>>> US Gapping down

Gapping down

With US markets down ~3% in the pre-market, most stocks are trading lower. The following represents weakness based on specific catalysts

Gapping down
In reaction to disappointing earnings/guidance:

AOBC -26.7%, CHUY -5.4%, FNKO -4.8%, HRB -4.8%, SQ -3.2% (lowers guidance to reflect convertible note issuance), IMMR -2.8% (also reaches agreement with shareholder VIEX Capital for Board refreshment and strategy committee), SBUX -2.8% (provides coronavirus impact, China comps for MarQ will be down approx 50%), COO -2%, COO -1.9%, COST -1.7%, ADT -1.1%

Select financial related names showing weakness:

MS -4.8%, C -4.7%, JPM -4.4% (also - discloses that CEO Jamie Dimon Jamie experienced an acute aortic dissection; he underwent successful emergency heart surgery to repair the dissection; he is recovering well) BAC -4.2%, GS -4.2%, XLF -3.8%, WFC -3.8%, DB -2.7%, CS -2.4%

Select ETFs trading lower indicating broad based weakness:

XLE -4.2%, XLK -4%, QQQ -3.6%, XLI -3.5%, SPY -3.3%, DIA -3%, IWM -3%, IGV -2.9%, XLB -1.7%

Other news:

VGR -4.8% (cuts dividend in half)

WDC -4% (names new CEO)

ALXN -3.1% (presents long-term safety and efficacy results from the Phase 3 PREVENT study and open-label extension of SOLIRIS)

GPS -2.9% (appoints Sonia Syngal as CEO)

AZN -1.4% (provides update on Phase III DANUBE trial for Imfinzi and tremelimumab in unresectable, Stage IV bladder cancer; did not meet the primary endpoints)

Analyst comments:

KR -2.8% (downgraded to Neutral from Outperform at Credit Suisse)

LX -2.4% (downgraded to Hold from Buy at China Renaissance)