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Блог компании DayTraderClub | Америка сегодня. ВВП, деловая активность и доверие потребителей.

В данных за четвертый квартал 2016 ВВП прогнозируется аналитиками на уровне 2.1%:
Америка сегодня. ВВП, деловая активность и доверие потребителей.


В индексе деловой активности после разочаровывающих данных снова ожидается всплеск к значению 54, которое находится на максимальных отметках за последние пару лет:
Америка сегодня. ВВП, деловая активность и доверие потребителей.


Индекс доверия потребителей продолжает устанавливать новые рекорды и этот месяц по прогнозам тоже не станет исключением и покажет отметку 112.1:
Америка сегодня. ВВП, деловая активность и доверие потребителей.


Все новости:
Америка сегодня. ВВП, деловая активность и доверие потребителей.


Данные: DTC News, Briefing, Interactive, Economics, Public Sources
86 комментариев
  On The Wires
  • XOMA Corporation (XOMA) announced today that Jim Neal, Chief Executive Officer, will present the company's new strategic initiatives and value drivers at the Cowen and Company 37th Annual Health Care Conference on Tuesday, March 7, 2017 at 11:20 a.m. ET.
  • TeleTech Holdings (TTEC) received a General Services Administration Information Technology (IT) Schedule 70 Contract award in the final quarter of the government's fiscal year 2016. The company's customer experience solutions, offered through TeleTech Technology, are now available to federal, state, and local government buyers through GSA IT Schedule Contract Number GS-35F-151GA.
  • Tonix Pharmaceuticals Holding Corp. (TNXP) announced that it will present at the Cowen and Company 37th Annual Health Care Conference being held March 6-8, 2017 in Boston.  Seth Lederman, M.D., president and chief executive officer of Tonix, will provide a corporate update and an overview of the Tonix posttraumatic stress disorder (PTSD) clinical program. TNX-102 SL was recently granted Breakthrough Therapy designation by the U.S. Food and Drug Administration for the treatment of PTSD. Tonix will commence in this quarter a 12-week Phase 3 clinical study, the «HONOR» study, evaluating TNX-102 SL, 5.6 mg, in military-related PTSD. The interim analysis of the HONOR study is expected in the first half of 2018 and topline results are expected in the second half of 2018.
  • The European Commission has approved under the EU Merger Regulation the acquisition of joint control over GfK SE («GfK») of Germany by KKR & Co. (KKR) and GfK-Nürnberg Gesellschaft für Konsum-, Markt- und Absatzforschung e.V of Germany. The Commission concluded that the proposed transaction would raise no competition concerns because the companies are not active on the same or on related markets.
  • The European Commission has approved under the EU Merger Regulation the proposed acquisition of the insurance businesses of American International Group (AIG) in Bulgaria, Czech Republic, Hungary, Poland, Romania and Slovakia by Fairfax Financial Holdings (FRFHF). The Commission concluded that the proposed acquisition would raise no competition concerns because the overlaps between the companies' activities are limited.
  • On February 27, 2017 Visteon Corporation (VC) entered into a Master Confirmation and a Supplemental Confirmation with UBS AG, London Branch to purchase shares of its common stock for an initial payment of $125 million. The ASB Agreement was entered into as part of the Company's previously announced share repurchase authorization.
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 Durect resumed with a Buy at H.C. Wainwright; tgt $3  (1.02)H.C. Wainwright resumes coverage of DRRX with a Buy and sets target price at $3. Firm's analysis suggests that the Street is barely accruing sufficient value for the Phase 3 Posimir program, while essentially ignoring the novel epigenetic program, thereby creating a free call option for this highly-differentiated proprietary discovery platform. They employ a rNPV valuation model to estimate the intrinsic value of DRRX shares, and arrive at their $3 PT, based on: 1) $1.71 per share, driven by U.S. sales of DUR-928 for AKI (2021 launch; 25% probability of success (POS), $1.1B peak sales); 2) $0.70 per share, driven by royalties on U.S. sales of Posimir (assumes future partner; 75% POS, $500M peak sales; ~22% peak royalties); and 3) $0.52 representing essentially the annuity value of marketed legacy products.
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  Insulet target raised to $50 at Wedbush; Solid quarter, healthy outlook  (46.17)Wedbush raises their PODD tgt to $50 from $48 after co posted robust 4Q16 results and issued healthy 2017 guidance, signaling confidence in the overall growth of its diabetes and drug delivery franchises despite a more competitive diabetes landscape. PODD's relatively new mgmt continues to fire on all cylinders with better-than-expected revs across all three of its business segments and solid gross margin expansion. The main takeaways from the quarter were continued strength within co's diabetes franchises (US and OUS), the success of its drug delivery segment, and the confidence that momentum should continue in 2017; Outperform.
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  Early premarket gappersGapping up: NTRI +20.4%, SBY +16.7%, NSPR +15.4%, INUV +13.5%, DRYS +11.2%, AMRN +7%, FRO +5.2%, KND +5.1%, BWXT +5%, TCMD +4.3%, GOGL +4.3%, NRG +4.2%, PCLN +3.8%, ENDP +3.8%, ICD +3.7%, ESV +2.8%, HTZ +2.7%, HTZ +2.7%, X +2.6%, WUBA +2.5%, SBGL +2.4%, EOG +2.4%, IONS +2.3%, GOLD +2.1%, AMD +2%, LXU +1.8%, GFI +1.7%, HMY +1.6%, ALB +1.5%, PAH +1.5%, RRC +1.4%, AU +1.3%, DB +1.2%, GAIA +1.2%, AKS +1.1%, GDX +1.1%, NEM +1%, SGMO +1%

Gapping down: FRGI -15.8%, ESND -14.4%, THC -12.3%, TGT -11.9%, PRGO -11.7%, KONA -9.9%, FTR -9.1%, CEMP -8.3%, NVAX -8%, TTNP -7.9%, HTGM -7.2%, OPHT -7.2%, AAC -6.5%, EXEL -5.6%, WDAY -5.1%, KRA -5%, KTOS -4.9%, ZTO -4.3%, ORA -4.2%, IPWR -4.2%, CPE -4.2%, TCAP -3.8%, VRX -3.1%, PULM -2.8%, FSLR -2.6%, O -2.5%, TRIP -2.3%, GPL -2.1%, STM -2%, SQ -1.8%, BHP -1.8%, ASML -1.8%, TZOO -1.6%, ING -1.5%, KR -1.5%, I -1.4%, APLE -1.2%, WMT -1.1%, JPM -1.1%, HPP -1%, RDS.A -1%, C -0.9%, RIO -0.9%
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Нагребли бумагу JDST — поглядим что будет
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  Workday target raised to $91 at Wedbush; Typically solid beat  (90.19)Wedbush raises their WDAY tgt to $91 from $86. WDAY posted a typically solid beat and modest raise, adjusting for the impact of an early shift to a new accounting standard. As indicated by firm's checks with WDAY integrators, the demand envm't improved in 4Q to a broad base of large deals. Firm believes the momentum carries forwards into 1Q deal pipelines, but they are on guard because we think a meaningful portion of this uptick may stem from increasing seasonality. Firm saw similar upticks in integrator pipelines at this time a year ago, which softened over the next few months as deals pushed later into the year. They are on the sidelines given WDAY's relatively high multiple, 36% run-up YTD (vs. 6% for the S&P 500), and uncertainty concerning the sustainability of 4Q strength in deal activity. Management's decision to comment on Oct.-Nov. weakness in its 3Q earnings call (despite solid metrics) suggests to firm that co is also uncertain about the demand envm't and/or seasonality.
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  Fiesta Restaurant target lowered to $28 at Wedbush   (25.95)Wedbush lowers their FRGI tgt to $28 from $32 as they believe FRGI's current valuation ascribes a negative value to future cash flows from new units. They also believe the current discount is unwarranted and could contract as visibility into the benefits from a lowered growth rate in 2017 improves and near-term SSS growth stabilizes; Outperform.
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  TripAdvisor downgrade details — to Underperform at Needham  (42.81)Needham downgrades TRIP to Underperform from Hold because: 1) Instant Booking's business model (i.e., pay after the stay) has lower ROIs than expected; 2) TRIP's CPMs on mobile are monetizing at 1/3 the rate of desktop — a rev headwind; 3) TRIP's strategic pivot from review site to booking engine is proving more expensive than hoped; 4) TRIP can't win a marketing war because even if TRIP spends 100% of their 2017 projected rev of $1.6B, this would be less than half PCLN's or EXPE's marketing; 5) guidance for double-digit rev growth coupled with flat to down EBITDA implies no incremental rev is benefiting shareholders in 2017, adding risk; and 6) at current trading levels, TRIP looks expensive at 3.7x 2017 rev, 17.8x EV/EBITDA and at a P/E of 39x. Firm thinks TRIP is worth $37-38/share, and thus they are downgrading to underperform.
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  Overnight Treasury Summary

