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Блог компании DayTraderClub | Америка сегодня. Торговый баланс и потребительские кредиты.

Ожидается значительное снижение торгового баланса до отметки -49 млрд:
Америка сегодня. Торговый баланс и потребительские кредиты.


Это приблизит торговый дефицит к своим своим максимальным отметкам:
Америка сегодня. Торговый баланс и потребительские кредиты.


На десятилетней картине это значение приближает нас к отметкам 2008-го года:
Америка сегодня. Торговый баланс и потребительские кредиты.


Разрыв начинает увеличиваться из-за значительного увеличения импортной составляющей, которая в этом месяце прибавит по ожиданиям аналитиков до 5 млрд и приблизится к отметке 240:
Америка сегодня. Торговый баланс и потребительские кредиты.


При этом экспорт также увеличивается, но более медленными темпами:
Америка сегодня. Торговый баланс и потребительские кредиты.


Прирост в кредитах потребителей ожидается на уровне прошлого значения, около отметки $15 млрд:
Америка сегодня. Торговый баланс и потребительские кредиты.


Все новости:
Америка сегодня. Торговый баланс и потребительские кредиты.
Данные: DTC News, Briefing, Interactive, Economics, Public Sources


On The Wires
  • FLSmidth (FLIDY) has been awarded an order from El Sewedy Cement Company for engineering, procurement and supply of equipment for the expansion of a cement production line. The plant will be built at Ain Soukhna in Suez Governorate, Egypt.
  • Prism Technologies Group (PRZM) announced that the Court of Appeals for the Federal Circuit unanimously affirmed the patent infringement verdict in favor of its subsidiary, Prism Technologies LLC, against Sprint Spectrum LP d/b/a Sprint PCS (S). In June 2015, a jury in the United States District Court for the District of Nebraska found that the accused Sprint network systems and methods infringe multiple claims of U.S. Patent Nos. 8,387,155 and 8,127,345. Prism was awarded trial damages of $30 million representing a reasonable royalty for Sprint's infringement. Prism was also awarded $2 million in prejudgment interest and will be entitled to post-judgment interest in an amount to be determined.
  • On March 6, 2017, the Board of Directors of Support.com (SPRT) appointed Richard Bloom, the current interim President and Chief Executive Officer of the Company, as Principal Financial Officer and Principal Accounting Officer of the Company, effective as of February 28, 2017. Mr. Bloom has been interim President and Chief Executive Officer of the Company since October 28, 2016 and has served as a director since June, 2016.
  • Avino Silver & Gold (ASM) issued a statement detailing that British Columbia mining and exploration icon Louis Wolfin, who founded Avino Silver & Gold Mines in 1968 and ran the company for over 30 years, died peacefully at his home on Friday, March 3. He was 85 years old.
  • In order to further implement the policy requirements and work deployment of the State regarding network speed upgrade & tariff reduction, China Unicom (CHU) announces that it will substantially reduce Internet private line access tariff for small and medium enterprises, reduce international long-distance call tariff, and, from 1 October 2017 onwards, stop charging mobile handset subscribers domestic long-distance and roaming fee. The Company expects that the aforementioned tariff reduction measures will impact the operating revenue and net profit of the Company to a certain extent. The Company will continue to deepen the implementation of Focus Strategy, accelerate innovative transformation and optimise business structure so as to achieve continuous healthy business development along with the implementation of speed upgrade and tariff reduction.
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Daytrader

 Overnight Summary — World markets lack direction early Tuesday's early stages
  • The global equity markets are mixed but little changed across the board this morning. S&P Futures are down ~0.2% and trading near the bottom end of the 5-point nightly range.
  • In Asia, the Nikkei closed 0.2% lower, extending losses from the prior day. Macro-data was absent in Japan. Gains is the Energy sector were offset by losses among Financials. Exporters were also mixed with limited currency fluctuations in the yen across most pairs during the session.
  • China saw a small gain in the Shanghai of 0.3%, but the most significant economic news came out after the stock market was closed. As such, the state reported FX reserves for February of $3.005 trln, better than the expectation of $2.969 trln. During the Chinese trading hours, traders the benchmark index was rangebound with traders appearing to have only a limited appetite for stocks, particularly with another small liquidity injection from the PBOC of ~CNY30 bln.
  • European bourses have seen limited movement thus far and continue to straddle the flat line in the early stages of Tuesday's activity. Investors were met with a mixed bag of economic releases with the most concerning being a considerable fall in Germany's Factory Orders in January of 7.4%, missing the consensus estimate of -2.5%, and coming off a +5.2% reading in December. This has led to a relatively choppy session. Corporate earnings were relatively light, also lending to indecisive order flow.

