>>> US Gapping up

Gapping up

In reaction to strong earnings/guidance:

  • N/A.

M&A news:

  • DD +3.4% (Intl Flavors to merge with DuPont's (DD) Nutrition & Biosciences business; deal values the combined company at $45.4 bln; both IFF and DD reaffirm FY19 guidance)

Select financial related names showing strength:

  • BCS +3.3%, LYG +2%, HSBC +2%, DB +1.9%, BBVA +1.5%, SAN +1.5%, RBS +1.2%, GS +1.1%

Other news:

  • AXSM +82.2% (announces axs-05 achieves primary endpoint in gemini phase 3 trial in major depressive disorder; AXS-05 met the primary endpoint)
  • AMRN +7.3% (FDA approves use of drug to reduce risk of cardiovascular events in certain adult patient groups)
  • HZNP +6.6% (Horizon Pharma confirms unanimous FDA DODAC vote to support the use of teprotumumab for the treatment of Thyroid Eye Disease )
  • GLOG +5.6% (announces newbuild financing facility, enhancements to existing facilities and payment of special dividend of $0.38/share)
  • KURA +3.2% (receives fast track designation for Tipifarnib in HRAS mutant hnscc and provides enrollment guidance for AIM-HN Trial)
  • ATNX +2.4% (expands its strategic partnership with Guangzhou Xiangxue Pharmaceutical through a licensing agreement for its product candidates oral paclitaxel and oral irinotecan, as well as tirbanibulin ointment, in China, Hong Kong and Macao)
  • ETRN +2% (Equitrans Midstream and EQM Midstream Partners (EQM) provide 2020 financial and CAPEX guidance)
  • ESRT +1.7% (reauthorizes the repurchase of up to $500 million of Class A common stock, and ESRO's Series ES, Series 250 and Series 60 operating partnership units)
  • SCVL +1% (authorizes new share repurchase program for up to $50 mln of outstanding common stock, effective January 1, 2020)

Analyst comments:

  • ELF +7.1% (upgraded to Overweight from Equal-Weight at Morgan Stanley)
  • WDC +3.4% (upgraded to Positive from Neutral at Susquehanna)
  • MU +3.2% (upgraded to Positive from Neutral at Susquehanna)
  • KMT +2% (upgraded to Overweight from Equal Weight at Wells Fargo)
  • COHR +1.7% (upgraded to Positive from Neutral at Susquehanna)
  • AGCO +1.5% (upgraded to Equal-Weight from Underweight at Morgan Stanley)
  • SPB +1.3% (upgraded to Outperform from Perform at Oppenheimer)
  • GS +1.1% (upgraded to Buy from Neutral at Citigroup)
  • USB +0.8% (upgraded to Neutral from Sell at Citigroup)