Börsipäev 29. november
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USA presidendivalimiste järgselt võimsas hoos olnud aktsiaturgudel võeti eile lõpuks kasumit, kuigi S&P 500 -0,5% langust just kuigi suureks kaotuseks lugeda ei saa. Kõige kesisemalt esinesid finantssektori aktsiad (-1,4%), sektor mis on samas paistnud viimase kahe nädala jooksul silma ka kõige säravama sooritusega. Pankade aktsiad olid langejate nimekirja eesotsas ka Euroopas, kus Stoxx 600 taandus sessiooni lõpuks -0,8%.
Donald Trumpi fiskaalstiimuli plaani toetas eile ka OECD oma värskes majandusülevaates, kergitades tänu USA kiiremale majanduskasvule marginaalselt ka globaalse majanduse väljavaadet. Viimase sõnul kasvab Ühendriikide sisemajanduse kogutoodang tuleval aastal 2,3% ning 3,0% 2018.a, märkides tänu erinevatele fiskaalmeetmetele vastavalt 0,4 ja 0,8pp võrra kiiremat kasvu, kui oodati septembris. Globaalse SKP kasvuootust kergitati tulevaks aastaks 0,1pp võrra 3,3%le ning 2018.a prognoositakse edasist kiirenemist 3,6%le, mis oleks hoogsaim tempo alates 2011.a. Seejuures aga lisas OECD hoiatusena, et kui Trump rakendab kaubanduspiiranguid, osutuvad prognoosid liiga optimistlikuks.
Dallas FEDi küsitluse järgi kerkis Texase töötleva tööstuse aktiivsust mõõtev indeks novembris -1,5 punkti pealt 10,2 punktile, ületades analüütikute 2,0punktist ootust. Tegemist on esimese positiivse näitajaga alates 2014.a detsembrist, mil nafta hinnalangus hakkas survestama kohalikku energiasektorit ning see tiris omakorda kaasa töötlevat tööstust. Kuid ühtlasi avaldasid ettevõtted head meelt selle üle, et määramatust tekitanud presidendivalimised olid lõpuks läbi ning tänu Trumpi majanduskasvu soosivale poliitikale kerkis ettevõtete järgmise kuue kuu väljavaate indeks tervelt 26,8 punkti võrra 31,6 punktile.
Tänastest majandusuudistest võiks tähelepanu all oll eelkõige Prantsusmaa tarbijate oktoobri kulutused, eurotsooni tarbijate ning ettevõtete kindlustunde indeksid ning USA tarbijate novembrikuu kindlustunde indeks.
09.45 Prantsusmaa kolmanda kvartali revideeritud SKP
09.45 Prantsusmaa tarbijate kulutused (oktoober)
10.00 Hispaania inflatsioon (november)
12.00 Eurotsooni majanduskindlustunde indeks (november)
15.00 Saksamaa inflatsioon (november)
15.30 USA kolmanda kvartali revideeritud SKP
16.00 USA S&P CS majade hinnaindeks (september)
17.00 USA tarbijate kindlustunde indeks (november)
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Erinevalt Credit Suisse'ist ja Morgan Stanleyst, kes on viimastel päevadel muutunud Jaapani aktsiaturu suhtes väga optimistlikuks, hoiatab UBS, et turg keskendub vaid Trumpi poliitika meeldivatele aspektidele.
Trump Bubble Burst Will Drive Yen to 98 per Dollar: UBS Wealth -
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Prantsusmaa tarbijate kulutused kasvasid oktoobris MoM 0,9% vs oodatud 0,3% aga seda pisut nõrgama baasi pealt (septembri muutus revideeriti -0,2% pealt -0,4%le). Mullusega võrreldes kasvasid kulutused 1,5% (oodati 1,0%).