Treasuries Edge Higher Ahead of GDP and Trump Speech

  • U.S. Treasuries are trading a touch higher this morning ahead of the second official estimate of Q4 U.S. GDP growth. In international data, French GDP growth matched Germany's in the fourth quarter of 2016 at 0.4% q/q, as expected. French consumer price inflation ran cooler than expected in February but Italian inflation exceeded economists' estimates. Japanese industrial production declined in January for the first time since August. Today's U.S. session also features four Fed speakers (only Kaplan and Harker vote) and President Trump will address Congress tonight and has said that he will fill in more details on fiscal stimulus. The U.S. Dollar Index is losing 0.10% to 101.03 as the Japanese yen rallies against the greenback and the S&P 500 is set to open down 0.10% to 2,2367.6. WTI crude is off by 0.24% to $53.92/bbl. and gold is down 0.36% to $1,254.3/troy oz.
  • Yield Check:
    • 2-yr: unch at 1.20%
    • 5-yr: unch at 1.87%
    • 10-yr: -1 bp to 2.36%
    • 30-yr: -1 bp to 2.97%
  • International News:
    • In Japan, industrial production fell by 0.8% m/m in January, the first decline since August 2016. Economists had expected more growth after December's 0.7% jump
      • Retail sales in Japan grew by 1.0% y/y in January, edging past expectations after a 0.6% increase in December
      • Housing starts rose by 12.8% y/y in January, handily beating forecasts after a 3.9% increase in December
      • Construction orders were up 1.1% y/y in January after a 7.1% gain in December
    • Korea's Manufacturing BSI Index ticked up to 79 for March from the prior reading of 78
    • In Australia, HIA New Home Sales fell by 2.2% m/m in January, reversing December's 0.2% rise
      • The current account swung to a deficit of AUD3.9 bln in Q4 from a surplus of AUD10.2 bln in Q3
      • Private sector credit expanded by just 0.2% m/m in January, missing forecasts and slowing from December's 0.7% growth
    • In New Zealand, ANZ Business Confidence dipped to 16.6 in January from 21.7 in December
      • The trade deficit widened to NZD285 mln in January from NZD36 mln in December
    • The U.K.'s GfK Consumer Confidence Index declined to -6 for February from -5 in January, as expected
    • France's harmonized index of consumer prices (HICP) increased by 0.1% m/m in February (1.4% y/y), missing expectations after a 0.3% slide in January
      • French GDP growth ran at 0.4% q/q in the fourth quarter of 2016, matching estimates and Q3's pace
      • French consumer spending grew by 0.6% m/m in January, matching expectations after declining by 1.0% in December
    • Italy's CPI beat expectations in February, rising 0.3% m/m (1.5% y/y) after 0.3% inflation in January
      • Italy's HICP rose by 0.2% m/m in February (1.6% y/y), beating forecasts and clawing back some of January's 1.7% drop
    • Spain's current account surplus widened to EUR3.4 bln in December from EUR3.3 bln in November
    • Swiss KOF Leading Indicators jumped to 107.2 for February from 102.0 in January
  • Data out Today:
    • Q4 GDP and GDP Deflator — Second Estimate (08:30 ET)
    • February Chicago PMI (09:45 ET)
    • February Consumer Confidence (10:00 ET)
  • Fed Speakers:
    • Dallas Fed President Kaplan (FOMC voter)
    • Philadelphia Fed President Harker (15:00 ET)
    • San Francisco Fed President Williams (non-FOMC voter) (15:30 ET)
    • St. Louis Fed President Bullard (non-FOMC voter) (18:30 ET)
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  European Research Calls

Upgrades

  • Allianz SE (AZSEY) upgraded to Equal Weight from Underweight at Morgan Stanley
  • Tullow Oil plc (TUWLF) upgraded to Outperform from Market Perform at BMO Capital
  • Marks and Spencer (MAKSY) upgraded to Buy from Underperform at Jefferies

Downgrades

  • Nordex (NRDXF) downgraded to Neutral from Buy at Citigroup
  • Swiss Re (SSREY) downgraded to Sell from Hold at Societe Generale
  • Rightmove (RTMVY) downgraded to Neutral from Buy at UBS

Miscellaneous

  • None of note
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  CenturyLink initiated with a Neutral at MoffettNathanson; tgt $23  (24.61)
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  Teva Pharma downgraded to Hold from Buy at Argus  (35.75)
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  Marriott Vacations among stocks with favorable commentary on Monday's Mad Money  (96.62)

Stocks with favorable mention: AAPL, CBG, CELG, CHRW, FB, HON, MLM, NXPI, PVH, PYPL, REGN, TXN, UTX, VAC, WDAY

Stocks with unfavorable mention: ARRY, ESPR, FSLR, QCOM, SLCA, WB

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 S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -2.10.

Equity futures point to a slightly lower open on Tuesday morning as investors eye President Trump's first address to Congress, which will occur tonight at 9:00 pm ET. The S&P 500 futures currently trade three points below fair value.

U.S. Treasuries trade relatively flat this morning after suffering heavy losses on Monday. The benchmark 10-yr yield is one basis point lower at 2.36%.

Crude oil has given back yesterday's slim gain by losing 0.2% in early action. WTI crude trades at $53.91/bbl, staying true to the $5.00 trading range it's held since OPEC's production cut announcement on November 30.

Tuesday will see a slew of economic reports, including the second estimate of fourth quarter GDP (Briefing.com consensus 2.1%) and January International Trade in Goods at 8:30 ET, February Chicago PMI (Briefing.com consensus 53.0%) at 9:45 ET, and February Consumer Confidence (Briefing.com consensus 111.5) at 10:00 ET.

