Америка сегодня. Промышленное производство и индекс доверия потребителей.

 

 

 

 

 

 

 

 

 

 

 Barclays PLC upgraded to Overweight from Equal-Weight at Morgan Stanley  (11.36)

 

 

 Five9 upgraded to Overweight from Sector Weight at Pacific Crest  (16.83)

 

 

 

 

 

 

 

 

 Overnight Summary — World markets slow down ahead of the weekend

• The global equity markets tapped the brakes on Friday, particularly as the Asian session wound down. There was some volatility early on in China and Japan, but EU indices and US futures are relatively little changed.
• The Nikkei closed down 0.4% today, hindered by the rise in the yen against the dollar over the past couple of days. As such, the exporters were the biggest drag on the market. Automakers were among the laggards in that group, with the likes of Toyota and Mazda outpacing the benchmark, closing down over 1% each.
• The Shanghai was the biggest movers of the night, dropping 1% for the day. After Thursday's move by the PBOC to raise short-term lending rates, sentiment soured, particularly during the final 2 hours of trading. It is worth noting, however that Chinese equities hit a 14-month high early in the session, so part of the late day sell off could have been a function of profit taking.
• European bourses are trading in the neighborhood of 0-0.3% higher, thus far. The regional indices saw weakness out of the gate, but buyers stepped in shortly following the open to bring the markets back over the flatline. The market internals are fairly mixed, but there has been notable strength in the banking sector after an ECB official hinted the central bank may consider raising its deposit rate prior to the end of its QE program

Market Updates

• S&P Futures vs Fair Value: +1.00 
• 10 yr Note: 2.5259% 
• USD/JPY: 113.23 -0.08 
• EUR/USD: 1.0767 +0.0003
• Europe: FTSE +0.2% DAX 0.0% CAC +0.3% 
• Asia: Hang Seng +0.1% Shanghai -1.0% Nikkei -0.4% 
• Commodities: Gold (1228.70 +1.60) Silver (17.39 +0.06) crude (49.44 +0.20) 

US Econ Data

• February Industrial Production, Capacity Utilization (9:15am)
• March Michigan Sentiment (10am)

 

 

 

 

 Canada Goose among stocks with favorable commentary on Thursday's Mad Money  (16.08)

Stocks with favorable mention: AAPL, BHI, CCL, CSCO, DG, DIS, DPZ, FAST, GOOS, HD, INTC, MSFT, NFLX, NOV, ORCL, SIX, TJX, ULTA, WFC, WMT

Stocks with unfavorable mention: HCLP, INFN, SPH

 Threshold Pharma will merge with Molecular Templates in an all-stock transaction; Longitude Capital will invest $20 mln at the close of the transaction, including the receipt of additional equity financing commitments of $20 mln  (0.61)

The transaction will result in a combined company focused on the development of novel treatments for cancer.

• Longitude Capital, a U.S. based venture capital firm, will invest $20 mln at the close of the transaction, subject to certain conditions, including the receipt of additional equity financing commitments of $20 mln.
• On a pro forma basis and based upon the number of shares of common stock to be issued in the merger, current Threshold shareholders would own ~34.4% of the combined company and current Molecular Templates shareholders would own ~65.6% of the combined company although the actual allocation will be subject to adjustment based on Threshold's net cash balance.
• Concurrent with the execution of the Merger Agreement, Threshold made a bridge loan to Molecular Templates in the principal amount of $2 mln.
  • In the event that the transaction does not close by May 31, 2017, Threshold has agreed to make available further funding of up to $2 mln on the same terms upon mutual agreement.
• The merger is expected to close in 2Q17.

Co will host a webcast to discuss on March 17, 2017, at 8:30 a.m. ET

 

 

 

 

 

 Proteon Therapeutics downgraded to Neutral at H.C. Wainwright; tgt lowered to $3  (1.75)H.C. Wainwright downgrades PRTO to Neutral from Buy and lowers their tgt to $3 from $18. Firm notes, on March 16, mgmt announced several protocol amendments to the ongoing Patency-2 study investigating the use of Proteon's lead product candidate, vonapanitase, during radiocephalic arteriovenous fistula (RC AVF) surgery in order to prolong vascular patency. While firm believes the new amendments help clear up the regulatory path for vonapanitase going forward, they also believe that there is still uncertainty regarding the potential pricing and commercial viability of the drug. Furthermore, in their view, there is a shortage of potential catalyst events in the next 6-8 months, which could render the share price range-bound. At this time, they are stepping to the sidelines until they gain better clarity on vonapanitase pricing and visibility on meaningful catalysts.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Early premarket gappersGapping up: CLBS +18.6%, ABUS +14%, TOPS +13.2%, AVXS +12.7%, FNJN +8.1%, FATE +7.8%, VSLR +7.3%, OMER +6%, ADBE +5.1%, FF +4.9%, VRX +4.5%, INNL +4.4%, CATB +4.1%, GOOS +3.9%, STLD +3.7%, TIF +2.8%, RBS +2.5%, AGRX +1.9%, AGRX +1.9%, BCS +1.8%, STNG +1.8%, DRYS +1.6%, X +1.6%, PUK +1.6%, NVDA +1.2%, RDS.A +1.1%, AU +1.1%, CALA +1.1%, BHP +1%, BBVA +0.9%, ABB +0.9%, CS +0.8%, ONCS +0.8%, ABX +0.7%, WLB +0.5%

Gapping down: CMLS -19.8%, EXA -11.6%, STML -9.4%, CAL -8.6%, CSBR -7.9%, GSVC -7.5%, XONE -6.3%, BREW -5.5%, BIOA -4.5%, NYMT -4%, DRD -3.8%, VUZI -3.5%, QBAK -3.2%, RYN -3%, VRAY -3%, BDSI -2.5%, MNKD -1.9%, AFSI -1.8%, AFSI -1.8%, GOLD -1.1%, DB -0.8%, CNHI -0.7%, KINS -0.7%, LPLA -0.7%, GFI -0.6%

 On The Wires

• Akari Therapeutics (AKTX) announced that it will hold a Research and Development Day on April 24, 2017 in New York. The event will be hosted by members of Akari's executive leadership team and will feature presentations from investigators and independent scientific advisors. The meeting will cover three main areas:  Interim results from the ongoing phase 2 trial in paroxysmal nocturnal hemoglobinuria (PNH), results from the pre-clinical development program targeting new disease opportunities for their lead compound Coversin, focusing on its unique dual leukotriene B4 (LTB4)/C5 activity and new data on the pre-clinical pipeline, including the once-weekly subcutaneous formulation of Coversin. 
• Installed Building Products (IBP) announced today that the co is seeking to refinance approximately $96 million of debt outstanding under its existing Term Loan and $125 million outstanding under its existing Delayed Draw Term Loan. The co anticipates refinancing the Facilities with the proceeds of a new five-year $100 mln ABL revolving credit facility and a seven-year $300 mln Term Loan B facility.

