Отбор акций NYSE, NASDAQ

ISM Report On Business


Earnings release

Jan 16/a CSX PBCT JEF OZK PRGS BEDU BMTC
Jan 17/b SLB STT FAST CFG RF KSU JBHT FHN


In Play from Briefing.com

Updated: 17-Jan-20 12:00 ET

11:58  SUMRX Economic Data Summary

Economic Data Summary:

  • Dec Building Permits 1608K vs Briefing.com consensus of 1380K; November was revised to 1474K from 1482K
  • Dec Housing Starts 1416K vs Briefing.com consensus of 1460K; November was revised to 1375K from 1365K
    • The key takeaway from the report is the huge starts number and the recognition that the largest homebuilding region -- the South -- saw an impressive 11.3% increase in single-family starts. That's a good sign as it relates to potential supply coming online and it's good simply as a positive growth indicator.
  • Dec Industrial Production -0.3% vs Briefing.com consensus of 0.1%; November was revised to 0.8% from 1.1%
    • Dec Capacity Utilization 77.0% vs Briefing.com consensus of 77.2%; November was revised to 77.4% from 77.3%
    • The key takeaway from the report is that manufacturing output increased 0.2% despite a large 4.6% drop in the output of motor vehicles and parts. Excluding the motor vehicle sector, factory output increased 0.5%.
  • Nov JOLTS - Job Openings 6800K; October was revised to 7361K from 7267K
  • Jan Univ. of Michigan Consumer Sentiment - prelim 99.1 vs Briefing.com consensus of 98.9; December was 99.3
    11:30  SCANX Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (296) outpacing new lows (4) -Technical-

    Stocks that traded to 52 week highs: A, AB, ACA, ACGL, ACIA, ACLS, ACM, ACRE, ADBE, ADP, AEP, AER, AES, AIT, AJG, AKAM, AL, ALL, ALLE, ALLT, AMAT, AMBC, AMD, AMED, AMN, AMP, AMRC, AMWD, ANSS, APAM, APO, ARD, ARES, ATRC, ATVI, AUDC, AVY, AXP, AY, BCPC, BF.B, BHE, BIP, BL, BLK, BMY, BPOP, BRK.B, BRO, BX, BXP, CACI, CALA, CBB, CBU, CCC, CCOI, CCXI, CFG, CG, CGNX, CHDN, CMCSA, CMS, CNNE, COO, CSGP, CSII, CSL, CSOD, CTAS, CTLT, CVM, CWEN, CZR, DAR, DHR, DOC, DOOR, DOV, DOX, DVA, EA, EFSC, EFX, EHC, EL, EMR, ENTG, EPAM, EPZM, ERI, ES, ESE, ETN, ETR, EXLS, EXPO, FATE, FCN, FIS, FISV, FIVN, FLEX, FORM, FRPT, FRTA, FTNT, FTSV, G, GBT, GES, GLOB, GLPI, GMRE, GNRC, GNTX, GOOGL, GPN, GS, HASI, HIW, HLI, HLNE, HLT, HOLX, HOMB, HON, HONE, HRL, HUBB, IAC, ICE, ICLR, IEX, IIIN, IIIV, INFN, INSP, INTL, IPHI, ITRI, JCOM, JEF, JNJ, K, KKR, KLIC, KMB, KNOP, KNSL, KO, KRNT, KSU, LAMR, LAND, LCII, LDOS, LEN, LMT, LNT, LPLA, LPT, LPX, LSI, LVS, LYV, MA, MAIN, MAS, MASI, MCK, MCO, MDT, MEDP, MGM, MNST, MPW, MRVL, MSA, MSCI, MSFT, MTSI, NCLH, NCR, NDAQ, NDSN, NEE, NERV, NKE, NLOK, NOC, NOVT, NOW, NUAN, NWSA, NXPI, NXST, ODFL, OGE, ONTO, OUT, PATK, PBH, PCH, PCTY, PDM, PEGA, PEP, PG, PHM, PLD, PLXS, PNR, POR, PRFT, PRGO, PRGS, PZZA, QCOM, QTS, RCL, RDFN, RE, RIGL, RJF, RMD, RSG, RTN, RWT, RXN, SBNY, SCI, SEAS, SEM, SF, SHOP, SIRI, SKYW, SNAP, SNPS, SO, SPGI, SPLK, SRE, STAR, STT, STX, SVMK, SWK, SYNA, TBK, TDG, TDY, TFX, TGTX, THO, THRM, TIF, TKR, TMO, TOL, TPH, TREX, TROW, TRTN, TRU, TTC, TTMI, UMH, UNP, UTX, V, VICI, VICR, VMI, VRTX, WAL, WCG, WD, WEX, WLH, WMS, WSC, WSM, WST, WTR, WY, WYND, WYNN, XENE, XRAY, YNDX, ZAYO, ZGNX, ZTS

    Stocks that traded to 52 week lows: CEIX, GPOR, MGPI, NR

    Thinly-Traded Stocks (ADV below 100k) that traded to 52 week highs on High Volume: APPF, BANF, CAMT, CHE, CRAI, CRVL, CSWI, FMCI, GABC, PEBO, PFBC, PIPR, PLOW, ROLL, SAR, SPAQ, TMP, TNC, WABC

    ETFs that traded to 52 week highs: BJK, DIA, DVY, EFA, EIS, EWC, EWQ, FAN, IAI, IGV, IHF, IHI, IOO, ITB, IWC, IWF, IWM, IYF, IYG, IYH, IYJ, IYK, IYT, JNK, KCE, KIE, MDY, NIB, OEF, PALL, PBD, PBW, PHO, PPA, PPH, PPLT, QQQ, RSX, RTH, SDY, SKYY, SOCL, SOXX, SPY, TAN, UWM, UYG, VTI, XHB, XLF, XLI, XLK, XLP, XLU, XLV, XLY

    ETFs that traded to 52 week lows: UNG, VXX, VXZ
    11:11  TALKX Market Briefing: Subdued gains, yet bullish bias persists

    The futures market presaged a positive start for the stock market and that is what transpired. Follow-through from buyers, however, has been limited as the major indices have moved off their earlier highs.

    The subdued gains so far are apt to be contributed to a sense that the market is due for a breather. Nevertheless, there are several factors that have helped keep sellers from making a more prominent impact thus far:

    • Influential asset managers David Tepper and Stanley Druckenmiller both told CNBC today that they are still bullish on the stock market for now.
    • The housing starts data for December was the best in 13 years, continuing a string of pleasing economic data of late that has fostered confidence in the continuation of the U.S. economic expansion.
    • Leadership continues to be broad based. Every sector, except energy (-0.4%), is contributing to today's gains.
    • Apple (AAPL 315.92, +0.68, +0.2%) and Alphabet (GOOG 1466.19, +14.49, +1.0%), which are two of the three most heavily-weighted stocks in the S&P 500, are up again.
    • The Dow Jones Transportation Average reflects the general reluctance to sell, as it is down just 0.2% despite a Deutsche Bank downgrade of Southwest Airlines (LUV 53.30, unch) to Hold from Buy, and relatively disappointing earnings reports and/or guidance from CSX Corp. (CSX 76.28, -0.46, -0.6%), J.B. Hunt (JBHT 115.43, -4.33, -3.6%), Kansas City Southern (KSU 165.18, +3.55, +2.2%), and Expeditors International (EXPD 77.77, -3.57, -4.4%).

    The S&P 500 is up 0.2%; the Dow Jones Industrial Average and Nasdaq Composite are up 0.1%; and the Russell 2000 is down 0.2%.

    10:48  ITB Industry Briefing: Homebuilders (47.23 +0.16)

    Homebuilder stocks displayed relative strength at the start of today's session after December Housing Starts (actual 1.608 mln; Briefing.com consensus 1.380 mln) exceeded expectations by a wide margin.

    The iShares U.S. Home Construction ETF (ITB 47.23, +0.16, +0.3%) and the SPDR S&P Homebuilders ETF (XHB 47.75, +0.14, +0.3%) continue trading a bit ahead of the broader market after setting fresh record highs at the open.

    Notable movers:

    • D.R. Horton (DHI 55.58, +0.20, +0.4%): tracking its fourth consecutive advance.
    • Lennar (LEN 63.35, +0.14, +0.3%): sixth consecutive advance lifts the stock to its highest level since April 2018.
    • PulteGroup (PHM 41.83, +0.17, +0.4%): sixth consecutive advance lifts the stock to its highest level since late 2005.
    • Home Depot (HD 231.96, +3.14, +1.4%): nearing its record high from November.
    • Lowe's (LOW 121.76, +2.49, +2.1%): approaching its record high from last week.
    10:29  OPTNX Early Options Activity

    Taking an early look at the options market, we found the following names that may be worth watching throughout the day for further indication of investor expectations given their options volume and implied volatility movement.

    Stocks seeing volatility buying (bullish call buying/bearish put buying):

    Calls:

    • CHL Mar 40 calls are seeing interest with 1260 contracts trading vs. open int of 0, pushing implied vol up around 4 points to ~23%. Co is expected to report earnings mid-March.

