Америка сегодня. Рынки труда и недвижимости.

Stocks with favorable mention: ADBE, DEO, DLR, EQIX, FLEX, HSY, PPG, PVH, SAN, SBUX

Stocks with unfavorable mention: FRT, KIM, SHLD, SPG, TWX

• The global equity markets reverted back to the silent night mantra that has represented majority of the overnight sessions so far in 2017. That has led to miniscule net changes across the board of the global indices. S&P Futures have seen a very tight range with lower than average volume, giving night traders reason to snooze.
• In Asia, there was very little pieces of macro-related news released, with only the Reserve Bank of New Zealand's announcement to keep key interest rates status quo, representing the most significant release. Both the Nikkei and the Shanghai finished the day in positive territory, but only by 0.2% and 0.1%, respectively. The yen retreated modestly against the dollar, giving Japanese equities a reason to close above water. Chinese traders saw an uninspired session which saw the PBOC add only a small dose of liquidity (CNY30 bln total). Traders also seemed to take a cautious approach with a few of the more prominent Chinese corporations set to report FY16 earnings after the session closed. This may lend to increased activity in China tomorrow.
• European bourses have traded with the same lackluster tone that was seen in Asia. The major regional indices have done little more than tread water. There were a couple of economic releases to note, although none of them could manage to foster any activity in the equity markets. Nonetheless, German Consumer Confidence for April narrowly missed expectations at 9.8 (vs 10 expected), while UK Retail Sales for February saw a solid advance of 3.7%, beating the +2.6% consensus, and up from 1% in Feb last year.

Market updates:

• S&P Futures vs Fair Value: +1.00 
• 10 yr Note: 2.4104% 
• USD/JPY: 111.03 -0.13
• EUR/USD: 1.0790  -0.0007 
• Europe: FTSE -0.1% DAX -0.1% CAC +0.1% 
• Asia: Hang Seng Unch Shanghai +0.1% Nikkei +0.2% 
• Commodities: Gold (1247.90 -1.80) Silver (17.61 +0.03) crude (48.29 +0.25) 

US Econ Data

• Fed Chair Janet Yellen (8am)
• Initial Claims (8:30am)
• February New Home Sales (10am)
• Natural Gas Inventories (10:30am)
• Fed's Kashkari speaks (Noon)
• Fed's Kaplan speaks (7pm)

Buys: COG $30 tgt, CRK $14 tgt, EQT $63 tgt, GPOR $26 tgt, RICE $32 tgt

Hold: AR $26 tgt

• One Horizon Group, Inc. (OHGI) announced that Microsoft (MSFT) published a feature on how One Horizon Group improves its time to market, shortens its sales-cycles and improves service security by combining their patented VoIP technology with the power of the Microsoft Azure cloud platform. 
• Medicure (MCUJF), a leading Canadian specialty pharmaceutical company, announced that its majority-owned subsidiary, Apicore Inc., has received final approval from the U.S. Food and Drug Administration for the Company's abbreviated new drug application for tetrabenazine tablets in the 12.5 mg and 25 mg strengths. The newly approved product is a generic equivalent of the branded product Xenazine sold in the United States by Valeant Pharmaceuticals (VRX).
• Cardtronics (CATM) and The Bank of Nova Scotia (BNS) announced a long-term renewal of the companies' ABM branding relationship in Canada. The agreement provides Scotiabank customers with No-Fee cash access at more than 640 Scotiabank-branded ABMs located at 7-Eleven Canada stores across the country. This renewed agreement includes an additional 130 locations in British Columbia and Alberta that have been added to 7-Eleven Canada's footprint in recent months.
• Merrimack Pharmaceuticals (MACK) announced the enrollment of its first patient in a Phase 1 study of MM-310 in solid tumors. MM-310 is an antibody-directed nanotherapeutic (ADN) that encapsulates a novel taxane and targets the EphA2 receptor, a protein which surveys suggest is overexpressed in 50-100% of many major tumor types, including prostate, ovarian, bladder, gastric, pancreatic and lung cancers. Merrimack expects to report data from part one of the study in 2018.

