Börsipäev 5. aprill
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Peamine tähelepanu langes eile suurematele momentumaktsiatele, samal ajal kui turgudel üldiselt jäi päev USA tööturu raporti ning Hiina ja USA presidentide kohtumise eel vaoshoituks, päädides S&P 500 indeksi jaoks 0,1% tõusuga. Euroopas võttis Stoxx 600 pärast esmaspäevast langust maad tagasi, kosudes 0,2%.
Majandusuudistest langeb täna fookus teenindussektori märtsi PMI näitajatele ning Ühendriikide ADP tööturu küsitlusele, mis saadab võimalikke signaale reedese tööturu raporti kohta. FOMC märtsi istungi protokollis võivad peituda vihjed, kuidas keskpank võiks hakata oma 4,5 triljoni dollari suurust bilanssi vähendama.
10.15 Hispaania teenindussektori PMI (märts)
10.50 Prantsusmaa teenindussektori PMI (märtsi lõplik)
10.55 Saksamaa teenindussektori PMI (märtsi lõplik)
11.00 Eurotsooni teenindussektori PMI (märtsi lõplik)
11.30 Suurbritannia teenindussektori PMI (märts)
15.15 USA ADP tööturu küsitlus (märts)
16.45 USA Markiti teenindussektori PMI (märtsi lõplik)
17.00 USA teenindussektori ISM (märts)
17.30 USA toornafta varude raport (31. märts)
21.00 FOMC istungi protokoll -
Hispaania teenindussektori PMI alanes märtsis ootuspäraselt -0,3punkti võrra 57,4 punktile. Uued tellimused on jätkuvalt kiiresti kasvamas (56,8 vs 57,0 veebruaris), mis jätab ettevõtted väljavaate osas optimistlikuks
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Citi tõstab Euroopa aktsiate soovituse mõistliku valuatsiooni tõttu "overweight" peale
*Citi upgrades Europe ex-U.K. stocks to overweight on improving fundamentals, reasonable valuations and still-low interest rates, strategists led by Robert Buckland write in note.
* Cuts U.K. to neutral
* Estimates 20% chance of Le Pen victory, which could wipe up to 10% off European stocks
* ECB unlikely to raise policy rates until 2019 but deposit rates may move higher in coming quarters
* Expects earnings recovery in Europe ex-U.K. in 2017 with 10-15% growth
* Year-end target for Stoxx Europe 600 Index: 410
* GBP weakness and higher commodity prices likely to help U.K. return to positive EPS growth in 2017, with >20% growth probable
* Expects global EPS growth of 10% in 2017 vs 2% in 2016; sees 2017 as first year since 2010 when U.S., Europe, U.K., EM and Japan all show positive EPS growth -
Itaalia teenindussektori PMI langes märtsis 54,1 punktilt 52,9 punktile (oodati 54,3)
Saksamaa teenindussektori PMI ühtis esialgse näitajaga (55,6 vs 54,4 veebruaris)
Prantsusmaa teenindussektori märtsi PMI korrigeeriti 58,5 punktilt 57,5 punktile (veebruaris 56,4 punkti)
Kuigi ka eurotsooni teenindussektori märtsi PMI korrigeeriti 0,5 punkti võrra allapoole 56,0 punktile, märkis see veebruari 55,5 punktiga võrreldes siiski paranemist. Teenindussektori tõttu korrigeeriti kogu erasektori (lisaks töötlev tööstus) PMI madalamaks 56,4 punktile (esialgne 56,7; 56,0 veebruaris). Uute tellimuste indeksi tõus 55,7 punktilt 56,2 punktile (parim alates 2011.a aprillist) viitab siiski kõrge aktiivsuse jätkumisele. -