 

 

 

 

 

 

 Venture Beat discusses NPD Group's February U.S. video game industry data; revenues declined 21.1% y/y to $724 mln  (49.10)

Video game names to watch: EA, ATVI, TTWO, GME

 

 On The Wires

• European Commission issued a new decision against 11 air cargo carriers, including Air France (AFLYY), KLM and Martinair, regarding practices in the air cargo sector which are considered to be anti-competitive and relate to the period between Dec 1999 and Feb 2006. The total amount of fines imposed on the Air France-KLM Group is EUR325 mln. 
• Telecom Argentina (TEO) informs that the co's board approved the submission to the SEC of a shelf registration with the aim, once the SEC declares it effective, of permitting the secondary sale of Class B shares issued by the co and the underlying American Depositary Shares of such Class B shares in the USA.
• Vectrus (VEC) announced that the U.S. Government published a Notice of Intent to award a modification to extend the existing Kuwait Base Operation and Security Support Services contract, also known as K-BOSSS, performed by Vectrus Systems Corporation. The Period of Performance for the extension would be from Mar. 29, 2017 to Mar. 28, 2018, with an evaluated nine-month option of Mar. 29, 2018 through Dec. 28, 2018 and an evaluated three-month option of Dec. 29, 2018 through Mar. 28, 2019.

 Overseas Research Calls

Upgrades: 

• BHP Billiton (BHP) upgraded to Buy from Hold at Investec
• Royal Bank of Scotland (RBS) upgraded to Buy from Reduce at Natixis
• Schneider Electric (SBGSY) upgraded to Neutral from Sell at Citigroup
• The Weir Group PLC (WEIGF) upgraded to Overweight from Equal Weight at Barclays
• Sandvik AB (SDVKY) upgraded to Equal Weight from Underweight at Barclays
• Cairn Energy (CRNCY) upgraded to Outperform from Sector Perform at RBC Capital Mkts
• Nomura Holdings (NMR) upgraded to Overweight from Equal Weight at Morgan Stanley
• Prudential Plc (PUK) upgraded to Neutral from Underweight at JP Morgan
• Impala Platinum Holdings (IMPUY) upgraded to Hold from Sell at Deutsche Bank

Downgrades: 

• Associated British Foods (ASBFY) downgraded to Hold from Add at Numis
• Investec plc (IVTJF) downgraded to Neutral from Buy at UBS
• Hikma (HKMPF) downgraded to Reduce from Hold at HSBC
• Centrica (CPYYY) downgraded to Reduce from Hold at HSBC
• Randgold Resources (GOLD) downgraded to Hold from Buy at Deutsche Bank
• Harmony Gold (HMY) downgraded to Sell from Hold at Deutsche Bank

Miscellaneous: 

• Unilever PLC (UL) initiated with an Outperform at Macquarie
• Essilor International (ESLOY) initiated with an Outperform at Credit Suisse
• New Gold (NGD) resumed with an Underperform at Credit Suisse

 Netflix seeing some relative weakness in early trading, pulling back 2 points to $142 area  (144.39)

• We're not seeing a specific catalyst for the early weakness.
• NFLX set a new all time high yesterday, trading above $146 around mid-day.
• The stock was initiated with an Outperform at Bernstein this morning, with a $178 price target. 
• Stock is currently trading around its 20-day moving average, at $142.25.

 

 Dollar General: Color on Quarter  (73.20)

• RBC stays at Outperform and raises its PT to $81 from $80. The firm notes 4Q trends improved, 2017 pressured by investments, growth to resume in ‘18.
• Telsey Advisory stays at Market Perform, lowered PT to $76 from $78. Near-term, the firm is cautious given ongoing pressures on the lower income consumer (higher gas prices, rent expenses, and healthcare costs), heightened competition (Walmart and improvement at Family Dollar), and continued food price deflation. Longer-term, the firm views DG as a solid operator, with MSD-HSD square footage growth, and multiple in-store initiatives—including a greater focus on fresh and refrigerated food products—to drive the business.

DG reported earnings on Thursday morning and shares initially opened down ~1% at the 72 level. Shares traded up during the course of the day and were up as much as 3.5% at one point. Shares ended the day up ~0.5% at 73.20.

 

 

 

 

 S&P futures vs fair value: +0.50. Nasdaq futures vs fair value: +2.10.

Wall Street is poised for a relatively flat open on Friday as the S&P 500 futures trade one point above fair value.

The international G20 forum is taking place today in Baden-Baden, Germany, marking Mr. Steven Mnuchin's first official appearance as Treasury Secretary of the United States. Free trade is likely to be a key item on the agenda given the protectionist rhetoric that has been circulating around the globe.

Also of note, German Chancellor Angela Merkel is scheduled to meet with President Donald Trump at the White House on Friday. The two leaders have been critical of each other's immigration policies, but will be looking to put their differences aside in favor of trade negotiations. 

