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Блог компании DayTraderClub | Америка сегодня. Рынок труда.

После насыщенной новостями среды, четверг ожидается спокойный. Регулярные новости на укрепляющемся рынке труда ожидаются в таком же оптимистичном свете. Количество заявок на первичные пособия на большом масштабе планово продолжает своё снижение:
Америка сегодня. Рынок труда.


За последнюю неделю ожидается показатель на уровне 243 тысячи заявок:
Америка сегодня. Рынок труда.


Общее число получающих пособия находится на границе 2 миллиона человек и прорыв ниже этого значения будет психологической отметкой:
Америка сегодня. Рынок труда.


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

  IDEX Corp downgraded to Neutral from Buy at Janney  (96.14)
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  Time Warner downgraded to Hold from Buy at Loop Capital  (98.90)
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  Regency Centers resumed with a Neutral at Citigroup  (68.40)
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  B2Gold resumed with a Buy at BofA/Merrill  (3.19)
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  Omnicom initiated with a Neutral at BofA/Merrill; tgt $91  (86.33)
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  Interpublic initiated with a Buy at BofA/Merrill; tgt $28  (24.38)
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  Ball Corp initiated with a Neutral at Goldman; tgt $80  (75.00)
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  Cogent Communications initiated with a Neutral at Goldman; tgt $43  (42.25)
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 Celadon Group initiated with a Buy at Aegis Capital; tgt $15  (8.50)
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  Electronic Arts, Activision Blizzard (ATVI) both initiated with Outperform ratings at William Blair  (87.82)
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 SunOpta downgraded to Hold from Buy at Wunderlich  (6.75)
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  Glaukos target raised to $54 at Cantor Fitzgerald  (45.79)Cantor Fitzgerald raises their GKOS tgt to $54 from $45 following what they view as impressive 4Q16 results and strong rev guidance for 2017. Yesterday after the close, Glaukos reported 4Q16 revs of $33.2 mln, beating their rev est of $30.0 mln. Firm notes that $2 mln of the growth was associated with advanced sales to ASC customers ahead of increased reimbursement changes. Management provided initial 2017 sales guidance of $160-165 mln, above their previous est of $140 mln. They have updated their model to reflect the better-than-anticipated guidance and are extending their NPV out by one year, which is reflected in their increased 12- month price target; Overweight.
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  Ameriprise Financial initiated with an Outperform at William Blair  (134.28)
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  Xencor target raised to $33 at Wedbush; Outperform  (26.65)Wedbush raises their XNCR tgt to $33 from $27. With one of the strongest balance sheets of any development stage biotech, XNCR is well positioned to move its growing pipeline to later stages and approval. Firm updates their market model in asthma and IgG4-RD and removing further financings from their model due to long runway guided to by company, which in aggregate increases tgt.
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  Builders Firstsource target raised to $19 from $18 at Wedbush following the Q4 print; Outperform  (14.54)
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  Pacira Pharma target raised to $59 at H.C. Wainwright  (49.55)H.C. Wainwright raises their PCRX tgt to $59 from $48. Given the positive findings announced in TKA, firm raises tgt, as this has further de-risked the stock in their view. The new tgt is derived from a standard discounted cash flow analysis with cash flows projected through 2021, utilizing a 13% (down from previous 15%) discount rate applied to both the cash flows and terminal value, and a 2% terminal growth rate. Risks include: failure to succeed in multiple clinical trials reading out this year, a failure to regain hospital formulary access, and/or unforeseen competitive dynamics either from another branded competitor or generic challengers.
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  European Markets Update: FTSE -0.1%, DAX +0.1%, CAC +0.2%

Major European indices are mixed, cooling their jets somewhat following big gains on Wednesday.  A focal point this morning is the eurozone's CPI report for February, which showed consumer prices up 2.0% year-over-year, which is ahead of the ECB's target of below, but close to, 2.0%.  Energy played a large part in driving up headline inflation as core CPI was up a tamer 0.9% year-over-year.  Nevertheless, some consternation over the potential implications for the ECB's monetary policy have helped temper some of Wednesday's trading enthusiasm. The euro, however, has not followed the CPI print higher. It is down 0.4% against the dollar at 1.0513.

  • In economic data:
    • Eurozone February CPI +2.0% year-over-year (expected +2.0%; last +1.8%); Core CPI +0.9% year-over-year (expected +0.9%; last +0.9%)
    • Eurozone February CPI +3.5% year-over-year (expected +3.2%; last +1.6%); PPI +0.7% month-over-month (expected +0.6%; last +0.8%)
    • Eurozone January Unemployment Rate 9.6% (expected 9.6%; last 9.6%)
    • Spain Q4 GDP unrevised at +0.7% quarter-over-quarter (expected +0.7%) and +3.0% year-over-year (expected +3.0%)
    • Spain Unemployment Change -9.4K (expected +5.2K; last +57.3K)
    • Germany January Import Price Index +0.9% month-over-month (expected +0.4%; last +1.9%) and +6.0% year-over-year (expected +5.5%; last +3.5%)
    • Switzerland Q4 GDP +0.1% quarter-over-quarter (expected +0.5%; last +0.1%) and +0.6% year-over-year (expected +1.3%; last +1.4%)
    • Italy January Unemployment Rate 11.9% (expected 12.0%; last 11.9%)
    • UK February Construction PMI 52.5 (expected 52.2; last 52.2)

---Equity Markets---

  • UK's FTSE is down 0.1%, cooling off after Wednesday's 1.6% gain and digesting news reports suggesting Prime Minister May is likely to trigger Article 50 on March 15. Individual stock leaders include the likes of ConvaTec Group (+5.6%), Rio Tinto (+4.3%), and GKN (+4.1%).  On the flip side, the biggest laggards include Capita (-9.4%), Merlin Entertainments (-3.6%), and Schroders (-2.5%).
  • Germany's DAX is up 0.1% following a 2.0% gain on Wednesday.  RWE (+2.4%), BASF (+1.6%), and E.ON (+1.3%) lead on the upside while Deutsche Telekom (-1.5%), Fresenius (-0.8%), and Allianz (-0.3%) are setting the pace for downside laggards.
  • France's CAC is up 0.2% on the heels of Wednesday's 2.1% gain, and looking undeterred for the most part by the news that authorities have decided to launch a formal investigation into French presidential candidate Francois Millon's alleged misuse of public funds.  Upside leaders include Engie +7.5%, LafargeHolcim (+2.8%), and TechnipFMC (+2.0%).  The biggest laggards include Essilor Intl. (-2.0%), L'Oreal (-1.0%), and Unibail-Rodamco (-0.8%)
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  Biogen Correction: Stock was initiated with a Buy at Instinet, not a Neutral  (293.26)
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  Asian Markets Close: Nikkei +0.9%, Hang Seng -0.2%, Shanghai -0.5%

Equity indices in the Asia-Pacific region ended on Thursday with strength in Japan and weakness across China. Macro data was fairly light in the region, with just Australia releasing anything of note. Japanese equities hit level not seen since January of 2016, echoing the robust move seen in yesterday's US session, leading to a 0.9% gain in the Nikkei on Thursday. The dollar continued to gain ground against the yen, pushing to the USDJPY solidly back over the 114 level.

  • In economic data:
    • Aus
      • Jan Trade Balance (in AUD): 1.302 bln vs 3.800 bln exp
      • Jan Building Approvals: +1.8% vs -0.5%e

---Equity Markets---

  • Japan's Nikkei climbed 0.9% as the yen continued yesterday's retreat against the dollar. Although exporters showed relative strength, Toyota missed out on the day's rally, closing the day up just 0.01% after reporting its February auto sales yesterday. Toshiba outperformed the benchmark after reports suggested Foxconn is an active player in the bidding for Toshiba's chip unit.
  • Hong Kong's Hang Seng gave back the 0.2% the index posted on Wednesday. Gaming names eased back slightly with Galaxy Entertainment losing 0.3%. Most financials also had a poor showing with Bank of China losing 1.0% while ICBC lost 0.6%
  • In China, the Shanghai (-0.5%) could not capitalize on Wednesday's bullish sentiment in equities across the global landscape. The market had few upticks throughout the day, with the index closing at session lows. The PBOC did little to entice investors with just a CNY30 bln capital infusion. Although there was no particular economic data points from the Mainland, bank stocks were weaker after a report circulated that the CBRC is looking to tighten regulation on off balance sheet investment instruments.
  • In India, the Sensex fell 0.5% after tappiong 52 week highs during the early stages of trading. Metal names were on the move higher after reports that 28 cities in China will cut production. National Aluminum was the biggest beneficiary, gaining 5.2%, while Hindalco could only muster a gain of 0.2% by day's end. 