    Puts:

    • AMAT Jan 62.5 puts are seeing interest with 1800 contracts trading vs. open int of 110, pushing implied vol up around 18 points to ~47%. Co is expected to report earnings mid-February.

    Stocks seeing volatility selling:

    • KSU, STT, SLB implied vol is lower following earnings/guidance

    Sentiment: The CBOE Put/Call ratio is currently: 0.55, VIX: (12.15, -0.17, -1.4%).
    Today  is options expiration -- the last day to trade January equity options.
    *Please use the Talk to Us link at the top of the page to provide feedback on this comment as well as the OPTNX comments.

    10:25  IMAB I-Mab opened for trading at $14.75 after pricing IPO at $14 (13.65 -0.35)

     
    10:09  IYT Industry Briefing: Transports (202.50 -0.33)

    The Dow Jones Transportation Average (-0.3%) underperforms in the early going of today's session but even with today's loss, the group is still up 2.8% since the end of last week versus a 1.8% week-to-date gain in the S&P 500 (+0.2%).

    Today's slight show of relative weakness comes after four transportation companies reported weaker than expected results. In addition, Deutsche Bank downgraded Southwest Airlines (LUV 55.15, -0.15, -0.3%) to Hold from Buy.

    Notable movers:

    • Expeditors International (EXPD 77.52, -3.82, -4.7%): pulling back from a record high to levels from last week after warning that its Q4 EPS will be as much as 17% lower than what analysts had expected.
    • JB Hunt Transport (JBHT 116.55, -3.22, -2.6%): pulling back to its 50-day moving average (116.33) after missing Q4 EPS expectations.
    • C.H. Robinson (CHRW 82.70, -1.40, -1.7%): retreating to its 200-day moving average (82.35) in sympathy with Expeditors International and JB Hunt.
    • CSX (CSX 76.41, -0.33, -0.4%): pulling back from a six-month high after reporting mixed Q4 results and guiding for a decrease of up to 2.0% in FY20 revenue.
    • Kansas City Southern (KSU 163.07, +1.44, +0.9%): touched a fresh record high despite missing Q4 EPS expectations.
    • Southwest Airlines (LUV 55.15, -0.15, -0.3%): under slight pressure after Deutsche Bank downgraded the stock to Hold from Buy due to a high execution risk.
    10:00  ECONX January University of Michigan Consumer Sentiment- Prelim 99.1 vs 98.9 Briefing.com consensus; December 99.3

     
    09:41  WRAPX Opening Market Summary: Stock market extends record run at the open

    The major indices begin the session higher in record territory. The S&P 500 is up 0.1%, the Dow Jones Industrial Average is up 0.1%, and the Nasdaq Composite is up 0.2%. 

    Looking at the S&P 500 sectors shows most sectors trading within 0.3% of their flat lines. The financials (+0.4%) and consumer staples (+0.4%) sectors outperform, while the industrials sector (-0.1%) sits at the bottom amid relative weakness in the transportation space following relatively disappointing earnings/guidance. 

    U.S. Treasuries have edged lower, pushing yields higher in a curve-steepening trade. The 2-yr yield is up one basis point to 1.58% ,and the 10-yr yield is up three basis points to 84%. The U.S. Dollar Index is up 0.2% to 97.54. WTI crude is up 0.3% to $58.72/bbl. 

    09:28  WIRES On The Wires

    • Vail Resorts (MTN) reported certain ski season metrics for the comparative periods from the beginning of the ski season through January 5, 2020, and for the prior year period through January 6, 2019, for its North American destination mountain resorts and regional ski areas, excluding results from Australian ski areas. Season-to-date total lift ticket revenue was up 0.4% compared to the prior year season-to-date period. Season-to-date ski school revenue was up 2.0%, and dining revenue was down 3.6% yr/yr. Retail/rental revenue for North American resort and ski area store locations was down 1.8% yr/yr. Season-to-date total skier visits were down 7.8% yr/yr. The initial guidance for FY20 incorporated the possibility of a slower start to the season. While challenging results at Whistler Blackcomb and Stevens Pass have put downward pressure on overall results, the company expects Resort Reported EBITDA for FY20 to be within the guidance range issued on September 26, 2019 given strong season pass sales, results through the holiday period, and recently improved conditions at Whistler Blackcomb and Stevens Pass.
    • Honeywell (HON) has been awarded a contract by Lockheed Martin (LMT) to support production of NASA's Orion spacecraft fleet for the upcoming Artemis missions, which will bring humans back to the moon for the first time since 1972.
    • Clarivate Analytics (CCC) has signed a definitive agreement to acquire Decision Resources Group, a premier provider of high-value data, analytics and insights products and services to the healthcare industry, from Piramal Enterprises for a $950 mln purchase price, including $900 mln in cash and approximately $50 mln in Clarivate ordinary shares to be issued following the one-year anniversary of closing. The acquisition is expected to be accretive to Clarivate earnings in 2020 The company also reaffirmed its standalone outlook for the year ending December 31, 2020.
    • Equifax (EFX) has signed a definitive agreement to increase its ownership of Equifax Credit Information Services Private (ECIS) to 100%. ECIS is an Indian credit information company. The transaction emphasizes Equifax's proactive investment in the Indian lending industry. Since 2010, ECIS has operated as a joint venture between Equifax and leading Indian financial institutions.
    09:22  OPRA Opera Ltd authorizes US$50 mln share repurchase program (7.33 )

     
    09:15  ECONX December Capacity Utilization 77.0% vs 77.2% Briefing.com consensus

     
    09:15  ECONX December Industrial Production M/M -0.3% vs +0.1% Briefing.com consensus

     
    09:14  WRAPX S&P futures vs fair value: +8.90. Nasdaq futures vs fair value: +33.80.

    The stock market is poised to set more records at the open, as the S&P 500 futures trade nine points, or 0.3%, above fair value following a batch of decent economic data. 

    China reported better-than-expected retail sales, industrial production, and fixed asset investment for December, while U.S. housing starts rose 16.9% m/m to a seasonally adjusted annual rate of 1.608 million in December (Briefing.com consensus 1.380 million).

    Separately, Alphabet's (GOOG 1462.79, +11.09, +0.8%) price target was raised to $1675 from $1460 at UBS after the stock was the fourth U.S. tech company to reach the $1 trillion market cap valuation yesterday. Apple (AAPL 316.76, +1.52, +0.5%) had its price target raised to $368 from $296 at Morgan Stanley.

    Negative news today has come in the form of disappointing earnings/guidance from industrial companies CSX (CSX 75.10, -1.64, -2.1%), Expeditors International (EXPD 75.40, -5.94, -7.3%), J.B. Hunt (JBHT 114.79, -4.97, -4.2%), Fastenal (FAST 36.53, -0.78, -2.1%), and KC Southern (KSU 158.84, -2.79, -1.7%). 

    08:59  HEXO HEXO announces $20.0 mln registered direct offering (1.78 )

    • HEXO has entered into a definitive agreement with institutional investors for the purchase and sale of 11,976,048 common shares at an offering price of US$1.67 per share for gross proceeds of US$20.0 mln before deducting fees and other estimated offering expenses, pursuant to a registered direct offering.
    • The company has also agreed to issue to the investors common share purchase warrants to purchase 5,988,024 common shares of the company. The warrants will have a five year-term and an exercise price of US$2.45 per share.
    08:51  WRAPX S&P futures vs fair value: +10.60. Nasdaq futures vs fair value: +40.00.

    The S&P 500 futures trade 11 points, or 0.3%, above fair value.

    Equity indices in the Asia-Pacific region ended the week on a higher note. China reported its Q4 growth figures, which showed that 2019 GDP increased 6.1%, representing the slowest growth rate in almost 30 years. An official from the People's Bank of China said that the room for lowering the reserve requirement ratio is limited. The Bank of Korea left its base rate at 1.25%, as expected.

    • In economic data:
      • China's December Retail Sales 8.0% yr/yr (expected 7.8%; last 8.0%), December Industrial Production 6.9% yr/yr (expected 5.9%; last 6.2%), December Fixed Asset Investment 5.4% yr/yr (expected 5.2%; last 5.2%), and December Unemployment Rate 5.2% (last 5.1%). Q4 GDP 1.5% qtr/qtr, as expected (last 1.5%); 6.0% yr/yr, as expected (last 6.0%). 2019 GDP 6.1% (prior 6.2%)
      • Japan's November Tertiary Industry Activity Index 1.3% m/m (last -5.2%)
      • Australia November HIA New Home Sales -0.5% m/m (last -0.5%)
      • New Zealand's December Business NZ PMI 49.3 (last 51.4)

    ---Equity Markets---

    • Japan's Nikkei: +0.5% (+0.8% for the week)
    • Hong Kong's Hang Seng: +0.6% (+1.5% for the week)
    • China's Shanghai Composite: +0.1% (-0.5% for the week)
    • India's Sensex: UNCH (+1.2% for the week)
    • South Korea's Kospi: +0.1% (+2.0% for the week)
    • Australia's ASX All Ordinaries: +0.3% (+2.0% for the week)

    Major European indices trade in the green with Germany's DAX (+0.7%) nearing a fresh record. French Finance Minister, Bruno Le Maire, said that the U.S. should act on the French plan to impose a digital tax in the coming days. He added that the EU would respond if U.S. officials decide to implement sanctions against France.