 On The Wires

• Cheniere Energy (LNG) announced today that Midship Pipeline Company, LLC, a wholly owned subsidiary of Cheniere, has signed precedent agreements with foundation shippers to support construction of a 200 mile 36 inch interstate natural gas pipeline project and has launched a binding open season to solicit additional long-term commitments from shippers. The transactions contemplated by the precedent agreements are subject to satisfaction of various conditions. The Midship Project is being developed to create pipeline capacity of up to 1,400,000 Dekatherms per day of firm transportation to connect production from the emerging STACK and SCOOP resource plays in the Anadarko Basin in Oklahoma to growing Gulf Coast and Southeast markets.
• Cellcom Israel (CEL) announced that following previous reports regarding the co's network sharing and hosting services agreements with Electra Consumer Products, or Electra, the network sharing agreement and the share purchase agreement were approved by the Ministry of Communications.
• Vectrus Systems, a wholly-owned subsidiary of Vectrus (VEC), was awarded a contract to provide base operations support services at Maxwell-Gunter Air Force Base, Alabama. The contract has a potential seven year period of performance. Funds of $37 million are being obligated at the time of award for work to be completed by Mar. 30, 2018.
• Net 1 UEPS Technologies (UEPS) announced that the South African Constitutional Court has given an order regarding the continued payment of social grants when the current contract between the Company's subsidiary Cash Paymaster Services Ltd («CPS») and SASSA expires on March 31, 2017. Essentially, the current contract between CPS and SASSA has been extended for a further period of 12 months under the current contract's terms and conditions, augmented by certain additional terms and conditions ordered by the Constitutional Court.
• Golar LNG Partners LP (GMLP) announced that it has entered into a time charter for a period of up to a maximum of 9 years with a major international oil and gas company for one of its steam LNG carriers, the Golar Grand. The Golar Grand is currently on charter with Golar LNG Limited and will therefore be sub-chartered back from Golar LNG, at the same rate as the New Charter, for the initial period of the New Charter until the Golar LNG charter ends in October 2017.
• Between Mar 3, 2017 and Mar 16, 2017, DryShips (DRYS) sold 45,505,878 shares to the investor at an avg price of ~$1.47/share. The gross purchase price for these shares was $70.0 mln. The co's estimated aggregate net proceeds from the sale was ~$69.3 mln. Between the date of the purchase agreement, Feb 17, 2017, and Mar 16, 2017, the co sold 114,947,079 shares to the investor at an avg price of ~$1.74/share. The gross purchase price was $200.0 mln. As a result, as of Mar 17, 2017, the co will have completed the sale of the Investor of the full Aggregate Limit provided for under the purchase agreement. The co's estimated aggregate net proceeds from the sale of these Shares is ~$198.0 mln. As of the date hereof, up to $0 of the shares is remaining that the co may sell pursuant to the purchase agreement.

 

 Gapping up

Gapping up
In reaction to strong earnings/guidance:

• AVXS +11.3%, FATE +7.8%, VSLR +7.3%, OMER +6%, ADBE +5.2%, FF +4.9%, CATB +4.1%, TIF +3.5%
• AGRO +3.3%, MNKD +2.9%, STLD +2.7%, STNG +2.3%, CALA +1.1%, ONCS +0.8%, WLB +0.5%

M&A news:

• CLBS +47.5% (sells stake in PCT to Hitachi Chemical for $75 mln; also reported earnings)
• THLD +39.4% (will merge with Molecular Templates in an all-stock transaction)
• NSAT +14.9% (announces Privet Fund Management provided a non-binding letter of interest to acquire NSAT for $10.25/share — shares halted)

Select shipping related names showing strength:

• ESEA +9.1%, TOPS +7.7%, DCIX +4.3%, DRYS +2.7%, STNG +2.3%

Other news:

• GALE +21.1% (presents final analysis from the GALE-301 (E39) investigator-sponsored Phase 1/2a clinical trial)
• ABUS +8.8% (Licenses to Alexion Pharmaceuticals (ALXN) its proprietary lipid nanoparticle technology for exclusive use in one of Alexion's rare disease programs)
• FNJN +8.1% (Positive patent ruling)
• VRX +4.4% (ValueAct adds 3 mln shares, now holds 5.2% stake)
• GOOS +4% (Positive Jim Cramer mention)
• AUPH +2.3% (To present 48-week results from its AURION open-label study of voclosporin for the treatment of lupus nephritis at the International Congress on Systemic Lupus Erythematosus on March 27)
• AGRX +1.9% (Announces a poster presentation of data from the SECURE Phase 3 clinical trial for its lead product candidate, Twirla; plans to resubmit its new drug application in the first half of 2017)
• NVDA +1% (continued strength)
• TSLA +1% (prices upsized 1.34 mln common stock offering at $262/share)

Analyst comments:

• FIVN +2.8% (upgraded to Overweight from Sector Weight at Pacific Crest)
• RBS +2.5% (upgraded to Buy from Reduce at Natixis)
• DF +2.3% (upgraded to Overweight from Neutral at JP Morgan)
• HIMX +1.8% (upgraded to Buy from Neutral at ROTH Capital)
• BCS +1.1% (upgraded to Overweight from Equal-Weight at Morgan Stanley)
• PUK +1.1% (upgraded to Neutral from Underweight at JP Morgan)
• BHP +1% (upgraded to Buy from Hold at Investec)

 

 Gapping down

Gapping down
In reaction to disappointing earnings/guidance:

• STML -21.2%, CMLS -19.8%, EXA -11.6%, CAL -8.6%, CSBR -7.9%, GSVC -7.5%
• XONE -6.3%, VUZI -5.6%, BREW -5.5%, AFSI -5.1%, INNL -4.7%, BIOA -4.5%
• QBAK -3.2%, VRAY -3%, BDSI -2.5%, KINS -0.7%, LPLA -0.7%

M&A news: 

• RYN -3.5% (To acquire approx. 95,100 acres of high-quality industrial timberlands located in Florida, Georgia and South Carolina for an aggregate purchase price of approximately $217 mln; commences 5 mln share common stock offering), .

Other news:

• VRTV -8.2% (prices offering by selling shareholders of 1.8 mln shares of common stock at $54.85 per share)
• EDIT -7.8% (prices offering of 4 mln shares of common stock at $22.50 per share)
• NYMT -5.4% (Reduces quarterly dividend to $0.20/share from $0.24/share)
• AFSI -5.1% (To delay 10-K filing, plans to restate 2014 and 2015 results)

Analyst comments:

• SEAS -2.4% (downgraded to Sell from Neutral at Citigroup)
• BUFF -1.2% (downgraded to Equal-Weight from Overweight at Morgan Stanley)
• NFLX -1.1% (attributed to cautious comments from analyst at M Science regarding subscriber metrics, also — initiated with a Outperform at Bernstein)
• GOLD -0.7% (downgraded to Hold from Buy at Deutsche Bank)

 Gapping up/down: ADBE +5%, TIF +4% and STLD +3% after earnings/guidance, TSLA +1% following offering, DF +2% after upgrade; SEAS -2% and NFLX -1% after analyst notes/comments

Gapping up
In reaction to strong earnings/guidance:

• AVXS +11.3%, FATE +7.8%, VSLR +7.3%, OMER +6%, ADBE +5.2%, FF +4.9%, CATB +4.1%, TIF +3.5%
• AGRO +3.3%, MNKD +2.9%, STLD +2.7%, STNG +2.3%, CALA +1.1%, ONCS +0.8%, WLB +0.5%

