Börsipäev 9. juuni
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Kuigi finantsmeediat domineerisid eile Euroopa Keskpanga istung, FBI endise juhi tunnistuse andmine ning valimised Suurbritannias, mis võinuks volatiilsust tekitada, siis tegelikkuses ei lasknud turud end neist sündmustest kuigivõrd häirida. S&P 500 indeks sulgus sisuliselt ilma muutuseta, Nasdaq kerkis 0,4%.
Euroopa Keskpanga tagasihoidlikud korrigeerimised eurotsooni majandusprognoosides ning lahti ütlemine võimalusest langetada intressimäärasid veelgi madalamale, kujunesid investorite silmis ootuspäraseks ning seetõttu jäid ka liikumised aktsiaturgudel rahulikuks, jättes Stoxx 600 indeksi eelneva päeva sulgumistaseme juurde. Suurema tõusu tegid Banco Santander +5.2%, E.ON +4.2%, Petrofac +4.1%, Azimut Holding +3.9%, BPER Banca +3.7%. Langust vedasid Vodafone Group -4.8%, Husqvarna -3.3%, Auto Trader Group -3.1%, Valeo -3.0%, Faurecia -3.0%.
Suurbritannia parlamendivalimiste esialgsete tulemuste kohaselt on Theresa May partei loodetud positsiooni tugevdamise asemel hoopis kaotamas 13 kohta (313) ning opositsioonis leiboristid võitmas 31 kohta (260), mis analüütikute sõnul nõrgestab parlamendis otsustusvõimet eelseisvatel Brexiti läbirääkimistel, kuid samas vähendab riski, et sidemed lõigatakse Euroopa Liiduga täielikult läbi. Nael nõrgenes euro suhtes -1,9% 1,1329 eurole ning futuurid viitavad FTSE100 indeksi avanemisele 0,8% jagu plussis.
Hiina inflatsioon kiirenes mais 1,2% pealt ootuspäraselt 1,5% peale, mida peamiselt tingis osade toidukaupade hinnatõus. Toitu ning kütust arvestamata püsis inflatsioon mais stabiilsena 2,1% peal. Tootjahinnaindeksi aastane kasv aeglustus toorainete tõttu 6,4% pealt 5,5%le, osutudes konsensuse ootusest pisut tagasihoidlikumaks (5,6%). Tooraineid arvestamata püsis Morgan Stanley kohaselt tootjahinnaindeksi kasv stabiilsena 2,1% peal, viidates tootjate tugevale hinnastamise võimele.
Majandusuudiste valik jääb täna üsna tagasihoidlikuks, piirdudes Prantsusmaa ja Suurbritannia aprilli tööstustoodangu muutustega.
09.00 Saksamaa kaubavahetuse statistika (aprill)
09.45 Prantsusmaa tööstustoodang (aprill)
10.30 Rootsi majade keskmine hind (mai)
11.30 Suurbritannia tööstustoodang (aprill)
20.00 USA Baker Hughes aktiivsete nafta puurtornide arv (9. juuni) -
BMO investorite praegusest mõtlemisest:
Yes, US stocks have hovered near all-time highs for much of the past few months. However, based on our conversations with clients, most remain consumed with a very specific data set, model, chart, or macro tidbit to justify their increasingly binary conclusions (either very bullish or very bearish). To be clear, we view this as troublesome, as we see and hear the grasping from clients and competitors to prove their opinion on an almost daily basis. In our view, investing is a mosaic driven by discipline and process. Is this a bearish call? No - to the contrary, it is a recommendation that investors should concede to fundamentals longer term. After all, in our view, the more short-term “justifying,” the more likelihood that an unforeseen market lesson will push investors back to fundamentals, which is a good thing. As a result, we believe the market is likely mired in what likely will be a very frustrating period where stock prices are unlikely to move much higher or lower from current levels until trends in the underlying data change for the better or worse. -
Prantsusmaa töötleva tööstuse toodang alanes aprillis MoM -1,2%, rohkem kui oodatud -0,5%, mida mõnevõrra pehmendas märtsi näitaja positiivne revideerimine (2,5% pealt 2,8%le). Mullusega võrreldes kasvas toodang 1,1% (oodati 1,8%).