---FX---

  • USDJPY +0.6% to 114.37
  • USDCNY +0.1% to 6.8858
  • USDINR -0.2% to 66.7100
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  Goldman Sachs BDC downgraded to Mkt Perform from Outperform at Raymond James  (24.57)
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 On The Wires
  • Compugen Ltd. (CGEN) announced today that two abstracts, the first covering data of its lead pipeline product and another on its predictive discovery methodologies for novel immune checkpoints, will be presented as poster presentations at the American Association for Cancer Research Annual Meeting, to take place April 1-5, 2017 in Washington, DC.
  • Domino's Pizza (DPZ) has updated its Google Home ordering so that any customer can start a new order, without the need for a Pizza Profile, for a custom-built pizza, as well as any other item from the menu. Domino's is the first to offer voice assistant ordering with this level of customization.
  • Littelfuse (LFUS) announced it has made an incremental $15 million investment in Monolith Semiconductor Inc., a Texas-based start-up company developing silicon carbide technology. Silicon carbide is a rapidly emerging semiconductor material that enables power devices to operate at higher switching frequencies versus conventional silicon. This allows inverters and motor drives to operate with significantly improved energy efficiency and reduced system cost.
  • Tonix Pharma (TNXP) announced the successful synthesis of a potential smallpox-preventing vaccine. This vaccine candidate, TNX-801, is a live form of horsepox virus (HPXV) that has been demonstrated to have protective vaccine activity in mice.
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  Amphenol target raised to $75 at RBC Capital Mkts  (70.88)RBC Capital Mkts raises their APH tgt to $75 from $71. They think APH is positioned for a string of beats/raises, as it provided a rather conservative CY17 guide that implies ~2% organic growth, which, based on end-demand data points and peer and customer commentary, should be surpassable. They see upside across a host of sub segments: IT/Datacom, Mobile Devices, Mil/Aero, and potentially Mobile networks. While they understand its desire to be conservative, especially given historical volatility within mobile devices (guided flat) and strong results within IT/Datacom and Mobile Networks in 2016, should current macro trends sustain, we think growth should be 5%+. Furthermore, buybacks and M&A should enable further revenue/EPS upside vs. guide of ~$2.90 EPS in CY17.
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  Pure Storage target lowered to $15 at Needham on solid Q4, mixed Q1 guide  (11.33)Needham lowers their PSTG tgt to $15 from $18. Firm believes PSTG should continue to grow due to its strategic position at the forefront of the datacenter's transition to a flash-based world for primary storage. A strong F4Q stands as a testament to that opportunity, but the out-performance in new customer additions in the quarter (450 new vs. ~300 typically) translates into a lower guide for F1Q. New customers typically start with smaller systems then ramp over 12-24 months, adding to the normal seasonally slow F1Q. Optics aside, due to est revisions and a slightly lower price target they would use any guidance-driven downdraft as a buying opportunity; Buy.
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Achaogen target raised to $29 at Needham  (23.81)Needham raises their AKAO tgt to $29 from $19. AKAO hosted an R&D day yesterday, announced additional encouraging details around plazomicin Phase 3 results, and disclosed new oral cUTI program (C-Scape) that may enter Phase 3 development next yr. Recall plazomicin was superior to comparator on several endpts in Phase 3 CRE and cUTI trials. New data show mortality benefit through 60 days in CRE. Company has built strong case for use in CRE infections and firm has adjusted their model to reflect higher price ($20,000 vs. $15,000 course). Based on new sales est. New C-Scape candidate targets space w/ substantial unmet need and minimal competitive development, but they await details; Buy.
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 Overseas Research Calls

Upgrades

  • Royal Bank of Scotland (RBS) upgraded to Buy from Hold at Berenberg
  • Credit Agricole SA (CRARY) upgraded to Equal Weight from Underweight at Barclays
  • South32 (SOUHY) upgraded to Buy from Neutral at UBS
  • Vesuvius PLC (CKSNY) upgraded to Buy from Hold at Numis
  • BBA Aviation (BBAVY) upgraded to Hold from Sell at Liberum
  • Imperial Brands (IMBBY) upgraded to Outperform from Neutral at Credit Suisse

Downgrades

  • Anheuser-Busch InBev (BUD) downgraded to Neutral from Buy at BofA/Merrill
  • Int'l Consolidated Airlines (ICAGY) downgraded to Reduce from Hold at HSBC
  • ITV plc (ITVPY) downgraded to Reduce from Hold at Kepler
  • Nordex (NRDXF) downgraded to Neutral from Buy at Goldman
  • Debenhams plc (DBHSY) downgraded to Sell from Hold at Berenberg
  • Spirent Comms (SMPYY) downgraded to Hold from Buy at N+1

Miscellaneous

  • None of note
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 Early premarket gappersGapping up: AUPH +67.1%, VRML +20.9%, MNST +13.1%, ALQA +12.7%, BLDP +8.5%, HIIQ +8.4%, JD +7.7%, GKOS +7.1%, CWST +6.9%, EXAS +6.1%, ANW +5.3%, AVGO +5.1%, PEIX +4.2%, WTI +4.2%, GERN +3.8%, TTM +3.3%, BURL +3.2%, EPE +3.1%, ALIM +3%, HDSN +2.4%, ANF +2.3%, ASM +2.3%, WSR +2.1%, AJRD +1.9%, SQ +1.6%, BBRY +1.6%, VRX +1.1%, JCAP +1.1%, BHP +0.9%, FGEN +0.8%

Gapping down: SSI -34.5%, PBYI -29%, AXTI -12.7%, TDOC -10.5%, MEI -9.8%, ARES -9.1%, RTRX -8.3%, PSTG -6.9%, JUNO -6.8%, JUNO -6.8%, AHP -6.7%, PLNT -5.7%, PDLI -5.7%, OPK -5.6%, KITE -5%, NKTR -4.8%, SHAK -4%, BUD -3.9%, ADPT -3.8%, HMY -3.5%, MTL -3%, AG -3%, VGR -2.9%, CIO -2.8%, SAN -2.1%, GDX -1.7%, PRTK -1.7%, GFI -1.6%, AU -1.5%, PBR -1.5%, ABX -1.5%, SLW -1.4%, NVS -1.4%, FSIC -1.4%, NEM -1.3%, ATHM -1.3%, GCP -1.3%, PRGO -1.2%, GOLD -1.2%, PFMT -1.1%, AKS -1%, KIN -1%
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  Selective Insurance initiated with a Neutral at Boenning & Scattergood  (45.60)
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  Belden initiated with a Buy, Forward Air (FWRD) initiated with a Neutral at Seaport Global Securities  (72.94)
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  TravelCenters of America target lowered to $11 at FBR & Co.  (6.15)FBR & Co. lowers their TA tgt to $11 from $14 after co reported a solid 4Q16 miss, versus ests, primarily due to higher SG&A and D&A expenses and soft fuel volumes. Several things are at work here: First, in 1Q15, TA materially benefited from the sharp decline in fuel prices. This disappeared (in fact, reversed) in 2016. Additionally, TA went on a buying spree of C-stores in 2015, which it has spent much of 2016 integrating and upgrading. The costs associated with this should moderate significantly in 2017, while the ramping EBITDA benefits should begin to materialize. TA also spent heavily on upgrading its travel centers in 2016, expanding its restaurant offerings and investing in energy-efficiency initiatives. Whether or not investors hang around to reap the expected returns is another question. While firm believes investor patience is running thin, they stick with their Outperform rating at this time to see if these  mgmt initiatives pay off in 1H17.
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  Overnight Treasury Summary

Treasuries Slip as Brainard Sounds a More Hawkish Note

  • U.S. Treasuries are moving lower this morning as the U.S. Dollar Index rallies 0.29% to 102.08, a six-week high. More hawkish remarks from Fed Governor Lael Brainard last night, in which she said that it will «likely be appropriate soon to remove additional accommodation,» are helping to keep bond bulls and dollar bears on the sidelines. The eurozone inflation data for February were in line with economists' expectations, with headline consumer price inflation running at 2.0% y/y and core inflation steady at 0.9%. It is important to note that year-on-year oil price appreciation will wane over the coming months and so won't provide the same boost to headline inflation. The employment situation in both Spain and Italy improved. Today's U.S. session will be light on economic data ahead of Friday's release of ISM Services, the grand finale to a busy week. The S&P 500 is set to open down 0.18% to 2,391.9 and WTI crude is losing 0.95% to $53.32/bbl. Gold is losing 0.68% to $1,241.5/troy oz. as the stronger greenback weighs on the metal
  • Yield Check:
    • 2-yr: +2 bps to 1.30%
    • 5-yr: +2 bps to 2.01%
    • 10-yr: +3 bps to 2.48%
    • 30-yr: +2 bps to 3.08%
  • International News:
    • Fed Governor Lael Brainard said on Wednesday evening that «it will likely be appropriate soon to remove additional accommodation, continuing on a gradual path» if the U.S. economy continues its current trends. Her comments appear to push the Fed closer to a March 15 rate hike, particularly given her role at the head of the FOMC's dovish wing. Fed governors always vote
      • She went on to say that «foreign growth is on more solid footing,» which is notable because Brainard has been more attuned than her colleagues to international risks." Brainard also said that, «after being an important constraint in the past few years, the external environment currently appears more benign than it has been for some time»
    • In Australia, building approvals rose 1.8% m/m in January, beating expectations and reversing most of December's 2.5% decline
      • The trade surplus unexpectedly narrowed to AUD1.30 bln from AUD3.33 bln
    • Korea's manufacturing PMI ticked up to 49.2 in February from 49.0 in January
      • Industrial production grew by 3.3% m/m in January (1.7% y/y), surpassing expectations after a 0.5% decline in December
    • Switzerland's GDP grew by just 0.1% y/y in the fourth quarter (0.6% y/y), missing expectations but matching Q3's growth rate
      • Swiss retail sales fell by 1.4% y/y in January, beating estimates a 4.1% slide in December
    • The eurozone's consumer price index rose by 2.0% y/y in February, meeting expectations. January's inflation rate was 1.8% y/y
      • The eurozone's core CPI increased by 0.9% y/y for the third-straight month, in line with estimates
      • The eurozone's producer price index rose 0.7% m/m in January (3.5% y/y), topping estimates after 0.8% growth in December
    • Spanish unemployment fell by 9.4K workers in February, beating forecasts after a 57.3K-person jump in January
      • Spain's GDP growth for Q4 was confirmed at 0.7% q/q (3.0% y/y)
    • Italy's monthly unemployment rate remained at 11.9% in January, better than economists had expected
    • The U.K.'s construction purchasing managers' index unexpectedly climbed to 52.5 for February from 52.2 in January
  • Data out Today:
    • February Challenger Job Cuts (07:30 ET)
    • Initial Jobless Claims for the week ending 2/25 and Continuing Jobless Claims for the week ending 2/18 (08:30 ET)
    • Natural Gas Inventories for the week ending 2/18 (10:30 ET)
  • Fed Speaker:
    • Cleveland Fed President Mester (non-FOMC voter) (19:00 ET)
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  Shake Shack target lowered to $33 from $35 at Stifel; Reiterate cautious view on shares on an expected -5% lower opening, after mixed-to-worse 4Q16 release  (36.12)
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  Monster Beverage: Color on Quarter  (42.01)
  • Stifel raises their price target to $57 from $55, reiterates Buy.  They note that Monster Beverage Corp. reported a meaningful sales and EPS beat in 4Q16 and also provided a solid month of January gross sales update on its earnings call. They believe the result is far better than feared given concerns that decelerating growth in U.S. scanner data indicated weakening end-demand. International legacy sales increased approximately 55% y/y, more than 2x the full-year growth rate, benefiting from accelerating brand awareness and the transition to Coke distribution in the majority of international geographies. Additionally, operating margin expanded 360bps y/y to 39.5% (or about 200bps normalizing for a benefit from lower promotional expenses in 4Q16), reflecting solid leverage on heightened expenses and likely helping to alleviate concerns about Monster's ability to manage incremental investment. Monster also announced a new $500mm share repurchase authorization given continued strong free cash flow generation.
  • RBC notes that MNST shares rallied +11% after-hours (bringing the stock into green territory from a year ago) on strong 4Q16 and January '17 sales growth (relative to expectations). Ahead of the print, investors were downbeat on Monster due to soft scanner data, but as they have written before, they think investors are under-appreciating Monster's long-term growth opportunity in non-tracked channels and international. Reiterates Outperform, $61 tgt.