Market Updates:

  • S&P Futures vs Fair Value: -3.00 
  • 10 yr Note: 2.4926% 
  • USD/JPY: 113.93 -0.04 
  • EUR/USD: 1.0572 -0.0010
  • Europe: FTSE +0.1% DAX +0.1% CAC -0.3% 
  • Asia: Hang Seng +0.4% Shanghai +0.3% Nikkei -0.2% 
  • Commodities: Gold (1224.40 -1.10) Silver (17.73 -0.04) crude (53.35 +0.15) 

US Econ Data

  • January Trade Balance (8:30am)
  • January Consumer Credit (3pm)
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  Hyatt Hotels upgraded to Equal-Weight from Underweight at Morgan Stanley  (51.48)
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  Bill Barrett upgraded to Buy from Hold at Canaccord Genuity  (4.91)
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  SunOpta upgraded to Outperform from Market Perform at William Blair  (6.90)
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  Cornerstone OnDemand downgraded to Neutral from Buy at BofA/Merrill  (41.35)
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 Domino's Pizza among stocks with favorable commentary on Monday's Mad Money  (188.89)

Stocks with favorable mention: BAC, DPZ, ROP, T, WBT, WDC

Stocks with unfavorable mention: CAB, FTR, WRD

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Daytrader

 
  Foundation Building Materials initiated with a Neutral at Robert W. Baird; tgt $18  (16.51)Robert W. Baird initiates FBM with a Neutral and price target of $18 from Buy. Following a period of rapid acquisition growth, FBM is now the second-largest wallboard/ceiling distributor. Additional M&A should augment share gains and greenfield openings ahead. Firm is mindful of risks, however, including FBM's ability to manage rapid growth, recenly of the Winroc-SPI acquisition, and higher leverage (including TRA). Weighing these factors vs. industry and company-specific positives, investors may want to seek a wider margin of safety before more aggressively building positions in the stock.
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  Leap Therapeutics initiated with a Buy at Ladenburg Thalmann; tgt $18  (7.85)
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  Novartis AG downgraded to Underperform from Neutral at Exane BNP Paribas  (75.55)
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  Black Diamond downgraded to Hold from Buy at Stifel  (5.70)
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  Agrium initiated with a Outperform at Bernstein  (94.84)
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  Early premarket gappersGapping up: MEET +22.3%, GMAN +15%, WFT +13.8%, VRML +9.8%, PIR +9.6%, ADUS +6.4%, DISH +4.5%, MOMO +4.1%, LJPC +3.8%, ATSG +3.6%, WMC +3.6%, PLOW +3.1%, JNP +3%, PRTS +2.4%, CRM +2.2%, CHK +1.9%, HMY +1.8%, AVD +1.6%, MNTX +1%, FANH +0.9%, F +0.7%, RIO +0.7%, LOGI +0.5%

Gapping down: KTWO -8%, AKBA -6.3%, CASY -6.3%, PCRX -4.9%, LPCN -4.6%, ALOG -4.2%, SNAP -4%, HASI -3.9%, P -3.8%, FTR -3.3%, THO -3%, DAVE -2.7%, KFY -2.7%, STAY -2.6%, RIG -2.6%, FRC -2%, DB -1.7%, TOT -1.3%, ASNA -1.3%, NVS -1.1%, NEWT -1%, JBT -0.9%, CS -0.9%, SNY -0.9%, CLLS -0.8%, BBVA -0.7%, ABX -0.7%, RDS.A -0.6%, AMID -0.6%, URRE -0.5%
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  NeuroDerm downgraded to Perform from Outperform at Oppenheimer  (28.80)
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  Pegasystems upgraded to Buy from Hold at The Benchmark Company  (43.50)
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  Clipper Realty initiated with a Outperform at FBR & Co.; tgt $16  (13.52)FBR & Co. initiates CLPR with a Outperform and price target of $16 as they have a positive outlook on co's growth prospects during the next several years. Clipper has executed on its operational and value-add goals, and firm believes co could see material growth in both NOI and AFFO as it likely reaches market rents and occupancy on its portfolio. They also believe that CLPR presents a unique opportunity to invest in a value-add, pure-play New York City real estate portfolio, and its out-sized growth versus peers could lead to meaningful value creation for investors.
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  Asian Markets Close: Nikkei -0.2%, Hang Seng +0.4%, Shanghai +0.3%

Equity indices in the Asia-Pacific region ended Tuesday on a mixed note. The Reserve Bank of Australia left its key interest rate unchanged at 1.50%, but did upgrade its economic assessment, noting that exports have improved and non-mining business investment has increased over the past year. Separately, the U.S. began shipping THAAD missiles to South Korea in response to the latest missile test by North Korea. The deployment of the THAAD system has been opposed by China.

