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Apr 20/a FE WASH SKY IHT TSRI SMIT
Apr 23/b HAL PHG KMB AGR HAS LII ALK LECO


In Play from Briefing.com

Updated: 21-Apr-18 00:00 ET

17:33  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: TLGT (3.53 +23.43%), ADMS (28.09 +16.51%), INSY (7.03 +15.63%), RGNX (39.65 +14.6%)
  • Materials: VHI (8.35 +22.61%)
  • Information Technology: ERIC (7.78 +24.28%), SPWR (9.69 +18.17%), VDSI (15.15 +16.99%)
  • Energy: SDLP (3.31 +20.8%), EPE (1.74 +16.78%), BTE (3.83 +16.06%), OSG (3.98 +14.7%), OAS (10.16 +14.54%)
  • Consumer Staples: BRFS (7.42 +16.85%)
  • Telecommunication Services: I (9.31 +31.5%)
This week's top 20 % losers
  • Healthcare: ACET (2.51 -64.3%), PRTK (11.00 -20.86%), AGEN (3.78 -18.71%), CLVS (50.17 -17.27%), BPMC (81.96 -17.2%), BLCM (7.52 -16.26%), NKTR (86.21 -14.22%), SAGE (148.01 -13.23%), BMY (51.17 -12.75%), GEN (1.53 -12.07%)
  • Industrials: VLRS (7.01 -19.89%), MAN (101.47 -12.57%)
  • Consumer Discretionary: SKX (30.7 -26.87%), PIR (2.64 -21.66%)
  • Information Technology: ACIA (27.56 -31.15%), ICHR (22.48 -12.5%), OCLR (8.26 -12.31%)
  • Energy: SN (3.17 -13.62%)
  • Consumer Staples: PM (84.27 -17.26%)
17:17  SMHI SEACOR Marine entered subscription agreement for the private placement of approximately 2,842,750 shares of common stock at $20.00 per share (gross proceeds of $56.9 mln) (22.97 -0.79)

  • Concurrent with the Private Placement, SEACOR Marine and the Carlyle Group (CG) have agreed to exchange $50 million of SEACOR Marine's outstanding 3.75% convertible senior notes due December 2022 for a total of ~1.9 million shares of common stock at an implied exchange price of $26.50 per share.
  • Also agreed to amend the notes that will remain outstanding to (i) increase the coupon from 3.75% per annum to 4.25% per annum and (ii) extend the maturity of the Notes by 12 months to December 2023.
16:55  ALXN Alexion Pharma clarifies Brazil license news; adds that Brazil represents a low single digit percentage of its worldwide sales (107.78 -3.96)

  • Recent media reports have incorrectly stated that the Brazilian Superior Court of Justice has granted a compulsory license of Soliris (eculizumab). Alexion would like to clarify that no compulsory license of Soliris was requested or granted in Brazil.
  • The recent decision by the court refers to a different legal matter with the Brazilian Patent Office related to a Soliris mailbox patent that expired in 2015. Alexion is evaluating the full decision by the court in this patent case before exploring the options to respond. Alexion continues to have patent applications pending in Brazil that would provide additional protection to Soliris.
  • Brazil represents a low single digit percentage of Alexion's worldwide sales. This patent matter has no implications for intellectual property outside of Brazil.
16:49  SCANX Market Internals -Technical-

DOW closes down to 24463 ( -0.82%). Nasdaq closes down to 7146 ( -1.27%). S&P500 closes down to 2670.23 ( -0.85%). Action came on mixed volume (NYSE 921 mln vs avg. of 836 mln; Nasdaq 1895 mln vs avg. of 2126 mln) , w/ decliners outpacing advancers (NYSE 979/1960, NASDAQ 1079/1810) and new lows outpacing new highs (NYSE 49/103, NASDAQ 56/63) .

Relative Strength:

Short Term Futures-VXX +2.95%, U.S. Nat Gas -UNG +2.13%, Shipping-SEA +1.09%, S&P Regional Banking -KRE +0.82%, U.S. Gasoline-UGA +0.72%, South Korea -EWY +0.7%, Philippines-EPHE +0.51%, Sweden-EWD +0.32%, Nordic Region -GXF +0.18%, Austrialian Dollar-FXA +0.04%

Relative Weakness:

Cocoa-NIB -3.44%, Swiss Franc-FXF -2.14%, Greece 20-GREK -1.85%, Israel-EIS -1.79%, Turkey-TUR -1.71%, Russia-RSX -1.64%, Junior Gold Mine-GDXJ -1.64%, Consumer Staples Select-XLP -1.64%, U.S. Consumer Goods -IYK -1.62%, QQQs-QQQ -1.57%

16:47  PTC PTC entered into accelerated repurchase agreement today to repurchase $100 mln of its common stock with an initial delivery of the 80% of the shares to be repurchased (was expected/noted in earnings release) (84.05 -0.87)

 
16:36  HNI HNI beats by $0.07, beats on revs; guides Q2 EPS below consensus; lowers top end of FY18 EPS guidance range (35.32 -0.32)

  • Reports Q1 (Mar) earnings of $0.10 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus of $0.03; revenues rose 5.7% year/year to $505.1 mln vs the $495.33 mln Capital IQ Consensus.
  • Co issues downside guidance for Q2 EPS of $0.28-0.38 vs. $0.56 Capital IQ Consensus Estimate, organic sales to be up 4 -7% y/y (including impact of closing and divesting small office furniture companies up 1 to 4%).
  • Co sees FY18 EPS of $2.40-2.70, prior $2.40-2.80, excluding items, vs. $2.54 Capital IQ Consensus Estimate. The impact of rising input costs is primarily driving the reduced earnings outlook. Continues to expect full year organic sales to be up 5 to 8% (including impact of closing and divesting small office furniture companies, up 1 to 4%). 
  • This news is being issued earlier than scheduled to coincide with announcement of leadership change communicated today. As previously scheduled - co will have call on Tuesday, May 1, 2018 at 10:00 a.m. (Central)
16:35  SONA Southern National Banc. of Virginia appointed Jeffrey Culver President/COO of Southern National effective May 7 (16.01 -0.06)

  • Culver most recently served as Executive Vice President and Chief Operating Officer of Access National Bank (ANCX).
  • Separately, Access National confirms COO Jeffrey H. Culver resigned effective as of April 16, 2018.
16:34  WRAPX Closing Market Summary: Apple Leads Broad Retreat

Stocks retreated for the second day in a row on Friday, with shares of tech giant Apple (AAPL 165.72, -7.08, -4.1%) falling sharply. The S&P 500 lost 0.9%, the Dow Jones Industrial Average dropped 0.8%, and the tech-heavy Nasdaq Composite declined 1.3%, but all three major averages managed to maintain modest gains for the week.

Friday's selling was broad-based, with 10 of 11 S&P 500 sectors finishing in the red. The technology (-1.5%) and consumer staples (-1.7%) groups were the worst-performing sectors, while the financial space (+0.1%) finished at the top of the sector standings with a slim gain. Stocks were modestly lower at the opening bell, but selling accelerated after the S&P 500 breached its 50-day moving average (2687). The major averages finished a step above their session lows thanks to a late rally.

Apple led the tech sector lower on Friday, with its shares dropping 4.1%, following cautious commentary from analysts, who warned that iPhone sales could slow in the coming months. These concerns flowed from the weak guidance that Taiwan Semi (TSM 38.95, -0.58, -1.5%) gave on Thursday, which was attributed, in part, to softer smartphone demand. Apple shares did find some support at their 200-day moving average though, closing right on top of the key technical level.

Meanwhile, in the financial sector, shares of Wells Fargo (WFC 52.56, +1.02) had a positive showing, rallying 2.0%, after the big bank agreed to pay $1 billion to settle loan abuse allegations. Wells Fargo's positive performance helped underpin the financial group, but a steepening of the yield curve was likely the more influential factor; the 2s10s spread ticked up two basis points to 51 basis points -- up from 42 basis points on Tuesday. The benchmark 10-yr yield ended four basis points higher at 2.95% -- its highest level in more than four years.

On the earnings front, shares of General Electric (GE 14.54, +0.55) jumped 3.9% after the Dow component reported better-than-expected earnings and revenues for the first quarter and reaffirmed its guidance for fiscal year 2018. Shares of fellow industrial giant Honeywell (HON 150.57, +2.44) also climbed following upbeat Q1 results, adding 1.7%.

In politics, the Democratic National Committee filed a lawsuit on Friday against the Russian government, the Trump campaign, and the WikiLeaks organization, alleging that they conspired to tilt the 2016 presidential election in Mr. Donald Trump's favor. The news had a negligible impact on trading.

Investors didn't receive any economic data on Friday.

  • Nasdaq Composite: +3.5% YTD
  • Russell 2000: +1.9% YTD
  • S&P 500: -0.1% YTD
  • Dow Jones Industrial Average: -1.0% YTD

Week In Review: Holding On

The U.S. stock market notched its second consecutive weekly advance this week, but big losses on Thursday and Friday left a bad taste in investors' mouths going into the weekend. The S&P 500 added 0.5% this week, while the Dow Jones Industrial Average and the Nasdaq Composite climbed 0.4% and 0.6%, respectively.

Wall Street kicked off the week on a positive note, breathing a sigh of relief after a U.S.-led strike on Syria over the weekend -- which was in response to a suspected chemical attack from the Syrian government on the rebel-held town of Douma -- turned out to be less dramatic than many had feared. Russian President Vladimir Putin -- who supports Syrian President Bashar al-Assad -- condemned the attack, saying additional strikes could invite chaos in global affairs, but made no mention of a military response to this particular incident -- leading investors to believe that the dust has settled for now.

The bullish bias carried over into Tuesday's session, as investors turned their attention to the earnings front. Netflix (NFLX) soared nearly 10% on Tuesday, hitting a new all-time high, after crushing subscriber growth estimates for the first quarter and issuing upbeat guidance for Q2. Goldman Sachs (GS) had a blow-out first quarter, easily beating both earnings and revenue estimates, but its shares struggled to advance on Tuesday, putting the investment bank on a long list of financial names that have failed to rally on upbeat results.

Stocks moved higher once again on Wednesday, but only modestly so, as IBM (IBM) weighed on investor sentiment. Shares of the tech giant tumbled 7.5% in the midweek session after the company's above-consensus first quarter profits and revenues were overshadowed by its disappointing gross margin rate, the quality of its revenue (more from hardware and less from cloud), and its relatively conservative profit guidance for fiscal year 2018. Meanwhile, energy shares outperformed as crude oil futures returned to their highest level in more than three years.

On Thursday, the market registered its first loss of the week, with consumer staples shares pacing the retreat. Shares of tobacco giant Philip Morris (PM) plunged 15.6% after the company reported a decline in cigarette shipment volume for the first quarter and slower-than-expected growth for its IQOS product -- which heats tobacco instead of burning it. Meanwhile, Apple supplier Taiwan Semi (TSM) led a broad tech retreat after its first quarter earnings and revenues came in below estimates; the chipmaker also lowered its guidance for Q2.

Wall Street ended the week with another disappointing performance on Friday. The technology sector showed relative weakness once again, with its top component by market cap -- Apple (AAPL) -- sliding 4.1% after several analysts raised concerns about the prospect of iPhone sales being weaker than expected. Financials provided some relief though. Financial giant Wells Fargo (WFC) was particularly strong, adding 2.0%, after agreeing to pay $1 billion to settle loan abuse allegations.

In the end, seven S&P sectors finished with weekly gains, while four finished with weekly losses. The energy group (+2.6%) was the top-performing group, as WTI crude futures advanced 1.5% over five sessions, closing Friday at $68.38 per barrel. Conversely, the consumer staples sector (-4.4%) was the worst performer by a large margin, extending its 2018 loss to 11.8%; for comparison, the S&P 500 has slipped 0.1% year to date. In general, growth-sensitive sectors outperformed defensive ones, although the top-weighted technology group (-0.2%) bucked this trend.

The yield curve ultimately steepened this week, but not before the 2s10s spread hit a 10-year low. Fed officials generally don't appear to be worried about a still low 2s10s spread -- which closed at 51 basis points on Friday -- leading the market to still believe that there will be at least three rate hikes this year in total.