Equity futures point to a relatively flat open this morning as investors display caution in front of today's House vote on the American Health Care Act. The S&P 500 futures trade two points above fair value.

Passage of the GOP health care bill looked doubtful yesterday as many members of the House Freedom Caucus, a group of the most conservative Republicans, still withheld their support. However, after continued negotiations on Wednesday night, the leader of the House Freedom Caucus said that he was «encouraged» by the willingness of the White House and GOP leadership in making improvements to the bill. The exact timing of the vote remains unclear, but it will likely happen this evening in overnight hours.

Crude oil has reclaimed its modest Wednesday loss in early action as it hovers 0.5% above its flat line at $48.29/bbl. A win today would break the commodity's three session losing streak.

U.S. Treasuries trade just below their unchanged marks as investors eye this morning's speech from Fed Chair Janet Yellen, which will take place at 8:45 ET. Minneapolis Fed President Kashkari (FOMC voter) and Dallas Fed President Kaplan (FOMC voter) are also scheduled to speak today at 12:30 ET and 19:00 ET, respectively. The benchmark 10-yr yield currently trades one basis point higher at 2.41%.

On the data front, investors will receive Initial Claims (Briefing.com consensus 239,000) at 8:30 ET and February Existing Home Sales (Briefing.com consensus 560,000) at 10:00 ET.

In U.S. corporate news:

• Accenture (ACN 123.11, -3.37): -2.7% despite reporting better than expected earnings and raising the low end of top and bottom line guidance for 2017.
• ConAgra Brands (CAG 39.87, -0.61): -1.5% despite beating earnings per share estimates.
• PVH (PVH 97.60, +6.75): +7.4% after reporting better than expected earnings and issuing upbeat guidance.

Reviewing overnight developments:

• Equity indices in the Asia-Pacific region ended Thursday on a higher note, advancing modestly after Wednesday's slump. Japan's Nikkei +0.2%, Hong Kong's Hang Seng unch, China's Shanghai Composite +0.1%, India's Sensex +0.6%.
  • Economic data was limited:
    • Singapore's February CPI +0.7% year-over-year, as expected (last 0.6%)
  • In news:
    • The Reserve Bank of New Zealand made no changes to its policy, keeping its key rate at 1.75%, as expected. The central bank's policy statement did show increased concern over housing inflation.

• Major European indices trade in the green with Italy's MIB showing relative strength. UK's FTSE unch, France's CAC +0.2%, Germany's DAX +0.4%, Italy's MIB +0.7%.
  • In economic data:
    • Germany's April GfK Consumer Climate 9.8 (expected 10.0; last 10.0)
    • UK's February Retail Sales +1.4% month-over-month (expected 0.4%; last -0.5%); +3.7% year-over-year (consensus 2.6%; last 1.0%). February Core Retail Sales +1.3% month-over-month (expected 0.4%; last -0.3%); +4.1% year-over-year (consensus 3.1%; last 2.1%). March CBI Distributive Trades Survey held at 9 (expected 5)
    • France's March Business Survey 104 (expected 107; previous 107)
  • In news:
    • British Prime Minister Theresa May said her country «will never waver in the face of terrorism» following yesterday's Westminster attack that left four dead and resulted in more than 40 injuries.

• RBC stays at Outperform; tgt of $50. The firm believes new stores remain the economic engine for the company and the class of 2016 was no exception, with avg. sales/store reaching a new high of ~$2mm. The firm notes mgmt. expressed optimism surrounding emerging trends (e.g., slime) and its upcoming Easter set but noted that 1Q will face the toughest comparison of the year and guided to comps of 0--2%.

FIVE is currently trading up ~7% around the 41 level in extended hours trading. 

