NYSE Analytics 06/04
SPY drops before NYSE opening bell
Support 192.40, resistance 193.00
Downtrend at extended hours
In reaction to strong earnings/guidance: DRWI +23%, AMBA +3.4%, BF.B +2.3%.
M&A news: PL +18.2% (Dai-ichi Life to acquire Protective Life for $70 per share), LM +7% (Stifel (SF) announces agreement to acquire Legg Mason Investment Counsel; terms were undisclosed), THRD -HALTED – (acquired by National Penn (NPBC) for $42/share).
Other news: NSTG +15.4% (entered into biomarker companion diagnostic Collaboration with Celgene (CELG)), DXCM +5.3% (received FDA approval for its Dexcom G4 PLATINUM Professional CGM),NQ +4.8% (reports on the Special Committee’s Independent Investigation; the Investigation Team did not find evidence that the Company’s revenues were inconsistent with public disclosures), DVR +4.7% (announces sale of its US Gulf of Mexico surface diving fleet for $18.5 mln), PGRX +4.6% (disclosed that Karlsson will not extend date to prepay debt; co has no cash available and terminated all but CEO; exploring alternatives, which may result in a bankruptcy filing), VVTV +3.7% (Cannell Capital discloses 5.6% active stake in 13D filing),YNDX +3.7% (still checking),FSLR +2.5% (India dumping case deferred to July 7, according to reports),MNKD +2.4% (cont momentum), IDCC +2.4% (pushing Apple (AAPL) for patent agreement, according to reports).
Analyst comments: EXAS +2.9% (initiated with a Buy at Goldman), RXN +2.3% (upgraded to Overweight from Equal Weight at Barclays), XL +1.9% (upgraded to Overweight from Equal-Weight at Morgan Stanley),UA +1.6% (upgraded to Buy from Hold at Jefferies), GNC +1.5% (initiated with Buy at BofA), ANDE +0.8% (upgraded to Outperform from Neutral at Macquarie)
In reaction to disappointing earnings/guidance: TIBX -13.4%, FCEL -12.7%, ASNA -4.6%, AEGN-2.7%, ABM -1.5%, LDOS -1.3%, MFRM -1.1%.
Select solar stocks trading lower after Commerce Dept declared new duties on solar product imports:JKS -6.6%, YGE -6.4%, TSL -6.3%, CSIQ -5.5%, JASO -3.9%, SOL -2.2%.
Select oil/gas related names showing early weakness: STO -2.1%, SDRL -1.3%, RDS.A -1% (reports of explosions and fire at Dutch Shell plant), BP -0.9%, TOT -0.7%.
Other news: EONC -4.9% (co and Inventergy announce approval of merger and related transactions; expected to be consummated on June), PLUG -3.9% (in sympathy with FCEL earnings), BNNY -3.4% (discloses resignation of its independent registered public accounting firm, PwC), P -3.1% (DoJ reviewing ASCAP (American Society of Composers, Authors and Publishers) and BMI Consent Decrees, according to reports),SYNM -2.8% (announces voluntary delisting), SUNE -2.4% (announces proposed offering of $500 million aggregate principal amount of convertible senior notes due 2020), ALSN -1.6% (announced secondary offering of 35 mln shares of common stock be selling stockholders; Allison to repurchase 5 mln shares subject to completion of the offering), PNX -1.1% (revised timetable for delayed SEC filings; sets August 6, 2014 as the filing date for Form 10-K), SAP -1% (on TIBX guidance), CLDX -0.9% (negative mention on Mad Money).
Analyst comments: COH -1.9% (downgraded to Neutral from Buy at Sterne Agee), SSL -1.6% (downgraded to Sell from Neutral at Goldman), SUSP -1.5% (downgraded to Hold from Buy at The Benchmark Company), BCS -1% (downgraded to Neutral from Overweight at HSBC Securities ).
Trading Ideas NYSE & NASDAQ:
• SPWR – long above 33.50
• YNDX – long above premarket high
• FSLR – short below 64.00
• JKS – long above 25.50
• TIBX – long above 18.50