Stocks in Asia pared earlier gains as tensions reignited between India and Pakistan. The dollar edged higher with Treasuries as traders awaited the second half of Federal Reserve Chairman Jerome Powell’s testimony to Congress on the economy and kept a watch on the U.S.-North Korea summit.
Equities came off their highs in Japan and Australia, while Chinese and Hong Kong shares erased an advance. Pakistani fighter jets struck at targets inside Indian-controlled Kashmir, according to a statement from Pakistan’s foreign ministry. European and U.S. futures turned lower. The pound held Tuesday’s gains spurred by a promise from U.K. Prime Minister Theresa May for a vote to delay Brexit if her proposed deal fails.
US After Hours TNDM +19%, PANW +9%, JAZZ +8%, MELI +7% are higher, while WTW -31%, ELF -17%, WLL -11%, MYL -10%, TIVO -8%, BGS -7% are lower following earnings/guidance
Nikkei +0.50% Hang Seng -0.08% CSI -0.76% Shanghai -0.07% Shenzen -1.16%
Eur$ 1.1376 CNH 6.6921 CNY 6.6915 JPY 110.44 GBP 1.3250 CHF 0.9997 RUB 65.7550 TRY 5.3009 WTI$ 55.88 +0.70%
S&P -0.25% EuroStoxx -0.37% FTSE -0.38% Dax -0.37% SMI -0.34%
Macro :
- May Buys Off Rebel Tory Ministers With Chance to Delay Brexit
Keep an eye on :
- ARL GY : Aareal Bank 2019 Operating Profit Forecast Misses Estimates
- ADYEN NA : Adyen 2H Net Revenue Jumps 54%, Beats Estimates
- AED BB : Aedifica Buys Rest Homes in Chemnitz, Leipzig for About EU22m
- AIR FP : *BOEING SIGNS $12.7B PLANE ORDERS FROM VIETJET
- AF FP : Dutch State Has Acquired 12.68% Stake in Air France-KLM
- AF FP : Dutch Government Buys Air France-KLM Stake, Aims to Match France
- AH NA : Ahold Delhaize 4Q Adjusted Operating Profit 2.4% Above Est.
- ALTR PL : Altri Says Mondego Unit Issued EU50m in Green Bonds
- ARCHER NO : Archer Fourth Quarter Revenue Meets Estimates
- BAYN GY : Bayer 4Q Adj. Ebitda in Line; Says U.S. Plaintiffs Number 11,200
- BAYN GY : Bayer Completes NDA Rolling Submission for Darolutamide in U.S.
- BEI GY : Beiersdorf Full Year Sales Meet Estimates
- BEI GY : Beiersdorf To Invest EU70M-EU80M/Year in its Consumer Segment
- BIM FP : BioMerieux Full Year Net Income Beats Highest Estimate
- BOBNN SW : Bobst Full Year Dividend Per Share Misses Lowest Estimate
- CEVA SW : Ceva Logistics 4Q Ebitda Falls 12.3%; Affirms Mid-Term Goals (1)
- COL SM : Colonial Full Year Recurring Ebitda Beats Highest Estimate
- EDP PL : EDP CEO Says 95% of Utility’s Shareholders Aren’t Portuguese
- EDPR PL : EDP Renovaveis Full Year Net Income EU313 Mln
- ENG SM : Enagas Full Year Net Income Meets Estimates
- ELE SM : Endesa Full Year Net Income 2.1% Below Estimates
- ENC SM : Ence Full Year Net Income 1.4% Below Estimates
- ENGI FP : Suez Names Camus as CEO, Chaussade as Chairman of the Board
- FCT IM : Di Maio Says No Decision Has Been Taken Yet on Fincantieri CEO
- GTT FP : GTT FY Ebitda EU168.7m; Targets FY 2019 Ebitda of EU150m-160m
- GVNV NA : GrandVision Full Year Adjusted Ebitda Meets Estimates
- HEIA NA : Heineken Renegotiation with OXXO Removes Overhang: Jefferies
- HLNG NO : Hoegh LNG Fourth Quarter Ebitda Beats Highest Estimate
- KBC BB : KBC Successfully Places Additional Tier-1 Instrument for EU500M
- KUD SW : Kudelski 2018 Revenue Misses Estimates, Sees Slight Rise in 2019
- KNIN SW : Kuehne + Nagel Full Year Ebit 1.3% Below Estimates
- ALY LN : Laura Ashley Says Flacks Group Bid Significantly Undervalues Co.
