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Блог компании DayTraderClub | Америка сегодня. Персональные доходы/расходы. Расходы на строительство, индекс деловой активности и продажи автомобилей.

Данные по персональным доходам и расходам демонстрируют, что идёт этап насыщения. Рост доходов сопровождается неизменным уровнем расходов:
Америка сегодня. Персональные доходы/расходы. Расходы на строительство, индекс деловой активности и продажи автомобилей.


Такая же картина ожидается и в данных за январь, рост доходов прогнозируется на 0.3%:
Америка сегодня. Персональные доходы/расходы. Расходы на строительство, индекс деловой активности и продажи автомобилей.


А рост более волатильного показателя расходов ожидается на 0.2%:
Америка сегодня. Персональные доходы/расходы. Расходы на строительство, индекс деловой активности и продажи автомобилей.


В данных по расходам на строительство происходит сезонный спад, но новое значение ожидается аналитиками выше нулевой отметки:
Америка сегодня. Персональные доходы/расходы. Расходы на строительство, индекс деловой активности и продажи автомобилей.


Локальный разворот ожидается аналитиками по индексу деловой активности. Новое значение осторожно прогнозируют на отметке 55.6, несмотря на мнения об акселерации бизнес-активности в 2017-м году:
Америка сегодня. Персональные доходы/расходы. Расходы на строительство, индекс деловой активности и продажи автомобилей.


Продажи автомобилей продолжают бить рекорды и новый показатель по общемировым продажам более 18 миллионов за месяц подтвердит позитивные ожидания:
Америка сегодня. Персональные доходы/расходы. Расходы на строительство, индекс деловой активности и продажи автомобилей.


Все новости: 
Америка сегодня. Персональные доходы/расходы. Расходы на строительство, индекс деловой активности и продажи автомобилей.
Данные: DTC News, Briefing, Interactive, Economics, Public Sources
147 комментариев
  Asian MarketsNikkei...19393.5...+274.60...+1.40%.  Hang Seng...23776.5...+35.80...+0.20%.
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 European MarketsFTSE...7329.03...+65.60...+0.90%.  DAX...12014...+179.70...+1.50%.
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  Dynagas LNG Partners downgraded to Neutral from Buy at Clarkson Platou  (16.33)
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  City Office REIT initiated with a Mkt Perform at Raymond James  (13.03)
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  Apple tgt raised to $165 from $133 at BTIG Research; Buy  (136.99)
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  Overnight Summary — World markets respond favorably to Trump's speech and better than expected Chinese PMIs
  • The global stock markets are generally higher this morning, with S&P Futures trading a robust 0.5% stronger, venturing into record territory overnight. On the surface, the strength would be attributed to President Trump's speech last night, as Futures did catch a bid. However, by the end of his address, the S&P was up around 4 points. The next 8 points did not occur until after Asian markets had closed and continued with European markets shooting up ~1% so far.
  • Perhaps a better explanation for the strength across equities this morning would be the a firmer outlook on the global economy as whole. This would be represented by the quick turn in probability surrounding the likelihood of a US rate hike in March as well as better than expected PMI results, particularly out of China. Both would suggest that the global economies are heading in the right direction, potentially calming anxiety over the impact of any shockwaves on the Fed's tightening cycle
  • Japan's outperformance can be traced clearly to yen weakness, falling nearly 1% against the dollar (Dollar Index +0.6%). The usual suspects rose in response, with automakers such at Honda (+1.1%) and Toyota (+1.6%) taking back yesterday's losses and then some. 
  • European bourses are all trading in the neighborhood of 1% higher or better. Slight misses in regional PMI's did nothing to deter investors from accumulating shares today. The enthusiasm likely comes from confidence in China as opposed to the EU following the better than expected PMI results from the Mainland (Europe's largest trading partner).

Market updates

  • S&P Futures vs Fair Value: +11.00
  • 10 yr Note: 2.4275%
  • USD/JPY: 113.72 +0.96  
  • EUR/USD: 1.0535 -0.0042
  • Europe: FTSE +1.0% DAX +1.4% CAC +1.5% 
  • Asia: Hang Seng +0.2% Shanghai +0.2% Nikkei +1.4% 
  • Commodities: Gold (1244.40 -9.50) Silver (18.39 -0.08) crude (504.12 +0.11) 

US Econ Data

  • January Personal Income & Spending, PCE Prices (8:30am)
  • March Markit Manufacturing PMI- Final (9:45am)
  • January Construction Spending, February ISM Index (10am)
  • Crude Inventories (10:30am); March Fed Beige Book (2pm)
  • Vehicle Sales (All Day)
  • Fed's Brainard speaks (6pm)
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  Abbott Labs target raised to $50 at RBC Capital Mkts  (45.08)RBC Capital Mkts raises their ABT tgt to $50 from $46. Their meetings gave us reassurance ABT can achieve 2017 revenue and EPS guidance. They view first quarter earnings as an important catalyst as it should provide investors with improved visibility on the earnings cadence for the year.
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  Albemarle target raised to $130 at RBC Capital Mkts — ALB squeezes out solid quarter to round out 2016; Long-term Lithium thesis intact  (101.51)RBC Capital Mkts raises their ALB tgt to $130 from $114. Given ALB's recent run, they believe there was likely a good amount of short interest that got squeezed today with the results. They are still encouraged by lithium prospects and believe ALB is best positioned to capture future growth. Further, they believe the upcoming analyst day on March 16th could provide additional expansion/lithium outlook detail, which could continue to support the stock.
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  Zalando shares lower by 3% overseas following earnings  (40.70)
  • Co expects to continue outperforming the fashion retail market again in 2017 and grow revenues in a range of 20-25%, following a strong 2016 performance when Europe's leading online fashion platform gained market share in every single quarter. Driven by a systematic focus on consumers and suppliers, as well as further investments into the company's infrastructure, 2016 revenues grew by 23.0% to EUR 3,639 million (2015: EUR 2,958 million).
  • The adjusted EBIT margin increased to 5.9%, which corresponds to an adjusted EBIT of EUR 216.3 million (2015: EUR 107.5 million, 3.6%). For 2017, Zalando expects an adjusted EBIT margin in the range of 5.0-6.0%.
  • Zalando will also acquire multi-channel basketball retailer KICKZ
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  Envision Healthcare target lowered to $80 at RBC Capital Mkts — Messy 4Q16 as some had feared; guidance could prove conservative  (70.00)RBC Capital Mkts lowers their EVHC tgt to $80 from $87 With results coming in well below expectations for 4Q16, management's outlook assumes a continuation of trends in FY17, which should be a «reset» year as growth resumes in the mid-teens going forward. Moreover, the optionality of divesting AMR and Evolution Health further enhances flexibility for capital deployment, mainly through accelerated M&A, debt paydown, or share buybacks.

EVHC indicated down ~10% premarket
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  NeuroDerm shares halted for news pending
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  Ross Stores target raised to $77 at Telsey Advisory Group  (68.58)Telsey Advisory Group raises their ROST tgt to $77 from $70. Co's Q4 performance capped a solid «beat and raise» year posting 4% comparable store sales on top of 4% LY and an EPS gain of 16.8% YoY. Looking ahead, co remains focused on capitalizing on market opportunities as it relates to the availability of goods, while maintaining competitive pricing in order to enhance the value passed onto the consumer. Firm noted women's and accessories remain a drag on sales, representing roughly 42% of total sales combined (29% women's; 13% accessories), and higher wages and increased freight costs are expected to weigh on margins. Also, while mgmt remains optimistic regarding factors within their control, the uncertainties looming in the macro and political envm't have driven conservatism within its 2017 guidance which just met consensus expectations; Market Perform.
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  On The Wires
  • Fomento Económico Mexicano, S.A.B. de C.V. (FMX) announced that according to its 2017 projections, it estimates that capital expenditures («CAPEX») of the Company will amount to approximately USD$1.3 billion.
  • HealthStream (HSTM) announced plans to move its Patient Experience (PX) phone research operations from its Maryland Patient Interview Center to its state-of-the-art facilities in Tennessee. The Patient Interview Center in Baltimore will close in a tiered process over the next several months as services to HealthStream's PX clients are seamlessly transitioned to the Company's facilities in Tennessee. Approximately 40 employees in the Maryland office who comprise the Company's Patient Experience (PX) Professional Services Group will relocate to a new office in Columbia, Maryland—a neighboring suburb of Baltimore.
  • BrainStorm Cell Therapeutics Inc. (BCLI) announced that is has signed a Memorandum of Understanding (MOU) with The Medical Research, Infrastructure, and Health Services Fund of the Tel Aviv Sourasky Medical Center (Ichilov Hospital) to explore the possibility of making NurOwn available to Amyotrophic Lateral Sclerosis (ALS) patients under the provisions of Hospital Exemption regulation. The MOU also covers the participation of Tel Aviv Sourasky Medical Center in the planned Phase 3 trial that will investigate NurOwn in ALS.
  • Stratasys (SSYS) announced that its multi-material, multi-color PolyJet 3D printing technology has enabled Ben Ryan, founder of Ambionics, to create a fully-functioning 3D printed hydraulic prosthetic for his two year old son, Sol.
  • On February 28, 2017, Portland General Electric Company (POR) filed with the Public Utility Commission of Oregon a general rate case based on a 2018 test year (2018 GRC). The Company's filing requests a $100 million increase in the annual revenue requirement related primarily to an increase in base business costs for upgrades to PGE's transmission and distribution system, investments in strengthening and safeguarding the grid, and support for key initiatives such as participation in the western Energy Imbalance Market. Such change would result in an approximate 5.6% overall increase relative to currently approved prices. Regulatory review of the 2018 GRC will continue throughout 2017, with a final order targeted to be issued by the OPUC by December 2017. New customer prices are expected to become effective January 1, 2018.
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  Dorian LPG upgraded to Hold from Sell at Pareto Securities  (9.42)
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  Stone Energy upgraded to Buy at National Securities  (6.95)
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  Best Buy comps -0.7% vs. -1% to +1% guidance
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  Avigilon Corp upgraded to Outperform at Raymond James  (11.32)
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  Bank of Montreal upgraded to Sector Outperform from Sector Perform at Scotia  (75.63)
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Asian Markets Close: Nikkei +1.4%, Hang Seng +0.2%, Shanghai +0.2%

Equity indices in the Asia-Pacific region ended Wednesday on a higher note with participants bidding up stocks after President Donald Trump's first address to Congress went off without any big surprises. As expected, the president reiterated plans for infrastructure spending of $1 trillion and repeated his desire to reform the tax code. On a separate note, economic data from China and Australia was better than expected.

  • In economic data:
    • China's February Manufacturing PMI 51.6 (expected 51.1; last 51.3), February Caixin Manufacturing PMI 51.7 (expected 50.8; last 51.0), and February Non-Manufacturing PMI 54.2 (last 54.6)
    • Japan's February Manufacturing PMI 53.3 (expected 53.6; last 53.5). Q4 Capital Spending +3.8% year-over-year (expected 0.6%; last -1.3%)
    • Australia's Q4 GDP +1.1% quarter-over-quarter (expected 0.7%; last -0.5%); +2.4% year-over-year (consensus 1.9%; last 1.8%). February AIG Manufacturing Index 59.3 (last 51.2)
    • New Zealand's Q4 Terms of Trade Index +5.7% quarter-over-quarter (expected 4.1%; last -1.8%)
    • India's February Nikkei Markit Manufacturing PMI 50.7 (expected 50.3; last 50.4)

---Equity Markets---

  • Japan's Nikkei climbed 1.4% as the yen continued yesterday's retreat against the dollar, slipping into the 113.75 area. Mazda Motor, SUMCO, Okuma, Fuji Heavy Industries, Komatsu, Panasonic, Kubota, and Hitachi Construction gained between 2.1% and 4.6%.
  • Hong Kong's Hang Seng added 0.2%. Gaming names led the way with Galaxy Entertainment and Sands China climbing 5.6% and 3.9%, respectively, after Galaxy Entertainment reported solid results. Most financials also had a good showing with Bank of East Asia, Hang Seng Bank, HSBC, and China Life Insurance rising between 0.2% and 1.9%. On the downside, PetroChina lost 1.2%.
  • China's Shanghai Composite added 0.2%. Kunwu Jiuding Investment Holdings, Cangzhou Dahua, Hualing Xingma Automobile, and Hubei Kaile Science & Technology climbed between 4.8% and 7.8%.
  • India's Sensex rose 0.8%, returning to this year's high. Tata Steel jumped 3.7% while Mahindra&Mahindra, Dr Reddy's Labs, Sun Pharma, and Hero MotoCorp gained between 1.6% and 3.1%. Financials also posted gains. HDFC Bank settled just above its flat line while ICICI Bank, SBI, and AXIS Bank rose between 0.9% and 1.4%.