European Government Debt Mostly Higher

• European sovereign debt is trading mostly higher this morning although the gains are mostly being seen in the eurozone periphery. The big piece of economic data was a surprisingly strong U.K. Retail Sales report and that has helped to push the pound sterling higher against the euro and the dollar. U.K. gilt yields are also higher. Germany's GfK Consumer Climate Index unexpectedly fell for April but remains quite strong
• Take-up for the European Central Bank's fourth and final Targeted Long-Term Refinancing Operation (TLTRO) was greater than expected with EUR233.5 bln going to 474 banks
  • The program provides cheap term funding for banks with even better rates (as low as the -0.40% depo rate) if the banks expand lending 
• European Economic Data:
  • In the U.K., retail sales rose by 1.4% m/m in February (3.7% y/y), beating estimates after a 0.5% decline in January
    
    • Core retail sales increased by 1.3% m/m in February (4.1% y/y) after falling by 0.3% in January
    • Separately, the U.K.'s CBI Distributive Trades Survey remained at 9 in March, beating estimates for a drop
  • Germany's GfK Consumer Climate Index unexpectedly slipped to 9.8 for April from 10.0 in March. The index's reading for February was a 16-year high of 10.2
  • The French Business Survey unexpectedly fell to 104 for March from 107 for February    
• Yield Check:
  • France, 10-yr OAT: -1 bp to 1.04%
  • Germany, 10-yr bund: +1 bp to 0.42% 
  • Greece, 10-yr note: -2 bps to 7.28%
  • Italy, 10-yr BTP: -3 bps to 2.23%
  • Portugal, 10-yr PGB: -3 bps to 3.81%
  • Spain, 10-yr ODE: -2 bps to 1.71%
  • U.K., 10-yr gilt: +2 bps to 1.20%

• Williams Capital — Williams views the transaction as positive, given the attractive valuation, overfunding, & when the intrinsic benefits of acquiring additional working interest in acreage already owned & operated are taken into consideration. With the recently improved liquidity position & support from Ares (ARES), Williams states they believe the co will continue to pursue M&A opportunities. Lastly, Williams expressed they remain on the sidelines for a better entry, given the uncertainty surrounding oil prices & the macro backdrop; reaffirms Hold.

— Shares of GST +4% pre-market.

• Diebold Nixdorf (DBD) has formed a strategic partnership with Swedish software company Datema Retail for mobile self-scanning solutions as part of its strategy to drive connected commerce in the retail market. With the mobile self-scanning solutions of Datema Retail, Diebold Nixdorf is adding a key component to its TPiSHOP self-scanning software solution that enables an enhanced personalized shopping experience. The mobile self-scanning software can be easily integrated into the point-of-sale (POS) and back-end components of Diebold Nixdorf's TP Application Suite as well as into retailers' customer loyalty programs running on Diebold Nixdorf's software platform.
• Lumber Liquidators (LL) has debuted their new Click Ceramic Plank, an industry exclusive to Lumber Liquidators, as the next big element of its Spring Flooring Season.

The operation manufactures certain Bayliner and Sea Ray boat models for the South American market. Moving forward, this demand will be fulfilled through Brunswick's remaining global boat manufacturing footprint.

• The Company said the resulting restructuring charges are estimated to be in the range of $10 million to $12 million pretax, substantially all of which will be recorded in the first quarter of 2017. Further, these actions are projected to have a modestly positive impact on earnings and a minimal impact on free cash flow, with the majority of the earnings benefit occurring in 2018.
• The Company further stated that this decision has no impact on its strategy or plans for Brunswick's Mercury Marine engine business or its Life Fitness business in the region. Though the region's economy continues to be challenging, its effects have been more pronounced on the boat business.

