>>> US Gapping up


Gapping up
In reaction to strong earnings/guidance:

  • N/A.

Other news:

  • TSLA +16.7% (settles SEC investigation; Elon Musk will step down as Tesla's Chairman, will be ineligible to be re-elected Chairman for 3 years; Musk and Tesla will each pay a separate $20 million penalty)
  • IGC +14.7% (enters into $15 mln common stock At-the-Market Offering Agreement with The Benchmark Company and ViewTrade Securities)
  • GE +14.3% (names H. Lawrence Culp, Jr. as CEO and Chairman)
  • TLRY +8.6% (receives sales license from Health Canada to sell cannabis under the Access to Cannabis for Medical Purposes Regulations)
  • CORT +8.1% (FDA has granted orphan drug status to Corcept's selective cortisol modulator relacorilant to treat patients with pancreatic cancer)
  • ADMA +7.7% (resubmits Biologics License Application for RI-002)
  • TRXC +5.5% (receives CE Mark approval for its Senhance Ultrasonic Instrument System)
  • AVEO +4.2% (initiates topline analysis of the phase 3 TIVO-3 clinical trial)
  • INSY +3.9% (signs definitive license agreement with Lunatus to commercialize Subsys)
  • PX +2.7% (Linde (LNAGF) receives approval from China for PX merger)
  • HSIC +1.1% (Henry Schein, Patterson Companies (PDCO) and Benco Dental Supply agree to settlement related to Supplies Antitrust Litigation)

Analyst comments:

  • LOGM +3.8% (upgraded to Outperform from Perform at Oppenheimer)
  • TEVA +3.7% (added to Conviction Buy List at Goldman)
  • ENTG +2.6% (upgraded to Buy from Hold at Deutsche Bank)
  • BCS +2.1% (upgraded to Buy from Hold at Berenberg)
  • UPS +1.6% (upgraded to Outperform from Market Perform at BMO Capital Markets)
  • MTB +1.5% (upgraded to Outperform from In-line at Evercore ISI)
  • STOR +1.1% (upgraded to Overweight from Equal-Weight at Morgan Stanley)

WSJ : GE Names New CEO, Replacing Flannery

GE Names New CEO, Replacing Flannery
H. Lawrence Culp is appointed new chairman and CEO

General Electric Co. GE -2.08% said John Flannery is stepping down as its chairman and chief executive, naming H. Lawrence Culp Jr. as his successor, effective immediately.

Mr. Culp was approved to the role in a unanimous vote by the company’s board of directors. Mr. Culp has served as the chief executive of Danaher Corp. for 14 years.

The company said it has also appointed Thomas Horton as lead director. Both Messrs. Culp and Horton have been members of the board since April.

Additionally, the company said it expects to miss its guidance for earnings per share and free cash flow for 2018. It said it would also take a non-cash impairment charge related to the power business. It has $23 billion of goodwill related to the business and that “the goodwill impairment charge is likely to constitute substantially all of this balance.”

Shares of GE rose 11% in premarket trading. The stock is down 35% so far this year.

>>> US Early premarket gappers

Early premarket gappers

Gapping up:

  • TSLA +16.1%, AFMD +5.7%, BLDP +4.9%, TS +3.5%, GOOS +3.4%, TEVA +3.3%, INSM +3.1%, ARGX +3%, RACE +2.4%, WPP +2.3%, SQ +2.3%, BCS +2.1%, BP +1.8%, CHK +1.8%, JD +1.8%, GM +1.6%, SHOP +1.5%, TKC +1.5%, INFY +1.3%

Gapping down:

  • INFN -7.5%, DLPH -2%, REVG -1.8%, ABEV -1.8%, INTC -1.8%, FFIV -1.7%, VTR -1.7%, CMG -1.4%, LRCX -1.3%, AMD -1.2%, CRSP -1.2%, WDC -1.1%, BUD -1%, AMAT -0.6%

>>> What to look at today - 1st of October 2018

U.S. equity futures, Canada’s dollar and Mexico’s peso all climbed as American and Canadian negotiators reached a deal to preserve a three-way trade bloc with Mexico. There was little follow-through to other markets, with Asian trading thinned by holidays.
Japanese shares were mixed, though the Nikkei 225 Stock Average managed to close at its highest level since 1991. FTSE 100 futures tipped a modest drop in U.K. stocks. Contracts on the S&P 500 Index indicated it will extend its advance after the best quarter since 2013. Oil gained on concern of an impending supply crunch. U.S. 10-year Treasury yields ticked higher, to 3.07 percent.

Nikkei +0.52% Hang Seng +0.26% CSI +1.04% Shanghai +1.06% Shenzen +0.83%

Eur$ 1.1580 CNH 6.8871 CNY 6.8688 JPY 113.97 GBP 1.3025 RUB 65.52 CHF 0.9824 TRY 6.0478 WTI$ 73.47 +0.30%

S&P +0.49% EurStoxx +0.03% FTSE -0.23% Dax +0.01% SMI +0.12%

Macro :
- Citi Warns S&P 500 ‘Stretched’ While Targeting 3,100 For 2019
- China Publishes List of Items Subject to Import Tariff Cuts
- Italy to Target 2019 GDP Growth of at Least 1.5%: Sole
- Point72 Bias Suit Dropped in Court, to Remain With Arbitrator

Keep an eye on :
- ALV GY : Allianz CFO Says Plans to Cut Property Insurance Cost Ratio: BZ
- AZN LN : AstraZeneca Sells Atacand Rights to Cheplapharm
- BAYN GY : Bayer CEO Sees Solid Year, Glyphosat Risk Overblown, Bild Says
- BOKA NA : Boskalis Westminister Wins Tender for New Dutch Road Connection
- CO FP : Casino to Sell Monoprix Real Estate Assets for EU565m
- CFT SW : CFTC Charges TFS-ICAP With Fraud Over Trading Manipulation
- CMCSA US : Comcast, Charter Struggling to Sell Stakes in Mets: NYP
- DIA SM : DIA shareholder Mikhail Fridman ups stake to 29%, close to launching takeover bid
- EDP PL : EDP Says Capital Group Cuts Stake in Utility to 2.96%
- EIFF FP : Societe de La Tour Eiffel, Affine Announce Plan to Merge
- ESUR LN : Tosca Sells 47.4m Esure Shares, Buyers Commit to Irrevocable
- MTO LN : Mitie Sells Pest Control Business to Rentokil For GBP40m in Cash
- PARRO FP : Faurecia Completes Purchase of Parrot Faurecia Automotive
- UG FP : Peugeot Goes High Style to Counter Brand Apathy in Robo-Car Era
- REE SM : Red Electrica Puts Hispasat Purchase Plan on Hold: Expansion
- ROG SW : Genentech’s Xolair Prefilled Syringe Formulation Gets FDA OK
- RYA LN : *RYANAIR CUTS FY19 PROFIT GUIDANCE BY 12% CITING OIL, COSTS
- SAN FP : Regeneron, Sanofi Win Approval for First Immuno-Oncology Drug
- SBMO NA : SBM Offshore Former CEO Sentenced to Prison in Bribery Probe
- SON PL : Sonae to Buy 60% Stake in Arenal Perfumerias Parent Tomenider
- TKA GY : Thyssenkrupp Board Names Bernhard Pellens as Chairman
- VOW3 GY : Audi Already Has 15,000 Orders for Electric E-Tron Car: Report
- WDP BB : Warehouses De Pauw to Spend About EU75m on Expansion in Romania
- WRT1V FH : Wartsila to Reorganize Into Two Business Areas