Good morning lads,
It looks like my MDB earnings play is down a little in the pre-market, but up from my basis. I shall not be selling it today, unless it reverses and goes MONGO to the upside. The way I see it, I have so many irons in the fire that are stoking hot, I can afford a little set back in one name.
Early this morning, news hit the tape that the US came to terms with China over ZTE. This is good for semis and China stocks. Also, Jamie Dimon and Warren Buffett want to put an end to earnings estimates. These fuckers are hogging out.
THESE ASSHOLES TOPPED OUT pic.twitter.com/ecb6T3U3ww
— The_Real_Fly (@The_Real_Fly) June 7, 2018
Futures are up, Europe is up, Oil is up, the dollar is down. Welcome to the new normal where no one loses, unless they had it coming to them.
Here are this morning’s movers.
Gapping up/down: CONN +21%, ZS +13%, COST +0.5% after earnings/comps, AVHI +26% after M&A news; SJM -8.5%, CLDR -7%, and THO -6.5% after earnings
Gapping up
In reaction to strong earnings/guidance:
- CONN +20.9%, FIVE +16%, ZS +13.4%, OKTA +5.3%, CMTL +4.4%, GEF +3.5%, ABM +3.5%, MTN +1.9%, CATO +1.5%, (May comps), SONC +1.5%, COST +0.5%, (May comps)
M&A news:
- AVHI +25.8% (to be acquired by Taylor Morrison Home (TMHC) for $21.50/share in cash & stock)
- BR +4.2% (acquires MackayWilliams)
- AFSI +3% (agrees to amended merger agreement with Evergreen Parent, consideration increased from $13.50/share in cash to $14.75/share in cash — Icahn Group agrees to support amended merger agreement)
- TEUM +1.7% (to acquire Artilium plc for approximately $104.7 mln)
- ENTG +1.5% (to acquire SAES Pure Gas Business for $355 mln)
Other news:
- AXON +31.6% (continued momentum after yesterday’s 160% move higher)
- ATHX +20.1% (to expand collaboration with HEALIOS K.K. into additional therapeutic areas)
- OPHT +15.4% (enters into an exclusive global license agreement with the University of Florida Research Foundation and the University of Pennsylvania)
- BHLB +6.6% (will replace Ollie’s in the S&P SmallCap 600)
- FTV +4.1% (Fortive announces binding offer to acquire the Advanced Sterilization Products business from Johnson & Johnson (JNJ) for approximately $2.7 bln in cash
- CMRX +3.3% (received Orphan Drug Designation from the FDA forbrincidofovir as a treatment of smallpox)
- HEAR +2.8% (announced new partnership with esports franchise Team Allegiance)
- AGN +2.7% (on reports that Icahn is building stake)
- REDU +2.5% (priced follow-on public offering of 7 mln American depositary shares by the selling shareholders at $14.75/ADS)
- AABA +1.5% (commences tender offer to purchase up to 195 mln issued and outstanding shares of its common stock)
- VKTX +1.2% (proposed public offering of common stock)
- TRI +1.1% (to buy back up to an additional $1 bln of its shares under a new repurchase program)
- VSH +0.9% (proposed offering of $525 mln convertible senior notes due 2025)
- MRTX +0.9% (proposed public offering of common stock)
Analyst comments:
- IMMU +1.9% (initiated with a Buy at B. Riley FBR)
- SPOT +1.9% (upgraded to Buy from Neutral at Buckingham Research)
- CSIQ +1.7% (upgraded to Neutral from Underweight at JP Morgan)
- CMCSA +1.3% (resumed with a Buy at Jefferies)
- DRI +0.9% (upgraded to Buy from Hold at SunTrust)
Gapping down
In reaction to disappointing earnings/guidance:
- REVG -18.7%, AMSC -12.9%, SJM -8.5%, CLDR -6.9%, THO -6.5%, MDB -3.4%, UNFI -3.3%, FGP -1.9%
Other news:
- PTI -28.6% (reports data from ongoing Phase 1 Study of PTI-801 in Cystic Fibrosis patients on background Orkambi therapy)
- MDXG -24.5% (to restate series of historical financial statements, appoints interim CFO)
- ESND -10.6% (following Genuine Parts’ S.P. Richards business merger update; notes Staples has not otherwise engaged in discussions with Essendant)
- WGO -6.7% (following THO and REVG earnings/guidance)
- ZYME -5.1% (prices underwritten public offering of 5.4 mln common shares at a price to the public of $15.75 per common share)
- LCII -4.1% (following THO and REVG earnings/guidance)
- DCPH -4.1% (prices underwritten public offering of 4.3 mln shares of its common stock at a public offering price of $40.00 per share)
- CARO -2.9% (agreed to sell 1,500,000 shares of its common stock, and that certain of its executive officers and directors have agreed to sell 96,350 of their shares of the Company’s common stock, in an underwritten public offering)
- OPTN -1.4% (prices offering of 5 mln shares of common stock by co and selling share holders at $22.25 per share)
- JCP -1.1% (Moody’s downgrades J.C. Penney CFR to B2 from B1 reflecting continued weakness in op performance coupled with uncertainty in its strategic plan given the recent departure of its CEO)
- CWH -1.1% (following THO and REVG earnings/guidance)
- MB -1.1% (proposed private offering of $200 million of convertible senior notes due 2023)
- FNHC -0.9% (files for $150,000,000 mixed securities shelf offering)
- ETR -0.8% (registered underwritten offering of 13,289,037 shares of its common stock at a price to the public of $75.25 per share), .
Analyst comments:
- TRUE -3.7% (downgraded to Sell from Neutral at Goldman)
- MT -3.1% (downgraded to Sell from Buy at UBS)
- AAXN -2.9% (downgraded to Neutral from Overweight at JP Morgan)
- FSLR -2.5% (downgraded to Sell from Neutral at Goldman )
- GHL -2.4% (downgraded to Underperform from Mkt Perform at Keefe Bruyette)