Additionally, there will be several Fed speakers on Tuesday, including Kansas City Fed President George at 12:45 ET, San Francisco Fed President Williams at 15:30 ET, and St. Louis Fed President Bullard at 18:30 ET. None of today's Fed speakers are voting members on this year's FOMC.

In U.S. corporate news:

  • Target (TGT 58.45, -8.48): -12.6% after missing earnings per share estimates and issuing guidance that was well below expectations. 
  • Priceline (PCLN 1,695.00, +62.99): +3.9% after better than expected earnings and revenues have overshadowed below-consensus guidance.
  • NutriSystem (NTRI 46.35, +7.15): +18.2% after beating on the top and bottom lines and issuing upbeat guidance.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Tuesday on a mixed note, but once again, trading ranges were fairly narrow as participants awaited U.S. President Donald Trump's first address to Congress. Japan's Nikkei +0.1%, Hong Kong's Hang Seng -0.8%, China's Shanghai Composite +0.4%, India's Sensex -0.2%.
    • In economic data:
      • Japan's January Housing Starts +12.8% year-over-year (consensus 3.2%; last 3.9%). January Construction Orders +1.1% year-over-year (last 7.1%). January Industrial Production -0.8% month-over-month (expected 0.3%; last 0.7%) and January Retail Sales +1.0% year-over-year (expected 0.9%; last 0.6%)
      • Australia's Q4 Current Account deficit AUD3.90 billion (expected deficit of AUD3.60 billion; previous surplus of AUD10.20 billion). January Private Sector Credit +0.2% month-over-month (expected 0.5%; last 0.7%). January HIA New Home Sales -2.2% month-over-month (last 0.2%)
      • New Zealand's January trade deficit NZD3.47 billion (expected deficit of NZD3.20 billion; last deficit of NZD3.17 billion). January ANZ Business Confidence 16.6 (last 21.7)
      • India's Q3 GDP +7.0% (expected 6.4%; last 7.3%)
    • In news:
      • China's Vice Premier Wang Yang called on his country to maintain non-confrontational principle with the U.S. despite recent reports of increased military spending on both sides.
  • Major European indices trade near their flat lines while Spain's IBEX outperforms. Germany's DAX -0.2%, France's CAC -0.2%, UK's FTSE unch, Spain's IBEX +0.7%.
    • In economic data: France's Q4 GDP +0.4% quarter-over-quarter, as expected (last 0.4%). January CPI +0.1% month-over-month (expected 0.4%; last -0.2%). January Consumer Spending +0.6% month-over-month, as expected (last -1.0%)
    • Italy's February CPI +0.3% month-over-month (expected 0.1%; last 0.3%); +1.5% year-over-year (last 1.0%)
    • Swiss February KOF Leading Indicators 107.2 (expected 102.1; last 102.0)
  • In news:
    • New Bank of England deputy governor, Charlotte Hogg, said her tolerance for above-target inflation would depend on events. Ms. Hogg acknowledged that inflation is squeezing household incomes.
    • In Greece, government officials are expected to meet with auditors, putting together a list of policies that need to be implemented before additional bailout funds are unlocked.
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  Hewlett Packard Enterprise downgraded to Hold from Buy at Argus  (22.31)
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  Ramaco Resources initiated with a Buy at Seaport Global Securities; tgt $14  (10.89)
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  JPMorgan Chase Investor Day Slides- Provides Q1 FY17 Outlook; Targets RoTCE of 15%  (90.43)
  • 2017 Targeting ~15% RoTCE
    • 11% CET1 Ratio (2016 12.2%)
      • 12.2%2 CET1 ratio at 2016 year-end
      • Aim to remain within 11-12.5% corridor in the medium-term
      • Implies payouts between 80-120% using analyst estimates for the next two years
    • 55% Overhead Ratio
    • 55-75% Net payout ratio (2016 65%)
  • Continue to grow the balance sheet on strong loan growth funded by deposits Expect 2017 YoY average core loan growth of ~10%.
  • Expect 2017 and medium-term NCO rates to remain relatively flat across businesses with the exception of Card and CIB
    • Card- seasoning of newer origination vintages will drive loss rates modestly higher, but at higher risk adjusted margins
    • CIB- down due to absence of energy related charge-offs
  • 2017 Firmwide NCOs of $5B ± driven by loan growth
  • Consumer
    • Expect reserve build of ~$300mm — growth across businesses offset by mortgage release
  • Wholesale
    • Expect modest reserve build across wholesale ex-energy
  • Basel IV — not expected to be binding
  • Q1 Outlook
    • Investment Banking — IB revenue in 1Q17 in-line with 4Q16, dependent on timing of deals closing.
    • Markets — total revenue in 1Q17 to increase modestly YoY with results sensitive to market conditions
  • FY17 Outlook
    • Mortgage — NIR down ~($700)mm for the year on higher rates and continued run-off of servicing portfolio as well as the absence of $200mm+ MSR gains in 2016
    • Card Services — NIR down ~($600)mm for the year primarily on account acquisition costs
    • Net Income of $30B+ and ROTCE of 14-15%+
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  Apple target raised to $180 from $150 at Guggenheim; Buy  (136.93)
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  European Summary