---FX---

  • USDJPY +0.9% to 113.76
  • USDCNY +0.2% to 6.8808
  • USDINR +0.1% to 66.827
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  Goodrich Petroleum initiated with a Buy at ROTH Capital  (14.00)
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  Dril-Quip downgraded to Neutral from Buy at Guggenheim  (61.35)
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  Lexicon Pharma target raised to $27 from $26 at H.C. Wainwright after FDA approves Xermelo  (16.04)
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  GMS upgrade details — to Outperform at Robert W. Baird; tgt raised to $36  (30.08)Robert W. Baird upgrades GMS to Outperform from Neutral and raises their tgt to $36 from $32. GMS recently reported strong preliminary 3QF17 results, helping firm to refocus on co's continued construction tailwinds, above industry growth/share gains, solid operating leverage potential, and strong M&A activity. Equally as important, firm's prior concerns around wallboard pricing and 4QF17 modeling risk now appear to be in the rearview mirror. Hence, with the wider margin of safety firm had previously sought at hand and potentially supported by valuation upside, they now view risk/reward as attractive and recommend purchase.
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  Palo Alto Networks downgrade details — to Neutral at Robert W. Baird; tgt lowered to $130  (151.90)Robert W. Baird downgrades PANW to Neutral from Outperform and lowers their tgt to $130 from $175 after co reported a soft FQ2 and offered FQ3 guidance that was well below expectations. Product rev expectations were lowered for the 2H'F17. Mgmt cited execution issues as opposed to competitive challenges. Firm believes Cisco (CSCO) has become a meaningfully stronger competitor per channel feedback. They feel more comfortable moving to the sidelines at this point as co works through a sales coverage reorg.
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  Lexicon Pharma target raised to $38 at Wedbush   (16.04)Wedbush raises their LXRX tgt to $38 from $33. Firm notes that even with FDA approval of LXRX's lead drug achieved, they still see several clinical and regulatory catalysts for LXRX during the coming months that could lift shares. In addition to the launch of XERMELO, firm sees data presentations of the InTandem 1&2 results at ADA (June 9-13, San Diego), release of 52-week pivotal extension results from InTandem 1, 2 and 3 in Mid:17, and potential early indication that the FDA may consider reviewing sotagliflozin for T1D alone in Q3:17 as catalysts in the future. LXRX is on the Wedbush Best Ideas List (BIL).
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  Salesforce.com target raised to $102 at Wedbush; Use any pullbacks to accumulate shares following strong Q4  (81.35)Wedbush raises their CRM tgt to $102 from $98 after co delivered a strong 4Q, driven by balanced performance across geographies, enterprise expansions, and multi-cloud deals. Firm believes demand trends have been improving over the last couple of months across the software universe, and Salesforce's work to accelerate its adoption in large enterprises is bearing fruit. Given a strong run-up in CRM shares into the print, firm wouldn't be surprised to see selling on concerns about a middling 1Q guide and outlook for FY18 operating cash flow (+20-21%). They think a big 4Q beat to deferred rev and increasing seasonality are natural causes for the weak 1Q guide, and the outlook for full-year cash flow likely leaves significant room to beat, just as in FY17. Firm would use any pullbacks to accumulate shares; Outperform.
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  Nexstar target raised to $80 at Wedbush; Outperform  (68.95)Wedbush raises their NXST tgt to $80 from $75. Firm notes the outlook for UHF discount's return, giving NXST ~50% upside to its U.S. footprint, was key positive that should lift the shares over the year. Firm's higher PT on little changed ests reflects a higher multiple of 2017/18E avg. FCF/share, given potential accretion from M&A. In the engine room, 4Q results and guide reaffirmed core parts of firm's thesis: retransmission and deal synergies offset ad pressures, primarily national, to which NXST has relatively low exposure.
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  Owens Corning upgraded to Buy from Neutral at BofA/Merrill  (58.49)
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  Northrop Grumman, Huntington Ingalls (HII), General Dynamics (GD) all downgraded to Neutral from Buy at Citigroup  (247.09)
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  Ituran Location and Control target raised to $31 at Chardan Capital Markets  (28.00)Chardan Capital Markets raises their ITRN tgt to $31 from $29 after updating their model to reflect the recent results and keep the BUY rating. Growth in Brazil and continuing growth in Israel, including new services, remain key drivers for the stock. IRT JV in Brazil becomes a more tangible catalyst for the story and is not fully priced in yet in firm's view, but they will need several quarters to better understand the economics of IRT/GM Brazil agreement to quantify its contribution to co's value; Buy.
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  Inogen target raised to $83 at Needham — HME adoption of POCs drove strong results again in 4Q16  (68.62)Needham raises their INGN tgt to $83 from $78 after co beat consensus rev, EBITDA, and EPS in 4Q16 and mgmt raised its 2017 rev, EBITDA, and EPS guidance. The rev upside was driven by 56% growth in B2B more than offsetting 3% growth in DTC. We note that the 21st Century Cures Act resulted in $2M of additional revenue as Medicare reimbursement cuts were retroactively reversed. Additionally, INGN adopted ASU 2016-09 which reduced its 2016 income tax by $6M (increasing its 2016 EPS by $0.29). Firm still views guidance as conservative and expects INGN's rev growth to increase as the G4 becomes more widely available across its sales channels and as it laps the Medicare reimbursement cuts; Strong Buy.
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  Itron target raised to $74 at Needham — Strong 4Q beat with conservative guidance that could have upside  (64.70)Needham raises their ITRI tgt to $74 from $70. While 2017 might be a flattish top-line year owing to currencies and temporary softness in Water and selective geographies, firm points out the sharp expected improvement in earnings. Further as ITRI exits 2017, they expect 2018 revs to pick up again through won contracts in addition to further margin expansion and earnings growth. Consequently, they remain positive on the ITRI story both near and long-term and raise tgt as their top pick in Advanced Industrial.
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  European Markets Update: FTSE +1.1%, DAX +1.4%, CAC +1.6%

Major European indices trade higher across the board with Italy's MIB (+2.3%) setting the pace. In France, presidential candidate Francois Fillon vowed to continue his campaign even though he is expected to face charges for alleged misuse of public funds. The euro has spent the night in a slow retreat, trading lower by 0.5% against the dollar at 1.0525.

  • In economic data:
    • Eurozone February Manufacturing PMI 55.4 (expected 55.5; last 55.5)
    • Germany's February Unemployment Change -14,000 (expected -10,000; last -26,000), February Unemployment Rate held at 5.9%, as expected, and February Manufacturing PMI 56.8 (consensus 57.0; last 57.0)
    • UK's February Nationwide HPI +0.6% month-over-month (expected 0.2%; last 0.2%); +4.5% year-over-year (consensus 4.0%; last 4.3%). February Manufacturing PMI 54.6 (expected 55.6; last 55.9) and January Mortgage Lending GBP3.40 billion (expected GBP3.70 billion; last GBP3.70 billion).
    • France's February Manufacturing PMI 52.2 (consensus 52.3; last 52.3)
    • Italy's February Manufacturing PMI 55.0 (expected 53.5; last 53.0)
    • Spain's February Manufacturing PMI 54.8 (consensus 56.0; previous 55.6)
    • Swiss January Consumption Indicator 1.43 (last 1.38)

---Equity Markets---

  • UK's FTSE is higher by 1.1%, extending to a fresh record. Select miners and financials are among the leaders. Glencore, BHP Billiton, Antofagasta, Anglo American, and Rio Tinto are up between 1.8% and 3.0%. Financials like Standard Chartered, RBS, HSBC, and Prudential show gains between 1.7% and 2.7%.
  • Germany's DAX has added 1.4%, trading just below its record high. Commerzbank and Deutsche Bank lead with gains of 3.6% apiece. Exporters Volkswagen, BMW, and Daimler are up between 1.0% and 2.2%. Deutsche Telekom is the lone decliner, slipping 0.2%.
  • France's CAC has climbed 1.6%. Financials also lead with Societe Generale, AXA, BNP Paribas, and Credit Agricole rising between 2.9% and 3.9%. Automaker Renault has jumped 2.6% while Peugeot is higher by 0.7%. On the downside, Vivendi and Veolia Environnement are both down near 0.3%.
  • Italy's MIB outperforms with a gain of 2.3%. Financials have fueled the advance with Intesa Sanpaolo, UBI Banca, Mediobanca, UniCredit, Banca Pop Emilia Romagna, and Banco Bpm advancing between 1.9% and 5.6%.
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 On The Wires
  • NII Holdings (NIHD) announced that Nextel Brazil, its wholly-owned operating subsidiary, entered into amendments to its credit agreements with Banco do Brazil and Caixa Econômica Federal. Additionally, Nextel Brazil has secured waivers from each of these lenders related to certain financial covenants in its local bank loans.  The amendments provide, among other things, a 120-day standstill period effective March 2, 2017, during which time no amortization payments will be required with respect to the related loans while Nextel Brazil seeks to negotiate long-term modifications of the financing arrangements, including potential further extensions of the existing amortization relief.
  • Advanced Accelerator Applications (AAAP) announced that NETSPOT has been included in the National Comprehensive Cancer Network Clinical Practice Guidelines in Oncology version 1.2017 update for the evaluation of neuroendocrine tumors. 
  • DHT Holdings, Inc. (DHT) announced that it has secured bank financing for the two 318,000 dwt VLCCs newbuildings scheduled to be delivered in July and September 2018 from Hyundai Heavy Industries. The financing will cover about 50% of the contract price with the remainder being financed by cash at hand. As such, DHT does not intend to issue any stock to finance the two newbuildings. The financing has a 5 year tenor and its 20 year repayment profile is in support of DHT's low cash break-even levels. DHT estimates that the average cash break-even for each vessel to cover OPEX. 
  • Versum Materials (VSM) announced that it would expand its manufacturing capacity at its Delivery Systems and Service (DS&S) headquarters in Allentown, Pennsylvania. To support customer demand and the growth in its DS&S business, new positions will be created for highly skilled technicians, engineers, quality control personnel, and manufacturing and support staff.
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  Early premarket gappersGapping up: DVAX +28.9%, BGFV +16%, WTW +12.6%, DAR +9.1%, KERX +8.7%, LOGM +7.5%, LOW +6.9%, LXRX +6%, FOLD +5.5%, EVH +5.3%, TIME +4.8%, MCHP +4.8%, AKRX +4.5%, MIDD +4.5%, DPLO +4.2%, BLDR +3.9%, CSIQ +3.7%, CSIQ +3.7%, HLIT +3.7%, WYNN +3.5%, WLH +3.3%, MACK +3.3%, AKS +3.2%, DB +3%, FCX +3%, JKS +2.9%, AMD +2.8%, MU +2.8%, X +2.5%, LVS +2.5%, BHP +2.4%, ING +2.4%, WIN +2.4%, CLF +2.3%, MGM +2.3%, EVEP +2.3%, SAN +2.2%, BUFF +2.2%, BV +2.2%, RBS +2%, ORA +2%, BBL +1.7%, C +1.7%, BAC +1.6%, NAME +1.5%, TCON +1.3%, DXCM +1.1%, GTN +1.1%, KITE +1%