16:30  HNI HNI announced the retirement of Stan Askren and the promotion of Jeffrey Lorenger as President, HNI Corporation (35.32 -0.32)

Askren informed the Board he expects to retire as Chief Executive Officer and Chairman of the Board of Directors no later than December 31, 2018. The Board anticipates Mr. Lorenger will be promoted to Chief Executive Officer before the end of the year.
16:16  TRMB Trimble acquired assets of North American supplier of Management Information System solutions for steel fabrication FabSuite; Financial terms were not disclosed (36.57 -0.19)

 
16:16  SSW Seaspan COO Mark Chu to step down to pursue other opportunities; will remain in his current roles through August 31st, 2018 to help facilitate a seamless transition (7.76 +0.73)

 
15:38  SUMRX Notable earnings out next week

Next week marks the first of three very heavy weeks of earnings reports -- roughly 1/3 of the S&P 500 will report quarterly results.

  • Monday (April 23)
    • Pre-Market: HAL KMB PHG FE AGR HAS LII ALK
    • After-Hours: GOOG AMTD AMP CSGP WHR CDNS ZION ELS SUI BRO HXL CR
  • Tuesday (April 24)
    • Pre-Market: VZ KO MMM SAP LMT UTX CAT LLY NEE BIIB SHW TRV FCX PCAR GLW FITB CNC TECK WAT HBAN EDU QSR MAS
    • After-Hours: AMGN TXN CB COF ILMN EW EQR WYNN BXP TSS PKG WRB TER RHI
  • Wednesday (April 25)
    • Pre-Market: BA UMC CMCSA TMO GD NOC ANTM BSX NSC TEL SRE SIRI TROW APH TWTR ROK DPS IR DTE HES LH CHKP CVE STM ETR NDAQ VIAB
    • After-Hours: FB V T PYPL QCOM LVS F EBAY AFL PSA NOW AVB ALGN ORLY XLNX BMRN EFX CTXS
  • Thursday (April 26)
    • Pre-Market: RDS.A SPIL PEP ABBV AUO MO UNP UPS BMY COP TWX RTN CME ITW GM SPGI VLO PX MMC APD BAX SHPG AEP LUV FCAU RCL ALXN HLT PH XEL ZBH NEM IP AAL MGM
    • After-Hours: AMZN MSFT INTC SBUX SYK VRTX FTV WDC DFS DLR HIG TS MHK PFG EXPE KLAC MXIM EMN NOV RMD SIVB VRSN AEM RGA TRMB FLEX LUK FBHS FSLR SGEN MSCC NATI X PFPT LOGM CY
  • Friday (April 27)
    • Pre-Market: SNE HMC XOM CVX SNY CHTR CL PSX CLS SPG D LYB MCO VFC WY COL
15:35  ALXN Alexion Pharma 'would like to clarify that no compulsory license of Soliris was requested or granted in Brazil' (107.91 -3.83)

Co states, "Alexion is evaluating the full decision by the court in this patent case before exploring the options to respond. Alexion continues to have patent applications pending in Brazil that would provide additional protection to Soliris. Brazil represents a low single digit percentage of Alexion's worldwide sales."
15:31  ABCD Cambium Learning down 25% today (10.10 -3.48)

Education technology stock was up almost 140% year-to-date coming in to today.
15:21  BONDX Treasury Market Summary

10-Yr Yield Hits Fresh 2018 High

  • U.S. Treasuries ended the week on a lower note, though the day's retreat was not as aggressive as the selling that took place on Wednesday and Thursday. However, it was sufficient to lift the 10-yr yield to a fresh 2018 high at 2.953%. Farther out, the long bond finished just beneath yesterday's session low, pushing up its yield to within eight basis points of the 2018 high (3.221%). Treasuries weren't the only weak spot on the fixed income side, as investment grade and high yield debt also retreated. The iShares iBoxx Investment Grade Corporate Bond ETF (LQD 115.54, -0.40) is down 0.4%, trading just above its March low (115.52), while the iShares iBoxx High Yield Corporate Bond ETF (HYG 85.92, -0.18) is nearing its 50-day moving average (85.74).
  • Yield Check:
    • 2-yr: +2 bps to 2.44%
    • 5-yr: +3 bps to 2.79%
    • 10-yr: +4 bps to 2.95%
    • 30-yr: +3 bps to 3.14%
  • News:
    • Chicago Fed President Charles Evans, who only has an alternate vote on this year's FOMC, said that higher deficits should lead to a steeper yield curve. The comment raised a few eyebrows, considering the Chicago Fed President is arguing that a negative development like a flattening yield curve, will be outweighed by an even bigger negative like a rapidly-deteriorating fiscal position.
    • San Francisco Fed President, and incoming NY Fed President, John Williams said he believes the "new normal" level for the Fed's balance sheet is around $3 trillion. Mr. Williams added that he is not concerned with a flatter yield curve, echoing remarks made by other Fed officials.
    • ECB President Mario Draghi acknowledged that the growth cycle in the eurozone may have peaked already. Mr. Draghi's comments follow this year's batch of disappointing PMI readings from the region.
  • Commodities:
    • WTI crude: +0.1% to $68.38/bbl
    • Gold: -0.8% to $1338.40/ozt
    • Copper: +0.3% to $3.13/lb
  • Currencies:
    • EUR/USD: -0.5% to 1.2283
    • USD/JPY: +0.2% to 107.59
  • The Week Ahead:
    • Monday: March Existing Home Sales (prior 5.38M) at 10:00 ET
    • Tuesday: February FHFA Housing Price Index (prior 0.8%) and February S&P Case-Shiller Home Price Index (prior 6.4%) at 9:00 ET; March New Home Sales (prior 618K) and April Consumer Confidence (prior 127.7) at 10:00 ET; and $32 billion 2-yr note auction results at 13:00 ET
    • Wednesday: Weekly MBA Mortgage Index (prior 4.9%) at 7:00 ET; weekly crude inventories (prior -1.07M) at 10:30 ET; and $35 billion 5-yr note auction results at 13:00 ET
    • Thursday: March Durable Orders (prior 3.1%), Durable Goods -ex transportation (prior 1.2%), weekly Initial Claims (prior 232K), and Continuing Claims (prior 1863K) at 8:30 ET; weekly natural gas inventories (prior -36 bcf) at 10:30 ET; and $29 billion 7-yr note auction results at 13:00 ET
    • Friday: Q1 GDP-Advance (prior 2.9%), Q1 Chain Deflator-Advance (prior 2.3%), and Q1 Employment Cost Index (prior 0.6%) at 8:30 ET; April Chicago PMI (prior 57.4) at 9:45 ET; and Final April Michigan Sentiment Index (prior 97.8) at 10:00 ET
15:14  SPY Stocks fall to session lows as the 10-Year Treasury yield hits a four-year high; consumer staples, technology and retail sectors lead to the downside (265.90 -2.99)

  • Nasdaq 100 QQQ -1.88% Staples XLP -1.85%, Technology XLK -1.77%, Software IGV -1.64%, Retail XRT -1.59%, Gold Miners GDX -1.54%, Semiconductors SMH -1.48%, Consumer Discretionary XLY -1.32%, Transports IYT -1.29% S&P 500 SPY -1.17%.
  • The USD UUP +0.5% and banks KBE, KRE +0.3% are outperforming as rates break out to a four-year high at 2.95%.
14:52  LLY Eli Lilly announces additional results from its Phase 3 RANGE trial evaluating CYRAMZA in combination with docetaxel in patients with locally advanced or unresectable or metastatic urothelial carcinoma whose disease progressed on or after platinum-based chemotherapy (79.00 -0.75)

A positive trend was seen in the secondary endpoint of overall survival (OS) which did not reach statistical significance. An improvement in objective response rate (ORR) was observed.
14:35  COMDX Energy Settlement Prices

  • May Crude Oil futures fell $0.04 (-0.06%) to $68.26/barrel
  • May Natural Gas settled $0.08 higher (3.01%) at $2.74/MMBtu
  • May RBOB Gasoline settled $0.01 higher (0.48%) at $2.09/gallon
  • May Heating oil futures settled $0.01 higher (0.47%) at $2.12/gallon
14:23  COMDX Agriculture Settlement Prices

  • May corn settled $0.05 lower at $3.77/bushel
  • May wheat settled $0.13 lower at $4.64/bushel
  • May soybeans settled $0.07 lower at $10.3/bushel
14:23  COMDX Metals Settlement Prices

  • June gold settled today's session down $10.20 (0.76%) at $1338.4/oz
  • May silver settled today's session $0.01 lower (0.58%) at $17.15/oz
  • May copper settled $0.01 higher (0.32%) at $3.13/lb
14:04  FOREX Currency Market Summary

Dollar Index Approaches April High

  • The U.S. Dollar Index is up 0.4% at 90.26, seeking its fourth consecutive advance. The Index, which overcame Monday's 0.4% drop, has now gained 0.6% since last Friday. At its best level of the day, the Index hovered within striking distance of its high from April 6 (90.60). Today's dollar strength has been broad-based, but the greenback's performance against the euro and pound stood out. The euro slipped back below its 50-day moving average (1.2333) after ECB President Mario Draghi acknowledged that the growth cycle in the eurozone may have peaked already. Mr. Draghi's comments followed this year's batch of disappointing regional PMI readings, and they increase the likelihood that the ECB will delay discussions regarding tightening for as long as the market allows. For its part, the British pound registered its fourth consecutive decline after extending to a fresh 18-month high on April 17.
  • EUR/USD: -0.46% to 1.2288
    • Eurozone Preliminary April Consumer Confidence 0.4 (expected -0.2; last 0.1)
    • Germany's March PPI +0.1% month-over-month (expected 0.2%; last -0.1%); +1.9% year-over-year (consensus 2.0%; last 1.8%)
    • Spain's February trade deficit EUR2.17 billion (last deficit of EUR3.94 billion)
  • GBP/USD: -0.35% to 1.4036
    • 50-day moving average at 1.4020
  • USD/CHF: +0.39% to 0.9744
    • Dollar hits best level since mid-January
  • USD/JPY: +0.18% to 107.58
    • Japan's March National CPI +0.9% month-over-month (last 1.0%); +1.1% year-over-year, as expected (last 1.5%). March National Core CPI +0.9% year-over-year, as expected (last 1.0%). April Reuters Tankan Index 21 (last 28). Tertiary Industry Activity Index 0.0% month-over-month (expected 0.1%; last -0.4%)
  • USD/CNY: +0.28% to 6.294
  • USD/INR: +0.16% to 66.23
    • Dollar's eighth gain in the past nine days lifts action to highest level since March 2017
  • USD/RUB: +0.58% to 61.33
  • USD/TRY: +0.57% to 4.061
  • USD/BRL: +0.51% to 3.405
    • Brazil's April mid-month CPI +0.21% month-over-month (expected 0.25%; last 0.10%); +2.80% year-over-year (expected 2.84%; last 2.80%)
  • USD/MXN: +0.57% to 18.54
    • Dollar reclaims 50-day moving average (18.49) and 200-day moving average (18.50)
  • USD/ZAR: +0.94% to 12.06
  • USD/CAD: +0.65% to 1.2741
    • Action nears 50-day moving average at 1.2777
    • Canada's March CPI +0.3% month-over-month (expected 0.4%; last 0.6%); +2.3% year-over-year (consensus 2.4%; last 2.2%). March Core CPI +0.2% month-over-month (last 0.7%); +1.4% year-over-year (expected 1.5%; last 1.5%). February Retail Sales +0.4% month-over-month (expected 0.3%; last 0.1%) and Core Retail Sales 0.0% month-over-month (expected 0.3%; last 1.0%)
  • AUD/USD: -0.74% to 0.7671
    • Aussie nears March low (0.7643)
  • NZD/USD: -0.89% to 0.7206
    • Kiwi nears 200-day moving average (0.7185)
13:15  SCANX Notable movers of interest -- Skechers (SKX) plunges on weak guidance -Technical-

The following are some of today's most notable movers of interest, categorized by market capitalization (large cap over $10 billion and mid cap between $2-10 billion) and ranked by % change (all stocks over 100K average daily volume).

Large Cap Gainers

  • ERIC (7.75 +16.64%): Reported better than expected Q1 EPS, upgraded to Market Perform from Underperform at Cowen.
  • TRU (66.38 +9.63%): Reported Q1 top and bottom-line beat, provided upside Q2 guidance, raised FY18 outlook, announced agreement to acquire U.K.-based Callcredit for $1.4 bln.
  • RCI (48.19 +5.28%): Better than expected Q1 results, reaffirmed 2018 outlook.

Large Cap Losers

  • TEAM (57.6 -7.5%): Reported better than expected Q3 results, but provided downside Q4 earnings projections; downgraded to Mkt Perform from Mkt Outperform at JMP Securities.
  • SWK (144.88 -6.27%): Shares sell-off despite strong Q1 results as investors seemingly balk at a reduction in the company's FY18 GAAP EPS guidance (No change to Non-GAAP projections).
  • JD (37.14 -4.54%): China stocks slump in wake of continued weakness in Chinese exchanges as trade war woes persist (Related: NTES, VIPS, etc..)

