Gapping up
In reaction to strong earnings/guidance:
- BIG +10.9%, WSM +10.5%, GCO +7.2%, OKTA +6.6% (also announces first Asia Pacific infrastructure and new office in Germany), YEXT +2.8%, MRVL +2.7%, ASND +2.6%, UBER +2.3%
Other news:
- BRFS +6.1% (confirms has started negotiations with Marfrig in connection with a potential business combination)
- FOLD +2.2% (prices underwritten offering of 16,279,070 shares of its common stock at $10.75 per share)
- NSTG +1.7% (announces partnerships with three Contract Research Organization)
- IOVA +1.7% (updated data from studies of TIL therapy LN-145 in patients with advanced cervical cancer and TIL therapy lifileucel in advanced melanoma)
- RH +1.1% (WSM sympathy)
- DISCA +0.8% (CEO of Global Direct to Consumer bought 35.9K shares)
- CWH +0.8% (affirms $0.08/share quarterly dividend, declares special dividend of $0.0732/share)
- LYFT +0.7% (UBER sympathy)
Analyst comments:
- WTRH +3.7% (initiated with Overweight at Piper)
Early premarket gappersGapping up:
- BIG +10.9%, WSM +9.7%, BRFS +6.1%, OKTA +5%, WTRH +3.7%, YEXT +2.8%, MRVL +2.7%, ASND +2.6%, NSTG +1.7%, MDCO +1.7%, RH +1.1%, GME +1.1%, UBER +1%, LYFT +0.9%, DISCA +0.8%, GCO +0.8%, RGLD +0.6%, XRAY +0.5%
Gapping down:
- ZUO -32.2%, NTNX -20.4%, ELTK -18.9%, GPS -14.1%, RRGB -12.6%, SCHL -9.7%, XBIT -9%, ULTA -4.1%, ZS -3.7%, DELL -3.6%, VMW -3.4%, GPRO -2.2%, COST -1.5%, ES -1.3%, ATHX -1.1%
Japan Econ Min Motegi: Reiterates view that domestic recovery would gradually continue; more attention needs to be paid to overseas conditons
- Reiterates that US-Japan trade talks got off to a good start but US-China relations are worsening
- China economic slowdown affecting Japanese manufacturing
- US tariffs on Mexico not desirable for world economy
Stocks declined in Asia alongside Treasury yields as traders mulled new developments in President Donald Trump’s trade war.
A threat of tariffs on Mexico and a report of retaliation plans from China sent 10-year Treasury yields to fresh 20-month lows of 2.17%. Japanese shares retreated, while shares in Korea, Hong Kong and China fluctuated. Futures on the S&P 500 Index headed for their worst week since the global market rout in December. The Mexican peso tumbled 2.1%. The yen advanced and oil slid.
US After Hours WSM +11.5%, OKTA +8%, MRVL +3%, UBER +2.4%, ZUO -27%, NTNX -15%, GPS -12.1%, DELL / VMW -3% following earnings/guidance
Nikkei -1.63% Hang Seng -0.51% CSI -0.19% Shanghai -0.18% Shenzen +0.03%
Eur$ 1.1135 CNH 6.9311 CNY 6.9065 JPY 108.92 GBP 1.2607 CHF 1.0061 RUB 65.3005 TRY 5.8852 WTI$ 55.96 -1.11%
S&P -0.84% EuroStoxx -1.09% FTSE -0.59% Dax -1.13% SMI -0.31%
Macro :
- Watch These Mexico-Exposed European Stocks on Trump Tariff Plan
- Trump Tariff on Mexican Oil Would Slam U.S. Gulf Refiners
- JPMorgan Says This $720 Billion Area Is Only Getting Started (1)
Keep an Eye on :
- ALV GY : LV= Sells Remaining Stake in Unit to Allianz for Up to GBP365m
- MT NA : ArcelorMittal CFO Calls on EU to Solve China Steel Surplus
- BA/ LN : BAE Maritime Unit Director Wolstenholme Left Co.: FT (Earlier)
- CAPC LN : Capco Says Earls Court Interest Valuation Down 10.5% Since Dec.
