>>> US Gapping down

Gapping down

Briefing note - With US futures down 2.5-3% in pre-market, most stocks are trading lower. The following represents a snap shot of sectors and names with identified catalysts

Gapping down
In reaction to disappointing earnings/guidance:

  • CRI -9.7%, DORM -4.9%, BRK.B -3.7%, SPNS -2.2%, EPZM -1.9%, AWI -1.4%, STAR -0.7%

Select sectors showing weakness:

  • SMH -4%, XLK -3.5%, XLE -3%, QQQ -2.8%, XLF -2.8%, IWM -2.7%, DIA -2.7%, XLY -2.7%, SPY -2.5%, XLI -1.9%

Select travel related names showing early weakness:

  • CCL -6%, AAL -5.1%, DAL -5%, RCL -4.5%, UAL -2.9%

Other news:

  • CEL -7.6% (Chairman Ami Erel resigns, effective March 1; no updates on replacement at this time)
  • CRON -5.6% (announces that it will delay its 2019 fourth quarter and full-year earnings release and conference cal)
  • JCAP -4.4% (Jernigan Capital lowers quarterly dividend to $0.23/sh from $0.35/sh)
  • TECK -3.8% (announced it is withdrawing the Frontier Project from the regulatory review process)
  • TCOM -3.7% (reschedules Q4 release to March 18 after the close due to the evolving situation brought on by the novel coronavirus outbreak in China)
  • BB -3.2% (files for 4,182,189 share common stock offering by selling shareholders)
  • EBAY -1.5% (issues on statement regarding the previously announced strategic review of its Classifieds Group)

Analyst comments:

  • GLPG -8% (downgraded to Underperform from Neutral at BofA/Merrill)
  • W -6.4% (downgraded to Underweight from Equal-Weight at Morgan Stanley)
  • ACB -6% (downgraded to Market Perform from Outperform at Cowen)
  • TLRY -6% (downgraded to Market Perform from Outperform at Cowen)
  • COMM -4.5% (downgraded to Hold from Buy at Deutsche Bank)
  • A -4.4% (downgraded to Hold from Buy at Needham)
  • NCLH -4.2% (downgraded to Hold from Buy at Argus)
  • FSLR -3.9% (downgraded to Underperform from Buy at BofA/Merrill)