NYSE Analytics 06/20

Spyder ETF drops before NYSE opening bell. 

SPY (intraday chart) uptrend on premarket. Support 195.50, resistance 196.00.

Premarket

Gapping up/down: KMX +14% and JRJC +10% on earnings; SHPG +14% after rejecting ABBV takeover bid, FDO +2% after Icahn letter; SWHC -10% and ORCL -6% after earnings, OC -7% after lowered guidance, COH -1% after multiple dg’s.

Gapping up
In reaction to strong earnings/guidanceKMX +14.5%, JRJC +10%.

M&A newsSHPG +14.6% (confirms rejection of AbbVie (ABBV) proposal), APP +5.9% (Bloomberg discusses that APP may be a possible takeover target), ABBV +2.4% (confirms merger proposal for Shire (SHPG), later rejected b SHPG), S +1.4% (nearing $40 bln financing for TMUS deal, according to reports),TMUS +0.8% (Sprint (S) nearing $40 bln financing for TMUS deal, according to reports).

Other newsDEJ +20% (to own 99% of Woodrush Production; co announced that, subject to final approval from the TSX, it will acquire a further 24% Working Interest in its legacy Woodrush oil and gas production project), COCO +17.9% (rebounding modestly from yesterday’s 66% decline), LOGI +2.4% (still checking),FDO +2.1% (Carl Icahn sends letter to FDO urging co be put up for sale immediately), CBST +2.1% (announced acceptance of Ceftolozane/Tazobactam New Drug Application with priority review), DEO +0.8% (plans to increase stake in United Spirits to 55%, according to reports).

Analyst commentsAN +4.4% (upgraded to Buy from Neutral at Goldman), ENTG +2.2% (target raised to $15 at Stifel), BBRY +1% (target raised to $12 at RBC Capital Mkts)

Gapping down
In reaction to disappointing earnings/guidanceSWHC -9.8%, OC -6.8%, ORCL -6.4%, AKS -5.9%,DRI -4.1%, TIBX -1.5%.

M&A newsTRGP -10.4% (TRGP and NGLS announced discussions regarding a potential business combination with Energy Transfer Equity (ETE) have been terminated), NGLS -10.2%.

Select metals/mining stocks trading lowerGG -1.1%, AG -1%, GOLD -0.9%, ABX -0.8%, GDX-0.7%, MT -0.7%, NEM -0.6%, BHP -0.6%, GLD -0.5%.

Other newsMACK -10.8% (co to regain worldwide rights to develop and commercialize MM-121; co to pursue registration path for MM-121 and partnership opportunities), CLRX -9.7% (prices of an underwritten public offering of 913,500 shares of its common stock), RIBT -6.3% (announced proposed public offering of common stock and warrants, size not disclosed), EMES -5.6% (announced secondary public offering of ~3.52 mln common units by selling unitholders), EXL -5.2% (announced public fllow-on offering of 10.0 mln shares of common stock; Barclays Capital Inc. and Raymond James & Associates, Inc. will act as joint book-running managers), KND -3.7% (priced 9 mln share offering of common stock at $23.75 per share), RGR -3.7% (in sympathy with SWHC), MCP -3.1% (Moody’s downgraded co’s corporate family rating to Caa2 from Caa1, affirmed B3 rating on senior secured notes), DB -2.8% (proposing issuance of 299.8 mln of new registered no par value shares), BECN -2.3% (in sympathy with OC’s lowered guidance), EVDY -1.7% (WBMD commences litigation against co for trademark infringement, believes that the WBMD claims do not have merit),KORS -1.5% (potentially in sympathy with COH’s downgrades), ING -1.3% (potentially in sympathy with DB), HW -0.9% (in sympathy with OC’s lowered guidance).

Analyst commentsSAH -1.7% (downgraded to Sell from Neutral at Goldman), PETM -1.4% (downgraded to Neutral from Outperform at Wedbush), COH -1.1% (downgraded to Mkt Perform from Outperform at BMO Capital Mkts; downgraded to Neutral from Overweight at HSBC)

 

Trading Ideas NYSE & NASDAQ:

  • SWHC – long above 15.50
  • NGLS – long above 72.00
  • OC – long above 39.00