Блог компании DayTraderClub | Америка сегодня. Деловая активность. Доходы, расходы и доверие потребителей.

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• 31 марта 2017, 15:12

• 31 марта 2017, 15:12

• 31 марта 2017, 15:12

• 31 марта 2017, 15:12

Downgrades:

• Verint Systems (VRNT 44.05) downgraded to In-line from Outperform at Imperial Capital; tgt raised to $45 from $43. Firm notes that despite their decision to raise their price target by 5% to $45 from $43, based on 13x their FY18 EBTIDA estimate, they see the potential for material share price appreciation over the next year to be limited. Nonetheless, they remain constructive on the company and its long-term prospects.

• Dermira (DERM 35.11) initiated with a Buy at Mizuho; tgt $42. Firm notes that although the co is not yet profitable, Dermira has developed several innovative late-stage products that they believe would be attractive to potential buyers. They think that 2017 represents a slow year with respect to potential data catalysts (no data disclosures or FDA approval dates). However, Dermira intends to remain visible at a number of 2017 dermatology conferences ahead of its expected 2018 launches and may also get a boost from other M&A in the sector.
• Alaska Air (ALK 93.66) target lowered to $98 from $101 at Imperial Capital. Firm notes they are maintaining their FY17 estimate, while lowering their FY18 estimate to $8.05 from $8.50. Their new FY18 estimate assumes RASM increases 0.5% versus 1% previously, and CASM ex-fuel increases 1.5% versus 0.5% previously, including their estimated $20mn impact from wage increases for Virgin's employees following ratification of single labor agreements. They now estimate total realized merger synergies of $45 mln in FY18 versus $146 mln previously

• 31 марта 2017, 15:12

• «Over the past few months we have made every effort to collaboratively discuss our proposals for the Company and offer suggestions about how we believe the Company can correct course and begin generating shareholder value. We believe it is unfortunate that the Company has refused to engage in any further dialogue with Horton and that the Board and management are so entrenched they are unwilling to engage constructively with one of the Company's largest independent shareholders. Rather, it seems that CPS is prepared to spend a significant amount of the shareholders' money (our estimates for your legal and proxy solicitation bills are hundreds of thousands of dollars) fighting what, we believe, are more than reasonable requests given the Company's historical performance. We, nonetheless, were pleased to hear that our prior communications may have accelerated an internal process at the Company to evaluate the composition, performance and needs of the Board of Directors to determine whether the addition, and/or replacement, of Directors is necessary.»

• 31 марта 2017, 15:13

• 31 марта 2017, 15:13

• 31 марта 2017, 15:13

On Mar. 31, 2017, the Consortium Members submitted a non-binding proposal to the Company's board of directors. In the Proposal, the Consortium Members proposed to acquire all of the outstanding Ordinary Shares that are not already owned by the Consortium Members for US$ 2.15 in cash per Ordinary Share. The Consortium Members also stated in the Proposal that they are interested only in the Proposed Transaction, and that they do not intend to sell their shares in any other transaction involving the Company. The Consortium Members intended to finance the transactions contemplated under the Proposal through equity capital.

• The Consortium Members indicated in the Proposal that they are prepared to negotiate and finalize the terms of the Proposed Transaction in definitive transaction documents, which will provide for covenants and conditions typical and appropriate for transactions of this type. The Proposal also provided that no binding obligation on the part of the Company or the Consortium Members shall arise with respect to the Proposed Transaction unless and until definitive agreements have been executed.

• 31 марта 2017, 15:13

• 31 марта 2017, 15:13

• 31 марта 2017, 15:13

• The global equity markets echoed the tone of trading during Friday night's session similar to that Thursday's trade, with Asian indices getting off to a shaky start then grinding to a slower pace during the European hours. As such, Japan and Hong Kong closed out the day with 0.8% losses, while China was among the bright spots in Asia with a 0.4% gain. European majors are lower, but the CAC and FTSE are little changed. S&P Futures have seen a heavy looking order flow throughout the night, leading to a decline of about 6 points and trading close to session lows.
• In Asia, a couple economic releases highlighted the evening. The first of those was the March China Manufacturing PMI data that beat expectations at 51.8 (vs 51.7e). The robust survey helped to boost sentiment in Mainland equities, leading to a gain of 0.4% in the Shanghai. In Japan, the Nikkei mimicked yesterday's loss and closed out the day down 0.8%. The Nikkei had been trading modestly higher for majority of the session, but took a turn for the worst after the release of the February CPI reading. The headline figure came in a tick above expectations at +0.3% (while excluding fresh food and energy was in-line at +0.1%). The yen saw a wave of buyers stepping in following the release, which in turn took its toll on stocks. The sellers dominated the action from that point on and Nikkei finished the day at session lows.
• European bourses have been fairly quiet. The DAX is down 0.2% after a mixed bag of economic releases out of Germany. The Feb Retail Sales' figure saw a YoY decline of 2.1%, a wide miss compared to the expected increase of 0.4%. On a more encouraging note, the nation saw a larger than expected decline in the change of Unemployed workers for March, dropping by 30K (vs -10K expected). This led to a slight beat in the Unemployment rate, which came in at 5.8%, better than the 5.9% consensus.

