of common stock at a price of $2.11 per share to one of the Company's directors
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  Gogo: Standpoint reiterates Buy rating following strong Q4 results  (9.12)Standpoint notes the co reported Q4 this morning and it looks like a short squeeze may be triggered on this name. «GOGO — crossed back over $10.00 in pre-market trading this morning — provides in-flight internet connectivity. It is difficult to pin down a valuation on a name like this today because the company is not yet profitable and may not be cash flow positive before 2019. I tried in July to pin down a price target for 2017-2018 and that was $14 — nothing has changed since (in my opinion). Everything is going as I expected. I reiterate my Buy recommendation and $14 target for next year. You can buy the stock now at $10 or wait until the company turns a profit two years from now and pay $15.»

GOGO +11% premarket.
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  RealPage target raised to $38 from $35 at The Benchmark Company ahead of earnings  (33.50)
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  Scripps target raised to $24 at The Benchmark Company  (21.32)The Benchmark Company raises their SSP tgt to $24 from $19 after co reported solid 4Q16 results, with revenue exceeding consensus ests driven by upside in political, retrans, and digital. EBITDA also beat consensus ests by $10 million, reflecting continued cost mgmt. 2017 guidance was mixed, however, with strong revenue offset by increased expenses, including a step up in network compensation and ongoing aggressive investment in Digital. Still, mgmt indicated that core will be up for the year, and positive commentary around the pacing of Auto and ad inventory bodes well, likely lending support. The greater question remains what level Scripps' participation in the M&A landscape will be, with significant financial flexibility and a footprint that could shrink to ~12% should the UHF discount be reinstated. With that said, regardless of M&A, Scripps is well positioned to grow cash flow given significant MVPD renewals from 2017-2019, with no more major network deals until 2019 .
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  Build-A-Bear Workshop: Point72 Asset Management discloses 14.8% passive stake  (10.10)
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  Sabra Healthcare REIT target raised to $28 at Mizuho  (26.97)Mizuho raises their SBRA tgt to $28 from $22. Although firm went into this post-4Q16 earnings note with the view the complexities facing the skilled nursing and senior housing sectors made SBRA stock (and its 10%+ return, YTD) vulnerable. However, the numbers and commentary from mgmt ultimately keeps firm at Neutral. One overriding point on SNFs and senior housing triple-net: Some observers identify with the generally solid rent coverage as reason to feel good about the group. But at least in the short term, firm thinks healthcare REITs trade more on the change in coverage, not the coverage itself — and therein lies the risk.
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  Electro Scientific initiated with a Buy at Lake Street; tgt $7.50  (6.69)Lake Street initiates ESIO with a Buy and price target of $7.50 as they think as Electro Scientific Industries (ESI) emerges from its planned three-year transition it will show consistent top line growth and improving profitability. Firm views the appointment of Michael Burger as CEO last fall, this month's beat and guide up print, and the recently announced restructuring initiatives, set to lead to $10-$12M in annualized savings, as evidence of the progress being made. Further, they think co's narrative has shifted now that the Apple revenue concentration is down to 15% (FY16) from 31% (FY13). Our bullish thesis is not predicated on any potential M&A, but they think Mr. Burger's previous experience at other companies coming in, cleaning them up, and eventually selling them, creates a template that ESI could ultimately follow.
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  Foot Locker target raised to $87 at Canaccord Genuity following earnings; Buy  (75.01)Canaccord Genuity raises their FL tgt to $87 from $83 noting, «We are impressed both by FL's ability to drive positive store traffic in the US despite a challenging retail environment, and by its ability to execute with such consistency quarter after quarter, year after year. We believe this is reflective of a sound strategy that encompasses a built-in feedback mechanism to spot trends (i.e. Foot Action and FL Europe), a strong buying team that can flex between categories and brands, and a distinct store experience that inspires its consumers to visit stores.»
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  S&P futures vs fair value: -1.80. Nasdaq futures vs fair value: -9.40.

Equity futures point to a slightly lower open on Monday as investors contemplate profit-taking against a go at another record close. The S&P 500 futures trade two points below fair value.

The Treasury market is under pressure this morning after finishing Friday's session near its three-month high. The benchmark 10-yr yield is higher by two basis points at 2.33%.

