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ISM Report On Business

Earnings release


In Play from Briefing.com

Updated: 22-Jan-19 07:00 ET

07:00  SUMRX Asian Markets Close: Nikkei -0.5%, Hang Seng -0.7%, Shanghai -1.2%

Equity indices in the Asia-Pacific region ended Tuesday on a mostly lower note. China reported in-line Q4 growth figures on Sunday evening, but the country's GDP expanded at the slowest pace since late 2008. On a somewhat related note, the International Monetary Fund lowered its global GDP growth forecast to 3.5% from 3.7% due to trade tensions and the likelihood of a no-deal Brexit. Canadian press reported that the United States will seek the extradition of Huawei CFO Meng Wanzhou. The Bank of Japan will release its latest policy statement overnight.

  • In economic data:
    • China's Q4 GDP +1.5% quarter-over-quarter, as expected (last 1.6%); +6.4% year-over-year, as expected (last 6.5%). December Industrial Production +5.7% year-over-year (expected 5.3%; last 5.4%), December Fixed Asset Investment +5.9% year-over-year (expected 6.0%; last 5.9%), and December Retail Sales +8.2% year-over-year, as expected (last 8.1%). December Unemployment Rate 4.9% (last 4.8%)
    • South Korea's Q4 GDP +1.0% quarter-over-quarter (expected 0.6%; last 0.6%); +3.1% year-over-year (expected 2.8%; last 2.0%). December PPI -0.5% month-over-month (last -0.7%); +1.0% year-over-year (last 1.5%)
    • Hong Kong's December CPI +2.5% year-over-year (last 2.6%)

---Equity Markets---

  • Japan's Nikkei: -0.5%
  • Hong Kong's Hang Seng: -0.7%
  • China's Shanghai Composite: -1.2%
  • India's Sensex: -0.4%
  • South Korea's Kospi: -0.3%
  • Australia's ASX All Ordinaries: -0.5%


  • USD/JPY: -0.2% to 109.39
  • USD/CNH: +0.2% to 6.8144
  • USD/INR: +0.2% to 71.44
06:57  S&P futures vs fair value: -19.90. Nasdaq futures vs fair value: -63.50.

06:57  European Markets

FTSE...6926.22...-44.40...-0.60%.  DAX...11075.35...-60.90...-0.60%.
06:57  Asian Markets

Nikkei...20623...-96.40...-0.50%.  Hang Seng...27005.45...-191.10...-0.70%.
06:56  FXI Shanghai... -1.18%

06:56  SDLP Seadrill Partners cuts quarterly distribution to $0.01/unit from $0.10/unit (1.77 )

The move reflects the slower than anticipated recovery in dayrates and the Company's desire to preserve liquidity ahead of debt maturities in the second half of 2020 and first quarter of 2021.
06:56  AMRX Amneal Pharmaceuticals appoints Todd P. Branning as Senior Vice President and Chief Financial Officer, effective today (12.42 )

Branning will be responsible for leading Amneal's global finance strategies, including oversight for Finance and Accounting, Internal Audit, Investor Relations and Corporate Communications, and Information Technology. Mr. Branning succeeds Bryan Reasons, who will remain with the company through the end of February 2019 to ensure a smooth transition of responsibilities.
06:50  STLD Steel Dynamics (pre-announced) beats by $0.07, reports revs in-line (34.30 )

  • Reports Q4 (Dec) earnings of $1.31 per share, excluding non-recurring items, $0.07 better than the S&P Capital IQ Consensus of $1.24; revenues rose 24.3% year/year to $2.9 bln vs the $2.93 bln S&P Capital IQ Consensus.
  • Outlook:
    • We believe the market dynamics are in place for domestic steel consumption to continue to increase this year," said Millett. "Based on strong domestic steel demand fundamentals and continued customer optimism, we believe North American steel consumption will experience steady growth. In combination with our existing and newly announced expansion initiatives, we believe there are firm drivers for our continued growth. We are excited about our new planned flat roll steel mill that was announced in the fourth quarter, and the anticipated long-term value creation it will bring through geographic and value-added product diversification. The new mill will have capabilities beyond existing EAF flat roll steel producers, competing even more effectively with the integrated steel model and foreign competition. We have targeted regional markets that currently represent over 27 million tons of relevant flat roll steel consumption, which includes the growing 16 million ton Mexican flat roll market. Our new planned steel mill will have significant competitive advantages in those regions.
06:48  HAL Halliburton beats by $0.04, beats on revs (32.25 )

  • Reports Q4 (Dec) earnings of $0.41 per share, $0.04 better than the S&P Capital IQ Consensus of $0.37; revenues fell 0.1% year/year to $5.94 bln vs the $5.87 bln S&P Capital IQ Consensus.
    • Completion and Production
      • Completion and Production revenue in the fourth quarter of 2018 was $3.8 billion, a decrease of $338 million, or 8%, when compared to the third quarter of 2018, while operating income was $496 million, a sequential decrease of $117 million, or 19%. These declines were primarily driven by lower activity and pricing for stimulation services in North America, partially offset by stimulation activity increases in Argentina and year-end completion tool sales internationally.
    • Drilling and Evaluation
      • Drilling and Evaluation revenue in the fourth quarter of 2018 was $2.1 billion, an increase of $102 million, or 5%, when compared to the third quarter of 2018, while operating income was $185 million, a sequential increase of $4 million, or 2%. These increases were primarily due to year-end software sales, increased fluids activity in the Gulf of Mexico, and improved project management activity in Latin America. These improvements were partially offset by reduced drilling activity in the Western Hemisphere.
06:46  FITB Fifth Third misses by $0.03 (27.00 )