Mid Cap Gainers

  • ASB (26.68 +8.66%): Reported Q1 results, upgraded at Robert W. Baird & Sandler O'Neill.
  • PF (60.34 +9.31%): JANA Partners discloses 9.1% active stake, intends to have discussions with members of the Board and management team regarding value creation measures.
  • CLF (7.89 +9.67%): Reported better than expected Q1 results, raised 2018 iron ore sales volume guidance.

Mid Cap Losers

  • SKX (30.55 -27.4%): Q1 beat overshadowed by downside Q2 guidance; downgraded at Wedbush, price tgt lowered at Monness Crespi & Hardt & Susquehanna.
  • SAGE (151.75 -10.56%): Shares slump in reaction to director share sale and implications of new Biogen (BIIB)/Ionis (IONS) collaboration.
  • MAT (12.63 -6.1%): Announced that CEO Margo Georgiadis will step down to pursue a new opportunity in the technology sector.
13:04  WRAPX Midday Market Summary: Giving Back Weekly Gains

Stocks have given back a nice chuck of their weekly gains today in a broad-based retreat. The S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average are down between 0.8% and 1.2%, with the tech-heavy Nasdaq showing particular weakness. The small-cap Russell 2000, meanwhile, has shown relative strength, losing just 0.4%.

The stock market opened today's session modestly lower, but selling accelerated after the S&P 500 crossed its 50-day moving average (2687). The major averages are currently hovering near their worst marks of the day, trimming their weekly gains to about 0.5% apiece.

10 of 11 S&P sectors are in negative territory this afternoon, with financials (+0.1%) being the lone exception. Wells Fargo (WFC 52.63, +1.09) has helped underpin the group, adding 2.1%, after agreeing to pay $1 billion to settle loan abuse allegations. A sell off in the Treasury market -- resulting in higher yields across the curve -- has also helped keep the financial group afloat. The yield on the benchmark 10-yr Treasury note is up three basis points at 2.94%, flirting with its high for the year.

On the downside, the information technology sector (-1.7%) has weighed on the broader market, with its largest component by market cap -- Apple (AAPL 165.90, -6.89) -- pacing the retreat. Shares of Apple are down 4.0%, challenging their 200-day moving average (165.52), after several analysts raised concerns about the prospect of iPhone sales being weaker than expected. Yesterday's disappointing earnings report from Apple supplier Taiwan Semi (TSM 38.94, -0.59) is also a contributing factor to today's tech slide.

The consumer staples group (-1.7%) is the worst-performing sector, while most other groups hold losses between 0.5% and 1.1%. 

In earnings news, shares of General Electric (GE 14.49, +0.50) have jumped 3.6% today after the Dow component reported better-than-expected earnings and revenues for the first quarter and reaffirmed its guidance for fiscal year 2018. Fellow industrial giant Honeywell (HON 148.67, +0.54) is also in the green, up 0.4%, after beating both top and bottom line estimates for Q1 and raising its guidance for FY18. 

Investors did not receive any economic data today, but they did receive word from Saudi Arabia following a meeting between OPEC and non-OPEC producers. Saudi energy minister Khalid Al-Falih said that OPEC and its allies were still a ways from reaching their goal of reducing a global supply glut. WTI crude futures are currently down 0.2% at $68.21 per barrel in volatile day of trading.

12:35  AAPL Apple (-4%) at session lows approaching its 200-day moving average after analysts cut estimates (165.97 -6.83)

200-DMA at $165.53
12:20  BCS Barclays PLC Board backs CEO Staley after FCA and PRA conclude investigations (12.24 -0.03)

The Barclays Board continues to have unanimous confidence in Mr Staley and continues to recommend his re-election as a Director at the Barclays Annual General Meeting on 1 May 2018
12:14  DRNA Dicerna Pharmaceuticals 'has resolved all litigation with Alnylam Pharmaceuticals' (ALNY) (12.14 +1.95)

Alnylam will dismiss all claims of trade secret misappropriation and other related claims brought in the Massachusetts State Court against Dicerna. In return, Dicerna will dismiss all counterclaims associated with Alnylam's trade secret misappropriation litigation, as well as all claims of anti-competitive practices brought by Dicerna against Alnylam in Massachusetts Federal Court. Dicerna will pay to Alnylam an upfront fee of $2.0 million, plus 983,208 shares of Dicerna common stock. Dicerna will also pay to Alnylam an additional $13.0 million over the next four years, the timing of which is dependent on revenue Dicerna receives pursuant to future GalXC technology-based partnerships. This settlement excludes any amounts received by Dicerna from its existing collaboration with Boehringer-Ingelheim.
12:12  PWOD Penns Woods Bancorp, Inc.'s Board authorized the extension of its repurchase plan (42.85 -0.51)

 
12:03  SHPG Shire plc confirms proposal from Takeda Pharma (TKPYY) for GBP 47.00/share (162.62 +1.88)

  • The Fourth Proposal comprises 26 per share in new Takeda shares, to be listed in Japan and in the US through an ADR listing, and 21 per share in cash, representing a potential value of 47 per share and approximately 44 billion for the total issued and to be issued share capital of the Company.
10:44  PVTL Pivotal Software opens for trading at $16.75 after pricing IPO at $15

 
10:41  DM Dominion Midstream increases quarterly dividend to $0.334/unit from $0.318/unit (14.95 +0.05)

 
10:33  AWK American Water Works increases quarterly dividend to $0.455 from $0.415/share (83.79 +0.13)

 
10:20  LEVL Level One Bancorp opens for trading at $29 after pricing IPO at $28

 
09:52  SHPG Shire plc: Takeda (TKPYY) makes improved offer for Shire of GBP 47.00/share (163.25 +2.51)

  • The Improved Proposal is at a price equivalent to 47.00 per share, comprised of 21.00 in cash (to be paid in U.S.$) and 26.00 of new Takeda shares.
  • Takeda believes that the Improved Proposal represents a highly compelling opportunity for Shire shareholders, which reflects a further increase in value and a material increase in the cash component of the consideration mix. On completion of the proposed acquisition, Shire shareholders would hold a very meaningful stake in a leading global biopharmaceutical company and benefit from the material synergies expected to be derived from the acquisition.
09:42  WRAPX Opening Market Summary: Apple Weighs

The major averages are down in the opening minutes, showing losses between 0.2% and 0.5%.

Apple (AAPL 168.77, -4.08) is leading the top-weighted technology sector lower following a cautious note from Morgan Stanley; Apple shares are down 2.5%, and the tech group is lower by 0.6%. The energy sector is hovering alongside technology at the bottom of the sector standings as oil prices come off a three-year high.

On the flip side, the influential financial space leads with a gain of 0.3%, extending yesterday's 1.5% rally.

09:37  WIRES On The Wires

  • Varian (VAR) receives FDA 510(k) clearance for its Calypso Anchored Beacon transponder. Used with a Varian TrueBeam, Edge, and Clinac C-series medical linear accelerators, the Calypso system and Anchored Beacon transponder detects even slight movements of a tumor and helps clinicians deliver lung stereotactic body radiotherapymore precisely.
09:36  ABCB Ameris Bancorp lower following in-line adjusted Q1 EPS (50.95 -1.75)

  • Reports Q1 (Mar) earnings of $0.73 per share, excluding non-recurring items, in-line with the two analyst estimate of $0.73.
  • Organic growth in loans of $153.8 million, or 10.8%, compared with $98.5 million, or 8.5%, in the first quarter of 2017 Adjusted return on average assets of 1.44%, compared with 1.27% in the first quarter of 2017
09:14  KR Kroger completes sale of its convenience store business unit and enters into an accelerated share repurchase (24.18 )

  • After tax proceeds total $1.7 billion. $1.2 billion of the proceeds will be used to fund an accelerated share repurchase program.
  • The Company will acquire its shares under the ASR agreement using a portion of the cash proceeds from the closing of the sale of the convenience store business unit.
  • The ASR is a new $1.2 billion share repurchase authorization approved by the Company's Board of Directors, which is incremental to the $1 billion share repurchase program announced on March 15, 2018.
    • ~$399 million remain under the authorization announced on March 15, 2018.
09:10  WFC Wells Fargo follow up: OCC confirms $1 billion WFC settlement with OCC/CFPB (51.54 )

  • The Office of the Comptroller of the Currency (OCC) today assessed a $500 million civil money penalty against Wells Fargo Bank, N.A., and ordered the bank to make restitution to customers harmed by its unsafe or unsound practices, and develop and implement an effective enterprise-wide compliance risk management program. The OCC's action was closely coordinated with an action by the Bureau of Consumer Financial Protection and made possible through the collaborative approach taken by the bureau. Separately, the bureau assessed a $1 billion penalty against the bank and credited the amount collected by the OCC toward the satisfaction of its fine.
  • The NYT reported this earlier (see 6:51 PRESS comment).
  • WFC +1% premarket
09:10  WRAPX S&P futures vs fair value: +1.30. Nasdaq futures vs fair value: -15.00.

The equity market is on course for a flattish start, as the S&P 500 futures are trading just one point above fair value.

In earnings news, shares of Dow component General Electric (GE 14.85, +0.86) are up 6.1% in pre-market trading after the industrial giant reported better-than-expected earnings and revenues for the first quarter this morning and reaffirmed its guidance for fiscal year 2018. Meanwhile, shares of Honeywell (HON 151.40, +3.27) are up 2.2% after the company beat both top and bottom line estimates and raised its guidance, but shares of Skechers USA (SKX 31.75, -10.33) are down 24.5% after the company issued disappointing guidance.

Elsewhere, U.S. Treasuries are under pressure this morning, pushing yields higher across the curve; the benchmark 10-yr yield is up two basis points at 2.93%. Meanwhile, West Texas Intermediate crude futures are down 0.7% at $67.85 per barrel, retreating from their best level in more than three years, after a meeting between OPEC and its allies ended with Saudi Arabia's energy minister saying that the oil producers were still a ways from their goal of reducing a global supply glut.

There aren't any notable economic releases scheduled for today, but Chicago Fed President Evans (non-FOMC voter) and San Francisco Fed President Williams (FOMC voter) will be speaking at 9:40 AM ET and 11:15 AM ET, respectively. Both have expounded recently on their policy views, so their comments aren't expected to have market-moving influence today.

08:50  MIDD Middleby announced the acquisition of Josper S.A., a manufacturer of charcoal grill and oven cooking equipment for commercial foodservice and residential applications; terms not disclosed (126.21 -0.23)

 
08:50  WRAPX S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: -18.80.

The S&P 500 futures are trading one point above fair value.

Equity indices in the Asia-Pacific region ended the week on a mostly lower note. The Hong Kong Monetary Authority stayed out of the market after conducting more than ten interventions during the past week. The HKMA is looking to defend the Hong Kong dollar's peg to the U.S. dollar. Some Chinese banks have reportedly raised their interest rates on certificates of deposit in response to informal guidance from the People's Bank of China. Bank of Japan Governor Haruhiko Kuroda expressed concern that protectionism could derail economic growth in Japan.

  • In economic data:
    • Japan's March National CPI +0.9% month-over-month (last 1.0%); +1.1% year-over-year, as expected (last 1.5%). March National Core CPI +0.9% year-over-year, as expected (last 1.0%). April Reuters Tankan Index 21 (last 28). Tertiary Industry Activity Index 0.0% month-over-month (expected 0.1%; last -0.4%)

---Equity Markets---

  • Japan's Nikkei shed 0.1%, narrowing this week's gain to 1.8%. Takeda Pharmaceutical gave up 4.7% after Shire rejected the company's offer. SUMCO, Nitto Denko, Fanuc, Tokyo Electron, Tosoh, TDK, Sapporo Holdings, and Suzuki Motor lost between 1.0% and 3.6%.
  • Hong Kong's Hang Seng lost 0.9%, falling 1.3% for the week. Apple suppliers AAC Technologies and Sunny Optical Tech lost 7.3% and 5.6%, respectively. Property names like China Overseas, Swire Pacific, Sino Land, Link Reit, SHK Properties, and New World Development surrendered between 1.1% and 2.2%.
  • China's Shanghai Composite fell 1.5%, losing 2.8% for the week. Ningbo Joyson Electronic, Fujian Cement, Lanhai Medical Investment, Lawton Development, and Shanghai Chinafortune surrendered between 6.4% and 10.0%.
  • India's Sensex settled just below its flat line, but gained 2.4% for the week. Financials like Yes Bank, ICICI Bank, SBI, AXIS Bank, and IndusInd Bank lost between 0.7% and 3.0%. On the upside, Tata Consultancy jumped 6.8% after beating earnings expectations while peers Infosys and Wipro advanced 4.0% and 3.3%, respectively.