Conversely, crude oil has shaken off Friday's poor performance to hold a solid gain of 0.9% ahead of today's opening bell. WTI crude currently trades at $54.48/bbl.

Corporate news has been relatively light this morning. Warren Buffett did create some pre-market movement after acknowledging that Berkshire Hathaway (BRK.b 171.10, +0.88) has more than doubled its stake in Apple (AAPL 137.14, +0.49) since the end of 2016. Shares of AAPL have added 0.4% in pre-market action.

On the data front, January durable goods orders rose 1.8%, which was in line with the Briefing.com consensus. The prior month's reading was revised to -0.8% (from -0.4%). Excluding transportation, durable orders declined 0.2% (Briefing.com consensus +0.5%) to follow the prior month's revised gain of 0.9% (from 0.5%).

Today's last economic report, January Pending Home Sales (Briefing.com consensus 0.9%), will cross the wires at 10:00 am ET.

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  Crude oil futures rally near last week's 7-week high (+1.0%) after the CFTC reported another record high in net long positions for Crude oil & Brent futures/options contracts earlier this morning  (11.46)
  • Crude oil futures for April delivery were up about $0.52 (+1.0%) around the $54.53/barrel level following data from the CFTC which showed that investors now hold 951,312 lots worth of U.S. & Brent crude futures/options, equivalent to nearly 1 bln barrels of oil at a value of more than $52 bln, as of this morning.
  • Oil prices are also seeing a boost from comments this morning by Russian oil minister Alexander Novak regarding the possibility that Russia may accelerate the pace of its 300k barrel/day expected production cut.
  • Reminder: The IEA recorded OPEC's avg compliance at a record 90% in Jan, as stated in the latest monthly oil market report.
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  On The Wires
  • Eaton Vance Corp. (EV) announced the expansion of its business activities in Japan. On February 1, 2017, Eaton Vance Asia Pacific, Ltd. (Eaton Vance Asia Pacific), an international subsidiary of Eaton Vance Management (EVM), opened a Tokyo-based representative office to provide relationship management and client service support to existing clients in Japan and other parts of Asia.
  •  Amazon Studios (AMZN) and Sky Vision today announced the addition of Fortitude to Amazon's lineup of dramatic original series for Prime Video in the US. The first season of Fortitude premiered on Sky Atlantic in 2015 and became the network's most successful original drama commission to date, with the first episode watched by an accumulative audience of more than 3.2 million. The first season has also been available on Prime Video in the US since January 2016, with more than 2,000 four and five star reviews from customers.
  • Synopsys (SNPS) announced ratification of new statistical moment-based extensions to LVF by the Liberty Technical Advisory Board (LTAB), an IEEE Industry Standards and Technology Organization (IEEE-ISTO) federation member program. The new extensions provide a more precise static timing model based on non-Gaussian variation observed in designs operating at near sub-threshold voltage conditions. Applications include mobile and IoT IC designs, where low energy consumption is a dominant requirement. Synopsys' Galaxy™ design platform support for these new extensions is available today with PrimeTime signoff static timing analysis (STA), SiliconSmart library characterization and Library Compiler library checking solutions. Synopsys IC Compiler II physical implementation tool will also provide support in its upcoming release.
  • Ligand Pharmaceuticals Incorporated (LGND) announced the completion of enrollment in the Company's Phase 2 clinical trial with its novel, small-molecule glucagon receptor antagonist LGD-6972 for the treatment of type 2 diabetes mellitus (T2DM). This randomized, double-blind, placebo-controlled study is evaluating the safety and efficacy of LGD-6972 as an adjunct to diet and exercise in subjects with T2DM whose blood glucose levels are inadequately controlled with metformin. The Company expects to report topline results in September 2017.
  • Comcast (CMCSA) and Google (GOOGL) announced a deal that will launch the YouTube app on Xfinity X1 across the country later this year. X1 customers will be able to easily browse and seamlessly access over the Internet the entire YouTube catalog of billions of videos alongside the live, on demand, DVR and web programming included with their Xfinity TV subscription.
  • Fiserv (FISV) announced that Credit Union of Southern California (CU SoCal) a $1.2 billion, 92,000 Member credit union based in Anaheim, has selected the Architect digital banking platform. Architect will enable CU SoCal to deliver a unified digital banking experience, meeting the needs of today's connected consumers and facilitating the growth plans of the credit union. The real-time integration of Architect into the credit union's core account processing platform and the fact that Architect is a hosted solution that does not require extensive onsite support were also key factors in the selection.
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  Hearing Laureate Education was initiated with a Outperform at Barrington Research; tgt $18  (13.33 +0.09)
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думаю, падение будет сегодня… да и вообще… начинается…
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привет. Согласен с тобой
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 HLF
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 KORS
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 HCLP
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 BPT с чата интересные тикеры…
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 BA
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 GS
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 TWX интересная на сейчас. Если что еще будет или в чате скинут, то подкину еще
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X шорт от 50 центов
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LB
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 PE слабая очень
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на рынок вообще не обращает внимания
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 С
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FB
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 AA
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  Hearing DSW was downgraded to Underperform at Cleveland Research  (21.28 -0.29)
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  Hearing Community Trust Bancorp was downgraded to Underperform from Neutral at Hilliard Lyons  (46.30 -0.60)
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 Opening Market Summary: Stock Market Opens Week Slightly Lower