  • Reports Q4 (Dec) earnings of $0.64 per share, $0.03 worse than the S&P Capital IQ Consensus of $0.67.
06:46  EXPR Express announces departure of CEO David Kornberg (5.40 )

Effective January 22, 2019, Mr. Kornberg will no longer serve as Chief Executive Officer, President or as a member of the Board of Directors. Mr. Kornberg will remain employed by the company through February 21, 2019. The Board of Directors has appointed Matthew Moellering as Interim Chief Executive Officer and Interim President until a permanent Chief Executive Officer and President is appointed. Moellering has served as the company's Executive Vice President and Chief Operating Officer since September 2011 and will continue to serve as such during his tenure as Interim Chief Executive Officer and Interim President. The Board of Directors of the company has commenced a search for a new Chief Executive Officer and President.
06:45  JNJ Johnson & Johnson beats by $0.02, reports revs in-line; guides FY19 EPS in-line, revs below consensus (130.69 )

  • Reports Q4 (Dec) earnings of $1.97 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of $1.95; revenues rose 1.0% year/year to $20.39 bln vs the $20.27 bln S&P Capital IQ Consensus.
    • Operational sales results increased 3.3% and the negative impact of currency was 2.3%. Domestic sales increased 1.5%. International sales increased 0.4%, reflecting operational growth of 5.1% and a negative currency impact of 4.7%. Excluding the net impact of acquisitions and divestitures, on an operational basis, worldwide sales for the fourth quarter of 2018 increased 5.3%, domestic sales increased 2.6% and international sales increased 8.3%.
  • Co issues guidance for FY19, sees EPS of $8.50-8.65, excluding non-recurring items, vs. $8.60 S&P Capital IQ Consensus; sees FY19 revs of $80.4-81.2 bln vs. $82.74 bln S&P Capital IQ Consensus.
06:36  WIRES On The Wires

  • KBR, Inc (KBR) announced that its global government services business, KBRwyle, has been awarded a $52 million, six-month contract extension by the U.S. Marine Corps to continue to provide prepositioning and logistics support services for the USMC Blount Island Command. KBRwyle has operated under this contract for almost 10 years, demonstrating the Marine Corps' trust in KBRwyle to help maintain combat readiness for U.S. troops.
  • Air Lease (AL) announced the lease placement of one new Boeing 737 MAX 9 aircraft on long-term lease with Samoa Airways, the flag carrier airline of Samoa. The aircraft will feature two CFM LEAP-1B27 engines and is scheduled to deliver in Spring 2019 from ALC's order book with Boeing.
  • Canopy Growth (CGC) announced an update key European progress in the UK and Poland where its medically-focused business Spectrum Cannabis continues to build a sophisticated, pan-European cannabis production and distribution network serving the needs of physicians and their patients throughout the continent.
  • IDEXX Laboratories (IDXX) announced that it is introducing a new canine progesterone test for Catalyst Dx and Catalyst One chemistry analyzers. IDEXX will begin shipping the new test by the end of March, with initial availability in the United States, Canada, the United Kingdom, France, Germany, and Austria, and will continue shipping to other countries over the course of 2019.
  • Avaya Holdings Corp (AVYA) introduced a new private cloud delivery model of its Avaya OneCloud solutions for Unified Communications as a Service and Contact Center as a Service, providing enterprise organizations with a fast, convenient and automated path to the benefits of cloud communications.
  • ANSYS (ANSS) announced that it has entered into a definitive agreement to acquire Helic, the industry-leading provider of electromagnetic crosstalk solutions for systems on chips. The acquisition of Helic, combined with ANSYS' flagship electromagnetic and semiconductor solvers, will provide a comprehensive solution for on-chip, 3D integrated circuit and chip-package-system electromagnetics and noise analysis. The transaction is expected to close in the first quarter of 2019. Management will provide further details regarding the transaction and its impact on the 2019 financial outlook after the closing.
06:35  EQT EQT Corp. sees FY19 CapEx of $1.9-2.0 bln; Q4 production +5% QoQ (21.18 )

  • Production for the fourth quarter was 394 Bcfe, an increase of 20 Bcfe, or 5%, over the third quarter. Production for full year 2018 exceeded the Company's recent guidance at approximately 1,488 Bcfe, or 1,447 Bcfe adjusted for assets divested during 2018. Excluding volumes from divestitures, adjusted 2018 production is approximately 1,488 Bcfe, exceeding the Company's recent guidance.
  • Co sees FY19 production of 1.47-1.51 BcFe.
06:35  ONB Old National Bancorp misses by $0.04 (16.75 )

  • Reports Q4 (Dec) earnings of $0.32 per share, $0.04 worse than the S&P Capital IQ Consensus of $0.36.
  • Net interest income increased to $146.2 million in the fourth quarter of 2018 from $130.8 million in the third quarter of 2018, benefitting primarily from the Klein partnership. 
    • The net interest margin on a fully taxable equivalent basis increased 13 basis points to 3.64% compared to 3.51% in the third quarter of 2018.
  • Asset quality remained strong with net charge-offs in the fourth quarter of $0.6 million, or 0.02% of total average loans, and 30-89 day delinquencies of 0.39%. 
06:35  WIRES On The Wires

