NYSE Analytics 05/30
SPY changes slightly before NYSE opening bell
Support 192.00, resistance 192.40
In reaction to strong earnings/guidance: BIG +10.2%, OVTI +9.3%, NMBL +4.2%, VEEV +3%,ANN +2.5%, AVGO +1.7%.
M&A news: COT +2.6% (announces U.K. Business Unit’s Acquisition of Aimia Foods), SNN +1.6% (cont M&A spec).
Other news: RTRX +24.1% (announced entry into a U.S. license agreement for Thola (tiopronin)), NBY+15% (continued strength on reports that co’s NeutraPhase product was used to treat necrotizing fasciitis),NLNK +11.7% (dorgenmeltucel-L HyperAcute immunotherapy for melanoma demonstrates clinical efficacy with tumor regression and immune activation), PLX +9.9% (announces ELELYSO (taliglucerase alfa) approved in Canada for the treatment of Gaucher disease in both adult and pediatric patients), OPTT+7.6% (still checking), RESN +7% (IPO opened yesterday; also SCON confirmed stake), DRWI +5.8% (continued strength, +12% on the week), MOBI +4.3% (announces change of fiscal year end and $20 mln share repurchase program), LNG +2.7% (Co and and Iberdrola sign 20-year LNG sale and purchase agreement), CRM +2.6% (announced global strategic partnership with Microsoft), MSG +2.6% (potentially related to sale of Clippers for $2 bln), GTE +2.2% (announced entry into an agreement to sell its Argentina business for ~$69 mln), PGNX +2.2% (PSMA ADC data selected for poster highlight presentation at ASCO), SPEX +1.4% (seeing modest rebound from yesterday’s sharp pullback), GTAT+1.3% (positive blog mention; also continued strength, +8% on the week), AVA +1.1% (announced its non-regulated subsidiary, Avista Capital, signed an agreement to sell Ecova, Inc. to Cofely USA Inc. for $335 mln in cash), MDW +1.1% (announced $25 mln bought deal offering of 30.121 mln common shares at $0.83 per share).
Analyst comments: ARRY +4% (initiated with a Buy at Cantor Fitzgerald), KEYW +1.3% (initiated with a Buy at Drexel Hamilton), AAPL +0.4% (target raised to $720 from $635 at Goldman)
In reaction to disappointing earnings/guidance: BLOX -32.3%, (Co’s CEO Robert Thomas to step down), BNNY -16.8%, EXPR -10.8%, PSUN -10.5%, SPLK -7%, LGF -6.9%, EXA -6.8%, GES-3.3%, FWM -2.9%, VMEM -2.6%, GHM -1.8%, ESL -1.2%.
Select metals/mining stocks trading lower, potentially related to Tier 1 downgrade of Russian steel stocks: CLF -3.4%, RIO -3.1%, BHP -2.2%, VALE -1.8%, MT -1.3%, X -0.8%, FCX -0.6%.
Other news: GLUU -7.4% (announced proposed public offering of common stock), CRDS -5.6% (filed for $25 mln mixed securities shelf offering; also files for ~2.98 mln share common stock offering by selling shareholders)
Analyst comments: EXAS -2.4% (downgraded to Neutral from Outperform at Wedbush on valuation), SDRL -1.9% (downgraded to Sell from Hold at Nordea), HHS -1.3% (downgraded to Perform from Outperform at BMO Capital Mkts ).
Trading Ideas NYSE & NASDAQ:
• BIG – short below 41.00, long above premarket high
• CRM – long above premarket high
• BNNY – long above 30.00
• SPLK – long above 47.00