NYSE Analytics 06/24

Spyder ETF drops before NYSE opening bell. 

SPY (intraday chart) uptrend on premarket. Support 195.20, resistance 196.00.

Premarket

Gapping up/down: SONC +2% and MU +1% after earnings, metals and miners trading higher; XGTI +80% after winning Army contract, VRTX +53% after releasing Phase 3 data; WAG -2% after earnings, PANW -2% following proposing offering, CTRP -5% after dg.

Gapping up
In reaction to strong earnings/guidanceSONC +2%, MU +1.1%.

M&A newsSTBZ +4% (State Bank Financial to acquire Georgia-Carolina Bancshares and its wholly-owned subsidiary in a cash and stock transaction with a purchase price of ~$82 million, or $22.35 per share).

Select metals/mining stocks trading higher:GFI +1.9%, MUX +1.8%, IAG +1%, AU +0.8%, EGO+0.7%, SLV +0.7%, MT +0.7%, AUY +0.6%, GG +0.5%.

Other newsXGTI +80% (awarded subcontractor position on $497 mln multiple-award contract for communications and networking services to U.S. Army), VRTX +53.6% (Two 24-week Phase 3 studies of Lumacaftor in combo with Ivacaftor met primary endpoint with statistically significant improvements in lung function), CRMD +24.8% (finalized pivotal Phase 3 study protocol for FDA), FRO +7.5% (cont strength),WIX +5.6% (surpasses 50 million users worldwide ), ZPIN +4.3% (Tiger Global Investments disclosed 18.6% passive stake in 13G filing), HCLP +2.1% (announced new long-term frac sand purchase agreement with Halliburton), TTM +2% (strong mkts in India overnight), CAW +1.2% (stated its policy is not to comment on unusual market activity), EXK +1.1% (drilling continues to intersect high grade silver-gold mineralization in La Luz-Asuncion Vein at Bolanitos Mine), IBN +1.1% (strong mkts in India overnight).

Analyst commentsCDE +1.5% (upgraded to Mkt Perform from Underperform at BMO Capital Mtkts),HTGC +1.4% (upgraded to Outperform from Market Perform at Wells Fargo), BBY +0.8% (initiated with a Overweight at Morgan Stanley), SBH +0.6% (initiated with a Overweight at Morgan Stanley), WEC +0.5% (upgraded to Outperform from Market Perform at Wells Fargo)

Gapping down
In reaction to disappointing earnings/guidanceGIGA -14.6%, WAG -2.3%.

M&A newsSYT -2.6% (pull back from yesterday’s strength, after reports of declining offer from Monsanto (MON)), SHPG -1.7% (to hire Goldman Sachs (GS) as adviser as Abbvie (ABBV) attempts to bid for company, according to reports).

Select EU financial related names showing weaknessLYG -1.2%, RBS -1.2%, ING -1.1%, UBS-0.8%, CS -0.8%.

Other newsOHRP -7.9% (announces interim top-line clinical results from Phase II Study of Squalamine eye drops in patients with Wet AMD), KNOP -7.2% (announced public offering of 4.6 mln common units; announced the entry into acquisition agreements for the purchase of the Hilda Knutsen and Torill Knutsen; management recommended $0.035 increase to quarterly cash distribution), LORL -5.7% (has rejected $80/share offer from Ontario Teachers Pension Plan & Telesat shareholder, according to reports), BRX -2.5% (announced secondary offering Of 25 mln shares of common stock by selling shareholder), PANW -2.1% (announced proposed $500 mln offering of convertible senior notes due 2019), MELI -1.6% (intends to offer $300 mln of convertible senior notes), FANG -1.5% (announced the launch of an underwritten public offering of 2,000,000 shares of its common stock by certain selling stockholders; the shares to be sold in the offering will be sold by certain entities controlled by Wexford Capital LP and by Gulfport Energy), VNCE -1.2% (announced launch of secondary public offering of ~3.55 mln shares of common stock by selling stockholders),DF -0.9% (reports that authorities have subpoenaed the company in insider trading investigation involving Carl Icahn), PRTA -0.9% (announced proposed offering of $100 mln of ordinary shares), RAD -0.8% (in sympathy with WAG).

Analyst commentsWWWW -6.1% (downgraded to Neutral from Buy at B. Riley), CTRP -5.2% (downgraded to Hold at Stifel), NNN -3.2% (downgraded to Neutral from Buy at BofA/Merrill), COG -1.3% (downgraded to Equal-Weight from Overweight at Morgan Stanley), PETM -1.2% (initiated with a Underweight at Morgan Stanley), HIMX -1% (target lowered to $5 at Chardan Capital Markets), TGT -0.7% (initiated with a Underweight at Morgan Stanley), NFX -0.6% (downgraded to Hold from Accumulate at KLR Group), BBBY -0.5% (initiated with a Underweight at Morgan Stanley)

 

Trading Ideas NYSE & NASDAQ:

  • CTRP  – short below premarket low
  • BIIB – long above premarket high
  • SYT – long above 78.00