Gapping down: PANW -19%, BW -15.2%, CYBE -12.8%, EVHC -12.1%, SRPT -10%, BBY -9.7%, IPXL -9.1%, NVDQ -7%, CFI -6.6%, SSW -6.3%, CLNS -6%, IBKC -5.6%, LQ -5.3%, ENPH -5%, AMBA -4.4%, CHUY -3.3%, CYBR -3.1%, QUMU -2.8%, BVN -2.4%, VSI -2.3%, CRM -2.1%, PTLA -2%, VEEV -1.9%, TSRO -1.8%, PFPT -1.7%, CHKP -1.6%, MXWL -1.6%, PRGO -1.5%, SFR -1.4%, GDX -1.4%, CBI -1.4%, CROX -1.4%, FTNT -1.3%, AG -1.2%, VOD -1.1%, ABX -1.1%, SYMC -1%, DRYS -1%, PBMD -1%, EGO -1%, AEM -1%, ETSY -1%, GG -0.9%, INTC -0.8%, GLD -0.8%, ROST -0.8%, HSY -0.8%, AIRM -0.7%, TASR -0.7%, HACK -0.6%, FEYE -0.5%
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  Agios Pharma and Celgene (CELG) announce that the FDA has accepted and granted priority review for the NDA for enasidenib for the treatment of patients with relapsed or refractory acute myeloid leukemia with an isocitrate dehydrogenase 2 mutation  (48.44)

The NDA was granted Priority Review and has been given a Prescription Drug User Fee Act (PDUFA) action date of Aug. 30, 2017. Celgene completed the NDA submission in late December 2016. Enasidenib is part of Celgene's global strategic collaboration with Agios focused on cancer metabolism.

  • Celgene additionally disclosed that Abbott (ABT) has submitted a Premarket Approval (PMA) application for the FDA approval of an IDH2 assay on the Abbott m2000 RealTime System, a polymerase chain reaction (PCR) molecular diagnostics instrument. IDH2 mutations occur in about 8 to 19 percent of AML patients.
  • Celgene is also evaluating enasidenib compared with conventional therapy in older patients with an IDH2 mutation and relapsed or refractory AML in the ongoing phase III IDHENTIFY trial (NCT02577406).
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  XO Group downgrade details — to Hold at Stifel; tgt lowered to $17  (18.43)Stifel downgrades XOXO to Hold from Buy and lowers their tgt to $17 from $23. Co's decision to essentially abandon the emerging pay-for-performance business model and repurpose it as features and tools of the Local subscription advertising business reduces the total addressable market available to co and limits future growth and margins. This is a major strategic about-face by the company and mgmt and very disappointing. Also, the pay-for-performance business model was designed to send traffic and leads to local wedding vendors for free, with XO Group being paid a take-rate by the vendor when a transaction closes. Depending on the category, this take rate was five to ten times the effective take rate of online advertising we believe. Consequently the P4P model had the opportunity to dramatically expand XO Group's TAM, expand margins and accelerate growth.
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  Personal Income and Spending Report Preview

The Personal Income and Spending Report for January will be released at 8:30 a.m. ET.  It is an important report that will factor directly into the first quarter GDP outlook; moreover, it will also factor directly into the Fed's monetary policy discussion since it includes the PCE Price Index, which is the Fed's preferred inflation gauge.

The Briefing.com consensus estimates for the key components of the report are as follows:

  • Personal income (+0.4%)
  • Personal spending (+0.3%)
  • Core PCE Price Index (+0.2%)

Income growth is expected to be suppressed somewhat by the weak wage growth seen in the January employment report.  Personal spending, meanwhile, is expected to be somewhat modest due to the decline in unit motor vehicle sales and lower spending on utilities as unseasonably warm weather reduced demand for heating in January.

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  ISM Manufacturing Index Preview

The ISM Manufacturing Index has been above 50.0% (the dividing line between expansion and contraction) for five straight months. With the release of the February ISM Manufacturing Index on Wednesday, that streak should be extended to six straight months.

According to the Briefing.com consensus estimate, the ISM Manufacturing Index is expected to check in at 56.1% for February. That would be little changed from the 56.0% reading registered in January, yet it would stand as the highest reading since November 2014.

The expected strength is tied in part to the strong readings seen in regional manufacturing surveys, including the Chicago Business Barometer released on Tuesday, as well as the Empire Manufacturing Survey and the Philadelphia Fed Index, the latter of which registered its highest reading in February (43.3) since November 1983.

The ISM Manufacturing Index report is watched closely given the sentiment it conveys about manufacturing activity on national level.

The report will be released at 10:00 a.m. ET.

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 Overnight Treasury Summary

Treasuries Slide Overnight on Hawkish Fed Speakers

  • U.S. Treasuries are trading sharply lower this morning as investors react to hawkish communication from the Fed on Tuesday. President Trump's address to Congress on Tuesday evening offered little in the way of specifics on fiscal stimulus but San Francisco Fed President Williams' use of the term «serious consideration» in reference to a March rate hike spooked Treasury bulls. Williams' remarks came after Dallas Fed President Kaplan had already made hawkish comments earlier in the day. The two-year Treasury yield is up to 1.30% from 1.15% on Monday. In international news, the Chinese manufacturing PMIs beat expectations for February and Germany's jobs data was mostly in line with estimates. The U.S. Dollar Index is up 0.68% to 101.82 and the S&P 500 is set to open 0.61% to 2,376.5. WTI crude is adding 0.24% to $54.14/bbl. and gold is down 0.94% to $1,242.1/troy oz.
  • Yield Check:
    • 2-yr: +3 bps to 1.30%
    • 5-yr: +4 bps to 1.98%
    • 10-yr: +4 bps to 2.43%
    • 30-yr: +3 bps to 3.03%
  • International News:
    • San Francisco Fed President John Williams (non-FOMC voter) said on Tuesday afternoon that a rate hike «is on the table for serious consideration» at the March 14-15 FOMC meeting
    • China's official manufacturing purchasing managers' index unexpectedly rose to 51.6 for February from 51.3 in January
      • The Caixin manufacturing PMI beat expectations by climbing to 51. for February from 51.0 for January
      • The non-manufacturing PMI fell to 54.2 from 54.6
    • In Japan, the Ministry of Finance's Capex Survey was up 3.8% y/y in the fourth quarter, handily beating estimates after a 1.3% decline in Q3
    • Australian GDP grew 1.1% q/q in the fourth quarter (2.4% y/y), exceeding expectations and reversing a 0.5% contraction in Q3
      • The AIG Manufacturing Index jumped to 59.3 in February from 51.2 in January
    • India's Nikkei Markit Manufacturing PMI unexpectedly rose to 50.7 in February from 50.4 in January
    • Russia's Markit Manufacturing PMI fell to 52.5 for February from 54.7 for January
    • The U.K.'s manufacturing PMI declined more than expected to 54.6 in February from 55.9 in January
      • The U.K.'s BRC Shop Price Index fell 1.0% y/y in February after a 1.7% decline in the prior month
      • The U.K.'s Nationwide House Price Index climbed 0.6% m/m in February (4.5% y/y), exceeding both expectations and January's 0.2% growth
    • The eurozone's manufacturing PMI was revised down to 55.4 for February from the preliminary reading of 55.5 (January's reading was 55.2)
    • German unemployment fell by 14K workers in February, missing estimates after a decline of 26K in January
      • The unemployment rate remained at 5.9%, as expected
    • Switzerland's SVME PMI increased more than expected in February to 57.8 from the prior reading of 54.6
      • Switzerland's Consumption Indicator climbed to 1.43 for January from 1.38 in December
  • Data out Wednesday:
    • MBA Mortgage Index for the week ending 2/25: Actual 5.8% w/w, Prior -2.0%
    • January Personal Income, Personal Spending, and PCE Prices (08:30 ET)
    • January Construction Spending (10:00 ET)
    • February ISM Manufacturing Index (10:00 ET)
    • Crude Inventories for the week ending 2/25 (10:30 ET)
    • February Auto and Truck Sales (14:00 ET)
    • March Beige Book (14:00 ET)
  • Fed Speakers:
    • Dallas Fed President Kaplan (FOMC voter) (12:30 ET)
    • Fed Governor Brainard (FOMC voter) (18:00 ET)
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  Salesforce.com among stocks with favorable commentary on Tuesday's Mad Money  (81.35)

Stocks with favorable mention: ATVI, CCL, CRM, DPZ, GOLD, HD, NFLX, NTAP, NVDA, PENN, SLB, TJX

Stocks with unfavorable mention: CDE, FGP, NCLH, OLN, OXY, RIG, SWN, TGT, TOO

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  On The Wires
  • Ixia (XXIA) announced that the company's network visibility solutions — Vision ONE and Net Tool Optimizer 7303 — have achieved certification for inclusion in the Department of Defense Unified Capabilities Approved Product List (UC APL).
  • Jacobs Engineering Group (JEC) has been awarded a task order by the General Services Administration to provide the U.S. Marine Corps Special Operations Command Raiders with logistics services for its facilities located at Camp Lejeune, NC, and Camp Pendleton, CA. The Marine Raider Regiment provides tailored military combat-skills training and advisor support for identified foreign forces in order to enhance their tactical capabilities. The contract has a potential value in excess of $39 million if all options are exercised.
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  Flushing Fin increases quarterly dividend to $0.18/share from $0.17/share  (27.94)
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  S&P futures vs fair value: +13.00. Nasdaq futures vs fair value: +30.80.

Equity futures point to a solidly higher open on Wall Street this morning following President Trump's first address to Congress. The S&P 500 futures trade 13 points (0.6%) above fair value.

In his speech, the president reiterated his plans to boost infrastructure spending, cut taxes, repeal and replace the Affordable Care Act, bring down drug prices, and build up the military. And while the information didn't really provide investors with anything new, the pro-growth reminders have been enough to fuel a bullish sentiment this morning.

U.S. Treasuries are under pressure this morning after New York Fed President Dudley (FOMC voter) said that the case for raising interest rates has become «a lot more compelling» on Tuesday. The benchmark 10-yr yield currently trades four basis points higher at 2.44%.

Meanwhile, the U.S. Dollar Index (101.87, +0.54) trades at its seven-week high, up 0.5%, in the wake of Mr. Dudley's comments. The greenback has added 0.5% and 1.0%, respectively, against the euro and the Japanese yen.

Despite a strengthening U.S. dollar, crude oil holds a modest gain of 0.3% after the American Petroleum Institute (API) reported a build of 2.5 million barrels on Tuesday evening. WTI crude trades at $54.16/bbl ahead of today's Energy Information Administration (EIA) crude oil inventory report, which will be released at 10:30 am ET.

The weekly MBA Mortgage Applications Index, which was released earlier this morning, increased 5.8% to follow last week's 2.0% downtick.

Today's economic data will also include January Personal Income (Briefing.com consensus 0.4%) at 8:30 ET, January Construction Spending (Briefing.com consensus 0.6%) and February ISM Index (Briefing.com consensus 56.1%) at 10:00 ET, and the Fed's Beige Book for March at 14:00 ET.

Also of note, February Auto and Truck sales will be released throughout the day on Wednesday.

