EARLY FOCUS LIST: CARA, CBAY, CERS, HZO, JNUG/NUGT, MSCC, NVS, SRT, TEL, TSS UGAZ, WATT,WKHS
Treasury Secretary Steven Mnuchin said that a weaker US dollar is a good for the United States as it relates to trade but he also said that long term strength in the currency reflects strength in the US economy.
Mnuchin will be on a World Economic Forum panel called 'Remaking of Global Finance' 5:00 ET tomorrow. This will be a key panel now for him to expand on his comments.
In addition, Commerce Secretary Wilbur Ross increased the rhetoric saying that 'There have always been trade wars. The difference now is U.S. troops are now coming to the ramparts."
Earlier this month, Wilbur Ross gave its recommendation to President Trump on steel and aluminum tariffs. It is expected that President Trump will decide and issue order on that before the end of the month. In addition, yesterday President Trump signed order to impose safeguard tariffs on imported large residential washing machines and imported solar cells and modules following the Commerce Dept order earlier this week.
Asian Markets Close Mixed: Nikkei -0.8%, Hang Seng +0.1%, Shanghai +0.4%
European Markets : FTSE -0.5%, CAC -0.2%, DAX UNCH
GOLD stocks & ETF's higher pre market
S&P futures vs fair value: +4.30. Nasdaq futures vs fair value: -1.30.
(CBAY) CymaBay Therapeutics target raised to $18 from $12 at H.C. Wainwright -- Multiple catalysts driving further value creation in 2018
(SLDB) Solid Biosciences boosts terms of pending IPO by 31% -- now offering 7 mln shares between $18.00-19.00 vs. earlier plans to sell 5.89 mln shares between $16.00-18.00,Solid is a life science company focused solely on finding meaningful therapies for Duchenne muscular dystrophy
(UAL) United Continental: Higher than expected capacity growth outlook weighing on airlines premarket -
- (HZO) MarineMax beats by $0.24, beats on revs; raises FY18 EPS guidance
Stifel upgrades CWST to Buy from Hold and raises their tgt to $28 from $22 after mgmt meetings. About five years ago CWST rediscovered its pricing leverage and since has consistently driven price across its collection and disposal portfolio. Its latest three year plan (2018-2020) has framed recurring organic growth at 4% to 5% with price and volume of 2.5% to 3.5% and 1.0%. In addition, it is revisiting acquisition growth with an addressable deal market of $500mm in sales. Can CWST successfully add $30mm/year in deal growth plus support 4% organic growth? If so that should drive 25bp to 35bp of annual margin expansion and low double digit FCF growth which supports firm's upgrade and revised price target.
- (ARRY) Array Biopharma disclosed that its collaboration partner, Pierre Fabre Medicament, has requested that the Marketing Authorization Applications for binimetinib monotherapy in NRAS-mutant melanoma be withdrawn in the EU, Switzerland and Australia
- (VRX) Valeant Pharma initiated with a Sell at Goldman; tgt $18
- (APTI) Apptio initiated with a Buy at Nomura; tgt $33
- (SRT) StarTek and Amazon.com (AMZN) enter into Transaction Agreement under which the company agreed to issue to Amazon.com a warrant to acquire up to 4 mln shares of common stock
- (MSCC) 65 +2.65 MSCC Microsemi: Reuters now out with a report that the company is weighing its options after receiving an apparent takeover approach
- (AUDC) Audiocodes beats by $0.01, beats on revs,Reports Q4 (Dec) earnings of $0.12 per share, $0.01 better than the two analyst estimate of $0.11; revenues rose 9.5% year/year to $41.4 mln vs the $40.3 mln two analyst estimate.
- (NVS) Novartis AG beats by $0.04, beats on revs; guides FY18 revs in-line; raises dividend
- (ADMS) Adamas Pharmaceuticals prices 3 mln shares of common stock at $41.50 per share
- (UGAZ) +$4 pre mkt
- (CERS) 5.70 +1.37 (pre mkt hi 6.15)
- (HTM) US Geothermal shares halted for news pending
- (BVXV) BiondVax Pharmaceuticals signs letter of intent with a European contract research organization, for the purpose of conducting a phase 3 clinical trial in Europe, planned by the Company to begin prior to the 2018/19 flu season
(ITW) Illinois Tool beats by $0.09, beats on revs; guides Q1 EPS above consensus; raises FY18 GAAP EPS above consensus
(OPK) Opko Health: CEO disclosed the purchase of 100k shares worth approx. $476k
(PAGS) PagSeguro Digital (NYSE) prices upsized 105.4 mln share IPO (from 92.1 mln shares) at $21.50, above the expected $17.50-20.50 range
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