• S&P Futures vs Fair Value: -7.00
• 10 yr Note: 2.4126%
• USD/JPY: 111.83 -0.09
• EUR/USD: 1.0679 +0.0005
• Europe: FTSE -0.4% DAX -0.2% CAC -0.2%
• Asia: Hang Seng -0.8% Shanghai +0.4% Nikkei -0.8%
• Commodities: Gold (1241.70 -12.00) Silver (18.10 -0.11) crude (50.04 -0.31)

US Econ Data

• Feb Personal Income/Personal Spending; PCE Price Index (8:30am)
• Mar Chicago PMI (9:45 am)
• U of M Consumer Sentiment — Final (10am)

• 31 марта 2017, 15:13

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• 31 марта 2017, 15:18

• 31 марта 2017, 15:18

Equity indices in the Asia-Pacific region ended the week on a mixed note, even though PMI readings from China improved from last month's levels. The People's Bank of China remained on the sidelines, and has now skipped liquidity injections for a full week. Investors received the latest set of inflation data from Japan, but Tokyo CPI, which leads national CPI by a month, missed expectations yet again.

• In economic data:
  • China's March Manufacturing PMI 51.8 (expected 51.6; last 51.6) and March Non-Manufacturing PMI 55.1 (last 54.2)
  • Japan's March Tokyo CPI -0.4% year-over-year (consensus -0.2%; last -0.3%) and Tokyo Core CPI -0.4% year-over-year (expected -0.2%; last -0.3%). February National CPI +0.3% year-over-year, as expected (last 0.4%) and National Core CPI +0.2% year-over-year, as expected (last 0.1%). February Household Spending +2.5% month-over-month (expected 0.4%; last 0.5%); -3.8% year-over-year (consensus -1.7%; previous -1.2%). February Unemployment Rate 2.8% (expected 3.0%; last 3.0%) and February Industrial Production +2.0% year-over-year (consensus 1.2%; prior -0.4%). February Construction Orders +5.7% year-over-year (last 1.1%) and February Housing Starts -2.6% year-over-year (consensus -1.1%; last 12.8%)
  • Australia's February Private Sector Credit +0.3% month-over-month (expected 0.5%; last 0.2%) and February Housing Credit +0.6% (last 0.5%)
  • New Zealand's March ANZ Business Confidence 11.3 (last 16.6)
  • South Korea's February Industrial Production +6.6% year-over-year (consensus 6.7%; last 1.4%)
  • Japan's Nikkei lost 0.8%, falling 1.8% for the week. Okuma, Nippon Meat Packers, Kansai Electric Power, Isuzu Motors, Hino Motors, SUMCO, DeNA, TOTO, Alps Electric, Fanuc, and Komatsu lost between 1.5% and 3.1%. On the upside, Toshiba jumped 6.1%.
  • HongKong's Hang Seng ended lower by 0.8%, widening its weekly decline to 1.0%. Property names and financials struggled with Hang Lung Properties, Sino Land, BoC Hong Kong, China Construction Bank, Ping An Insurance, Bank of China, ICBC, SHK Properties, and Henderson Land surrendering between 0.5% and 2.6%. Kunlun Energy outperformed, jumping 2.9%.
  • China's Shanghai Composite rose 0.4%, narrowing its weekly loss to 1.4%. CSCC Offshore & Marine Engineering, Shandong Bohui Paper, Nuode Investment, Huayu Automotive Systems, and Guangdong Boxin Investing & Holdings climbed between 4.8% and 6.2%.
  • India's Sensex shed 0.1%, ending the week lower by 0.1%. Financials underperformed with AXIS Bank, ICICI Bank, and HDFC Bank falling between 1.5% and 1.7%. Tech consultants Tata Consultancy and Infosys posted respective losses of 0.9% and 0.4% while Wipro settled flat. Reliance Industries was the top performer, jumping 3.9%.
  • USDJPY -0.1% to 111.85
  • USDCNY UNCH at 6.8900
  • USDINR +0.2% to 64.941
  • 31 марта 2017, 15:18
  • 31 марта 2017, 15:18
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  • 31 марта 2017, 15:18
  Condor Hospitality Trust initiated with a Buy at DA Davidson; tgt $12 (10.39)
  • 31 марта 2017, 15:19
  • 31 марта 2017, 15:19
  • 31 марта 2017, 15:19
  Great Plains Engy initiated with an Outperform, PNM Resources (PNM) initiated with an In Line at Evercore ISI (28.93)
  • 31 марта 2017, 15:19
