NYSE Analytics 05/19
SPY drops before NYSE opening bell.
Resistance 188.00, support 187.50
uptrend at premarket
In reaction to strong earnings/guidance: NNVC +8.4%, RYAAY +6.9%, AU +4.8%.
M&A news: VTUS +2.8% (to merge with Assembly Pharma in an all-stock transaction), PFE +1.5% (AZN rejects Pfizer’s (PFE) final proposal), DTV +0.1% (AT&T (T) to Acquire DIRECTV for $95 per share).
Select metals/mining stocks trading higher: HMY +2.5%, GFI +2.1%, ABX +1%, SLV +1%, GOLD+0.8%, GDX +0.8%, GLD +0.7%.
Other news: ITMN +5.5% (presents Phase 3 ASCEND study of Pirfenidone in idiopathic pulmonary fibrosis),QUIK +3.4% (seeing continued strength, after being +17.5% on Friday), WWE +3.4% (bouncing following Friday’s sell-off), STEM +2.9% (provides update on Its Phase I/II study in spinal cord injury; significant sensory gains observed in additional patients), SNMX +1.8% (announces two-year extension of sweet program collaboration with PepsiCo (PEP)), AVP +1.7% (positive Barron’s mention).
Analyst comments: EXXI +5.2% (upgraded to Strong Buy from Outperform at Raymond James), GOGO+3.8% (upgraded to Buy from Neutral at UBS), KEYW +1.9% (upgraded to Buy at Chardan Capital Markets),ETFC +1.5% (upgraded to Outperform from Mkt Perform at Raymond James), MU +1.3% (upgraded to Outperform from Sector Perform at RBC Capital Mkts), PRU +0.9% (added to Best Ideas list at Morgan Stanley)
In reaction to disappointing earnings/guidance: CPB -5.4%.
M&A news: AZN -9.3% (Co rejects Pfizer’s (PFE) final proposal), AMX -5.2% (AT&T (T) to divest interest in AMX to facility regulatory approval process in Lat Am), T -2.4% (AT&T (T) to Acquire DIRECTV for $95 per share), SHLD -2% (Sears Canada announced sale of its minority interest in Trois-Rivieres joint arrangement).
Select EU financial related names showing weakness: NBG -3%, DB -2.3% (raises capital and reaffirms Strategy 2015+), BCS -1.9%, RBS -1.3%, ING -1.1%, UBS -1.1%
Other news: MELI -2.6% (to report Venezuela results at SICAD II exchange rate; expects to incur a one-time re-measurement charge of $47-57 mln in Q2), GME -1.7% (unfavorable Mad Money mention), SNE -1.5% (Bloomberg real M&A column discusses possibility of SNE breakup).
Analyst comments: GNW -2.9% (downgraded to Underweight from Equal-Weight at Morgan Stanley), CSIQ-1.4% (target lowered to $46 from $52 at Northland Capital), ATK -1% (downgraded to Neutral from Buy at Goldman), MO -1% (downgraded to Market Perform from Outperform at Wells Fargo), KMB -0.9% (downgraded to Hold from Buy at Argus).
Trading Ideas NYSE & NASDAQ:
• AZN – long above 72.00
• CPB – long above 43.00
• ITMN – short below 36.00