Gapping up
In reaction to strong earnings/guidance:

• TAT +9.6%, CGIX +8.6%, CMC +8.3%, PVH +7.3%, FIVE +6.7%, MLHR +5.6% APOP +4.4%, PIRS +2%, CUR +1.9%, CEO +1.4%, NEOT +1.4%

M&A news:

• ZNH +1.1% (issues statement, says it requested the halt pending the release of an announcement in relation to the possible major strategic cooperation which is the inside information of the Company)

Other news:

• HTGM +56.5% (obtains CE marking in the European Union for its HTG EdgeSeq ALKPlus Assay EU)
• DRWI +29.3% (announced the selection of the Harmony Enhanced MC backhaul solution by Corridor Communication )
• SSH +20.6% (highlights 'progress in successfully executing its Aquadex growth strategy')
• BEBE +7.5% ( says exploring strategic alternatives)
• DHT +6% (acquires 11 VLCCs from BW Group for $538 mln; will issue $256 million of DHT capital stock)
• INSY +5.8% (DEA has issued an interim final rule that would result in Syndros being placed in Schedule II of the Controlled Substances Act; anticipates finalizing the labeling and subsequent launch of Syndros in the second half of 2017)
• EGLT +5.6% (announces the issuance of new U.S. and international patents for its proprietary Guardian Technology)
• PRKR +4.8% ( seeing continued strength in afterhours — confirms will report financial results on Thursday, March 30, 2017 with call at 4:30 p.m. Eastern time)
• PENN +4.4% (will replace Cynosure in the S&P SmallCap 600)
• LJPC +1.9% (prices an underwritten public offering of approx 3.7 mln shares of common stock at $33.50/share for gross proceeds of $125 mln)
• CPB +1% (announces $1.5 bln share repurchase program)

Analyst comments:

• FEYE +8.4% (upgraded to Buy from Sell at Goldman)
• SVU +6.9% (upgraded to Outperform at RBC Capital Mkts)
• RACE +2.3% (upgraded to Buy from Neutral at Citigroup)
• CHK +2% (initiated with Buy at Stifel )
• KR +1.7% (upgraded to Outperform at RBC Capital Mkts)
• BABA +0.9% (initiated with Overweight ratings at Pacific Crest)
• JD +0.9% (initiated with Overweight ratings at Pacific Crest)

Filings:

• Ascendis Pharma (ASND) files for $400 mln offering of its ordinary ADS shares
• Enphase Energy (ENPH) files for approx 12 mln share common stock offering by selling shareholders
• Telecom Argentina (TEO) files for offering of common shares in the form of ADS by holders with proposed maximum aggregate offering price of approx $260.9 mln

Offerings:

• Bellicum Pharma (BLCM) commences an underwritten public offering of 5,000,000 shares of its common stock
• Cherry Hill Mortgage (CHMI) commences 4.5 mln common stock offering
• Frank's International (FI) receives notification that entities controlled by certain members of the Mosing family and related family members have sold approximately 5.6 mln shares of common stock to Morgan Stanley
• Immune Pharma (IMNP) enters into a Common Stock Purchase Agreement with HLHW IV, LLC, which provides that the Company has the right to sell to Buyer up to $1.6 mln in shares of common stock
• Orion Engineered Carbons (OEC) announces that Kinove Luxembourg Holdings and certain other sellers intend to offer an aggregate of 5 mln common shares in an underwritten public offering

Pricings:

• American Homes 4 Rent (AMH 23.23) prices offering of 11 mln shares of common stock for gross proceeds of $251 mln
• Heat Biologics (HTBX 1.03) prices an underwritten public offering of 5,000,000 shares of its common stock at $0.80/share
• Keysight (KEYS 36.17) prices offering of 11,428,571 common shares at $35.00 per share
• La Jolla Pharm (LJPC 34.11) prices an underwritten public offering of approx 3.7 mln shares of common stock at $33.50/share
• LSC Communications (LKSD 20.82) prices secondary offering by selling shareholder R. R. Donnelley & Sons (RRD) of 6,242,802 shares of common stock at $20.25 per share
• Merit Medical (MMSI 29.60) prices offering of 4.5 mln shares of common stock at $28.25 per share
• QuickLogic (QUIK 1.80) prices 10 mln common stock offering at $1.50/share
• Tandem Diabetes Care (TNDM 1.55) prices offering of 18 mln shares at $1.25/share
• Valeritas (VLRX 10.52) prices underwritten public offering of 5.25 mln shares of its common stock at $10.00/share