Major European indices trade in mixed fashion with Germany's DAX (-0.3%) struggling to keep pace with the rest of the pack. In Italy, Movimento 5 Stelle leader Luigi Di Maio reiterated his opposition to forming a government with Forza Italia or Fratelli d'Italia, two parties that are in the center-right coalition with Lega. Meanwhile, Lega leader Matteo Salvini said he will do everything in his power to prevent a technocrat government that would simply do the EU's bidding. Eurogroup Chief Mario Centeno said this week's Eurogroup meetings went by without a discussion about extending the Greek bailout.

  • Economic data was limited:
    • Germany's March PPI +0.1% month-over-month (expected 0.2%; last -0.1%); +1.9% year-over-year (consensus 2.0%; last 1.8%)
    • Spain's February trade deficit EUR2.17 billion (last deficit of EUR3.94 billion)

---Equity Markets---

  • Germany's DAX is lower by 0.3%. Lufthansa, Deutsche Bank, Continental, Infineon, Commerzbank, SAP, Volkswagen, and Merck show losses between 0.5% and 2.7%. On the upside, Adidas, Siemens, and BASF are up between 0.1% and 0.6%.
  • UK's FTSE has climbed 0.3%. Hikma Pharmaceutical leads with a gain of 4.6% while consumer names like Barratt Developments, Burberry, Imperial Brands, Compass, Unilever, and British American Tobacco have added between 0.8% and 2.0%.
  • France's CAC trades up 0.2%. ArcelorMittal leads, rising 1.7%, while Carrefour, Airbus, Louis Vuitton, Credit Agricole, BNP Paribas, and Societe Generale hold gains between 0.3% and 0.8%.
08:32  TRIP TripAdvisor acquires Bokum, a provider of business management technology for the tours, attractions and experiences industry; terms not disclosed (41.64 -0.46)

 
08:30  RP RealPage to acquire ClickPay, a comprehensive electronic payment platform servicing 2.3 million units across the multifamily, HOA, condominium and co-op segments of real estate (55.20 )

The acquisition purchase price of $218.5 million is composed of $76.3 million in shares of RealPage common stock and $142.2 million in cash. For the year ended December 31, 2017, ClickPay possessed revenue of over $22 million with negligible Adjusted EBITDA contribution. RealPage estimates that ClickPay will contribute revenue of $23 million for the remainder of 2018, representing 2018 revenue growth of approximately 45%. ClickPay is expected to be immaterial to RealPage's 2018 Adjusted EBITDA. However, the company expects to achieve revenue and expense synergies that will be accretive to its long-term revenue growth and Adjusted EBITDA margin expansion objectives.
08:25  WRAPX S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: -21.50.

The S&P 500 futures are trading two points, or 0.1%, below fair value.

Nine of the eleven sectors are higher for the week coming into today's session, with energy (+3.1%), consumer discretionary (+2.8%), industrials (+2.6%), and materials (+2.2%) being the top performers. On the flip side, consumer staples (-2.7%) is by far the weakest group, but the second-worst performer -- real estate (-0.2%) -- is also in the red.

The S&P 500 is up 1.4% week to date, which is roughly in line with the Dow (+1.3%), but a step behind the Nasdaq (+1.9%).

08:16  ABEO Abeona Therapeutics: EMA Committee for Orphan Medicinal Products has granted Orphan Drug Designation (EMA/OD/013/18) for Abeona's gene therapy program ABO-202 for the treatment of subjects with neuronal ceroid lipofuscinosis (20.05 )

 
08:12  BONDX European Summary

Yields Mixed

  • European debt trades in mixed fashion with Greek issues showing some relative weakness. Eurogroup Chief Mario Centeno said this week's Eurogroup meetings went by without a discussion about extending the Greek bailout. Italy's ANSA reported that President Sergio Mattarella will take two days before making the next move. Movimento 5 Stelle leader Luigi Di Maio reiterated his opposition to forming a government with Forza Italia or Fratelli d'Italia, two parties that are in the center-right coalition with Lega. Meanwhile, Lega leader Matteo Salvini said he will do everything in his power to prevent a technocrat government that would simply do the EU's bidding.
  • European Economic Data:
    • Germany's March PPI +0.1% month-over-month (expected 0.2%; last -0.1%); +1.9% year-over-year (consensus 2.0%; last 1.8%)
    • Spain's February trade deficit EUR2.17 billion (last deficit of EUR3.94 billion)
  • Yield Check:
    • France, 10-yr OAT: -1 bp to 0.81%
    • Germany, 10-yr bund: -1 bp to 0.60%
    • Greece, 10-yr note: +3 bps to 4.06%
    • Italy, 10-yr BTP: +1 bp to 1.78%
    • Portugal, 10-yr PGB: UNCH at 1.65%
    • Spain, 10-yr ODE: +1 bp to 1.29%
    • U.K., 10-yr gilt: -2 bps to 1.50%
08:06  CLF Cleveland-Cliffs reports Q1 (Mar) results, beats on revs; increases US iron ore sales volume by 2.5% (7.19 )

  • Reports Q1 (Mar) loss of $0.08 per share, ex-$0.21/share net in items, may not be comparable to the Capital IQ Consensus of ($0.18); revenues fell 48.2% year/year to $239 mln vs the $177.93 mln Capital IQ Consensus. 
  • Adjusted EBITDA of $12 million included a $77 million contribution from U.S. Iron Ore, a 20 percent increase from the prior-year quarter. The U.S. Iron Ore contribution was partially offset by an Asia Pacific Iron Ore Adjusted EBITDA loss of $40 million, which included several closure-related charges.
  • Raises FY18 US iron ore sales volume 20.5 mln long tons (from 20 mln); production volume 20 mln long tons
08:05  GNTX Gentex reports EPS in-line, misses on revs; reaffirms FY18 revs (23.66 )

  • Reports Q1 (Mar) earnings of $0.40 per share, in-line with the Capital IQ Consensus of $0.40; revenues rose 2.6% year/year to $465.42 mln vs the $478.06 mln Capital IQ Consensus.
  • Co reaffirms full year revenue guidance of $1.89-1.97 bln vs CapitalIQ consensus of $1.92 bln.
  • Co says that while it was disappointed with the overall revenue performance during Q1, the co was able to outperform its underlying markets by approximately 6% taking into consideration the lower automotive production levels during the quarter. Despite the Q1 headwinds, co says it has a strong product launch cadence of Full Display Mirror nameplates over the balance of 2018.
08:01  KSU KC Southern misses by $0.03, reports revs in-line (110.29 )

  • Reports Q1 (Mar) earnings of $1.30 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus of $1.33; revenues rose 4.8% year/year to $638.6 mln vs the $639.39 mln Capital IQ Consensus.
  • First quarter 2018 revenues increased in four commodity groups, led by a 17% increase in Automotive, a 10% increase in Chemicals and Petroleum and a 9% increase in Intermodal. Revenue from Industrial and Consumer was also positive with an increase of 4% compared to the first quarter of 2017.
07:59  WRAPX S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: -6.30.

The U.S. equity market started the week strong, but had a disappointing outing on Thursday, giving back around a third of its weekly gain. Futures are drifting slightly higher this morning -- with the S&P 500 futures trading two points, or 0.1%, above fair value -- as the market looks to hold on for its second consecutive weekly advance; the S&P 500 is up 1.4% week to date.

Overseas, the major stock indices in Asia finished Friday on a lower note, settling the week mixed; Japan's Nikkei added 1.8% for the week, while Hong Kong's Hang Seng and China's Shanghai Composite declined 2.8% and 1.3%, respectively. Meanwhile, in Europe, the major bourses are mostly higher this morning, putting the Euro Stoxx 50 on track for a weekly gain of 1.4%.

Friday's meeting in Saudi Arabia between OPEC and non-OPEC oil producers, including Russia, concluded with a press conference in which Saudi energy minister Khalid Al-Falih said the oil producers were still a ways from reaching their target and capped production will need to continue. OPEC and its allies have been curbing production since the end of 2016, but that deal, which has already been extended several times, is currently set to expire at the end of 2018. WTI crude futures are down 0.8% at $67.77 per barrel, hovering a step below their highest level in more than three years.

Investors won't receive any economic data today, but Chicago Fed President Charles Evans and San Francisco Fed President John Williams are scheduled to speak at 9:40 AM ET and 11:15 AM ET, respectively. Mr. Williams is a voter on this year's FOMC, but Mr. Evans is not.

In U.S. corporate news:

  • General Electric (GE 14.70, +0.71): +5.1% after reporting better-than-expected earnings and revenues for Q1 and reaffirming its guidance for FY18.
  • Honeywell (HON 149.50, +1.37): +0.9% after beating both top and bottom line estimates for Q1 and raising its guidance for FY18.
  • Schlumberger (SLB 69.66, -0.62): -0.9% despite slightly beating earnings expectations for the first quarter.

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended the week on a mostly lower note. Japan's Nikkei -0.1%, Hong Kong's Hang Seng -0.9%, China's Shanghai Composite -1.5%, India's Sensex unch.
    • In economic data:
      • Japan's March National CPI +0.9% month-over-month (last 1.0%); +1.1% year-over-year, as expected (last 1.5%). March National Core CPI +0.9% year-over-year, as expected (last 1.0%). April Reuters Tankan Index 21 (last 28). Tertiary Industry Activity Index 0.0% month-over-month (expected 0.1%; last -0.4%)
    • In news:
      • The Hong Kong Monetary Authority stayed out of the market after conducting more than ten interventions during the past week. The HKMA is looking to defend the Hong Kong dollar's peg to the U.S. dollar.
      • Some Chinese banks have reportedly raised their interest rates on certificates of deposit in response to informal guidance from the People's Bank of China.
      • Bank of Japan Governor Haruhiko Kuroda expressed concern that protectionism could derail economic growth in Japan.
  • Major European indices trade in mixed fashion with Germany's DAX (-0.1%) struggling to keep pace with the rest of the pack. UK's FTSE +0.5%, France's CAC +0.5%.
    • In economic data:
      • Germany's March PPI +0.1% month-over-month (expected 0.2%; last -0.1%); +1.9% year-over-year (consensus 2.0%; last 1.8%)
      • Spain's February trade deficit EUR2.17 billion (last deficit of EUR3.94 billion)
    • In news:
      • In Italy, Movimento 5 Stelle leader Luigi Di Maio reiterated his opposition to forming a government with Forza Italia or Fratelli d'Italia, two parties that are in the center-right coalition with Lega. Meanwhile, Lega leader Matteo Salvini said he will do everything in his power to prevent a technocrat government that would simply do the EU's bidding.
      • Eurogroup Chief Mario Centeno said this week's Eurogroup meetings went by without a discussion about extending the Greek bailout.
07:51  BONDX Overnight Treasury Market Summary

Tracking Flat Start

  • U.S. Treasuries are set to begin Friday's session near their flat lines after seeing two days of selling. Granted, the 10-yr note is on pace for a slightly lower start, but the remaining tenors are little changed. The overnight session saw limited movement in Treasury futures while Asian equity markets struggled. China's 10-yr yield ticked up one basis point to 3.54%, trimming this week's decline to 20 bps. Market participants will not receive any data today, and the attention is likely to be on the slope of the Treasury yield curve after two days of steepening, which took place after yield spreads compressed to their tightest levels in ten years.
  • Yield Check:
    • 2-yr: UNCH at 2.42%
    • 5-yr: UNCH at 2.76%
    • 10-yr: +1 bp to 2.92%
    • 30-yr: UNCH at 3.11%
  • News:
    • The Hong Kong Monetary Authority stayed out of the market after conducting more than ten interventions during the past week.
    • Some Chinese banks have reportedly raised their interest rates on certificates of deposit in response to informal guidance from the People's Bank of China.
    • Bank of Japan Governor Haruhiko Kuroda expressed concern that protectionism could derail economic growth in Japan.
    • Japan's March National CPI +0.9% month-over-month (last 1.0%); +1.1% year-over-year, as expected (last 1.5%). March National Core CPI +0.9% year-over-year, as expected (last 1.0%). April Reuters Tankan Index 21 (last 28). Tertiary Industry Activity Index 0.0% month-over-month (expected 0.1%; last -0.4%)
  • Fed Speakers:
    • Chicago Fed President (alternate voter) Charles Evans at 9:40 ET
    • San Francisco Fed President (FOMC voter) and incoming NY Fed President John Williams at 11:15 ET
07:48  SCANX Gapping down