The S&P 500 opened Monday's session below its flat line, showing a loss of 0.2%.

Financials (+0.2%) show relative strength while countercyclical spaces like consumer staples (-0.5%) and utilities (-0.5%) show relative weakness.

The top-weighted technology sector (-0.3%) performs just behind the broader market. The group's top component by weight, Apple (AAPL 136.39, -0.27), trades lower by 0.2% despite the company showing a modest gain in pre-market trade earlier this morning.

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  VOXX Intl is outperforming in early trade after its subsidiary EyeLock demonstrated secure iris biometric capability on the Qualcomm Snapdragon 835 mobile platform at Mobile World Congress 2017   (4.42 +0.23)«The device we will demonstrate at Mobile World Congress features fast iris recognition at a comfortable arm's-length distance­. Utilizing the Qualcomm Haven Secure Camera interface with dedicated processing and encryption to sign, store and execute matching of mathematical templates of your iris biometric, we now are able to offer one of the most advanced security techniques available.»
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 Priceline Fourth Quarter Earnings Preview  (1618.69 -12.93)
  • PCLN is expected to report fourth quarter earnings tonight after the close. There is a conference call scheduled for 16:30 (the company typically guides in the press release).
  • Q4 Capital IQ consensus calls for EPS of $14.12 (versus $12.63 last year) on revenue of $2.33 billion (+16.3% YoY).
  • The company is expected to guide for the first quarter where consensus stands at $11.94 for EPS.
  • PCLN's peer Expedia (EXPE) reported earnings earlier this month. The company missed on the bottom line and beat on the top line. EXPE shares are down ~3% since reporting.

Key Points From Last Quarter

  • Third quarter gross travel bookings for The Priceline Group were $18.5 billion, an increase of 25% over a year ago (~26% on a constant-currency basis).
  • The Group's gross profit for the 3rd quarter was $3.6 billion, a 22% increase from the prior year (~23% on a constant-currency basis).
  • International operations contributed gross profit in the 3rd quarter of $3.3 billion, a 25% increase versus a year ago (approximately 26% on a constant-currency basis).

Metric Guidance:

  • Looking ahead to the fourth quarter, the company sees room night booked increasing between +20-25%.
  • The company sees total gross travel bookings of +16-21% or +17-22% in constant currency.
  • Co sees Q4 adjusted EBITDA between $755-795 mln vs $790 mln last year.

Analyst Notes:

  • Stifel said Priceline's effective strategy to extend its share in secular growth markets organically has demonstrated the strength of the platform's competitive moat. The firm believes that PCLN fits alongside other dominant internet franchises such as Amazon (AMZN), Google (GOOG), Facebook (FB), and Alibaba (BABA). Last quarter the company accelerated room night growth to 29% y/y, adding 34mm incremental room nights' y/y, the largest in PCLN's history. For 2017 they expect room nights' growth of 22% y/y despite its scale (~7.6% global penetration), which is comparable to their estimates for Amazon's 26% y/y paid unit growth and Google's 23% y/y paid clicks growth. Priceline may face near-term headwinds from ad ROI pressure, but they view the platform as one of the most disciplined, efficient ad spenders in their coverage. This concentration on ROI and technology could provide leverage upside to their model over the long-term as customer LTV grows with better conversion and up-sell rates. PCLN's track record exhibits the key qualities of a high-quality internet franchise and we believe shares present a LT growth opportunity from current levels.