M&A news:

• CLBS +47.5% (sells stake in PCT to Hitachi Chemical for $75 mln; also reported earnings)
• THLD +39.4% (will merge with Molecular Templates in an all-stock transaction)
• NSAT +14.9% (announces Privet Fund Management provided a non-binding letter of interest to acquire NSAT for $10.25/share — shares halted)

Select shipping related names showing strength:

• ESEA +9.1%, TOPS +7.7%, DCIX +4.3%, DRYS +2.7%, STNG +2.3%

Other news:

• GALE +21.1% (presents final analysis from the GALE-301 (E39) investigator-sponsored Phase 1/2a clinical trial)
• ABUS +8.8% (Licenses to Alexion Pharmaceuticals (ALXN) its proprietary lipid nanoparticle technology for exclusive use in one of Alexion's rare disease programs)
• FNJN +8.1% (Positive patent ruling)
• VRX +4.4% (ValueAct adds 3 mln shares, now holds 5.2% stake)
• GOOS +4% (Positive Jim Cramer mention)
• AUPH +2.3% (To present 48-week results from its AURION open-label study of voclosporin for the treatment of lupus nephritis at the International Congress on Systemic Lupus Erythematosus on March 27)
• AGRX +1.9% (Announces a poster presentation of data from the SECURE Phase 3 clinical trial for its lead product candidate, Twirla; plans to resubmit its new drug application in the first half of 2017)
• NVDA +1% (continued strength)
• TSLA +1% (prices upsized 1.34 mln common stock offering at $262/share)

Analyst comments:

• FIVN +2.8% (upgraded to Overweight from Sector Weight at Pacific Crest)
• RBS +2.5% (upgraded to Buy from Reduce at Natixis)
• DF +2.3% (upgraded to Overweight from Neutral at JP Morgan)
• HIMX +1.8% (upgraded to Buy from Neutral at ROTH Capital)
• BCS +1.1% (upgraded to Overweight from Equal-Weight at Morgan Stanley)
• PUK +1.1% (upgraded to Neutral from Underweight at JP Morgan)
• BHP +1% (upgraded to Buy from Hold at Investec)

Gapping down
In reaction to disappointing earnings/guidance:

• STML -21.2%, CMLS -19.8%, EXA -11.6%, CAL -8.6%, CSBR -7.9%, GSVC -7.5%
• XONE -6.3%, VUZI -5.6%, BREW -5.5%, AFSI -5.1%, INNL -4.7%, BIOA -4.5%
• QBAK -3.2%, VRAY -3%, BDSI -2.5%, KINS -0.7%, LPLA -0.7%

M&A news: 

• RYN -3.5% (To acquire approx. 95,100 acres of high-quality industrial timberlands located in Florida, Georgia and South Carolina for an aggregate purchase price of approximately $217 mln; commences 5 mln share common stock offering), .

Other news:

• VRTV -8.2% (prices offering by selling shareholders of 1.8 mln shares of common stock at $54.85 per share)
• EDIT -7.8% (prices offering of 4 mln shares of common stock at $22.50 per share)
• NYMT -5.4% (Reduces quarterly dividend to $0.20/share from $0.24/share)
• AFSI -5.1% (To delay 10-K filing, plans to restate 2014 and 2015 results)

Analyst comments:

• SEAS -2.4% (downgraded to Sell from Neutral at Citigroup)
• BUFF -1.2% (downgraded to Equal-Weight from Overweight at Morgan Stanley)
• NFLX -1.1% (attributed to cautious comments from analyst at M Science regarding subscriber metrics, also — initiated with a Outperform at Bernstein)
• GOLD -0.7% (downgraded to Hold from Buy at Deutsche Bank)

 

 S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: +4.10.

The S&P 500 futures trade two points above fair value.

Equity indices in the Asia-Pacific region ended the week on a mixed note. U.S. Secretary of State Rex Tillerson visited the demilitarized zone as part of his Asian trip. Mr. Tillerson said that 20 years of diplomacy have not produced any results and a different approach is needed. Elsewhere, the Chinese press reported that debt deleveraging has started in key economic sectors like steel, coal, non-ferrous metals, and real estate.

• In economic data:
  • New Zealand's February Business NZ PMI 55.2 (last 51.6)
  • Singapore's February Non-oil exports +1.4% month-over-month (expected 0.8%; last 5.0%); +21.5% year-over-year (consensus 12.8%; last 8.6%)

---Equity Markets---

• Japan's Nikkei lost 0.4% to end the week lower by 0.4%. Tokyo Dome fell 4.4% while JTEKT, Kobe Steel, Sumitomo Realty & Development, Advantest, Mazda Motor, Fuji Heavy Industries, and Yamaha Motor lost between 1.6% and 2.8%. On the upside, Toshiba gained 3.5% after testing its low from late February while Fanuc, Yaskawa Electric, Daikin Industries, and TDK gained between 0.9% and 2.7%.
• Hong Kong's Hang Seng added 0.1%, extending its weekly gain to 3.2%. Gaming names like Galaxy Entertainment and Sands China posted respective gains of 1.4% and 1.2% while telecom stocks China Mobile and China Unicom Hong Kong advanced 1.7% and 2.2%, respectively. Geely Automobile lagged, falling 10.1%, amid speculation the company is about to engage in a price war with Great Wall Motor.
• China's Shanghai Composite lost 1.0%, but still gained 0.8% for the week. Fuyao Glass Industry Group, Zhonghang Heibao, Zhejiang Juhua, Hengtong Optic Electric, and North Navigation Control Technology posted losses between 3.3% and 3.8%.
• India's Sensex added 0.2%, extending its weekly advance to 2.8%. ITC surged 4.9% amid reduced concerns that a goods and services tax imposed on the cigarette industry would be negative for producers. Infosys and Wipro both climbed near 1.0% while financials were mixed. AXIS Bank climbed 0.7% and HDFC Bank rose 0.6% while ICICI Bank and SBI fell 1.3% and 1.7%, respectively.

Major European indices trade near their flat lines, looking to cap an upbeat week. German Chancellor Angela Merkel will meet with President Donald Trump after their meeting on Tuesday was postponed due to inclement weather along the East Coast. Also of note, G20 finance ministers and central bank governors are meeting in Baden-Baden, Germany. It has been reported that protectionism and currency devaluations will be discussed at the gathering.