In U.S. corporate news:

  • Lowe's (LOW 80.00, +5.63): +7.8% after reporting better than expected earnings and revenues and issuing upbeat guidance. 
  • Intel (INTC 35.80, -0.40): -1.1% after the company's stock was downgraded to 'Underperform' from 'Market Perform' at Bernstein.
  • Best Buy (BBY 41.25, -2.90): -6.7% after missing on both the top and bottom lines and issuing disappointing guidance.
  • Dollar Tree (DLTR 80.07, +3.39): +4.4% after beating earnings per share expectations and issuing above-consensus revenue guidance.
  • Weight Watchers (WTW 16.30, +1.91): +13.3% after better than expected earnings and upbeat guidance overshadowed a miss on revenues.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Wednesday on a higher note with participants bidding up stocks after President Donald Trump's first address to Congress went off without any big surprises. Japan's Nikkei +1.4%, Hong Kong's Hang Seng +0.2%, China's Shanghai Composite +0.2%, India's Sensex +0.8%.
    • In economic data:
      • China's February Manufacturing PMI 51.6 (expected 51.1; last 51.3), February Caixin Manufacturing PMI 51.7 (expected 50.8; last 51.0), and February Non-Manufacturing PMI 54.2 (last 54.6)
      • Japan's February Manufacturing PMI 53.3 (expected 53.6; last 53.5). Q4 Capital Spending +3.8% year-over-year (expected 0.6%; last -1.3%)
      • Australia's Q4 GDP +1.1% quarter-over-quarter (expected 0.7%; last -0.5%); +2.4% year-over-year (consensus 1.9%; last 1.8%). February AIG Manufacturing Index 59.3 (last 51.2)
      • New Zealand's Q4 Terms of Trade Index +5.7% quarter-over-quarter (expected 4.1%; last -1.8%)
      • India's February Nikkei Markit Manufacturing PMI 50.7 (expected 50.3; last 50.4)
    • News from the region was limited:
      • Economic data from China and Australia was better than expected.
  • Major European indices trade higher across the board with Italy's MIB setting the pace. UK's FTSE +1.1%, Germany's DAX +1.4%, France's CAC +1.6%, Italy's MIB +2.3%.
    • In economic data:
      • Eurozone February Manufacturing PMI 55.4 (expected 55.5; last 55.5)
      • Germany's February Unemployment Change -14,000 (expected -10,000; last -26,000), February Unemployment Rate held at 5.9%, as expected, and February Manufacturing PMI 56.8 (consensus 57.0; last 57.0)
      • UK's February Nationwide HPI +0.6% month-over-month (expected 0.2%; last 0.2%); +4.5% year-over-year (consensus 4.0%; last 4.3%). February Manufacturing PMI 54.6 (expected 55.6; last 55.9) and January Mortgage Lending GBP3.40 billion (expected GBP3.70 billion; last GBP3.70 billion).
      • France's February Manufacturing PMI 52.2 (consensus 52.3; last 52.3)
      • Italy's February Manufacturing PMI 55.0 (expected 53.5; last 53.0)
      • Spain's February Manufacturing PMI 54.8 (consensus 56.0; previous 55.6)
      • Swiss January Consumption Indicator 1.43 (last 1.38)
    • In news:
      • In France, presidential candidate Francois Fillon vowed to continue his campaign even though he is expected to face charges for alleged misuse of public funds.
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  Etsy downgraded to Neutral at Monness Crespi & Hardt as growth/profit curves moderate  (12.12)Monness Crespi & Hardt downgrades ETSY to Neutral from Buy as their thesis calling for more meaningful top-line performance and a re-rating of the stock has changed. Nevertheless, they still see Etsy as a prime takeout candidate and continue to advocate eBay (EBAY) take a close look at a potential deal. Firm finds significant value in the Etsy platform, but contend other opportunities within their coverage universe offer a more favorable risk-reward tradeoff.
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 Index Changes Reminder: The following changes will occur in the S&P 500 and the S&P MidCap 400 before the open today
  • CBOE Holdings (CBOE) will replace Pitney Bowes (PBI) in the S&P 500, and PBI will replace CBOE in the S&P MidCap 400 effective at the open of trading
  • CyrusOne (CONE) will replace CLARCOR (CLC) in the S&P MidCap 400 effective at the open of trading
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  Overseas Research Calls

Upgrades

  • easyJet (ESYJY) upgraded to Buy from Hold at Cantor Fitzgerald
  • South32 (SOUHY) upgraded to Buy from Hold at HSBC
  • Next (NXGPF) upgraded to Buy from Sell at Redburn
  • Imperial Brands (IMBBY) upgraded to Outperform from Neutral at Credit Suisse
  • Telefonica S.A. (TEF) upgraded to Buy from Neutral at BofA/Merrill

Downgrades

  • Ultra Electronics (UEHPY) downgraded to Hold from Buy at Liberum

Miscellaneous

  • None of note
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  PTC initiated with a Buy at Seaport Global Securities; tgt $69  (53.89)
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  Palo Alto Networks: Color on Quarter  (151.90)
  • Robert W. Baird downgrades PANW to Neutral from Outperform and lowers their tgt to $130 from $175 after co reported a soft FQ2 and offered FQ3 guidance that was well below expectations. Product rev expectations were lowered for the 2H'F17. Mgmt cited execution issues as opposed to competitive challenges. Firm believes Cisco (CSCO) has become a meaningfully stronger competitor per channel feedback. They feel more comfortable moving to the sidelines at this point as co works through a sales coverage reorg.
  • First Analysis Sec downgrades PANW to Equal-Weight from Overweight and lowers their tgt to $120 from $175, believing mgmt will need time to regain investor confidence after a disappointing FQ2 and guidance materially below consensus for FQ3, representing the fourth consecutive quarter of what firm considers disappointing guidance and by far the largest shortfall vs. expectations to date. Mgmt is addressing the issues it sees, but firm thinks it will be a few quarters before investors find out if the company can continue to execute as well as it has historically, given its large scale, and whether the above-noted changes are the sole issue or competitive, product, or other issues are also factors.
  • William Blair downgrades to Market Perform
  • Wunderlich downgrades to Hold
  • JP Morgan downgrades to Neutral
  • Maxim cuts tgt to $168 from $185. Big picture, they remain Buy rated; brand recognition is reaching a zenith but not on decline, in our view. Guidance a huge disappointment, but expect aggressive buyback activity below $130/share to provide share price support. No longer see their long-term assumptions as conservative, but see as likely.
  • Stifel cuts tgt to $170 from $210. Palo Alto Networks reported F2Q17 results that largely underperformed Street expectations, with management citing sales execution issues as the primary driver of the company's underwhelming print. The co also announced that it has both acquired LightCyber, a behavorial analytics co, for $105mn in cash as well as increased its total share repurchase authorization by $500mn to $1bn. The repurchase authorization expires on December 31, 2018, and as of January 31, 2017, $330mn of the initial $500mn authorization remained available.
  • RBC cuts tgt to $140 from $170. While results and guidance were a big disappointment, they aren't throwing in the towel at these levels as they have confidence in their new estimates and believe management, which they still have a high degree of respect for, can fix the go-to-market issues and deliver above-peer growth. Maintain OP rating and lower target to $140 as the stock is likely range-bound for the near term.
  • BMO cuts gt to $132 from $160. They had thought that PANW would report very modest upside to its January quarter, but PANW missed their/consensus estimates, which they believe was driven by both execution and competitive issues. They believe PANW's growth will continue to slow, given that PANW is a more expensive solution. They believe that CHKP may be the best stock of the leading network security providers, given that they don't think CHKP will face decelerating revenue pressures.
  • PANW -20% premarket; may find support near the $120 level... 
    • Weghing on security peers: PFPT -1.68% CHKP -1.56% FTNT -1.37% SYMC -0.98% HACK -0.59% MIME -0.15% FEYE -0.09%
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  European Summary

German Bunds See Worst Day Since January

  • European sovereign bonds are falling sharply today in sympathy with declines in U.S. Treasuries. Also weighing on the market was German inflation data, which showed CPI growth accelerating to a four-year high of 2.2% in February. French government bonds are outperforming those of the other major eurozone countries as concerns about April's presidential election recede. European manufacturing PMI data disappointed slightly for February but Eastern Europe showed marked improvement. Eurozone manufacturing activity remains at its strongest since early 2011
  • New Issuance:
    • Germany sold EUR2.494 bln of 10-year bunds at an average yield of 0.25% with a bid-to-cover ratio of 1.35
  • European Economic Data:
    • The U.K.'s manufacturing PMI declined more than expected to 54.6 in February from 55.9 in January
      • The U.K.'s BRC Shop Price Index fell 1.0% y/y in February after a 1.7% decline in the prior month
      • The U.K.'s Nationwide House Price Index climbed 0.6% m/m in February (4.5% y/y), exceeding both expectations and January's 0.2% growth
    • The eurozone's manufacturing PMI was revised down to 55.4 for February from the preliminary reading of 55.5 (January's reading was 55.2)
      • France: revised down to 52.2 from 52.3
      • Germany: revised down to 56.8 from 57.0
      • Italy: 55.0 versus 53.0 in January
      • Spain: 54.8 versus 55.6 in January
    • German unemployment fell by 14K workers in February, missing estimates after a decline of 26K in January
      • The unemployment rate remained at 5.9%, as expected
    • Germany's consumer price index grew 0.6% m/m in February (2.2% y/y), matching expectations and reversing most of January's 0.6% drop
      • Germany's harmonized index of consumer prices rose 0.7% m/m in February (2.2% y/y), beating estimates after a 0.8% decline in January
    • Switzerland's SVME PMI increased more than expected in February to 57.8 from the prior reading of 54.6
      • Switzerland's Consumption Indicator climbed to 1.43 for January from 1.38 in December
  • Yield Check:
    • France, 10-yr OAT: +1 bp to 0.90%
    • Germany, 10-yr bund: +5 bps to 0.26%
    • Greece, 10-yr note: -19 bps to 6.87%
    • Italy, 10-yr BTP: +2 bps to 2.11%
    • Portugal, 10-yr PGB: +5 bps to 3.90%
    • Spain, 10-yr ODE: +2 bps to 1.66%
    • U.K., 10-yr gilt: +3 bps to 1.11%
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  PNM Resources downgraded to Hold at Williams Capital Group; tgt raised to $36  (36.30)Williams Capital Group downgrades PNM to Hold from Buy and raises their tgt to $36 from $35 despite their favorable outlook for PNM's fundamentals. Further, while 2016 growth was modest, firm feels 2017 should represent a return to more consistent and material EPS growth.
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 On The Wires
  • Audentes Therapeutics (BOLD) announced the commencement of LUSTRO, a prospective study designed to characterize the disease course in patients living with Crigler-Najjar Syndrome. LUSTRO will evaluate subjects prior to potential enrollment in VALENS, the planned Phase 1/2 clinical study to evaluate the safety and preliminary efficacy of AT342, the Audentes product candidate being developed to treat Crigler-Najjar Syndrome.
  • Community Healthcare Trust (CHCT) announced that its Chairman, CEO and President Timothy Wallace entered into a 10b5-1 purchase plan to acquire shares of the Company's common stock consistent with certain timing, volume and price limitations. The Plan replaces Mr. Wallace's 10b5-1 trading plan dated February 29, 2016, which expired on December 31, 2016. The Plan was entered into on February 27, 2017 and will become effective April 3, 2017. Under the Plan, Wallace will be able to purchase up to the lesser of $2 mln or 100k shares of its common stock. 
  • Aytu BioScience (AYTU) announced the successful completion of its tender offer to amend and exercise certain categories of existing warrants. Co received $2.2 million from exercise of warrants. Proceeds are anticipated to be used for working capital and general corporate purposes.
  • GRAIL in.c announced that it has raised over $900 million through the first close of its previously announced Series B financing which was led by ARCH Venture Partners and includes Johnson & Johnson Innovation (JNJ) as the largest investor in the financing. The initial close also includes world-class strategic pharmaceutical, technology and financial investors. In addition to ARCH Venture Partners and Johnson & Johnson Innovation, the strategic investors participating in the first close include Amazon (AMZN), Bristol-Myers Squibb (BMY), Celgene (CELG), McKesson Ventures (CMK), Merck (MRK), Tencent Holdings (TCEHY) and Varian Medical Systems (VAR). GRAIL will use the proceeds of the financing for continued product development and validation of blood tests for early-stage cancer detection, including the previously announced Circulating Cell-free Genome Atlas study and other large-scale clinical trials that are expected to enroll hundreds of thousands of patients. Some of the proceeds were used to repurchase a portion of Illumina's (ILMN) stake in GRAIL such that Illumina now owns slightly less than 20 percent of the Company. Going forward, Illumina will reflect its remaining ownership of GRAIL as a cost-method investment in Illumina's financial statements.
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  Stone Energy upgraded to Equal Weight from Underweight at CapitalOne  (6.95)
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  Silgan Holdings increases quarterly dividend to $0.18/share from $0.17/share  (59.62)
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  CIGNA decides to postpone its Investor Day to a later date  (148.90)Cigna Corporation previously announced its intention to host an Investor Day on March 29, 2017. In light of the recently announced schedule in the appeal of the U.S. District Court's ruling to enjoin the proposed merger with Anthem (ANTM), Cigna has decided to postpone its Investor Day to a later date. Cigna will provide further details when available, and continues to look forward to the Investor Day discussion of its strategic growth plan as well as its plans for future capital deployment.
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Сегодня ждем начало «черного лебедя»
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  S&P futures vs fair value: +17.00. Nasdaq futures vs fair value: +36.40.