Options Activity

  • Based on PCLN options, the current implied volatility stands at ~ 26%, which is 129% higher than historical volatility (over the past 30 days). Based on the PCLN Mar03 $1627.5 straddle, the options market is currently pricing in a move of ~5% in either direction by February expiration (Friday)

Technical Perspective

PCLN shares have slightly outperformed the Nasdaq YTD with PCLN increasing by 11% vs 8% gain in the index. PCLN tends to have 4-6% reactions to earnings. On a positive report, look for resistance near the $1650-1655 area, while support sits near the $1600-1605 vicinity.
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  Sector Summary: Technology (XLK -0.15%) trading lower today, modestly behind the broader market

The tech sector — XLK — trades modestly behind the broader market. Semiconductors, meanwhile, display relative strength as the SOX index trades +0.37%. Within the SOX index, AMD (+3.58%) outperforms, while CRUS (-1.07%) lags. Among other major indices, the SPY is trading 0.01% lower, while the QQQ -0.16% and the NASDAQ -0.17% trade modestly lower on the session. Among tech bellwethers, JD (+1.09%) is showing relative strength, while TMUS (-2.14%) lags.

Notable gainers following earnings:

  • GOGO (+13.7%) reported better than expected Q4 EPS and revs; guided FY17 revs above market expectations

Notable laggards following earnings:

  • JKS (-2.9%) reported better than expected Q4 EPS and revs; guided Q1/FY17 shipments

Gainers on news:

  • MYSZ (+11.1%) co disclosed that Investor/Guarantor failed to fulfill obligations and did not provide loan.
  • SQ (+2.3%) co entered into a Warrant Cancellation and Payment Agreement relating to that certain warrant to purchase up to 9,456,955 shares of the Company's Class A common stock issued to Starbucks (SBUX).
  • AAPL (+0.2%) modestly higher after Warren Buffet was on CNBC stating he bought more AAPL since Dec 31 (13-F filing cut-off), before Jan 31 quarterly report.
  • INXN (+0.1%) co acquird a data centre business in Amsterdam from Vancis Holding BV.

Laggards on news:

  • MGTI (-5.2%) co entered into a Securities Purchase Agreement with anticipated gross proceeds of $400,000.
  • NOW (-2.8%) co appointed former CEO of eBay (EBAY) John Donahoe as President and CEO.
  • SKM (-0.5%) co entered into an agreement w/ Nokia (NOK) to cooperate in the quantum cryptography business.
  • TECD (-0.4%) co's acquisition of the Technology Solutions business of Avnet (AVT) cleared by the EU.

Among notable analyst downgrades:

  • NVMI (-3.2%) downgraded to Hold from Buy at Stifel
  • USM (-4.0%) to Mkt Perform at Raymond James
  • TDS (-3.7%) to Mkt Perform at Raymond James
  • LITE (-2.8%) to Neutral from Buy at MKM Partners

Scheduled to report earnings after the bell:

  • FTR KTOS NTRI PCLN RP SBAC WDAY

Scheduled to report earnings tomorrow morning:

  • EXLS I ORBC PRFT SPNS
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  ViewRay triggers circuit breaker on pop higher; shares currently +19% on FDA 510(k) clearance for ViewRay (MRIdian) Linac System  (5.67 +0.91)
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  President Trump at Governor's meeting says he will make statements regarding infrastructure plan during Tuesday's address to Congress  (97.13 +1.65)
  • Related Stocks showing strength: MLM +3.4%, VMC +2.7%. CAT 97.14 +1.8%, GVA +1.4%, CX +1.2%
  • Over the weekend, WSJ reported that MLM, VMC, and GVA might be the main cos bidding to construct southern border wall (see 2/26 19:00 Weekend Reading Summary).
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  Economic Summary: Durable Orders in line with expectations; Pending Home sales show decline; Q4 GDP out tomorrow at 8:30 ET

Economic Data Summary:

  • January Durable Orders 1.8% vs Briefing.com consensus of 1.8%; December was revised to -0.8% from -0.4%
  • January Durable Orders Ex-Transportation -0.2% vs Briefing.com consensus of 0.5%; December was revised to 0.9% from 0.5%
    • The key takeaway from the report is that the «hard» data indicates business spending declined at the start of the year, which is contradictory of the spending optimism reported in the «soft» survey data.
  • January Pending Home Sales -2.8% vs Briefing.com consensus of 0.9%; December was revised to 0.8% from 1.6%

Upcoming Economic Data:

  • Q4 GDP- Second Estimate due out Tuesday at 8:30 (Briefing.com consensus of 2.1%; Q4 — Prelim was 1.9%)
  • Q4 GDP — Deflator due out Tuesday at 8:30 (Briefing.com consensus of 2.1%; Q4 — Prelim was 2.1%)
  • January Advance International Trade in Goods due out Tuesday at 8:30 (Briefing.com consensus of; December was -$65.0 bln)
  • January Advance Wholesale Inventories due out Tuesday at 8:30 (Briefing.com consensus of; December was 1.0%)
  • February Chicago PMI due out Tuesday at 9:45 (Briefing.com consensus of 53.0%; January was 50.3)
  • February Consumer Confidence due out Tuesday at 10:00 (Briefing.com consensus of 111.5; January was 111.8)

Upcoming Fed/Treasury Events:

  • Fed's Kaplan to speak today at 11:00 ET
  • Fed's George to speak today at 12:45 ET
  • Fed's Williams to speak today at 15:30 ET
  • Fed's Bullard to speak today at 18:30 ET

