Morning Poppers (Trump Takes On $TWTR Edition)

• BPI +18.7%, AAN +9.6%, XLNX +9.5%, UAA +9%, BEAT +7.8%, AMD +6.4%, BTI +5.9%, GNC +5.9%, DDE +4.8%, CTXS +4.4%, IIN +4.1%, MDLZ +3.9%, AQ +3.7%, DHI +3.7%, VLY +3.7%, APD +3.3%, CMCSA +3.3%, AXTI +3.2%, DDR +3.2%, TEF +3.2%, SU +3%, SNN +3%, VAR +2.9%, ALLY +2.9%, SPB +2.8%, ALXN +2.6%, MPLX +2.5%, WPG +2.2%, IVZ +2.2%, RS +2.2%, AZN +2%, AGN +2%, BWA+2%, YNDX +2%, LM +1.8%, MLM +1.8%, CX +1.6%, KRA +1.5%, ARR +1.5%, TSCO +1.5%, IP +1.3%, GLOP +1.2%, SXCP +1.2%, CUBI +1.1%, FTI +1.1%, RTN +1%, SFS +0.9%, CELG +0.9%, ICLR +0.8%, BMY +0.8%, PAG +0.8%, MCD +0.8%

M&A news:

• SVU +63.8% (to be acquired by United Natural Foods (UNFI) for $32.50 per share in cash, or approximately $2.9 billion)
• ARNC +10.1% (WSJ report suggests PE interest)
• QCOM +6% (NXP Semi proposed acquisition by Qualcomm (QCOM) officially terminated) .

Other news:

• BCEI +4.5% (Bonanza Creek Energy will replace Capella Education in the S&P SmallCap 600 effective prior to the open on Wednesday, August 1)
• MPLX +2.5% (increases quarterly dividend)
• WSC +2.1% (prices upsized common stock offering of 8 mln shares of common stock at $16.00/share)
• ATNX +1.4% (Phase 3 studies, KX-AK-003 and KX-AK-004, achieve primary endpoints)

Analyst comments:

• CDTX +2.4% (initiated with a Buy at Citigroup)

Gapping down
In reaction to disappointing earnings/guidance:

• FB -20.2%, NLSN -16.5%, KNX -13.3%, MHK -11.7%, NGD -10.5%, TPX -10%, TAL -8.9%, CCJ -7.5%, NXPI -7.4%, TSEM -7.3%, NOK -6.9%, MAT -6.4% (also announces reduction of over 2,200 positions, representing 22% of global non-manufacturing workforce, as well as planned sale of manufacturing sites in Mexico), ALGT -5.9%, ABMD -5%, QEP -4.8%, IMAX -4.8%, PYPL -4%, NVCR-3.9%, F -3.8%, SPOT -3.8%, ALK -3.7%, RDS.B -3.6%, SNBR -3.5%, KEX -3.2%, RDS.A -3.1%, STAY -3%, FFIV -3% (also initiates implementation of restructuring program — includes reduction in force program affecting approximately 230 employees), CDE -2.9%, MO -2.9%, AEM -2.6%, GGG -2.6%, SB -2.6%, ABX -2.5%, PHM -2.3%, GILD -2.2% (also CEO stepping down), EFX -2.1%, ARD-2.1%, DEO -2%, VAC -2%, ALGN -1.9%, PX -1.7%, HP -1.6%, KS -1.6%, GG -1.6%, CME -1.5%, MPWR -1.4%, EME -1.4%, RJF -1.3%, PRLB -1.3%, BANR -1.2% (also to acquire Skagit Bancorp in immediately accretive transaction), DNKN -1.2%, LKQ -1.2%, CCMP -1%, TRN -1%, LAZ -1%, FOE -0.8%, ROIC -0.7%, FARO -0.7%, BAX -0.7%, AAL -0.7%, .

M&A news:

• NXPI -7.4% (NXP Semi proposed acquisition by Qualcomm (QCOM) officially terminated)
• UNFI -7.4% (SVU to be acquired by UNFI for $32.50 per share in cash, or approximately $2.9 billion) .

Select FB/Tech related names showing weakness:

• CLDR -4.2%, TWTR -3.6%, SNAP -3%, TWLO -1.9%, BOX -1.9%, QQQ -1.4%, GOOGL -1.3%, AMZN -1.3%, ZUO -1.2%, DBX -1%

Other news:

• BIIB -10.1% (Biogen & Eisai (ESALY) Announce Detailed Results Of Phase II Clinical Study Of BAN2401 In Early Alzheimer’s Disease — BAN2401 demonstrated a dose-dependent reduction in amyloid plaques as measured by amyloid PET )
• TAL -9.4% (lower after Muddy Waters releases another cautious report and ahead of earnings tomorrow)
• NBRV -9.1% (commences $50 mln common stock offering)
• SVRA -6.8% (provides an update on the clinical development and commercial preparatory efforts for its lead product candidate Molgradex; proposed public offering of common stock; size not disclosed)
• VCYT -6.5% (prices offering of 5 mln shares of common stock at $10.25 per share)
• FND -4.5% (following MHK results),
• X -3.8% (President Trump & EU Commission President Junker press conference)
• AKS -3.4% (President Trump & EU Commission President Junker press conference)
• TTD -3.4% (following MHK results)
• EYPT -3.3% (presents ‘positive’ twelve month efficacy and safety data supporting the Company’s YUTIQ 0.18 mg three-year micro-insert for noninfectious posterior segment uveitis; files for approx 49.46 mln share common stock offering by selling shareholders)
• SRPT -3.3% (notified by the Research Institute at Nationwide Children’s Hospital that they received a clinical hold letter from the FDA)
• EYE -2.3% (prices secondary offering of 14,447,698 shares of common stock at $39.75 per share)
• GSK -1.7% (reports negative outcome of the FDA Advisory Committee on mepolizumab for the treatment of COPD patients on maximum inhaled therapy)
• BE -1.4% (after IPO closed nearly 70% higher on the day)
• ACIU -1.3% (presents Phase 2 data analysis from ABBY and BLAZE trials for crenezumab at AAIC; says data provides “strong evidence” for engagement of the principle Abeta target)
• WPZ -1.3% (Williams Partners and Crestwood announce major expansion of the Jackalope Gas Gathering System and associated Bucking Horse gas processing facility in the Powder River Basin)
• MMSI -0.9% (prices 3.5 mln share offering at $54.00/share )

Analyst comments:

• HMNY -7.5% (downgraded/assumed to Hold at Maxim Group)
• DDD -4.5% (downgraded to Underweight from Neutral at Piper Jaffray)
• ELF -2.3% (downgraded to Perform from Outperform at Oppenheimer)
• GILD -2.2% (downgraded to Neutral from Outperform at Robert W. Baird)
• SKX -1.8% (downgraded to Hold from Buy at Argus)