Gapping down
In reaction to disappointing earnings/guidance
:

  • SKX -24.2%, TEAM -12.5%, MRTN -5.8%, ETFC -2.1%, MAN -1.3%, SHOO -1.2%, SLB -1%, WM -0.7%

Other news:

  • FL -1.7% (likely related to SKX)

Analyst comments:

  • PG -1% (downgraded to Neutral from Buy at BofA/Merrill; downgraded to Hold from Buy at Deutsche Bank)
07:46  SCANX Gapping up

Gapping up
In reaction to strong earnings/guidance
:

  • ERIC +15.1%, LLNW +14.1%, GE +5.1%, BDN +2.7%, WERN +2.1%, HON +1.8%, EGP +1.4%, WAL +1.4%, RCI +0.8%, VLRS +0.8%, TRU +0.7%, STI +0.5%

M&A news:

  • FFKT +16% (WesBanco Inc and Farmers Capital Bank to merge; Farmers shareholders will receive 1.053 shares of WesBanco and $5.00 per share cash)
  • SQ +1% (Square acquires Zesty, a catering platform; terms not disclosed)
  • CTWS +1% (ticking higher; Eversource Energy made competing proposal to acquire all the outstanding shares of Connecticut Water Service for $63.50 per share)
  • MON +0.8% (Russia antitrust agency approves Monsanto (MON) / Bayer (BAYRY) M&A deal)

Other news:

  • PF +6.6% (Pinnacle Foods spikes higher after Jana increases stake to 9.1% from 1.2% - and becomes active shareholder)
  • RIGL +3.4% (prices 16 mln shares of common stock at $3.90 per share)
  • AAV +3.2% (provides production update)
  • XNET +2.7% (launched ThunderChain, a blockchain platform)
  • HCLP +2.1% (increases quarterly distribution to $0.225/unit from $0.20/unit)

Analyst comments:

  • TWTR +3% (upgraded to Buy from Neutral at MKM Partners; tgt $40)
  • TSCO +1.9% (upgraded to Overweight from Neutral at Piper Jaffray)
  • DRI +1.4% (upgraded to Outperform from Mkt Perform at Bernstein)
  • ALGN +1.1% (initiated with a Buy at Berenberg)
07:40  VLRS Volaris Aviation reports Q1 results (8.73 )

  • Co reports Q1 EPS of (MXN 0.60) versus (MXN 1.11) last year; Total operating revenues reached Ps.5,850 million for the first quarter, an increase of 2.7% YoY versus MXN 6.069 bln Capital IQ consensus 
  • Volaris booked 4.3 million passengers in the first quarter of 2018, up 7.5% year over year. Volaris traffic increased 9.8% for the same period. System load factor during the quarter decreased 1.0 percentage points year over year to 82.2%.
07:35  OFG OFG Bancorp reports Q1 EPS of $0.29 vs $0.17 Capital IQ Consensus (11.80 )

 
07:31  S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: -7.50.

07:31  XNET Xunlei Limited launched ThunderChain, a blockchain platform (12.66 +0.04)

 
07:29  SUMRX European Markets Update: DAX -0.1%, FTSE +0.5%, CAC +0.5%

Major European indices trade in mixed fashion with Germany's DAX (-0.1%) struggling to keep pace with the rest of the pack. In Italy, Movimento 5 Stelle leader Luigi Di Maio reiterated his opposition to forming a government with Forza Italia or Fratelli d'Italia, two parties that are in the center-right coalition with Lega. Meanwhile, Lega leader Matteo Salvini said he will do everything in his power to prevent a technocrat government that would simply do the EU's bidding. Eurogroup Chief Mario Centeno said this week's Eurogroup meetings went by without a discussion about extending the Greek bailout.

  • Economic data was limited:
    • Germany's March PPI +0.1% month-over-month (expected 0.2%; last -0.1%); +1.9% year-over-year (consensus 2.0%; last 1.8%)
    • Spain's February trade deficit EUR2.17 billion (last deficit of EUR3.94 billion)

---Equity Markets---

  • Germany's DAX is lower by 0.1%. Lufthansa, Deutsche Bank, Continental, Infineon, Commerzbank, SAP, Volkswagen, and Merck show losses between 0.5% and 2.1%. On the upside, Adidas, Siemens, and BASF are up between 0.2% and 0.8%.
  • UK's FTSE has climbed 0.5%. Hikma Pharmaceutical leads with a gain of 4.7% while consumer names like Barratt Developments, Burberry, Imperial Brands, Compass, Unilever, and British American Tobacco have added between 0.9% and 2.0%.
  • France's CAC trades up 0.5%. ArcelorMittal leads, rising 1.8%, while Carrefour, Airbus, Louis Vuitton, Credit Agricole, BNP Paribas, Societe Generale, and AXA hold gains between 0.5% and 1.0%.
07:21  WIRES On The Wires

  • Summit Therapeutics plc (SMMT) to present new 24-week interim analyses from PhaseOut DMD, a Phase 2 open-label, multi-centre clinical trial of the utrophin modulator ezutromid in Duchenne muscular dystrophy, at the 70th American Academy of Neurology Annual Meeting. These new analyses showed a high correlation between reductions in developmental myosin and reductions in muscle inflammation, which was measured by magnetic resonance, in patients after 24 weeks of ezutromid treatment. These findings underpin existing evidence that by modulating utrophin protein production, ezutromid is reducing the severity of DMD.
  • Ctrip.com International, Ltd. (CTRP) announced that it has entered into a memorandum of understanding regarding its partnership with world-leading travel & lifestyle group and digital innovator AccorHotels. The partnership will allow Ctrip's over 300 million registered users to access and enjoy personalized experiences from AccorHotels' global brands portfolio.
  • Clementia Pharmaceuticals Inc. (CMTA) announced the start of the MO-Ped Trial, its Phase 2 study evaluating the safety and efficacy of palovarotene for the treatment of pediatric patients with multiple osteochondromas, also known as multiple hereditary exostoses.

07:13  WM Waste Mgmt beats by $0.08, misses on revs; reaffirms FY18 EPS guidance (82.62 )

  • Reports Q1 (Mar) earnings of $0.91 per share, $0.08 better than the Capital IQ Consensus of $0.83; revenues rose 2.1% year/year to $3.51 bln vs the $3.57 bln Capital IQ Consensus.
  • Core price, which consists of price increases net of rollbacks and fees, excluding the Company's fuel surcharge, was 4.9%, compared to 5.1% in the first quarter of 2017 and 4.8% in the fourth quarter of 2017.
  • Co reaffirms guidance for FY18, sees EPS of $3.97-4.05, excluding non-recurring items, vs. $4.00 Capital IQ Consensus Estimate.
07:10  SHOO Steven Madden beats by $0.03, beats on revs; reaffirms FY18 EPS guidance, raises FY18 rev guidance (46.45 )

  • Reports Q1 (Mar) earnings of $0.54 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.51; revenues rose 6.2% year/year to $389 mln vs the $379.67 mln Capital IQ Consensus.
  • Co issues guidance for FY18, reaffirms EPS of $2.60-2.67 vs. $2.68 Capital IQ Consensus Estimate; raises FY18 revs of +5-7% to ~$1.62-1.65 bln from $1.575-1.605 bln vs. $1.63 bln Capital IQ Consensus Estimate.
07:09  SLB Schlumberger beats by $0.01, reports revs in-line (70.28 )

  • Reports Q1 (Mar) GAAP earnings of $0.38 per share, $0.01 better than the Capital IQ GAAP Consensus of $0.37; revenues rose 13.6% year/year to $7.83 bln vs the $7.79 bln Capital IQ Consensus.
  • "We remain optimistic about the outlook for sustainable activity growth in our global business over the course of 2018 and into 2019. This is driven by higher customer activity and our ability to capture a major share of the emerging opportunities as performance-based contracts and integrated projects continue to gain traction as the preferred business models for many of our customers. Recent contract awards, which include the major lump-sum turnkey (LSTK) contracts in Saudi Arabia, additional wins elsewhere in the Middle East and Latin America, and new projects in the US Delaware Basin, are examples of this market trend. Our increased R&E focus in recent years on systems innovation and design is now enabling us to create additional value for both our customers and Schlumberger on these projects. This is achieved by integrating a new generation of purpose-built hardware and software with our deep domain expertise and the latest advances in digital technologies."
  • Capex (excluding multiclient and SPM investments) for the full year 2018 is expected to be approximately $2 billion, which is similar to the levels of 2017 and 2016.
07:02  STT State Street beats by $0.03, reports revs in-line (104.18 )

  • Reports Q1 (Mar) earnings of $1.62 per share, $0.03 better than the Capital IQ Consensus of $1.59; revenues rose 13.2% year/year to $3.02 bln vs the $3 bln Capital IQ Consensus.
  • Broad-based business momentum: Asset servicing AUCA at 1Q18 quarter-end, increased 12% from 1Q17 due to strength in equity markets, new business and client activity. Asset management AUM at 1Q18, increased 7% compared to 1Q17, primarily driven by strength in equity markets and ETF net inflows, partially offset by thinner-yielding institutional outflows.
    New business: Asset servicing mandates newly announced in 1Q18 totaled approximately $1.3 trillion.(1) Servicing assets remaining to be installed in future periods totaled approximately $1.6 trillion. In our asset management business, we experienced net outflows of $27 billion during 1Q18 given the difficult market conditions for our institutional offerings.
07:01  SUMRX Asian Markets Close: Nikkei -0.1%, Hang Seng -0.9%, Shanghai -1.5%

Equity indices in the Asia-Pacific region ended the week on a mostly lower note. The Hong Kong Monetary Authority stayed out of the market after conducting more than ten interventions during the past week. The HKMA is looking to defend the Hong Kong dollar's peg to the U.S. dollar. Some Chinese banks have reportedly raised their interest rates on certificates of deposit in response to informal guidance from the People's Bank of China. Bank of Japan Governor Haruhiko Kuroda expressed concern that protectionism could derail economic growth in Japan.

  • In economic data:
    • Japan's March National CPI +0.9% month-over-month (last 1.0%); +1.1% year-over-year, as expected (last 1.5%). March National Core CPI +0.9% year-over-year, as expected (last 1.0%). April Reuters Tankan Index 21 (last 28). Tertiary Industry Activity Index 0.0% month-over-month (expected 0.1%; last -0.4%)

---Equity Markets---

  • Japan's Nikkei shed 0.1%, narrowing this week's gain to 1.8%. Takeda Pharmaceutical gave up 4.7% after Shire rejected the company's offer. SUMCO, Nitto Denko, Fanuc, Tokyo Electron, Tosoh, TDK, Sapporo Holdings, and Suzuki Motor lost between 1.0% and 3.6%.
  • Hong Kong's Hang Seng lost 0.9%, falling 1.3% for the week. Apple suppliers AAC Technologies and Sunny Optical Tech lost 7.3% and 5.6%, respectively. Property names like China Overseas, Swire Pacific, Sino Land, Link Reit, SHK Properties, and New World Development surrendered between 1.1% and 2.2%.
  • China's Shanghai Composite fell 1.5%, losing 2.8% for the week. Ningbo Joyson Electronic, Fujian Cement, Lanhai Medical Investment, Lawton Development, and Shanghai Chinafortune surrendered between 6.4% and 10.0%.
  • India's Sensex settled just below its flat line, but gained 2.4% for the week. Financials like Yes Bank, ICICI Bank, SBI, AXIS Bank, and IndusInd Bank lost between 0.7% and 3.0%. On the upside, Tata Consultancy jumped 6.8% after beating earnings expectations while peers Infosys and Wipro advanced 4.0% and 3.3%, respectively.

---FX---

  • USDJPY +0.2% to 107.64
  • USDCNY +0.3% to 6.293
  • USDINR -0.1% to 66.04
07:00  LXU LSB Industries prices $400 mln of senior secured notes due 2023 (6.42 )

 
07:00  TRU TransUnion beats by $0.05, beats on revs; guides Q2 EPS, revs above consensus; raises FY18 outlook; announces agreement to acquire U.K.-based Callcredit (60.55 )

  • Reports Q1 (Mar) earnings of $0.57 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $0.52; revenues rose 18.1% year/year to $537.4 mln vs the $507.68 mln Capital IQ Consensus.
  • Co issues upside guidance for Q2, sees EPS of $0.59-0.60, excluding non-recurring items, vs. $0.57 Capital IQ Consensus Estimate; sees Q2 revs of $534-539 mln vs. $525.98 mln Capital IQ Consensus Estimate.
  • Co raises guidance for FY18, sees EPS of $2.37-2.41 (Prior $2.26-2.31), excluding non-recurring items, vs. $2.31 Capital IQ Consensus Estimate; sees FY18 revs of $2.17-2.185 bln (Prior $2.12-2.14 bln) vs. $2.13 bln Capital IQ Consensus Estimate.
  • The co also announced today its agreement to purchase Callcredit Information Group, Ltd., the second largest and fastest growing consumer credit bureau in the U.K., headquartered in Leeds. TransUnion agreed to acquire Callcredit for 1 billion, which is approximately $1.4 billion at today's exchange rate. The acquisition is anticipated to close late in the second quarter or early in the third quarter pending regulatory approval.
06:56  HON Honeywell provides Q2 guidance in slide presentation; sees Q2 EPS of $1.97-2.03 versus $2.00 Capital IQ consensus; sees Q2 revs $10.7-10.8 bln versus $10.6 bln Capital IQ consensus (148.13 )

See 6:35 for earnings and FY18 guidance
06:55  S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: -5.80.

