European stocks are lower today, deservedly so. Additionally, Dow futures are -58, but Nasdaq are +18. Both gold and oil are weak and the dollar is higher v the euro by 0.3%. Bitcoin cracked below $11,000 again and the cryptoFAG space is in flummox again — beset by losses.
After the great big wonderful melt up of stocks in early January, it appears we’re in for a bit of consolidating. Gone are the halcyon days when we could buy a stock after seeing it join the blockchain, riding it up for a 500% single day return. Nowadays, we are forced, almost cruelly, to endure small moves — which takes forever to materialize into something meaningful.
I hope we can put all of this nonsense behind us and run higher again, this time without the shackles of austerity.
Meanwhile, there’s some news to review this morning.
TTPH +10.1% (enters into an exclusive licensing agreement with Everest Medicines to develop and commercialize eravacycline in mainland China, Taiwan, Hong Kong, Macau, South Korea, and Singapore)
MOS +2.6% (upgraded to Overweight from Neutral at JP Morgan)
Tile Shop misses by $0.10, misses on revs; comps -4.9%; traffic weakened during Q4 due in part to a shift in promotional strategy; names Cabell Lolmaugh as COO (8.45)
Owens Corning beats by $0.07, beats on revs
Six Flags target raised to $78 at Stifel — Dubai chatter spooks investors; Sell-off creates buying opportunity as core biz remains healthy
Garmin beats by $0.03, beats on revs; guides FY18 EPS above consensus, revs above consensus; Announces cash dividend plan for 2018
The Information discusses that Amazon (AMZN) made an offer to purchase August Home in mid-2016, but was rejected
Capital One downgraded to Neutral from Buy at Nomura
HollyFrontier misses by $0.13, beats on revs
Advance Auto beats by $0.13, beats on revs; guides FY18 revs below consensus
U.S. Silica misses by $0.02, reports revs in-line
Cheniere Energy misses by $0.08, beats on revs