    • In economic data:
      • Eurozone's December CPI 0.3% m/m, as expected (last -0.3%); 1.3% yr/yr, as expected (last 1.3%). December Core CPI 0.4% m/m, as expected (last 0.4%); 1.3% yr/yr, as expected (last 1.3%). November Construction Output 0.73% m/m (last -0.46%). November Current Account surplus EUR33.90 bln (last EUR32.40 bln)
      • U.K.'s December Retail Sales -0.6% m/m (expected 0.5%; last -0.8%); 0.9% yr/yr (expected 2.6%; last 0.8%). December Core Retail Sales -0.8% m/m (expected 0.7%; last -0.8%); 0.7% yr/yr (expected 2.9%; last 0.6%)
      • France's November government budget balance -EUR113.90 bln (last -EUR107.70 bln)
      • Italy's December CPI 0.2% m/m, as expected (last 0.2%); 0.5% yr/yr, as expected (last 0.5%). November trade surplus EUR4.87 bln (last surplus of EUR8.06 bln)
      • Swiss December PPI 0.1% m/m (last -0.4%); -1.7% yr/yr (last -2.5%)

    ---Equity Markets---

    • STOXX Europe 600: +1.0% (+1.3% week-to-date)
    • Germany's DAX: +0.7% (+0.3% week-to-date)
    • U.K.'s FTSE 100: +1.0% (+1.3% week-to-date)
    • France's CAC 40: +1.0% (+1.0% week-to-date)
    • Italy's FTSE MIB: +0.9% (+0.5% week-to-date)
    • Spain's IBEX 35: +1.2% (+1.2% week-to-date)
    08:32  ASPU Aspen Group prices 2.1 mln common stock offering at $7.15/share (7.96 )

     
    08:32  WRAPX S&P futures vs fair value: +7.90. Nasdaq futures vs fair value: +30.40.

    The S&P 500 futures trade eight points, or 0.2%, above fair value.

    Housing starts increased to a seasonally adjusted annualized rate of 1.608 million units in December (Briefing.com consensus 1.380 million) from a revised 1.375 million units in November (from 1.365 million). Building permits decreased to a seasonally adjusted 1.416 million in December (Briefing.com consensus 1.460 million) from a revised 1.474 million in November (from 1.482 million).

    08:31  PHX Panhandle Oil and Gas appoints Chad L. Stephens as CEO effective Jan. 16, 2020 (9.35 )

    Stephens was previously Interim Chief Executive Officer and currently serves as a member of Panhandle's board of directors.
    08:30  ECONX December Housing Starts 1608K vs 1380K Briefing.com consensus

     
    08:30  ECONX December Building Permits 1416K vs 1460K Briefing.com consensus

     
    08:13  SUMRX Gapping up/down: PRGS +10.5%, GPS +5%, RIO +3% and SLB +3% after earnings/guidance, WDC +2% and QCOM +1% after upgrades; EXPD -8%, JBHT -6%, CSX -3%, CSX -3% after earnings/guidance

    Gapping up
    In reaction to strong earnings/guidance
    :

    • PRGS +10.5%, FHN +5%, GPS +4.6% (provides upbeat guidance; also co cancels its previously announced plan to spin-off Old Navy), STT +4.1%, RIO +3.2% (provides production update), SLB +3%, CFG +2.7%, BEDU +1.3%

    Select metals/mining stocks trading higher:

    • SBGL +3.4%, BBL +2.4%, BHP +2%, GFI +1.2%, FCX +0.9%, MT +0.7%, GDX +0.6%, . 

    Other news:

    • TLRD +12.8% (to sell the Joseph Abboud Trademarks to WHP Global for $115 ml)
    • LNDC +2.4% (Legion Partners increases holding and discloses 5.15% active stake)
    • LDOS +0.7% (awarded contract by U.S. Army)
    • SYY +0.7% (launches Plant-Based Meatless Burger Patty in the US)
    • NVO +0.5% (FDA approves additional indication for Ozempic)

    Analyst comments:

    • PINS +4.6% (upgraded to Overweight from Equal Weight at Wells Fargo)
    • GRPN +3.2% (upgraded to Buy from Neutral at UBS)
    • ZEN +2.8% (upgraded to Outperform from Perform at Oppenheimer)
    • WDC +2.2% (upgraded to Outperform from Neutral at Wedbush)
    • YUM +1.8% (upgraded to Overweight from Equal-Weight at Morgan Stanley)
    • AA +1.2% (upgraded to Buy from Hold at Deutsche Bank)
    • QCOM +1.2% (upgraded to Buy from Neutral at Citigroup)
    • ADBE +0.9% (upgraded to Outperform from Perform at Oppenheimer)

    Gapping down
    In reaction to disappointing earnings/guidance
    :

    • EXPD -7.8%, JBHT -5.6%, OZK -5.1%, CSX -2.9%, FAST -2%, CDE -1% (Q4 production and sales), PBCT -0.8%

    Other news:

    • BYND -0.8% (SYY launches meatless burger patty)

    Analyst comments:

    • UNFI -4% (downgraded to Underweight from Equal Weight at Wells Fargo)
    • SFM -3.4% (downgraded to Underweight from Equal Weight at Wells Fargo)
    • ARMK -3.2% (downgraded to Hold from Buy at Berenberg)
    • CDW -2.6% (downgraded to Underweight from Equal-Weight at Morgan Stanley)
    • CAKE -2.1% (downgraded to Underweight from Equal-Weight at Morgan Stanley)
    • EBAY -1.4% (downgraded to Underweight from Equal Weight at Wells Fargo)
    • TWTR -1.3% (downgraded to Neutral from Buy at UBS)
    • IBM -1.1% (downgraded to Equal-Weight from Overweight at Morgan Stanley)
    • PII -1% (downgraded to Neutral from Outperform at Wedbush)
    • ADSK -0.6% (downgraded to Perform from Outperform at Oppenheimer)
    08:09  SCANX Gapping down

    Gapping down
    In reaction to disappointing earnings/guidance
    :

    • EXPD -7.8%, JBHT -5.6%, OZK -5.1%, CSX -2.9%, FAST -2%, CDE -1% (Q4 production and sales), PBCT -0.8%

    Other news:

    • BYND -0.8% (SYY launches meatless burger patty)

    Analyst comments:

    • UNFI -4% (downgraded to Underweight from Equal Weight at Wells Fargo)
    • SFM -3.4% (downgraded to Underweight from Equal Weight at Wells Fargo)
    • ARMK -3.2% (downgraded to Hold from Buy at Berenberg)
    • CDW -2.6% (downgraded to Underweight from Equal-Weight at Morgan Stanley)
    • CAKE -2.1% (downgraded to Underweight from Equal-Weight at Morgan Stanley)
    • EBAY -1.4% (downgraded to Underweight from Equal Weight at Wells Fargo)
    • TWTR -1.3% (downgraded to Neutral from Buy at UBS)
    • IBM -1.1% (downgraded to Equal-Weight from Overweight at Morgan Stanley)
    • PII -1% (downgraded to Neutral from Outperform at Wedbush)
    • ADSK -0.6% (downgraded to Perform from Outperform at Oppenheimer)
    08:07  SCANX Gapping up

    Gapping up
    In reaction to strong earnings/guidance
    :

    • PRGS +10.5%, FHN +5%, GPS +4.6% (provides upbeat guidance; also co cancels its previously announced plan to spin-off Old Navy), STT +4.1%, RIO +3.2% (provides production update), SLB +3%, CFG +2.7%, BEDU +1.3%

    Select metals/mining stocks trading higher:

    • SBGL +3.4%, BBL +2.4%, BHP +2%, GFI +1.2%, FCX +0.9%, MT +0.7%, GDX +0.6%, . 

    Other news:

    • TLRD +12.8% (to sell the Joseph Abboud Trademarks to WHP Global for $115 ml)
    • LNDC +2.4% (Legion Partners increases holding and discloses 5.15% active stake)
    • LDOS +0.7% (awarded contract by U.S. Army)
    • SYY +0.7% (launches Plant-Based Meatless Burger Patty in the US)
    • NVO +0.5% (FDA approves additional indication for Ozempic)

    Analyst comments:

    • PINS +4.6% (upgraded to Overweight from Equal Weight at Wells Fargo)
    • GRPN +3.2% (upgraded to Buy from Neutral at UBS)
    • ZEN +2.8% (upgraded to Outperform from Perform at Oppenheimer)
    • WDC +2.2% (upgraded to Outperform from Neutral at Wedbush)
    • YUM +1.8% (upgraded to Overweight from Equal-Weight at Morgan Stanley)
    • AA +1.2% (upgraded to Buy from Hold at Deutsche Bank)
    • QCOM +1.2% (upgraded to Buy from Neutral at Citigroup)
    • ADBE +0.9% (upgraded to Outperform from Perform at Oppenheimer)
    08:05  KSU KC Southern misses by $0.02, reports revs in-line and provides in line FY20 revenue guidance (161.63 )

