NYSE Analytics: July 8, 2014

Spyder ETF drops before NYSE opening bell. 

SPY (intraday chart) downtrend on premarket. Support 197.20, resistance 197.50.

Premarket

Gapping up/down: MIC +6% and SHPG +1% following M&A related news, NURO +28% after FDA approval, TXMD +23% after initiation at FBR, GRPN +6% after upgrade; IPCI -10% after earnings/guidance, EU banks trading lower, Air carriers trading lower following Air France guidance.

Gapping up
In reaction to earnings/guidancePHG +3.6%, ASX +0.6%.

M&A newsMIC +6.1% (to acquire the 50% of International-Matex Tank Terminals it does not currently own.for $910.0 mln in cash and $115.0 mln in stock; co to raises Q2 dividend 1.3% to $0.95.), SHPG+0.8% (AbbVie (ABBV) raises bid for Shire; Fourth Proposal represents indicative value of GBP51.151 as of July 7, 2014), .

Select metals/mining stocks trading higher
MUX +2.5%, HMY +2.4%, AUY +1.9%, AU +1.8%,PAAS +1.3%, GDX +0.9%.

Other newsNURO +28.6% (FDA clears NURO wearable technology for OTC use in treatment of chronic pain), CERE +14.3% (licenses DNA browser software to Bayer (BAYRY) CropScience), APP +5.7% (Standard General disclosed 0.9% stake in 13D with letter agreement), DNDN +5.2% (extending late gains in premarket trade), BODY +3.9% (683 Capital Management disclosed 18.9% active stake in 13D filing),PHH +3.3% (completed divestiture of its Fleet Management Services Business; co intends to repurchase up to $450 mln in stock, redeem its 9.25% Sr. Notes due 2016; deploy up to $200 mln to re-engineer mortgage business; invest up to $150 mln in select growth initiatives), GTAT +3.3% (early strength following yesterday’s 12% selloff), FSC +2.3% (announces a 10% increase to its monthly dividend), KOOL +2.2% (provides regulatory update on its proposed U.S. Pivotal Critical Limb Ischemia Clinical Trial), TTM +2% (strong India mkts overnight), DRYS +1.6% (announces Ocean Rig UDW (ORIG) proposed offering by its wholly owned subsidiaries of $500.0 mln senior secured notes due 2022), LOV +1.5% (named Michael McConnell Chairman), CEL +1.4% (announces results of its debenture offering in Israel).

Analyst commentsTXMD +22.8% (initiated with a Outperform at FBR Capital), CGI +7% (upgraded to Buy from Hold at Stifel), GRPN +6.2% (upgraded to Buy from Neutral at B. Riley & Co), MRD +3.7% (initiated with an Overweight at Barclays, initiated with a Strong Buy at Raymond James, among others),ABY +3.7% (initiated with a Outperform at RBC Capital Mkts and Buy at Citigroup), GES +2.6% (upgraded to Overweight from Neutral at Piper Jaffray), ECYT +2.3% (assumed with a Buy at Brean Capital), SIMO +1.5% (target raised to $28 at Needham), XRX +0.9% (initiated with a Overweight at Morgan Stanley), WMB +0.7% (added to US Focus list at Credit Suisse), RIO +0.6% (upgraded to Overweight from Equal Weight at Barclays), VALE +0.4% (upgraded to Equal Weight from Underweight at Barclays)

Gapping down
In reaction to disappointing earnings/guidanceIPCI -10.3%, ACTS -5.5%, ACLS -3.1%.

Select financial related names showing weakness
NBG -3.5%, ING -2.4%, LYG -2.3%, UBS -1.5%,BCS -1.3%, DB -1.3%, SAN -0.9%, CS -0.9%, HSBC -0.9%, .

Select Airline related stocks trading lower following Air France lowered guidanceDAL -1.5%,JBLU -1.4%, LUV -1.1%.

Other newsZGNX -8.5% (following FDA granting priority review designation for Purdue Pharma’s once-daily hydrocodone Bitartrate Extended-Release tablets formulated with abuse-deterrent properties news),CAMT -6.2% (pulling back from yesterday’s advance), USU -5.5% (Court approves USEC disclosure statement; Chapter 11 process moves forward; Voting on Plan of Reorganization begins soon), SDRL -3.5% (launches $1 billion 2019 convertible bond concurrently with a voluntary incentive payment offer to convert the existing $650 million 3.375% convertible bond due 2017), BLUE -3% (commenced an underwritten public offering of $100 million of its common stock, PSTI -2.6% (initiates South Korean Arm of multinational Phase II Intermittent Claudication trial ), CGEN -2.3% (still checking), TAT -1.3% (co announced that net sales for the second quarter of 2014 are expected to be slightly lower than net production), TSLA -0.9% (target of trademark infringement case, according to reports out overnight).

Analyst commentsTFM -6.2% (downgraded to Sell from Neutral at Goldman), CSC -0.6% (initiated with a Underweight at Morgan Stanley).

 

Trading Ideas NYSE & NASDAQ:

  • GTAT – long above 17.20
  • MRD – long above 27.00
  • ABBV – short below premarket low