  • In economic data:
    • Australia's February AIG Construction Index 53.1 (last 47.7)
    • China's FX Reserves $3.01 trillion (expected $2.97 trillion; last $3.00 trillion)
    • Japan's BoJ Core CPI +0.2% year-over-year (last 0.1%)

---Equity Markets---

  • Japan's Nikkei shed 0.2%. Nikon, DeNA, Fast Retailing, NGK Insulators, Sumitomo Metal Mining, Nitto Denko, Fanuc, Sony, Konami, Tokyo Electron, and Yokohama Rubber lost between 0.9% and 2.3%. On the upside, Ebara, Canon, TOTO, and Yamaha gained between 1.2% and 3.0%.
  • Hong Kong's Hang Seng added 0.4% with property names displaying relative strength. China Resources Land, China Overseas, Hang Lung Properties, SHK Properties, and Henderson Land climbed between 0.3% and 2.7%. On the downside, Apple supplier AAC Technologies lost 2.7% while Sino Land, Kunlun Energy, and Hang Seng Bank lost between 0.8% and 1.8%.
  • China's Shanghai Composite rose 0.3%. Caihong Display Devices, Harbin Gong Da High-Tech Enterprise Development, Sichuan Minjiang Hydropower, and Zhejiang Huahai Pharmaceutical gained between 3.6% and 4.9%.
  • India's Sensex shed 0.2%. Tata Steel was the weakest performer, falling 2.2%, while Infosys, AXIS Bank, Tata Motors, Asian Paints, and ICICI Bank lost between 0.3% and 1.4%. Adani Ports outperformed, rising 2.0%.

---FX---

  • USDJPY +0.1% to 113.96
  • USDCNY UNCH at 6.9003
  • USDINR UNCH at 66.654
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  Fibrocell Science initiated with a Buy at Rodman & Renshaw; tgt $2  (0.67)Rodman & Renshaw initiates FCSC with a Buy and price target of $2. Fibrocell has developed an expertise in fibroblasts and looks to target its assets to the treatment of disorders of the skin, connective tissue, and joints. A therapeutic goal is the targeting of monogenic diseases (single gene mutations), in order to «replace what is missing.» Driving the technology approaches is an ongoing partnership with Intrexon (XON), which is two separate deals including: 1) use of Intrexon's RheoSwitch Therapeutic System (RTS) for autoimmune and noninfectious inflammatory disorders; and 2) development programs for inflammatory and degenerative disorders of the joints. By leveraging Intrexon's expertise in synthetic biology and genetic engineering, Fibrocell will pay (based on agreement) Intrexon royalties and milestone payments on any approved programs to Intrexon.
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  Foundation Building Materials initiated with a Outperform at Raymond James  (16.51)
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  Thor Industries: Notes from presentation slides; stock testing support near 110 premarket  (115.42)

«We posted the 12th consecutive quarter of record revenues and record net income from continuing operations. We posted strong growth in revenues, both organically and from acquisitions, in the second quarter with double-digit organic growth in both segments — towables and motorized. We are optimistic about Thor's future prospects, as we continue to see new consumers entering the market and experiencing the RV lifestyle.»

  • Towable revenues grew 55.0% to $1.08 billion. Motorized revenues grew 95.6% to $475.0 million. Jayco added $431.3 million to revenues in the quarter.
  • Markets remain strong with backlogs nearly doubling to $2.09 billion
  • «With record attendance at many of the largest consumer RV shows in the early part of calendar 2017, many in our industry are optimistic about the prospects for continued growth.»
  • Thor has #1 market position in both towables and motorized RVs
  • Recreation Vehicle Industry Association (RVIA) forecast in March 2017 that calendar 2017 wholesale shipments for all RV categories should increase to 445,700 units, or an increase of 3.5% over calendar year 2016. This follows strong 15.1% growth in 2016 to a level of wholesale shipments not seen since the 1970s. Leisure travel such as camping continues to be popular; there are favorable demographics: oppty with millennials and increasing diversity.
  • Labor market is tight in north Indiana.
  • Are you seeing any signs of slowing in the market? No, in fact, we are seeing the opposite. Do not believe either Thor or the RV Industry has reached a peak.
  • Outlook: 'We continue to expect double-digit growth in revenues and improvements in earnings throughout fiscal 2017. Industry growth dynamics should continue as consumers remain optimistic about future economic conditions and new consumers continue to enter the RV market. We also expect a strong contribution to sales and earnings from the inclusion of a full year's results from Jayco's operations. Given our increased production to meet demand in the seasonally slower first half of the fiscal year, we may see lower sequential and year-over-year growth rates in the second half of the year.'
  • Will remain opportunistic in acquisitions.
  • Retail market share: THO 47%... WGO: Winnebago 3.2%, Grand Design — acquired by WGO 2.8%… REV Group (REVG): 0.8%… Gulfstream (GD) 1.2%; all others 9.5%
    • Suppliers: PATK, LCII

THO -4.7% testing support near 110 premarket.

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  Foundation Building Materials initiated with a Buy at SunTrust; tgt $23  (16.51)
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  CNOOC Ltd downgraded to Hold from Buy at Nomura yesterday  (117.62)
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  Coca-Cola European Partners initiated with a Buy at Argus; tgt $44  (34.94)
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  On The Wires
  • Tonix Pharmaceuticals Holding Corp. (TNXP) announced that it will present at the 29th Annual ROTH Conference, being held March 12-15, 2017 in Dana Point, CA.
  • Nokia (NOK) and the Russian communications and technology company «VimpelCom» («VI  have signed a five-year agreement under which Nokia will become the major supplier of managed services for VimpelCom's fixed, mobile and transport network operations. Nokia, which has been managing services for VimpelCom's network in central Russia, will extend this responsibility to manage VimpelCom's 2G, 3G and 4G networks, provided by a variety of equipment vendors, leveraging its innovative network management tools, processes, and software automation. Field maintenance work will be carried out by Nokia in the Southern, North Caucasian and Central regions of Russia, including Moscow.
  • Oro, Inc. announced a global partnership with PayPal (PYPL).
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  Qualcomm increases quarterly dividend to $0.57/share from $0.53/share  (56.45)
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 Overseas Research Calls