  • Helix Energy Solutions Group, Inc. (HLX) announced that it has acquired from Marathon Oil (MRO) certain operating depths associated with the Droshky Prospect on Green Canyon Block 244, along with related infrastructure. As part of the transaction, Helix will perform the required plug and abandonment operations for which Marathon Oil will pay certain agreed upon amounts.
  • Osisko Gold Royalties Ltd (OR) announces that it has subscribed for and received from Barksdale Capital Corp. 5,833,333 common shares at a price of $0.60 per Common Share, for an aggregate subscription price of $3,500,000 pursuant to a non-brokered private placement purchase agreement.
  • Innospec Inc. (IOSP) announced a series of investments designed to further expand its capabilities in research, development and technical service for its Performance Chemicals business.
  • Boston Scientific (BSX) announced positive 12-month data demonstrating that patients who were treated with the VICI VENOUS STENT System for iliac and femoral vein obstructions exhibited a high rate of patent, or open, target lesions. Primary safety and efficacy results from the VIRTUS trial were presented as a first-time data release at the Leipzig Interventional Course, in Leipzig, Germany.
  • Gold Standard Ventures Corp. (GSV) announced the continuation of step-out and infill drilling at the Dark Star oxide gold deposit on its 100%-owned/controlled Railroad-Pinion Project in Nevada's Carlin Trend.
06:33  NOG Northern Oil & Gas provides Q4 business update -- production is expected to be in the upper half of prior guidance (2.80 )

  • Northern has repurchased approximately 12.0 million shares of common stock since October 1, 2018, 4.6 million shares of which were repurchased in this calendar year through January 21, 2019.
  • Production for the fourth quarter of 2018 is expected to be in the upper half of prior guidance of 35,000 - 36,000 Boe per day, despite negative impact from curtailments and shut-ins during a turbulent quarter for in-basin realized prices.
  • Northern increased hedged oil volumes to further protect cash flows and liquidity, with 2019 hedges averaging over $63 per barrel (detailed hedge positon included below).
  • Northern experienced strong cash flows during the fourth quarter, reducing the amount drawn on the company's revolving credit facility to only $140 million at December 31, 2018, a $35 million reduction from the previously announced balance on November 5, 2018.
06:33  FBC Flagstar Bancorp reports EPS in-line (29.98 )

  • Reports Q4 (Dec) earnings of $0.72 per share, in-line with the S&P Capital IQ Consensus of $0.72.
06:32  CERC Cerecor announces that the FDA has accepted its Investigational New Drug application for CERC-801 for the treatment of Phosphoglucomutase 1 deficiency (5.10 )

The clinical development program for CERC-801 will commence with a Phase 1 study in healthy volunteers. The goals of the study will be to assess the single dose tolerability and pharmacokinetics of CERC-801. Cerecor seeks to leverage existing clinical and nonclinical data in conjunction with sponsor-initiated studies, such as this Phase 1 study, to accelerate development and approval of CERC-801 via the 505(b)(2) pathway.
06:31  MDWD MediWound announces that it has met its primary and all secondary endpoints in its pivotal U.S. Phase 3 clinical study (DETECT) (4.38 )

The co announced that it has met its primary and all secondary endpoints in its pivotal U.S. Phase 3 clinical study (DETECT) with NexoBrid to treat patients with deep partial thickness (DPT) and full thickness (FT) thermal burns intended for submission for Biological License Application (BLA) from U.S. Food and Drug Administration (FDA).

  • The study met its primary endpoint with statistical significance. Patients treated with NexoBrid demonstrated a significantly higher incidence of complete eschar removal compared with patients treated with the Gel Vehicle (NexoBrid: 93.3% (70/75) vs. Gel Vehicle: 4.0% (1/25), p<0.00011).
  • The study included secondary endpoints that were all met with statistical significance and provided further insight on several efficacy parameters.
  • Patients treated with NexoBrid had a non-inferior time to complete wound closure compared with patients treated with SOC (p=0.00035). The overall safety profile of NexoBrid in the study is good, and consistent with the safety data known from previous studies.

The Company plans to submit the BLA in the second half of 2019 based on the above available acute primary, secondary, and safety data with the twelve-month safety follow-up data submitted during the BLA review, subject to FDA concurrence at a pre BLA meeting planned for first half of 2019.

06:31  MBFI MB Financial beats by $0.01 (44.60 )

  • Reports Q4 (Dec) earnings of $0.77 per share, excluding non-recurring items, $0.01 better than the S&P Capital IQ Consensus of $0.76.
  • Loan balances, excluding purchased credit-impaired loans, increased $107.2 million (+0.8%, or +3.1% annualized) to $14.0 billion due to growth in commercial loan balances partly offset by decreases in construction and commercial real estate loan balances.
06:25  SFUN Fang announces Senior Management and proposed spin-off of China Index Holdings (1.89 )

Change in Senior Management

  • Jian Liu, Fang's President, has been appointed as Chief Executive Officer to replace Mr. Vincent Tianquan Mo, effective immediately. Mr. Mo will continue to serve as the Chairman of Fang's board of directors.
  • Zijin Li, Fang's deputy Chief Financial Officer, has been appointed as acting Chief Financial Officer and Board Secretary to replace Dr. Hua Lei, effective immediately. Dr. Lei will serve as Fang's Chief Investment Officer, going forward.