    • Reports Q4 (Dec) earnings of $1.82 per share, excluding non-recurring items, $0.02 worse than the S&P Capital IQ Consensus of $1.84; revenues rose 5.1% year/year to $729.5 mln vs the $730.99 mln S&P Capital IQ Consensus.
    • Co sees low single digit volume growth in 2020; mid single digit revenue growth in 2020 (Capital IQ consensus +6%); mid teens CAGR 2019-2021.
    08:02  MGPI MGP Ingredients warns on Q4 (52.78 )

    • Co issues downside guidance for FY19 (Dec), sees EPS of $2.20-2.30 vs. $2.58 two analyst estimate; sees FY19 (Dec) revs of ~$362 mln vs. $391.17 mln two analyst estimate.
    • "The shortfall versus our previously communicated guidance is the result of us ultimately being unsuccessful in transacting a large portion of the aged whiskey sales we had forecast for the fourth quarter," said Gus Griffin, president and CEO of MGP Ingredients. "While this shortfall is disappointing, particularly given the line of sight we believed we had to these aged sales, we do not believe it reflects weakness in the overall American Whiskey category, our overall position in that market or the potential long-term value of our aged whiskey inventory. We are currently conducting additional analysis to better understand the aged whiskey market, and, going forward, we will continue to refine our strategies and tactics to improve the sales predictability and management of this important piece of our business.
    08:02  BONDX Overnight Treasury Market Summary

    Long Bond Lags After 20-yr Bond Announcement

    • U.S. Treasuries are on track for a mixed start, as shorter tenors are set to begin with modest gains while the long bond underperforms. Treasury futures of most tenors inched higher in overnight trade while long bond futures retreated after the U.S. Treasury announced that it will issue a 20-yr bond in the first half of 2020. More details about the planned issuance will be released on February 5. Today's session will feature industrial production and housing data for December. The U.S. Dollar Index is up 0.2% at 97.47.
    • Yield Check:
      • 2-yr: -2 bps to 1.55%
      • 3-yr: -1 bp to 1.56%
      • 5-yr: -2 bps to 1.61%
      • 10-yr: UNCH at 1.81%
      • 30-yr: +2 bps to 2.28%
    • News:
      • The Bank of Korea left its base rate at 1.25%, as expected.
      • An official from the People's Bank of China said that the room for lowering the reserve requirement ratio is limited.
      • China's December Retail Sales rose 8.0% yr/yr (expected 7.8%; last 8.0%), December Industrial Production increased 6.9% yr/yr (expected 5.9%; last 6.2%), December Fixed Asset Investment grew 5.4% yr/yr (expected 5.2%; last 5.2%), and December Unemployment Rate ticked up to 5.2% from 5.1%. Q4 GDP increased 1.5% qtr/qtr, as expected (last 1.5%), expanding 6.0% yr/yr, as expected (last 6.0%). 2019 GDP grew 6.1% (prior 6.2%).
      • Japan's November Tertiary Industry Activity Index 1.3% m/m (last -5.2%).
      • The TIC Flows report for November showed that Japan extended its lead over China as the top holder of U.S. Treasuries.
      • Finance Minister, Bruno Le Maire, said that the U.S. should act on the French plan to impose a digital tax in the coming days and that the EU would respond if U.S. officials decide to implement sanctions against France.
      • Eurozone's December CPI rose 0.3% m/m, as expected (last -0.3%), increasing 1.3% yr/yr, as expected (last 1.3%). December Core CPI rose 0.4% m/m, as expected (last 0.4%), increasing 1.3% yr/yr, as expected (last 1.3%). November Construction Output increased 0.73% m/m (last -0.46%).
      • U.K.'s December Retail Sales decreased 0.6% m/m (expected 0.5%; last -0.8%) but were up 0.9% yr/yr (expected 2.6%; last 0.8%). December Core Retail Sales fell 0.8% m/m (expected 0.7%; last -0.8%) but increased 0.7% yr/yr (expected 2.9%; last 0.6%).
      • Italy's December CPI rose 0.2% m/m, as expected (last 0.2%), increasing 0.5% yr/yr, as expected (last 0.5%). November trade surplus totaled EUR4.87 bln (last surplus of EUR8.06 bln).
      • Swiss December PPI ticked up 0.1% m/m (last -0.4%) but decreased 1.7% yr/yr (last -2.5%).
    • Commodities:
      • WTI Crude: +0.3% to $58.70/bbl
      • Gold: +0.5% to $1558.40/ozt
      • Copper: +0.8% to $2.869/lb
    • Currencies:
      • EUR/USD: -0.2% to 1.1109
      • GBP/USD: -0.2% to 1.3050
      • USD/CNH: -0.2% to 6.8617
      • USD/JPY: UNCH at 110.11
    • Data out Today:
      • 8:30 ET: December Housing Starts (Briefing.com consensus 1.380 mln; prior 1.365 mln) and December Building Permits (Briefing.com consensus 1.460 mln; prior 1.482 mln)
      • 9:15 ET: December Industrial Production (Briefing.com consensus 0.1%; prior 1.1%) and December Capacity Utilization (Briefing.com consensus 77.2%; prior 77.3%)
      • 10:00 ET: Preliminary January Michigan Consumer Sentiment (Briefing.com consensus 98.9; prior 99.3)
    07:59  WRAPX S&P futures vs fair value: +6.10. Nasdaq futures vs fair value: +26.30.

    The S&P 500 futures trade six points, or 0.2%, above fair value following upbeat Chinese data, but the futures trade has been losing momentum amid subsequent weakness in the industrials space.

    China's retail sales, industrial production, and fixed asset investment all increased more than expected in December, although its 6% 2019 GDP growth was its slowest rate in nearly 30 years. China's Shanghai Composite increased just 0.1% on Friday, while the Europe Stoxx 600 has set a new high with a 0.9% gain. 

    Back on the home front, industrial companies CSX (CSX 74.59, -2.15, -2.8%), Expeditors International (EXPD 74.26, -7.08, -8.7%), J.B. Hunt Transport Services (JBHT 114.99, -4.77, -4.0%), and Fastenal (FAST 36.10, -1.21, -3.2%) have disappointed investors with either their earnings results or guidance.

    Separately, investors will receive Housing Starts (Briefing.com consensus 1.380 million) and Building Permits (Briefing.com consensus 1.460 million) for December at 8:30 a.m. ET, Industrial Production (Briefing.com consensus 0.1%) and Capacity Utilization (Briefing.com consensus 77.2%) for December at 9:15 a.m. ET, and the preliminary University of Michigan Index of Consumer Sentiment for January (Briefing.com consensus 98.9) at 10:00 a.m. ET. 

    Elsewhere, the Treasury Department said it expects to issue 20-yr bonds in the first half of 2020. Currently, the 2-yr yield is down two basis points to 1.55%, and the 10-yr yield is unchanged at 1.81%. The U.S. Dollar Index is up 0.1% to 97.47. WTI crude is up 0.4%, or $0.21, to $58.73/bbl. 

    In U.S. Corporate news:

    • CSX (CSX 74.59, -2.15): -2.8% after missing revenue estimates, although earnings were better than expected. 
    • Expeditors International (EXPD 74.26, -7.08): -8.7% after issuing downside Q4 EPS guidance. 
    • J.B. Hunt Transport Services (JBHT 114.99, -4.77): -4.0% after missing earnings estimates. 
    • Fastenal (FAST 36.10, -1.21): -3.2% after missing revenue estimates. 
    • Gap (GPS 19.80, +1.19): +6.4% after canceling plans to spin off Old Navy.

    Reviewing overnight developments:

    • Equity indices in the Asia-Pacific region ended the week on a higher note. Japan's Nikkei: +0.5%, Hong Kong's Hang Seng: +0.6%, China's Shanghai Composite: +0.1%, India's Sensex: UNCH, South Korea's Kospi: +0.1%, Australia's ASX All Ordinaries: +0.3%.
      • In economic data:
        • China's December Retail Sales 8.0% yr/yr (expected 7.8%; last 8.0%), December Industrial Production 6.9% yr/yr (expected 5.9%; last 6.2%), December Fixed Asset Investment 5.4% yr/yr (expected 5.2%; last 5.2%), and December Unemployment Rate 5.2% (last 5.1%). Q4 GDP 1.5% qtr/qtr, as expected (last 1.5%); 6.0% yr/yr, as expected (last 6.0%). 2019 GDP 6.1% (prior 6.2%)
        • Japan's November Tertiary Industry Activity Index 1.3% m/m (last -5.2%)
        • Australia November HIA New Home Sales -0.5% m/m (last -0.5%)
        • New Zealand's December Business NZ PMI 49.3 (last 51.4)
      • In news:
        • China reported its Q4 growth figures, which showed that 2019 GDP increased 6.1%, representing the slowest growth rate in almost 30 years.
        • An official from the People's Bank of China said that the room for lowering the reserve requirement ratio is limited.
        • The Bank of Korea left its base rate at 1.25%, as expected.
    • Major European indices trade in the green with Germany's DAX (+0.6%) nearing a fresh record. STOXX Europe 600: +0.9%, Germany's DAX: +0.6%, U.K.'s FTSE 100: +1.0%, France's CAC 40: +0.9%, Italy's FTSE MIB: +0.7%, Spain's IBEX 35: +1.2%.
      • In economic data:
        • Eurozone's December CPI 0.3% m/m, as expected (last -0.3%); 1.3% yr/yr, as expected (last 1.3%). December Core CPI 0.4% m/m, as expected (last 0.4%); 1.3% yr/yr, as expected (last 1.3%). November Construction Output 0.73% m/m (last -0.46%). November Current Account surplus EUR33.90 bln (last EUR32.40 bln)
        • U.K.'s December Retail Sales -0.6% m/m (expected 0.5%; last -0.8%); 0.9% yr/yr (expected 2.6%; last 0.8%). December Core Retail Sales -0.8% m/m (expected 0.7%; last -0.8%); 0.7% yr/yr (expected 2.9%; last 0.6%)
        • France's November government budget balance -EUR113.90 bln (last -EUR107.70 bln)
        • Italy's December CPI 0.2% m/m, as expected (last 0.2%); 0.5% yr/yr, as expected (last 0.5%). November trade surplus EUR4.87 bln (last surplus of EUR8.06 bln)
        • Swiss December PPI 0.1% m/m (last -0.4%); -1.7% yr/yr (last -2.5%)
      • In news:
        • French Finance Minister, Bruno Le Maire, said that the U.S. should act on the French plan to impose a digital tax in the coming days. He added that the EU would respond if U.S. officials decide to implement sanctions against France.
    07:32  STT State Street beats by $0.29, beats on revs (81.14 )

