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Börsipäev 2. august

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  • Ühendriikide aktsiaturud alustasid augustikuud üsna hea hooga ning S&P 500 indeksil õnnestus päeva sees saavutad isegi uus rekord, kuid lõpuni ei suudetud tõusu siiski hoida ning punkt pandi -0,1% punases. Sarnaselt vahetas värvi Euroopas Stoxx 600 indeks, sulgudes -0,6% langusega.

    Energiasektor oli suurema löögi all toornafta (WTI) -3,7% languse tõttu (40,0 USD), kuna Saudi Araabia kärpis Aasias turuosa võitmise nimel nafta müügihinda, USAs kasvas aktiivsete naftapuurtornide arv viiendat nädalat järjest, samal ajal kui toornafta ja bensiini varud on hooajaliselt kõrgeimal tasemel vähemalt 20a jooksul. Kuna Ühendriikides lõppeb septembri alguses suvine autosõidu hooaeg ning rafineerijad hakkavad teostama hooajalisi hooldustöid, võib toornafta nõudluse vähenemine järgnevatel kuudel avaldada hindadele täiendavat survet.

    Eile avaldatud küsitlused viitasid globaalse töötleva tööstuse kiirenenud kasvule kolmanda kvartali alguses. JPMorgani ja Markiti koostatud aktiivsusindeks kerkis juunis 0,6 punkti 51,0 punktile, saavutades kõrgeima taseme alates eelmise aasta novembrist. Peamisteks veduriteks olid toodangu ja uute tellimuste paranenud kasv, mis annab lootust, et töötlev tööstus on pärast nõrgapoolset aasta esimest poolt leidnud tugevama jalgealuse.



    Austraalia keskpank otsustas langetada intressimäära ootuspäraselt 25 baaspunkti võrra 1,5% peale, kuna inflatsioon jääb alla keskpanga sihi ning tööjõu- ning muude kulude madala surve tõttu ei prognoosita lähiajal ka selle kiirenemist. Erisuunas liikunud Aasia aktsiaturgudest näitas suuremat miinust Jaapani Nikkei, mis alanes -1,3% võrra. Jaapani valitsus kavatseb täna avaldada 28 triljoni jeeni suuruse stiimulpaketi, kuid investorite ootused polnud väga kõrged, sest kõigest 7 triljonit jeeni sellest läheb väidetavalt tegelike kulutuste suurendamiseks. Ülejäänud pakett koosneb laenudest ning muudest finantseerimistest.

    Üsna märkimisväärse liikumise on viimastel päevadel läbi teinud Jaapani valitsuse võlakirjad ning nende tulusused, kui näiteks 10a võlakirja tulusus hüppas -0,29% pealt -0,05%le. Üheks põhjuseks loetakse keskpanga eelmise reede otsust mitte suurendada võlakirjade ostuprogrammi, mis võis omakorda vähendada investorite nõudlust tänasel oksjonil.

    Jaapani valitsuse 10a võlakirja tulusus (%)


    Majandusuudiste valik on täna mõnevõrra tagasihoidlikum ning peamise tähelepanu all võiks olla USA juunikuu isiklike kulutuste ja sissetulekute muutused ning inflatsioon. Föderaalreservi esindajatest võtab sõna Dallas FEDi president Robert Kaplan (pole FOMC hääletav liige), kes tõenäoliselt kordab eilset sõnumit, et intressimäära tõstmine septembri istungil pole välistatud isegi pärast eelmisel nädalal avaldatud oodatust nõrgemat teise kvartali SKPd.

    10.00 Hispaania töötute arvu muutus (juuli)
    12.00 Eurotsooni tootjahinnaindeks (juuni)
    13.15 FEDi Kaplan esineb kõnega
    15.00 Brasiilia tööstustoodang (juuni)
    15.30 USA isiklikud kulutused ja sissetulekud (juuni)
    15.30 USA inflatsioon (juuni)
    ??.?? USA automüük (juuli)
  • Jaapani valitsus on lisaeelarveid vastu võtnud iga aasta alates vähemalt 1993.a, kuid sellest hoolimata ei ole suudetud majandust ja inflatsiooni kiirema kasvuni juhtida Abe’s Fiscal Plan Follows a Long Road of Packages That Failed
  • Hispaania töötute arv kahanes juulis -84 tuhande võrra, rohkem kui oodatud -70 tuhat.
  • Prantsusmaa uute autode registreerimine kukkus juulis mullusega võrreldes -9,6%, kuid seda mõjutas müügipäevade arv, mida tänavu oli kahe võrra vähem. Saksamaal kahanesid uute autode registreerimised YoY -3,9%.
  • Procter & Gamble ületas majandusaasta viimase kvartali ootusi, kuid prognoosib uuel fiskaalaastal analüütikute ootustest madalamat kasumit