European Sovereign Debt Mixed

  • European sovereign bonds are seeing mixed results this morning after French inflation missed estimates for February while Italian inflation was faster than expected. Sweden's economy surged in the fourth quarter of 2016 to print 1.0% q/q GDP growth, well ahead of Germany and France's 0.4%. 10-year sovereign yields in France, Italy, and Spain have fallen to their 50-day moving averages this week as optimism over the French election has supported buying of eurozone periphery debt. For the reflation trade to resume, markets are going to need evidence that January inflation figures were not just an artifact of very low crude oil prices back in early 2016 that are flattering year-on-year inflation data. The PMI data from the eurozone and the U.K. has been strong for the past few months so there is hope, but election uncertainty in France still looms large. Also of note today, Switzerland's KOF Leading Indicators surged in February
  • New Issuance:
    • Germany sold EUR4.14 bln of 2-year schatz at an average yield of -0.92% with a bid-to-cover of 1.76
  • Central Banks:
    • Hungary's central bank kept its benchmark policy rate at 0.9%, as expected. Forbearance at the National Bank of Hungary in the face of 2.3% y/y CPI inflation is not expected to hurt the Hungarian forint because of falling German yields at the short-end of the curve and a generally strengthening global economy
  • European Economic Data:
    • France's harmonized index of consumer prices (HICP) increased by 0.1% m/m in February (1.4% y/y), missing expectations after a 0.3% slide in January
      • French GDP growth ran at 0.4% q/q in the fourth quarter of 2016, matching estimates and Q3's pace
      • French consumer spending grew by 0.6% m/m in January, matching expectations after declining by 1.0% in December
    • Italy's CPI beat expectations in February, rising 0.3% m/m (1.5% y/y) after 0.3% inflation in January
      • Italy's HICP rose by 0.2% m/m in February (1.6% y/y), beating forecasts and clawing back some of January's 1.7% drop
    • Spain's current account surplus widened to EUR3.4 bln in December from EUR3.3 bln in November
    • Ireland's ILO unemployment rate fell to 6.6% in February from 7.1% in January
    • The U.K.'s GfK Consumer Confidence Index declined to -6 for February from -5 in January, as expected
    • Swiss KOF Leading Indicators jumped to 107.2 for February from 102.0 in January
    • Sweden's GDP grew by 1.0% q/q in the fourth quarter (2.3% y/y), slightly beating estimates after 0.3% growth in Q3
    • Polish GDP growth for Q4 was finalized at 1.7% q/q (2.7% y/y)
  • Yield Check:
    • France, 10-yr OAT: +1 bp to 0.90%
    • Germany, 10-yr bund: +2 bps to 0.21%
    • Greece, 10-yr note: +1 bp to 7.06%
    • Italy, 10-yr BTP: -4 bps to 2.10%
    • Portugal, 10-yr PGB: +1 bp to 3.87%
    • Spain, 10-yr ODE: -2 bps to 1.56%
    • U.K., 10-yr gilt: +1 bp to 1.08%
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 On The Wires
  • NF Energy Saving (NFEC) signed a $340,000 sales contract with Sinkiang Production and Construction Group to supply a project with butterfly valves. According to the contract, the Company will deliver this equipment in the third quarter in 2017.
  • Intelli-Check (IDN) signed a reseller agreement with Alcohol Industry Associates. The reseller agreement will enable Alcohol Industry Associates to rapidly deliver Intellicheck's Age ID technology solution to clients.
  • Moinhos de Vento Hospital became the first cancer center in Brazil to begin using the Calypso system from Varian Medical Systems (VAR).
  • Aeglea BioTherapeutics (AGLE) announced that it will present at the 2017 Keystone Symposia Conference on Tumor Metabolism: Mechanisms and Targets, taking place March 5 — 9 in Whistler, British Columbia.
  • Monolithic Power Systems (MPWR) announced a distribution agreement with Symmetry Electronics, a distributor specializing in the distribution of wireless and video semiconductor products. This association will give customers a wide range of high-performance power solutions for their designs. This distribution agreement allows MPS to leverage Symmetry's field engineering resources in the Americas. MPS's extensive power product offerings provide the most comprehensive power solutions to Symmetry's customer base.
  • AT&T (T) expects its 2017 capital expenditure to be in the US$22 billion range, which will bring its 2-year total to more than US$40 billion. More than 40 percent of that 2-year total will help AT&T expand and enhance its portfolio of smart, agile, mobile and integrated business solutions worldwide.
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 Gapping up

Gapping up
In reaction to strong earnings/guidance
:

  • NTRI +19.4%, PAH +5.6%, KND +5.1%, BWXT +5%, FRO +4.8%, USCR +4.7%, IONS +4.5%, GOGL +4.4%, TCMD +4.3%
  • PCLN +4.2%, NRG +4.2%, AMRN +4.1%, ICD +3.7%, ANTH +3%, ESV +2.8%, DPZ +2.7%, HTZ +2%, WUBA +2%, HSKA +1.9%
  • NLNK +1.9%, EOG +1.6%, ALB +1.5%, GAIA +1.2%, SGMO +1%

M&A news:

  • SBY +17.9% (Silver Bay Realty Trust agrees to be acquired for $21.50 per share in cash) 

Select metals/mining stocks trading higher:

  • SBGL +2.1%, GOLD +1.7%, GFI +1.7%, AKS +1.2%, AU +1%, GDX +1%, NEM +0.9%

Other news:

  • ROX +45.2% (announces an agreement to supply Goslings Stormy Ginger Beer and Goslings Stormy Diet Ginger Beer to all U.S. Walmart (WMT) stores)
  • NSPR +15.4% (continued strength), INUV +13.5% (Inuvo's Vertro and Google entered into a Google Services Agreement)
  • LIFE +10.1% (announces that its product candidate Resolaris was granted Orphan Drug Designation by the FDA for the treatment of limb girdle muscular dystrophy patients)
  • DRYS +8.6% (to initiate a new dividend policy; will pay a regular fixed quarterly dividend of $2.5 million to the holders of common stock)
  • CANF +7.7% (announces new data that 'show its liver disease drug candidate Namodenoson (CF102) prevented liver (hepatic) fibrosis progression in preclinical studies)
  • AMD +1.1% (continued strength)

Analyst comments:

  • DRRX +2.9% (resumed with a Buy at H.C. Wainwright)
  • X +2.8% (upgraded to Outperform from Market Perform at Cowen)
  • CSX +1.7% (upgraded to Buy from Hold at Deutsche Bank)
  • AYR +1.3% (upgraded to Neutral from Underperform at BofA/Merrill)
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  Priceline target raised to $1900 at The Benchmark Company  (1632.01)The Benchmark Company raises their PCLN tgt to $1900 from $1800 after co reported strong 4Q16 results, headlined by a 6% beat on room-night (RN) growth and $58 million in EBITDA upside vs. an aggressive consensus already at the high-end of prior guidance. 1Q17 guidance was also healthy, with the street forecast of 17% gross booking and 20% RN growth at the bottom of the guidance range, although EBITDA was guided $130 million below consensus. Surprising, sustained property growth appears to be the key driver, with additions to traditional augmented by more rapid growth in alternative accomodations, all aided by a leading position in the growing instant-book vertical. Firm continues to view Priceline as a leading innovator in an evolving, healthy growth industry, with sustainable mid-teens or better rev and cash flow growth.
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 S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -0.90.

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

Just in, the second reading of fourth quarter GDP pointed to an expansion of 1.9%, while the Briefing.com consensus expected a reading of 2.1%. The second estimate of fourth quarter GDP Deflator came in at 2.0%, while the Briefing.com consensus expected a reading of 2.1%.

Separately, the Advance report for International Trade in Goods for January showed a deficit of $69.2 billion, up from a revised deficit of $64.4 billion for December (from $65.0 billion). The Advance report for January Wholesale Inventories decreased 0.1%. The prior month's reading was revised to 0.9% from 1.0%.

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  TEGNA target raised to $30 at The Benchmark Company  (25.66)The Benchmark Company raises their TGNA tgt to $30 from $25 after co reported mixed 4Q16 results, with a $2 mln rev shortfall vs. consensus but $7.5 mln in EBITDA upside. The rev shortfall, however, was entirely attributable to weakness at Cars.com, with core Media revs and core guidance exceeding expectations. Mgmt also raised their retrans rev growth for 2017 by 5% at the midpoint to 24%, and narrowed their expected net retrans gap from $48-55 mln in 2017 to $25-$30 mln. Given that the NBC renewal no longer appears to be an overhang, and given several industry catalysts, a clean balance sheet for M&A, a transition to a pure play broadcaster and value to unlock via the spin of Cars and expected sale of CareerBuilder, they believe shares have a very intriguing near-term outlook.
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 Gapping down

Gapping down
In reaction to disappointing earnings/guidance
:

  • FRGI -14.6%, (also provides strategic update), ESND -14.4%
  • I -13.6%, (confirms it will merge w/ OneWeb in a share-for-share transaction; also confirms a definitive share purchase agreement pursuant to which SoftBank (SFTBY) will invest $1.7 bln in newly issued common and preferred shares of the combined co)
  • TGT -13.2%, CEMP -11.9%
  • PRGO -11.4%, (also announces the resignation of CFO Judy Brown effective April 1, 2017; Ron Winowiecki appointed CFO effective immediately; to divest Tysabri royalty stream for up to $2.85 billion )
  • THC -11.3%, KONA -9.9%, NVAX -9.8%, OPHT -7.9%, SPNS -7.3%, FTR -7%, AAC -6.5%, KRA -5.9%, WDAY -5.3%, ZTO -4.5%, EXEL -4.3%
  • IPWR -4.2%, (enters into a definitive securities purchase agreement with various investors to raise gross proceeds of approx. $15 mln in a private placement of common stock and warrants to purchase common stock)
  • CPE -4.2%, VRX -4.2%, KTOS -3%, DS -2.3%, ENDP -2%, LNG -1.9%, GPL -1.6%, OKS -1.5%, KITE -1.5%, APLE -1.2%, AZO -0.9%

Other news:

  • NVAX -9.8% (pulling back after closing near highs with notable afternoon move to highs)
  • OWCP -9.3% (after closing approx 30% higher on Monday)
  • TTNP -7.9% (receives FDA communication on ropinirole implant Investigational New Drug Application; FDA indicated that it will require final release test data)
  • PULM -7.2% (continued strength)
  • HTGM -7.2% (modestly pulling back following 154% gain yesterday)
  • ORA -4.2% (provides response to reports about potential transaction)
  • TCAP -3.6% (announces the commencement of a public offering of 7,000,000 shares of common stock ), O -2.5% (upsizes offering by by 2.05 mln shares and prices 10.85 mln shares shares of common stock at $62.00)
  • KR -1.8% (in sympathy with TGT results)
  • TZOO -1.6% (following PCLN results)
  • SQ -1.3% (commences $350 mln offering of convertible senior notes due in 2022)
  • WMT -1.2% (in sympathy with TGT results)
  • JPM -0.9% (hosts Investor Day, provides Q1 outlook)

Analyst comments:

  • CENX -3.8% (downgraded to Sell from Hold at Deutsche Bank)
  • FSLR -3.4% (initiated with a Sell at Axiom Capital)
  • TRIP -1.4% (downgraded to Underperform from Hold at Needham)
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 Liberty Media: LSXMA, BATRA, FWONA reports FY16 results  (39.35)
  • Attributed to Liberty SiriusXM Group
    • 2016 revenue climbed 10% to $5.0 billion
    • Net subscriber growth in 2016 of 1.75 million
    • SiriusXM beat 2016 guidance on all metrics
    • Net income rose 46% to $746 million and adjusted EBITDA grew 13% to $1.88 billion in 2016
    • 2016 operating cash flow grew 38% to $1.72 billion and free cash flow(2) rose 15% to $1.51 billion
    • Liberty Media's (LMCVA) ownership of SiriusXM stood at 67.1% as of January 31st
  • Attributed to Braves Group
    • SunTrust Park and Battery Atlanta projects progressing well and on-budget; ballpark will be ready for opening day on April 14th
    • Braves minor league system top ranked heading into 2017 season
    • MLB agreed to new five-year collective bargaining agreement in December
  • Attributed to Formula One Group
    • Completed acquisition of Formula 1 («F1») on January 23rd
    • Appointed Chase Carey CEO of F1
    • Issued $450 million convertible notes and used portion of proceeds to reserve FWONK shares for potential issuance to F1 teams
    • Received commitments for refinancing $3.1 billion of F1 debt, estimated to reduce annual interest expense 50bps and increase term up to 2.5 years; closing expected during first quarter
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  Gapping uo/down: PCLN +4%, DPZ +3%, and HTZ +2% after earnings, SBY +18% after M&A news, X +3% after upgrade; TGT -13%, WDAY -5%, VRX -4% and AZO -1% after earnings

Gapping up
In reaction to strong earnings/guidance
:

  • NTRI +19.4%, PAH +5.6%, KND +5.1%, BWXT +5%, FRO +4.8%, USCR +4.7%, IONS +4.5%, GOGL +4.4%, TCMD +4.3%
  • PCLN +4.2%, NRG +4.2%, AMRN +4.1%, ICD +3.7%, ANTH +3%, ESV +2.8%, DPZ +2.7%, HTZ +2%, WUBA +2%, HSKA +1.9%
  • NLNK +1.9%, EOG +1.6%, ALB +1.5%, GAIA +1.2%, SGMO +1%

M&A news:

  • SBY +17.9% (Silver Bay Realty Trust agrees to be acquired for $21.50 per share in cash) 

Select metals/mining stocks trading higher:

  • SBGL +2.1%, GOLD +1.7%, GFI +1.7%, AKS +1.2%, AU +1%, GDX +1%, NEM +0.9%

Other news:

  • ROX +45.2% (announces an agreement to supply Goslings Stormy Ginger Beer and Goslings Stormy Diet Ginger Beer to all U.S. Walmart (WMT) stores)
  • NSPR +15.4% (continued strength), INUV +13.5% (Inuvo's Vertro and Google entered into a Google Services Agreement)
  • LIFE +10.1% (announces that its product candidate Resolaris was granted Orphan Drug Designation by the FDA for the treatment of limb girdle muscular dystrophy patients)
  • DRYS +8.6% (to initiate a new dividend policy; will pay a regular fixed quarterly dividend of $2.5 million to the holders of common stock)
  • CANF +7.7% (announces new data that 'show its liver disease drug candidate Namodenoson (CF102) prevented liver (hepatic) fibrosis progression in preclinical studies)
  • AMD +1.1% (continued strength)

Analyst comments:

  • DRRX +2.9% (resumed with a Buy at H.C. Wainwright)
  • X +2.8% (upgraded to Outperform from Market Perform at Cowen)
  • CSX +1.7% (upgraded to Buy from Hold at Deutsche Bank)
  • AYR +1.3% (upgraded to Neutral from Underperform at BofA/Merrill)

Gapping down
In reaction to disappointing earnings/guidance
:

  • FRGI -14.6%, (also provides strategic update), ESND -14.4%
  • I -13.6%, (confirms it will merge w/ OneWeb in a share-for-share transaction; also confirms a definitive share purchase agreement pursuant to which SoftBank (SFTBY) will invest $1.7 bln in newly issued common and preferred shares of the combined co)
  • TGT -13.2%, CEMP -11.9%
  • PRGO -11.4%, (also announces the resignation of CFO Judy Brown effective April 1, 2017; Ron Winowiecki appointed CFO effective immediately; to divest Tysabri royalty stream for up to $2.85 billion )
  • THC -11.3%, KONA -9.9%, NVAX -9.8%, OPHT -7.9%, SPNS -7.3%, FTR -7%, AAC -6.5%, KRA -5.9%, WDAY -5.3%, ZTO -4.5%, EXEL -4.3%
  • IPWR -4.2%, (enters into a definitive securities purchase agreement with various investors to raise gross proceeds of approx. $15 mln in a private placement of common stock and warrants to purchase common stock)
  • CPE -4.2%, VRX -4.2%, KTOS -3%, DS -2.3%, ENDP -2%, LNG -1.9%, GPL -1.6%, OKS -1.5%, KITE -1.5%, APLE -1.2%, AZO -0.9%

Other news:

  • NVAX -9.8% (pulling back after closing near highs with notable afternoon move to highs)
  • OWCP -9.3% (after closing approx 30% higher on Monday)
  • TTNP -7.9% (receives FDA communication on ropinirole implant Investigational New Drug Application; FDA indicated that it will require final release test data)
  • PULM -7.2% (continued strength)
  • HTGM -7.2% (modestly pulling back following 154% gain yesterday)
  • ORA -4.2% (provides response to reports about potential transaction)
  • TCAP -3.6% (announces the commencement of a public offering of 7,000,000 shares of common stock ), O -2.5% (upsizes offering by by 2.05 mln shares and prices 10.85 mln shares shares of common stock at $62.00)
  • KR -1.8% (in sympathy with TGT results)
  • TZOO -1.6% (following PCLN results)
  • SQ -1.3% (commences $350 mln offering of convertible senior notes due in 2022)
  • WMT -1.2% (in sympathy with TGT results)
  • JPM -0.9% (hosts Investor Day, provides Q1 outlook)

Analyst comments:

  • CENX -3.8% (downgraded to Sell from Hold at Deutsche Bank)
  • FSLR -3.4% (initiated with a Sell at Axiom Capital)
  • TRIP -1.4% (downgraded to Underperform from Hold at Needham)
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  S&P futures vs fair value: -3.80. Nasdaq futures vs fair value: -3.80.