The S&P 500 futures trade 17 points (0.7%) above fair value.

Just in, January personal income rose 0.4%, which is in line with the Briefing.com consensus. Meanwhile, January personal spending increased 0.2% while the Briefing.com consensus expected a reading of 0.3%. The December Personal Spending and Personal Income readings were both left unrevised at 0.5% and 0.3%, respectively.

Separately, Core PCE prices for January rose 0.3% (Briefing.com consensus 0.2%). The December reading was left unrevised at 0.1%.

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  Gapping up

Gapping up
In reaction to strong earnings/guidance
:

  • WTW +20.6%, BGFV +18.2%, DAR +9.1%, LOW +8.5%, LOGM +7.5%, DY +5.7%, EVH +5.3%, (light volume), MACK +5.2%
  • MYL +4.9%, MCHP +4.8%, FOLD +4.8%, MIDD +4.5%, CRH +4.5%, DPLO +4.4%, DLTR +4%, BLDR +3.9%, HLIT +3.7%
  • PCRX +3.1%, KERX +2.4%, ODP +2.4%, EVEP +2.3%, BUFF +2.2%, BV +2.2%, TASR +1.9%, NAME +1.5%, WIN +1.5%
  • AMC +1.4%, TCON +1.3%, DXCM +1.1%, ORA +1.1%, GTN +1.1%, MNK +1.1%

M&A news:

  • CLNE +33.1% ( sells the upstream portion of its renewable natural gas business to BP)
  • TIME +9.1% (Bloomberg reporting that five suitors were asked to submit bids next week)
  • TRCO +8.9% (said to have been approached by Sinclair Broadcast (SBGI) about a possible combination, according to Reuters; also reported earnings)

Select financial related names showing strength:

  • DB +4.1%, CS +3.7%, SAN +2.4%, RBS +2.4%, MS +2.2%, C +2.1%, ING +2%, BAC +2%, GS +2%, WFC +1.5%

Select metals producers trading higher:

  • CLF +3.2%, X +3% (also VP/CFO that David Burritt has been elected Pres/COO), VALE +2.7%, BBL +2.3%, BHP +1.5%

Select Gaming related names showing strength following release of Macau gaming revs rising 18% YoiY:

  • MPEL +3.8%, WYNN +3.3%, LVS +3.3%, MGM +2.6%

Other news:

  • DVAX +28.9% (FDA has accepted for review its responses to the CRL issued by the FDA in November 2016 for the Biologics License Application for HEPLISAV-B; PDUFA action date of August 10, 2017)
  • CLSD +14.6% (receives a NOA from the USPTO for methods of treating the posterior ocular disorder Uveitis)
  • AGIO +3.7% (Agios Pharma and Celgene (CELG) announce that the FDA has accepted and granted priority review for the NDA for enasidenib)
  • LXRX +3.5% (receives FDA approval for XERMELO)
  • WLH +3.3% (will replace Arctic Cat in the S&P SmallCap 600)
  • PRCX +3.1% (reports 'positive' topline results for phase 4 study of Exparel )
  • AMD +2.9% (Advanced Micro and Bethesda Softworks announce partnership)
  • OMER +2.5% (presents additional 'positive' data from the ongoing Phase 2 clinical trial evaluating OMS721)
  • JKS +2.3% (entered into a Power Purchase Agreement with the Abu Dhabi Water and Electricity Co)
  • NVDA +1.8% (released GeForce GTX 1080 Ti)

Analyst comments:

  • MU +2.6% (upgraded to Buy from Neutral at Goldman)
  • KITE +1% (target raised to $85 at H.C. Wainwright)
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  Heska Corp target raised to $106 at The Benchmark Company — Results in Q4 capped a strong year  (92.74)The Benchmark Company raises their HSKA tgt to $106 from $100. Firm models 1H17 conservatively because they believe much of 2016's year-end strength was supported by the Imaging business, which is seasonal and may have been unusually robust ahead of Heska's buyout. During 2Q17, mgmt now anticipates completing the Cuattro acquisition (now Heska Imaging). This business generated $26.3 mln of rev and $3.7 mln of operating income in 2016. That corresponds with the first-tier $13.8 mln buyout threshold. Firm models Heska choosing the maximum 55% stock component, which equates to $6.2 mln in cash and fewer than 0.1 mln shares at current valuation. Due to seasonality, firm anticipates Imaging profit or loss to be non-material in Q1. After the buyout, Heska would no longer exclude its non-ownership stake from earnings, which we expect should be full-year accretive.
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  Gapping down

Gapping down
In reaction to disappointing earnings/guidance
:

  • IPXL -21.1%, PANW -19.5%, BW -15.2%, ENPH -12.8%, CYBE -9.9%, SSW -9.2%, (also reduces quarterly dividend)
  • CHUY -8.8%, AKRX -8.7%, SRPT -7.2%, NVDQ -7%, CFI -6.6%, CLNS -6%, ETSY -5.9%, AEO -5.4%, LQ -5.3%, GORO -3.5%
  • CROX -3%, QUMU -2.8%, BBY -2.8%, BBY -2.7%
  • CBI -2.4%, ( enters into a definitive agreement to sell its Capital Services business to an affiliate of private equity investment firm Veritas Capital for $755 million in cash)
  • BVN -2.4%, AMBA -2.3%, VSI -2.3%, PTLA -2%, TSRO -1.8%, VEEV -1.6%
  • MXWL -1.6%, (Maxwell Tech to acquire substantially all of the assets and business of Nesscap for $23.175 million ), CRM -1%

M&A news:

  • IBKC -5.6% (IberiaBank to acquire Sabadell United Bank in a stock and cash transaction valued at $1.025 billion; to be accretive to EPS in 2018)

Select Cyber Security related names showing weakness:

  • PFPT -1.7%, CHKP -1.6%, FTNT -1.4%, SYMC -1%, CYBR -0.8%

Select metals/mining stocks trading lower:

  • GG -1.8%, MUX -1.7%, GDX -1.4%, AG -1.3%, AEM -1.2%, EGO -1%, GFI -1%, ABX -0.9%, GLD -0.8%

Other news:

  • AKRX -8.7% ( received FDA approval for its ANDA for Mycophenolate Mofetil for Injection USP 500 mg/vial)
  • NVS -3.4% (head of North America Operations and President of Novo Nordisk Inc. has resigned from the company)
  • SFR -1.4% (light volume; commences public offering of 18,476,891 of its common shares, of which 10,476,891 common shares will be offered by certain selling shareholders)

Analyst comments:

  • AVT -1.3% (downgraded to Sell from Neutral at Goldman)
  • INTC -0.7% (downgraded to Underperform from Mkt Perform at Bernstein)
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AAPL с чата
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 SNCR
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HD
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 PANW от вивапа в шорт
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 HCN в шорт если пробьет 69.20
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 спай растет как дурной…
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 EOG смотрю
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XOM 82,90 уровень
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 CBOE Holdings completes acquisition of BATS Global (BATS)  (78.05)
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 Gapping up/down: WTW +21%, LOW +9%, MY +5%, MIDD +5% and DLTR +4% after earnings, MU +3% after upgrade at GS; PANW -20%, AEO -5%, CROX -3% and BBY -3% after earnings

Gapping up
In reaction to strong earnings/guidance
:

  • WTW +20.6%, BGFV +18.2%, DAR +9.1%, LOW +8.5%, LOGM +7.5%, DY +5.7%, EVH +5.3%, (light volume), MACK +5.2%
  • MYL +4.9%, MCHP +4.8%, FOLD +4.8%, MIDD +4.5%, CRH +4.5%, DPLO +4.4%, DLTR +4%, BLDR +3.9%, HLIT +3.7%
  • PCRX +3.1%, KERX +2.4%, ODP +2.4%, EVEP +2.3%, BUFF +2.2%, BV +2.2%, TASR +1.9%, NAME +1.5%, WIN +1.5%
  • AMC +1.4%, TCON +1.3%, DXCM +1.1%, ORA +1.1%, GTN +1.1%, MNK +1.1%

M&A news:

  • CLNE +33.1% ( sells the upstream portion of its renewable natural gas business to BP)
  • TIME +9.1% (Bloomberg reporting that five suitors were asked to submit bids next week)
  • TRCO +8.9% (said to have been approached by Sinclair Broadcast (SBGI) about a possible combination, according to Reuters; also reported earnings)

Select financial related names showing strength:

  • DB +4.1%, CS +3.7%, SAN +2.4%, RBS +2.4%, MS +2.2%, C +2.1%, ING +2%, BAC +2%, GS +2%, WFC +1.5%

Select metals producers trading higher:

  • CLF +3.2%, X +3% (also VP/CFO that David Burritt has been elected Pres/COO), VALE +2.7%, BBL +2.3%, BHP +1.5%

Select Gaming related names showing strength following release of Macau gaming revs rising 18% YoiY:

  • MPEL +3.8%, WYNN +3.3%, LVS +3.3%, MGM +2.6%

Other news:

  • DVAX +28.9% (FDA has accepted for review its responses to the CRL issued by the FDA in November 2016 for the Biologics License Application for HEPLISAV-B; PDUFA action date of August 10, 2017)
  • CLSD +14.6% (receives a NOA from the USPTO for methods of treating the posterior ocular disorder Uveitis)
  • AGIO +3.7% (Agios Pharma and Celgene (CELG) announce that the FDA has accepted and granted priority review for the NDA for enasidenib)
  • LXRX +3.5% (receives FDA approval for XERMELO)
  • WLH +3.3% (will replace Arctic Cat in the S&P SmallCap 600)
  • PRCX +3.1% (reports 'positive' topline results for phase 4 study of Exparel )
  • AMD +2.9% (Advanced Micro and Bethesda Softworks announce partnership)
  • OMER +2.5% (presents additional 'positive' data from the ongoing Phase 2 clinical trial evaluating OMS721)
  • JKS +2.3% (entered into a Power Purchase Agreement with the Abu Dhabi Water and Electricity Co)
  • NVDA +1.8% (released GeForce GTX 1080 Ti)

Analyst comments:

  • MU +2.6% (upgraded to Buy from Neutral at Goldman)
  • KITE +1% (target raised to $85 at H.C. Wainwright)

Gapping down
In reaction to disappointing earnings/guidance
:

  • IPXL -21.1%, PANW -19.5%, BW -15.2%, ENPH -12.8%, CYBE -9.9%, SSW -9.2%, (also reduces quarterly dividend)
  • CHUY -8.8%, AKRX -8.7%, SRPT -7.2%, NVDQ -7%, CFI -6.6%, CLNS -6%, ETSY -5.9%, AEO -5.4%, LQ -5.3%, GORO -3.5%
  • CROX -3%, QUMU -2.8%, BBY -2.8%
  • CBI -2.4%, ( enters into a definitive agreement to sell its Capital Services business to an affiliate of private equity investment firm Veritas Capital for $755 million in cash)
  • BVN -2.4%, AMBA -2.3%, VSI -2.3%, PTLA -2%, TSRO -1.8%, VEEV -1.6%
  • MXWL -1.6%, (Maxwell Tech to acquire substantially all of the assets and business of Nesscap for $23.175 million ), CRM -1%

M&A news:

  • IBKC -5.6% (IberiaBank to acquire Sabadell United Bank in a stock and cash transaction valued at $1.025 billion; to be accretive to EPS in 2018)

Select Cyber Security related names showing weakness:

  • PFPT -1.7%, CHKP -1.6%, FTNT -1.4%, SYMC -1%, CYBR -0.8%

Select metals/mining stocks trading lower:

  • GG -1.8%, MUX -1.7%, GDX -1.4%, AG -1.3%, AEM -1.2%, EGO -1%, GFI -1%, ABX -0.9%, GLD -0.8%

Other news:

  • AKRX -8.7% ( received FDA approval for its ANDA for Mycophenolate Mofetil for Injection USP 500 mg/vial)
  • SFR -1.4% (light volume; commences public offering of 18,476,891 of its common shares, of which 10,476,891 common shares will be offered by certain selling shareholders)

Analyst comments:

  • AVT -1.3% (downgraded to Sell from Neutral at Goldman)
  • INTC -0.7% (downgraded to Underperform from Mkt Perform at Bernstein)
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  Target downgraded to Underperform from Peer Perform at Wolfe Research  (58.77)
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  Palo Alto Networks downgraded to Equal-Weight from Overweight at Morgan Stanley  (151.90)
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 S&P futures vs fair value: +15.50. Nasdaq futures vs fair value: +30.60.