Upgrades

  • Tullow Oil plc (TUWLF) upgraded to Neutral from Sell at UBS
  • Glencore Intl plc (GLNCY) upgraded to Neutral from Underweight at JP Morgan
  • Taiwan Semi (TSM) upgraded to Buy from Hold at HSBC
  • Aberdeen Asset Management (ABDNY) upgraded to Neutral from Underperform at Exane BNP Paribas

Downgrades

  • SSE (SSEZY) downgraded to Sell from Neutral at Citigroup
  • Centrica (CPYYY) downgraded to Neutral from Outperform at Credit Suisse

Miscellaneous

  • JD Wetherspoon (JDWPY) initiated with a Sell at Berenberg
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Daytrader

 Black Diamond downgrade details — to Hold at Stifel; tgt raised to $6  (5.70)Stifel downgrades BDE to Hold from Buy and raises their tgt to $6 from $5.50. BDE is entering 2017 with ~$2.40 net cash per share, $172mn in estimated NOL carryforwards, and demonstrating operational progress beyond the troubles with which they entered 2016. The market has appreciated this and our value thesis for BDE shares has materialized nicely. Unfortunately, however, profitability improvement is slow to materialize and firm sees insufficient fundamental drivers to justify necessary upside to shares to support their Buy rating. Financial under-pinning remains solid though with margin progress delayed and dependent on rev growth into 2018 for which visibility is limited, firm takes rating to Hold.
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Daytrader

 European Markets Update: FTSE +0.1%, DAX +0.1%, CAC -0.3%

Major European indices trade near their flat lines while the euro (1.0570) and pound (1.2191) hold respective losses of 0.1% and 0.4% against the dollar. Disappointing factory orders data from Germany has been cited as the reason for the cautious tone. German Chancellor Angela Merkel made a case for a «multi-speed» European Union in order to allow member states to confront issues at their own speed. Chancellor Merkel will stand for a fourth term this fall. In other political news, France's Conservative Political Committee backed Francois Fillon's candidacy after Alan Juppee ruled out running for office.

  • In economic data:
    • Germany's January Factory Orders -7.4% month-over-month (expected -2.5%; last 5.2%)
    • Eurozone Q4 GDP was left unrevised at 0.4% quarter-over-quarter, as expected; +1.7% year-over-year, as expected
    • UK's February Halifax House Price Index +0.1% month-over-month (expected 0.3%; last -1.1%); +5.1% year-over-year (consensus 5.3%; last 5.7%)
    • Italy's January PPI +1.0% month-over-month (last 0.5%); +2.5% year-over-year (last 0.8%)
    • France's January government budget balance -EUR5.40 billion (last -EUR69.00 billion)

---Equity Markets---

  • UK's FTSE is higher by 0.1% with homebuilders and select mining/energy names showing relative strength. Taylor Wimpey, Persimmon, and Barratt Developments are up between 0.6% and 1.3% while Rio Tinto, BHP Billiton, BP, and Royal Dutch Shell show gains between 0.4% and 1.4%. On the downside, Paddy Power and Ashtead Group hold respective losses of 5.1% and 3.2% in reaction to disappointing results.
  • Germany's DAX trades up 0.1% amid strength in exporters. Daimler, Continental, and Volkswagen lead with gains between 0.5% and 0.8%. Financials Commerzbank and Deutsche Bank underperform with respective losses of 1.6% and 2.1%.
  • France's CAC has given up 0.3%. Total is down 1.0% while financials Credit Agricole, BNP Paribas, and Societe Generale show losses between 0.4% and 0.7%. On the upside, Renault, Peugeot, and Michelin are up between 0.5% and 0.6%.
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Daytrader