Proposal to Spin Off CIH

  • Fang currently contemplates a spin-off of CIH to explore different options, including a potential distribution of CIH's ordinary shares to Fang's shareholders, or a potential private sale of CIH's ordinary shares, or a potential listing of CIH on a major stock exchange in the Unites States or other global stock exchanges including Chinese domestic exchanges. 
06:23  IBCP Independent Bank increases quarterly dividend to $0.18/share from $0.15/share (22.80 )

06:21  CAG Conagra to explore strategic alternatives for Gelit unit (21.57 )

The co announced that it is exploring strategic alternatives for its Italian-based frozen pasta business, Gelit, which is headquartered in Doganella di Ninfa, Italy. Gelit is a leading producer of authentic Italian frozen food and ready meals, primarily for private label customers.
06:20  GOLD Barrick reports preliminary Q4 production results (11.79 )

  • The co announced preliminary full year gold production of 4.53 million ounces for 2018, in line with the Company's guidance of 4.5-5.0 million ounces, and preliminary full year gold sales of 4.54 million ounces. Preliminary fourth quarter gold production was 1.26 million ounces, and preliminary fourth quarter gold sales were 1.23 million ounces. The average market price for gold in the fourth quarter was $1,226 per ounce. Fourth quarter gold cost of sales per ounce are expected to be approximately 15-17 percent higher than third quarter results, primarily as a result of a non-cash inventory impairment on Lagunas Norte's long-term stockpiles.
  • Preliminary full year copper production was 383 million pounds, which was in line with the Company's guidance of 345-410 million pounds for 2018, and preliminary full year copper sales were 382 million pounds. Preliminary copper production in the fourth quarter was 109 million pounds, and preliminary copper sales in the fourth quarter were 109 million pounds. The average market price for copper in the fourth quarter was $2.80 per pound. Co expects quarter-over-quarter increases in our consolidated copper cost of sales per pound1 of approximately 30 percent (primarily driven by an adjustment to depreciation), C1 cash costs per pound of approximately 1-3 percent and all-in sustaining costs per pound2 of approximately 9-11 percent, as compared to third quarter results.
06:18  PAAS Pan Am Silver reports FY18 silver production slightly below guidance (14.18 )

  • Co reports Preliminary operating results for 2018 and guidance for 2019
    • Silver (million ounces): 24.8 vs 25.0 - 26.5 guidance
    • Gold (thousand ounces): 178.9 vs 175.0 - 185.0 guidance
  • FY19 outlook
    • Silver (million ounces) 26.5 - 27.5
    • Gold (thousand ounces) 162.5 - 172.5
06:18  WIRES On The Wires

  • Civeo Corporation (CVEO) today announced that it has secured two contracts expected to total approximately US$90 million in revenues spanning 2019-2023.
  • Marriott International (MAR) announced record organic rooms signings in 2018, ending the year with a record global pipeline. In 2018, the company signed management and franchise agreements for 816 properties, comprised of 125,000 rooms, while opening nearly 500 properties comprised of more than 80,000 rooms around the world across its portfolio of 30 brands.
  • Taiwan Liposome Company, Ltd. (TLC) announced that the European Medicines Agency (EMA) has granted orphan drug designation for TLC178 for the treatment of soft tissue sarcoma.
  • iClick Interactive Asia Group Limited (ICLK) announced that an intention to cooperate had been officially reached with the China Speech Valley and Quantum Center of Hefei National High-tech Industry Development Zone. Over the next three years, iClick will fully support China Speech Valley in building a more precise, intelligent and efficient public service platform conceptualizing smart government through the company's SaaS based Business Intelligence (BI) solutions.
  • MediciNova (MNOV) announced that it has received a Notice of Allowance from the U.S. Patent and Trademark Office for a pending patent application which covers the combination of MN-166 (ibudilast) and riluzole for the treatment of amyotrophic lateral sclerosis (ALS) and other neurodegenerative diseases.
06:16  LIN Linde plc Board of Directors has authorized a share repurchase program for up to $6.0 billion of its ordinary shares (160.79 )

06:16  EGO Eldorado Gold reports Q4 gold production of 75,877 ounces (2.66 )

  • Strong fourth quarter gold production of 75,877 ounces of gold (Q4 2017: 84,054 ounces) including pre-commercial production from Lamaque.
  • All in sustaining costs expected to be $990 per ounce sold for the full year (2017: $922 per ounce sold).
06:13  BHP BHP Group reaffirms FY19 production for petroleum, iron ore, metallurgical coal and energy coal; raises FY19 copper production guidance (48.04 )

  • Production guidance for the 2019 financial year remains unchanged for petroleum, iron ore, metallurgical coal and energy coal.
  • Total copper production guidance increased to between 1,645 and 1,740 kt and reflects the retention of Cerro Colorado. Group copper equivalent production,was broadly unchanged in the December 2018 half year, with volumes for the full year also expected to be in line with last year.
  • Full year unit costs for all major assets are expected to be in line with guidance, predominantly reflecting stronger anticipated volumes in the second half of the year. However, unit costs were tracking above full year guidance at the December 2018 half year as a result of planned maintenance and production outages during the period.
06:13  EXK Endeavour Silver provides FY18 mineral reserve and resource estimates; proven and probable mineral reserves increased 38% YoY (1.95 )