    Reports Q4 (Dec) earnings of $1.98 per share, $0.29 better than the S&P Capital IQ Consensus of $1.69; revenues rose 2.1% year/year to $3.05 bln vs the $2.94 bln S&P Capital IQ Consensus.

    07:32  CMCM Cheetah Mobile appoints Thomas Jintao Ren as CFO (3.92 )

    Ren will succeed Mr. Vincent Jiang, who plans to resign from his position for personal reasons. Thomas Jintao Ren will join us from Renren Inc. (NYSE: RENN), where he has served as a chief financial officer since September 2015.
    07:31  SUMRX European Markets Update: DAX +0.6%, FTSE +1.0%, CAC +0.9%

    Major European indices trade in the green with Germany's DAX (+0.6%) nearing a fresh record. French Finance Minister, Bruno Le Maire, said that the U.S. should act on the French plan to impose a digital tax in the coming days. He added that the EU would respond if U.S. officials decide to implement sanctions against France.

    • In economic data:
      • Eurozone's December CPI 0.3% m/m, as expected (last -0.3%); 1.3% yr/yr, as expected (last 1.3%). December Core CPI 0.4% m/m, as expected (last 0.4%); 1.3% yr/yr, as expected (last 1.3%). November Construction Output 0.73% m/m (last -0.46%). November Current Account surplus EUR33.90 bln (last EUR32.40 bln)
      • U.K.'s December Retail Sales -0.6% m/m (expected 0.5%; last -0.8%); 0.9% yr/yr (expected 2.6%; last 0.8%). December Core Retail Sales -0.8% m/m (expected 0.7%; last -0.8%); 0.7% yr/yr (expected 2.9%; last 0.6%)
      • France's November government budget balance -EUR113.90 bln (last -EUR107.70 bln)
      • Italy's December CPI 0.2% m/m, as expected (last 0.2%); 0.5% yr/yr, as expected (last 0.5%). November trade surplus EUR4.87 bln (last surplus of EUR8.06 bln)
      • Swiss December PPI 0.1% m/m (last -0.4%); -1.7% yr/yr (last -2.5%)

    ---Equity Markets---

    • STOXX Europe 600: +0.9% (+1.2% week-to-date)
    • Germany's DAX: +0.6% (+0.2% week-to-date)
    • U.K.'s FTSE 100: +1.0% (+1.3% week-to-date)
    • France's CAC 40: +0.9% (+0.9% week-to-date)
    • Italy's FTSE MIB: +0.7% (+0.3% week-to-date)
    • Spain's IBEX 35: +1.2% (+1.2% week-to-date)

    ---FX---

    • EUR/USD: -0.2% to 1.1111
    • GBP/USD: -0.3% to 1.3044
    • USD/CHF: +0.3% at 0.9664
    07:31  ROCK Gibraltar Industries acquired the assets of Canadian-based Thermo Energy Systems, a provider of commercial greenhouse solutions in North America supporting the biologically grown organic food market, in an all cash transaction (53.66 )

    Thermo Energy Systems is expected to contribute annual revenue at a run rate of approximately $75 million. The acquisition is expected to be accretive for 2020.
    07:26  S&P futures vs fair value: +6.60. Nasdaq futures vs fair value: +28.60.

    07:15  CGC Canopy Growth submitted its final documentation for its beverage facility to Health Canada in late June 2019 and subsequently received the licence in late November 2019 (24.30 )

    In the seven weeks since receiving the licence, the company has made meaningful progress towards scaling the production process for its cannabis beverages from lab scale to commercial scale.
    07:04  JBHT J.B. Hunt Transport misses by $0.16, reports revs in-line (119.76 )

    • Reports Q4 (Dec) earnings of $1.35 per share, $0.16 worse than the S&P Capital IQ Consensus of $1.51; revenues rose 5.7% year/year to $2.45 bln vs the $2.46 bln S&P Capital IQ Consensus.
    • Total operating revenue for the current quarter was $2.45 billion, compared with $2.32 billion for the fourth quarter 2018. A 2% increase in load volume in Intermodal, partially offset with a lower revenue per load, contributed to a less than 1% increase in segment revenue. Dedicated Contract Services segment revenue increased by 20%, primarily from the February 2019 acquisition and the addition of new customer accounts. Integrated Capacity Solutions (ICS) segment revenue increased by 9% primarily from a 3% increase in load growth and a favorable change in customer freight mix. Truck (JBT) segment revenue decreased 20% primarily from lower loaded miles and lower rates per loaded mile. Current quarter total operating revenue, excluding fuel surcharges, increased approximately 7% vs. the comparable quarter 2018.
    07:02  SCANX Early premarket gappers

    • Gapping up:
      • PRGS +10.4%, GPS +5.4%, SBGL +4.2%, LNDC +3.4%, RIO +2.9%, BBL +2.2%, BIDU +2%, BYND +1.9%, QCOM +1.8%, BHP +1.7%, YNDX +1.7%, AA +1.6%, BEDU +1.3%, NVO +1.1%, BABA +1.1%, MT +0.9%, HSBC +0.9%, SLB +0.8%, LDOS +0.7%, SYY +0.7%
    • Gapping down:
      • SFM -4.8%, FAST -3.6%, CSX -3.4%, OZK -2.6%, TWTR -1.6%, EBAY -1.4%, IBM -1.3%, PBCT -1.3%, CDE -1%, DB -0.9%
    07:01  SUMRX Asian Markets Close: Nikkei +0.5%, Hang Seng +0.6%, Shanghai +0.1%

    Equity indices in the Asia-Pacific region ended the week on a higher note. China reported its Q4 growth figures, which showed that 2019 GDP increased 6.1%, representing the slowest growth rate in almost 30 years. An official from the People's Bank of China said that the room for lowering the reserve requirement ratio is limited. The Bank of Korea left its base rate at 1.25%, as expected.

    • In economic data:
      • China's December Retail Sales 8.0% yr/yr (expected 7.8%; last 8.0%), December Industrial Production 6.9% yr/yr (expected 5.9%; last 6.2%), December Fixed Asset Investment 5.4% yr/yr (expected 5.2%; last 5.2%), and December Unemployment Rate 5.2% (last 5.1%). Q4 GDP 1.5% qtr/qtr, as expected (last 1.5%); 6.0% yr/yr, as expected (last 6.0%). 2019 GDP 6.1% (prior 6.2%)
      • Japan's November Tertiary Industry Activity Index 1.3% m/m (last -5.2%)
      • Australia November HIA New Home Sales -0.5% m/m (last -0.5%)
      • New Zealand's December Business NZ PMI 49.3 (last 51.4)

    ---Equity Markets---

    • Japan's Nikkei: +0.5% (+0.8% for the week)
    • Hong Kong's Hang Seng: +0.6% (+1.5% for the week)
    • China's Shanghai Composite: +0.1% (-0.5% for the week)
    • India's Sensex: UNCH (+1.2% for the week)
    • South Korea's Kospi: +0.1% (+2.0% for the week)
    • Australia's ASX All Ordinaries: +0.3% (+2.0% for the week)

    ---FX---

    • USD/JPY: UNCH at 110.14
    • USD/CNH: -0.2% to 6.8599
    • USD/INR: +0.2% to 71.06
    06:57  S&P futures vs fair value: +7.90. Nasdaq futures vs fair value: +32.60.

