NYSE Analytics 05/15
SPY drops before NYSE opening bell
support 188.50, resistance 189.00
In reaction to strong earnings/guidance: TNK +9.9% (ticking higher), VIPS +8%, CSCO +7.2%,TSEM +6.7%, SANW +6.6%, (light volume), OPWR +4.1%, (light volume), AGYS +3.4%, (light volume), CA +3.1%, AEG +1.4% (light volume), GOL +0.5% .
M&A news: GTIV +52.2% (Gentiva Health Svcs receives proposal to be acquired by Kindred Healthcare for a combination of $7.00 per share in cash and $7.00 of Kindred common stock ), DTV +0.5% (AT&T has hired Lazard to advise on DTV buyout, according to reports).
Tech/CSCO peers trading higher: SYMC +2.8% (ValueAct disclosed stake; also following CSCO results), JNPR +1.6%, FFIV +1.5%, CIEN +1.1%, VMW +0.8%, FTNT +0.8%,
Select financial related names showing strength: HSBC +1.9%, BCS +1.4%, IBN +0.8%…A few miners are trading higher: BBL +1.3%, RIO +1.1%, BHP +0.3%.
Biotech/drug names higher: CLVS +8.2% (confirmed clinical data to be presented at 2014 ASCO Annual Meeting; also mentioned by Adam Feuerstein — highlights lung cancer related names ), MNTA +4.7% (on TEVA Copaxone news), ISIS +4.5% (ISIS Pharm earns a $3.0 mln milestone payment from GlaxoSmithKline (GSK) related to the initiation of a natural history study), XNPT +3.7% (Xenoport and Reckitt Benckiser Pharmaceuticals Enter Into Global Licensing Agreement for Arbaclofen Placarbil), CLDX +1.7% (announces Varlilumab (CDX-1127) Phase 1 clinical data to be presented at ASCO Annual Meeting 2014), MYL +1.6% (comments on ruling against Teva in their suit against the FDA, which denied Teva’s motion to block FDA from approving generic versions of Copaxone and dismissed the case for lack of jurisdiction).
Select China internet names getting boost following VIPS results: WUBA +1%, YY +0.7%, QIHU+0.7%, SINA +0.5%, VNET +0.3%
Other news: NWBO +17.8% (announces first data from ongoing DCVAX-Direct trial; evidence indicates substantial tumor necrosis and initial tumor regression), DRL +10.9% (calls on the Puerto Rico government to honor its obligations), AMED +3.6% (following GTIV news), DQ +2.8% (modestly rebounding), WILN+2.2% (concludes strategic review, formulates growth plan; to increase dividend 25%), DNDN +1.9% (announces presentation of PROVENGE and DN24-02 immuno-oncology data at the 2014 ASCO annual meeting), RATE +1.6% (following CEO insider buy), JDSU +1.5% (following A results), DQ +1.4% (prices 2 mln ADSs at $29.00 per share ), WWE +1.3% (following late move higher on tv contract speculation), UL +0.9% (still checking), HFC +0.8% (announces increase in regular dividend by 6.6% to $0.32 per share and declares additional $0.50 special dividend), BDBD +0.8% (positive MadMoney mention), MUR +0.3% ( announces additional $125 mln share repurchase program; also may sell Malaysia oil and gas assets for $ 2 bln, according to reports ), EXPD +0.2% (ValueAct discloses updated portfolio positions in 13F filing).
Analyst comments: NMBL +7.8% (upgraded to Buy from Neutral at Goldman; tgt lowered to $34 from $46), PLUG +6% (upgraded to Outperform from Mkt Perform at Cowen; tgt lowered to $6 from $7.50),MILL +2.3% (assumed with a Buy (from hold) at Brean Capital), KMI +1.9% (added to Conviction Buy list at Goldman), TWTR +1.1% ( upgraded to Neutral from Underweight at Atlantic Equities), SRC +1% (upgraded to Buy from Neutral at Ladenburg Thalmann)
In reaction to disappointing earnings/guidance: VOXX -21.5% (also downgraded to Neutral from Buy at B. Riley & Co), RGSE -14.7%, XONE -13.4%, NTES -7.8%, WX -6.3%, PT -6.1%, SEAS -3.5%,KSS -3.4%, WMT -3.2%, DANG -2.9%, JACK -2.8%, A -1.5%, USU -1.1%, (USEC Inc. reports large Q1 net loss — Chapter 11 process continues; co anticipates emerging this summer).
M&A news: BSX -0.4% (announces definitive agreement to acquire interventional division of Bayer AG for $415 mln in cash), AAPL -0.2% (acquisition of Beats has been moved back by 7 days, according to reports).
Other news: LIQD -30.4% (thinly traded, still checking on catalyst), SRNE -17.9% (prices 4,765,000 shares of common stock at a public offering price of $5.25 per share), NBG -13.3% (still checking), INCY-8.8% ( following release of ASCO abstracts; Presents data from two trials involving ruxolitinib), AMRN-7.9% (announces private exchange transactions regarding outstanding Senior Exchangeable Notes), SIR-5.2% (announces proposed public offering of 8 mln common shares ), DCIX -5.1% (still checking), SIR-4.9% (prices 9 mln shares of common stock at $29.00 per share), DK -1.9% (prices 9.2 mln shares of its common stock offered by Delek Hungary y (the Selling Stockholder) at $30.00 per share), ALU -1.5% (still checking), DDD -0.9% and SSYS -0.5% (following XONE results), PCYC -0.6% ( highlights new data for IMBRUVICA (ibrutinib) in B-cell malignancies).
Analyst comments: MTGE -1.6% (downgraded to Mkt Perform from Mkt Outperform at JMP Securities),VOD -1.3% ( downgraded to Neutral from Buy at Goldman ), ITC -1.1% (ITC Holdings downgraded to Neutral from Overweight at JPMorgan), BMY -0.2% (downgraded to Mkt Perform from Outperform at BMO Capital Mkts ), O -0.1% ( downgraded to Neutral from Buy at Ladenburg Thalmann)
Trading Ideas NYSE & NASDAQ:
- SIR – short below 28.50
- BMY – short below 50.50, long above 51.00
- KNDI – short below 12.50
- GITV – short below 13.00