 Treasury Market Summary

Treasuries Unchanged Ahead of 3-Year Note Auction

  • U.S. Treasuries are trading little-changed this morning as the U.S. Dollar Index adds 0.16% to 101.80 and global equities track lower. During the overnight session, data showed that German factory order growth disappointed badly in January and that U.K. house prices rose less than expected in February. The Reserve Bank of Australia kept monetary policy on hold, as expected. Brazil's economy shrank by more than expected in the fourth quarter (-0.9% q/q, -2.5% y/y). The U.S. economic data will be light again today but the Treasury begins this week's auctioning of $54 bln in coupon-bearing securities. The S&P 500 is set to open down 0.11% to 2,372.5 and WTI crude is up 0.45% to $53.46/bbl. Gold is down 0.20% to $1,223.1/troy oz.
  • Yield Check:
    • 2-yr: unch at 1.31%
    • 5-yr: unch at 2.02%
    • 10-yr: unch at 2.50%
    • 30-yr: unch at 3.10%
  • International News:
    • China's foreign exchange reserves unexpectedly increased to $3.005 tln in February from $2.998 tln in January
    • The Reserve Bank of Australia kept its main policy rate at 1.50%, as expected
      • RBA Governor Philip Lowe said in a statement that business and consumer confidence are improving and that higher commodity prices are boosting growth
    • Australia's AIG Construction Index jumped to 53.1 for February from 47.7 for January
    • South Africa's GDP fell by 0.3% q/q in the fourth quarter (+0.7% y/y), badly missing expectations for acceleration following 0.4% growth in Q3
    • Russia's consumer price index rose 0.2% m/m in February (4.6% y/y), slowing from January's 0.6% growth
    • Eurozone GDP growth for the fourth quarter was confirmed at 0.4% q/q (1.7% y/y), as expected. Q3's growth was 0.3%
    • In Germany, manufacturing orders fell by 7.4% m/m in January, missing expectations and reversing December's 5.2% increase
    • The French government's budget deficit narrowed to EUR5.4 bln in January from EUR69.0 bln in December
    • The U.K.'s BRC Retail Sales Monitor fell by 0.4% y/y in February, missing estimates after a 0.6% decline in January
      • The U.K.'s Halifax House Price Index ticked up by 0.1% m/m in Febuary (5.1% y/y), missing forecasts after a 1.1% drop in January
    • Brazil's GDP contracted by 0.9% q/q in the fourth quarter (-2.5% y/y), worse than both forecasts and Q3's 0.7% decline
  • Data out Today:
    • January Trade Balance (08:30 ET)
    • January Consumer Credit (15:00 ET)
  • Treasury Auction:
    • $24 bln 3-year Treasury auction (results at 13:00 ET)
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  Foundation Medicine upgraded to Neutral from Sell at Janney  (31.30)
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  TradeStation announces new per-trade pricing for stocks, ETFs and options for all new customers and all existing customers who notify TradeStation they would like to switch to the new pricing
  • This new, simplified pricing model ­-- with its flat rate of just $5 per trade for equities and $5 per trade plus $0.50 per contract for options — replaces a tiered commission structure that went as high as $8.99 per trade and contained other fixed and potential monthly fees that have now been eliminated.
  • Related stocks: AMTD, ETFC, SCHW, IBKR
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Daytrader

 S&P futures vs fair value: -2.80. Nasdaq futures vs fair value: -7.60.

Monday's selling pressure has extended into Tuesday morning as equity futures point to a slightly lower open on Wall Street. The S&P 500 futures trade three points (0.1%) below fair value.

It is worth noting that the House Republicans unveiled their first attempt at replacing the Affordable Care Act on Monday evening. The bill is expected to be voted on in House committees later this week.

U.S. Treasuries trade relatively flat this morning as fixed-income markets continue to digest last week's aggressive campaign by Fed officials to prepare markets for the possibility of a March 15 rate hike. The benchmark 10-yr yield is currently unchanged at 2.50%.

Crude oil shows a gain of 0.5% in early action as investors continue to weigh OPEC supply cuts against increased U.S. production. The energy component currently trades at $53.47/bbl.

Today's economic data will include January Trade Balance (Briefing.com consensus -$48.5 billion) at 8:30 ET and January Consumer Credit (Briefing.com consensus $17.0 billion) at 15:00 ET.

In U.S. corporate news:

  • Salesforce (CRM 83.55, +1.05): +1.3% after news that the company has entered into a strategic partnership with IBM (IBM 180.24, -0.23).
  • Dick's Sporting Goods (DKS 50.70, -1.75): -3.3% after beating earnings estimates and issuing below-consensus guidance.
  • Pier 1 Imports (PIR 7.16, +0.50): +7.5% after raising earnings guidance for the fourth quarter and reporting an uptick in comparable sales.
  • Casey's General Stores (CASY 109.30, -4.90): -4.3% after missing top and bottom line estimates. Also of note, the company announced a $300 million share repurchase.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Tuesday on a mixed note. Japan's Nikkei -0.2%, Hong Kong's Hang Seng +0.4%, China's Shanghai Composite +0.3%, India's Sensex -0.2%.
    • In economic data:
      • Australia's February AIG Construction Index 53.1 (last 47.7)
      • China's FX Reserves $3.01 trillion (expected $2.97 trillion; last $3.00 trillion)
      • Japan's BoJ Core CPI +0.2% year-over-year (last 0.1%)
    • In news:
      • The Reserve Bank of Australia left its key interest rate unchanged at 1.50%, but did upgrade its economic assessment, noting that exports have improved and non-mining business investment has increased over the past year.
      • Separately, the U.S. began shipping THAAD missiles to South Korea in response to the latest missile test by North Korea. The deployment of the THAAD system has been opposed by China.
  • Major European indices trade near their flat lines while the euro (1.0570) and pound (1.2191) hold respective losses of 0.1% and 0.4% against the dollar. Disappointing factory orders data from Germany has been cited as the reason for the cautious tone. UK's FTSE +0.1%, Germany's DAX +0.1%, France's CAC +0.3%.
    • In economic data:
      • Germany's January Factory Orders -7.4% month-over-month (expected -2.5%; last 5.2%)
      • Eurozone Q4 GDP was left unrevised at 0.4% quarter-over-quarter, as expected; +1.7% year-over-year, as expected
      • UK's February Halifax House Price Index +0.1% month-over-month (expected 0.3%; last -1.1%); +5.1% year-over-year (consensus 5.3%; last 5.7%)
      • Italy's January PPI +1.0% month-over-month (last 0.5%); +2.5% year-over-year (last 0.8%)
      • France's January government budget balance -EUR5.40 billion (last -EUR69.00 billion)
    • In news:
      • German Chancellor Angela Merkel made a case for a «multi-speed» European Union in order to allow member states to confront issues at their own speed. Chancellor Merkel will stand for a fourth term this fall.
      • France's Conservative Political Committee backed Francois Fillon's candidacy after Alan Juppee ruled out running for office.
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  Pinnacle West downgraded to Hold at Williams Capital Group; tgt $79  (82.96)Williams Capital Group downgrades PNW to Hold from Buy and sets target price at $79. While they remain very optimistic about the fundamental growth prospects at PNW, the recent surge in PNW shares both exceeded our target price and our valuation comfort level. With the stock trading at 18.4x firm's above consensus est for 2018 and well above historical norms for the stock, firm sees limited capital appreciation potential for the stock over the next 12 months. While the recent surge in PNW share valuation is a concern, they like the fundamental outlook for the company. The rate case settlement last week was better than they expected and puts co in a good position to meet earnings and dividend expectations during the next few years, in firm's view. Firm believes that improving growth in Arizona, the potential for significant new generation investments, Bright Canyon potential investments, and the Navajo plant docket provide exciting opportunities for future company growth.
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On The Wires
  • Everi Holdings Inc. (EVRI) announced the launch of its Jackpot Lockdown Wide-Area Progressive («WAP») link developed exclusively for Class II markets. Jackpot Lockdown, Everi's first-ever WAP product, went live recently at four casinos in Oklahoma featuring two of the Company's most popular three-reel mechanical game themes, Mega Meltdown and High Voltage. The new Class II WAP link and game themes are expected to debut in additional casinos in Oklahoma, Texas, California, Arizona and Wisconsin over the next several months.
  • After achieving critical development milestones for the mTennaTM antennas combined with the introduction of KALOTM services, Intelsat, (I) operator of the world's first Globalized Network, announced that it has acquired an equity stake in Kymeta. Additionally, it was announced that Stephen Spengler, Intelsat's Chief Executive Officer, has joined Kymeta's board of directors.
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  Noble Corp PLC upgraded to Buy from Neutral at Seaport Global Securities  (6.46)
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 Gapping up

Gapping up
In reaction to strong earnings/guidance
:

  • MLNK +25.5%, MEET +23.3%, HPJ +20%, ETRM +14.5%, MOMO +10.5%, JNP +9.9%, MIK +7.1%, ADUS +6.4%
  • ATSG +3.6%, WMC +3.6%, PIR +3.2%, (guides for Q4 EPS of $0.32-$0.34 vs. $0.31 CapitalIQ Consensus; Sales decreased 2.6%)
  • BTE +3.2%, PLOW +3.1%, PRTS +2.4%, LGIH +1.7%, AVD +1.6%, MNTX +1%, FANH +0.9%

M&A news:

  • NMBL +45.2% (to be acquired by Hewlett Packard Enterprise (HPE) for $12.50/share in cash)
  • GLBL +16.5% (to be acquired by Brookfield Asset management (BAM) for $787 mln in cash)

Other news:

  • WFT +15.6% (appointed Mark McCollum as President and Chief Executive Officer with an effective start date in late April 2017)
  • GMAN +15% (after closing near lower on reports that the company may be preparing a potential bankruptcy filing)
  • VRML +9.8% (attains out-of-state provider status with Medi-Cal, California's Medicaid program, for OVA1 access to over 12 mln beneficiaries)
  • DISH +5% ( to replace Linear Technology in S&P 500)
  • TROV +2.8% (announces that a patient case series featuring use of its Trovera EGFR urine-based liquid biopsy test was recently published in Lung Cancer)
  • LJPC +1.9% (insider buy disclosures, also Tang Capital Partners increases active stake)
  • CRM +1.4% (IBM and Salesforce announce Landmark Global Strategic Partnership)

Analyst comments:

  • SRCL +1.4% (upgraded to Neutral from Sell at Goldman)
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  Astoria Fincl shares halted for news pending
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  Gapping down

Gapping down
In reaction to disappointing earnings/guidance
:

  • KTWO -8%, CASY -5.5%, (also announces $300 mln share repurchase)
  • LPCN -4.6%, (also entered into a Controlled Equity Offering with Cantor — may offer and sell shares of common stock having an aggregate offering price of up to $20 mln)
  • AKBA -4.4%, ALOG -4.2%, THO -3.8%, KLXI -3.5%, NAV -2.9%, DAVE -2.7%, KFY -2.7%, ASNA -2.4%, DKS -2.3%, NEWT -1%, CLLS -0.8%, AMID -0.6%

M&A news:

  • P -3.8% (Hollywood Reporter discusses comments from Liberty Media exec who indicated that Pandora (P) is not an attractive takeover target at today's valuation), .