• Economic data was limited:
  • Eurozone January trade deficit EUR600 million (prior surplus of EUR28.10 billion)
  • Italy's January trade deficit EUR570 million (expected surplus of EUR3.45 billion; previous surplus of EUR5.73 billion)

---Equity Markets---

• Germany's DAX sits just above its flat line. Lufthansa has extended yesterday's post-earnings rally, climbing 1.4%. Commerzbank also outperforms, jumping 2.2%, while Deutsche Bank trades lower by 0.4%. Automakers Daimler, BMW, and Volkswagen show losses between 0.3% and 1.7%.
• UK's FTSE has added 0.3% amid strength in select financials and consumer names. RBS, Barclays, Prudential, Barratt Developments, Taylor Wimpey, Persimmon, and Sainsbury are up between 0.9% and 2.3%. On the downside, drugmakers GlaxoSmithKline and Shire are down 0.1% and 0.5%, respectively.
• France's CAC trades up 0.4%. Financials Societe Generale, BNP Paribas, AXA, and Credit Agricole have added between 0.4% and 1.0%. Automakers Renault and Peugeot lag, showing respective losses of 0.1% and 1.1%.

 On The Wires

• Sarepta Therapeutics (SRPT) provided an update to investors that it will present data from eteplirsen studies at the MDA Scientific Conference in Arlington, Virginia on March 19-22. Sarepta is scheduled to give an oral, as well as poster presentation, on the cardiac function of eteplirsen-treated patients; a poster presentation on non-ambulatory patients; and a poster presentation on the pulmonary function of eteplirsen-treated patients.
• Boehringer Ingelheim and Eli Lilly and Company (LLY) announced that the EMPEROR HF clinical trial program was initiated. EMPEROR HF comprises two phase III outcome studies that will investigate empagliflozin for the treatment of adults with chronic heart failure. The trials will involve not only adults with type 2 diabetes who have heart failure, but also heart failure patients who do not have diabetes.
• Fiat Chrysler Automobiles N.V. (FCAU) announced that it has successfully completed the placement of 15,948,275 common shares of CNH Industrial N.V. (CNHI), representing 1.17% of CNHI's common shares. The total consideration of the Placement amounted to 144.3 mln euro. The Placement, carried out through an accelerated bookbuilding procedure directed to certain institutional investors, was priced at 9.05 euro per share. Following the settlement of the sale, FCA holds no residual shares in CNHI.
• JinkoSolar Holding (JKS) announced that its wholly owned subsidiary, JinkoSolar, will partner with CleanFund Commercial PACE Capital to offer long-term project financing to US commercial project customers through the SolarPACE program.
• Alaska Communications Systems Group (ALSK) announced a tender offer to purchase any and all of its outstanding 6.25% Convertible Notes due 2018. As of March 17, 2017, there were $94.0 mln aggregate principal amount of the Notes outstanding.  Upon the terms and subject to the conditions set forth in the Company's Offer to Purchase, dated March 17, 2017, and the related Letter of Transmittal, the Company is offering to pay, for cash, an amount equal to $1,025 per $1,000 principal amount of Notes purchased. The Tender Offer will expire at 12:00 AM ET, on April 14, 2017, or any other date and time to which the Company extends such Tender Offer, unless earlier terminated.
• Huntsman Corporation (HUN) announced a plan to close the white end finishing and packaging operation of its titanium dioxide (TiO2) manufacturing facility based in Calais, France, during the third quarter 2017. The announced plan follows the 2015 closure of the black end manufacturing operations and would result in the closure of the entire facility. 108 positions on the site will be affected. The plan to close the Calais white end is structured to allow completion of any remaining obligations to any third parties and regulators.

 

 Natera discloses civil investigative demand from the United States Department of Justice in late 2015 in 10-K  (8.75)On December 12, 2015, we received a civil investigative demand from the United States Department of Justice in connection with what we understand to be a qui tam action related to the billing of some of our testing, brought by a former employee. We have produced documents in response to the demand. An adverse ruling in this proceeding could require us to pay treble damages, civil penalties, and attorneys' fees, costs and expenses, which could materially and adversely affect our business, financial condition and results of operations. We have only received a civil investigative demand and have not been served with a complaint; accordingly, we are unable to predict the outcome and are unable to make a meaningful estimate of the amount or range of loss, if any, that could result from any unfavorable outcome.

 Amgen 6% lower on disappointing Repatha data; related PCSK9 cholesterol stocks getting hit  (180.11)Cholesterol stocks: ESPR -26%, MDCO -20%, AMGN -6%, REGN -2%, SNY -0.2%

 S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: -1.60.

Equity futures point to a relatively flat open for Friday's session as investors lack a catalyst to push things in either direction. The S&P 500 futures trade two points above fair value.

Just released, Industrial Production held steady in February (Briefing.com consensus 0.2%) while Capacity Utilization declined to 75.4% (Briefing.com consensus 75.4%) from a revised reading of 75.5% (from 75.3%) in January.

In U.S. corporate news, Adobe Systems (ADBE 128.51, +6.16) trades 5.0% higher in pre-market action after beating top and bottom line estimates and issuing upbeat earnings guidance. Similarly, Tiffany & Co (TIF 93.98, +4.00) has added 4.5% after reporting better than expected earnings and guiding results for fiscal 2017 towards the high end of expectations.

On the downside, Netflix (NFLX 143.06, -1.33) has slipped 0.9% after M Science expressed caution in light of the company's subscriber metrics.

Crude oil is up 0.8% at $49.16/bbl after Saudi Energy Minister Khalid Al-Falih floated the idea that OPEC may extend its supply cut agreement beyond June. The early gain extends the commodity's week-to-date advance to 1.4%, all of which has come in the wake of Wednesday's bullish EIA inventory report.

U.S. Treasuries also trade in the green as their prices continue to fluctuate following Wednesday's FOMC rate decision. The benchmark 10-yr yield is currently down two basis points at 2.52%, which leaves it six basis points lower for the week.

In addition to Industrial Production and Capacity Utilization, investors will receive February Leading Indicators (Briefing.com consensus 0.5%) and the University of Michigan Sentiment Index for March (Briefing.com consensus 96.8). Both reports will cross the wires at 10:00 ET.

 

 

 

 

 Amgen gapping down approx. -7% back to its 50-day moving averages around 165/168 zone..  (180.11)

• Also note the 38% Fibonacci retracement from the Nov low to March peak is around the $164 vicinity.