Other International Events of Interest

  • Eurozone February Business and Consumer Survey 108.0, as expected (last 107.9). January M3 Money Supply +4.9% year-over-year (consensus 4.8%; last 5.0%) and Private Sector Loans +2.2% year-over-year (consensus 2.1%; previous 2.0%)
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  Morning Commodities: Crude tests the upper bound of its 2017 range, hitting levels just under last week's 7-week high ahead of tomorrow's API; natural gas sinks as estimates call for this Thursday's EIA to show one of the smallest draws on record
  • Crude oil rallied towards the upper bound of its 2017 range, neared last week's 7-week high ahead of tomorrow's API data release
    • April 2017 crude oil futures were up about $0.24 (+0.4%) around the $54.22/barrel level
    • Contributing factors affecting the price of oil include:
      • Crude oil futures for April delivery broke out to levels just under last week's 7-week high following data from the CFTC which showed that investors now hold 951,312 lots worth of U.S. & Brent crude futures/options, equivalent to nearly 1 bln barrels of oil at a value of more than $52 bln, as of this morning.
      • Oil prices are also seeing a boost from comments this morning by Russian oil minister Alexander Novak regarding the possibility that Russia may accelerate the pace of its 300k barrel/day expected production cut.
      • Reminder: The IEA recorded OPEC's avg compliance at a record 90% in Jan, as stated in the latest monthly oil market report.
    • Upcoming data reminders:
      • API data will be released tomorrow at 4:30 pm ET.
      • EIA petroleum data will be released Wed at 10:30 am ET.
      • Baker Hughes rig count data will be released Friday at 1 pm ET.
  • Natural gas dropped to a session low ahead of Thursday's EIA release; this week's EIA data is expected to show one of the smallest winter draws on record
    • April 2017 natural gas futures were down about $0.09 (-3.4%) around the $2.69/barrel level.
    • EIA natural gas data will be released at 10:30 am ET.
    • A fifteen-day weather forecast shifted moderately warmer over this past weekend, creating a downward bias in natural gas prices.
    • EIA is likely to report one of the smallest winter draws ever on Thursday, negatively impacting the market. Certain estimates call for a draw of just ~4 bcf.
  • In precious metals, gold & silver traded nearly flat
  • The dollar index was -0.2% around the 100.91 level
    • Commodities, as measured by the Bloomberg Commodity Index, were -0.2% around the 87.33 level
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  HTG Molecular Diagnostics triggers circuit breaker halt as shares ramp higher; currently up 101%  (2.47 +1.24)The strength follows the company's announcement this morning (See 07:59 WIRES) that its new direct-target sequencing chemistry will be available in the company's VERI/O laboratory as a service offering beginning in the first quarter of 2017. The new chemistry is designed for direct sequencing of specified DNA and, in the future, RNA targets with the same high sensitivity and specificity as the company's current HTG EdgeSeq chemistry applications. The initial panel planned for the VERI/O laboratory will detect common mutations in the EGFR, KRAS and BRAF genes for retrospective research studies especially from small and difficult samples, such as formalin-fixed, paraffin-embedded tissue.
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  Syneron Medical — volume alert  (10.65 +0.70)
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  Laureate Education initiation details — Outperform at Barrington Research; tgt $18  (13.20 -0.04)Barrington Research initiates LAUR with a Outperform and price target of $18. Founded in 1989 as Sylvan Learning Systems, which was known for its tutoring centers and testing services, the company entered the global higher education space with its acquisition of the Universidad Europea de Madrid (UEM) in 1999. Given there is no direct public company comparable for LAUR, firm used three different comparable groups for valuation purposes — Education Services (Larger Cap/International), Business Services (Larger Cap with Leverage) and Domestic Postsecondary Education (Larger Cap). The Education Services peer group trades at 24.8x earnings (2018E), 2.9x EV/Sales (NTM) and 16.1x CY/18 EV/EBITDA, on average. The Business Services peer group trades at 18.4x earnings (2018E), 2.3x EV/Sales (NTM) and 10.3x CY/18 EV/EBITDA, on average. The Domestic Postsecondary Education peer group trades at 16.0x earnings (2018E), 1.8x EV/Sales (NTM) and 6.4x CY/18 EV/EBITDA. Laureate Education trades at 20.2x earnings (2018E), 1.4x EV/Sales (NTM) and 6.8x CY/18 EV/EBITDA, a clear discount to the relevant peer groups on most every measure.
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  Infrastructure stocks seeing strength as President Trump says he will make statements regarding infrastructure plan during Tuesday's address to Congress  (43.62 +1.06)
  • Steel names: AKS +4.2%, ZEUS +4.0%, MT +3.5%. X +3.3%, NUE +3.3%, CMC +3.7%, STLD +2.6%,  WOR +1.8%; Alum names: KALU +2.7%, RS +2.3%, CENX +2.0%. AA +1.8%, CSTM +1.8% ACH +0.8%.
  • Industrial Spdr (XLI -0.9%), iShares DJ Basic Mat (IYM -0.7%).
  • Other names that have been considered beneficiaries to the infrastructure plan: IBP +9.2%, MLM +4.3%, VMC +3.9%, URI +3.2%, TPC +2.5%, MTW +2.3%, ACM +2.5%, CLF +2.2%, CAT + 2.0%, TEX +2.0%, GVA +1.8%, FLR +1.8%, MTZ +1.7%,  PWR +1.1%.
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 Notable movers of interest: BID +12.2% on Q4 EPS and revenue beats

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

  • MLM (219.25 +4.38%): Infrastructure names seeing strength as President Trump reiterates he will make statements regarding infrastructure plan during Tuesday's address to Congress (URI, VMC, CAT...).
  • NVDA (104.42 +2.92%): Shares rise after plunging 9.3% last Thursday after analysts from both BMO Capital and Instinet downgraded NVDA shares last Thursday morning.
  • ILMN (163.97 +2.48%): Upgraded to Buy from Hold at Evercore ISI.

Large Cap Losers

  • TSLA (244.24 -4.96%): Downgraded to Sell from Neutral at Goldman; tgt lowered to $185 from $190.
  • SNN (30.28 -1.37%): Downgraded to Neutral from Buy at Goldman.

Mid Cap Gainers

  • BID (45 +12.25%): Reports Q4 EPS and revenue beats.
  • AWI (45 +12.22%): Reports Q4 EPS beat; guides FY17 EPS and revenues above consensus.
  • TGNA (26.44 +6.61%): Reports Q4 EPS beat.

Mid Cap Losers

  • AFSI (23.88 -13.67%): Shares fall despite Q4 EPS and revenue beats; updates on anticipated timing of 10-K filing.
  • AES (11.34 -4.99%): Reports Q4 revenue miss; guides FY17 EPS below consensus.
  • HZNP (16.61 -4.84%): Shares fall despite Q4 EPS beat, revenues in-line; guides Q2 revs below consensus.
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  Time Warner — volume alert  (97.35 +0.07)
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  Early Options Activity

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

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

Calls:

  • Direxion Daily Energy Bull 3x ETF (ERX) Mar 34 calls are seeing interest with 2070 contracts trading vs. open int of 290, pushing implied vol up around 11 points to ~59% — President Trump's budget is expected to call for EPA cuts.