Shares are currently trading ~12.6% higher in the pre-market

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  PTC Therapeutics shares halted for news pending  (13.18)
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 S&P futures vs fair value: -2.90. Nasdaq futures vs fair value: -6.40.

Investors are taking a breather this morning after escalating the major averages to new record highs on Wednesday. The S&P 500 futures trade three points below fair value, indicating a slightly lower open on Wall Street.

The Treasury market remains under water this morning, extending yesterday's hefty loss, after Fed Governor Brainard said on Wednesday that it will be «appropriate soon» for the U.S. central bank to raise interest rates. The benchmark 10-yr yield trades higher by two basis points at 2.48%.

Crude oil is also under pressure in early action after the Energy Information Administration (EIA) reported a build of 1.5 million barrels on Wednesday, which extends U.S. inventories to a new all-time high. WTI crude is currently down 0.9% at $53.37/bbl.

Thursday's economic data will be light with the only notable report being Initial Claims, which will cross the wires at 8:30 am ET.

In U.S. corporate news:

  • Snap (SNAP 17.00, 0.00): 0.0% will begin trading on the New York Stock Exchange today.
  • Kroger (KR 32.20, +0.14): +0.4% after beating on the top and bottom lines.
  • Monster Beverage (MNST 47.10, +5.09): +12.1% after reporting strong sales growth in Q4 2016 and January 2017.
  • Burlington Stores (BURL 91.35, +2.67): +3.0% after beating top and bottom line estimates and issuing upbeat guidance. 

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended on Thursday with strength in Japan and weakness across China. Japan's Nikkei +0.9%, Hong Kong's Hang Seng -0.2%, China's Shanghai Composite -0.5%, India's Sensex -0.5%.
    • In economic data:
      • Australia's Jan Trade Balance (in AUD): 1.302 bln vs 3.800 bln exp, Jan Building Approvals: +1.8% vs -0.5% exp
    •  In news:
      • Japanese equities hit level not seen since January of 2016, echoing the robust move seen in yesterday's US session.
  • Major European indices are mixed, cooling their jets somewhat following big gains on Wednesday. UK's FTSE -0.1%, Germany's DAX +0.1%, France's CAC +0.2%.
    • In economic data:
      • Eurozone February CPI +2.0% year-over-year (expected +2.0%; last +1.8%); Core CPI +0.9% year-over-year (expected +0.9%; last +0.9%)
      • Eurozone February CPI +3.5% year-over-year (expected +3.2%; last +1.6%); PPI +0.7% month-over-month (expected +0.6%; last +0.8%)
      • Eurozone January Unemployment Rate 9.6% (expected 9.6%; last 9.6%)
      • Spain Q4 GDP unrevised at +0.7% quarter-over-quarter (expected +0.7%) and +3.0% year-over-year (expected +3.0%)
      • Spain Unemployment Change -9.4K (expected +5.2K; last +57.3K)
      • Germany January Import Price Index +0.9% month-over-month (expected +0.4%; last +1.9%) and +6.0% year-over-year (expected +5.5%; last +3.5%)
      • Switzerland Q4 GDP +0.1% quarter-over-quarter (expected +0.5%; last +0.1%) and +0.6% year-over-year (expected +1.3%; last +1.4%)
      • Italy January Unemployment Rate 11.9% (expected 12.0%; last 11.9%)
      • UK February Construction PMI 52.5 (expected 52.2; last 52.2)
  • In news:
    • A focal point this morning is the eurozone's CPI report for February, which showed consumer prices up 2.0% year-over-year, which is ahead of the ECB's target of below, but close to, 2.0%. Energy played a large part in driving up headline inflation as core CPI was up a tamer 0.9% year-over-year.
    • Nevertheless, some consternation over the potential implications for the ECB's monetary policy have helped temper some of Wednesday's trading enthusiasm.
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 PTC Therapeutics to resume trading at 8:30  (13.18)
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 Shake Shack: Color on Quarter  (36.12)
  • Stifel stays at Hold; lowers target to $33 from $35. The firm reiterates its cautious view on ~130bps Below-Consensus 4Q16 Comps
  • Wedbush stays at Underperform; tgt at $30. The firm expects continued valuation contraction as near- and medium-term results decrease the likelihood of more optimistic scenarios. The firm believes that while driving upside today, the strength of SHAK's current openings may result in a comp drag even entering the comp base in the 25th month vs. the 19th month for most peers.

SHAK is currently down ~4% around the 35 level in pre-market trading.

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  Mosaic issues its 2017 phosphate outlook in a slide presentation; says, for phosphate producers, 2017 is off to a good start. However, the outlook for the second half of this year looks less certain.  (31.03)

For phosphate producers, 2017 is off to a good start. Prices and margins have moved up sharply during what typically is a seasonally slow period, and fundamentals continue to look positive heading into the upcoming application season.

Several developments are driving up prices.

Global shipments of the leading products are projected to post solid gains this year as a result of much leaner channel inventories as well as strong agronomic and economic demand drivers.

Sales are off to a fast start this year because distributors who deferred purchases as prices declined last year are now scrambling to cover large commitments as prices rise this year. At the same time, Chinese export availability has declined due to a take-off of domestic shipments as well as a drop in industry output. More recently, rain storms and large swells have delayed peak shipments out of the large Jorf Lasfar facility in Morocco. Finally, it looks like new capacity will not deliver material tonnage until later this year or in 2018. These developments have brought the global phosphate market into a much tighter balance and have quickly turned sentiment.

Mosaic expects that the recent price momentum will continue through the upcoming application season. Momentum could even accelerate if shipping delays worsen, the application season breaks early, Chinese export availability remains limited, and agricultural commodity prices hold up.

The outlook for the second half of this year looks less certain. At this point, however, the key swing factors — Chinese exports, global shipments, and the start-up of new capacity — look like they are tilting in favor of a continued tight supply/demand balance through the end of this year>

A little background:

  • MOS is the largest integrated phosphate producer in the world and one of the largest producers and marketers of phosphate-based animal feed ingredients in the United States. It is also one of the four largest potash producers in the world
  • The co is organized into three reportable business segments: Phosphates, Potash and International Distribution
  • In 2015, 48% of total sales came from its phosphate segment, 26% of sales came from potash and 26% of sales came from international distribution
  • Meanwhile, 48% of total operating earnings came its phosphate segment, 47% from potash and 5% from international distribution
  • It's 2016 10-K will be out soon
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  Broadcom: Color on Quarter  (215.14)
  • Cowen raises their AVGO tgt to $240 from $210. Stock performance has finally delivered on the promise worthy of their (and many others') adoration. Street numbers are looking less conservative, but targets still have headroom and they see a clear path to $240-250 while simultaneously being able to increasingly appeal to income investors. Target to $240, not massive upside to still warrant Top Pick in semis, but still solid enough.
  • Drexel Hamilton reaises tgt to $260 from 210. Although Wireless is expected to be down again in Q2, AVGO expects an aggressive Samsung ramp, combined with higher RF and Connectivity dollar content to partially offset the further seasonal decline anticipated from Apple. Overall, Wireless is expected to be down high-single digits, which is better than the typical double-digit declines seen seasonally. Broadcom turned in another strong performance, with results and guidance that were solid across the board delivering upside on most all metrics and an outlook that nicely exceeded the consensus.
  • RBC raises tgt to $240 from $230. They see AVGO benefitting from a confluence of multiple tailwinds over the next few quarters: 1) content uptick at Samsung that should enable Wireless to observe better-than-seasonal trends, 2) sustained growth in Wired infrastructure driven by a confluence of momentum in switching/routing and a seasonal increase in demand in broadband access and STB products, 3) continued OpEx control and gross margin expansion given the Apr-qtr is typically the lightest quarter from a revenue and gross profit perspective historically. Fundamentally, they think AVGO is positioned to sustain ~$15.00 in EPS in FY17 and close to $18 in EPS post-BRCD integration, which they expect to close in the next quarter; Top Pick.
  • Craig Hallum raises their AVGO tgt to $260 from $210. AVGO remains one of firm's top picks heading into the iPhone 8 which is expected to be the best selling iPhone of all time. Recent rumors suggest AVGO may be supplying the WC chip in the upcoming iPhone 8. They note co has had WC technology and has supplied Apple with other custom ASIC solutions in the past which makes them a likely supplier to Apple (AAPL). While they are not currently modeling for it firm does not rule this out as a possibility, but either way they look for AVGO to see content expansion in Apple's next gen phone. Moreover, while AVGO continues to work through the BRCD acquisition, they believe co will likely make another acquisition in FY17. Firm looks for additional acquisitions to be both top and bottom line accretive to AVGO and think IDTI remains a likely candidate given its strong position in the fast growing Cloud Data Center market, strengthened by its recent acquisition of GIG and strong operating model.
  • AVGO +5% at new all time highs premarket
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  BMC Stock Holdings target raised to $25 at RBC Capital Mkts  (20.35)RBC Capital Mkts raises their BMCH tgt to $25 from $22. They are buyers on weakness (-3.1%) and maintain their Outperform rating after BMCH reported a solid quarter and provided a bullish outlook. Sales of Ready-Frame surged past the $100 MM (+46% y/y) in FY16. BMCH introduced a Ready-Frame sales target of $300 MM, implying that this highly profitable business will triple in size by FY20. The stock remains their favorite small cap idea due to the potential upside from both Ready-Frame and acquisitions. A proprietary business model, a strong competitive position, solid growth prospects, and a disruptive approach to product innovation support their Outperform recommendation.
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  Dollar Tree target raised to $95 at RBC Capital Mkts  (76.84)RBC Capital Mkts raises their DLTR tgt to $95 from $94. After much concern going into the quarter, Family Dollar posted a slightly positive comp and in-line EBIT $s (vs. RBC), while Dollar Tree again nicely exceeded expectations on both the comp (2.3% vs. 1.7%E) and EBIT $ lines ($476mm vs. $457mmE). However, guidance appears subdued/conservative given this performance, the potential comp acceleration at Dollar Tree (2H17) and synergy benefits. Remain buyers of DLTR.
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  Lowe's target raised to $90 at RBC Capital Mkts  (81.31)RBC Capital Mkts raises their LOW tgt to $90 from $83. 4Q sales (total/US comp +5.1% vs. HD at +6.3%) and margin performance (on an adjusted basis) beat expectations. While we're a bit surprised management didn't take a more conservative approach to guidance, sales trends (even adjusting for weather) were healthy and the macroeconomic backdrop remains supportive (inventory, price appreciation, PFRI). They remain buyers, however, continue to prefer HD for its more consistent execution.
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  On The Wires
  • Marriott International (MAR) announced that it will become an Official NCAA Corporate Partner across all 90 NCAA championships. Designated as the «Official Hotel Partner of the NCAA,» Marriott International and its 30 distinct hospitality brands look forward to welcoming students, alumni, fans, and families across the country.
  • CyrusOne (CONE) announced that CyrusOne LP and CyrusOne Finance Corp. have commenced an offer to purchase for cash any and all of their outstanding 6.375% Senior Notes due 2022 .
  • Aireon announced today that they have formally received control from Iridium Communications Inc. (IRDM) of the first Automatic Dependent Surveillance-Broadcast (ADS-B) payload hosted on an Iridium NEXT satellite. This is a major milestone on the path towards 100 percent global air traffic surveillance. Aireon now begins a rigorous, in-depth testing and validation process, verifying the capability of the ADS-B payloads.
  • American Shared (AMS) entered into a contract to supply a Gamma Knife Perfexion system to Bryan Medical Center, Lincoln, Nebraska. 
  • Anglo American plc (NGLOY) draws attention to an announcement issued today by De Beers, the text of which is set out below: Gahcho Kué, the world's largest new diamond mine in the last 13 years, officially began commercial productioni today (2 March 2017). The mine, a joint venture with De Beers Group (51 per cent.) and Mountain Province Diamonds (MPVD) (49 per cent.), is expected to produce approximately 54 million carats of rough diamonds over its lifetime.
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  S&P futures vs fair value: -2.30. Nasdaq futures vs fair value: -3.10.

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

Just in, the latest weekly initial jobless claims count totaled 223,000 while the Briefing.com consensus expected a reading of 244,000. Today's tally was below the revised prior week count of 242,000 (from 244,000). As for continuing claims, they rose to 2.066 million from the revised count of 2.063 million (from 2.060 million).

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  Gapping up

Gapping up
In reaction to strong earnings/guidance
:

  • MNST +13.7%, ONP +10.6%, NVGS +9.1%, CWST +6.9%, FOXF +6.8%, PEIX +6.6%, BLDP +6.5%, WTI +6.1%
  • AMRC +5.8%, GKOS +5.4%, AVGO +5.3%, SSH +5.1%, JD +4.8%, ANF +4.5%, HIIQ +3.6%, BURL +3.2%, EPE +3.1%
  • ALIM +3%, ANW +2.9%, HDSN +2.4%, ASM +2.3%, WSR +2.1%, ACIW +2%, AJRD +1.9%, JCAP +1.1%

Other news:

  • AUPH +65.2% (announces its Phase IIb AURA-LV study in lupus nephritis met the complete and partial remission («CR»/ «PR») endpoints at 48 weeks; AURORA Phase III trial with low dose voclosporin on track to commence in 2Q17)
  • ALQA +12.7% ( Celgene [CELG] increases active stake to 22.2% (Prior 15.9%) — Celgene purchased 4 mln shares in ALQA's 2/27 private placement)
  • VRML +10.6% (announces a contracted agreement with Blue Cross Blue Shield of Michigan for OVA1)
  • EXAS +7.7% (EXACT Sciences and Mayo Clinic study shows promise of new blood-based lung cancer test),
  • KAO +2.5% (reviews its R&D Day agenda; Plazomicin NDA submission planned for the second half of 2017 )
  • CAMT +2.5% ( announces that 'one of the world's leading CMOS Image Sensor manufacturers' placed multiple orders for inspection and metrology systems)
  • VRX +1.6% ( corrects 'misleading report about Salix investigation' )

Analyst comments:

  • SRPT +4.3% (upgraded to Outperform at Leerink Partners)
  • ARMK +2.7% (added to Conviction Buy List at Goldman)
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  Mylan N.V. updates on legal matters in 10-K, discloses recent receipt of subpoena from the SEC  (44.87)«On October 7, 2016, Mylan received a document request from the Division of Enforcement at the SEC seeking communications with CMS and documents concerning Mylan products sold and related to the Medicaid Drug Rebate Program, and any related complaints. On November 15, 2016, Mylan received a follow-up letter, modifying the initial document request, seeking information on and public disclosures regarding the settlement with the DOJ announced on October 7, 2016 and the classification of the EpiPen® Auto-Injector under the Medicaid Drug Rebate Program. On February 6, 2017, Mylan received a subpoena from the SEC in this matter, seeking additional documents. Mylan is fully cooperating with the SEC's inquiry.»
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  Barnes & Noble lowers FY17 guiance
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 European Summary

Eurozone Headline Inflation Hits 2.0%, Core Rate Steady at 0.9%

  • European sovereign yields are moving somewhat higher this morning as headline CPI inflation reportedly hit 2.0% y/y in February, in line with estimates. Economists are warning that annual inflation data that appear to show the European Central Bank hitting its target of just below 2% inflation are belying weak underlying wage growth. Once the base effect of last winter's very low oil prices recedes, according to them, inflation will fall back towards its sluggish pace of recent years. Eurozone unemployment stands at 9.6%, indicating to some that there is still significant slack in the labor market
  • New Issuance:
    • France sold EUR3.62 bln of 10-year OATs at an average yield of 0.91% with a bid-to-cover of 2.75
    • France sold EUR2.35 bln of 20-year OATs at an average yield of 1.61% with a bid-to-cover of 1.81
    • France sold EUR1.03 bln of 50-year OATs at an average yield of 2.14% with a bid-to-cover of 1.99
    • Spain sold EUR1.60 bln of 5-year Bonos at an average yield of 0.487% with a bid-to-cover of 1.88
    • The U.K. sold GBP2.5 bln of 5-year gilts at an average yield of 0.578% with a bid-to-cover of 2.39. The auction tailed by 0.2 basis points
  • European Economic Data:
    • The eurozone's consumer price index rose by 2.0% y/y in February, meeting expectations. January's inflation rate was 1.8% y/y
      • The eurozone's core CPI increased by 0.9% y/y for the third-straight month, in line with estimates
      • The eurozone's producer price index rose 0.7% m/m in January (3.5% y/y), topping estimates after 0.8% growth in December
    • Spanish unemployment fell by 9.4K workers in February, beating forecasts after a 57.3K-person jump in January
      • Spain's GDP growth for Q4 was confirmed at 0.7% q/q (3.0% y/y)
    • Italy's monthly unemployment rate remained at 11.9% in January, better than economists had expected
    • The U.K.'s construction purchasing managers' index unexpectedly climbed to 52.5 for February from 52.2 in January
    • Switzerland's GDP grew by just 0.1% y/y in the fourth quarter (0.6% y/y), missing expectations but matching Q3's growth rate
      • Swiss retail sales fell by 1.4% y/y in January, beating estimates a 4.1% slide in December
  • Yield Check:
    • France, 10-yr OAT: -1 bp to 0.91%
    • Germany, 10-yr bund: +1 bp to 0.30%
    • Greece, 10-yr note: +13 bps to 6.95%
    • Italy, 10-yr BTP: ucnh at 2.13%
    • Portugal, 10-yr PGB: +1 bp to 3.93%
    • Spain, 10-yr ODE: -2 bps to 1.67%
    • U.K., 10-yr gilt: +1 bp to 1.13%
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  Commercial Metals downgraded to Sell from Neutral at Clarkson Platou  (21.67)
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  Gapping down

Gapping down
In reaction to disappointing earnings/guidance
:

  • SSI -25%, TDOC -10.5%, RMGN -10.2%, MEI -9.8%, JUNO -7.1%, PSTG -6.9%, PLNT -6.2%, PDLI -5.7%
  • NKTR -4.8%, OPK -4.4%, KR -4.2%, SHAK -3.8%, BUD -3.8%, RTRX -3.5%, ABEV -3.5%, VGR -2.9%, ATHM -2.1%
  • CIO -2%, PRTK -1.7%, FSIC -1.4%, GCP -1.3%, PFMT -1.1%, BOX -1%

Select metals/mining stocks trading lower:

  • HMY -3.5%, MTL -3%, AU -1.8%, GFI -1.6%, ABX -1.6%
  • GDX -1.5%, NEM -1.5%, SLW -1.3%, GOLD -1%, AG -0.9%

Other news:

  • ADPT -29% (files to delay Form 10-K )
  • PBYI -20.8% (after Roche's (RHHBY) Phase III APHINITY study for Perjeta met its primary endpoint treating breast cancer; also reported earnings)
  • PTCT -18.5% (Ataluren Confirmatory Trial in nonsense mutation cystic fibrosis did not achieve its primary or secondary endpoints)
  • AXTI -11.3% (prices its previously announced underwritten public offering of 4,615,385 shares of its common stock at a price to the public of $6.50/share)
  • ARES -9.1% (commences a public offering of 7.5 mln common units representing limited partnership interests by a selling unitholder)
  • AHP -5.8% (commences offerings of 1,150,000 shares of 5.50% Series B Cumulative Convertible Preferred Stock and 5.75 mln of its common stock)
  • KITE -3.4% (commences 4.75 mln common stock offering; also downgraded to Neutral from Buy at Citigroup)

Analyst comments:

  • AEO -0.5% (downgraded to Neutral at BofA/Merrill)
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  Tivity Health: North Tide Capital lowered active stake to 6.4% after selling 2 mln shares in a block trade  (28.95)The Reporting Persons have undertaken the sales in large part to effectuate a rebalancing of North Tide's portfolio in light of the significant appreciation in the Issuer's stock price over the past year
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  DineEquity target lowered to $77 at Maxim Group; Visibility reduced amid Applebee's turnaround  (52.90)Maxim Group lowers their DIN tgt to $77 from $84 following yesterday's Q4 results and guidance. Firm acknowledges visibility remains limited on a turnaround, but are encouraged to see mgmt take steps to cull under-performing units. Meanwhile, they view the outlook at IHOP as more encouraging. CFO Thomas Emrey announced his resignation, effective immediately, following the departure of CEO Julia Stewart announced on February 17, 2017. Firm sees the potential for enhanced financial disclosure, and believe a split of the Applebee's and IHOP businesses should not be ruled out. They expect a jump in SG&A spending for 2017, but believe a longer-term focus on SG&A reductions will contribute to earnings upside in 2018. Given free cash flow that remains positive in 2017 and is expected to grow in 2018, firm believes mgmt will remain opportunistic with regard to potential share buybacks. In light of increased expenses for incentive compensation and efforts to stabilize Applebee's, they lower tgt. However, with valuations at cycle lows, firm believes there is upside potential in DIN shares in the next 12 months.
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  Orient Paper shares higher by 12% following Q4 results  (1.13)
  • Co reported Q4 EPS of $0.17 versus $0.11 last year; -10.6% YoY to $31.4  mln (no ests).
  • «Our revenues were essentially flat and profits were down in 2016. Total revenues were $134.7 million, down a bit from 2015, as a result of a 4.3% year-over-year decrease in blended average selling prices (»ASP") that was partially offset by a 4.0% increase in overall sales volume."
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  Gapping up/down: MNST 14%, AVGO +5%, JD +5%, ANF +4% and BURL +3% after earnings; SSI -25%, JUNO -7%, KR -4%, SHAK -4% and BUD -4% after earnings, metals/miners showing early weakness

Gapping up
In reaction to strong earnings/guidance
:

  • MNST +13.7%, ONP +10.6%, NVGS +9.1%, CWST +6.9%, FOXF +6.8%, PEIX +6.6%, BLDP +6.5%, WTI +6.1%
  • AMRC +5.8%, GKOS +5.4%, AVGO +5.3%, SSH +5.1%, JD +4.8%, ANF +4.5%, HIIQ +3.6%, BURL +3.2%, EPE +3.1%
  • ALIM +3%, ANW +2.9%, HDSN +2.4%, ASM +2.3%, WSR +2.1%, ACIW +2%, AJRD +1.9%, JCAP +1.1%

Other news:

  • AUPH +65.2% (announces its Phase IIb AURA-LV study in lupus nephritis met the complete and partial remission («CR»/ «PR») endpoints at 48 weeks; AURORA Phase III trial with low dose voclosporin on track to commence in 2Q17)
  • ALQA +12.7% ( Celgene [CELG] increases active stake to 22.2% (Prior 15.9%) — Celgene purchased 4 mln shares in ALQA's 2/27 private placement)
  • VRML +10.6% (announces a contracted agreement with Blue Cross Blue Shield of Michigan for OVA1)
  • EXAS +7.7% (EXACT Sciences and Mayo Clinic study shows promise of new blood-based lung cancer test),
  • KAO +2.5% (reviews its R&D Day agenda; Plazomicin NDA submission planned for the second half of 2017 )
  • CAMT +2.5% ( announces that 'one of the world's leading CMOS Image Sensor manufacturers' placed multiple orders for inspection and metrology systems)
  • VRX +1.6% ( corrects 'misleading report about Salix investigation' )

Analyst comments:

  • SRPT +4.3% (upgraded to Outperform at Leerink Partners)
  • ARMK +2.7% (added to Conviction Buy List at Goldman)

Gapping down
In reaction to disappointing earnings/guidance
:

  • SSI -25%, TDOC -10.5%, RMGN -10.2%, MEI -9.8%, JUNO -7.1%, PSTG -6.9%, PLNT -6.2%, PDLI -5.7%
  • NKTR -4.8%, OPK -4.4%, KR -4.2%, SHAK -3.8%, BUD -3.8%, RTRX -3.5%, ABEV -3.5%, VGR -2.9%, ATHM -2.1%
  • CIO -2%, PRTK -1.7%, FSIC -1.4%, GCP -1.3%, PFMT -1.1%, BOX -1%

Select metals/mining stocks trading lower:

  • HMY -3.5%, MTL -3%, AU -1.8%, GFI -1.6%, ABX -1.6%
  • GDX -1.5%, NEM -1.5%, SLW -1.3%, GOLD -1%, AG -0.9%

Other news:

  • ADPT -29% (files to delay Form 10-K )
  • PBYI -20.8% (after Roche's (RHHBY) Phase III APHINITY study for Perjeta met its primary endpoint treating breast cancer; also reported earnings)
  • PTCT -18.5% (Ataluren Confirmatory Trial in nonsense mutation cystic fibrosis did not achieve its primary or secondary endpoints)
  • AXTI -11.3% (prices its previously announced underwritten public offering of 4,615,385 shares of its common stock at a price to the public of $6.50/share)
  • ARES -9.1% (commences a public offering of 7.5 mln common units representing limited partnership interests by a selling unitholder)
  • AHP -5.8% (commences offerings of 1,150,000 shares of 5.50% Series B Cumulative Convertible Preferred Stock and 5.75 mln of its common stock)
  • KITE -3.4% (commences 4.75 mln common stock offering; also downgraded to Neutral from Buy at Citigroup)

Analyst comments:

  • AEO -0.5% (downgraded to Neutral at BofA/Merrill)
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 IDC says wearables market grows 16.9% in the fourth quarter  (53.10)
  • The worldwide wearables market reached a new all-time high as shipments reached 33.9 million units in the fourth quarter of 2016 (4Q16), growing 16.9% year over year. Shipments for the entire year grew 25% as new vendors entered the market and previous champions refreshed their product lineups. The year came to a close with 102.4 million devices shipped according to data from the International Data Corporation (IDC) Worldwide Quarterly Wearable Device Tracker.
  • IDC Release (Related Stocks: FIT, SSNLF, AAPL, XLK)
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  S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: -0.90.

The S&P 500 futures trade one point below fair value.

Equity indices in the Asia-Pacific region ended on Thursday with strength in Japan and weakness across China. Macro data was fairly light in the region, with just Australia releasing anything of note. Japanese equities hit level not seen since January of 2016, echoing the robust move seen in yesterday's US session, leading to a 0.9% gain in the Nikkei on Thursday. The dollar continued to gain ground against the yen, pushing to the USD/JPY solidly back over the 114 level.

  • In economic data:
    • Aus
      • Jan Trade Balance (in AUD): 1.302 bln vs 3.800 bln exp
      • Jan Building Approvals: +1.8% vs -0.5% exp

---Equity Markets---

  • Japan's Nikkei climbed 0.9% as the yen continued yesterday's retreat against the dollar. Although exporters showed relative strength, Toyota missed out on the day's rally, closing the day up just 0.01% after reporting its February auto sales yesterday. Toshiba outperformed the benchmark after reports suggested Foxconn is an active player in the bidding for Toshiba's chip unit.
  • Hong Kong's Hang Seng gave back the 0.2% the index posted on Wednesday. Gaming names eased back slightly with Galaxy Entertainment losing 0.3%. Most financials also had a poor showing with Bank of China losing 1.0% while ICBC lost 0.6%
  • In China, the Shanghai (-0.5%) could not capitalize on Wednesday's bullish sentiment in equities across the global landscape. The market had few upticks throughout the day, with the index closing at session lows. The PBOC did little to entice investors with just a CNY30 bln capital infusion. Although there was no particular economic data points from the Mainland, bank stocks were weaker after a report circulated that the CBRC is looking to tighten regulation on off balance sheet investment instruments.
  • In India, the Sensex fell 0.5% after tappiong 52 week highs during the early stages of trading. Metal names were on the move higher after reports that 28 cities in China will cut production. National Aluminum was the biggest beneficiary, gaining 5.2%, while Hindalco could only muster a gain of 0.2% by day's end. 

Major European indices are mixed, cooling their jets somewhat following big gains on Wednesday.  A focal point this morning is the eurozone's CPI report for February, which showed consumer prices up 2.0% year-over-year, which is ahead of the ECB's target of below, but close to, 2.0%.  Energy played a large part in driving up headline inflation as core CPI was up a tamer 0.9% year-over-year.  Nevertheless, some consternation over the potential implications for the ECB's monetary policy have helped temper some of Wednesday's trading enthusiasm. The euro, however, has not followed the CPI print higher. It is down 0.4% against the dollar at 1.0513.