The S&P 500 futures trade 16 points (0.7%) above fair value.

Equity indices in the Asia-Pacific region ended Wednesday on a higher note with participants bidding up stocks after President Donald Trump's first address to Congress went off without any big surprises. As expected, the president reiterated plans for infrastructure spending of $1 trillion and repeated his desire to reform the tax code. On a separate note, economic data from China and Australia was better than expected.

  • In economic data:
    • China's February Manufacturing PMI 51.6 (expected 51.1; last 51.3), February Caixin Manufacturing PMI 51.7 (expected 50.8; last 51.0), and February Non-Manufacturing PMI 54.2 (last 54.6)
    • Japan's February Manufacturing PMI 53.3 (expected 53.6; last 53.5). Q4 Capital Spending +3.8% year-over-year (expected 0.6%; last -1.3%)
    • Australia's Q4 GDP +1.1% quarter-over-quarter (expected 0.7%; last -0.5%); +2.4% year-over-year (consensus 1.9%; last 1.8%). February AIG Manufacturing Index 59.3 (last 51.2)
    • New Zealand's Q4 Terms of Trade Index +5.7% quarter-over-quarter (expected 4.1%; last -1.8%)
    • India's February Nikkei Markit Manufacturing PMI 50.7 (expected 50.3; last 50.4)

---Equity Markets---

  • Japan's Nikkei climbed 1.4% as the yen continued yesterday's retreat against the dollar, slipping into the 113.75 area. Mazda Motor, SUMCO, Okuma, Fuji Heavy Industries, Komatsu, Panasonic, Kubota, and Hitachi Construction gained between 2.1% and 4.6%.
  • Hong Kong's Hang Seng added 0.2%. Gaming names led the way with Galaxy Entertainment and Sands China climbing 5.6% and 3.9%, respectively, after Galaxy Entertainment reported solid results. Most financials also had a good showing with Bank of East Asia, Hang Seng Bank, HSBC, and China Life Insurance rising between 0.2% and 1.9%. On the downside, PetroChina lost 1.2%.
  • China's Shanghai Composite added 0.2%. Kunwu Jiuding Investment Holdings, Cangzhou Dahua, Hualing Xingma Automobile, and Hubei Kaile Science & Technology climbed between 4.8% and 7.8%.
  • India's Sensex rose 0.8%, returning to this year's high. Tata Steel jumped 3.7% while Mahindra&Mahindra, Dr Reddy's Labs, Sun Pharma, and Hero MotoCorp gained between 1.6% and 3.1%. Financials also posted gains. HDFC Bank settled just above its flat line while ICICI Bank, SBI, and AXIS Bank rose between 0.9% and 1.4%.

Major European indices trade higher across the board with Italy's MIB (+2.2%) setting the pace. In France, presidential candidate Francois Fillon vowed to continue his campaign even though he is expected to face charges for alleged misuse of public funds. The euro has spent the night in a slow retreat, trading lower by 0.5% against the dollar at 1.0525.

  • In economic data:
    • Eurozone February Manufacturing PMI 55.4 (expected 55.5; last 55.5)
    • Germany's February Unemployment Change -14,000 (expected -10,000; last -26,000), February Unemployment Rate held at 5.9%, as expected, and February Manufacturing PMI 56.8 (consensus 57.0; last 57.0)
    • UK's February Nationwide HPI +0.6% month-over-month (expected 0.2%; last 0.2%); +4.5% year-over-year (consensus 4.0%; last 4.3%). February Manufacturing PMI 54.6 (expected 55.6; last 55.9) and January Mortgage Lending GBP3.40 billion (expected GBP3.70 billion; last GBP3.70 billion).
    • France's February Manufacturing PMI 52.2 (consensus 52.3; last 52.3)
    • Italy's February Manufacturing PMI 55.0 (expected 53.5; last 53.0)
    • Spain's February Manufacturing PMI 54.8 (consensus 56.0; previous 55.6)
    • Swiss January Consumption Indicator 1.43 (last 1.38)

---Equity Markets---

  • UK's FTSE is higher by 1.3%, extending to a fresh record. Select miners and financials are among the leaders. Glencore, BHP Billiton, Antofagasta, Anglo American, and Rio Tinto are up between 2.4% and 3.6%. Financials like Standard Chartered, RBS, HSBC, and Prudential show gains between 1.6% and 2.8%.
  • Germany's DAX has added 1.6%, trading just below its record high. Commerzbank and Deutsche Bank show respective gains of 3.2% and 4.4%. Meanwhile, exporters Volkswagen, BMW, and Daimler are up between 1.7% and 2.8%.
  • France's CAC has climbed 1.8%. Financials also lead with Societe Generale, AXA, BNP Paribas, and Credit Agricole rising between 2.7% and 3.9%. Automaker Renault has jumped 3.2% while Peugeot is higher by 1.7%. On the downside, Vivendi underperforms, hovering near its flat line.
  • Italy's MIB outperforms with a gain of 2.2%. Financials have fueled the advance with Intesa Sanpaolo, UBI Banca, Mediobanca, UniCredit, Banca Pop Emilia Romagna, and Banco Bpm advancing between 2.1% and 4.4%.
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  Advisory Board downgraded to Hold from Buy at Craig Hallum  (45.00)
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  IberiaBank downgraded to Neutral from Overweight at Piper Jaffray  (84.75)
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 On The Wires
  • Today at the Mobile World Congress, Discovery Communications (DISCA) announces it has created a new exclusive Olympic Games partnership opportunity for mobile operators to deliver every moment of the action to their customers through the launch of the first «Official Mobile Broadcaster» product.
  • Orexo AB announced that it has filed a patent infringement action in United States District Court for the District of Delaware against Actavis Elizabeth LLC, Actavis Pharma, Inc., and their parent company Teva (TEVA). Orexo alleges that Actavis's generic versions of Suboxone and Subutex tablets infringe Orexo's US Patent No. 8,454,996
  • Cabot Corporation (CBT) announces a strategic investment to expand its manufacturing capabilities for elastomer composites at Cabot's plant in Port Dickson, Malaysia, and to create a dedicated elastomer composites team. The dedicated team is responsible for developing new products and driving continued growth of this product line, with a focus on off-the-road tire, rubber track and mining applications.
  • ATA (ATAI) announced that Ms. Shelly Jiang, the Company's Interim CFO, has tendered her resignation effective April 1, 2017 to pursue other interests. Ms. Amy Tung, who has served in a variety of financial and operational positions within ATA over the past 11 years, including Acting CFO in 2010, will be appointed as Chief Financial Officer, as well as Financial and Principal Accounting Officer.
  • Natera (NTRA) announced the upcoming launch of Evercord; a new offering being made commercially available in the second quarter of 2017 that enables expectant parents to collect, store and potentially retrieve their newborn's cord blood and tissue for therapeutic use in transplantation and regenerative medicine applications. Natera aspires to build a different type of national cord blood company, by combining best-in-class cord blood cryopreservation with the company's ability to provide timely information about genetic disease risk; potentially expanding families' stem cell treatment options in the future. Natera will offer Evercord through its leading direct sales channel in the United States.
  • Xcel Brands (XELB) is pleased to announce the debut of its H Halston women's Fast Fashion or Quick Time Response (QTR) apparel program at Dillard's department stores and e-commerce in March 2017.
  • Bio-Techne Corporation (TECH) has partnered with Brazil-based DK Diagnostics to release its first diagnostic tool for the veterinary market. The PARATEST system is an innovative parasitological system which contains the only non-toxic, biodegradable fixative available to the market. The PARATEST system will be manufactured at Bio-Techne's Diagnostic Division in Devens, MA site and leverages its state-of-art formulation, manufacturing, and packaging capabilities to bring this unique solution to companion animals and their owners.
  • Mitel (MITL) announced a partnership with Intelisys, North America's leading distributor of technology services for business communications. The agreement provides Intelisys Sales Partners with access to the full Mitel cloud communications portfolio and will be available to the Intelisys network in North America and the UK.
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  GameStop raises annual cash dividend to $1.52/share from $1.48/share  (24.44)
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  TTM Tech: Su Sih (BVI) Limited lowers active stake to 9.7% (Prior 13.7%)  (16.16)
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  Nexstar target raised to $89 at The Benchmark Company following earnings  (68.95)The Benchmark Company raises their NXST tgt to $89 from $70. Firm expects further accretive deals will continue to drive shares higher this year, although they acknowledge that some profit taking may occur over the next month or so until the UHF discount is possibly reinstated and M&A starts picking up.
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  Filings, Offerings and Pricings

Filings:

  • Babcock & Wilcox Enterprises (BW) files mixed securities shelf offering
  • Mack-Cali Realty (CLI) files for $2.5 bln mixed securities shelf offering and also, separately, files for $2 bln mixed securities shelf offering
  • Dermira (DERM) files for offering of common stock
  • Energy XXI Gulf Coast (EGXG) files for 9,272,285 share common stock offering by selling stockholders
  • Expedia (EXPE) files for 175,040 common stock offering by selling stockholders
  • Hersha Hospitality Trust (HT) files mixed securities shelf offering
  • Halozyme Therapeutics (HALO) files mixed securities shelf offering
  • NanoViricides (NNVC) files for $150 mln mixed securities shelf offering
  • Orion Energy Systems (OESX) files $75 million universal shelf registration statement (Prior shelf registration statement expired on February 3, 2017) 

Offerings:

  • Ameris Bancorp (ABCB) commences an underwritten public offering of approximately $75 million of the Co's common stock
  • Apple Hospitality REIT (APLE) enters into equity distribution agreement, pursuant to which it may sell, from time to time, up to an aggregate sales price of $300 mln of its common shares
  • Dermira (DERM) to offer 3.7 mln shares of its common stock in an underwritten public offering pursuant to a shelf registration statement 
  • IberiaBank (IBKC) commences underwritten public offering of $500 mln of the common stock in conjunction with the acquisition of Sabadell United Bank
  • Colony Starwood Homes (SFR) commences public offering of 18,476,891 of its common shares, of which 10,476,891 common shares will be offered by certain selling shareholders

Pricings:

  • Silicon Labs (SLAB 67.50) prices $350 mln of 1.375% Convertible Senior Notes due 2022
  • Square (SQ 17.32) prices an upsized offering of $400 mln (from $350 mln) of convertible senior notes due 2022
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  Smartphone volumes expected to rebound in 2017 with a five-year growth rate of 3.8%, driving annual shipments to 1.53 billion by 2021  (52.35)
  • Coming off the smartphone market's lowest year-over-year growth of 2.5% in 2016, a new forecast from the International Data Corporation Worldwide Quarterly Mobile Phone Tracker shows worldwide smartphone shipments rebounding in 2017 and beyond.
  • While growth is expected to remain in the low single digits, IDC predicts shipment volumes to grow 4.2% in 2017 and 4.4% in 2018 with a compound annual growth rate of 3.8% over the 2016-2021 forecast. Shipments are forecast to reach 1.53 billion units in 2017 and grow to 1.77 billion in 2021.
  • iOS: Apple continues to do roughly 50% of its iPhone volume between North America and Western Europe, but Asia/Pacific (excluding Japan) continues to grow as a share of Apple's volumes mainly driven by continuous demand in China. IDC Release — Related Stocks: AAPL, GOOG, MSFT, BBRY, SSNLF
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СELG шорт с чата
 EMR зацените
 
  S&P futures vs fair value: +17.50. Nasdaq futures vs fair value: +33.90.