Puts:

  • BAX Weekly Apr07 48.5 puts are seeing interest with 1740 contracts trading vs. open int of 0, pushing implied vol up around 1 points to ~18% — co reported earnings earlier this month and is expected to report its next quarterly earnings report late April.  Co is scheduled to present on March 6 and March 7.

Stocks seeing volatility selling:

  • GOGO, LUK, KOS, JKS implied vol is lower following earnings/guidance

Sentiment: The CBOE Put/Call ratio is currently: 1.12… VIX: (13.43, -0.34, -2.0%).
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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  Lexicon Pharma shares higher by 3.5% ahead of PDUFA date for telotristat etiprate tomorrow  (16.25 +0.53)
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  Hearing Insulet was downgraded earlier to Hold from Buy at Feltl & Co.  (45.41 -0.55)
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 Rumor Round Up

Rumor Activity was active to start out the week.

  • Reuters discussed that Michael Kors (KORS 37.55 +0.24) and Coach (COH 38.69 +0.67) have moved into second round of bidding for Kate Spade (KATE 23.75 +0.48).
  • Marbridge detailed that JD.com (JD 30.86 +0.59) said to be planning to spin out its JD Finance unit.
  • M&A blogger Ben Harrington (Betaville) in weekly video interview discussed unsubstantiated speculation that Affiliated Managers (AMG 168.63 +0.60) and T. Rowe Price (TROW 72.18 +0.23) are among parties 'circling' Legg Mason (LM 37.31 +0.16).
  • Reuters discussed that CIBC (CM 89.77 -0.66) may move to 'marginally improve' its current acquisition offer for PrivateBancorp (PVTB 56.88 +0.13).
  • Reuters detailed that Total S.A. (TOT 50.32 +0.06) is in talks to acquire a 'multi-billion dollar' stake in an Iranian LNG export facility.

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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 Currency Commentary: Trump heads to Congress; Beige Book, Yellen, Fischer in Focus
  • The Dollar Index is sliding below the 101 level as we prepare for March. This week we will get the usual run of key data including the Personal Income & Spending and the ISM Services on Wednesday. Of note, due to the current cycle, the February jobs number is not released until March 10. President Trump is heading to Capitol Hill tomorrow but expectations are for him to remain vague on details of his fiscal plans. This week we will also get the latest Beige Book (Wed) and speeches from Fed Chair Janet Yellen and number two Stanley Fischer (Fri). This will help set the tone ahead of the Fed's March 15 meeting.
  • The euro is attempting to press back above the 1.06 level. Yields in the region have eased as the most recent French polls are showing Left candidate Emmanuel Macron beating Marine Le Pen in the second round of the French elections. This has always been the case but it would appear there has been an easing on some of the concerns around a Le Pen victory.  The single currency will need to hold the 50-sma/1.06 area will be key.
  • The pound is attempting to hold the 1.24 level to start off the week. Sterling came under pressure late last week as stories of the E.U. tagging the U.K. with EUR 62 bln exit bill have led to concerns over future trade talks. March will hold two EU meetings (March 10 and 25) and the U.K. is expected to invoke its Article 50 departure at one of the meetings. 
  • The yen is testing the 112 area for resistance. The 100-sma (111.84) is lining up as a key level for the yen. Yen has rallied approx 5% in 2017 despite the global market rally.
  • The yuan is holding steady in the 6.85 area. Over the weekend there was a story out that China approved hedging tools including FX forwards, FX swaps and currency swaps for foreign investors in China's interbank bond markets as it attempts to lure capital back (BONDX, FOREX). 
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Sector Summary: S&P Consumer Discretionary Index flat, in-line with the broader marketThe consumer discretionary group is in-line with the broader market. The retail group is also near the unchanged mark — the Retail HOLDRS Trust (RTH) is slightly in the red and the SPDR S&P Retail ETF (XRT) +0.1%.