  • In economic data:
    • Eurozone February CPI +2.0% year-over-year (expected +2.0%; last +1.8%); Core CPI +0.9% year-over-year (expected +0.9%; last +0.9%)
    • Eurozone February CPI +3.5% year-over-year (expected +3.2%; last +1.6%); PPI +0.7% month-over-month (expected +0.6%; last +0.8%)
    • Eurozone January Unemployment Rate 9.6% (expected 9.6%; last 9.6%)
    • Spain Q4 GDP unrevised at +0.7% quarter-over-quarter (expected +0.7%) and +3.0% year-over-year (expected +3.0%)
    • Spain Unemployment Change -9.4K (expected +5.2K; last +57.3K)
    • Germany January Import Price Index +0.9% month-over-month (expected +0.4%; last +1.9%) and +6.0% year-over-year (expected +5.5%; last +3.5%)
    • Switzerland Q4 GDP +0.1% quarter-over-quarter (expected +0.5%; last +0.1%) and +0.6% year-over-year (expected +1.3%; last +1.4%)
    • Italy January Unemployment Rate 11.9% (expected 12.0%; last 11.9%)
    • UK February Construction PMI 52.5 (expected 52.2; last 52.2)

---Equity Markets---

  • UK's FTSE is down 0.1%, cooling off after Wednesday's 1.6% gain and digesting news reports suggesting Prime Minister May is likely to trigger Article 50 on March 15. Individual stock leaders include the likes of ConvaTec Group (+5.6%), BT Group (+2.1%), and GKN (+1.4%).  On the flip side, the biggest laggards include Capita (-8.1%), Merlin Entertainments (-3.5%), and Schroders (-2.1%).
  • Germany's DAX is up 0.1% following a 2.0% gain on Wednesday.  BASF (+1.6%), Commerzbank (+0.9%), and Volkswagen (+0.7%) lead on the upside while Deutsche Telekom (-1.8%), Thyssenkrupp (-0.8%), and Deutsche Post (-0.7%) are setting the pace for downside laggards.
  • France's CAC is up 0.1% on the heels of Wednesday's 2.1% gain, and looking undeterred for the most part by the news that authorities have decided to launch a formal investigation into French presidential candidate Francois Millon's alleged misuse of public funds.  Upside leaders include Engie (+7.3%), LafargeHolcim (+2.7%), and TechnipFMC (+1.2%).  The biggest laggards include Essilor Intl. (-2.1%), L'Oreal (-0.9%), and Unibail-Rodamco (-1.0%).
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 Veeva Systems among stocks with favorable commentary on Wednesday's Mad Money  (44.90)

Stocks with favorable mention: AGN, CRM, CSCO, EME, KBR, LLY, LOW, MRK, MTZ, PFE, VEEV

Stocks with unfavorable mention: FEYE, OPK, TGT

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  Puma Biotech. target lowered to $17 at RBC Capital Mkts; APHINITY hits; extended adjuvant is done; 3rd-line metastatic Phase III data 1H17  (38.05)RBC Capital Mkts lowers their PBYI tgt to $17 from $48. Following positive APHINITY, the focus shifts to the metastatic setting and the ongoing Phase III trial in 3rd-line vs. lapatinib (1H17). Neratinib is certainly an active agent, so it has a decent chance against lapatinib; the GI AE profile and the difficulty finding a prophylactic treatment that works limit its commercial potential; however, this will be less of an issue in the metastatic setting.
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 On The Wires
  • Tandem Diabetes Care, Inc. (TNDM) announced the release of a software update for t:slim Insulin Pumps purchased before April 2015. The software update will be available via personal computer using the Tandem Device Updater, a Mac and PC-compatible tool for the remote deployment of Tandem insulin pump software. This represents the first time an insulin pump manufacturer has provided a software update for customers using their personal computer.
  • Kandi Technologies (KNDI) announced that the Geely Global Hawk electric vehicle («EV») model SMA7001BEV25 (the Kandi Model K17) developed by Kandi Electric Vehicles Group Co., Ltd. (the «JV Company», a 50/50 joint venture between Kandi and Zhejiang Geely Holding Group) has been included in the Ministry of Industry and Information Technology of the People's Republic of China's (the «MIIT») Directory of Recommended Models for Energy Saving and New Energy Vehicle Demonstration and Promotion (the «Second Annual Directory of New Energy Vehicles») in the MIIT's second public announcement of 2017.
  • INC Research Holdings (INCR) and Medidata (MDSO), the leading global provider of cloud-based solutions and data analytics for clinical research, today announced an expanded technology partnership, helping life sciences researchers conduct faster, more accurate and more cost-effective clinical trials.
  • Versartis (VSAR) announced that a comparison of data from its U.S. and Japanese Phase 2 studies was accepted as a late-breaking poster presentation at the Endocrine Society's 99th Annual Meeting & Expo (ENDO 2017), to be held April 1-4, in Orlando, Florida. The abstract has been published online and is available on the ENDO 2017 website. This is the sixth Versartis abstract that has been accepted for presentation at the conference, including five that were announced previously.
  • Infinity Pharmaceuticals, Inc. (INFI) will present new Phase 1 data for IPI-549 at the AACR Annual Meeting on April 4. 
  • Teladoc (TDOC) announces that it has appointed Kenneth H. Paulus, 57, to its board of directors. Mr. Paulus will serve on the board's Nominating & Corporate Governance committee and its Quality & Safety committee.
  • Symantec Corp. (SYMC), the world's leading cyber security company, announced the formation of Symantec Ventures to help cyber security startups accelerate the delivery of core innovation to the security marketplace. In addition to contributing capital, Symantec aims to help the startup community reduce expenses and accelerate time to market.
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  Taubman Centers raises quarterly dividend to $0.625/share from $0.595/share  (69.15)
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  Gran Tierra Energy resumed with a Buy at Canaccord Genuity  (2.58)
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Daytrader

Продолжаем сегодня рост. 
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Игорь Т

еще чуть чуть и власти отчитаются что кол-во заявок в стране преодолело 0 и стало отрицательным.
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VitNik

HD
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sereja К

GM
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 SO
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 EXC
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ATVI long
 DLTR шорт 79,3
 ACIA пробой
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MBLY
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BIVV шорт 53
AA скальп в шорт от 38.1
SRPT с чата
 DCI сегодня второй день пойдет шорт?
 LVS и весь игровой бизнес просто в забвении…
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 CTSH
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 ACAD
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sereja К

 ДОУ 21100 сейчас решаем на нём…
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 PLNT
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 DKS
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 HES
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BKD
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REG
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SPY лонг
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SHOP с чата
PTLA откат
 COTY лонг
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MA
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 PCRX
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 BBY c чата
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ADM
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 ARRY
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 WPX покупка
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TPX
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 KMX
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PRU 112,7
 MNST c чата
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  Pacira Pharma downgraded to Sell from Neutral at Janney  (49.55)
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Daytrader

 
  The Trade Desk downgraded to Neutral from Overweight at Cantor Fitzgerald  (43.05)
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ESPR
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sereja К

 
  Markel Corp initiated with a Outperform at Boenning & Scattergood  (982.76)
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  W.R. Berkley initiated with a Neutral at Boenning & Scattergood  (72.13)
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  CPI Card Group upgraded to Outperform from Mkt Perform at Barrington Research  (4.40)
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FE шорт


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sereja К

 
  Kaman downgraded to Hold at Gabelli & Co  (52.14)Gabelli & Co downgrades KAMN to Hold from Buy. KAMN recently reported 4Q'16 results and provided 2017 guidance, causing firm to reduce their 2017 ests. They now expect KAMN to earn $2.55 per share, generate $170 mln in EBITDA on $1,860 mln in sales in 2017 vs our prior estimates of $2.85 per share, $185 mln in EBITDA and $1,875 in sales. Firm's 2018 PMV of $59 per share now offers only 12.1% margin of safety. KAMN continues to have a solid position in good industries but due to the lack of margin of safety as well as the uncertainty around Distribution end markets and future KMAX orders, they recommend investors Hold shares of KAMN.
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 Filings, Offerings and Pricings

Filings:

  • Amarin (AMRN) files mixed securities shelf offering and files for offering of 10,416,672 American Depositary Shares by the selling shareholders
  • Barclays PLC (BCS) files mixed securities shelf offering
  • Citigroup (C) global markets unit files $100 mln mixed securities shelf offering
  • FibroGen (FGEN) files mixed securities shelf offering for an undisclosed amount
  • The Manitowoc Company (MTW) files mixed securities shelf offering for an undisclosed amount
  • Tantech (TANH) files to withdraw Registration Statement on Form F-3
  • Windstream Holdings (WIN) enters into Equity Distribution Agreement under which it may issue and sell, from time to time, shares of common stock, having an aggregate offering price of up to $25 mln
  • West Bancorporation (WTBA) files for $75 mln mixed securities shelf offering

Offerings:

  • Kite Pharma (KITE) commences 4.75 mln common stock offering
  • Lumentum (LITE) to offer $350 mln aggregate principal amount of convertible senior notes due in 2024 in a private placement
  • W.P. Carey (WPC) entered into an equity sales agreement — may offer/sell up to to $400 mln through the Sales Agents

Pricings:

  • Ares Management (ARES 22.00) prices public offering of 7.5 mln common units representing limited partnership interests by a selling unitholder at $20.00
  • Ashford Hospitality Prime (AHP 12.90) prices offering of 5.75 mln of its common stock at $12.15/share
  • AXT (AXTI 7.50) prices underwritten public offering of 4,615,385 shares of its common stock at a price to the public of $6.50/share
  • Dermira (DERM 34.32) prices 5 mln share common stock offering at $33.70 per share (initially proposed 3.7 mln share offering)
  • Fortis (FTS 31.81) entered into an agreement with an institutional investor in US to issue and sell 12,195,122 common shares at C$41.00 per share for gross proceeds of approximately C$500 mln
  • IberiaBank (IBKC 83.80) prices 6.1 mln shares of common stock at $83.00 per share
  • Kratos Defense and Security (KTOS 8.03) prices an underwritten public offering of 10.35 mln shares of its common stock at $7.25/share
  • Colony Starwood Homes (SFR 32.80) upsizes offering by 1.6 mln shares and prices 20,076,891 shares of common shares at $32.50 per share; offering by co and selling share holders
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 S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -0.90.