Equity futures point to a solidly higher open for the stock market on Wednesday morning following President Trump's first address to Congress yesterday evening. The S&P 500 futures currently trade 18 points (0.7%) above fair value.

Mr. Trump's speech went smoothly last night as the president took a more traditional, toned-down approach. He reiterated his plans to boost infrastructure spending, cut taxes, repeal and replace the Affordable Care Act, bring down drug prices, and build up the military, but did not really provide any «new» information. Nonetheless, the reminder has been enough to excite the bulls this morning.

U.S. Treasuries are under heavy selling pressure this morning after New York Fed President Dudley (FOMC voter) said that the case for raising interest rates has become «a lot more compelling» on Tuesday.

In addition, the PCE Price Index for January came in a little better than expected, showing an increase of 0.3% (Briefing.com consensus 0.2%) and providing further support for a March rate hike. Also of note, January personal income rose 0.4%, which is in line with the Briefing.com consensus, while January personal spending increased 0.2% (Briefing.com consensus 0.3%).

The benchmark 10-yr yield trades six basis points higher at 2.46% while the U.S. Dollar Index (101.90, +0.58) hovers at its seven-week high, up 0.6%.

In corporate news, retailers have dominated the earnings front again this morning. Lowe's (LOW 81.06, +6.69) has spiked 9.0% in pre-market trade after reporting better than expected earnings and revenues and issuing upbeat guidance, while Best Buy (BBY 42.73, -1.40) has tumbled 3.2% after missing on the top line and issuing disappointing guidance.

Investors will receive a few more economic reports on Wednesday--January Construction Spending (Briefing.com consensus 0.6%) and February ISM Index (Briefing.com consensus 56.1%) at 10:00 ET and the Fed's Beige Book for March at 14:00 ET--while February auto and truck sales will be released throughout the day. 

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  Lowe's On Call  (74.37)
  • Expect housing to continue to be a bright spot in 2017
  • Sees rising housing prices, job growth, and improving incomes as catalysts for increased consumer spending in 2017
  • believes "macroeconomic fundamentals remain favorable"
  • Customer transactions +15.1% in Q4
  • Average ticket +3.6% in Q4
  • Comps trend, estimates positive 100 bps impact from weather
    • November +4.7% vs +2.8% in 2015
    • December +6.3% vs +7.3% in 2015
    • January +4.2% vs +5.3% in 2015
  • Saw above average performance: appliances, kitchens, lawn&garden, lumber&building materials, rough plumbing & electrical
  • Saw below average performance: fasion fixtures, home fasions, outdoor power equipment, paint, seasonal living
  • Gross margin of 34.41%, down 25 bps due to negative impact from Rona's mix
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 On The Wires
  • Shutterstock (SSTK) and SharpSpring (SHSP) announced a partnership that will allow SharpSpring customers to access Shutterstock's full collection of more than 125 million high-quality images directly within its marketing automation platform. The integration further facilitates the creation of impactful, image-rich marketing emails, landing pages, and blog posts to improve engagement and drive sales.
  • Condor Hospitality Trust (CDOR)announced that the holders of $62.5 million of outstanding Series D Preferred Stock, representing all of Condor's outstanding Series D Preferred Stock, voluntarily converted their preferred shares into an aggregate of 39,032,225 shares of the Company's common stock and 925,000 shares of a new Series E Preferred Stock, face value $10 per share, in the aggregate face amount of $9.25 million. The common stock conversion price previously established in the Series D issuance agreement in March 2016 was $1.60 per share.
  • Novan (NOVN) will present preclinical data demonstrating the anti-viral effects of its nitric oxide-releasing drug candidates at the International Papillomavirus Conference. «The findings generated in Broker-Chow's human tissue model support the novel mechanism of action of Novan's topical SB206 anti-viral development program,» said Nathan Stasko, Ph.D., President and Chief Executive Officer of Novan.
  • February 28, 2017, Oritani Bank, the banking subsidiary of Oritani Financial (ORIT), closed on the sale of its last remaining Investment in Real Estate Joint Ventures. The approximate pretax gain on the transaction is $20.4 million. The impact of this transaction will be reflected in the financial statements as of March 31, 2017.
  • Amedisys (AMED) signed a definitive agreement to acquire Tenet Healthcare's (THC) home health and hospice operations in Arizona, Illinois, Massachusetts and Texas.
  • Wabtec Corporation (WAB) has signed a $97 million contract to provide signaling and communication services for TEX Rail, a new commuter rail line being developed by the Fort Worth Transportation Authority. The authority expects to open the 27-mile, double-track line in 2018.
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  Hearing NRG Yield was downgraded earlier to Neutral from Buy at Guggenheim  (17.25 -0.15)
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  Hearing SunTrust Banks was upgraded to Overweight from Equal Weight at a boutique firm  (61.05 +1.56)
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  Hearing Vertex Pharma was initiated premarket with a Buy at Citigroup; tgt $105  (91.69 +1.07)
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  Hearing Novadaq Tech. was downgraded to Hold from Buy at Feltl & Co.  (6.99 -0.27)
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  Hearing Cemtrex was downgraded to Neutral at Taglich Brothers  (3.40 -0.14)
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 Opening Market Summary: Financials Pace Opening Advance

The S&P 500 opened Wednesday's session with a solid 0.8% gain.

Financials (+2.4%) have provided the early lead with bank heavyweights JPMorgan Chase (JPM 93.12, +2.47), Wells Fargo (WFC 59.47, +1.57), and Bank of America (BAC 25.40, +0.80) trading higher between 2.6% and 3.2%.

Countercyclical sectors lag with utilities (-1.3%) showing relative weakness amid an uptick in interest rates. The benchmark 10-yr yield, which moves inversely to the price of the 10-yr Treasury note, is six basis points higher at 2.45%.

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  Kennametal shares trading higher by 6% following President Trump's proposed $1 trillion infrastructure plan in speech last night  (39.50 +2.41)
  • KMT  is a supplier of tooling, engineered components and materials consumed in production processes. The Infrastructure segment generally serves customers that operate in the earthworks and energy sectors supporting primary industries, such as oil and gas, power generation, underground, surface and hard-rock mining, highway construction and road maintenance
  • In Congressional Address last night, President Trump said «To launch our national rebuilding, I will be asking Congress to approve legislation that produces a $1 trillion investment in infrastructure of the United States — financed through both public and private capital — creating millions of new jobs.  This effort will be guided by two core principles: buy American and hire American.»
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  Economic Summary: Personal Income & Spending both rise; Jobless Claims out tomorrow at 8:30 ET

Economic Data Summary:

  • Weekly MBA Mortgage Applications 5.8% vs Briefing.com consensus of; Last Week was -2.0%
  • January Personal Income 0.4% vs Briefing.com consensus of 0.4%; December was 0.3%
  • January Personal Spending 0.2% vs Briefing.com consensus of 0.3%; December was 0.5%
    • This report also exposes some of the disconnect between «soft» survey data, like yesterday's Consumer Confidence report, and the «hard» data. The former has been uplifting while the latter has suggested there is still plenty of heavy lifting left to do to reach the promised GDP growth land of 3-4%.
  • January PCE Prices — Core 0.3% vs Briefing.com consensus of 0.2%; December was 0.1%
  • January Construction Spending -1.0% vs Briefing.com consensus of 0.6%; December was -0.2%
  • February ISM Index 57.7 vs Briefing.com consensus of 56.1; January was 56.0

Upcoming Economic Data:

  • February Challenger Job Cuts due out Thursday at 7:30 (January was -38.8%)
  • Weekly Initial Claims due out Thursday at 8:30 (Briefing.com consensus of 244K; Last Week was 244K)
  • Weekly Continuing Claims due out Thursday at 8:30 (Last Week was 2.06 M )

Other International Events:

  • China's February Manufacturing PMI 51.6 (expected 51.1; last 51.3), February Caixin Manufacturing PMI 51.7 (expected 50.8; last 51.0), and February Non-Manufacturing PMI 54.2 (last 54.6).
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 Sector Summary: Technology (XLK +0.76%) trading higher today, modestly behind the broader market

The tech sector — XLK — trades modestly behind the broader market. Semiconductors, meanwhile, display relative strength as the SOX index trades +0.83%. Within the SOX index, TER (+2.39%) outperforms, while SIMO (-0.44%) lags. Among other major indices, the SPY is trading 1.10% higher, while the QQQ +0.78% and the NASDAQ +1.92% trade higher on the session. Among tech bellwethers, YHOO (+1.62%) is showing relative strength, while VOD (-0.61%) lags.

Notable gainers following earnings:

  • HLIT (+8.3%), LOGM (+4.1%) reported better than expected Q4 EPS and in-line revs; guided Q1 and FY17 ex-January GoTo results, CRM (+2.7%) reported better than expected Q4 EPS and in-line revs; guided Q1 EPS and revs below market expectations and FY18 EPS in-line with rev guidance above market expectations

Notable laggards following earnings:

  • PANW (-22.1%) reported better than expected Q2 EPS and worse than expected revs and billings; also guided Q3 EPS and revs below market expectations, ITRI (-4.3%), INXN (-1.1%), VEEV (-0.2%)

Gainers on news:

  • AMD (+1.4%) co and Bethesda Softworks announced a partnership.
  • GOOG (+0.8%) co's Youtube confirmed the launch of live TV (TV membership is only $35 a month).
  • GPN (+0.5%) co promoted Cameron Bready to CFO.

Laggards on news:

  • MXWL (-1.2%) co to acquire substantially all of the assets and business of Nesscap for $23.175 million.
  • XRX (-0.7%) co announced plans $300 mln in debt; targeting to exchange $300 mln.
  • EXPE (-0.2%) co filed for 175,040 common stock offering by selling stockholders; proposed max offering price of $119.03/share.

Among notable analyst upgrades:

  • AMBA (-3.5%) upgraded to Buy from Neutral at Dougherty
  • MU (+3.8%) to Buy from Neutral at Goldman
  • MRVL (+1.9%) to Neutral from Sell at Goldman

Among notable analyst downgrades:

  • PANW (-22.1%) downgraded to Equal-Weight from Overweight at First Analysis Sec
  • PANW (-22.1%) to Neutral from Overweight at JP Morgan
  • PANW (-22.1%) to Neutral from Outperform at Robert W. Baird
  • PANW (-22.1%) to Market Perform from Outperform at William Blair
  • PANW (-22.1%) to Hold from Buy at Wunderlich
  • WDAY (-0.1%) to Mkt Perform from Outperform at Bernstein
  • CRUS (-2.2%) to Perform from Outperform at Oppenheimer
  • INTC (-1.4%) to Underperform from Mkt Perform at Bernstein
  • XOXO (-16.9%) to Hold from Buy at Stifel
  • AVT (+1.4%) to Sell from Neutral at Goldman

Scheduled to report earnings after the bell:

  • BOX, AVGO, PMTS, PSTG, VEC

Scheduled to report earnings tomorrow morning:

  • ACIW, KVHI, MEI, SFE
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  Sector Summary: S&P Consumer Discretionary Index +1.1%, in-line with the broader marketThe consumer discretionary group is in-line, while the retail group is in the green but trailing the strong broader market. The Retail HOLDRS Trust (RTH) is +0.6% and the SPDR S&P Retail ETF (XRT) +0.3%.