2018 Mineral Reserve and Resource Highlights (Compared to December 31, 2017)

  • Silver Proven and Probable Mineral Reserves increased 38% to 46.3 million ounces (oz)
  • Gold Proven and Probable Mineral Reserves increased 35% to 426,700 oz
  • Silver equivalent Proven and Probable Mineral Reserves of 80.4 million oz (80:1 silver:gold ratio)
  • Silver Measured and Indicated Mineral Resources decreased 25% to 27.3 million oz
  • Gold Measured and Indicated Mineral Resources decreased 20% to 290,400 oz
  • Silver equivalent Measured and Indicated Mineral Resources of 50.5 million oz
06:13  LOGI Logitech Intl SA beats by $0.25, beats on revs; raises FY19 profit outlook (33.44 )

  • Reports Q3 (Dec) earnings of $0.79 per share, excluding non-recurring items, $0.25 better than the S&P Capital IQ Consensus of $0.54; revenues rose 6.4% year/year to $864.39 mln vs the $854.11 mln S&P Capital IQ Consensus.
  • Outlook: Logitech raised its Fiscal Year 2019 prot outlook to between $340 million and $345 million in non-GAAP operating income, up from between $325 million and $335 million, on an annual sales outlook of 9 to 11 percent growth in constant currency.
06:09  UTSI UTStarcom: Key strategic partner increases stake in UTSI (3.28 )

  • UTStarcom announced that its strategic partner Tongding Interconnection Information Co increased its ownership stake in UT to 9.9% through a series of transactions executed late in 2018.
  • TDI paid ~$4.54 per share of UT, an ~30% premium over UT's average share price for the past three months.
06:07  EDU New Oriental Education &amp; Technology beats by $0.08, beats on revs; guides Q3 revs above consensus (65.90 )

  • Reports Q2 (Nov) earnings of $0.14 per share, excluding non-recurring items, $0.08 better than the S&P Capital IQ Consensus of $0.06; revenues rose 27.8% year/year to $597.07 mln vs the $578.5 mln S&P Capital IQ Consensus.
  • Co issues upside guidance for Q3, sees Q3 revs of $769.9-793.2 mln vs. $754.60 mln S&P Capital IQ Consensus.
06:04  SWK Stanley Black &amp; Decker beats by $0.01, reports revs in-line; guides FY19 EPS below consensus (136.88 )

  • Reports Q4 (Dec) earnings of $2.11 per share, $0.01 better than the S&P Capital IQ Consensus of $2.10; revenues rose 4.9% year/year to $3.63 bln vs the $3.62 bln S&P Capital IQ Consensus.
  • Co issues downside guidance for FY19, sees EPS of $8.45-8.65 vs. $8.80 S&P Capital IQ Consensus.
    • The following represents key 2019 adjusted EPS assumptions: Organic volume (~+$0.30 to +$0.40) Benefit from the cost reduction program, net of modest investments (~ +$1.05) Incremental tariffs, commodity inflation and currency partially offset by pricing (~ -$0.90 to -$1.00).
06:03  GDS GDS Holdings names Jamie Khoo as Chief Operating Officer effective immediately (28.83 )

Khoo joined the GDS senior management team in 2014, serving as Deputy Chief Financial Officer.
06:03  FNB F.N.B. Corp beats by $0.02 (11.44 )

  • Reports Q4 (Dec) earnings of $0.30 per share, $0.02 better than the S&P Capital IQ Consensus of $0.28.
  • The net interest margin declined 20 basis points to 3.29% from 3.49%, primarily due to the sale of Regency in the third quarter of 2018. Regency contributed 14 basis points to net interest margin in the fourth quarter of 2017.
  • Growth in total average loans was $1.1 billion, or 5.4%, with average commercial loan growth of $582 million, or 4.5%, and average consumer loan growth of $546 million, or 7.0%.
  • Total average deposits grew $1.3 billion, or 5.8%, including an increase in average non-interest-bearing deposits of $396 million, or 7.0%, and an increase in average time deposits of $813 million, or 17.8%.
06:01  TM Toyota Motor and Panasonic (PCRFY) agree to establish joint venture related to automotive prismatic batteries (125.35 )

06:00  GSK GlaxoSmithKline announces succession plan to appoint new Chairman (39.06 )

  • Co announces that Sir Philip Hampton has informed the Board of his intention to step down as non-executive Chairman and the Board has started the process to find a successor.
  • Sir Philip was appointed to the Board on 1st January 2015. He was appointed as Deputy Chairman from 1st April 2015 and as Chairman from 7th May 2015.
06:00  WIRES On The Wires