 

 

 Opening Market Summary: Stocks Open Slightly Higher on Friday

The S&P 500 opened Friday's session with a slim gain of 0.1%.

Almost all of the sectors trade in the green, but the health care space (-0.6%) has demonstrated relative weakness as Amgen (AMGN 168.70, -11.45) leads biotech names lower with a loss of 6.5%.

Conversely, the energy sector (+0.4%) has shown relative strength as crude oil holds a gain of 0.7%. WTI crude trades at $49.10/bbl.

 

 Sector Summary: Technology (XLK +0.24%) trading higher today, ahead of the broader market

The tech sector — XLK — trades ahead of the broader market. Semiconductors, meanwhile, display relative strength as the SOX index trades +0.03%. Within the SOX index, MPWR (+0.42%) outperforms, while MU (-1.31%) lags. Among other major indices, the SPY is trading 0.06% higher, while the QQQ -0.14% and the NASDAQ +0.27% trade opposite thus far on the session. Among tech bellwethers, MSFT (+0.31%) is showing relative strength, while IBM (-0.65%) lags.

Notable gainers following earnings:

• VSLR (+8.2%), ADBE (+5.5%) reported better than expected Q1 EPS and revs; guided Q2 EPS above market expectations, revs in-line

Notable laggards following earnings:

• EXA (-10.8%)

Gainers on news:

• NSAT (+21.1%) co announced Privet Fund Management provided a non-binding letter of interest to acquire NSAT for $10.25/share.
• NTDOY (+4.4%) co to increase Switch production due to strong demand, according to the WSJ.
• NOK (+0.6%) co changed organization and Group Leadership Team; Monika Maurer appointed Group COO.
• LVLT (+0.2%) co and CenturyLink (CTL) announced that both cos' shareholders have approved all proposals related to their merger; continues to expect merger to close by Sept. 30, 2017.

Laggards on news:

• MGTI (-3.6% co filed to delay Form 10-K.
• RATE (-1.7%) co filed to delay Form 10-K.
• ACTA (-1.1%) co filed to delay Form 10-K.

Among notable analyst upgrades:

• ADBE (+5.5%) upgraded to Buy from Hold at Wunderlich
• NMRX (+1.7%) to Equal Weight from Underweight at First Analysis Sec
• ALRM (+0.1%) to Outperform from In-Line at Imperial Capital
• GIMO (+2.3%) to Mkt Outperform from Mkt Perform at JMP Securities
• HIMX (+2.0%) to Buy from Neutral at Roth Capital
• FIVN (+6.6%) to Overweight from Sector Weight at Pacific Crest
• CCMP (+2.5%) to Buy from Hold at Aegis Capital

Among notable analyst downgrades:

• AXTI (-5.6%) downgraded to Neutral from Buy at B. Riley & Co.
• EXA (-10.8%) to Hold from Buy at Canaccord Genuity

 

 

 

 

 Morning Commodities: Crude extends yesterday's rally on headlines the Saudi oil minister discussed OPEC is mulling a potential production cut extension beyond June

• Crude briefly broke above the $49.00/barrel resistance zone & remained on track to extend yesterday's gains on headlines the Saudi Oil Minister expressed OPEC is mulling an extension of the coordinated production cuts beyond June
  
  • April crude oil futures were up about $0.10 (+0.2%) around the $48.85/barrel level
  • Baker Hughes rig count data will be released today at 1 pm ET.
  • Recap of last week's data:
    
    • Last week, the Baker Hughes total U.S. rig count increased by 12 to 768, following last week's increase of 2 rigs.
    • Eight oil rigs were activated last week, taking the total to 617 and to the highest level since Sept 25, 2015.
      
    • The gas rig count increased by 5 to 151 last week.
    • Last week marked the 8th consecutive week of oil rig count additions.
• Natural gas rallied following yesterday's sharp -2.3% post-EIA decline, remained on track to close -3% for the week
  • April natural gas futures were up about $0.03 (+0.9%) around the $2.93/MMbtu level
• In precious metals, gold rallied to a fresh 2-week high in morning pit trading, on track to close up for the first week out of the past 3
  • April gold futures were up about $2.30 (+0.2%) around the $1229.50/oz level
  • Reminder: The U.S. Federal Reserve delivered an interest rate increase by 25 bps earlier this week as widely anticipated, but did not alter its earlier forecast for a total of three rate increases this year.
  • May silver futures were up about $0.05 (+0.3%) around the $17.38/oz level
• The dollar index was nearly flat, -0.1% around the 100.25 level
  
  • Commodities, as measured by the Bloomberg Commodity Index, rebounded from a 5-week low hit earlier in the morning, +0.2% around the 85.00 level

 Facebook target raised to $165 at UBS  (139.95 -0.04)UBS raises their FB tgt to $165 from $155 as they attempt to tackle three key debates facing Facebook investors: 1) Can Facebook grow its advertising business at a 25%+ CAGR for '16-'19? — Yes, based on firm's Evidence Lab work & channel checks, they see the key drivers being video, eCommerce, & Instagram; 2) How will Facebook's emerging businesses contribute to long-term growth? — Firm is constructive that during the next 2-5 years, FB Messenger, WhatsApp & Oculus will move from a focus on user growth & ecosystem investments to monetization engines inside broader Facebook; and 3) Can Facebook maintain «flattish» EBITDA margins in the next 2-3 years? — While firm sees volatility in investments against a long-term agenda, they don't see anything that would materially alter Facebook's margin structure to the negative; Buy.

 Notable movers of interest: AFSI -17% on news co will delay 10-K filing, restate 2014 and 2015 results

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

• ADBE (129.34 +5.71%): Reports Q1 EPS and revenue beats; guides Q2 EPS above consensus.
• CTAS (124.22 +4.18%): Annnounces its proposed G&K Services acquisition has been received with no divestiture requirements; transaction is expected to close on Tuesday, March 21. 

Large Cap Losers

• AMGN (168.11 -6.66%): Shares lower on disappointing Repatha data; related PCSK9 cholesterol stocks getting hit (ESPR, MDCO, REGN, SNY). 
• PRGO (70.03 -1.19%): Provides update on 2016 Form 10-K filing technical accounting matters are not expected to have a material impact on historical or future net cash flow

Mid Cap Gainers

• AVXS (84.26 +15.78%): Shares rise to all-time highs after reporting breakthrough, event-free (defined as death or permanent ventilation) data from the phase I study for AAV-based gene therapy AVXS-101 treating spinal muscular atrophy.
• STLD (37.03 +4.52%): Sees Q1 EPS above consensus; raises quarterly dividend to $0.1550/share from $0.1400/share.
• TXRH (44.31 +3.56%): BTIG upgrades to Buy from Netural.