  Johnson Controls initiated with a Buy at HSBC Securities; tgt $50 (42.14)
  • 31 марта 2017, 15:19
  Lear initiated with a Buy at Berenberg; tgt $175 (141.35)
  • 31 марта 2017, 15:19
  MacroGenics initiated with a Outperform at Raymond James; tgt $26 (17.61)
  • 31 марта 2017, 15:19
  Penn Virginia resumed with a Hold at Canaccord Genuity (44.44)
  • 31 марта 2017, 15:19
  Towne Bank initiated with a Neutral at Piper Jaffray; tgt $31 (32.95)
  • 31 марта 2017, 15:19
  Viper Energy Partners initiated with a Buy at Citigroup; tgt $20 (17.63)
  • 31 марта 2017, 15:19
  • 31 марта 2017, 15:20
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  • 31 марта 2017, 15:20
  Arconic initiated with a Neutral at Longbow (26.56)
  • 31 марта 2017, 15:20
  Tableau Software resumes hiring, FY17 upside looks likely; reiterate Outperform and $60 PT — Wedbush (48.96)Wedbush: Guidance appears to leave plenty of room for FY17 revenue and EPS upside, even if the ratable mix skews up, by our analysis. A resumption in 1Q hiring and a more partner-friendly approach are encouraging, and our checks indicate Tableau continues to be differentiated against heightened competition. At DATA's current valuation (3.4x EV/FY17E revenue), they view risk/reward as skewed to the upside. They would buy shares below the $60 range.
  • 31 марта 2017, 15:20
  Exelixis initiation details — Buy at Needham; tgt $28 (21.20)Needham initiates EXEL with a Buy and price target of $28. Since 2010 Exelixis has focused internal resources on commercializing cabozantinib in oncology. With two approvals now under its belt, and firm believes several more to come, Exelixis looks poised to turn profitable. Shared profits from a second partnered asset, cobimetinib, should help accelerate the process. As profits grow, they expect co to invest to become a LT growth story in oncology through measured investment in R&D and the potential acquisition of leveragable assets. Despite strong performance in EXEL over the last 12 months, firm believes the growth story at Exelixis is just beginning.
  • 31 марта 2017, 15:20
  • 31 марта 2017, 15:21
  • RBC notes CFO Jim Benson noted EBITDA margins could remain in the high 30's for longer than the 1-2 years the company had previously indicated due to Akamai's investment initiatives. Long-term, the co expects to operate EBITDA margins in the 40-42% range. They don't believe these investments are due to sector or co maturity, or competitive pressures, but rather due to the co looking to pursue new growth opportunities. They are not changing their estimates, price target or Sector Perform rating. The after-hours price of $60.53, implies a 10x 2017 EBITDA multiple, versus a 3-year forward multiple range of 8x-14x. So valuation is becoming relatively more attractive.
  • Stifel lowers tgt to $62 from $65. Yesterday they attended Akamai's annual Investor Summit in Boston, where mgmt laid out its long-term strategic vision for the co and updated target financial model. Akamai reiterated its commitment to invest in long-term growth initiatives surrounding adjacent opportunities in the enterprise market, which it revealed is likely to constrict EBITDA / FCF margins for at least the next two years. This came as a negative surprise relative to prior expectations, and they are reducing estimates to reflect updated financial targets / timing; Hold.
  • DA Davidson believes the analyst day highlighted for investors Akamai's strong competitive position in the content delivery and security markets. With easier comparisons set to begin in Q1 2017 and new investments to support new revenue initiatives, they believe a faster revenue growth profile for the company will emerge. They reiterate their BUY recommendation.
  • AKAM fell % to its 200 day moving average this yesterday.
  • 31 марта 2017, 15:21