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

Equity indices in the Asia-Pacific region ended Tuesday on a mixed note, but once again, trading ranges were fairly narrow as participants awaited U.S. President Donald Trump's first address to Congress, which will take place tonight. China's Vice Premier Wang Yang called on his country to maintain non-confrontational principle with the U.S. despite recent reports of increased military spending on both sides.

  • In economic data:
    • Japan's January Housing Starts +12.8% year-over-year (consensus 3.2%; last 3.9%). January Construction Orders +1.1% year-over-year (last 7.1%). January Industrial Production -0.8% month-over-month (expected 0.3%; last 0.7%) and January Retail Sales +1.0% year-over-year (expected 0.9%; last 0.6%)
    • Australia's Q4 Current Account deficit AUD3.90 billion (expected deficit of AUD3.60 billion; previous surplus of AUD10.20 billion). January Private Sector Credit +0.2% month-over-month (expected 0.5%; last 0.7%). January HIA New Home Sales -2.2% month-over-month (last 0.2%)
    • New Zealand's January trade deficit NZD3.47 billion (expected deficit of NZD3.20 billion; last deficit of NZD3.17 billion). January ANZ Business Confidence 16.6 (last 21.7)
    • India's Q3 GDP +7.0% (expected 6.4%; last 7.3%)

---Equity Markets---

  • Japan's Nikkei added 0.1%. Hitachi Construction, Kobe Steel, Kawasaki Heavy Industries, Komatsu, Okuma, and TOTO gained between 1.3% and 2.8%. On the downside, Toshiba fell 3.8% to continue its recent woes.
  • Hong Kong's Hang Seng lost 0.8%, returning to levels from two weeks ago. Apple supplier AAC Technologies was the worst performer, falling 2.9%. Financials also lagged with Bank of East Asia, China Life Insurance, Ping An Insurance, and HSBC losing between 0.8% and 1.8%. Gaming names like Sands China and Galaxy Entertainment outperformed with respective gains of 1.3% and 0.4%.
  • China's Shanghai Composite added 0.4%. China World Trade Center, Hunan Haili Chemical Industry, Chengdu Xuguang Electronics, Giti Tire, and Anhui Expressway rose between 4.0% and 5.0%.
  • India's Sensex shed 0.2%. Coal India, Bajaj Auto, Hero MotoCorp, and NTPC lost between 1.0% and 2.5% while financials were mixed. ICICI Bank, AXIS Bank, and HDFC Bank posted losses between 0.3% and 0.9% while SBI added 0.4%.

Major European indices trade near their flat lines while Spain's IBEX (+0.7%) outperforms. New Bank of England deputy governor, Charlotte Hogg, said her tolerance for above-target inflation would depend on events. Ms. Hogg acknowledged that inflation is squeezing household incomes. In Greece, government officials are expected to meet with auditors, putting together a list of policies that need to be implemented before additional bailout funds are unlocked.

  • In economic data:
    • France's Q4 GDP +0.4% quarter-over-quarter, as expected (last 0.4%). January CPI +0.1% month-over-month (expected 0.4%; last -0.2%). January Consumer Spending +0.6% month-over-month, as expected (last -1.0%)
    • Italy's February CPI +0.3% month-over-month (expected 0.1%; last 0.3%); +1.5% year-over-year (last 1.0%)
    • Swiss February KOF Leading Indicators 107.2 (expected 102.1; last 102.0)

---Equity Markets---

  • Germany's DAX is lower by 0.1% with more than half of its components trading lower. Infineon is down 1.8% while automakers trade mixed. BMW and Volkswagen both show modest gains of 0.1% and 0.2%, respectively, while Daimler trades lower by 0.4%. Financials Commerzbank and Deutsche Bank outperform, rising near 0.6% apiece.
  • France's CAC hovers near its flat line. ArcelorMittal has slid 1.7% while consumer names like Danone, Accor, Louis Vuitton, L'Oreal, and Klepierre are down between 0.3% and 0.6%. Financials and defense contractors outperform with BNP Paribas, Credit Agricole, Societe Generale, Airbus Group, and Safran rising between 0.2% and 1.4%.
  • UK's FTSE trades flat as miners lag while select health care names outperform. Randgold Resources, BHP Billiton, Rio Tinto, Anglo American, and Fresnillo are down between 0.7% and 2.2%. On the upside, Hikma Pharmaceuticals and AstraZeneca show respective gains of 2.5% and 1.3%.
  • Spain's IBEX has jumped 0.7% with Ferrovial spiking 4.1% after upbeat results. Financials like Banco Popular, Caixabank, Santander, Banco Sabadell, and BBVA are up between 0.2% and 1.7%.
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  Ramaco Resources initiated with a Outperform at BMO Capital Markets; tgt $15  (10.89)
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  Sunoco Logistics resumed with a Outperform at Credit Suisse; tgt $31  (25.23)
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  Filings, Offerings and Pricings

Filings:

  • Radian Group (RDN) files mixed securities shelf offering
  • Wabash Natl (WNC) files mixed securities shelf offering

Offerings:

  • Everbridge (EVBG) intends to file a registration statement with the SEC in late March 2017 for a proposed underwritten public offering of common stock; the proposed offering is expected to be predominantly from existing shareholders and be approximately $50 mln
  • Silicon Labs (SLAB) plans to offer $350 million principal amount of its Convertible Senior Notes due 2022 through a private offering
  • Square (SQ) commences $350 mln offering of convertible senior notes due in 2022

Pricings:

  • Alliqua (ALQA 0.4948) announces private placement of 5.54 mln shares of its common stock at $0.50/share
  • Corindus Vascular Robotics (CVRS 0.6616) enters into a Securities Purchase Agreement; will issue and sell an aggregate of 67,941,346 shares of its common stock in a private placement at $0.6616/share
  • Encore Capital (ECPG 35.05) prices $150 mln of 3.25% convertible senior notes due 2022
  • Ideal Power (IPWR 2.40) enters into a definitive securities purchase agreement with various investors to raise gross proceeds of approx. $15 mln in a private placement of common stock and warrants to purchase common stock; sold at a per share price of $2.535/share
  • Hudson Pacific Properties (HPP 36.65) prices 8.5 mln shares of common stock at $36.00 per share
  • Realty Income (O 63.14) upsizes offering by by 2.05 mln shares and prices 10.85 mln shares shares of common stock at $62.00/share
  • Triangle Capital (TCAP 19.99) prices an underwritten public offering of 7,000,000 shares of common stock at $19.50/share
  • The Trade Desk (TTD 36.83) prices upsized follow-on offering by selling shareholders of 6,331,991 shares of Class A common stock at $35.50 per share
  • Viavi (VIAV 9.98) prices $400 million aggregate principal amount of its 1.00% Senior Convertible Notes due 2024 in a private offering
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  KB Home downgraded to Neutral from Buy at Buckingham Research  (17.80)
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 Esperion Therapeutics upgraded to Buy from Neutral at Citigroup  (25.87)
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  Nutrisystem target raised to $52 at Lake Street; Buy  (39.20)Lake Street raises their NTRI tgt to $52 from $41. Firm views NTRI's strong 4Q2016 results as a leading indicator its momentum will continue into 2017 and beyond. Its initial 2017 guidance was well ahead of expectations as co continues to hit on all cylinders with its core Nutrisystem brand. The South Beach Diet is off to a solid start as well and should attract new customers. Margins should drive higher for a fourth year in a row, with operating margin going from 3.1% in 2012 to an estimated margin of 11.4% in 2017. Firm is confident mgmt's track record of conservative guidance leaves room for upside from its guidance ranges. 
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 Carbonite target raised to $23 at Lake Street; Buy  (19.70)Lake Street raises their CARB tgt to $23 from $21 after they had the chance to check in with Carbonite and came away with increased confidence in co's ability to deliver substantial 2H17 gross and operating margin expansion. For instance, firm's model anticipates 2H17 gross margin of 75.0%, up from 73.1% in 2016. Also, based on potential reductions in G&A, post-Double-Take Software integration, they model 2H17 adjusted operating margins of 14.2%, compared to 7.7% in the same period a year ago.
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  Perrigo target lowered to $97 at Canaccord Genuity; Buy  (84.68)Canaccord Genuity lowers their PRGO tgt to $97 from $100 noting, "We believe the new management team and reconstituted board have taken the first steps to reframe expectations for 2017 and beyond. Post-Tysabri, our DCF valuation is little changed and assuming that the company is able to file audited financials by March 16 we expect additional creative steps to refresh and restore Perrigo's growth profile throughout the coming months. We view the sale of Tysabri royalties as a positive, even if the valuation was lower than we had hoped Perrigo could obtain. Ultimately, we're confident the sale will allow Perrigo to refocus efforts and capital to build out their core business units and pay-down higher interest debt."
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  Priceline: Color on Qtr  (1632.01)
  • Benchmark raises tgt to $1900 from $1800. Co reported strong 4Q16 results, headlined by a 6% beat on room-night (RN) growth and $58 million in EBITDA upside vs. an aggressive consensus already at the high-end of prior guidance. 1Q17 guidance was also healthy, with the street forecast of 17% gross booking and 20% RN growth at the bottom of the guidance range, although EBITDA was guided $130 million below consensus. Surprising, sustained property growth appears to be the key driver, with additions to traditional augmented by more rapid growth in alternative accomodations, all aided by a leading position in the growing instant-book vertical.
  • Needham Research notes PCLN reported 4Q16 revenue of $2.348B (up 17% y/y, 1% above estimates), and Non-GAAP EPS of $14.21 (up 35% y/y, 0.3% above estimates). 4Q16 gross bookings grew 26% y/y in U.S. dollars (up 28% y/y FX neutral) despite slightly lower accommodation ADRs (avg. daily rate). PCLN's 4Q16 gross profit was $2.3B, of which $2B was international, up 23% y/y in USD (up 26% y/y FX neutral), plus US gross profit of $293mm, up 9% y/y. Performance advertising had lower ROIs, but more PCLN revenue came from performance advertising channels in 4Q16. PCLN reported $1.1B of cash from operations in 4Q16, up 26% y/y. For 2016, room night growth was 29%, up 380 basis points vs 2015.
  • Stifel Research increases tgt to $2100 from $1900. Priceline reported strong 4Q:16 results highlighted by 31% y/y room night growth, 28% y/y FX-adj. bookings growth, and adj. EBITDA margins of 38.2% (gross profit), all exceeding expectations. Momentum continued into 1Q:17 as Priceline guided next quarter room nights (20%-25%) and FX-adj. bookings (19%-24%) ahead of expectations. Pressure on performance marketing ROI is expected to continue into 1Q, though to a lesser degree than the recent past, and the book vs. day time lag and the Easter shift will pressure margins in the quarter. Management noted that performance ad efficiency in 1H:17 will be more favorable than 2H:16.
  • RBC Capital raises tgt to $2000 from $1850. Bookings of $15.1B (up an accelerating and two-year-high 28% Y/Y) handily beat Street/RBC, while EBITDA of $869MM and Non-GAAP EPS of $14.21 also surpassed RBC/Street. PCLN continues to benefit from strength of its brands, a diversified global footprint, and strong execution and Macro factors this quarter were relatively benign. Q1 Bookings and Room Night Growth Guides were better than Street, tho EBITDA and Non-GAAP EPS Guides were below, tho firm believes this was entirely due to Easter timing impact, as Bookings and Expenses are recognized at Booking, but Revenue recognized.

Shares of PCLN are trading approx 4% higher in reaction to earnings. 

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 S&P futures vs fair value: -3.30. Nasdaq futures vs fair value: -0.90.

Investors display a modicum of caution this morning ahead of President Trump's first address to Congress, which will take place tonight at 9:00 pm ET. The S&P 500 futures point to a lower open on Wall Street as they trade three points below fair value.

Target (TGT 58.40, -8.59) has dominated the corporate headlines this morning following the company's worse than expected earnings results and guidance that was well below expectations. TGT shares are down 12.7% in pre-market trade.

The Treasury market holds a modest gain this morning but trades solidly in the red for the week following big losses on Monday. The benchmark 10-yr yield is one basis point lower at 2.36%.

Crude oil dove even deeper into negative territory in recent action after holding only a modest loss throughout the overnight session. The energy component currently trades 1.1% lower at $53.44/bbl.

Released earlier this morning, the second reading of fourth quarter GDP pointed to an expansion of 1.9%, while the Briefing.com consensus expected a reading of 2.1%. The second estimate of fourth quarter GDP Deflator came in at 2.0%, while the Briefing.com consensus expected a reading of 2.1%.

Separately, the Advance report for International Trade in Goods for January showed a deficit of $69.2 billion, up from a revised deficit of $64.4 billion for December (from $65.0 billion). The Advance report for January Wholesale Inventories decreased 0.1%. The prior month's reading was revised to 0.9% from 1.0%.

Tuesday will also see February Chicago PMI (Briefing.com consensus 53.0%) at 9:45 ET and February Consumer Confidence (Briefing.com consensus 111.5) at 10:00 ET.

Additionally, there will be several Fed speakers on Tuesday, including Kansas City Fed President George at 12:45 ET, San Francisco Fed President Williams at 15:30 ET, and St. Louis Fed President Bullard at 18:30 ET. None of today's Fed speakers are voting members on this year's FOMC.