- MELI US : MELI 4Q Adj Loss/Shr Narrower Than Est.; Shares Rise 5.1%
- MTRO LN : Metro Bank CEO Donaldson: This Has Been ‘Chastening Experience’
- NIBC NA : NIBC Appoints Dick Sluimers as Chairman of Supervisory Board
- NOVOB DC : Novo Says Cutting U.S. Prices Wouldn’t Make Sense: Berlingske
- OCDO LN : *M&S TO PAY OCADO £800M-£900M FOR 50% STAKE IN JV: FT
- UG FP : Europe’s Planned CO2 Limits Threaten Auto Jobs: PSA CEO to FAZ
- PIRC IM : Pirelli Proposes Dividend of EU0.177/Share
- RIO LN : Rio Tinto to Pay $4b Special Dividend, Maintains Output Forecast
- PRS SM : Prisa to Buy Remaining 25% Santillana Stake for EU312.5m
- RDSA LN : Shell Oman Expands Aviation Fuel Pact With Oman Air
- RR/ LN : Rolls-Royce Selects Indianapolis for USAF B-52 Engine Assembly
- SAF FP : Safran FY Adj. Recurring Op. Income EU3.02B; Est. EU2.94B
- SZG GY : Salzgitter Full-Year Sales Meet Estimates, Guidance Affirmed
- SOLB BB : Solvay Fourth Quarter Adjusted Ebitda Meets Estimates
- SEV FP : Suez Full Year Ebit 1.5% Above Estimates
- SRCG SW : Sunrise Is Said to Near Deal for Liberty Global’s Swiss UPC Unit
- SWEDA SS : Swedbank Informed Largest Shareholders of Coming TV Report: DN
- FP FP : Total Stops Oil Shipments Through Pipeline After Leak Near Paris
- UNI SM : Unicaja One of Few Banks to Own in Southern Europe: Berenberg
- VAN BB : Van de Velde Full Year Net Income Beats Highest Estimate
- WIE AV : Wienerberger Full Year Adjusted Ebitda Meets Estimates
>>> Up
* Freenet Upgraded to Hold at Berenberg
* Total Upgraded to Outperform at RBC; PT 60 Euros
* Viscofan Upgraded to Hold at Santander; PT 54 Euros
* Wendel Upgraded to Buy at AlphaValue
>>> Down
* Air France-KLM Cut to Equal-weight at Morgan Stanley
* Beiersdorf Downgraded to Neutral at MainFirst; PT 95 Euros
* DEFAMA AG Cut to Hold at SRC Research; Price Target 15.20 Euros
* EssilorLuxottica Cut to Equal-weight at Morgan Stanley
* ICADE Downgraded to Underweight at Barclays; PT 67 Euros
* Meggitt Downgraded to Neutral at JPMorgan; PT 5.85 Pounds
* Metro Bank Downgraded to Market Perform at KBW; PT 12.50 Pounds
* Moncler Downgraded to Hold at HSBC; Price Target 37 Euros
* Munich Re Cut to Neutral at Goldman; Price Target 215 Euros
* Shell Downgraded to Sector Perform at RBC
* Smurfit Kappa Downgraded to Hold at Goodbody
* Stockmann Downgraded to Sell at SEB Equities; PT 1.70 Euros
* Tullow Downgraded to Hold at Jefferies
>>> Initiation
* Tenaris ADR Maintained at Stifel With Buy; PT $36
* Unicaja Banco Rated New Buy at Berenberg; PT 1.30 Euros
>>> Call
After Hours Summary: TNDM +19%, PANW +9%, JAZZ +8%, MELI +7% are higher, while WTW -31%, ELF -17%, WLL -11%, MYL -10%, TIVO -8%, BGS -7% are lower following earnings/guidanceAfter Hours Gainers:
Companies trading higher in after hours in reaction to earnings/guidance: TNDM +18.6%, OPRX +12.4%, FTR +9.6%, PANW +9.1%, GWPH +8%, JAZZ +8%, MELI +7.4%, IMAX +6.5%, SUPN +5.7%, SE +5.6%, MED +4.8%, HEI +4.2% (light volume), IMMR +3.9%, PLNT +3.5%, AXGN +3.4%, CPE +3%, TOL +3%, PZZA +2.9%, CGBD +2%, OAS +1.7%, VEEV +1.5%, RRGB +1.2%
Companies trading higher in after hours in reaction to news: MAXR +8.6% (ahead of earnings Feb 28), DF +7.7% (commences review to explore and evaluate potential strategic alternatives), LTHM +5.5% (to join S&P SmallCap 600), HRTX +3.5% (announces FDA approval for CINVANTI for IV use NDA), REI +3.4% (light volume; Ring Energy to acquire North Central Basin Assets from Wishbone Energy Partners), IOVA +2.4% (ahead of earnings tomorrow), NIO +2% (continued strength), GE +1.6% (to focus on power, renewable energy, aviation and healthcare segments; from 10-K: Targeting leverage <2.5x and dividend in-line with peers over time), CPB +1.5% (signs definitive agreement for the sale of Garden Fresh Gourmet to an affiliate of Fountain of Health USA), TLRY +1.1% (signs multi-year agreement for cannabis and hemp extraction with Valens GroWorks), BHC +1% (light volume; Bausch Health to acquire certain assets of Synergy Pharmaceuticals [SGYP] for cash purchase price of approx. $195 mln)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: WTW -30.7%, ELF -17.2% (also to exit the stand-alone e.l.f. retail store business, CFO resigns), EVH -15.5%, VICR -13.7%, INGN -11.5%, WLL -11.3%, CLGX -11.1%, MYL -10.1%, TIVO -7.9%, BGS -6.9%, BNFT -6.7% (also announces secondary offering of an aggregate of 5,704,758 shares of common stock), CERS -6.3% (ticking lower), DVAX -5.3% (light volume), AAXN -4.5%, EOG -3.2%, ENPH -2.8%, HPR -2.7%, ACAD -2.4%
Companies trading lower in after hours in reaction to news: KPTI -19.7% (FDA AdCom votes to delay potential approval of selinexor until results of the randomized phase 3 BOSTON trial are available), LPSN -3.4% (to offer private offering of $150.0 mln of Convertible Senior Notes due 2024), VNOM -2.7% (announces public offering of 8.0 mln common units), NYMT -2.6% (prices public offering of 15 mln shares of common stock for gross proceeds of approx $90.0 mln), EQIX -1.4% (announces proposed public offering of $900 mln of common stock), HCP -0.5% (entered into $1 bln 'at-the-market' equity offering sales agreement), QTS -0.5% (prices 6.75 mln share Class A common stock offering at $41.50/share - includes 4 mln sold by the company)