>>> After Hours Summary: LULU +6%, SCVL -8%, SONC -5% following

After Hours Summary: LULU +6%, SCVL -8%, SONC -5% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: LULU +6.2%

Companies trading higher in after hours in reaction to news: ANW +31.6% (announces expiration of contractual deadline for approvals of previously announced share purchase agreement with shareholders of H.E.C. Europe; agreement has been terminated), CGG +5.8% (upgraded to Buy from Sell at Goldman), DXCM +4% (FDA granted a De Novo request for the G6 CGM System, the newest generation of CGM for people with diabetes ages 2 and up), RBC +2.6% (still checking -- Nasdaq/NYSE may cancel some trades), BB +1.5% (ahead of earnings), VNTR +0.6% (light volume; initiated with Outperform at BMO Capital Markets), NKE +0.6% (Darren Rovell reported that NFL owners have approved a 10 year extension to league's apparel deal with NKE), V +0.4% (light volume; initiated with Outperform at Bernstein)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: TEUM -11.7%, SCVL -7.9%, SONC -4.7%

Companies trading lower in after hours in reaction to news:  APRI -26.7% (nanocap stock notably lower after commencing public offering of common stock and warrants), LAND -1.1% (prices 1.1 mln shares of common stock at $12.15 per share), NSPR -14.6% (proposed public offering of common stock), INPX -8.1% (files for $200 mln mixed securities shelf offering), ATOS -6% (files mixed securities shelf offering), D -1.6% (announced several initiatives to improve its near-term credit profile; commenced offering of 20 mln shares of common stock in connection with forward sale agreements; reaffirms guidance), PTCT -1.3% (commences public offering of 4 mln shares of common stock), GIS -1.2% (priced 22,727,273 share common stock offering at $44/share), GERN -0.8% (continued weakness after today's 14% decline), TSLA -0.4% (Moody's downgrades Tesla's corporate family rating to B3, senior notes to Caa1; Outlook is negative)


>>> What to look at today - 28th of March 2018

Equities in Asia declined after a sell-off in technology shares spooked investors assessing threats to earnings growth for the industry that propelled last year’s rally. The yen slipped and 10-year U.S. yields consolidated below 2.8 percent.
Stocks retreated across the region, with Samsung Electronics Co. and Tencent Holdings Ltd. the biggest decliners on the MSCI Asia Pacific Index. Earlier, American tech shares suffered their worst drop since the broad market correction in early February as investors were rattled by news from Nvidia Corp. and mounting concerns surrounding Facebook Inc. The British pound rose following a report on plans to avoid a post-Brexit hard border with Ireland. The yen declined amid signs of an improving geopolitical situation with North Korea.

Nikkei -2.15% Hang Seng -1.81% CSI -1.78% Shanghai -1.33% Shenzen -0.83%

Eur$ 1.2407 CNH 6.27 CNY 6.2810 JPY .2 GBP 1.4188 CHF 0.9483 RUB 57.4637 WTI$

S&P -0.06% EuroStoxx -0.96% FTSE -0.70% Dax -0.95% SMI -0.53%


Macro :
- Treasuries Jump May Be the Start of Something Bigger: Macro View
- U.S. Said to Weigh Emergency Law for China Investment Crackdown