06:55  European Markets

FTSE...7366.50...+37.60...+0.50%.  DAX...12578.80...+11.40...+0.10%.
06:55  Asian Markets

Nikkei...22162...-28.90...-0.10%.  Hang Seng...30418...-290.10...-0.90%.
06:54  FXI Shanghai... -1.47%

 
06:54  LEVL Level One Bancorp (Nasdaq) prices an upsized 1.2 mln share IPO (from 1 mln shares) at $28.00, the midpoint of the expected $27.00-29.00 range

 
06:50  BHGE Baker Hughes beats by $0.03, reports revs in-line (33.71 )

  • Reports Q1 (Mar) earnings of $0.09 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.06; revenues rose 1.4% year/year to $5.4 bln vs the $5.41 bln Capital IQ Consensus.
  • Orders for the quarter were $5,238 million, down 8% sequentially and up 9% year-over-year. This sequential decrease was mainly driven by typical seasonality, with equipment orders down 14% and service orders down 4%. The 9% year-over-year growth was driven by both strong equipment and services orders across all product companies. Year-over-year equipment orders were up 9% and service orders were up 8%.
06:44  CHL China Mobile reports Q1 results (46.43 )

  • Co reports Q1 Profit attributable to equity shareholders was RMB25.8 billion, up by 4.1% over the same period last year; Operating revenue was RMB185.5 billion, up by 0.8% over the same period last year versus RMB 183.63 bln Capital IQ consensus.
  • EBITDA was RMB69.7 billion, up by 3.9% over the same period last year
06:42  CHU China Unicom reports Q1 results (13.29 )

  • The profit attributable to the equity shareholders of the Company amounted to RMB 3,005 million, up significantly by 248.7% year-on-year; revs +8% YoY to RMB 74.935 bln vs RMB 70.3 bln Capital IQ consensus.
  • Mobile service revenue amounted to RMB 41,511 million, up by 11.6% year-on-year.
  • EBITDA amounted to RMB 23,909 million, up by 14.0% year-on-year
06:38  CFG Citizens Financial Group beats by $0.02, reports revs in-line (41.86 )

  • Reports Q1 (Mar) earnings of $0.78 per share, $0.02 better than the Capital IQ Consensus of $0.76; revenues rose 5.6% year/year to $1.46 bln vs the $1.46 bln Capital IQ Consensus.
    • First quarter highlights include solid growth in net interest income driven by an eight basis point improvement in net interest margin. Average and spot loan growth were 1% for the quarter.
    • Provision expense decreased $5 million despite an $8 million reserve build.
    • Delivered an efficiency ratio of 60.4% despite seasonally lower revenues and higher salaries and employee benefits expenses.
    • ROTCE of 11.7% compares with ROTCE of 19.9%, or 10.4% on an Underlying basis
06:38  GE General Electric beats by $0.05, beats on revs; reaffirms FY18 EPS guidance (13.99 )

  • Reports Q1 (Mar) earnings of $0.16 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $0.11; revenues rose 6.6% year/year to $28.66 bln vs the $27.26 bln Capital IQ Consensus.
  • Co reaffirms guidance for FY18, sees EPS of $1.00-1.07, excluding non-recurring items, vs. $0.95 Capital IQ Consensus Estimate.
  • "We reduced Industrial structural costs by $805 million and are on track to exceed our cost reduction goal of $2 billion in 2018...Aviation, Healthcare, Renewables, and Transportation grew earnings, and BHGE continues to execute on its plan. Power is making progress on cost actions and operational and services execution, but the industry continues to be challenging and is trending softer than our forecast. We are working to resolve legacy matters in our discontinued operations, and we recorded a reserve of $1.5 billion related to the WMC FIRREA investigation. We are making significant progress on the $20 billion of dispositions planned for 2018 & 2019. There is no change to our framework for 2018."
  • Slide Deck
06:38  BIIB Biogen and Ionis (IONS) expand strategic collaboration to develop drug candidates for a broad range of neurological diseases; BIIB will pay IONS $1 bln in cash, which will include $625 million to purchase ~11.501 mln shares of IONS common stock (266.02 )

  • Co announced they have expanded their strategic collaboration through a new ten-year collaboration agreement to develop novel antisense drug candidates for a broad range of neurological diseases. This collaboration capitalizes on Biogen's expertise in neuroscience research and drug development and Ionis' leadership in RNA targeted therapies with the goal of developing a broad pipeline of investigational therapies. It builds upon a productive collaboration that produced SPINRAZA, the first and only approved treatment for patients with spinal muscular atrophy.
  • Under the terms of the collaboration, Biogen will pay Ionis $1 billion in cash, which will include $625 million to purchase 11,501,153 shares of Ionis common stock at a price of $54.34 per share, at an approximately 25% cash premium, and a $375 million upfront payment. Biogen will have the option to license therapies arising out of this collaboration and will be responsible for their development and commercialization. In addition, Biogen may pay milestone payments, license fees and royalties on net sales.
06:36  MINI Mobile Mini misses by $0.01, reports revs in-line (45.55 )

  • Reports Q1 (Mar) earnings of $0.33 per share, $0.01 worse than the Capital IQ Consensus of $0.34; revenues rose 7.1% year/year to $132.3 mln vs the $133.18 mln Capital IQ Consensus.
06:35  HON Honeywell beats by $0.05, beats on revs; raises FY18 EPS, revenue, and free cash flow guidance (148.13 )

  • Reports Q1 (Mar) earnings of $1.95 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $1.90; revenues rose 9.5% year/year to $10.39 bln vs the $10.03 bln Capital IQ Consensus.
  • Co issues guidance for FY18, raises EPS to $7.85-8.05 from $7.75-8.00 vs. $7.95 Capital IQ Consensus Estimate; sees FY18 revs of $42.7-43.5 bln from $41.8-42.5 bln vs. $42.23 bln Capital IQ Consensus Estimate; raises free cash flow guidance to $5.3-5.9 bln from $5.2-5.9 bln.
06:32  SYF Synchrony Financial beats by $0.08 (35.35 )

  • Reports Q1 (Mar) earnings of $0.83 per share, $0.08 better than the Capital IQ Consensus of $0.75.
  • Key Financial Metrics
    • Return on assets was 2.7% and return on equity was 18.2%.
    • Net interest margin was 16.05%.
    • Efficiency ratio was 30.9%.
  • Net interest income increased 7% from the first quarter of 2017 to $3.8 billion
    • Loan receivables grew $5 billion, or 6%, from the first quarter of 2017 to $78 billion
    • Purchase volume increased 3% from the first quarter of 2017 to $30 billion
    • Deposits grew $5 billion, or 10%, from the first quarter of 2017 to $57 billion
06:23  WIRES On The Wires

  • Clean Energy Fuels (CLNE) announced that it has been awarded a contract to construct three compressed natural gas fueling stations in Ontario, Canada for Union Energy Solutions Limited Partnership, an unregulated affiliate of Union Gas -- an Enbridge Company, a major Canadian natural gas storage, transmission and distribution company.
  • China Yuchai International (CYD) announced that 800 buses manufactured by Anhui Ankai Automobile Co., Ltd. and powered by GYMCL engines were recently exported to Saudi Arabia.
06:23  BCS Barclays PLC announces conclusion of FCA & PRA investigations into Jes Staley and Barclays (12.27 )

  • In respect of Mr Staley, the FCA and PRA have recently issued confidential draft warning notices setting out their reasons for proposing enforcement actions. The FCA and PRA are alleging that Mr Staley's actions in relation to this matter represented a breach of Individual Conduct Rule 2 (requirement to act with due skill, care and diligence) and each have proposed that he pay a financial penalty. The FCA and PRA are not alleging that he acted with a lack of integrity or that he lacks fitness and propriety to continue to perform his role as Group Chief Executive Officer.
    • The Barclays Board continues to have unanimous confidence in Mr Staley and continues to recommend his re-election as a Director at the Barclays Annual General Meeting on 1 May 2018.
  • In respect of Barclays Bank PLC, the FCA and PRA have concluded that they will not take enforcement action in respect of this matter. However, they have proposed that each of Barclays Bank PLC and Barclays Bank UK PLC will be subject to requirements to report to theFCA and PRA on certain aspects of their whistleblowing programmes.
06:20  PVTL Pivotal Software (NYSE) prices 37 mln share IPO at $15.00, the midpoint of the expected $14.00-16.00 range

 
06:19  ERIC Ericsson beats by $0.32, reports revs in-line (6.64 )

  • Reports Q1 (Mar) earnings of $0.11 per share, excluding non-recurring items, $0.32 better than the Capital IQ Consensus of ($0.21); revenues fell 9.2% year/year to $43.4 bln vs the $43.59 bln Capital IQ Consensus.
06:17  AAV Advantage Oil and Gas provides production update; increases liquids rich drilling (3.20 )

  • Co advises that as previously disclosed in our press release dated March 5, 2018, a production outage was scheduled at our 100% owned Glacier gas plant in April 2018 associated with expanding our plant capacity to 400 mmcf/d and 6,800 bbls/d of liquids. This outage was scheduled to coincide with planned third party pipeline maintenance when AECO natural gas prices were anticipated to be negatively impacted.
  • This investment and production strategy is supported by our recent liquids rich drilling successes at Glacier and at our nearby land blocks at Valhalla and Wembley which extended and increased our significant inventory of liquids rich and dry gas drilling locations. Annual average liquids production is expected to grow by approximately 50% year on year to 1,800 bbls/d with a 2018 exit rate of approximately 2,400 bbls/d. Increased drilling on our liquids rich lands will support doubling Advantage's liquids production to 8% or more of total production during the latter part of 2019 and could potentially reach 13% or more in 2020. This program will significantly enhance our cash flow and netbacks.
  • Guidance Updated
    • Advantage's second quarter 2018 production is estimated to be within the range of 205 to 215 mmcfe/d, lower than earlier estimates. Total per unit corporate cash costs will be higher during the second quarter at $1.35/mcfe to $1.45/mcfe due to lower production and are expected to decrease to approximately $1.15/mcfe as production is increased during the second half of 2018.
06:15  QGEN Qiagen announces FDA approval of PartoSureTM (32.79 )

  • Co announced the U.S. regulatory approval of PartoSureTM , which is a novel test for assessing the risk of spontaneous preterm birth in patients with symptoms of preterm labor. The pre-market approval of PartoSure by the FDA follows successful uptake of the rapid, accurate test in more than 35 countries across Europe, the Middle East, Asia and Latin America. U.S. commercialization of the PartoSure test is expected to begin in 2018.
06:15  SWK Stanley Black & Decker beats by $0.04, beats on revs; reaffirms FY18 EPS guidance (154.57 )

  • Reports Q1 (Mar) earnings of $1.39 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus of $1.35; revenues rose 12.4% year/year to $3.21 bln vs the $3.1 bln Capital IQ Consensus.
  • Co reaffirms guidance for FY18, sees EPS of $8.30-8.50, excluding non-recurring items, vs. $8.44 Capital IQ Consensus Estimate.
06:14  RIGL Rigel Pharma prices 16 mln shares of common stock at $3.90 per share (4.06 )

 
06:14  CEO CNOOC Ltd achieved total net production of 120.1 million barrels of oil equivalent for the first quarter of 2018, representing an increase of 0.8% YoY (167.81 )

  • The Company achieved total net production of 120.1 million barrels of oil equivalent for the first quarter of 2018, representing an increase of 0.8% YoY. Production from offshore China decreased 1.2% YoY to 77.5 million BOE, mainly due to normal decline of the producing fields. Overseas production increased 4.7% YoY to 42.6 million BOE, mainly driven by production growth of Missan project in Iraq and an increase of interests held by Bridas in Pan American Energy.
06:14  SN Sanchez Energy reports Q1 production of 7.3 mln boe (3.72 )