Gapping up
In reaction to strong earnings/guidance:

• TAT +9.6%, CGIX +8.6%, CMC +8.3%, PVH +7.3%, FIVE +6.7%, MLHR +5.6% APOP +4.4%, PIRS +2%, CUR +1.9%, CEO +1.4%, NEOT +1.4%

M&A news:

• ZNH +1.1% (issues statement, says it requested the halt pending the release of an announcement in relation to the possible major strategic cooperation which is the inside information of the Company)

Other news:

• HTGM +56.5% (obtains CE marking in the European Union for its HTG EdgeSeq ALKPlus Assay EU)
• DRWI +29.3% (announced the selection of the Harmony Enhanced MC backhaul solution by Corridor Communication )
• SSH +20.6% (highlights 'progress in successfully executing its Aquadex growth strategy')
• BEBE +7.5% ( says exploring strategic alternatives)
• DHT +6% (acquires 11 VLCCs from BW Group for $538 mln; will issue $256 million of DHT capital stock)
• INSY +5.8% (DEA has issued an interim final rule that would result in Syndros being placed in Schedule II of the Controlled Substances Act; anticipates finalizing the labeling and subsequent launch of Syndros in the second half of 2017)
• EGLT +5.6% (announces the issuance of new U.S. and international patents for its proprietary Guardian Technology)
• PRKR +4.8% ( seeing continued strength in afterhours — confirms will report financial results on Thursday, March 30, 2017 with call at 4:30 p.m. Eastern time)
• PENN +4.4% (will replace Cynosure in the S&P SmallCap 600)
• LJPC +1.9% (prices an underwritten public offering of approx 3.7 mln shares of common stock at $33.50/share for gross proceeds of $125 mln)
• CPB +1% (announces $1.5 bln share repurchase program)

Analyst comments:

• FEYE +8.4% (upgraded to Buy from Sell at Goldman)
• SVU +6.9% (upgraded to Outperform at RBC Capital Mkts)
• RACE +2.3% (upgraded to Buy from Neutral at Citigroup)
• CHK +2% (initiated with Buy at Stifel )
• KR +1.7% (upgraded to Outperform at RBC Capital Mkts)
• BABA +0.9% (initiated with Overweight ratings at Pacific Crest)
• JD +0.9% (initiated with Overweight ratings at Pacific Crest)

Gapping down
In reaction to disappointing earnings/guidance:

• CHL -2.7%, ACN -2.6%, KDMN -2.4%, CAG -1.9%, ASND -1.5%, BGNE -0.6%, EHIC -0.5%

Other news:

• TNDM -22.6% (prices offering of 18 mln shares at $1.25/share)
• HTBX -20.4% (prices underwritten public offering of 5 mln shares of its common stock at $0.80/share)
• QUIK -12.2% (prices 10 mln common stock offering at $1.50/share)
• OEC -8.3% (announces that Kinove Luxembourg Holdings and certain other sellers intend to offer an aggregate of 5 mln common shares in an underwritten public offering)
• RARE -6.9% (announces topline data from the Phase 2 study of UX007 in glucose transporter type-1 deficiency syndrome patients with seizures; study did not meet the primary endpoint)
• VNCE -5.3% (following late move higher)
• BLCM -4.3% (commences an underwritten public offering of 5,000,000 shares of its common stock)
• SHLD -3.9% (continued weakness)
• CHMI -3.8% (commences 4.5 mln common stock offering)
• ENPH -3.2% (files for approx 12 mln share common stock offering by selling shareholder)
• MMSI -3% (prices offering of 4.5 mln shares of common stock at $28.25 per share)
• KEYS -1.6% (offering of 11,428,571 common shares at $35.00 per share)
• MYL -0.9% ( indicated lower in after hours on EpiPen recall news)

Analyst comments:

• WLL -1.7% (downgraded to Sell from Neutral at UBS)
• GPOR -1.6% (downgraded to Neutral from Buy at Goldman)
• DG -1.2% (downgraded to Underperform from Neutral at Credit Suisse)
• NSC -1.1% (downgraded to Underperform at RBC Capital Mkts)
• MO -1.1% (downgraded to Underperform at RBC Capital Mkts)
• PEGI -1% (downgraded to Neutral from Outperform at Macquarie)

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

Equity indices in the Asia-Pacific region ended Thursday on a higher note, advancing modestly after Wednesday's slump. The Reserve Bank of New Zealand made no changes to its policy, keeping its key rate at 1.75%, as expected. The central bank's policy statement did show increased concern over housing inflation.