Mid Cap Losers

• AFSI (17.93 -17.03%): To delay 10-K filing, plans to restate 2014 and 2015 results.
• RYN (27.73 -3.95%): Commences 5 mln common stock offering.
• TPH (12.92 -2.93%): Commences 11,985,905 common stock offering by selling stockholder VIII/TPC Holdings, L.L.C., a fund affiliated with Starwood Capital Group.

 

 

 Sector Summary: Energy's losses are outpaced by the decline of the broader market, crude trades nearly flat ahead of this afternoon's rig count, & natural gas stages a notable rally following yesterday's sharp -2.3% drop post-EIA

The Energy Sector (XLE, -0.2%) sees its losses outpaced by the decline of the broader market (SPY, -0.5%) in early afternoon trading. Crude oil (USO, -0.1%) futures are currently trading nearly flat with the prior session's close ahead of today's rig count data (recap of last week's data below). Lastly, natural gas (UNG, +0.9%) futures remain on track to close the week -3%, despite staging a notable morning rally following yesterday's sharp post-EIA decline of 2.3%.

Baker Hughes (BHI, +2%) rig count data will be released today at 1 pm ET.

• Recap of last week's data:
  
  • The Baker Hughes total U.S. rig count increased by 12 to 768, following last week's increase of 2 rigs.
  • Eight oil rigs were activated last week, taking the total to 617 and to the highest level since Sept 25, 2015.
    
  • The gas rig count increased by 5 to 151.
  • Last week marked the 8th consecutive week of oil rig count additions.

Reminder: Crude briefly broke out above the $49.00/barrel resistance handle to session highs earlier in the morning on headlines indicating that the Saudi Oil Minister discussed OPEC is mulling over a potential production cut extension beyond June 2017.

Contributing factors affecting the price of natural gas:

• Weather forecast from Mar 15-21:
  • Snow showers and gusty winds remain in the wake of Tuesday's notable winter storm tracked snowy weather to the Mid-Atlantic and Northeast. Temp remain much colder than normal, with highs struggling to reach the 30s, while overnight lows drop into the teens to below 0F. Over the West and South, strong high pressure will continue to dominate with highs of 60s to 90s. A fast-moving weather system will impact the east-central US Saturday into Sunday, followed by warming Monday, but again cooling off mid-week.
  • Overall, nat gas demand is expected to be relatively higher through Thursday, easing to moderate this weekend through much of next week.
  • Reminder: Yesterday's EIA data showed a smaller-than-expected draw, vs Consensus. Natural gas inventory showed a draw of -53 bcf vs expectations for inventory to be a draw of about -56 bcf.

Notable Gainers:

• Oil & Gas Drilling & Exploration: Samson Oil & Gas (SSN, +12%)
• Equipment and services: GulfMark Offshore (GLF, +4%)
• Independent oil & gas: Houston American Energy (HUSA, +11%)
• Major-integrated: Statoil (STO, +1%)
• Refining & Marketing: Calumet Specialty Products Partners (CLMT, +4%)
• Pipelines: TransMontaigne Partners (TLP, +1%)

Notable Laggards:

• Oil & Gas Drilling & Exploration: Samson Oil & Gas (%)
• Equipment and services: Hornbeck Offshore Services (HOS, -4%)
• Independent oil & gas: Bonanza Creek Energy (BCEI, -8%)
• Major-integrated: Eni (E, -1%)
• Refining & Marketing: CVR Energy (CVI, -3%)
• Pipelines: Genesis Energy (GEL, -2%)

In current trade:

• April WTI crude oil futures: up about $0.04 around $48.77/barrel (+0.1%)
• April natural gas futures: up about $0.04 around $2.94/MMBtu (+1.2%)
• April RBOB gasoline futures: up less than $0.01 around $1.60/gallon (+0.5%)
• April heating oil futures: up about $0.01 around $1.51/gallon (+0.7%)

Earnings/News

• Vivint Solar (VSLR, +9%) beat by $0.02, reported revs in-line
  • Reported a Q4 loss of $0.41 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of ($0.43); revenues rose 161.2% year/year to $41.8 mln vs the $41.71 mln Capital IQ Consensus.
• Tsakos Energy (TNP, +1%) reported Q4 GAAP EPS of $0.10, vs the $0.15 Capital IQ Consensus estimate; revs -8.7% y/y to $130.66 mln, vs the $104.77 mln Capital IQ Consensus estimate
• BP (BP, +1%) sold a partial stake in New Zealand Refining Co; financial terms were not disclosed
  • Refining NZ advised that BP New Zealand Holdings Limited and Europa Oil NZ Limited conducted a process overnight to reduce its shareholding in Refining NZ by selling up to 11.1% of the 21.19% it initially held. BP's reduction in shareholding does not affect the existing contractual arrangements between Refining NZ and BP, including the processing agreement which remains on foot.
• Penn Virginia (PVAC, 0%) filed for a $600 mln mixed securities shelf offering

Broker Calls

• Cypress Energy Partners (CELP, +3%) downgraded to Hold at Stifel
• Anadarko Petroleum (APC, +0.1%) target raised to $84 at RBC Capital Mkts
• Contango Oil & Gas (MCF, -6%) target lowered to $13 at RBC Capital Mkts

 

 Sector Summary: Industrials slightly lower than the broader market

The Industrials sector (XLI) is trading -0.1% lower today, lower than the broader market (SPX -0.0%). In a slow day for the Industrial Sector, Boeing (BA +0.7%) confirms that it and the U.S. government recently signed a five-year, $3.4 bln for the latest Apache attack helicopter, Cintas (CTAS +4.3%) annnounces its proposed G&K Services acquisition has been received with no divestiture requirements.