    06:57  European Markets

    FTSE...7681.68...+71.90...+0.90%.  DAX...13523...+93.80...+0.70%.
    06:57  Asian Markets

    Nikkei...24041...+108.10...+0.50%.  Hang Seng...29056...+173.40...+0.60%.
    06:53  FAST Fastenal reports EPS in-line, misses on revs (37.31 )

    • Reports Q4 (Dec) earnings of $0.31 per share, in-line with the S&P Capital IQ Consensus of $0.31; revenues rose 3.7% year/year to $1.28 bln vs the $1.29 bln S&P Capital IQ Consensus.
    • "We signed 21,857 industrial vending devices during 2019 and 5,144 devices during the fourth quarter of 2019. Our installed device count on December 31, 2019 was 89,937, an increase of 10.8% over December 31, 2018. Daily sales through our vending devices grew at a low double-digit pace in the fourth quarter of 2019 over the fourth quarter of 2018 due to the increase in the installed base. These device counts do not include slightly more than 15,000 vending devices deployed as part of a lease locker program. Our goal for vending device signings in 2020 is 22,000 to 24,000 units."
    06:53  SLB Schlumberger beats by $0.02, reports revs in-line (38.78 )

    • Reports Q4 (Dec) earnings of $0.39 per share, $0.02 better than the S&P Capital IQ Consensus of $0.37; revenues rose 0.6% year/year to $8.23 bln vs the $8.16 bln S&P Capital IQ Consensus.
    06:50  EXPD Expeditors Intl sees Q4 EPS below consensus (81.34 )

    • Co issues downside guidance for Q4 (Dec), sees EPS of $0.78-0.81 vs. $0.94 S&P Capital IQ Consensus.
    06:48  TLRD Tailored Brands to sell the Joseph Abboud Trademarks to WHP Global for $115 mln (4.29 )

    Co announced that they have entered into an agreement whereby Tailored Brands will sell the Joseph Abboud trademarks to WHP for $115 million. Tailored Brands has also entered into a licensing agreement with WHP for the exclusive rights to sell and rent Joseph Abboud branded apparel and related merchandise in the U.S. and Canada.
    06:47  DRRX Durect announces outcome of FDA advisory committee meeting for Posimir; vote was split (2.54 )

    • The FDA Anesthetic and Analgesic Drug Products Advisory Committee met yesterday to discuss the Class 2 New Drug Application resubmission for POSIMIR. In a split vote on the key question, six advisory committee members voted to recommend that the efficacy, safety, and overall risk-benefit profile of POSIMIR support approval, while six did not support approval based on the information presented.
    • Although the FDA considers the recommendations of the AADPAC, the recommendations by the panel are non-binding. The final decision regarding pending regulatory actions for a product is made by the FDA.
    06:31  WIRES On The Wires

    • JinkoSolar Holding Co (JKS) announced that the maximum conversion efficiency of its P-type PERC and N-type HOT bifacial solar modules reached 21.82% and 22.49%, respectively, breaking the previous world record and setting a new industry standard for solar cell efficiency. These results were verified during testing conducted by TV Rheinland, an independent provider of technical services for testing, inspection, certification, consultation and training.
    • NICE Actimize, a NICE business (NICE) announced that CipherTrace, a leading provider of cryptocurrency intelligence and blockchain security, has joined the X-Sight Marketplace, the industry's first financial crime and compliance ecosystem.
    06:31  FHN First Horizon beats by $0.05, beats on revs (16.56 )

    • Reports Q4 (Dec) earnings of $0.47 per share, $0.05 better than the S&P Capital IQ Consensus of $0.42; revenues rose 19.8% year/year to $494.7 mln vs the $468.61 mln S&P Capital IQ Consensus.
    • Efficiency ratio improved by ~460bps, compared to 2018.
    06:28  CFG Citizens Financial Group beats by $0.04, misses on revs; Board declares an 8% increase in quarterly common stock dividend (39.59 )

    • Reports Q4 (Dec) earnings of $0.99 per share, $0.04 better than the S&P Capital IQ Consensus of $0.95; revenues fell 0.3% year/year to $1.59 bln vs the $1.63 bln S&P Capital IQ Consensus.
    • Additionally, co's Board declared an 8% increase in quarterly common stock dividend, to $0.39 per share.
    06:04  IMAB I-MAB (Nasdaq) prices IPO consisting of 7.4 mln ADSs at $14.00 per share, in-line with the expected range of $12-15

     
    06:01  BTG B2Gold announces updated Fekola mineral resource including a substantial increase in indicated mineral resources for the fekola project in Mali (4.09 )

    • Updated Fekola Indicated Mineral Resource estimate as at December 31, 2019 of 110,600,000 tonnes at 1.70 grams per tonne ("g/t") gold for a total of 6,052,000 ounces of gold constrained within a $1,500 per ounce gold pit shell above a cut-off grade of 0.5 g/t gold.
    • The updated Fekola Mineral Resource estimate as at December 31, 2019 represents a 2,675,000 ounce increase (+79 %) in Indicated Mineral Resources when compared to the estimate included in the June 2015 Fekola Optimized Feasibility Study (after adjusting for cumulative Fekola Mine gold production to date of 1,006,000 gold ounces).
    06:01  RF Regions Fincl misses by $0.01, reports revs in-line (16.65 )

    • Reports Q4 (Dec) earnings of $0.38 per share, $0.01 worse than the S&P Capital IQ Consensus of $0.39; revenues rose 3.0% year/year to $1.48 bln vs the $1.48 bln S&P Capital IQ Consensus.
    06:01  FCAU Fiat Chrysler confirms discussions with Foxconn (FCXNY)) regarding the potential creation of an equal joint venture to develop and manufacture in China new generation battery electric vehicles and engage in the Internet of Vehicles business (13.89 )

    • The proposed cooperation, initially focused on the Chinese market, would enable the parties to bring together the capabilities of two established global leaders across the spectrum of automobile design, engineering and manufacturing and mobile software technology to focus on the growing battery electric vehicle market.
    • The parties are in the process of signing a preliminary agreement which will govern further discussions aimed at reaching final binding agreements in the next few months. There is however no assurance that final binding agreements will be reached or will be reached in that timeframe.
    06:01  TAC TransAlta announces 2020 outlook and ESG targets; objectives include achieving free cash flow in the range of $325-375 mln (6.95 )

    Other objectives:

    • Delivering a full year of cash flow from Big Level and Antrim, which reached commercial operation in December.
    • Significantly progressing the construction of the SemCAMS cogeneration project and Windrise wind facilities for commercial operation in 2021.
    • Completing the Sundance Unit 6 gas conversion in 2020.
    • Advancing the Sundance Unit 5 re-powering project for commercial operation in 2023.

    ESG Targets:

    • A continued focus on safe operations and environmentally sustainable practices, including by minimizing environmental incidents and undertaking significant reclamation work.
    • By 2030, achieving a 95% reduction of SO2 emissions and a 50% reduction of NOx emissions over 2005 levels from TransAlta's coal facilities, and a Company-wide reduction of greenhouse gases emissions of 60% below 2015 levels.
    06:00  SUMRX Overnight Summary -- World markets continue to rise following solid Chinese data

    • The global equity markets continue to surge higher while US Futures make another set of record highs. Better than expected economic data out of China spurred the extension of the rally. S&P Futures are trading around the 3325 area, just two points off of the session high of 3327.00. The low print was set early in the session at 3316.00.
    • In Asia, Chinese data took the spotlight. The Mainland released a flurry of economic data that included Q4 GDP, Industrial Production and Retail Sales. China's growth was in-line with expectations at 6.0%. Industrial Production for December saw an increase of 6.9%, better than the consensus of +5.9%. December Retail Sales also grew at a greater clip than expected at +8.0%, exceeding expectations of +7.8%. Unfortunately for the Shanghai, the solid data likely keeps the PBOC at bay for further stimulus. This is likely why the benchmark could only muster a gain of 0.1%. The Nikkei closed the week off on a strong note, rising 0.5%. Leadership was seen in the automotive sector, with both Nissan and Honda rising over 1%.
    • In Europe, the major bourses are applauding the better than expected Chinese data. The markets saw strength right out of the gate and have not looked back. The region is seeing strength across the board. Energy names have stabilized with crude oil trading back near the $59 area. BP is among the leaders of the group with a gain of nearly 1%. 