Notable earnings/guidance

  • Trading higher following earnings/guidanceWTW +23.1%, LOW +9.8%, BGFV +9.3%, LINC +4.8%, GTN +4.6%, ILG +3.2%, DLTR +1.6%, HSY 1% (Hershey Foods announces initiatives for futures sales/earnings growth; expects to reduce workforce by 15%, announces related charges, issues updated guidance; reaffirms sales guidance),  CHUY +0.7%
  • Auto names trading higher following monthly sales: GM +1.4%, F +1.3%, FCAU +1.1%, NSANY +0.7%
  • Trading lower following earnings/guidance: APEI -16.8%, AEO -11%, BBY -3.8%, ROST -3.5%, CROX -2.3%
In the news:
  • Macau Gaming Inspection and Coordination Bureau reported February gross gaming revenue +17.8% YoY to 22.991 bln patacas vs -0.1% in the same period last year… Casino/gaming names are higher across the board -- WYNN +5.4%, MPEL +4%, MCRI +3.3%, CZR +3.4%, LVS +3.3%, MGM +2.4%, ISLE +2.3%, PENN +2%, BYD +2%, UWN +2%, PNK +1.4%, BJK +1.1%, CNTY +1%,
  • LeadersWYN 1.2% ( increases quarterly dividend to $0.58/share from $0.50/share ), WLH 5.8% (will replace Arctic Cat in the S&P SmallCap 600), TIME 8% (Bloomberg reporting that five suitors were asked to submit bids next week), AMZN 0.7% (Amazon AWS confirms S3 is fully recovered and operating normally), GME 0.3% (raises annual cash dividend to $1.52/share from $1.48/share)
  • LaggardsEXPE -0.4% ( files for 175,040 common stock offering by selling stockholders; proposed max offering price of $119.03/share)
  • Nearly unchangedTGT (downgraded to Underperform from Peer Perform at Wolfe Research)

Looking ahead:

  • On the earnings frontANF, BUD, BKS, BURL, TAST, KR, SHLD, SSI, SRI, SUP report tomorrow before the open.
  • A handful of retailers will be reporting monthly sales on Thursday March 2.
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  Hearing Frank's International was downgraded earlier to Neutral from Buy at Guggenheim  (12.28 +0.08)
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  Hearing Hess was removed from Conviction Buy List earlier at Goldman  (51.85 +0.41)
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  Hearing Williams Cos was added to Conviction Buy List earlier at Goldman  (28.78 +0.44)
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  Exxon Mobil highlights of the 2017 Analyst Meeting  (82.64 +1.31)
  • Global supply remains dynamic, geopolitical uncertainties remain; co expects energy demand to increase 25% by 2040.
  • Co sees annual capex hitting $25 bln by the end of the decade.
    • FY17 capex projected to be ~$22 bln; 1/3 of this will go to short-cycle investments let by Permian & Bakken
  • Co plans to continue spending about $1 bln annually on avg on research/development.
  • Expects production between 4-4.4 mln barrels of oil equivalent through the end of the decade.
  • Expects to grow volumes on avg 2% per year from 2017 through 2020.
  • Co has 3-4 BOEB of potential reserve additions from 2017-2018.
  • Co sees 10% return or greater on 25 BOEB worth of opportunities around current oil prices.
  • Notes 7000 drill well locations that provide 'attractive returns' at $40/barrel.
  • XOM plans to expand US Gulf crude capacity by 340k bbls/day.

— Shares of XOM +1.6%.

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  Icahn Enterprises hired biotech veteran Dr. Richard Mulligan as a Portfolio Manager  (55.27 -0.97)
  • On the afternoon of February 21, the WSJ reported Ichan took a stake in Bristol Myers (BMY), but Ichan has yet to file a stake with the SEC to confirm this.
  • That morning, BMY added three directors to its Board and announced a $2 bln accelerated share repurchase after JANA Prtners took a 3.9 mln share stake in the fourth quarter.
  • Interestingly, Mr. Mulligan is on the Biogen (BIIB) Board of Directors.
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  Volkswagen AG reports February US sales increased 12.7% YoY to 25,145 units  (31.02 +0.67)
  • Tiguan sales totaled 3,425 units, an increase of 5.5 percent over February 2016, marking the best February ever for the vehicle.
  • Golf SportWagen sales (which include the all-new Alltrack) totaled 2,094 units, an increase of 229.8 percent over February 2016.
  • Chattanooga-built Passat sales totaled 6,114 units, an increase of 39.6 percent over February 2016.
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  Jabil Circuit, GT both downgraded to Hold from Buy at Standpoint Research  (25.98 +0.47)
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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:

  • MRVL May 16 calls are seeing interest following upgrade at Goldman and ahead of earnings tomorrow March 2 after the close with 1130 contracts trading vs. open int of 43.5K, pushing implied vol up around 4 points to ~49% — co is scheduled to present at an investor day on March 10.

Puts:

  • NG Apr 5 puts are seeing interest with 1010 contracts trading vs. open int of 180, pushing implied vol up around 5 points to ~51% — co is expected to present at a PDAC conference on March 5. Co is expected to report earnings mid-April.

Stocks seeing volatility selling:

  • HRI, INSY, LOW, PEGI, WIN implied vol is lower following earnings/guidance

Sentiment: The CBOE Put/Call ratio is currently: 0.63… VIX: (12.25, -0.67, -5.2%).
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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  Privatley owned southern grocer Publix reports Q4 results  (43.00 +0.07)
  • Publix's sales for the fourth quarter of 2016, a 14-week period, were $9.1 billion, an 11.1 percent increase from last year's $8.2 billion, a 13-week period. The additional week in the fourth quarter of 2016 increased sales by 7.4 percent.
    • Comparable-store sales for the fourth quarter of 2016 increased 2.2%.
  • Net earnings for the fourth quarter of 2016 were $544.5 million, compared to $521.1 million in 2015, an increase of 4.5 percent
  • Grocers: KR WFM SVU WMK NGVC UNFI IMKTA VLGEA WMT TGT
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  Hamilton Lane opens for trading at $17.85 after pricing IPO at $16
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  Accenture acquires Davies Consulting; financial details not disclosed  (123.46 +0.96)
  • The acquisition is the latest Accenture transaction in the utilities sector following its combination in 2015 with Structure, a leader in grid operations. Davies Consulting's employees are part of the Digital Asset Management group in Accenture's transmission and distribution practice.
  • Together, the organizations will continue to support utilities in their mission to deliver safe, reliable and affordable energy amid evolving customer demands, shareholder needs and other business issues.
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 Morning Commodities: Crude futures erase nearly all initial morning gains after EIA reported another crude build coupled with a gasoline draw below expectations
  • Crude oil erased nearly all initial morning gains post-EIA
    • April 2017 crude oil futures were up about $0.10 (+0.1%) around the $54.08/barrel level
    • Reminder: Baker Hughes rig count data will be released this Friday at 1 pm ET.
    • EIA highlights:
      • Crude oil inventories had a build of +1.5 mln barrels (consensus called for a build of about +3.079 mln barrels).
      • Gasoline inventories had a draw of -0.5 mln barrels (consensus called for a draw of -1.789 mln barrels).
      • Distillate inventories had a draw of -0.9 mln barrels.
  • Natural gas futures were trading nearly flat ahead of tomorrow's inventory data release
    • April 2017 natural gas futures were up less than $0.01 (+0.1%) around the $2.78/MMBtu level
  • In precious metals, gold extended yesterday's losses on a strong dollar index following yesterday evening's Presidential address to Congress
    • April 2017 gold futures were down $10.00 (-0.8%) around the $1244.20/oz level
    • Mar 2017 silver futures were down about $0.04 (-0.2%) around the $18.42/oz level
  • The dollar index was up +0.6% around the 101.71 level, weighed on precious metals
    • Commodities, as measured by the Bloomberg Commodity Index, were +0.4% around the 88.11 level
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  McDonald's shares halted for news pending in conjunction with today's Investor Meeting
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  Teva Pharma announces the launch of generic Pristiq (desvenlafaxine) extended-release tablets, 25, 50 and 100 mg, in the U.S.   (35.08 +0.06)Pristiq had annual sales of approximately $883 million in the U.S. according to IMS data as of December 2016. Pristiq is a registered trademark of Pfizer (PFE)
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  First Connecticut Bancorp increases quarterly dividend to $0.11/share from $0.09/share  (24.40 +0.25)
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 Notable movers of interest: PANW -22.1% on Q2 revenue miss, guidance

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

Large Cap Gainers

  • LOW (81.3 +9.32%): Reports Q4 EPS and revenue beats; guides FY18 EPS and revenues above consensus.
  • MYL (44.96 +7.42%): Shares rise on Q4 EPS and revenue beats; guides FY17 EPS in-line, revs towards the high end.
  • DLTR (78.6 +2.5%): Reports Q4 EPS beat; guides FY18 revs above consensus.

Large Cap Losers

  • PANW (118.33 -22.1%): Reports Q2 revenue miss; guides Q3 EPS and revenue below consensus.
  • BBY (42.13 -4.53%): Reports Q4 revenue miss; guides Q1 EPS and revenues below consensus
  • ROST (66.34 -3.27%): Shares fall despite Q4 EPS and revenue beats; guides Q1 EPS below consensus.

Mid Cap Gainers

  • ODP (4.82 +16.16%): Reports Q4 EPS and revenue beats.
  • DY (94.66 +15.19%): Reports Q2 EPS and revenue beats; guides Q3 revenues above consensus.
  • TRCO (37.73 +9.3%): Said to have been approached by Sinclair Broadcast (SBGI) about a possible combination, according to Reuters; also reported earnings.

Mid Cap Losers

  • AEO (14.2 -10.41%): Shares fall on Q4 revenue miss; guides AprQ EPS below consensus.
  • EVHC (63.98 -8.61%): Reports Q4 EPS and revenue misses; guides Q1 EPS and FY17 EPS below consensus; exploring strategic options for its American Medical Response business and Evolution Health population health management services.
  • CBI (32.89 -2.03%): Shares fall on Q4 revenue miss.
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 Rumor Round Up

Rumor Activity was active today

  • Bloomberg reported that suitors might submit bids for Time (TIME 18.75 +1.20) next week.
  • Reuters detailed that Tribune Media (TRCO 37.40 +2.88) is said to have been approached by Sinclair Broadcast (SBGI 41.55 +1.65) about a possible combination.
  • Bloomberg discussed that Toshiba (TOSBF 1.91 +0.05) might receive bids worth $13 bln for chip unit.
  • Reuters detailed that Mexico might require that American Movil (AMX 12.88 +0.16) might separate itself from fixed unit.
  • Guardian details possibility that Fox (FOXA 30.53 +0.60) bid for Sky (SKYAY 49.14 -0.43) could get rejected by UK regulators.

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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TGT лонг от 52
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 INTC
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 LVS интересненькая такая…
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 под конец дня тоже может в низы полететь
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 SPY шорт
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AAPL
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FB шорт
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 AAPL шорт
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 INCY шорт
 CELG шорт от ,50
TJX шорт
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KR
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 EXEL шорт от ,50 
 ARNC шорт
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ABBV
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 EBAY
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 ABT
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SPY продал от 240
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DKS с чата
 HON шорт
 D вышел
 С шорт
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TGT падать будет наверно еще
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