  • Thor Industries (THO) provided an update on its pending acquisition of the Erwin Hymer Group. The Company announced that Thor and the sellers are finalizing discussions to exclude EHG's North American operations from Thor's purchase of EHG. Thor and EHG are currently negotiating appropriate revisions to the terms of the stock purchase agreement including adjustments to the purchase price and assumed liabilities as a consequence of the exclusion of EHG's North American operations.
  • Barrick Gold (GOLD), owners of the Lumwana copper mine, says it is continuing to engage with the Zambian government and community stakeholders about a mutually-beneficial way forward for the operation. Subsequent to the first Lumwana board meeting following the Barrick/Randgold merger, Barrick's chief operating officer for Africa and the Middle East, Willem Jacobs, said the company was mindful that the Government was under pressure to increase its revenue. At the same time, however, its proposed tax changes would put Lumwana in a challenging situation.
  • Alnylam Pharmaceuticals (ALNY) and Medison Pharma announced an exclusive agreement to commercialize ONPATTRO, the first-ever commercialized RNAi therapeutic, as well as other investigational therapeutics under development in the Alnylam RNAi portfolio. The agreement between Alnylam and Medison includes ONPATTRO, approved in the EU in August 2018 for the treatment of hATTR amyloidosis in adults with stage 1 or stage 2 polyneuropathy; givosiran, a late-stage investigational RNAi therapeutic for the treatment of acute hepatic porphyria (AHP); and lumasiran, a late-stage investigational RNAi therapeutic for the treatment of Primary Hyperoxaluria Type 1
06:00  STNE StoneCo releases Q4 Operational Metrics; TPV +74% YoY (22.19 )

Preliminary Operational Metrics for the Fourth Quarter of 2018

  • Take rate in the fourth quarter of 2018 was 1.88%, a 30 basis point increase versus the fourth quarter of 2017 and a basis point increase versus the third quarter of 2018.
  • As of December 31, 2018 the Company had 267.9 thousand active clients, up 104.1% from 131.2 thousand on December 31, 2017. The net addition of active clients in the fourth quarter was 33.5 thousand, an improvement in net addition per sales force working day2 compared to the third quarter of 2018.
  • Total Payment Volume (TPV) was R$26.6 billion in the fourth quarter of 2018, an increase of 73.8% from R$15.3 billion in the fourth quarter of 2017
06:00  VRTX Vertex Pharma receives EU approval for ORKAMBI (194.70 )

  • Co announced that the European Commission has granted approval of the label extension for ORKAMBI (lumacaftor/ivacaftor) for the treatment of children with cystic fibrosis (CF) aged 2 to 5 years old who have two copies of the F508del mutation, the most common form of the disease.
  • The label update is based on data from a Phase 3 open-label safety study in 60 patients that showed treatment with lumacaftor/ivacaftor was generally well tolerated for 24 weeks, with a safety profile in these pediatric patients generally consistent with that in patients aged 6 years and older.
  • Lumacaftor/ivacaftor is already approved in the EU for the treatment of CF in patients aged 6 and older who have two copies of the F508del mutation.
06:00  HNP Huaneng Power reports Q4 power generation increased 3.5% YoY (25.90 )

  • According to the preliminary statistics of the Company, in the fourth quarter of 2018, the Company's total power generation by power plants within China on consolidated basis amounted to 103.707 billion kWh, representing an increase of 3.49% over the same period last year.
  • Total electricity sold by the Company amounted to 97.953 billion kWh, representing an increase of 4.05% over the same period last year. For the whole year of 2018, the Company's total power generation by the power plants within China on consolidated basis amounted to 430.457 billion kWh, representing an increase of 9.12% over the same period last year, and the total electricity sold by the Company amounted to 405.943 billion kWh, representing an increase of 9.30% over the same period last year.
06:00  LLY Eli Lilly's Phase 3 REACH-2 Trial published in The Lancet showing improvement in overall survival with CYRAMZA (116.59 )

  • Co announced that results from the global Phase 3 REACH-2 study of CYRAMZA (ramucirumab) as a single agent in the second-line treatment of people with AFP-High (alpha-fetoprotein =400 ng/mL) hepatocellular carcinoma (HCC) were published online today in The Lancet Oncology.
  • Data from REACH-2 are also being presented today at the 2019 Gastrointestinal Cancers Symposium in San Francisco. HCC is also known as liver cancer, which is a leading cause of cancer-related death worldwide.
  • REACH-2 showed a statistically significant improvement in the primary endpoint of overall survival (OS) as well as in the secondary endpoint of progression-free survival (PFS). The safety profile observed in the REACH-2 study was consistent with what has been previously observed for single-agent CYRAMZA in patients with HCC. Additionally, in a pooled analysis comprised of all AFP-High HCC patients across both the REACH-2 and REACH studies, CYRAMZA treatment also resulted in an improvement in median OS.
06:00  SUMRX Overnight Summary -- World markets stymied by lowered IMF growth outlook

  • The global equity markets are setting the stage for a weaker open with the US coming out of a Holiday weekend. A few of notable points of interests that are likely weighing on markets were the IMF lowering its world growth outlook, continued uncertainty around Brexit, and reports that Iran and Israel had some missile exchanges at various targets over the weekend. On the first point, the IMF lowered both 2019 and 2020 outlooks, and now sees growth of 3.5% (down from 3.7%) and 3.6% (down from 3.7%), respectively.
  • The S&P Futures are trading about 15-points lower, around the 2655 level. The market is just off of the overnight low of 2649.50. The overnight high was established at 2673.50.
  • Asian markets finished weaker China down 1.2%, while Japan finished lower by 0.5%. Export stocks in Japan gave up early gains after the yen strengthened over the course of the session. China was weaker by 1.2%. It should be noted that the Mainland released a flurry of economic figures on Monday, headlined by Q4 GDP, which came in-line at +6.4%. The best data point was the Dec Industrial Production, which saw a surprise growth rate of 5.7%, above the expectation of +5.3%
  • European bourses are see similar weakness. The UK is underperforming the region after reports of the new Brexit details was not well received, considering it resembled the original plan, thus expected to see continued resistance. Financials are weaker as well following UBS' latest earnings report suggesting a cautious outlook