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  Ideal Power target lowered to $6 from $8 at FBR & Co.; Waiting for solar plus storage and EV Charging  (2.40)
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  Ally Financial downgraded to Hold from Buy at Sandler O'Neill  (23.04)
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  Cellectis initiated with a Outperform at Wells Fargo  (21.38)
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  Uniti Group initiated with a Overweight at Morgan Stanley  (29.24)
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  Kimbell Royalty Partners initiated with a Strong Buy at Raymond James  (19.16)
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 Tenet Healthcare color on quarter  (22.67)
  • RBC — While THC continues to see solid growth in the Ambulatory Care and Conifer segments, as well as in the Hospital segment on a normalized basis, the health plan biz (which THC is exiting, and which investors will likely overlook) caused a slight shortfall for 4Q16. For FY17, focus areas include driving organic top-line growth and margin expansion in the hospital biz, divesting non-core hospitals to reallocate capital to higher-return investments, and exiting the health plan, home health, & hospice businesses; reiterates Sector Perform.
  • Mizuho — Hurricane Matthew, out-of-network issues, & bigger losses in the to-be-disposed health plan caused bad optics for THC's 4Q, but hospital EBITDA surged 20% apples to apples y/y. SS adj admits down only 0.5% & down 0.2% on admits. So why the big bottom line miss, according to Mizuho? Mizuho states to think of it this way: Despite a $135 mm miss top line, THC's EBITDA was only $8 mln below their $621 mln EBITDA: Cost cuts. In fact, through Op Income, THC's 4Q was only $3 mln below their estimate. As for the guide, $232 mln in 1Q16 revs won't recur in 1Q16 due to asset sales & the CA provider fee. The rest is top line loss from the HUM contract dispute. Mizuho notes that things are better than they seem, but the guide was not good; reiterates Neutral.

— Shares of THC -12% pre-market.

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 On The Wires
  • International Stem Cell Corporation (ISCO) announced the third patient in the clinical trial for Parkinson's Disease was successfully transplanted with ISC-hpNSC cells and is already discharged from the Royal Melbourne Hospital. The operation was successfully performed without complications by the team of the RMH neurosurgeons.
  • Axcelis Technologies (ACLS) announced today that it has placed a Purion VXE, one of the new extended energy range models of Axcelis' industry leading Purion XE high energy implanter, at a leading chipmaker in Asia Pacific. The new system delivers the highest energy range in the Purion platform. The chipmaker plans to use the Purion VXE to support R&D for image sensors and next generation device development. The system will ship in the first quarter.
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  Arconic: Elliott Associates confirms an increased active stake of 13.3% (Prior 12.2%)   (29.24)
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  Hearing Dean Foods was upgraded to Buy from Hold at Vertical Research  (18.18 +0.34)
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  Nevada Gaming Board reports January gaming win +14.4% YoY to $608.93 mln on the Las Vegas Strip; +12.0% YoY to $1.036 bln statewide  (26.45 -0.02)Potential Related Stocks: MGM, CZR, LVS, WYNN, BYD, RRR
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  Hearing Hudson Pacific Properties was downgraded to Neutral from Buy at UBS  (36.54 -0.11)
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 Opening Market Summary: Stock Market Opens Tuesday Slightly Lower

The S&P 500 opened Tuesday's session with a modest loss of 0.2%.

A few sectors trade just above their flat lines while the majority hold modest losses between 0.1% and 0.4%. Financials (-0.4%) have shown relative weakness while materials (+0.2%) and utilities (+0.2%) have demonstrated relative strength.

Just reported, Chicago PMI for February increased to 57.4 from 50.3 in January while the Briefing.com consensus expected a reading of 53.0.

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 Sector Summary: Technology (XLK -0.23%) trading lower today, modestly behind the broader market

The tech sector — XLK — trades modestly behind the broader market. Semiconductors, meanwhile, display relative weakness as the SOX index trades -0.44%. Within the SOX index, CY (+2.82%) outperforms, while IDTI (-1.59%) lags. Among other major indices, the SPY is trading 0.15% lower, while the QQQ -0.11% and the NASDAQ -0.03% also trade with modest losses thus far on the session. Among tech bellwethers, IBM (+0.52%) is showing relative strength, while NVDA (-1.02%) lags.

Notable gainers following earnings:

  • NTRI (+15.7%) reported better than expected Q4 EPS and revs; guided both Q1/FY17 EPS and revs above market expectations, PCLN (+4.8%), SBAC (+1.6%)

Notable laggards following earnings:

  • FTR (-8.2%) reported worse than expected Q4 EPS and revs, I (-7.8%), WDAY (-6.5%)

Gainers on news:

  • PCLN (+4.8%) in addition to reporting quarterly results, co's Board of Directors authorized program in Q1 to repurchase up to $2.0 billion of common stock in addition to amounts previously authorized.
  • RP (+1.5%) co to acquire Lease Rent Options and related assets from The Rainmaker Group for $300 million in cash.
  • IBM (+0.2%) co introduced IBM Watson Imaging Clinical Review — the first cognitive imaging offering from Watson Health — and announced the expansion of the Watson Health medical imaging collaborative to 24 organizations worldwide.

Laggards on news:

  • I (-7.8%) co confirmed it will merge with OneWeb in a share-for-share transaction; also confirmed a definitive share purchase agreement pursuant to which SoftBank (SFTBY) will invest $1.7 bln in newly issued common and preferred shares of the combined co.
  • SCHW (-3.2%) co reduced its standard online equity and ETF trade commissions from $6.95 to $4.95 effective March 3. Also this morning, online broker Fidelity reduced its online trading commission to $4.95/trade from $7.95.
  • SQ (-1.8%) co commenced $350 mln offering of convertible senior notes due in 2022.
  • P (-1.0%) co appointed Naveen Chopra as CFO.

Among notable analyst downgrades:

  • WDAY (-6.5%) downgraded to Sell from Neutral at Citigroup
  • WDAY (-6.5%) to Hold from Buy at Evercore ISI
  • HPE (-0.5%) to Hold from Buy at Argus
  • TRIP (-3.5%) to Underperform from Neutral at Needham
  • FTR (-8.2%) to Neutral from Overweight at JP Morgan
  • JBL (-2.2%) to Mkt Perform from Strong Buy at Raymond James

Scheduled to report earnings after the bell:

  • AMBA BV ENPH HLIT ITRI LOGM MRIN MXWL PANW QUMU CRM TNET VEEV XOXO

Scheduled to report earnings tomorrow morning:

  • BITA INXN WIN
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 Hearing JBT Corp was upgraded earlier to Buy from Neutral at Sidoti  (88.00 +2.15)
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 Hearing Essendant was downgraded earlier to Neutral from Buy at Sidoti  (16.03 -6.06)
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  Professional Diversity Network seeing continued strength — 35% higher over the past two trading days  (13.33 +1.83)
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 JDST
 DRYS
 CELG
TGT
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 EMR
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NEM 35
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 AAPL слабый
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WMT 70,60 уровень
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 PG 91.80
 CELG
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 BBT
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 SPY шорт
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 LVS шорт
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AAL
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 WDC
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CELG 124
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LUV 58,3
 VRTX
 JPM
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уровень 90 смотрю
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VRX лонг
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 QCOM с чата
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 KR держат
ACAD
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 AAPL
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 JWN
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 VMC
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 NEM интересно стоит под 35

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