Select EU financial names showing weakness:

  • DB -1.7%, CS -0.9%, LYG -0.9%, BBVA -0.7%

Select metals/mining stocks trading lower:

  • DRD -2.6%, MUX -2.3%, AUY -1.6%, SBGL -1.2%, GDX -1.2%, ABX -1.1%, NEM -0.9%, AU -0.6%, HMY -0.5%

Other news:

  • PCRX -4.9% (announces proposed offering of $300 million aggregate principal amount of convertible senior notes)
  • HASI -3.7% (prices 3 mln shares of common stock for proceeds of $58 mln)
  • STAY -2.8% (prices secondary offering and repurchase of paired shares resulting in gross proceeds of $421 mln)
  • SNAP -2.6% (continued weakness)
  • FRC -1.6% ( agrees to sell 2,000,000 shares of its common stock in an underwritten public offering)
  • RDHL -1% (RedHill's co-promotion partner for the gastrointestinal drug Donnatal Concordia (CXRX) announce that a U.S. district court granted a Concordia subsidiary treble damages related to false claims made by Method Pharmaceuticals and its principal owner)
  • JBT -0.9% (announces public offering of 2 mln shares of common stock)

Analyst comments:

  • FTR -2.5% (downgraded to Neutral from Buy at BofA/Merrill)
  • NVS -1.4% (downgraded to Underperform from Neutral at Exane BNP Paribas)
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  On The Wires
  • NF Energy Saving Corporation (NFEC) announced that it recently signed a $220,000 sales contract with JATIGATE hydroelectric station, Indonesia to supply a project with butterfly valves. According to the contract, the Company will deliver this equipment in the first quarter in 2018.
  • Regeneron Pharmaceuticals (REGN) and Sanofi (SNY) announced new Phase 3 data from the Praluent (alirocumab) Injection clinical trial program will be presented at the American College of Cardiology Scientific Sessions, March 17-19, 2017 in Washington, D.C.
  • Spartan Emergency Response, a business unit of Spartan Motors (SPAR), announced that it is expanding coverage in the Midwest with the addition of Feld Fire, a top regional dealer and provider of fire apparatus and first responder equipment. Moving away from a competing/industry leading brand, Feld has now made Spartan its exclusive fire apparatus manufacturer, and will be selling Spartan products across its entire footprint.
  • FLIR Systems (FLIR) announced today that it has received a delivery order for 50 U.S. Army Chemical, Biological, Radiological, and Nuclear Dismounted Reconnaissance Sets, Kits, and Outfits (CBRN DR-SKO) systems. The delivery order is under a five-year indefinite delivery, indefinite quantity contract from the U.S. Department of Defense, in support of the Joint Program Executive Office for Chemical and Biological Defense DR-SKO Program of Record. The order is valued at $54.2 million, with deliveries extending through the second quarter of 2018.
  • OPKO Health (OPK) announced that GenPath Women's Health, a business unit of OPKO Health subsidiary BioReference Laboratories, will offer ClariTest, a non-invasive prenatal test initially to be performed at Illumina (ILMN) on the Verifi platform. This platform utilizes massively parallel sequencing technology to screen for trisomies 13, 18, 21 and sex chromosome abnormalities, with the option to screen for 5 microdeletions including 22q11.2 (DiGeorge syndrome). ClariTest can be performed as early as 10 weeks of gestational age, can be performed in twin and egg donor pregnancies, has excellent sensitivity and specificity, and has the lowest failure rate in the industry.
  • Revance Therapeutics (RVNC) announced the completion of patient enrollment in two pivotal trials of the company's SAKURA Phase 3 program for its investigational drug candidate DaxibotulinumtoxinA for Injection (RT002) for the treatment of moderate to severe glabellar lines in adults. The company expects to report topline results from both pivotal Phase 3 trials in the fourth quarter of 2017.
  • Pareteum Corporation (TEUM) has entered into a letter agreement with Atalaya Capital Management, its senior secured lender, to amend certain terms of the credit agreement among the parties, dated November 17, 2014, as has been amended from time to time, including, among others, to extend the maturity date of amounts owed to December 31, 2018, to increase the amount of shares of common stock underlying the related warrants and to remove any anti-dilution features related to the Warrants.
  • MySize Inc. (MYSZ) announced that the company, in cooperation with PNO Consultants, has started the planning phase of opening a subsidiary in Poland, which will include an R&D facility. A team in Poland will be hired to develop a new product for an existing market.
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  Gapping up/down: MOMO +11%, PIR +3%, and PRTS +2% after earnings/guidance, NMBL +45% and GLBL +17% after M&A news; CASY -6%, THO -4%, NAV -3%, ASNA -2% and DKS -2% after earnings