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Eurotsooni tarbijate ja ettevõtete kindlustunde koondindeks kerkis novembris 0,1 punkti võrra 106,5 punktile. See jäi madalamaks võrreldes analüütikute prognoositud 106,8 punktist, kuid peaks siiski viitama eurotsooni SKP kasvu (joonisel oranžiga) kiirenemisele neljandas kvartalis.
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UPGRADES:
* Alexion (ALXN) raised to overweight at Barclays, PT $155
* Apple Hospitality (APLE) raised to outperform at Baird, PT $20
* Del Frisco’s (DFRG) raised to outperform at Credit Suisse, PT $19
* Pfizer (PFE) raised to overweight at Barclays, PT $38
DOWNGRADES:
* Advanced Accelerator (AAAP) cut to market perform at Wells Fargo
* BioMarin (BMRN) cut to equal-weight at Barclays, PT $105
* Darden (DRI) cut to neutral at Credit Suisse, PT $72
* Delphi Automotive (DLPH) cut to underweight at Morgan Stanley, PT $59
* Goldman Sachs (GS) cut to neutral at Nomura
* J&J (JNJ) cut to equal-weight at Barclays, PT $125
* Kimco (KIM) cut to sell at Goldman
* Koppers Holdings (KOP) cut to hold at Wunderlich
* Neff (NEFF) cut to hold at Jefferies, PT $14
* Nivalis (NVLS) cut to hold at Stifel, PT $3.25
* Nivalis (NVLS) cut to market perform at Cowen
* Nivalis (NVLS) cut to market perform at Raymond James
* Nivalis (NVLS) cut to neutral at Baird, PT $3
* Quality Systems (QSII) cut to market perform at Raymond James
* SAIC (SAIC) cut to neutral at Citi
* Seattle Genetics (SGEN) cut to equal-weight at Barclays, PT $70
* South State (SSB) cut to market perform at KBW, PT $88
* United Therapeutics (UTHR) cut to underweight at Barclays, PT $100
* Vertex (VRTX) cut to equal-weight at Barclays, PT $90
* Wendy’s (WEN) cut to neutral at Goldman
INITIATIONS:
* Agios (AGIO) rated new market perform at Oppenheimer
* Air Products (APD) rated new hold at HSBC, PT $140
* Autoliv (ALV) rated new buy at Jefferies, PT $112
* Azure Power Global (AZRE) rated new buy at Roth Capital, PT $22
* Celgene (CELG) rated new outperform at Oppenheimer, PT $141
* Chesapeake Utilities (CPK) rated new market perform at Wells Fargo
* Goodyear (GT) rated new buy at Jefferies, PT $36.50
* Herc Holdings (HRI) rated new hold at Jefferies, PT $44
* Heska (HSKA) rated new buy at Benchmark, PT $78
* Organovo (ONVO) rated new buy at Evercore ISI, PT $4.50
* Praxair (PX) rated new hold at HSBC, PT $113
* Smart Sand (SND) rated new buy at Goldman, PT $17
* Smart Sand (SND) rated new outperform at Credit Suisse, PT $14
* Smart Sand (SND) rated new overweight at Piper Jaffray, PT $13.25
* Syros Pharmaceuticals (SYRS) rated new outperform at Oppenheimer -
Saksamaa inflatsioon püsis novembris ootuspäraselt 0,8% peal
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USA kolmanda kvartali SKP kvartaalne annualiseeritud kasv korrigeeriti 2,9% pealt 3,2%le (oodati 3,0%) ning seda arvatust tugevama tarbimise tõttu (2,8% vs esialgselt hinnatud 2,1%).