Equity futures are taking a breather this morning after Wednesday's stellar stock market performance, which left the major averages at new record highs. The S&P 500 futures currently trade three points below fair value.

The Treasury market has seen an uptick in selling interest after Fed Governor Brainard said on Wednesday that it will be «appropriate soon» for the U.S. central bank to raise interest rates. Ms. Brainard's comments fall in line with recent hawkish remarks from a handful of other Fed officials. As a result, the market has recently shifted the next rate hike projection up to March from June, according to the CME FedWatch Tool.

The benchmark 10-yr yield trades two basis points higher at 2.47%. Meanwhile, the U.S. Dollar Index (102.14, +0.40) is up 0.4% and currently trades at its highest level since early November.

In corporate news, Snap, the parent company of the popular messaging app Snapchat, will be launching its much anticipated initial public offering today. The company will trade on the New York Stock Exchange under the ticker 'SNAP'.

On the earnings front, Kroger (KR 30.74, -1.32) has dropped 4.1% in pre-market trade despite beating top and bottom-line estimates. Conversely, Monster Beverage (MNST 47.65, +5.64) has spiked 13.4% after reporting strong sales growth in Q4 2016 and January 2017.

The latest weekly initial jobless claims count totaled 223,000 while the Briefing.com consensus expected a reading of 244,000. Today's tally was below the revised prior week count of 242,000 (from 244,000) and marks the lowest reading since March 31, 1973. As for continuing claims, they rose to 2.066 million from the revised count of 2.063 million (from 2.060 million).

Investors will not receive any more economic data on Thursday.

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 On The Wires
  • Dunkin' Brands Group (DNKN) announced plans to remove artificial colors from its products in the U.S. As part of the company's ongoing efforts to offer guests great-tasting, high-quality products and cleaner menu labels, both the Dunkin' Donuts and Baskin-Robbins product development teams, in partnership with suppliers, have been working to eliminate synthetic colors from their food and beverages and replace the ingredients with naturally sourced colorings in the U.S. by the end of 2018.
  • BeiGene, Ltd. (BGNE) announced the dosing of the first patient in a pivotal clinical trial of BGB-3111, an investigational Bruton's Tyrosine Kinase (BTK) inhibitor, in Chinese patients with relapsed or refractory mantle cell lymphoma. BGB-3111 is also currently being evaluated in a global Phase III study in comparison with ibrutinib for the treatment of patients with Waldenström's Macroglobulinemia.
  • BeiGene, Ltd. (BGNE) announced that it will present data from the Phase IB dose expansion study of RAF dimer inhibitor BGB-283 in patients with B-RAF or K-RAS/N-RAS mutated solid tumors in an oral presentation during a Clinical Trials Plenary Session at the 2017 American Association for Cancer Research (AACR) Annual Meeting. In addition, the company expects a decision in the first quarter of 2017 from its partner Merck KGaA on its continuation option to develop and commercialize BGB-283 outside China after Merck's review of Phase I data.
  • Citi Retail Services (C) announced it will renew its consumer financing agreement with Ford Motor Company (F).
  • Novan (NOVN) announced that data from the Company's Phase 2 clinical trial with SB206 for the treatment of genital warts caused by human papillomavirus, or HPV, will be presented during a Late-breaking Research forum at the 2017 Annual Meeting of the American Academy of Dermatology, or AAD, in Orlando, Florida.
  • Sigma Labs, Inc. (SGLB) announced that it has received a contract from Aerojet Rocketdyne, a subsidiary of Aerojet Rocketdyne Holdings (AJRD), as a follow-on to last year's award tied to a U.S. Air Force propulsion initiative. As previously announced in March, 2016, Sigma Labs' technology is being evaluated by Aerojet Rocketdyne for its contract with the Air Force for liquid-fueled rocket engine applications — part of a plan to transition away from the Russian-made RD-180 engines currently used on the Atlas V launch vehicle.
  • U.S. Department of Transportation Awards Booz Allen Hamilton (BAH) a Spot on $202 Million Contract to Support Work on Intelligent Transportation Systems
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  Hearing Fifth Third was downgraded to Underperform from Neutral Hilliard Lyons  (28.67 -0.08)
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  Hearing KAR Auction Services was initiated with an Outperform at Wolfe Research  (45.17 +0.12)
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AMD
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sereja К

 
  Hearing PNC was downgraded to Underperform at Hilliard Lyons  (130.78 -0.07)
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  Economic Summary: Jobless Claims below expectations; ISM services out tomorrow at 10:00 ET

Economic Data Summary:

  • Weekly Initial Claims 223K vs Briefing.com consensus of 244K; Last Week was 244K
  • Weekly Continuing Claims 2.066 M (Last Week was revised to 2.063 M from 2.060 M)
    • The key takeaway from the report — aside from the fact that initial claims are at a 44-year low — is that it will help underpin the growing belief in the prospect of the Federal Reserve raising the target range for the federal funds rate at its March 14-15 FOMC meeting.

Upcoming Economic Data:

  • February ISM Services due out Friday at 10:00 (Briefing.com consensus of 56.5%; January was 56.5%)

Upcoming Fed/Treasury Events:

  • Fed's Mester to speak tomorrow at 19:00 ET
  • Fed's Evans & Lacker to speak tomorrow at 10:15 ET
  • Fed's Powell to speak tomorrow at 12:15 ET
  • Fed's Vice Chair Stanley Fischer to speak  tomorrow at 13:00 ET
  • Fed' Chair Janet Yellen to speak tomorrow at 13:00 ET

Other International Events of Interest

  • Eurozone February CPI +2.0% year-over-year (expected +2.0%; last +1.8%); Core CPI +0.9% year-over-year (expected +0.9%; last +0.9%)
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Daytrader

 Opening Market Summary: Averages Open Thursday Slightly Lower

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

All sectors trade lower in early action. Telecom services (-0.3%) have shown relative weakness while consumer discretionary (-0.1%) has demonstrated relative strength. The consumer discretionary space has been helped by retailers, which have pushed the SPDR S&P 500 Retail ETF (XRT 43.15, +0.26) higher by 0.6%.

Energy trades 0.3% lower amid crude oil's 1.8% tumble. The energy component currently trades at $52.86/bbl.

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  BP Prudhoe Bay Royalty lower after disclosing its royalty payments are projected to cease after 2018   (18.00 -2.15)
  • Based on the 2016 twelve-month average WTI Price of $42.75 per barrel, current Production Taxes, and the Chargeable Costs adjusted as prescribed by the Overriding Royalty Conveyance, it is estimated that royalty payments to the Trust will continue through the year 2018, and would be zero in the following year. Therefore, no proved reserves are currently attributed to the BP Prudhoe Bay Royalty Trust after that date. Even if expected reservoir performance does not change, the estimated reserves, economic life and future net revenues attributable to the Trust may change significantly in the future. This may result from sustained periods of change in the WTI Price, the Production Tax or from changes in other prescribed variables utilized in calculations as defined by the Overriding Royalty Conveyance.
  • Last year's disclosure: Royalty payments to the Trust, based on calculations using a 2015 WTI Price of $50.28 per barrel, among other prescribed variables, are projected to cease after 2020.
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  Stage Stores: HMA Acquisition discloses 5.03% active stake  (2.37 +0.05)
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Daytrader

 Sector Summary: Technology (XLK -0.30%) trading lower today, modestly behind the broader market

The tech sector — XLK — trades modestly behind the broader market. Semiconductors, meanwhile, display relative strength as the SOX index trades +0.07%. Within the SOX index, CY (+2.27%) outperforms, while TSM (-2.12%) lags. Among other major indices, the SPY is trading 0.23% lower, while the QQQ -0.16% and the NASDAQ -0.54% trade modestly lower on the session. Among tech bellwethers, JD (+4.08%) is showing relative strength, while NTES (-4.72%) lags.

Notable gainers following earnings:

  • ACIW (+10.6%) reported worse than expected Q4 EPS and better than expected revs; guided Q1 revs below market expectations, MEI (+3.0%), AVGO (+2.5%)

Notable laggards following earnings:

  • PSTG (-5.7%) reported better than expected Q4 EPS and revs; guided Q1 revs below market expectations, BOX (-1.5%)

Gainers on news:

  • ACIW (+10.7%) co and MasterCard (MA) reached an agreement to resolve lawsuit.
  • WIN (+2.7%) co entered into Equity Distribution Agreement under which it may issue and sell, from time to time, shares of common stock, having an aggregate offering price of up to $25 mln.
  • COMM (+0.2%) co intends to offer $750 mln of senior unsecured notes due 2027.

Laggards on news:

  • AXTI (-10.3%) co priced its previously announced underwritten public offering of 4,615,385 shares of its common stock at a price to the public of $6.50/share.
  • ETFC (-2.1%) co announced it will lower trade commission rate to $6.95 from $9.99 for all customers along with a new tier of $4.95 per trade and $0.50 per options contract for active traders effective March 13.
  • WEX (-0.9%) co filed to delay Form 10-K citing the need for additional time to complete its assessment of its internal control over financial reporting.
  • YHOO (-0.3%) co updated independent committee investigation into security incidents and related matters.