    Market Updates

    • S&P Futures vs Fair Value: +8.0
    • 10 yr Note: 1.81%
    • USD/JPY: 110.14 -0.02
    • EUR/USD: 1.1119  -0.0017
    • Europe: FTSE +0.8%  DAX +0.8%  CAC +1.0%
    • Asia: Hang Seng +0.6% Shanghai +0.1% Nikkei +0.5%
    • Gold (1555.50 +5.00) Silver (18.04 +0.10) Crude (58.90 +0.37)
    18:08  NVO Novo Nordisk announces that FDA has approved a new indication for Ozempic injection to reduce the risk of cardiovascular events in adults with type 2 diabetes (61.29 -1.09)

     
    17:16  FAST Fastenal increases quarterly cash dividend to $0.25/share from $0.22/share (37.31 +0.52)

     
    17:01  J Jacobs Engineering increases quarterly cash dividend to $0.19/share from $0.17/share (93.47 +0.70)

     
    16:52  REXR Rexford Industrial Realty announces departure of Adeel Khan as CFO (47.20 +0.40)

    Adeel Khan, CFO, has decided to step down from his current role as CFO, a role in which he has served for eight years. Mr. Khan will remain at Rexford and will continue to serve as CFO until a new CFO assumes the role and will then assist in transitioning his responsibilities. Both Mr. Khan and the company are considering the potential for Mr. Khan to assume a new role at the company after the hiring of a new CFO. The company has begun a formal search for a new CFO.
    16:51  FTI TechnipFMC reaffirms that its planned transaction to separate into two companies is on track for 1H20 (20.09 -0.08)

    • Co reaffirms that its planned transaction to separate into two companies, TechnipFMC and Technip Energies, is well on track for completion in 1H20. Co anticipates it will happen in Q2.
    16:48  SYY Sysco announces launch of Sysco Simply Plant-Based Meatless Burger Patty in the U.S. (82.66 +0.01)

    Sysco Simply Plant-Based Meatless Burger Patty, a Sysco brand exclusive product, is now available to the company's customers in the majority of its U.S. markets. In addition to the plant-based burger, Sysco Simply also offers a ground meatless option that is made using the same ingredients -- but offers customers the flexibility to use the plant-based meatless product as an ingredient in a wide variety of recipes and dishes.
    16:45  RIO Rio Tinto reports Q4/FY19 production; guides FY20 (59.15 +0.16)

    • Q4 production results, FY20 guidance
    • "We finished the year with good momentum, particularly in our Pilbara iron ore operations and in bauxite, despite having experienced some operational challenges in 2019. We are increasing our investment, with $2.25 billion of high-return projects in iron ore and copper approved in the fourth quarter. We also boosted our exploration and evaluation expenditure to $624 million in 2019, further strengthening our pipeline of opportunities. "We have the platform and performance to maintain our delivery of superior returns to shareholders over the short, medium and long-term, driven by our strong value over volume approach and ongoing disciplined allocation of capital."
    16:35  CEQP Crestwood Equity Partners increases Q4 distribution by 4.2%; announces new long-term distribution policy which evaluates future distribution increases annually based on forecasted free cash flow generation (32.61 -0.23)

     
    16:34  ED Con Edison increases quarterly dividend to $0.765/share from $0.74/share (89.17 +0.21)

     
    16:33  CDE Coeur d'Alene Mines reports Q4 production and sales (7.03 +0.07)

    • Co announced fourth quarter 2019 production of 94,716 ounces of gold, 3.2 million ounces of silver, 3.9 million pounds of zinc and 4.0 million pounds of lead. Metal sales for the fourth quarter included 95,532 ounces of gold, 3.2 million ounces of silver, 4.1 million pounds of zinc and 4.2 million pounds of lead.
    • The Company expects to issue full-year 2020 production and cost guidance in conjunction with the release of its fourth quarter and full-year 2019 financial results on February 19, 2020.
    16:33  LDOS Leidos awarded contract by U.S. Army to produce Technical Refresh and Concurrency hardware/software upgrades; contract has ceiling value of $110 mln (102.29 +0.15)

     
    16:32  CARG CarGurus acquires Autolist, a car shopping platform; terms not disclosed (37.73 +1.72)

    • Co announces it has acquired Autolist, a car shopping platform which expands CarGurus' consumer audience and will help enable the company to further enhance its unique value proposition for subscribing dealers.
    • CarGurus will operate Autolist as a standalone brand and website.
    • Autolist, founded in 2014, has leveraged its popular mobile app, innovative car search technology and a large aggregated inventory of car listings to build a consumer audience of more than 1.3M unique monthly visitors on its website and nearly 400K unique monthly app visitors.
    • Terms of the deal were not disclosed.
    16:31  MTOR Meritor acquires Transportation Power; terms not disclosed (25.19 -0.15)

    TransPower, a California-based company, supplies integrated drive systems, full electric truck solutions and energy-storage subsystems to major manufacturers of trucks, school buses, refuse vehicles, and terminal tractors. The company has been focused exclusively on developing electrical drive solutions since its inception in 2010. With the addition of TransPower's product portfolio, Meritor advances its M2022 priorities through increased investment in next-generation technologies.
    16:30  KNL Knoll announces closure of manufacturing facility in Grand Rapids, Michigan (25.11 +0.23)

    • Knoll will consolidate its manufacturing footprint in North America, resulting in the closure of the company's Grand Rapids, Michigan manufacturing facility. The closure is part of an initiative to optimize the company's North American manufacturing operations. Approximately 180 hourly and 30 salaried positions will be impacted. Under the restructuring plan, the Grand Rapids manufacturing operations are expected to be substantially closed by the end of the second quarter of 2020, with the remaining restructuring expected to be complete by the end of 2021. The company also said that it will continue manufacturing and distributing all products lines currently manufactured in Grand Rapids.
    • The facilities consolidation is expected to result in annual cost savings to Knoll of approx. $10.0-11.0 mln. It will also entail an accumulation of restructuring charges over a multi-year period of approx. $18.2 mln.
    16:27  UNM Unum Group announces that Michael Simonds will be new COO, effective February 1, 2020 (29.14 +0.57)

     
    16:24  PRGS Progress Software beats by $0.04, beats on revs; guides FebQ and FY20 EPS and revs above consensus; increases share buyback authorization; names new CFO (47.54 +2.28)

    • Reports Q4 (Nov) earnings of $0.79 per share, excluding non-recurring items, $0.04 better than the S&P Capital IQ Consensus of $0.75; non-GAAP revenues rose 25.6% year/year to $123.42 mln vs the $118.3 mln S&P Capital IQ Consensus.
    • Co issues upside guidance for Q1 (Feb), sees EPS of $0.69-0.71, excluding non-recurring items, vs. $0.63 S&P Capital IQ Consensus; sees Q1 non-GAAP revs of $110-113 mln, excluding non-recurring items, vs. $103.25 mln S&P Capital IQ Consensus.
    • Co issues upside guidance for FY20, sees EPS of $2.87-2.92, excluding non-recurring items, vs. $2.83 S&P Capital IQ Consensus; sees FY20 non-GAAP revs of $448-455 mln, excluding non-recurring items, vs. $435.22 mln S&P Capital IQ Consensus.
    • Co also announces it has increased the total share repurchase authorization from the $75 mln remaining on the previous authorization to $250 mln.
    • Co also announces the upcoming retirement of CFO Paul Jalbert on Jan 31, and the appointment of Anthony Folger to succeed him. Folger was previously CFO and Treasurer of Carbonite from January 2013 until Carbonite was acquired by OpenText in late December 2019.
    16:19  WRAPX Closing Stock Market Summary

    The S&P 500 rose 0.8% on Thursday in a broad-based advance that carried the benchmark index past the 3300 level for the first time. The Dow Jones Industrial Average (+0.9%) and Nasdaq Composite (+1.1%) also closed at record highs, while the Russell 2000 outperformed with a 1.4% gain. 

    It was a day replete with good news that helped extend the market's bullish momentum and, in turn, bolster risk sentiment. Morgan Stanley (MS 56.44, +3.50, +6.6%) provided strong earnings results, retail sales increased 0.3% in December as expected, weekly jobless claims continued to reverse a modestly rising uptrend, and the USMCA deal was passed in the Senate. 

    All 11 S&P 500 sectors started and finished in the green, with the broader market rallying into the close. The information technology sector (+1.4%) provided the leadership amid strength in its top-weighted components and the semiconductor stocks, which got a boost from the positive earnings results from Taiwan Semiconductor (TSM 58.75, +0.36, +0.6%). 

    It didn't end there, though. Charles Schwab (SCHW 49.00, +1.88, +4.0%) beat earnings estimates, Signet Jewelers (SIG 30.13, +8.64, +40.2%) provided upbeat holiday sales results and comparable sales guidance, Spirit Airlines (SAVE 42.65, +2.97, +7.5%) provided upside unit revenue guidance, and XPO Logistics (XPO 95.35, +12.53, +15.1%) said it may sell or spin-off some of its business units.

    Altogether, it was enough to subdue valuation concerns for at least one more day. Underlying expectations for positive earnings guidance, persistently low Treasury yields, and modest economic growth without Fed intervention were not meaningfully undermined in today's session.

    Notable laggards included BNY Mellon (BK 46.72, -3.97, -7.8%), Tesla (TSLA 513.49, -5.01, -1.0%), PPG Industries (PPG 127.41, -3.33, -2.6%). BNY missed revenue estimates, Tesla was downgraded to Underweight from Equal-Weight at Morgan Stanley, and PPG issued disappointing quarterly results and guidance. 

    U.S. Treasuries finished on a lower note amid the risk-on mindset in equities. The 2-yr yield increased two basis points to 1.57%, and the 10-yr yield increased two basis points to 1.81%. The U.S. Dollar Index increased 0.1% to 97.30. WTI crude rose 1.1%, or $0.62, to $58.48/bbl.