  Stocks with favorable mention: TSLA, AMZN, NFLX, LULU, COP, HON, CFR, NXPI, ORI, AMGN, TASR, AMD

  Stocks with unfavorable mention: PB, CRBP

  • 31 марта 2017, 15:21
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  • 31 марта 2017, 15:24

  Early premarket gappersGapping up: SORL +24.8%, BDSI +14.7%, AKTX +14.4%, QHC +10.5%, CBIO +8.2%, MGNX +7.9%, PSTI +5.8%, BBRY +5%, CNAT +4.6%, EGLE +2.9%, QTNT +2.1%, NVO +2.1%, GFI +1.7%, MARK +1.7%, AU +1.4%, NH +1.2%, WWAV +0.9%, EXEL +0.6%, PRKR +0.5%

  Gapping down: WYY -34.7%, AKER -18.8%, BLRX -18.3%, DRIO -16.7%, UNXL -14.4%, PTI -12.8%, APRI -10.7%, CTSO -8.3%, NOMD -3%, AEHR -2.2%, BHP -1.9%, BBL -1.9%, SBGL -1.9%, RIO -1.6%, OREX -1.3%, DB -1.2%, CS -1.2%, LYG -1.2%, OAS -1.2%, AG -1.1%, SAN -1.1%, BCS -1.1%, MS -1%, STO -0.9%

  • 31 марта 2017, 15:24
  CIBC upgraded to Neutral from Underperform at Credit Suisse (85.31)
  • 31 марта 2017, 15:24
  • 31 марта 2017, 15:25

  $18B) bid, on the higher end of expected $13-$18B bids for Toshiba's memory business. Nikkei Asian Review expects

  10 bidders, including WDC and SK Hynix for the asset. Silver Lake anticipates synergies with another one of their holdings, Dell Technologies (DVMT). The cos have not commented on the potential transaction. They think it's unlikely that AVGO intends to acquire a majority stake in NAND assets and start running fabs. The likely scenario they think is — AVGO is the minority bidder with Silver Lake to a) acquire small non-memory assets within the division (controllers, etc) and/or b) AVGO is doing a passive investment with Silver Lake being the primary bidder. They maintain their Top Pick and $240 tgt on AVGO with an assumption that their M&A process hasn't changed (i.e,. they are not planning to take a majority stake and start running NAND fabs).

  • 31 марта 2017, 15:25

  Major European indices trade in negative territory with the UK's FTSE (-0.5%) falling behind its peers. The weakness comes after British fourth quarter growth was revised down to its slowest pace since the start of 2013. Scottish First Minister Nicola Sturgeon sent a letter to the UK government, requesting a second independence referendum. Keep in mind that UK officials have already stated any potential referendum will have to wait until the Brexit process is completed. On that note, European Council President Donald Tusk is expected to issue Brexit negotiation guidelines today.

  • In economic data:
    • Eurozone March CPI +1.5% year-over-year (expected 1.8%; last 2.0%) and Core CPI +0.7% year-over-year (consensus 0.8%; previous 0.9%)
    • UK's Q4 GDP +0.7% quarter-over-quarter, as expected; +1.9% year-over-year (expected 2.0%; last 2.0%). Q4 Current Account deficit GBP12.10 billion (expected deficit of GBP16.00 billion; previous deficit of GBP25.70 billion. Q4 Business Investment -0.9% quarter-over-quarter (expected -1.0%; last 0.4%). Nationwide HPI -0.3% month-over-month (expected 0.4%; last 0.6%); +3.5% year-over-year (consensus 4.1%; last 4.5%)
    • Germany's March Unemployment Change -30,000 (expected -10,000; last -17,000) and March Unemployment Rate 5.8% (expected 5.9%; last 5.9%). February Retail Sales +1.8% month-over-month (expected 0.7%; last -1.0%); -2.1% year-over-year (consensus 0.3%; last 2.7%)
    • France's March CPI +0.6% month-over-month (expected 0.7%; last 0.1%) and February PPI -0.2% month-over-month (last 0.7%). February Consumer Spending -0.8% month-over-month (expected 0.1%; last 0.6%)
    • Italy's March CPI 0.0% month-over-month (expected 0.1%; last 0.4%); +1.4% year-over-year (expected 1.5%; last 1.6%)
    • Spain's February Retail Sales 0.0% year-over-year (last -0.1%)
    • Germany's DAX hovers just below its flat line. Heavyweights like Commerzbank, Siemens, BMW, Deutsche Bank, Daimler, and SAP are down between 0.2% and 2.0%. On the upside, utilities E.ON and RWE hold respective gains of 1.3% and 2.4% while drug makers Bayer and Merck are both up near 0.6%.
    • France's CAC has shed 0.2%. Automakers Peugeot and Renault show respective losses of 0.7% and 1.0%. Growth-sensitive names like Schneider Electric, ArcelorMittal, TechnipFMC, and Valeo are down between 0.7% and 1.0%. On the upside, Vivendi has jumped 3.4% amid reports that net subscription figures could be better than feared.
    • UK's FTSE has given up 0.5% amid weakness in companies exposed to South Africa after the firing of the country's finance minister. Anglo American, Fresnillo, BHP Billiton, Rio Tinto, and Randgold Resources have surrendered between 1.5% and 3.8%. Old Mutual has slumped 8.0%. On the upside, consumer names like Marks & Spencer, Next, Kingfisher, and Imperial Brands are up between 0.7% and 1.3%.
    • 31 марта 2017, 15:25
    • 31 марта 2017, 15:25
    QuintilesIMS initiated with a Outperform at Credit Suisse; tgt $89 (79.93)
    • 31 марта 2017, 15:25