Among notable analyst upgrades:

  • WIN (+2.5%) upgraded to Hold from Underperform at Jefferies

Among notable analyst downgrades:

  • TRIP (-1.6%) downgraded to Neutral from Overweight at Piper Jaffray
  • VIP (-0.8%) to Market Perform at Renaissance Capital

Scheduled to report earnings after the bell:

  • ADSK, GWRE, IMMR, MRVL, NTNX
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  Snap now indicated to open at $22-$24
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Daytrader

 Snap expected to open for trading around 10:45 ET
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Daytrader

 
  Natural gas storage data summaryWorking gas in storage was 2,363 Bcf as of Friday, February 24, 2017, according to EIA estimates. This represents a net increase of 7 Bcf from the previous week. Stocks were 187 Bcf less than last year at this time and 295 Bcf above the five-year average of 2,068 Bcf. At 2,363 Bcf, total working gas is within the five-year historical range.
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Daytrader

 
  Omega Protein downgraded to Hold at Pivotal Research Group; tgt lowered to $24 — 4Q16 adj EPS in line with firm's estimate; A miss vs. street consensus  (21.35 -4.90)Pivotal Research Group downgrades OME to Hold from Buy and lowers their tgt to $24 from $30. Omega Protein's 4Q Adjusted EPS at $0.30 vs. $0.29 LY was spot on firm's Estimate but short of the $0.37 Street consensus. Revenue rose 2.8% and was higher than firm's estimate and Street Consensus. Gross margin was down Y/Y and below firm's estimate. Animal Nutrition Adjusted EBIT margin was 33.6%, below their estimates and LY. The tax rate at 34.8% was slightly favorable to firm's estimate and well below LY. OME does not provide EPS guidance.
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Daytrader

 
  Interface COO disclosed purchase of 26,300 shares worth about $500K (transaction date 2.28)  (19.10 0.00)
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Daytrader

 
  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:

  • LITE Mar 48 calls are seeing interest with the underlying stock down 4% following senior note offering with 1690 contracts trading vs. open int of 280, pushing implied vol up around 6 points to ~52% — co to offer $350 mln aggregate principal amount of convertible senior notes due in 2024 in a private placement. Co is scheduled to present at a Laser Motor conference on March 14.  Co is expected to report earnings early May.

Puts:

  • LULU Weekly Mar03 65.5 puts are seeing interest with 1130 contracts trading vs. open int of 2370, pushing implied vol up around 3 points to ~30% — co is expected to report earnings late March.

Stocks seeing volatility selling:

  • BKS, SHLD, KR, JOY, NDLS, MNST implied vol is lower following earnings/guidance

Sentiment: The CBOE Put/Call ratio is currently: 0.94… VIX: (11.91, -0.63, -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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Daytrader

 Morning Commodities: Natural gas extends initial morning losses on a decidedly bearish EIA; crude trades lower for the 3rd consecutive session on reports that Russia's oil production levels are unchanged from Jan
  • Natural gas extended initial morning losses after EIA reported a surprise build vs expectations for the smallest winter draw on record
    • April natural gas futures were down about $0.04 (-1.1%) around the $2.76/MMBtu level after the release of the data.
    • Ahead of the data, natural gas futures were down about $0.02 (-0.8%) around the $2.78/MMBtu level.
    • EIA highlights:
      • Natural gas inventory showed a build of +7 bcf vs expectations for inventory to be a draw of -4 bcf.
      • Working gas in storage was 2,363 Bcf as of Friday, February 24, 2017, according to EIA estimates.
      • Stocks were 187 Bcf less than last year at this time and 295 Bcf above the five-year average of 2,068 Bcf.
      • At 2,363 Bcf, total working gas is within the five-year historical range.
  • Crude oil traded lower for a 3rd session in a row on reports that Russia's oil production levels have not changed since Jan 2017
    • April crude oil futures were down about $0.91 (-1.7%) around the $52.94/barrel level.
    • Contributing factors affecting the price of oil:
      • Cude oil futures for April delivery are under pressure this morning for the 3rd session in a row on reports that Russia's oil production levels have not changed since Jan 2017. This latest news comes on the heels of yesterday's EIA report, which showed a crude oil stock build of +1.5 mln barrels to 520.2 mln barrels, a record high for US crude oil stocks.
      • Yesterday's build was largely driven by significant imports from Saudi Arabia, Iraq, and Canada, as well as strong domestic production which rose above 9 mln barrels for the second straight week.
    • Baker Hughes rig count data will be released tomorrow at 10:30 am ET.
      • Last week's data showed an increase of 5 oil rigs following the prior week's increase of 6 rigs, bringing the total oil rig count to 602 rigs, & marking a 6th consecutive week of oil rig increases.
  • In precious metals, gold futures were on track to end pit trading lower for a 3rd day in a row on continued dollar index strength
    • April gold futures were down about $7.60 (-0.6%) around the $1242.40/oz level
    • May silver futures were down about $0.09 (-0.5%) around the $18.40/oz level
  • The dollar index extended yesterday's gains, was +0.2% around the 102.19 level
    • Commodities, as measured by the Bloomberg Commodity Index, were down about -1.0% around the 87.41 level
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Daytrader

 Sector Summary: S&P Consumer Discretionary Index flat, outperforming the broader marketThe consumer discretionary group is outperforming the broader market in early trade, while the retail group is seeing notable strength. The Retail HOLDRS Trust (RTH) is +0.3% and the SPDR S&P Retail ETF (XRT) +1.2% are both in positive territory. In addition to better-than-feared earnings/comps from a handful of retailers, today's strength may also be partially attributed to comments from Treasury Secretary Mnuchin to the Senate Banking Republicans regarding his opposition to the border adjustment tax.

Notable earnings/guidance

  • Trading higher following earnings/guidance/SSSMNST +15.5%, ANF +14.5%, SUP +10.7%, RCII 4.2% (Rent-A-Center reports January key operating metrics — core U.S. same store sales declined 11.5%),   BURL +3.8%, SRI +2.8%, LB 1.2% (L Brands reports February comps of -13% vs guidance of Feb comps to decline of mid-to-high-teens w/ Victoria's Secret -20% and BBW down MSD)
  • Trading lower following earnings/guidance/SSS: SSI -12.1%, BKS -7.1%, TAST -5.4%, KR -3.9%, BUD -3.1%,  FRED -0.6% (Fred's reports February comps of -4.0% vs 0.8% year ago and -4.8% last month)

Earnings/guidance secondary plays:

  • Superior Ind (SUP +11%) and Stoneridge (SRI +2.4%) are leading auto part suppliers higher: AXL +1.8%, MPAA +1.4%, GT +0.9%, LEA +0.9%, ABG +0.6%, TEN +0.4%, GNTX +0.2%
  • Teen/fashion retailers are higher with ANF leading the way (missed on top and bottom lines but expects comps improvement this year): ANF +14.5%, AEO +4.9%, ZUMZ +4.8% (reports earnings and comps next week), EXPR +4.3%, GES +4%, URBN +3.7%, TLYS +2.6%, FRAN +1.3%, LB +1.2%
  • Consumer beverage/brewery related names are lower following Anheuser Busch Inbev (BUD) earnings: ABEV -4.2%, BREW -2%, TAP -0.8%, STZ -0.7%

In the news:

  • LeadersBBY 5.3% (Best Buy recovering after after missing sales estimates yesterday morning; HHGregg to close three distribution facilities and 88 store locations in order to reallocate resources to align more closely with its strategic goals to improve liquidity and return to profitability), RLH 1.4% (Red Lion Hotels appoints Douglas L. Ludwig as its new CFO and Treasurer)
  • LaggardsFIT -1.4% (Fitbit received another subpoena from the U.S. Attorney's Office in the Northern District of California), HGGG -3% (HHGregg to close three distribution facilities and 88 store locations in order to reallocate resources to align more closely with its strategic goals to improve liquidity and return to profitability)
Analyst related:
  • DowngradesTRIP -0.3% (downgraded to Neutral from Overweight at Piper Jaffray)
  • MiscEA -0.4% and ATVI -0.4% (lower despite being initiated with Outperform ratings at William Blair)

Looking ahead:

  • On the earnings front: BIG reports tomorrow before the open and COST reports earnings and monthly sales today after the close. 
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Daytrader

 
  Notable movers of interest: MNST +15.4% on Q4 revenue beat

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

  • MNST (48.46 +15.35%): Shares rise on Q4 revenue beat.
  • JD (31.83 +3.78%): Reports Q4 EPS and revenue beats; guides Q1 revs in-line.
  • AVGO (219.24 +1.91%): Reports Q1 EPS and revenue beats; guides Q2 revs above consensus.

Large Cap Losers

  • ABEV (5.5 -4.43%): Shares fall on Q4 revenue miss.
  • KR (30.79 -3.96%): Shares fall after missing comp estimates for the 4th straight quarter.
  • BUD (106.79 -2.87%): Reports Q4 EPS miss.

Mid Cap Gainers

  • ACIW (21.94 +11.31%): Reports Q4 revenue beat.
  • EXAS (23.44 +5.82%): Co and Mayo Clinic study shows promise of new blood-based lung cancer test.
  • BURL (92.74 +4.58%): Reports Q4 EPS and revenue beats; guides FY18 EPS and revenues above consensus.

Mid Cap Losers

  • GEF (52.96 -12.19%): Shares fall on Q1 EPS miss.
  • OPK (7.62 -8.96%): Reports Q4 revenue miss.
  • VGR (21.79 -6%): Reports Q4 EPS miss.
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Daytrader

 
  Hearing E*TRADE was downgraded to Hold from Buy at Sandler O'Neill  (35.15 -1.05)
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Daytrader

 Rumor Round Up

Rumor Activity was slow today

  • Reuters discussed that Brookfield Asset Management (BAM 36.30 -0.03) is near a deal to acquire a roughly 30% stake in Renova Energia SA.
  • Reuters detailed that Duke Realty (DRE 25.92 +0.23) is considering a sale of its medical office holdings.

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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Daytrader

CI
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sereja К

 CLVS база
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sereja К

tradex у кого висит кроме меня?
SPY пробую покупать
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sereja К


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