    Procter & Gamble reports Q4 (Jun) earnings of $0.79 per share, $0.05 better than the Capital IQ Consensus of $0.74; revenues fell 2.7% year/year to $16.1 bln vs the $15.83 bln Capital IQ Consensus.
    Co issues downside guidance for FY17, sees EPS of $3.67 vs. $3.97 Capital IQ Consensus Estimate. P&G said it is projecting organic sales growth of approximately 2% for fiscal 2017. The Company expects the combined headwinds of foreign exchange and minor brand divestitures to reduce sales growth by about one percentage point. As a result, P&G estimates all-in sales growth of about 1% for fiscal 2017.
  • USA isiklike sissetulekute kasv oodatust veidi nõrgem, kulutused kümnendiku võrra paremad. Alusinflatsioon püsis juulis ootuspäraselt 1,6% peal

    US Personal Income (MoM) Jun: 0.20% (est 0.30%; prev 0.20%)
    US Personal Spending (MoM) Jun: 0.40% (est 0.30%; prev 0.40%)

    PCE Core (YoY) Jun: 1.60% (est 1.60%; prev .60%)

  • UPGRADES:
    * American Eagle (AEO) raised to buy at BofAML
    * Bunge (BG) raised to buy at BofAML
    * FormFactor (FORM) upgraded to buy at Stifel
    * Pioneer Natural (PXD) upgraded to overweight at Barclays
    * Veeco Instruments (VECO) upgraded to buy at Deutsche

    DOWNGRADES:
    * Akorn (AKRX) downgraded to market perform at Raymond James
    * Eastman Chemical (EMN) downgraded to sector perform at RBC
    * Fleetmatics (FLTX) downgraded to neutral at Robert Baird
    * HudBay Minerals (HBM) cut to market perform at BMO
    * Imprivata (IMPR) cut to market perform at Wells Fargo
    * Keryx (KERX) downgraded to market perform at FBR
    * Cut to hold at Stifel
    * Kroger (KR) cut to market perform at BMO Capital Markets
    * Meritage Homes (MTH) downgraded to neutral at JPMorgan
    * Cut to hold at Deutsche
    * Portland General (POR) cut to neutral at BofAML
    * Regal Beloit (RBC) cut to market perform at BMO
    * Simon Property (SPG) downgraded to sector perform at RBC
    * SolarCity (SCTY) downgraded to neutral at Baird
    * Wendy’s (WEN) downgraded to sector perform at RBC

    INITIATIONS:
    * Agnico Eagle Mines (AEM) rated new sell at Citi
    * Barrick Gold (ABX) rated new buy at Citi
    * Charter Communications (CHTR) rated new buy at BofAML
    * Comtech Telecom (CMTL) rated new hold at Jefferies
    * Destination XL (DXLG) rated new buy at Wunderlich
    * Duluth Holdings (DLTH) rated new buy at Wunderlich
    * Goldcorp (GG) rated new neutral at Citi
    * Home Depot (HD) rated new buy at Stifel
    * Kinross Gold (KGC) rated new neutral at Citi
    * Lexicon Pharmaceuticals (LXRX) rated new buy at Citi
    * Lowe’s (LOW) rated new buy at Stifel
    * Newmont Mining (NEM) rated new buy at Citi
    * Service Corp International (SCI) initiated at market perform at Wells Fargo
    * Silver Standard Resources (SSRI) rated new neutral at Citi
    * Tailored Brands (TLRD) rated new buy at Wunderlich
  • Gapping up
    In reaction to strong earnings/guidance:
    HBP +19%, CGNX +14.7%, AMKR +14%, SODA +12.6%, NLS +11.7%, AVP +9.9%, CARB +9%, VECO +6.9%, MNK +6.9%, GKOS +6.4%, SALE +6.4%, RYAM +6.2%, AEIS +5.5%, BIOC +5.3%, WMB +4.3%, TSE +4.1%, SHPG +4%, WPZ +3.8%, IDXX +3.8%, XOXO +3.7%, PLOW +3.7%, TNET +3%, ATW +3%, CHGG +2.9%, AVGR +2.4%, OMEX +2.4%, (thinly traded), GAIN +2.3%, HMC +2.2%, WNR +2.2%, ABC +2%, WCG +2%, DNB +1.9%, IPI +1.8%, DAC +1.7%, CVS +1.6%, ETR +1.5%, NRZ +1.5%, AET +1.4%, ENOC +1.4%, STX +1.4%, PG +1.2%, VGZ +1.2%, PRSC +1.1%, SBRA +1%, TST +0.9%, DISCA +0.9%