- CSGN SW : Credit Suisse CEO ‘Very Skeptical’ of Cross-Border M&A: L’Agefi
- EFGN SW : EFG Plans Buyback of As Much as 8 Million Shares
- ENI IM : ENI Board Begins up to EU400 Million Buyback Program
- FCA IM : Fiat Chrysler Requests Meeting With Nissan, MMC CEOs: Nikkei
- FCA IM : Fiat CEO Sold Shares a Day After Merger Offer: Automotive News
- GEN DC : Genmab’s Daratumumab Combo Gets FDA Priority Review
- IDEX NO : Idex Biometrics Appoints Derek P. D’Antilio New CFO From July 8
- JD/ LN : JD Sports' chairman awarded £6m cash bonus over four years
- KDS NA : Kiadis Pharma Offering Prices 3.68m Shares at EU7.50/Share
- LAT FP : Latecoere Is Open To Merger Of Equals, CEO Tells Le Figaro
- LGEN LN : L&G to Sell General Insurance Ops to Allianz for GBP242m Base
- MB IM : Mediobanca Plans Investment Banking Changes in High-Margin Focus
- NOVBN SW : Novartis Meets Endpoints on Slow Pharma Day: EU Health Care Wrap
- SAN SM : Santander to Sell 50.01% of Global Seguros for EU82M: Expansion
- RNK LN : Rank In Advanced Talks on Possible 151p/Shr Stride Gaming Offer
- RNO FP : Nissan's Saikawa Shows Interest in Meeting FCA Chairman: Kyodo
- SPM IM : Saipem Says Brazil Authority Opens Probe on 2011 Petrobras Pact
- SHLTN SW : Mandatory Offer Price For SHL Telemedicine Cut to CHF 7.70/Share
- SNH GY : Steinhoff Says CVA Long-Stop Date Extended to June 30
- STOB LN : Stobart CEO Warwick Brady Buys 50,000 Shares at 125.9 Pence Each
- TLGO SM : Talgo to Supply 2 Trains to Uzbekiston Temir Yollari
- VOW3 GY : Global Carmakers Roiled Again as Trump Takes Aim at Mexico
- WIZZ LN : Wizz Air FY Net Beats Ests., Sees 2020 Net of EU320m-EU350m (1)
>>> Up
* Axel Springer Upgraded to Hold at Berenberg
* Equinor Upgraded to Buy at HSBC; Price Target 212 Kroner
* Mediaset Upgraded to Overweight at JPMorgan; PT 3.10 Euros
* Shell Upgraded to Buy at SocGen
>>> Down
* *DAIMLER PRICE TARGET CUT TO EU40 FROM EU44 AT CITI; STREET LOW
* Munich Re Downgraded to Hold at HSBC; PT 235 Euros
* Standard Life Aberdeen Cut to Hold at HSBC; PT 2.95 Pounds
* Zurich Ins. Downgraded to Hold at HSBC; PT 355 Francs
>>> Initiation
* Boohoo Rated New Buy at Panmure Gordon; PT 3.08 Pounds
* Joules Rated New Buy at Panmure Gordon; PT 3.65 Pounds
* Kingspan Rated New Overweight at Morgan Stanley
* Rockwool Rated New Underweight at Morgan Stanley
* Superdry Rated New Sell at Panmure Gordon; PT 4.02 Pounds
* Ted Baker Rated New Hold at Panmure Gordon; PT 15.25 Pounds
>>> Call
* Naturgy’s Only Buy Reiterated as Macquarie Ups Street-High PT
* *DAIMLER PRICE TARGET CUT TO EU40 FROM EU44 AT CITI; STREET LOW
* Kingspan Set at Overweight, Rockwool Underweight: Morgan Stanley