Notable earnings/guidance

  • Trading higher following earnings/guidanceBID +14.4%
In the news:
  • LeadersKATE 2.2% KORS 0.6% COH 1.7% (Michael Kors and Coach move into second round of bidding for Kate Spade, according to Reuters), CAT 1.7% (President Trump at Governor's meeting reiterates he will make statements regarding infrastructure plan during Tuesday's address to Congress),
  • LaggardsKHC -1.5% (Warren Buffet on CNBC says KHC is not planning hostile takeover of Unilever; there is no «backup deal»; prices in the space would make other deals less attractive), RAD -0.2% (pulling back after initially seeing early strength on CTFN article discussing speculation that the company's pending merger with Walgreens could soon be approved by the FTC)
  • Nearly unchangedPAG flat (files mixed securities shelf offering)
Other notable trends:
  • Homebuilding / contruction names are seeing notable strength following pending home sales data and ahead of Trump's Tuesday speech (infrastructure topic among items to be discussed). LGIH +2.6%, CAA +2.3%, MTH +2.2%, HOV +1.9%, LEN +1.9%, BZH +1.8%, PHM +1.6%, TMHC +1.5%, DHI +1.5%, MHO +1.4%, KBH +1.3%, ITB +1.3%, TOL +1.2%, XHB +1%, WLH +0.7%, MDC +0.7%
Analyst related:
  • UpgradesCCL 0.1% (upgraded to Buy from Hold at Argus)
  • DowngradesURBN -0.9% (downgraded to Sell from Neutral at MKM Partners), CNK -0.6% (downgraded to Sector Perform at RBC Capital Mkts; tgt raised to $45)
  • MiscWTW 2.8% (M Science out with favorable online-sign up channel checks),

Looking ahead:

  • On the earnings frontFRGI, HTZ, KONA, PCLN report today after the close
  • Monthly Sales
    • A handful of retailers will be reporting monthly sales on Thursday March 2. 
    • Auto manufacturers will be reporting monthly sales on March 1.
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  Sector Summary: The Healthcare sector (+0.12%) is trading higher today, slightly outperforming the S&P 500 (+0.03%)General Commentary: HTG Molecular Diagnostics (HTGM) is up almost 171% after that its new direct-target sequencing chemistry will be available in the company's VERI/O laboratory as a service offering beginning in the first quarter of 2017. This is the highest level the co has reached since a similar like spike happened in October 2016 after some MKGAY news. 

Gainers on news:
  • HTG Molecular Diagnostics (HTGM +165.88%) announced that its new direct-target sequencing chemistry will be available in the company's VERI/O laboratory as a service offering beginning in the first quarter of 2017
  • La Jolla Pharm (LJPC +74.34%) announces positive top-line results from athos-3 phase 3 study of LJPC-501; 'primary efficacy endpoint analysis highly statistically significant'
  • ViewRay (VRAY +21.43%) receives FDA 510K approval for the Viewray Linac System
Decliners on news:
  • Bio Blast Pharma (ORPN -6.22%) files for $10 mln ordinary share offering
  • EDAP TMS SA (EDAP -4.53%) announced the first prostate ablation treatments performed at the University of Minnesota using its Ablatherm Robotic HIFU
  • CEL-SCI Corp (CVM -1.37%) announces that the NYSE has accepted its plan to bring itself into compliance with the Exchange's continued listing standards
Decliners on earnings:
  • Ritter Pharma (RTTR -7.27%) reports Q4 results
  • Horizan Pharma (HZNP -3.9%) beats by $0.13, reports revs in-line; guides Q1 revs in-line; guides Q2 (Jun) revs below consensus; guides FY17 revs in-line
  • Halyard Health (HYH -3.09%) beats by $0.06, beats on revs; guides FY17 EPS in-line
Upgrades/Downgrades:
  • Heron Therapeutics (HRTX +4.32%) initiated with a Buy at Needham; tgt $28
  • Illumina (ILMN +2.96%) upgraded to Buy from Hold at Evercore ISI
  • Cempra (CEMP +1.48%) upgraded to Buy from Neutral at ROTH Capital
  • HMS Holdings (HMSY -1.49%) downgraded to Equal-Weight at First Analysis Sec; tgt lowered to $21
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BABA
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GM лонг от 37,05
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CAT 97,5 интересная цена
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HD шорт
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