    Reviewing Thursday's economic data, which featured the Retail Sales report for December: 

    • Retail sales increased 0.3% m/m in December following an upwardly revised 0.3% increase (from 0.2%) in November. Retail sales, excluding autos, jumped 0.7% (Briefing.com consensus +0.5%) after a downwardly revised unchanged reading (from 0.1%) in November.
      • The key takeaway from the report is that the December sales increases were broad based, with the exception of motor vehicles and parts dealers (-1.3%) and department stores (-0.8%), breathing life into the notion that the consumer remains a driving force of growth for the U.S. economy.
    • Initial claims for the week ending January 11 dropped by 10,000 to 204,000 (Briefing.com consensus 217,000). Continuing claims for the week ending January 4 decreased by 37,000 to 1.767 million.
      • The key takeaway from the report is that it reflects a tight labor market and has helped squelch a modestly rising uptrend in initial claims.
    • Import prices for December were up 0.3%. Excluding fuel, they were flat. Export prices were down 0.2%. Excluding agricultural products, they were down 0.1%.
      • The key takeaway from the report is that there were no inflation pressures embedded in the data. Nonfuel import prices were down 1.4% yr/yr while nonagricultural export prices were down 0.6%.
    • Total business inventories declined 0.2% month-over-month in November, as expected, following a downwardly revised 0.1% increase (from 0.2%) in October. Total business sales were up 0.7% following a downwardly revised 0.2% decline (from -0.1%) in October.
      • The key takeaway from the report is that the gap between inventory growth on a yr/yr basis (+2.8%) and sales growth (+1.0%) should help keep prices in check.
    • The Philadelphia Fed Index for January jumped to 17.0 (Briefing.com consensus 3.0) from the revised 2.4 reading in December (from 0.3).
    • The NAHB Housing Market Index for January declined to 75 (Briefing.com consensus 74) from 76 in December.

    Looking ahead, investors will receive Housing Starts and Building Permits for December, Industrial Production and Capacity Utilization for December, and the preliminary University of Michigan Index of Consumer Sentiment for January on Friday.

    • Nasdaq Composite +4.3% YTD
    • S&P 500 +2.7% YTD
    • Dow Jones Industrial Average +2.7% YTD
    • Russell 2000 +2.2% YTD
    16:18  PBCT People's United Financial beats by $0.05, net interest income increased 15.1% yr/yr (16.62 +0.34)

    • Reports Q4 (Dec) earnings of $0.37 per share, $0.05 better than the S&P Capital IQ Consensus of $0.32.
    • Net interest income increased 15.1% yr/yr to $382.7 mln.
    • Company completed acquisition of United Financial on November 1.
    • Net interest margin of 3.14% expanded two basis points linked-quarter and benefited from a 13 basis point reduction in deposit costs.
    • Efficiency ratio of 53.7%, improved 310 basis points linked-quarter, reflecting well-controlled expenses and higher revenues, particularly continued strong non-interest income results.
    • Return on average assets of 0.98%, or 1.13% on an operating basis, and return on average tangible common equity of 12.8%, or 15.2% on an operating basis.
    16:16  GPS Gap to no longer pursue separation of Old Navy into a standalone public company; updates guidance (18.61 +0.69)

    • Gap today announced that the company no longer intends to separate Old Navy into a standalone public company.
    • "The plan to separate was rooted in our commitment to value creation from our portfolio of iconic brands," said Robert Fisher, Gap Inc. interim president and CEO. "While the objectives of the separation remain relevant, our board of directors has concluded that the cost and complexity of splitting into two companies, combined with softer business performance, limited our ability to create appropriate value from separation. [...] We have learned a lot and intend to operate Gap Inc. in a more rigorous and transformational manner that empowers our growth brands, Old Navy and Athleta, and appropriately focuses on profitability for Banana Republic and Gap brand."
    • The company's board of directors intends to appoint a new CEO to oversee the full portfolio of brands and corporate strategy. As previously communicated, in the interim, four of the company's senior leaders have been elevated and have taken on additional responsibilities reporting to Mr. Fisher.
      • Additionally, the company today announced that Neil Fiske, president and CEO of Gap brand, will leave the company.
    • The company now expects total company fiscal 2019 comparable sales and net sales to both be at the higher end of its previous guidance range of down mid-single digits and down low-single digits, respectively. As a result of better than anticipated promotional levels over the holiday period, particularly at Old Navy, the company now expects its adj. fiscal year 2019 EPS to be moderately above its previous guidance of $1.70-1.75.
    16:14  MCY Mercury General announces estimated catastrophe losses for quarter December 31 (48.50 +0.15)

    • A series of wildfires occurred in California during the quarter ended December 31, 2019, the largest of which were the Saddleridge Fire in Southern California and the Kincade Fire in Northern California. The company estimates that its total pre-tax catastrophe losses reported for the quarter will be approx. $36 mln (approx. $28 mln net of tax), primarily resulting from the wildfires in California and other weather-related catastrophes that occurred during the quarter.
    • The company's total pre-tax catastrophe losses reported for the year are estimated to be approx. $53 mln (approx. $42 mln net of tax), primarily resulting from the catastrophes that occurred during the quarter ended December 31, with the remainder resulting from weather-related catastrophes across several states that occurred during the first three quarters of 2019.
    16:13  EEX Emerald Expositions Events names David Doft as CFO, effective immediately following the conclusion of 10-K filing; CEO Philip Evans will continue in that role through such date (10.84 +0.22)

    • Before joining Emerald, Mr. Doft served as CFO of MDC Partners.
    16:09  ARW Arrow Elec appoints W. Victor Gao as SVP and Chief Marketing Officer (84.15 +0.18)

    Mr. Gao joined Arrow in 2015 and currently leads Arrow's global brand, customer experience, communications, and corporate social responsibility. Prior to Arrow, Mr. Gao was VP of digital for Yell Group plc, a spinoff of British Telecom and Telefnica, based in the United Kingdom.
    16:08  CSX CSX beats by $0.01, misses on revs (76.74 +1.75)

    • Reports Q4 (Dec) earnings of $0.99 per share, $0.01 better than the S&P Capital IQ Consensus of $0.98; revenues fell 8.2% year/year to $2.88 bln vs the $2.94 bln S&P Capital IQ Consensus.
    • Revs were lower due to lower volumes and negative mix from coal market headwinds.
    • Merchandise Volume: Chemicals - Declined due to reduced natural gas liquids, fly ash and sand shipments. Agricultural and Food Products - Increased due to gains in ethanol as well as sweeteners and oils. Automotive - Declined due to lower North American vehicle production. Minerals - Increased due to higher shipments for highway construction and paving projects. Forest Products - Declined due to reduced pulpboard shipments. Fertilizers - Gains on short-haul phosphate shipments were offset by declines in long-haul fertilizer shipments. Metals and Equipment - Declined due to reduced metals shipments, primarily in the steel, construction and scrap markets.
    16:08  OZK Bank OZK beats by $0.02, net interest income fell 5.8% yr/yr (30.81 +1.03)

    • Reports Q4 (Dec) earnings of $0.78 per share, $0.02 better than the S&P Capital IQ Consensus of $0.76.
    • Net interest income decreased 5.8% yr/yr to $215 mln.
    • The bank's annualized returns on average assets, average common stockholders' equity and average tangible common stockholders' equity for the fourth quarter of 2019 were 1.74%, 9.73% and 11.68%, respectively, compared to 2.04%, 12.36% and 15.24%, respectively, for 4Q18.
    • Total loans, including purchased loans, were $17.53 bln at December 31, 2019, a 2.4% increase from $17.12 bln at December 31, 2018.
    16:02  CMCSA Comcast: Unveils Peacock, a free premium ad-supported streaming service with subscription tiers; to launch April 15 to Comcast's Xfinity X1 and Flex customers; debuts nationally July 15 (46.87 +0.59)

    At a Comcast investor presentation held in the iconic Studio 8H of 30 Rock, NBCUniversal unveiled Peacock, a free premium ad-supported streaming service with subscription tiers offering more than 600 movies and 400 series, as well as compelling live and on-demand content across news, sports, late night, and reality. From world-class originals and treasured hits, to blockbuster films and streaming channels, Peacock will offer consumers everything fans love to watch, all in one place.

    Taking a different strategic approach, the company announced a tiered offering that gives consumers broad access to Peacock across web, mobile and connected-TV devices:

    • Peacock Free: This free, ad-supported option will provide fans everywhere with more than 7,500 hours of programming. Peacock Free includes next day access to current seasons of freshman broadcast series, complete classic series, popular movies, curated daily news and sports programming including the Olympics, Spanish-language content, select episodes of marquee Peacock originals and tent-pole series, as well as curated Peacock streaming genre channels such as "SNL Vault," "Family Movie Night" and "Olympic Profiles."
    • Peacock Premium: Bundled at no additional cost to 24 million Comcast and Cox subscribers, this ad-supported option will additionally include full season Peacock originals and tent-pole series, next day access to current seasons of returning broadcast series, early access to late night talk shows, and additional sports -- such as the Premier League - totaling more than 15,000 hours of content. Also available for $4.99 per month on all popular connected mobile and web devices for non-bundled customers.

    The company expects to bundle Peacock Premium with additional partners in the coming months. Premium customers can upgrade to an ad-free experience for an additional $5.00 per month, or any customer can purchase the ad-free experience directly for $9.99 per month.

    Xfinity X1 and Flex customers will have early bird access to Peacock Premium starting April 15. And beginning July 15, taking full advantage of the massive promotional opportunity of the Tokyo Olympics, Peacock Free and Peacock Premium will be available nationally on popular web, mobile and connected-TV devices. The company expects to reach 30-35 million active accounts by 2024.