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Rootsi majade keskmine hind alanes mais 2,923 miljonilt 2,813 miljonile kroonile, märkides aastatagusega võrreldes 0,7% kasvu
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Suurbritannia töötleva tööstuse toodang kasvas aprillis MoM 0,2%, vähem kui oodatud 0,8%. Eelmise aasta sama ajaga võrreldes aeglustus kasv 2,2% pealt 0,0%le, jäädes alla prognoositud 0,7%le. PMI indeks viitaks justkui positiivsemale pildile.
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Prantsusmaa valitsuse eelarve selle aasta esimese viie kuu puudjääk oli 57,9 mld eurot, püsides sarnasel tasemel viimase kahe aastaga võrreldes
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UPGRADES:
* Ashford Hospitality Prime (AHP) raised to buy at Deutsche Bank, PT $13
* Camping World (CWH) raised to buy at Goldman, PT $34
* Citigroup (C) raised to neutral at UBS, PT $64
* Consolidated Comms (CNSL) raised to strong buy at Raymond James, PT $26
* Embotelladora Andina (ANDINAA CI) raised to hold at HSBC, PT $26
* Zynga (ZNGA) raised to overweight at Morgan Stanley, PT $4.50
DOWNGRADES:
* Atlantic Coast Financial (ACFC) cut to market perform at FBR, PT $8.50
* Endo (ENDP) cut to hold at Stifel, PT $15
* Nordstrom (JWN) cut to neutral at UBS, PT $46
* Patheon NV (PTHN) cut to market perform at Leerink, PT $35
* Snap (SNAP) cut to neutral at Citi
* Teck Resources (TCK/B CN) cut to neutral at BofAML, PT $19
* Teekay Corp (TK) cut to underweight at Morgan Stanley, PT $3
* Teekay Offshore Partners (TOO) cut to underweight at Morgan Stanley
INITIATIONS:
* AMD (AMD) new neutral at Longbow
* Ally Financial (ALLY) new overweight at Piper Jaffray, PT $25
* BWX Technologies (BWXT) new neutral at Credit Suisse, PT $51
* Buffalo Wild Wings (BWLD) new neutral at Mizuho, PT $145
* Cable One (CABO) new outperform at Raymond James, PT $785
* Cavium (CAVM) new buy at Longbow, PT $85
* Chipotle (CMG) new buy at Mizuho, PT $533
* Dunkin' (DNKN) new neutral at Mizuho, PT $56
* Hasbro (HAS) new buy at Jefferies, PT $125
* Integrated Device (IDTI) new buy at Longbow, PT $31
* Jakks Pacific (JAKK) new hold at Jefferies, PT $4.50
* Janus Henderson (HGG LN) new neutral at JPMorgan, PT $33
* Mattel (MAT) new hold at Jefferies
* McDonald's (MCD) new buy at Mizuho, PT $168
* Mindbody (MB) new overweight at JPMorgan, PT $38
* Pure Multi-Family REIT (RUF/U CN) new outperform at Raymond James, PT $8
* Santander Consumer USA (SC) new neutral at Piper Jaffray, PT$13.50
* Spin Master (TOY CN) new hold at Jefferies
* Starbucks (SBUX) new buy at Mizuho, PT $75
* Yum (YUM) new neutral at Mizuho, PT $74 -
Gapping up
In reaction to strong earnings/guidance:
DTRM +7.8%, ASNA +5.8%, ARIS +4.5%, LMNR +4.2%, OESX +3.7%, KMG +2.3%, LAYN +0.8%
M&A news:
DFT +15.5% (DFT will merge with Digital Realty (DLR) in an all-stock transaction), DLR +1.9%
ADHD +12.4% (vague M&A chatter)
DISH +2.4% (renewed AMZN M&A chatter circulates)
Other news:
ONCS +7.1% (confirms being granted Orphan Drug Designation for pIL-12 for the treatment of unresectable metastatic melanoma )