Gapping up
In reaction to strong earnings/guidance
:

  • MLNK +25.5%, MEET +23.3%, HPJ +20%, ETRM +14.5%, MOMO +10.5%, JNP +9.9%, MIK +7.1%, ADUS +6.4%
  • ATSG +3.6%, WMC +3.6%, PIR +3.2%, (guides for Q4 EPS of $0.32-$0.34 vs. $0.31 CapitalIQ Consensus; Sales decreased 2.6%)
  • BTE +3.2%, PLOW +3.1%, PRTS +2.4%, LGIH +1.7%, AVD +1.6%, MNTX +1%, FANH +0.9%

M&A news:

  • NMBL +45.2% (to be acquired by Hewlett Packard Enterprise (HPE) for $12.50/share in cash)
  • GLBL +16.5% (to be acquired by Brookfield Asset management (BAM) for $787 mln in cash)

Other news:

  • WFT +15.6% (appointed Mark McCollum as President and Chief Executive Officer with an effective start date in late April 2017)
  • GMAN +15% (after closing near lower on reports that the company may be preparing a potential bankruptcy filing)
  • VRML +9.8% (attains out-of-state provider status with Medi-Cal, California's Medicaid program, for OVA1 access to over 12 mln beneficiaries)
  • DISH +5% ( to replace Linear Technology in S&P 500)
  • TROV +2.8% (announces that a patient case series featuring use of its Trovera EGFR urine-based liquid biopsy test was recently published in Lung Cancer)
  • LJPC +1.9% (insider buy disclosures, also Tang Capital Partners increases active stake)
  • CRM +1.4% (IBM and Salesforce announce Landmark Global Strategic Partnership)

Analyst comments:

  • SRCL +1.4% (upgraded to Neutral from Sell at Goldman)

Gapping down
In reaction to disappointing earnings/guidance
:

  • KTWO -8%, CASY -5.5%, (also announces $300 mln share repurchase)
  • LPCN -4.6%, (also entered into a Controlled Equity Offering with Cantor — may offer and sell shares of common stock having an aggregate offering price of up to $20 mln)
  • AKBA -4.4%, ALOG -4.2%, THO -3.8%, KLXI -3.5%, NAV -2.9%, DAVE -2.7%, KFY -2.7%, ASNA -2.4%, DKS -2.3%, NEWT -1%, CLLS -0.8%, AMID -0.6%

M&A news:

  • P -3.8% (Hollywood Reporter discusses comments from Liberty Media exec who indicated that Pandora (P) is not an attractive takeover target at today's valuation), .

Select EU financial names showing weakness:

  • DB -1.7%, CS -0.9%, LYG -0.9%, BBVA -0.7%

Select metals/mining stocks trading lower:

  • DRD -2.6%, MUX -2.3%, AUY -1.6%, SBGL -1.2%, GDX -1.2%, ABX -1.1%, NEM -0.9%, AU -0.6%, HMY -0.5%

Other news:

  • PCRX -4.9% (announces proposed offering of $300 million aggregate principal amount of convertible senior notes)
  • HASI -3.7% (prices 3 mln shares of common stock for proceeds of $58 mln)
  • STAY -2.8% (prices secondary offering and repurchase of paired shares resulting in gross proceeds of $421 mln)
  • SNAP -2.6% (continued weakness)
  • FRC -1.6% ( agrees to sell 2,000,000 shares of its common stock in an underwritten public offering)
  • RDHL -1% (RedHill's co-promotion partner for the gastrointestinal drug Donnatal Concordia (CXRX) announce that a U.S. district court granted a Concordia subsidiary treble damages related to false claims made by Method Pharmaceuticals and its principal owner)
  • JBT -0.9% (announces public offering of 2 mln shares of common stock)

Analyst comments:

  • FTR -2.5% (downgraded to Neutral from Buy at BofA/Merrill)
  • NVS -1.4% (downgraded to Underperform from Neutral at Exane BNP Paribas)
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 S&P futures vs fair value: -4.30. Nasdaq futures vs fair value: -10.50.

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

Just in, the January trade balance showed a deficit of $48.5 billion, which is in line with the Briefing.com consensus. The previous month's deficit was left unrevised at $44.3 billion.

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  Armstrong Flooring target raised to $20 at Stifel  (19.44)Stifel raises their AFI tgt to $20 from $18. Q4 results were below expectations from a rev perspective, with rev down 3%. Adjusted EBITDA of $2 mln was down meaningfully from the prior year from the weak sales result. Sales did grow for the full year slightly and adjusted EBITDA of $73 mln was on the low end of co's guidance range but still up nicely from the $61 mln in the prior year. Co has suspended its intermediate term guidance for rev growth of 5-6% and simply stated that 2017 revs will reflect similar pressures to that experienced in 2016. Co has maintained its profit goal of 10% EBITDA margins. Co announced plans to reduce SGA by $6-7 mln annually as the result of several changes at the corporate and field staff levels that center around consolidating the separated residential from commercial product, marketing, and sales efforts; Hold.
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