    Treasuries Edge Higher Ahead of Personal Income/Spending

    • U.S Treasuries are tracking higher this morning ahead of this morning's release of the February Personal Income/Spending report. The trickle of international economic data from earlier in the week has turned into a flood. Eurozone core consumer price inflation has fallen to 0.7% y/y, its lowest level since last April. Germany's job market grew more than expected in March. The United Kingdom's economy grew by 0.7% q/q in Q4 of 2016, as expected. In Japan, household spending jumped in February and core consumer prices saw year-on-year growth for the second-straight month. The S&P 500 is set to open down 0.21% to 2,363.6 and the U.S. Dollar Index is adding 0.06% at 100.47. WTI crude is down 0.26% to $50.22/bbl. and gold is losing 0.25% to $1,241.9/troy oz.
    • Yield Check:
      • 2-yr: -1 bp to 1.28%
      • 5-yr: -1 bp to 1.96%
      • 10-yr: -1 bp to 2.41%
      • 30-yr: -1 bp to 3.03%
      • International News:
        • China's manufacturing purchasing managers' index unexpectedly rose to 51.8 for March from 51.6 in February
          • China's non-manufacturing PMI jumped to a two-year high of 55.1 from 54.2
          • The National Core CPI was up 0.2% y/y in February, matching estimates after 0.1% growth in January
          • Industrial production grew by 2.0% m/m in February after a 0.4% slide in January
          • Construction orders were up 5.7% y/y (1.1% in January)
          • The unemployment rate dipped to 2.8% from 3.0%
          • The jobs/applications ratio remained at 1.43, as expected
          • The core CPI was up 0.7% y/y in March after 0.9% growth in February. March's pace was a 10-month low
          • The unemployment rate fell to 5.8% from 5.9%
          • Separately, German retail sales rose 1.8% after a 1.0% drop in January
          • The French CPI increased 0.6% m/m in March, missing estimates after 0.1% growth in February
          • The French harmonized index of consumer prices rose 0.7% m/m in March (1.4% y/y) after 0.2% growth in February
          • The HICP was up 1.8% m/m in March (1.3% y/y) after 0.2% growth in February
          • Business investment fell 0.9% q/q in Q4 after 0.4% growth in Q3
          • The Nationwide House Price Index fell 0.3% m/m in March (+3.5% y/y) after a 0.6% jump in February
          • Data out Today:
            • February Personal Income and Spending (08:30 ET)
            • PCE Price Index and PCE Price Index — Core (08:30 ET)
            • March Chicago PMI (09:45 ET)
            • March Michigan Sentiment — Final (10:00 ET)
            • Minneapolis Fed President Kashkari (10:00 ET)
            • St. Louis Fed President Bullard (non-FOMC voter) (10:30 ET)
            • 31 марта 2017, 15:25

            Equity futures are under water this morning as investors prepare for a batch of influential economic data. The S&P 500 futures trade five points below fair value.

            Crude oil has ran into a bit of selling pressure in early action as traders engage in some profit-taking following the commodity's three-day rally. The energy component currently trades 0.3% lower at $50.18/bbl. Also of note, the weekly Baker Hughes rig count data will be released this afternoon at 13:00 ET.

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