    M&A news:
    CBIO +11.1% (to sell to Attenua certain oral Neuronal Nicotinic Receptor assets; may receive up to $105 mln in milestone payments plus royalties on net sales)
    NYRT +3.9% (New York REIT and The JBG Cos mutually agree to terminate their previously announced master combination agreement)
    SLW +1.5% (to acquire from Vale S.A (VALE) an additional amount of gold equal to 25% of the life of mine gold production from its Salobo mine; co gives new production guidance)
    Other news:
    TRXC +30% (announces the first global sale of its ALF-X Surgical Robotic System to Humanitas Hospital in Milan, Italy)
    NXTD +10.7% (announces the issuance of patent by the USPTO for risk aware end to end multi-factor authentication )
    PSTI +10.3% (announces that it received positive feedback from the FDA on the proposed Phase III trial of its PLX-PAD cells in the treatment of critical limb ischemia), CTRV +9.8% (announces positive top-line results from Phase 1b multiple ascending dose clinical safety study of CMX157)
    KOOL +6.3% (announces that data for its proprietary technology was published in the Herald Scholarly Open Access Journal of Stem Cells Research, Development and Therapy)
    WSTL +5.5% (Cove Street Capital discloses 16.3% active stake, has entered into confidentiality agreement with the company)
    HZNP +3.8% ( secures covered status for DUEXIS and VIMOVO with CVS/Caremark (CVS))
    HRTX +3.4% (announces a 2-year term $100 mln loan agreement with Tang Capital Partners)
    BITA +1.8% ( announces that an investor consortium comprised of Tencent (TCEHY), JD.com (JD), and other investors to make investments totaling $550 mln in cash in subsidiary, Yixin Capital),
    DGLY +1.5% (receives three-year supply contract exceeding $1.0 mln for body cameras, service and storage systems),
    DRQ +1.1% (Dril-Quip discloses discloses amendment to its four-year contract with Petrobras ), .
    Analyst comments:
    NEM +1.3% (initiated with a Buy at Citigroup)
    FORM +1.1% (upgraded to Buy from Hold at Stifel)
    ABX +1% (initiated with a Buy at Citigroup)
    AEO +0.8% (upgraded to Buy from Neutral at BofA/Merrill)
    Gapping down
    In reaction to disappointing earnings/guidance:
    BCEI -29.1%, (also plans to suspend asset sale process; elects not to make interest payment on 5.75% Senior Unsecured Note), IDTI -17.1%, RAIL -11.8%, IQNT -11.4%, TXRH -10.7%, TTOO -9.8%, ALLT -5.7%, EIGI -5.6%, BGSF -5.5%, QUAD -4.9%, CIE -4.4%, EMR -3.9%, MZOR -3.8%, FTR -3.7%, MLM -3.2%, THC -3.1%, ADM -2.8%, MOS -2.4%, CGEN -1.6%, PFE -1.5%, APTS -1.2%, H -1%, ATKR -0.5%

    Select EU financial names showing weakness in sympathy with DB and CS: SAN -3.9%, ING -3.6%, BBVA -3.2%, LYG -0.4%

    Other news:
    ANGO -9.2% (commences 2.25 mln common stock offering by selling shareholdders, Avista Capital Partners, LP and affiliated investment funds )
    GLOP -7.1% (prices offering of 2,750,000 common units at a price to the public of $19.50 per common unit)
    FELP -4.2% (Foresight Energy launches numerous transactions in connection with its proposed global restructuring)
    CS -3.7% (removed from the STOXX Europe 50 Index),
    AQMS -3.5% (files ~4.431 mln share common stock offering by selling stockholders)
    PTN -2.9% (priced underwritten offering of units with anticipated gross proceeds of $9.25 mln),
    BRX -2.4% (announces secondary offering of 30,000,000 shares of common stock )
    DB -2.2% (removed from the STOXX Europe 50 Index),
    ELLI -1.8% (commenced an underwritten registered public follow-on offering of 2,750,000 shares of its common stock),
    SNY -1.6% (in sympathy with PFE)
    ITEK -1.2% (announces pricing of underwritten public offering of $50.0 million aggregate principal amount of 5.75% Convertible Senior Notes due 2021), ITEK +-1.2%, .
    Analyst comments:
    SCTY -1.3% (downgraded to Neutral at Robert W. Baird; downgraded to Mkt Perform at Raymond James)
    BWLD -1.3% (downgraded to Hold at Maxim Group)
    WEN -0.9% (downgraded to Sector Perform at RBC Capital Mkts)

    Briefing.com
  • FORD JULY U.S. LIGHT-VEHICLE SALES FALL 3.0%, EST. DOWN 0.5%
    GM JULY U.S. AUTO SALES FALL 1.9%, EST. DOWN 1.0%

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