Suurbritannia teenindussektori aktiivsus osutus märtsis oodatust tugevamaks, kui küsitluste kohaselt paranes indeks 1,7 punkti võrra 55,0 punktile (oodati 53,4), mis on selle aasta parim näit. Uute tellimuste indeks kerkis 54,7 punktilt 56,6 punktile, millele aitas kaasa naela langusest tingitud huvi eksporditavate teenuste vastu. Markiti kohaselt pakub lootustandvam kvartali lõpp ettevõtetele lohutust, kuid aktiivsus pole piisav tööturu stimuleerimiseks
A dark blot on the sector’s performance was the lifeless job creation. At its lowest level since August
2016, the demand for higher wages bore down on profits and new staff hiring. So, the sector’s stalwart performance this month will need to improve significantly, before businesses raise their headcounts further. -
UPGRADES:
* Autoliv (ALV) raised to outperform at Wells Fargo
* Duke Realty (DRE) raised to buy at BofAML, PT $30
* McCormick (MKC) raised to neutral at JPMorgan, PT $96
* Nabors (NBR) raised to buy at Nomura, PT $17
* PBF Energy (PBF) raised to neutral at Goldman
* Patterson-UTI (PTEN) raised to buy at Nomura, PT $31
* Roche (ROG VX) raised to outperform at Cowen, PT $38
DOWNGRADES:
* Acuity Brands (AYI) cut to neutral at Goldman, PT $186
* Amgen (AMGN) cut to hold at Jefferies
* Exelon (EXC) cut to market perform at Wells Fargo
* Imperial Oil (IMO CN) cut to sell at Goldman
* MSG Networks (MSGN) cut to neutral at Macquarie, PT $26
* Novartis (NOVN VX) cut to market perform at Cowen, PT $77
INITIATIONS:
* Acacia Communications (ACIA) new neutral at B Riley, PT $60
* Acadia Health (ACHC) new buy at Deutsche Bank, PT $53
* Aetna (AET) new hold at Deutsche Bank, PT $135
* Anthem (ANTM) new hold at Deutsche Bank, PT $166
* Booz Allen (BAH) new in line at Evercore ISI, PT $38
* Burlington Stores (BURL) new outperform at William Blair
* CSRA (CSRA) new outperform at Evercore ISI, PT $34
* Centene (CNC) new buy at Deutsche Bank, PT $84
* Community Health (CYH) new hold at Deutsche Bank, PT $11
* Guidance Software (GUID) new overweight at Piper Jaffray, PT $8.50
* Humana (HUM) new hold at Deutsche Bank, PT $216
* Keysight (KEYS) new buy at BofAML, PT $45
* LifePoint (LPNT) new hold at Deutsche Bank, PT $68
* Lowell Copper (TREK CN) new outperform at National Bank, PT C$2.20
* Merit Medical (MMSI) new outperform at Wells Fargo
* Molina (MOH) new hold at Deutsche Bank, PT $52
* Neos Therapeutics (NEOS) new outperform at Cowen, PT $20
* Peabody Energy (BTUUQ) new hold at Stifel, PT $29
* Quorum Health (QHC) new hold at Deutsche Bank, PT $5
* Sterling Bancorp (STL) new overweight at Stephens, PT $30
* Tenet (THC) new buy at Deutsche Bank, PT $28
* UnitedHealth (UNH) new buy at Deutsche Bank, PT $183
* Universal Health (UHS) new buy at Deutsche Bank, PT $145
* Wellcare (WCG) new buy at Deutsche Bank, PT $168
* iStar Financial (STAR) new market perform at JMP -
USA tööturu küsitlus oodatust tugevam, mis viitab eelneva kuu allapoole revideeritud näitaja baasil märtsis hoogustunud palkamisele
MAR ADP EMPLOYMENT CHANGE: +263K V +185KE; Prior revised lower from +298K to +245K -
Gapping up
In reaction to strong earnings/guidance:
GBX +10.6%, SHLM +6.5%, LNDC +6%, MZOR +4.7%, GOL +4.3%, MON +1%
M&A news:
INNL +49.5% (to be acquired Gurnet Point L.P; transaction valued at up to $209 mln)
PNRA +13.6% (agrees to be acquired by JAB Holding Company for $315/share in cash)