Earnings/Guidance

• TPI Composites (TPIC +0.1%) reports Q4 loss of $0.07 per share, excluding non-recurring items, $0.04 better than the consensus of ($0.11); revenues rose 3.7% year/year to $185.6 mln vs the $190.09 mln consensus. Total billings of $197.6 million. Adjusted EBITDA of $14.3 million, with an Adjusted EBITDA margin of 7.7%.
  • FY17 Outlook: Total billings of between $930 million and $950 million; Sets delivered of between 2,800 and 2,900; Average sales price per blade of between $105,000 and $110,000.
• ExOne Reports (XONE -6.3%) Q4 loss of $0.16 per share, $0.12 worse than the two analyst estimate of ($0.04); revenues fell 9.9% year/year to $14.6 mln vs the $18.1 mln consensus.
  • Sees 2017 rev growth of at least 25%, which equates to ~$59.74 mln vs. the $61.83 mln consensus.
• Mistras Group (MG -5.6%) reports revenues for the 2016 stub period were $404.2 mln, or 6% lower than in the comparable period of 2015. Net income during the 2016 stub period was $9.6 mln or $0.32 per diluted share, both measures reflecting declines of ~50% compared with the comparable period of 2015. 
  • Total revenues for 2017 are expected to be between $670 mln to $700 mln vs. $709 mln consensus, or roughly flat with calendar 2016 revenues of $685 mln. The Co's net income for calendar 2016 was $16 mln, including net of tax charges of ~$5 mln. Net income for 2017 is expected to range from $20 mln to $23 mln. Earnings per diluted share is expected to range from $0.68-0.78.

News

• Boeing (BA +0.8%) confirms that it and the U.S. government recently signed a five-year, $3.4 bln contract through which the Army, and a customer outside the U.S., will acquire the latest Apache attack helicopter at a significant savings to taxpayers.
• Cintas (CTAS +4.3%) annnounces its proposed G&K Services acquisition has been received with no divestiture requirements, and the transaction is expected to close on Tuesday, March 21, 2017

Broker Research

Upgrades

• Hearing Manitowoc (MTW +4.7%) was upgraded to Positive from Mixed at OTR Global.
• Hearing Terex (TEX +3.5%) was upgraded earlier to Positive from Mixed at OTR Global.

Downgrades

• CB&I (CBI -1.64%) downgraded to Hold from Buy at Argus
• Hearing Delta Air Lines (DAL -1%) was downgraded earlier to Peer Perform from Outperform at Wolfe Research.

Other

• Engility (EGL -1.7%) initiated with Hold ratings at Vertical Research. 
• United Continental (UAL -0.2%) target lowered to $75 from $82 at Imperial Capital.
• Radiant Logistics (RLGT +3.5%) initiated with a Buy at Seaport Global Securities; tgt $10.

 Albany Molecular files for offering of 2.2 mln shares of common stock by selling stockholders   (13.71 +0.17)

 Sector Summary: The Healthcare sector (-0.24%) is trading lower today, lagging the S&P 500 (0.00%)Gainers on news:

• Threshold Pharma (THLD +18.82%) will merge with Molecular Templates in an all-stock transaction; Longitude Capital will invest $20 mln at the close of the transaction, including the receipt of additional equity financing commitments of $20 mln
• AveXis (AVXS +17.35%) misses by $0.19; reports topline results from the Phase 1 trial of AVXS-101 in SMA Type 1
• Arbutus Biopharma (ABUS +17.54%) licenses to Alexion Pharmaceuticals (ALXN) its proprietary lipid nanoparticle technology for exclusive use in one of Alexion's rare disease programs

Decliners on news:

• Northwest Biotherapeutics (NWBO -33.15%) commences $7.5 mln direct offering of common stock at $0.26/share
• Editas Medicine (EDIT -7.87%) prices offering of 4 mln shares of common stock at $22.50 per share
• Zosano Pharma (ZSAN -4.94%) prices 17,000,000 share offering at $1.50/share

Gainers on earnings:

• BioDelivery Sciences (BDSI +1.25%) misses by $0.06, misses on revs
• BioTime (BTX +5.81%) reports Q4 EPS of ($0.05) vs ($0.15) last year; revs -25.9% y/y to $1.08 mln
• Mannkind (MNKD +6.76%) reports Q4 (Dec) results, beats on revs

Decliners on earnings:

• Innocell (INNL -26.5%) reports Q4 results; 'continues to explore strategic options'
• ChromaDex (CDXC -10.13%) reported Q4 EPS of ($0.06) vs ($0.01) single est; co reported Q4 sales of +29% YoY to $5.6 mln (no ests).
• Calithera Biosciences (CALA -9.49%) reports Q4 GAAP EPS of ($0.45), vs the ($0.48) Capital IQ Consensus Estimate

Upgrades/Downgrades:

• Proteon Therapeutics (PRTO -7.14%) H.C. Wainwright Downgraded to NEUTRAL (from Buy) — Price Target: 3 (from 18)
• Neos Therapeutics (NEOS -4.61%) downgraded to Neutral from Buy at UBS
• Patheon (PTHN -1.48%) Robert W. Baird Downgraded to NEUTRAL (from Outperform) — Price Target: 28 (from 34)

 

 

 

 Market Internals

The broader market is split at the moment, with the Nasdaq Composite up less than a point (+0.01%) to 5901 as the only gainer today, the S&P 500 is down less than a point (-0.01%) to 2381, and the Dow Jones Industrial Average sheds about 3 (-0.01%) to 20931. Action has come on higher than average volume (NYSE 609 vs. avg. of 315; NASDAQ 954 mln vs. avg. of 808), with mixed advancers and decliners (NYSE 1705/1254, NASDAQ 1360/1363) and new highs outpacing new lows (NYSE 103/12, NASDAQ 101/17).

Relative Strength:

Greece-GREK +1.8%, Mexico-EWW +1.0%, US Nat Gas-UNG +1.0%, Lithium-LIT +1.0%, Base Metals-DBB +0.9%, US Gasoline-UGA +0.9%, Russia-RSX +0.8%, Poland-EPOL +0.8%, Vietnam-VNM +0.7%, 20+ Yr. Treas. Bond-TLT +0.7%, Colombia-GXG +0.7%, Coal-KOL +0.6%, Indonesia-IDX +0.6%, Copper-JJC +0.6%.

Relative Weakness:

Sugar-SGG -4.5%, Jr. Gold Miners-GDXJ -2.9%, Brazil-EWZ -1.9%, Short-Term Futures-VXX -1.5%, Reg. Banking-KRE -1.1%, Insurance-KIE -1.1%, Banking-KBE -1.1%, Latin Am. 40-ILF -1.0%, Biotech-IBB -1.0%, India-INP -0.7%, China Lg. Cap-FXI -0.6%, Italy-EWI -0.5%, Austria-EWO -0.5%, Peru-EPU -0.4%.