COLL +5.1% (following Opana ER news; also will present data on Xtampza ER, an extended-release oral formulation of oxycodone with abuse-deterrent properties, at the 2017 International Conference on June 11-12)
LXRX +4.8% (announces positive top-line results from its Phase 3 inTandem3 study of sotagliflozin for the treatment of patients with type 1 diabetes on any background insulin therapyg)
P +3.3% (SiriusXM (SIRI) to make a $480 mln strategic cash investment in Pandora)
INO +3.3% (CEO featured on Thursday's Mad Money)
IIVI +2.3% (is ramping up production of 18 W pump laser diodes for fiber lasers; will double production capacity by the end of this year)
OHI +2% (appointed Craig R. Callen as Chairman)
AGTC +2% (Applied Genetic Technologies to present topline safety data for dose escalation phase of its Ph 1/2 X-linked retinoschisis clinical trial at Macula Society Annual Meeting in Singapore on June 10 )
AMD +1.6% (scontinued strength)
AAL +0.5% (May Traffic)
Analyst comments:
ZNGA +3.9% (upgraded to Overweight from Equal-Weight at Morgan Stanley)
NVDA +2.3% (target raised to $175 from $140 at Argus)
CWH +2.1% (upgraded to Buy from Neutral at Goldman )
C +0.7% (upgraded to Neutral from Sell at UBS )
PYPL +0.7% (target raised to $62 from $52 at Citigroup)
ADBE +0.6% ( target raised to $160 from $140 at BMO Capital Markets)
Gapping down
In reaction to disappointing earnings/guidance:
CLDR -14.2%, ATU -5.9%, PAY -4.2%, HNI -2%, (HNI lowers Q2 revenue and earnings expectations on slower than anticipated sales in office furniture business), FGP -2%, XTLY -0.6%
Select UK based names showing weakness following UK elections:
RBS -3.6%, BT -3%, BCS -2.3%, LYG -2.2%, NGG -1.9%, GWPH -1.8%, AZN -1.1%, GSK -0.8%, PUK -0.8%
Other news:
EYEG -16.1% ( prices 6,666,667 shares of common stock and warrants at $1.50 per share of common stock)
ENDP -12.9% (FDA requests removal of Opana ER for risks related to abuse; co is reviewing the request and evaluating the full range of potential options )
MRCC -3.4% (commences an underwritten public offering of shares of its common stock)
ACGL -2.5% (prices secondary common stock offering of 6.4 mln shares, at $92.50/share)
CUR -2.4% (thinly traded - files for $100 mln mixed securities shelf offering)
DEPO -2% (following ENDP FDA news)
INSY -1.7% (following ENDP FDA news)
CAA -0.9% (prices Secondary offering by selling shareholders consisting of 42,842,557 shares of common stock at $34.25 per share)
Analyst comments:
TOO -14.4% (downgraded to Underweight at Morgan Stanley )
TK -11.2% (downgraded to Underweight at Morgan Stanley )
SNAP -1.9% (downgraded to Neutral from Buy at Citigroup)
DPZ -1.4% (downgraded to Neutral from Buy at Longbow)
TECK -1.3% (downgraded to Neutral from Buy at BofA/Merrill)
SHPG -1.1% (target lowered to $216 from $239 at Jefferies )
Briefing.com -
$P kõik ootasid ülevõttu, investor KKR ootas kaa ja noh ülevõtu asemel tegi $SIRI hoopis rahasüsti $480M saades eelisaktsiaid 6% divikaga ja konverdib commoniks $10.50 pealt, turg algus rõõmustas aga nüüd tingimustega tutvudes paistab hoopis punases avanevat. Ise hoian vaid silma peal.