• Economic data was limited:
  • Singapore's February CPI +0.7% year-over-year, as expected (last 0.6%)

---Equity Markets---

• Japan's Nikkei added 0.2%. Toshiba remained volatile, jumping 6.8% to lead the way higher. SUMCO, Sumitomo Realty & Development, Mitsui Fudosan, T&D Holdings, Familymart, Fast Retailing, and Olympus gained between 1.1% and 3.4%.
• Hong Kong's Hang Seng settled just above its flat line. Apple supplier AAC Technologies surged 10.1% after reporting strong results. Property names also outperformed with Cheung Kong Property Holdings, Henderson Land, China Resources Land, Sino Land, and New World Development rising between 1.1% and 1.8%.
• China's Shanghai Composite added 0.1%. Xinjiang Youhao Group, Qinhai Huading Industrial, Anhui Wanjiang Logistics, Lawton Development, and Taiyuan Chemical Industry climbed between 4.2% and 4.8%.
• India's Sensex climbed 0.6% amid broad strength. Tata Motors, GAIL, NTPC, Wipro, and Infosys posted gains between 1.3% and 2.6%. Financials like SBI, ICICI Bank, and AXIS Bank rose between 0.3% and 0.7% while HDFC Bank settled just below its flat line.

Major European indices trade mostly in the green with Italy's MIB (+0.5%) showing relative strength. British Prime Minister Theresa May said her country «will never waver in the face of terrorism» following yesterday's Westminster attack that left four dead and resulted in more than 40 injuries. Staying in the UK, today's economic data showed better than expected retail sales, giving a modest boost to the pound, which is up 0.1% against the dollar at 1.2500.

• In economic data:
  • Germany's April GfK Consumer Climate 9.8 (expected 10.0; last 10.0)
  • UK's February Retail Sales +1.4% month-over-month (expected 0.4%; last -0.5%); +3.7% year-over-year (consensus 2.6%; last 1.0%). February Core Retail Sales +1.3% month-over-month (expected 0.4%; last -0.3%); +4.1% year-over-year (consensus 3.1%; last 2.1%). March CBI Distributive Trades Survey held at 9 (expected 5)
  • France's March Business Survey 104 (expected 107; previous 107)

---Equity Markets---

• UK's FTSE trades lower by 0.1%. Consumer stocks are mixed with Next jumping 8.1% after reporting strong results. Marks & Spencer, Dixons Carphone, Persimmon, and Tesco are up between 1.2% and 4.1%. On the downside, Hikma Pharmaceuticals is down 2.3% while Kingfisher, Unilever, Sainsbury, British American Tobacco, and Diageo show losses between 0.6% and 1.3%.
• France's CAC has added 0.2%. Financials lead with Societe Generale, BNP Paribas, and Credit Agricole are up between 1.3% and 1.6%. On the downside, consumer names like Danone, L'Oreal, and Pernod Ricard show losses between 0.6% and 2.4%.
• Germany'sDAX trades up 0.4%. Lufthansa leads with a gain of 2.7% while heavyweights like Daimler, Bayer, Siemens, and BASF have added between 0.4% and 1.1%. Deutsche Bank is down 0.5%.
• Italy's MIB is higher by 0.5%. Ferrari outperforms with a gain of 2.3% while financials like Intesa Sanpaolo, Banca Pop Emilia Romagna, UBI Banca, Banco Bpm, FinecoBank, UniCredit, and Banca Mediolanum are up between 0.4% and 2.1%.