SYT +1% (SYT and ChemChina receive approval for merger from the FTC in US and cleared by the EU, subject to conditions)
Select metals/mining stocks trading higher:
FCX +2.1%, BBL +2%, BHP +1.8%, RIO +1.7%, AA +1.7%, MT +1.6%, VALE +1.2%, AKS +1.1%
Select oil/gas related names showing strength:
WLL +2.4%, PBR +1.5%, TOT +1.1%, BP +0.9%, RIG +0.8%, RDS.A +0.6%
Other news:
PLUG +83.1% (Plug Power and Amazon (AMZN) reach agreement for multi-site GenKey deployments; Revenues associated with the commercial agreements are expected to be around $70 mln in 2017)
NEOT +41.9% (announces the USPTO issuance of a patent directed to specific methods of using LIPO-202)
CALI +15.8% (continued strength after surging 60% higher on Tuesday)
VICL +15% (enters into research collaboration agreement with AnGes)
CRVS +7.6% (modestly rebounding)
BLDP +6.8% (in sympathy with PLUG),
RDHL +3.6% (announces the signing of an exclusive license agreement with privately-held Entera Health for exclusive U.S. rights to EnteraGam)
MYGN +3.1% (publishes the third clinical validation study and second clinical utility study for its myPath Melanoma test)
TASR +2.8% (may be attributed to expected announcement today)
BWLD +2.2% (in sympathy with PNRA)
CMG +1.6% (in sympathy with PNRA)
MTCH +1.1% (Point72 Asset Management discloses 5% passive stake)
Analyst comments:
SRPT +4.2% (upgraded to Buy from Hold at SunTrust)
NBR +3% (upgraded to Buy at Instinet)
SPLS +2.5% (upgraded to Buy from Neutral at Citigroup)
STM +2.2% (Craig Hallum out raising March/June qtr ests)
C +1.2% (upgraded to Outperform from Mkt Perform at Keefe Bruyette)
UNH +1% (initiated with Buy ratings at Deutsche Bank)
WFC +0.8% (upgraded to Outperform from Mkt Perform at Keefe Bruyette)
ALV +0.7% (upgraded to Outperform from Market Perform at Wells Fargo)
Gapping down
In reaction to disappointing earnings/guidance:
WBA -1.2%
Other news:
UNIS -61.6% (exploring bridge financing alternatives; issued notice to employees it may permanently close two facilities if not successful in obtaining financing)
OHRP -19.6% (to offer shares of its common stock and warrants to purchase shares of its common stock in a public offering)
BNTC -5.9% (modestly pulling back following yesterday's gains)
QTNT -5.5% (to commence underwritten public offering of ordinary shares)
SCM -2.7% (plans to make a public offering of its common stock)
SHPG -1.4% (likely in sympathy with AZN and NVS, which were downgraded today)
Analyst comments:
GNRC -2.1% (downgraded to Sector Weight from Overweight at KeyBanc Capital Mkts)
AZN -1.2% (downgraded to Neutral from Buy at UBS)
NVS -1% (downgraded to Market Perform from Outperform at Cowen)
AMGN -0.8% (downgraded to Hold from Buy at Jefferies)
AYI -0.5% (downgraded to Neutral from Buy at Goldman)
Briefing.com -
USA teenindussektori aktiivsusindeks alanes märtsis -2,4 punkti võrra vs oodatud -0,6; uute tellimuste indeks 58,9 vs 61,2 veebruaris; tööhõive indeks 51,6 vs 55,2 veebruaris
U.S. MARCH ISM NON-MANUFACTURING INDEX AT 55.2; EST. 57 -
MOST FED OFFICIALS SAW REINVESTMENT SHIFT WARRANTED LATER IN YR
FED: BOTH TREASURIES, MBS SHOULD BE PART OF REINVESTMENT CHANGE
SOME FED OFFICIALS VIEWED STOCK PRICES AS `QUITE HIGH'
