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Börsipäev 10. aprill

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  • USA mereväe rünnakud Süüria õhuväebaasi pihta ning lisaks kerge pettumuse valmistanud märtsikuu tööturu raport võisid esmapilgul tunduda mõjuva põhjusena kasumivõtuks, kuid kõike seda arvesse võttes osutus reedene sessioon üllatavalt vaikseks, päädides S&P 500 indeksi -0,1% langusega. Liikumised jäid suuremate ettevõtete puhul marginaalseks ka terve nädala lõikes (S&P 500 -0,3%), väiksemate ettevõtete puhul osutus sentiment negatiivsemaks (Russell 2000 -1,5%). Euroopas sulgus Stoxx 600 indeks reedel 0,1% plussis, mis tõi indeksi tagasi nädala alguse taseme juurde.



    Uusi töökohtasid loodi Ühendriikides eelmisel kuul 98 tuhat, märksa vähem kui ADP küsitluse baasil oleks võinud oodata (konsensus prognoosis 180 tuhat) ning lisaks revideeriti kahe eelneva kahe kuu kasvu -38 tuhande võrra allapoole. Kuid analüütikud olid kiired kirjutama seda ilmade arvele ega näinud põhjust lugeda sellest välja võimalikke märke aeglustuva majanduse kohta. Pigem toetas töötusemäära edasine langus ligi 10a madalaimale tasemele (4,5%) arvamust, et palgakasvu kiirenemine on vaid aja küsimus ning intressimäära tõstmine FOMC juuni istungil muutus seetõttu tõenäolisemaks (66%).

    Intressimääratasemete tõenäosused FOMC juuni istungil (jooksev intressimäär 0,75-1,0%)


    Pühadega lühendatud nädal kujuneb mõnevõrra vaiksemaks ka majandusuudiste osas, millest olulisim saab olema USA märtsi jaemüügi statistika (reedel). Vaikselt hakkab tuure koguma ettevõtete esimese kvartali tulemuste hooaeg, kui neljapäeval raporteerivad Citigroup, Wells Fargo, JPMorgan.

    11.00 itaalia tööstustoodang (veebruar)
    17.00 USA tööturu tingimuste indeks (märts)
    23.00 Janet Yellen esineb Michigani ülikoolis
  • Citi sõnul on hetkel väga vähe viiteid sellele, et lähiajal võiks aset leida suurem korrektsioon

    * Global equities now trade on a trailing price-to-earnings ratio of 21, well above long-term median of
    17; however stock market valuations look less extended when compared to bonds where yields are still very low by historicalstandards, Citi strategists including Robert Buckland write in note.
    * Citi sees increased volatility and downwards corrections likely, but no major downturn in equity markets as only 3 out of 18 of Citi’s ‘Bear Market Scorecard’ indicators currently flashing red
    * Citi expects all major markets to report healthy earnings growth in 2017, which would be the first synchronized upturn since 2010
    * However, investors need to see evidence of concrete policy action to re-engage with reflation trade
    * “If this is not forthcoming, we could see bond yields fall further”
    * Political backdrop still tense, with tensions in Middle East and Asia and ongoing uncertainty surrounding upcoming
    European elections
    * Citi anticipates further gains of about 5% in global stocks over the remainder of the year, helped by optimistic
    economic forecast, solid improvement in earnings in 2017
  • Gapping up
    In reaction to strong earnings/guidance:

    EVRI +5% (guides Q1 revs above consensus; alos - seeking to refinance its outstanding $335 mln aggregate principal amount of Senior Secured Notes due 2021)
    ENDP +2.3% (preannounces Q1 results with revenue in-line with estimates)
    M&A news:
    ENRJ +97.4% (pursuing possible strategic transactions involving opportunities both in and outside the oil and gas industry)
    XCO +19.3% (to divest its oil and natural gas properties in South Texas for $300 mln)
    SWFT +15.1% (Swift Transportation and Knight (KNX) announce all stock merger), KNX +2.6%
    XCRA +11.1% (to be acquired by Unic Capital Management for $10.25/share in cash; deal includes go-shop period)
    AKRX +10.8% (confirms discussions with Fresenius SE's (FSNUY) Fresenius Kabi concerning a potential acquisition of Akorn)
    Select oil/gas related names showing strength: CHK +2.1%, WLL +2.1%, WFT +2%, MRO +1.8%, PBR +0.9%, CVX +0.9%

    Other news:
    CYTX +37.2% (FDA has approved an Investigational Device Exemption for a pilot clinical trial to evaluate Cytori Cell Therapy)
    GERN +15.8% (announces that Janssen, Johnson & Johnson (JNJ) subsidiary, has completed the second internal data reviews of IMerge and IMbark)
    RCII +11.7% (announces a new strategic plan focused on its Core US biz)
    SDRL +5.2% (modestly rebounding following last week's 58% decline)
    MNKD +4.5% (entered into a Change of Control Agreement with each of its executive officers)
    BBL +3.8% (in sympathy with BHP shares)
    IGC +3.2% (filed patent applications for IGC-501 in Canada, Israel, and Europe in support of its global cannabis-based combination therapy development initiatives)
    BHP +2.9% (Elliott funds sends letter to BHP's Board that outlines plans to unlock shareholder value)
    BLDP +2.3% (continued strength)
    HTBX +1.2% (Heat Biologics sent Pelican Therapeutics a funding commitment for $910,231 pursuant to Stock Purchase Agreement
    Analyst comments:
    CLSN +13% (resumed with a Buy at Rodman & Renshaw; tgt $1.50)
    TSLA +2.3% (upgraded to Overweight from Neutral at Piper Jaffray)
    CY +1.6% (upgraded to Buy from Neutral at SunTrust)
    HRI +1.3% (upgraded to Overweight from Sector Weight at KeyBanc Capital Mkts)
    SKX +1.2% (upgraded to Neutral from Negative at Susquehanna)
    PF +0.8% (upgraded to Overweight from Equal-Weight at Morgan Stanley)
    ULTA +0.7% (upgraded to Buy from Hold at Loop Capital)
    Gapping down
    In reaction to disappointing earnings/guidance
    : N/A.

    M&A news:
    SNOW -7.1% (to be acquired by a newly-formed entity controlled by affiliates of the Aspen Skiing Company and KSL Capital Partners for $23.75/share in cash)
    Other news:
    TXMD -27.4% (provides TX-004HR regulatory update, received letter from the FDA that it identified deficiencies that preclude discussion of labeling and postmarketing requirements/commitments at this time)
    IPCI -23.2% (announces Purdue Pharma, Rhodes Technologies, and Grünenthal GmbH have commenced patent infringement proceedings against the co in respect of its NDA filing for its Rexista product candidate)
    OPTT -20% (files for approx 4 mln share common stock offering )
    CBR -19.4% (files Chapter 11 Protection; secures $45 mln in DIP Financing to fund ongoing operation; agrees to asset purchase agreement with Capgemini)
    HTGM -7.7% (modestly pulling back following last week's strength)
    DRYS -7.1% (discloses common stock purchase agreement update)
    AEHR -5.4% (intends to offer and sell approx. $15.0 mln of shares of its common stock in an underwritten registered public offering)
    Analyst comments:
    NFG -3.6% (downgraded to Underperform from Buy at Jefferies)
    AZN -1.6% (downgraded to Hold from Buy at Jefferies)
    SJM -1.1% (downgraded to Underweight from Equal-Weight at Morgan Stanley)

    Briefing.com

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