>>> US Gapping Down

Gapping down
In reaction to disappointing earnings/guidance:
  • CNXR -35%, DRYS -29%, IPXL -26.4%, TUBE -23.1%, MODN -20.1%, MXL-15.1%, W -14.9%, FSTR -14.7%, CAS -11.6%, CMT -10%, HRI -9.7%, MTW-9.3%, ROG -8.9%, NCLH -8.2%
  • VTTI -8%, (also VTTI Energy Partners to acquire an additional 8.4% equity interest in VTTI MLP B.V. and associated pro-rata net debt from VTTI MLP Partners B.V. for cash consideration of $96.2 mln; commences 5.25 mln public offering of common units representing limited partner interests in the Partnership )
  • NPTN -6.7%, RRGB -5%, (also announces that Denny Marie Post has been appointed as CEO and to the board, effective August 8 2016 ), BOJA-4.8%, GPS -4%, (Gap reports July same store sales -4.0% vs -3.6% Retail Metrics consensus and issues Q2 guidance)
  • EVEP -3.8%, NEWT -3.3%, SNI -3.3%, JPEP -3.1%, LC -3.1%, (also CFO Dolan stepping down), MNKD -3%, KITE -3%, AER -2.8%, ARLZ -2.8%, USFD-2.6%,
  • COH -2.3%, NUAN -2%, DVA -1.8%, ARNA -1.8%, HTZ -1.7%, FNV -1.1%
Other news:
  • TWER -19.4% ( files for $20 mln common stock offering )
  • FCSC -19.4% ( to offer and sell shares of its common stock and related warrants to purchase shares of its common stock in an underwritten public offering)
  • ARRY -11.2% (Array's partner AstraZeneca provides update on Phase III trial of Selumetinib in non-small cell lung cancer; study did not meet its primary end point)
  • IAG -8.6% (IAMGOLD to sell, on a bought deal basis, 38.85 mln common shares at a price of $5.15/share, for aggregate gross proceeds of ~$200 mln; commences cash tender offer for up to $150 million of its 6.75% Senior Notes due 2020)
  • VTTI -7.9% (prices 5.25 mln common units representing limited partner interests in the Partnership for total gross proceeds of ~ $101.3 mln or ~$19.30/share), FOXF -6.2% (Fox Factory Holding announces that an existing stockholders intends to offer for sale an aggregate of 3.5 mln shares of the Co's common stock in underwritten secondary offering )
  • PSXP -5% ( announces an underwritten public offering of 6 mln common units )
  • ACAD -4.2% ( to offer and sell $200 mln of its common stock in an underwritten public offering )
  • X -3.8% ( commences 17 mln common stock offering)
  • BGS -3.7% (prices 3.75 mln common stock offering at $49.00/share)
  • TSE -3% (Trinseo announces that Bain Capital Everest Manager Holding has agreed to sell 8 mln ordinary shares pursuant to its shelf registration statement)
  • BMRN -3% (files mixed securities shelf offering; commences 7.5 mln common stock offering)
  • WING -2.6% (announces that a stockholder, namely an affiliate of Roark Capital, intends to offer for sale in an underwritten secondary offering 6 mln shares of the co's common stock )
  • AZN -1.1% (provides update on Phase III trial of Selumetinib in non-small cell lung cancer; study did not meet its primary end point)
  • AKR -1% ( announces sale of 4.2 mln common shares )
  • SAVE -0.8% (reports July prelim traffic; RPMs +18.4% Y/Y on ASMs +17.1% Y/Y, load factor for July 2016 was 89.8%, +1%)
Analyst comments: AV -1.4% (downgraded to Neutral from Outperform at Macquarie)