Co announced operating results for the first quarter 2018. Highlights include:

  • First quarter 2018 production of nearly 7.3 million barrels of oil equivalent, or 80,572 barrels of oil equivalent per day
  • The Company completed 73 gross wells, finished completion activities on all of the 132 gross drilled-but-uncompleted wells acquired with the Comanche asset in March 2017, and brought 68 gross wells on-line during the first quarter 2018
  • Consistent with the Company's 2018 capital plan, drilling activity currently consists of eight drilling rigs and four completion crews and will be reduced to four drilling rigs and two and one half crews in the third quarter
  • The Company has provided second quarter 2018 production guidance of 80,000 Boe/d to 84,000 Boe/d. 
06:11  STI SunTrust Banks beats by $0.19, misses on revs (67.03 )

  • Reports Q1 (Mar) earnings of $1.29 per share, $0.19 better than the Capital IQ Consensus of $1.10; revenues rose 0.4% year/year to $2.26 bln vs the $2.29 bln Capital IQ Consensus.
  • Net interest margin was 3.24% in the current quarter, up 7 basis points sequentially and up 15 basis points compared to the prior year. The sequential and year-over-year increases were driven primarily by higher earning asset yields arising from higher benchmark interest rates, higher securities AFS yields given lower premium amortization expense, and positive mix shift in the LHFI portfolio. The sequential increase was also driven by fewer days in the quarter.
  • Capital
    • Estimated capital ratios continue to be well above regulatory requirements. The Common Equity Tier 1 ratio was estimated to be 9.8% as of March 31, 2018, slightly higher than the prior quarter.
06:07  ROP Roper beats by $0.12, beats on revs; guides Q2 EPS in-line; guides FY18 EPS in-line (279.98 )

  • Reports Q1 (Mar) earnings of $2.61 per share, $0.12 better than the Capital IQ Consensus of $2.49; revenues rose 10.7% year/year to $1.2 bln vs the $1.18 bln Capital IQ Consensus.
  • Co issues in-line guidance for Q2, sees EPS of $2.65-2.71 vs. $2.70 Capital IQ Consensus Estimate.
  • Co issues in-line guidance for FY18, sees EPS of $11.08-11.32 vs. $11.10 Capital IQ Consensus Estimate, and revised upwardly compared to previous guidance of $10.88-11.20
06:05  NVS Novartis AG: New Novartis analyses at AAN show siponimod's efficacy on disability and cognition in secondary progressive MS patients (79.00 )

  • Co announced new analyses from the Phase III EXPAND study of oral, once-daily siponimod in patients with secondary progressive multiple sclerosis.
  • In pre-specified statistical analyses, treatment with siponimod consistently reduced the risk of confirmed disability progression in SPMS patients, with and without relapses[1]. In addition, new post-hoc analyses using more accurate methods to estimate the treatment effect on disability progression, now substantiate that the risk reduction with siponimod is largely disassociated from relapses. Siponimod also showed a significant benefit on cognitive processing speed.
06:03  RF Regions Fincl beats by $0.04 (18.15 )

  • Reports Q1 (Mar) earnings of $0.35 per share, $0.04 better than the Capital IQ Consensus of $0.31.
    • Net interest income and other financing income increased $2 million on an adjusted basis; net interest margin increased 7 basis points on an adjusted basis
    • Average deposits decreased $1.6 billion and totaled $95.4 billion.
    • Net charge-offs increased 11 basis points to 0.42 percent of average loans, and 9 basis points to 0.40 percent of average loans on an adjusted basis.
    • Non-performing loans, excluding loans held for sale, decreased 8 percent to 0.75 percent of loans outstanding.
18:56  IBKC IberiaBank reports EPS in-line, misses on revs; reaffirms confidence in previously provided 2018 guidance; releases 2020 Strategic Goals (78.40 +1.15)

  • Reports Q1 (Mar) earnings of $1.37 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $1.37; revenues rose 27.4% year/year to $277.5 mln vs the $285.71 mln Capital IQ Consensus.
  • 2020 goals: Core EPS Growth >10%; Core Return on Average Assets >1.30%; Core Return On Average Tangible Common Equity >15%; Core Tangible Efficiency Ratio < 55%
18:21  CTWS Connecticut Water confirms receipt of unsolicited acquisition proposal from Eversource Energy (ES); Board reaffirms intent to recommend SJW Group (SJW) $63.70 per share merger (64.53 +0.08)

As previously announced, Connecticut Water's merger with SJW Group is expected to close by year-end 2018, subject to customary closing conditions and approvals, including the approval of the issuance of shares in the transaction by SJW Group stockholders, the approval of Connecticut Water shareholders, the approvals of the Connecticut Public Utilities Regulatory Authority and the Maine Public Utilities Commission, the approval of the Federal Communications Commission, and the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The transaction is not subject to any financing condition.
18:03  TD Toronto-Dominion Bank received approval to repurchase for cancellation up to 20 million of its common shares (will commence on April 24, 2018 and end on April 12, 2019) (54.88 -0.53)

 
17:48  WAL Western Alliance Bancorp beats by $0.03, misses on revs (58.20 -1.59)

  • Reports Q1 (Mar) earnings of $0.96 per share, $0.03 better than the Capital IQ Consensus of $0.93; revenues rose 19.9% year/year to $226.9 mln vs the $232.59 mln Capital IQ Consensus.
  • Net interest margin of 4.60% vs 4.63% year ago and 4.73% last qtr; adjusting net interest margin to exclude the effects of the Tax Cuts and Jobs Act net interest margin of 4.72%.
17:14  CTWS Connecticut Water: Eversource Energy (ES) made competing proposal to acquire Connecticut Water Service for $63.50 per share (64.53 +0.08)

  • Eversource announced that on April 5, 2018 it made a proposal to acquire all the outstanding shares of Connecticut Water Service for $63.50 per share in cash and/or in Eversource common shares at the election of Connecticut Water shareholders. Co believes its proposal is a superior alternative to the all-stock transaction proposed in SJW Group's (SJW) agreement announced March 15, 2018 to acquire Connecticut Water. Connecticut Water shareholders who elect to receive Eversource shares would realize the equivalent of an 81% dividend uplift based on the closing price of Eversource's shares on April 4, 2018 and the annualized quarterly dividend of $0.2975 per share declared by Connecticut Water on January 18, 2018.
  • Eversource has attempted to engage privately with Connecticut Water for some time. The company expressed its interest in pursuing an acquisition of Connecticut Water in 2017. On April 5, 2018, Eversource verbally communicated its intent to submit a proposal to David C. Benoit, the Chief Executive Officer and delivered a written proposal the same day. On April 17, 2018, Eversource sent a follow-up communication to Connecticut Water expressing its continued interest in pursuing an acquisition. "As such, we were surprised and disappointed that Connecticut Water's Board of Directors has been unwilling to engage in discussions with us. We urge the Board of Connecticut Water to act in the best interests of its shareholders by meeting with us to seriously discuss our compelling proposal."
17:11  BDN Brandywine Realty reports FFO in-line, beats on revs; narrows FY18 FFO guidance (15.41 -0.07)

  • Reports Q1 (Mar) funds from operations of $0.32 per share, in-line with the Capital IQ Consensus of $0.32; revenues rose 4.2% year/year to $136.36 mln vs the $133.17 mln two analyst estimate.
  • Co narrows FY18 FFO guidance to $1.34-1.42 vs. $1.37 Capital IQ Consensus Estimate.
17:09  CMC Commercial Metals to sell $350 mln of 5.750% Senior Notes due 2026; to use proceeds to finance portion of acquisition of U.S. rebar steel mill/fabrication assets from Gerdau S.A. (GGB) (21.84 -0.06)

 
17:04  WSBC WesBanco Inc and Farmers Capital Bank (FFKT) to merge; Farmers shareholders will receive 1.053 shares of WesBanco and $5.00 per share cash (44.22 +1.19)

  • Under the terms of the Agreement and Plan of Merger, which has been unanimously approved by the boards of directors of both companies, WesBanco will exchange a combination of its common stock and cash for Farmers common stock. Farmers shareholders will be entitled to receive 1.053 shares of WesBanco common stock and cash in the amount of $5.00 per share for each share of Farmers common stock for a total value of approximately $378.2 million in aggregate based on WesBanco's market close price of $43.03 on April 18, 2018. The merger is expected to qualify as a tax-free reorganization. The transaction values Farmers at a price to March 31, 2018 tangible book value per share of 195%, and a price to mean analyst estimated 2018 earnings per share of 17.8 times.
  • Excluding certain one-time merger charges, the transaction is anticipated to be approximately 3% accretive to earnings in 2019, and approximately 5% accretive to earnings in 2020 once anticipated cost savings are fully phased-in. Estimated tangible book value dilution at closing of approximately 2.1% is expected to be earned back in approximately 2.4 years using the "cross-over" method, including estimated pre-tax merger-related charges of $22.3 million. The acquisition is subject to the approvals of the appropriate regulatory authorities and the approval by the shareholders of Farmers. It is expected that the transaction should be completed during the second half of 2018.
17:01  MAC Macerich confirmed Arthur Coppola will retire as Chairman/CEO; commences process for determining new permanent CEO (57.55 -0.52)

  • In connection with his plans to retire, he will not stand for re-election as a director at the Company's 2018 Annual Meeting of Stockholders. Coppola's retirement as Chief Executive Officer will be effective as of December 31, 2018. Steven Hash, who has been an independent member of the Board since May 2015 and the Board's Lead Independent Director since August 2017, has been appointed to the role of Independent Chairman, a non-executive role, effective as of the 2018 Annual Meeting.
  • The Board has commenced a process led by independent directors of the Board for determining Mr. Coppola's successor.
16:46  ALB Albemarle declared force majeure due to shortage of key raw materials in the production of diethyl toluene diamine curative products; not expected to affect previously communicated full-year guidance (98.59 -0.20)

 
16:33  GBCI Glacier Bancorp Q1 EPS $0.48 vs $0.52 Capital IQ Consensus (38.33 +0.62)

 
16:32  GPP Green Plains Partners increases quarterly cash distribution to $0.475 per unit from $0.47 per unit (17.55 -0.20)

 
16:25  VLP Valero Energy Partners increases cash distribution 3.9% to $0.5275/unit (40.65 -0.15)

 
16:24  WRAPX Closing Market Summary: Consumer Staples Lead Market Lower for First Time This Week

Stocks dropped for the first time this week on Thursday, giving back around a third of their weekly gains, as investors tried to sort through the latest pile of corporate earnings. The S&P 500 declined 0.6%, closing a step above its 50-day moving average (2687), while the Dow and the Nasdaq lost 0.3% and 0.8%, respectively.

Nine of the eleven S&P 500 sectors finished Thursday in negative territory, with consumer staples (-3.1%) taking the biggest hit. Tobacco giant Philip Morris (PM 85.64, -15.80) paced the consumer staples retreat, plunging 15.6% to its lowest level since late 2015, after reporting a decline in cigarette shipment volume for the first quarter and slower-than-expected growth for its IQOS product -- which heats tobacco instead of burning it. Procter & Gamble (PG 74.95, -2.53) also weighed on the sector, losing 3.3%, despite reporting above-consensus Q1 profits.

The top-weighted technology sector (-1.1%) finished a ways up from consumer staples, but still in the lower half of the sector standings as chipmakers weighed, evidenced by a 4.3% decline in the Philadelphia Semiconductor Index. Apple supplier Taiwan Semi (TSM 39.53, -2.39) was a driver of the bearish bias, losing 5.7%, after its first quarter earnings and revenues came in below estimates; the chipmaker also lowered its guidance for Q2. News that China has concerns about Qualcomm's (QCOM 52.57, -2.66) acquisition of NXP Semi (NXPI 107.17, -5.82) also had a negative impact.

At the opposite end of the sector standings, the influential financial sector (+1.5%) had a strong outing, helped by a steepening of the yield curve and upbeat Q1 results from American Express (AXP 102.37, +7.22); AmEx beat both earnings and revenue estimates in addition to raising its guidance for FY18. As for the yield curve, the 2s10s spread, which hit a 10-year low earlier this week, increased four basis points to 49 bps. The benchmark 10-yr yield accounted for all of that gain, advancing four basis points to 2.91% -- its highest level in eight weeks.

The energy sector was also relatively strong, adding 0.1%, even though WTI crude futures gave back all of a 1.6% intraday advance (and then some), closing lower by 0.2% at $68.30 per barrel. A stronger dollar weighed on the commodity, which -- despite Thursday's downtick -- is still hovering near its highest level in more than three years. The U.S. Dollar Index advanced 0.3% to 89.61 -- its highest level in more than a week -- with the greenback's most notable move coming against the British pound; the GBP/USD dropped 0.8% to 1.4092.

