Gapping down
In reaction to disappointing earnings/guidance:
- WDFC -2.3%, (Ethan Allen sees Q3 revenue below estimates ahead of April 10 Investor Meeting), ETH -1.5%
Select China related names showing weakness:
- NTES -2.9%, JD -2.1%, WB -2.1%, BIDU -2%, FXI -1.9%, BABA -1.6%
Select fan favorites showing early weakness:
- NVDA -1.8%, NFLX -1.7%, AAPL -1.5%, GOOG -1.3%, FB -1.3%
Other news:
- NLNK -33.3% (after IDO peer Incyte (INCY -- halted) announced that its Phase 3 ECHO-301/KEYNOTE-252 study evaluating epacadostat in combination with KEYTRUDA)
- INCY -18.0% (External Data Monitoring Committee determined that the Phase 3 ECHO-301/KEYNOTE-252 study did not meet the primary endpoint)
- MNKD -15.5% (announces $28.0 mln registered direct offering)
- CDXS -9.3% (priced offering of 3,750,000 shares of its common stock at a public offering price of $9.25/share)
- NEWM -8.7% (priced public offering of 6 mln shares of its common stock for gross proceeds of ~$99 mln)
- NOG -7.5% (prices public offering of 58,666,667 shares of its common stock at $1.50 per share)
- MU -3.9% (continued weakness following Fast Money comments and yesterday's UBS Sell rating)
- GERN -2.5% (continued weakness)
- ORBC -2.4% (announces 3 million share stock offering and sees Q1 sales slightly below consensus)
- TSLA -2.2% (modestly pulling back as reports ciculate related to fire on Tuesday/temporary production halt)
- MRK -2.1% (INCY and MRK reported External Data Monitoring Committee determined that the Phase 3 ECHO-301/KEYNOTE-252 study did not meet the primary endpoint)
- AMZN -1.7% (President Trump in press gaggle with reporters aboard Air Force One says AMZN is not on a level playing field; says will study options on what changes he can make to level that playing field)
- URBN -1.4% (Urban Outfitters CEO of Anthropologie Group and President David McCreight will leave on April 27, 2018)
- FE -1% (8point3 Energy detailed impact from anticipated FirstEnergy Solutions Maryland Solar Project termination )
- CRZO -0.9% (responds to Kimmeridge; will only pursue opportunities if deemed accretive and in the best interest of all shareholders)
Analyst comments:
- RUN -6.5% (downgraded to Underperform from Buy at BofA/Merrill)
- XLNX -3.8% (downgraded to Underweight from Neutral at JP Morgan)
- RIO -1.9% (downgraded to Neutral from Outperform at Exane BNP Paribas)
