Markets Poised For a Proper and Most Distinguished Close for February

This month shall forever be etched in the annals of time — a morbid occurrence of grotesque proportions when the XIV traded from $100 to zero in a little more than a few hours — thanks to details shrouded in the prospectus. Anyone who lost money in it clearly had it coming, as it was all there, in black and white, the details that is for knowing what was about to happen.

Although I lost money in the darn thing and feel bad about the whole situation, I’m a better man for it. Nowadays, instead of tinkering with the gym or reading fine literature, I sit fireside reading from a stack of prospectuses. While at first moribund and plainly boring, I now find them to be delightful — like a fine cut of unsalted broccoli. It just gets better and better, especially after a good thrashing or maybe even a famine.

Dow futures are +70, which means I am going to get whipped in the face because of my SQQQ and DRV positions. Never worry, I have plenty of oil stocks to make up the difference and I intend to make some gains in my quant account — this being the final day of the month and all. Starting tomorrow, Exodus Quant will sport a new portfolio — one of more aggressive qualities.

Here are this morning’s movers, courtesy of Briefing.com.

 

• SYNH +24.6%, AAXN +22.5%, ETSY +16.2%, OCN +14.2%, TIVO +12.9%, (also announces plan to explore all alternatives to maximize shareholder value), ENPH +11.1%, WTW +10.3%, TAST +9.3%, BKNG +8.4%, RRD +8.2%, FRAN +7.1%, MGIC +7%, CSU +6.6%, CGBD +6.5%, SBLK +6.1%, OAS +5.8%, ATSG +5.8%, VEEV +5.5%, CHS +5%, DAR +4.8%, RP +3.7%, MASI +3.4%, PNM +3.4%, HEI +3.1%, AKAO +3.1%, MTZ +3%, SUPN +3%, UNVR +3%, ATUS +2.8%, FSS +2.5%, UPL +2.4%, FRO +2%, IMAX +1.9%, ESRX +1.8%, RDC +1.8%, XOG +1.7%, DEPO +1.6%, STWD +1.6%, GBT +1.3%, WP +1.3%, MITT +1%, PEN +1%, ODP +1%, .

M&A news:

• STB +24% (Student Transportation to be acquired by a group of investors led by CDPQ for US$7.50 per common share in cash)
• PHH +23.7% (PHH Corp to be acquired by Ocwen (OCN) in an all cash transaction valued at $360 million, or $11.00 per fully-diluted share)
• OCN +14.2% (PHH Corp to be acquired by Ocwen (OCN) in an all cash transaction valued at $360 million, or $11.00 per fully-diluted share)
• SGYP +8.5% (acquires exclusive Canadian rights to FDA-Approved Trulance from Synergy Pharmaceuticals)
• MON +0.9% (Monsanto merger with Bayer (BAYRY) said to be set to be approved by the EU, subject to conditions, according to Reuters)

Other news:

• CODX +14.7% (positive results from Co-Primers Technology in multiplex test for SNP detection)
• MTP +11.1% (European Medicines Agency has granted Orphan Drug Designation for its advanced liver cancer drug candidate MTD119)
• HTBX +6.7% (announces ‘positive’ interim data from its Phase 2 clinical trial of HS-110 and Nivolumab in Non-Small Cell Lung Cancer)
• MBVX +5.6% (reports positive safety results from initial cohort of MVT-1075 Radioimmunotherapy Phase 1 Trail for the treatment of Pancreatic, Colon and Lung Cancers)
• ECYT +3.6% (proposed public offering of common stock)
• EXPE +2.6% (following BKNG results)
• NMIH +1.5% (prices 3.7 mln shares of common stock at $19.75 per share)
• DPW +1.2% (reschedules investor webcast to March 15 at 5pm ET – originally set for February 21 – focus of the webcast will be on MTIX)
• STMP +1% (hired former Mattel Chief Technology Officer Jonathan Bourgoine as its new Chief Technology Officer)
• BEDU +1% (prices 10 mln ADS’s at $19.00 per ADS)
• SHPG +1% (receives FDA acceptance of BLA for Cal-PEG)
• BIDU +0.8% (Baidu.com’s iQiyi unit filed for $1.5 bln IPO late yesterday)

Analyst comments:

• MELI +3.8% (upgraded to Overweight from Neutral at JP Morgan)
• CVX +1.1% (upgraded to Buy from Neutral at BofA/Merrill)
• ADM +0.9% (upgraded to Buy from Neutral at Buckingham Research)
• PM +0.7% (upgraded to Buy from Neutral at Citigroup)

Gapping down
In reaction to disappointing earnings/guidance:

• FTR -24.8%, (also suspends the quarterly cash dividend on the common stock), ELF -10.8%, TSRO -9.2%, VRX -8.3%, ACAD -7.6%, BGFV -7.6%, BGS -7.1%, MNKD -7%, LOW -6.7%, GTE -6.1%, ALRM -5.8%, EOG -5.6%, PZZA -5.1%, GGB -4.7%, ROG -4.5%, SSYS -4%, HTZ -3.9%, TA -3.8%, JONE -3.1%, SSW -3.1%, CYH -2.9%, MHLD -2.8%, TDOC -2.7%, TNET -2.6%, JAZZ -2.6%, WDAY-2.3%, VTVT -2.3%, (also files for $250 mln share Class A common stock shelf offering ), CROX -2.3%, DXCM -2.2%, SQ -1.7%, DRYS -1.1%, FGEN -0.8%

Other news:

• ATRA -6.6% (proposed offering of $150 mln in shares of common stock)
• CELG -6.1% (receives Refusal to File letter from the FDA regarding its New Drug Application for ozanimod in development for the treatment of patients with relapsing forms of multiple sclerosis)
• GM -1.5% (General Motors announced 40 mln share secondary offering of common stock by the UAW Retiree Medical Benefits Trust; GM intends to repurchase a portion of the shares being offered)
• DISCA -1.3% (still checking – DISCA / SNI set election deadline – expect to consummate the transactions contemplated by the Merger Agreement on March 6, 2018)
• DM -0.8% (files for $500 mln common units representing limited partner interests shelf offering)

Analyst comments:

• ALV -1.5% (downgraded to Sell from Hold at Societe Generale)

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