A Bloomberg report, which claims that Deputy Attorney General Rod Rosenstein told President Donald Trump last week that he isn't a target of any part of Special Counsel Robert Mueller's investigation, helped equities pair some of their losses ahead of the closing bell. Volume was light once again though, with just 754 million shares changing hands at the New York Stock Exchange.

Reviewing Thursday's economic data, which included the weekly Initial Claims report, the Philadelphia Fed Index for April, and the Conference Board's Leading Economic Index for March:

  • The latest weekly initial jobless claims count totaled 232,000, while the Briefing.com consensus expected a reading of 226,000. Today's tally was below the unrevised prior week count of 233,000. As for continuing claims, they declined to 1.863 million from a revised count of 1.878 million (from 1.871 million).
    • The key takeaway from this report is that it covered the period in which the survey for the April employment report was conducted, so it will fuel expectations for a strong gain in nonfarm payrolls.
  • The Philadelphia Fed Survey for April rose to 23.2 (Briefing.com consensus 21.0) from an unrevised 22.3 in March.
    • The key takeaway from this report is that there was a notable uptick in the Prices Paid Index (from 42.6 to 56.4), as well as the Prices Received Index (from 20.7 to 29.8), which will pique interest about budding inflation pressure.
  • The Conference Board Leading Economic Index increased 0.3% in March (Briefing.com consensus +0.4%). The prior month's reading was revised to +0.7% from +0.6%.
    • The key takeaway from the report is that the 4.3% growth rate for the index for the six-month period ending March 2018 was much faster than the 1.9% growth rate over the previous six months.

Investors will not receive any economic data on Friday.

  • Nasdaq Composite: +4.9% YTD
  • Russell 2000: +2.5% YTD
  • S&P 500: +0.7% YTD
  • Dow Jones Industrial Average: -0.2% YTD
16:22  FFBC First Financial beats by $0.05, reports revs in-line (29.15 +0.40)

  • Reports Q1 (Mar) earnings of $0.52 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus of $0.47; revenues rose 7.5% year/year to $92.75 mln vs the $93.03 mln Capital IQ Consensus.
    • Net interest margin increased 5 basis points from the linked quarter to 3.80% on a GAAP basis, 3.84% on a fully tax equivalent basis
16:22  DCI Donaldson increases list prices for products in both the Engine Products and Industrial Products segments by an average of 4 to 15% (45.54 -0.17)

 
16:20  HMLP Hoegh LNG Partners increases quarterly cash distribution to $0.44 per unit from $0.43 per unit (17.70 -0.15)

 
16:17  ASB Assoc Banc-Corp misses by $0.01 (24.55 +0.35)

  • Reports Q1 (Mar) earnings of $0.40 per share, $0.01 worse than the Capital IQ Consensus of $0.41. 
  • Average loans of $22.1 billion were up 10%, or $2.0 billion
  • Net interest margin of 2.92% improved 8 basis points from 2.84%
16:16  HCLP Hi-Crush Partners increases quarterly distribution to $0.225/unit from $0.20/unit (11.90 -0.05)

 
16:16  OKE ONEOK increases quarterly dividend to $0.795 per share from $0.77 per share; maintains dividend guidance and expects approximately 90 to 95% of this dividend to be a return of capital (59.74 -0.09)

 
16:15  HEP Holly Energy Partners increases quarterly distribution to $0.655/unit from $0.65/unit (28.85 -0.54)

 
16:14  SQ Square acquires Zesty, a catering platform; terms not disclosed (50.63 -0.75)

Co states, "The addition of Zesty will enable Caviar, Square's food ordering platform, to strengthen and scale its growing corporate ordering business, Caviar for Teams, and serve meals from the best restaurants across the U.S. to companies of all sizes."
16:14  DGICA Donegal Group increases quarterly cash dividend to $.1425/share of Class A common stock from $0.14/share (15.03 -0.16)

 
16:13  UFPI Universal Forest raises semiannual dividend 6% to $0.18/share (32.55 -1.45)

 
16:13  SKX Skechers USA beats by $0.01, beats on revs; guides Q2 EPS and revs below consensus; retail comps +9.5%; shift in shipments from Q2 to the back half of the year (42.09 -0.13)

  • Reports Q1 (Mar) earnings of $0.75 per share, $0.01 better than the Capital IQ Consensus of $0.74; revenues rose 16.5% year/year to $1.25 bln vs the $1.20 bln Capital IQ Consensus.
    • Company-owned same store comps were +9.5% in Q1.
  • Co issues downside guidance for Q2, sees EPS of $0.38-0.43 vs. $0.54 Capital IQ Consensus Estimate; sees Q2 revs of $1.120-1.145 bln vs. $1.16 bln Capital IQ Consensus Estimate.
    • The revenue guidance includes an expected shift in shipments from Q2 to the back half of the year for several key international distributors and domestic accounts.
16:13  ETFC E*TRADE beats by $0.09, beats on revs (58.83 +0.77)

  • Reports Q1 (Mar) earnings of $0.88 per share, $0.09 better than the Capital IQ Consensus of $0.79; revenues rose 28.0% year/year to $708 mln vs the $686.31 mln Capital IQ Consensus.
    • Daily Average Revenue Trades (DARTs) up 49% year-over-year to 309,469. Net new accounts in quarter up 60% year-over-year to 95,870. End of period total accounts up 4% to 5,522,004.
    • Adjusted operating margin of 44% versus 38% in year-ago period
  • "This was yet another quarter defined by meaningful progress in the business and excellent financial results, as we produced the strongest quarterly revenues and adjusted operating margin in Company history," said Karl Roessner, Chief Executive Officer. 
16:12  NLSN Nielsen increases quarterly dividend to $0.35/share from $0.34/share (34.70 +0.29)

 
16:11  INDB Independent Bank misses by $0.05

  • Reports Q1 (Mar) earnings of $1.00 per share, $0.05 worse than the Capital IQ Consensus of $1.05.
16:11  PH Parker-Hannifin increases quarterly dividend to $0.76/share of common stock from $0.66/share (176.18 -2.28)

 
16:09  EGP EastGroup beats by $0.06, reports revs in-line; guides Q2 FFO in-line; guides FY18 FFO above consensus (84.32 -0.72)

  • Reports Q1 (Mar) funds from operations of $1.16 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus of $1.10; revenues rose 9.1% year/year to $72.2 mln vs the $71.62 mln Capital IQ Consensus.
  • Co issues in-line guidance for Q2, sees FFO of $1.11-1.13, excluding non-recurring items, vs. $1.13 Capital IQ Consensus Estimate.
  • Co issues upside guidance for FY18, sees FFO of $4.51-4.61, excluding non-recurring items, vs. $4.51 Capital IQ Consensus Estimate.
    • previous guidance was was 2018 FFO of $4.50
  • Same PNOI increased 4.3% for the quarter ended March 31, 2018, compared to the same quarter in 2017; on a cash basis (excluding straight-line rent adjustments and amortization of above/below market rent intangibles), same PNOI increased 4.4%. Rental rates on new and renewal leases (5.0% of total square footage) increased an average of 18.7% for the quarter.
16:08  FFIN First Financial beats by $0.03 (48.55 +0.60)

  • Reports Q1 (Mar) earnings of $0.51 per share, $0.03 better than the Capital IQ Consensus of $0.48.
  • Net interest income for the first quarter of 2018 was $65.45 million compared with $57.02 million in the same quarter of 2017.
  • The net interest margin, on a taxable equivalent basis, was 3.88 percent for the first quarter of 2018 compared to 4.00 percent in the fourth quarter of 2017 and 4.03 percent in the first quarter of 2017.
  • The provision for loan losses was $1.31 million in the first quarter of 2018 compared with $1.44 million in the fourth quarter of 2017 and $1.95 million in the first quarter of 2017.
16:08  EXPO Exponent beats by $0.13, beats on revs (84.60 -0.15)

  • Reports Q1 (Mar) earnings of $0.75 per share, $0.13 better than the Capital IQ Consensus of $0.62; revenues rose 14.7% year/year to $96.5 mln vs the $87.54 mln Capital IQ Consensus.
  • EBITDA increased by 25% to $23.5 million as compared to $18.7 million in the same period one year ago.
  • Outlook: "EXPO now expects revenues before reimbursements to grow in the mid-to high-single digits and EBITDA3 margin to decline by approximately 50 to 100 basis points, as compared to 2017." 

16:07  TEAM Atlassian beats by $0.02, beats on revs; guides Q4 EPS below consensus, revs in-line (62.27 +0.20)

  • Reports Q3 (Mar) earnings of $0.10 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.08; revenues rose 39.9% year/year to $223.7 mln vs the $218.79 mln Capital IQ Consensus. Atlassian ended the third quarter of fiscal 2018 with a total customer count on an active subscription or maintenance agreement basis of 119,158, having added 6,587 net new customers during the quarter.
  • Co issues guidance for Q4, sees EPS of $0.12, excluding non-recurring items, vs. $0.14 Capital IQ Consensus Estimate; sees Q4 revs of $232-234 mln vs. $232.35 mln Capital IQ Consensus Estimate.
16:07  WERN Werner Enterprises beats by $0.02, beats on revs (37.55 -0.40)

  • Reports Q1 (Mar) earnings of $0.38 per share, $0.02 better than the Capital IQ Consensus of $0.36; revenues rose 12.3% year/year to $562.68 mln vs the $553.72 mln Capital IQ Consensus.
16:07  MAT Mattel confirms Margo Georgiadis to step down to pursue new opportunity - Ynon Kreiz named Chief Executive Officer effective April 26, 2018 (13.45 -0.44)

  • Co announced that the Board of Directors has named Ynon Kreiz, a Mattel director since June 2017, as Chief Executive Officer effective April 26, 2018. Margo Georgiadis, who became Mattel's CEO in February 2017, has informed the Board of her decision to step down from her executive and Board roles to pursue a new opportunity in the technology sector. Ms. Georgiadis will serve in an advisory role at Mattel through May 10, 2018 to ensure a smooth transition.
  • As previously announced, Mr. Kreiz also will become Chairman of the Board, effective upon his election at the 2018 Annual Meeting of Stockholders, scheduled for May 17, 2018. Mr. Kreiz succeeds Christopher A. Sinclair, the Executive Chairman and former CEO of Mattel who, on June 13, 2017, announced his intention to retire at the 2018 Annual Meeting. Kreiz is the former Chairman and CEO of Maker Studios.
16:05  RCI Rogers Comms beats by CAD$0.19, beats on revs; reaffirms FY18 guidance (45.77 +0.41)

  • Reports Q1 (Mar) earnings of CC$0.93 per share, excluding non-recurring items, CC$0.19 better than the Capital IQ Consensus of CC$0.74; revenues rose 7.7% year/year to CC$3.63 bln vs the CC$3.46 bln Capital IQ Consensus. Total service revenue and adjusted EBITDA growth of 5% and 14%, respectively, under new IFRS accounting rules (or 6% and 11%, respectively, under prior accounting basis) Strong financial and subscriber performance in Wireless
  • Reaffirms adj. EBITDA +5-7%, revenue +3-5%, FCF +3-5%, cap-ex and FCF
16:04  LLNW Limelight Networks beats by $0.04, beats on revs; guides FY18 EPS above consensus, revs in-line (4.10 -0.14)

  • Reports Q1 (Mar) earnings of $0.06 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus of $0.02; revenues rose 16.5% year/year to $52.11 mln vs the $48.17 mln Capital IQ Consensus.
  • Co issues guidance for FY18, sees EPS of $0.13-0.17, excluding non-recurring items, vs. $0.12 Capital IQ Consensus Estimate and vs prior guidance of $0.11-0.15; sees FY18 revs of $198-202 mln vs. $199.1 mln Capital IQ Consensus Estimate and vs prior guidance of $196-200 mln.
16:04  NSM Nationstar Mortgage promotes Tony Ebers to Chief Operating Officer (18.00 -0.11)

 
16:03  MRTN Marten Transport reports EPS in-line, revs in-line (23.35 -0.50)

  • Reports Q1 (Mar) earnings of $0.19 per share, in-line with the Capital IQ Consensus of $0.19; revenues rose 8.0% year/year to $187 mln vs the $188.7 mln Capital IQ Consensus.
  • Operating expenses as a percentage of operating revenue was 92.7% for 1Q18 and 92.0% for 1Q17. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, was 91.7% for 1Q18 compared with 91.1% for 1Q17.