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Gapping up
In reaction to strong earnings/guidance: THO +8.6%, TIF +5.1%, BERY +4.6%, UNH +3.2%, ZTO +2.6%, BNS +1.3%
M&A news: RMAX +1.4% (light volume; acquires the Master Franchise for the Georgia, Kentucky/Tennessee, and Southern Ohio Regions; terms not disclosed)
Select financial related names showing strength: DB +2.8%, PUK +1.6%, ING +1.3%, CS +0.8%, LYG +0.7%
Other news:
CYTR +42.9% (announces 'positive' updated results from its pivotal Phase 3 clinical trial evaluating aldoxorubicin)
CBMX +29.6% (announces that its pre-implantation genetic screening by next generation sequencing test has received conditional approval from the New York State Department of Health)
VBLT +22% (announces top-line results from its exploratory Phase 2 study of VB-111g)
MNTA +12.2% (Phase 3 clinical study of M923 in patients with moderate-to-severe chronic plaque psoriasis, met its primary endpoint)
OCUL +11.8% (to present at Piper Jaffray Healthcare Conference tomorrow)
KNDI +6.9% (received a second subsidy payment of RMB 100 million)
P +5% (Pete Najarian in the 'Final Trade' segment of CNBC's Fast Money program pointed out 'huge call buying' that occured late in yesterday's session)
TIVO +3.9% (TiVo and Netflix enter into product and intellectual property agreements)
PZRX +3.5% (following 150% move higher on Monday)
ARIA +3.3% (FDA has granted Iclusig full approval)
SAN +1.6% (receives ECB decision for 2017 capital requirements; must maintain CET1 ratio of 7.75%)
BT +1.1% (appoints Chairman of Openreach; provides response to Ofcom statement)
Analyst comments:
BCS +2.8% (initiated with an Outperform at Credit Suisse)
ONVO +2.2% (initiated with a Buy at Evercore ISI)
FIT +1.5% (Longbow out positive following FIT's strong showing this holiday weekend)
PFE +0.9% (upgraded to Overweight from Equal Weight at Barclays)
Gapping down
In reaction to disappointing earnings/guidance: SCVL -13.4%, SOL -7.6%, MTL -5%, FRO -1.7%, MNK -0.5%
Select metals/mining stocks trading lower:
HMY -5.3%, SBGL -4.2%, GFI -3.6%, CLF -3.6%, VALE -3.3%, FCX -3%, AU -2.4%, GDX -2%, AG -2%, PAAS -2%, HL -1.8%, ABX -1.8%
RIO -1.6%, IAG -1.6%, NEM -1.6%, BHP -1.4%, BBL -1.3%, MT -0.9%, GLD -0.9%
Select oil/gas related names showing early weakness: WLL -2.6%, OAS -2.4%, SDRL -2%, RIG -1.2%, HAL -1.1%, RDS.A -0.8%, CHK -0.8%
Other news:
NVLS -54.7% ( Phase 2 trial evaluating efficacy and safety of two doses of cavosonstat failed to demonstrate benefit in absolute change in percent predicted FEV1 or in sweat chloride reduction at 12 weeks)
FOLD -26.7% ( announces U.S. regulatory pathway for Migalastat for Fabry Disease)
GLBS -7.6% (after stock doubled on Monday)
BOJA -6.3% ( announces a 6 mln share underwritten public offering of common stock by selling shareholders )
TCBI -3.8% (prices 3.0 mln shares of common stock for gross proceeds of $210.0 mln )
COTV -3.5% ( commences 10 mln common stock offering by selling stockholders)
BIP -3.5% (light volume; Brookfield Infrastructure announces $750 million equity offering)
FDUS -3.4% (commences registered public offering of 2.5 mln shares of common stock through an underwritten public offering)
SITE -3.1% (ticking lower; commences 8 mln common stock offering by selling stockholders Clayton, Dubilier & Rice, LLC, and Deere & Company)
Analyst comments:
AKS -3.5% (downgraded to Neutral from Outperform at Macquarie)
X -3% (downgraded to Hold from Buy at Argus)
RS -1.3% (downgraded to Neutral from Outperform at Macquarie)
MCD -0.8% (removed from US Focus List at Credit Suisse)
Briefing.com -
USA tarbijate kindlustunne on pärast valimisi saanud jõulise tõuke
US Consumer Confidence 107.1, Exp. 101.2, Last revised to 100.8