Market Updates

  • S&P Futures vs Fair Value: -15.0
  • 10 yr Note: 2.76%
  • USD/JPY: 109.47  -0.18
  • EUR/USD: 1.1359  -0.0006
  • Europe: FTSE  -0.5%  DAX  -0.2%  CAC  -0.4%
  • Asia: Hang Seng  -0.7% Shanghai -1.2% Nikkei  -0.5%
  • Gold (1283.90 +1.30) Silver (15.34 -0.06) Crude (53.37 -0.67)
17:34  WRAPX This week's biggest % gainers/losers

The following are this week's top 20 percentage gainers and top 20 percentage losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).

This week's top 20 % gainers
  • Healthcare: ALDR (13.41 +23.82%), FPRX (11.19 +16.56%)
  • Materials: VHI (3.45 +48.07%), MERC (14.77 +27.33%)
  • Consumer Discretionary: GTX (15.81 +19.32%), CWH (16.03 +18.57%), BOOT (22.85 +17.84%), VC (76.33 +16.14%), LE (17.35 +15.51%)
  • Information Technology: FDC (22.95 +32.81%), ATTU (24.69 +21.09%), COUP (76.66 +17.96%), DOMO (26.59 +17.03%)
  • Financials: OZK (32.06 +21.58%), JT (5.77 +15.86%)
  • Energy: ROAN (11.15 +22.39%), HCLP (4.6 +16.75%), RDC (12.12 +15.65%)
This week's top 20 % losers
  • Healthcare: IMMU (13.31 -25.68%), LXRX (5.96 -20.95%), ADAP (4.86 -15.33%), MGNX (12.31 -13.92%), NOVN (1.38 -13.08%)
  • Materials: IAG (2.83 -22.25%), AG (5.15 -13.88%), EGO (2.66 -13.07%)
  • Industrials: MAXR (5.04 -13.55%)
  • Consumer Discretionary: NLS (7.02 -37.04%), SIG (25.41 -28.52%), TLRD (12 -18.26%), TSLA (302.26 -12.96%)
  • Information Technology: CASA (11.2 -18.6%), QTNA (13.36 -16.92%)
  • Financials: DFIN (13.57 -12.96%)
  • Utilities: PCG (7.23 -58.9%)
17:33  SSW Seaspan files for 52,810,939 Class A common share offering by selling security-holders (9.16 +0.16)

17:05  EYPT EyePoint Pharmaceuticals entered into $20 mln At Market Issuance Sales Agreement (2.26 -0.14)

17:03  GWPH GW Pharma files mixed securities shelf offering (137.29 +2.79)

16:41  FDX FedEx began offering today voluntary cash buyouts - offer periods will expire in the fourth quarter of fiscal 2019 (176.91 +3.64)

A voluntary buyout program for eligible U.S.-based employees is a component of FedEx Corporation's ongoing efforts to improve efficiencies and reduce costs. Costs of the benefits to be provided under the U.S.-based employee voluntary buyout program will be recognized in the period that eligible employees accept their offers, which is expected to be predominantly in the fourth quarter of fiscal 2019. We expect the pre-tax cost of the U.S.-based program to range from $450 million to $575 million in pre-tax cash expenditures, but actual costs will depend on employee acceptance rates. We expect savings from the U.S.-based program to be between $225 million to $275 million on an annualized basis beginning in fiscal 2020.
16:39  MKL Markel Corp said that effective immediately CATCo CEO Anthony Belisle, and CATCo CEO Bermuda Alissa Fredricks are no longer with the company (1068.20 +11.85)

As previously announced, after being notified of governmental inquiries into loss reserves recorded in late 2017 and early 2018 at Markel CATCo Investment Management Ltd and its subsidiaries, Markel Corporation engaged outside counsel to conduct an internal review. During the course of the internal review, Markel discovered violations by Mr. Belisle and Ms. Fredricks of Markel policies relating to an undisclosed personal relationship, and prompt action was taken. The internal review relating to loss reserving continues with no conclusions reached at this time.
16:35  SYF Synchrony Financial moves up Q4 release date to Jan 23 from Jan 25 (26.28 -0.07)

16:35  ABBV AbbVie announces update on Phase 3 RESOLVE trial of ibrutinib (IMBRUVICA) in metastatic pancreatic cancer; study did not meet primary endpoint (89.50 +2.30)

  • The Phase 3 RESOLVE trial (PCYC-1137) evaluated ibrutinib (IMBRUVICA) in combination with chemotherapy agents nab-paclitaxel and gemcitabine versus placebo in combination with these chemotherapy agents in patients with metastatic pancreatic adenocarcinoma. IMBRUVICA is a first-in-class Bruton's tyrosine kinase inhibitor jointly developed and commercialized by Pharmacyclics LLC, an AbbVie company, and Janssen Biotech (JNJ). IMBRUVICA has been available in the U.S. since 2013 and is FDA-approved for use in five B-cell blood cancers, as well as in chronic graft-versus-host-disease for a total of nine FDA-approved indications.
  • At conclusion, the study did not meet its primary endpoint of improving progression-free survival or overall survival benefit among the study population. Safety data collected from the study were consistent with the existing safety information for the study therapies.
  • The company will continue to evaluate the potential of IMBRUVICA as a cancer treatment alone or in combination for a variety of cancer types.
16:34  AMBR Amber Road: Altai Capital Osprey increases active stake to 8.7% from 8.56% - submitted notice of intent to nominate two individuals-Mr. Heinberg and Jim Watson for election to board (8.43 +0.17)

16:27  LNN Lindsay Corp releases presentation detailing long-term tgts including rev growth 5-10%, op margin 11-16%, ROIC 10-15% (90.32 -0.70)

16:25  NNBR NN Inc: Legion partners discloses increased holding -- with 6.35% active stake (prior approx 2.3%) (8.46 -0.04)

The Reporting Persons have had and anticipate having further discussions with management and the Board of the Issuer relating to the Issuer's underperformance, overall business strategy, board composition (which include reconstitution of the Board), corporate governance, management accountability, capital allocation, and the evaluation of strategic alternatives.
16:24  WRAPX Stock Market Wrap Up: Stocks Climb on Trade Hope, Waning Growth Concerns

The S&P 500 gained 1.3% on Friday, boosted by trade talk optimism and waning concerns about the U.S. economic outlook. Friday's gains extended the benchmark index's weekly gain to 2.9%.

The Dow Jones Industrial Average (+1.4%), the Nasdaq Composite (+1.0%), and the Russell 2000 (+1.0%) also extended their weekly gains to 3.0%, 2.7%, and 2.4%, respectively.

Within the S&P 500, all 11 sectors finished higher with the cyclical energy (+1.9%), industrials (+1.9%), financials (+1.7%), and materials (+1.6%) groups leading the broader market higher.

Friday's presumed catalyst was a Bloomberg News report highlighting China's willingness to eliminate the U.S. trade imbalance.

According to the report, China made an offer during trade negotiations earlier this month to boost the amount of U.S. imports, such that the trade balance with the U.S. would be $0 by 2024. It's not the news itself that sparked an extended rally, but the tenor of recent trade headlines that have fed hope for a meaningful trade deal.

It is evident that the market is beginning to price in the positive effects of a trade deal, which, if struck, should bode well for global growth and corporate earnings prospects.

In addition, strength in manufacturing output, which drove a 0.3% increase in industrial production in December (Briefing.com consensus 0.2%), and the capacity utilization rate rising to 78.7% (Briefing.com consensus 78.5%), helped temper some of the pressing economic growth concerns that were so prominent at the end of 2018.

The easing concerns over economic growth were subsequently made apparent across capital markets.

The S&P 500 cyclical sectors outperformed; U.S. Treasury prices finished lower, driving yields higher; the dollar extended gains; and oil prices ($53.84/bbl, +$1.85, +3.6%) increased, as did copper prices ($2.72/lb, +0.04, +1.5%).

The yield on the 2-yr Treasury note rose five basis points to 2.61%, and the yield on the 10-yr Treasury note rose four basis points to 2.78%. The U.S. Dollar Index increased 0.3% to 96.37.

In earnings news, Dow component American Express (AXP 100.48, +0.99, +1.0%) rose after it released a better-than-expected earnings report. Netflix (NFLX 339.10, -14.09, -4.0%) for its part fell after a Q4 revenue miss and guiding Q1 top and bottom lines below consensus.

In other corporate news, Tesla (TSLA 302.26, -45.05) was a story stock after it dropped 13.0% following plans to reduce its full-time staff by approximately 7%. The company hopes that a reduction can help produce its Model 3 at a more affordable price point for the masses.

Reviewing Friday's economic data, which included Industrial Production and Capacity Utilization for December and the preliminary reading of the University of Michigan Index of Consumer Sentiment for January:

  • Industrial production increased 0.3% in December (Briefing.com consensus 0.2%) on top of a downwardly revised 0.4% increase (from 0.6%) in November. The capacity utilization rate rose to 78.7% (Briefing.com consensus 78.5%) from an upwardly revised 78.6% (from 78.5%).
    • The key takeaway from the report is that the there was notable strength in manufacturing output (hard data), which saw its largest gain since February 2018 and helped allay some of the concerns surrounding the softening ISM Manufacturing Index (and soft survey data) for December.
  • The preliminary University of Michigan Index of Consumer Sentiment for January slumped to 90.7 (Briefing.com consensus 96.0) from 98.3 in December, marking the lowest level since President Trump was elected.
    • The key takeaway from the report is that the consumer's attitude about the economic outlook for the year ahead was categorized as the worst since mid-2014, calling into question the consumer's propensity to spend freely on discretionary items.

Looking ahead, investors will receive Existing Home Sales for December on Monday.

  • Russell 2000 +9.9% YTD
  • Nasdaq Composite +7.9% YTD
  • S&P 500 +6.5% YTD
  • Dow Jones Industrial Average +5.9% YTD
16:08  CB Chubb estimates Q4 net catastrophe loss estimates of approximately $585 mln pre-tax ($505 mln) after tax (133.59 +0.73)

These estimates include the previously reported loss estimates related to the California wildfires and Hurricane Michael, which totaled $475 million pre-tax, and $75 million pre-tax related to other worldwide weather events in the fourth quarter, including storms in Australia and Typhoon Trami in Japan. The balance of approximately $35 million pre-tax is from loss development related to natural catastrophes occurring in the first three quarters of the year.