Keep an eye on :
- ADP FP : France to Present Law May 2 to Cut ADP, Engie Stakes: Le Figaro
- AGS BB : Ageas Says Amsterdam Court to Rule July 13 on Fortis Settlement
- AIR FP : Obermann Seen as Frontrunner for Airbus Supervisory Chief: HB
- AKZA NA : *AKZO NOBEL MAY DECIDE TO GO AFTER AXALTA AGAIN, CITI SAYS
- MT NA : Arcelor Is Said to Plan Asset Sales to Clear Ilva Deal: Platts
- AT1 GY : Aroundtown Full Year Adjusted Ebitda Beats Highest Estimate
- CRG IM : Banca Carige Approves Sale of EU1b of NPLs
- BTG GY : Bertelsmann to Delay 2020 Rev. Goal, CFO Tells Boersen-Zeitung
- BMW GY : Bridgewater Takes 0.51% Short in BMW, German Gazette Shows
- BRBY LN : Burberry Upgraded to Buy at Goldman
- CPI LN : Capita May Unveil 5-Year Plan, Rights Issue Info April 26: Rtrs
- CO FP : Casino Says Process to Sell Via Varejo in Brazil Is Ongoing
- CGG FP : CGG’s ‘Rebirth’ Leads to Double-Upgrade at Goldman Sachs
- BN FP : Danone Sells $1.6 Billion Worth of Yakult Shares to Cut Stake
- DIREN FP : Direct Energie CEO Says Co. Complies With Privacy Regulations
- ENGI FP : France to Present Law May 2 to Cut ADP, Engie Stakes: Le Figaro
- EVT GY : Evotec Full Year Revenue Beats Highest Estimate
- EVT GY : Evotec Plans Conversion Into European Company
- FCT IM : Fincantieri Full Year Revenue EU5.02 Bln
- GTO NA : Thales Starts Offer for All Gemalto Shares
- HHFA GY : Hamburger Hafen FY Dividend Per Share 1.5% Above Est.
- HSBA LN : HSBC Said to Freeze Account Tied to $500 Million Angolan Fraud
- NESN SW : Nestle CEO Prioritizing Company Revamp From the Inside: NZZ
- ORP FP : Orpea FY Ebitda Climbs 15%; Co. Sees 2018 Margin at Least Stable
- SAF FP : Safran Starts Buyback Program, Targets Up to EU230M by May 18
- G24 GY : Scout24 Full Year Dividend Per Share Beats Estimates
- AM3D GY : SLM Solutions Full Year Loss EU3.74 Mln
- S92 GY : SMA Solar Full Year Dividend Per Share Beats Estimates
- SKG ID : International Paper’s Pursuit of Smurfit Kappa May Turn Hostile
- SUBC NO : Subsea 7 Cut as Jefferies Worries About Margin Pressure
- TELIA SS : Telia, Other Turkcell Shareholders Agree on Dividend Proposal
- HO FP : Thales Starts Offer for All Gemalto Shares
- TIT IM : Telecom Italia April 24 AGM Agenda Updated on Elliott Request
- TI IM : Tel. Italia: Regulator Informed of Network Separation Project
- TSLA US : Tesla Says Cause of Crash Not Yet Known Without Vehicle’s Logs
- UHR SW : Swatch Upgraded to Hold at Berenberg
- VAHN SW : Vaudoise Full Year Combined Ratio Reported 93.9%
- VWS DC : MHI Vestas Offshore Signs Agreements With Taiwan Suppliers

>>> Europe : Brokers Upgrades & Downgrades - 28th of March 2018

>>> Up
* AB Foods Upgraded to Overweight at Morgan Stanley; PT 30 Pounds
* Actia Group Upgraded to Add at Portzamparc; PT 8.20 Euros
* AT&T Upgraded to Buy at HSBC; PT $41
* Aurubis Upgraded to Neutral at Macquarie; Price Target 66 Euros
* Bacanora Lithium Raised to Outperform at Macquarie
* Bureau Veritas Raised to Buy at Kepler Cheuvreux; PT 22.90 Euros
* Burberry Upgraded to Buy at Goldman
* CGG SA Upgraded to Buy at Goldman; PT 2.57 Euros
* EMS-Chemie Upgraded to Hold at Kepler Cheuvreux; PT 600 Francs
* Freenet Upgraded to Hold at Kepler Cheuvreux; PT 25 Euros
* G4S Upgraded to Hold at HSBC; PT 2.45 Pounds
* Immobiliare Grande Distribuzione SIIQ Raised to Buy at SocGen
* JCDecaux Upgraded to Buy at Kepler Cheuvreux; PT 31 Euros
* Rockwell Automation Raised to Outperform at Wells Fargo; PT $205
* Swatch Upgraded to Buy at Kepler Cheuvreux; PT 475 Francs
* Verizon Upgraded to Buy at HSBC; PT $55

>>> Down
* ABC arbitrage Cut to Hold at Kepler Cheuvreux; PT 7.50 Euros
* Coca-Cola Cut to Equal-weight at Consumer Edge Research; PT $50
* Hunting Downgraded to Neutral at Macquarie; PT 7.10 Pounds
* Prosegur Cash Downgraded to Hold at HSBC; PT 2.90 Euros
* Subsea 7 Downgraded to Hold at Jefferies

>>> Initiation
* Halcor Rated New Buy at Axia Ventures; PT 2.30 Euros
* Hermes International Reinstated Neutral at Goldman

>>> Call

>>> Bank of Japan (BOJ) Gov Kuroda: Reiterates to continue with powerful easing,

Bank of Japan (BOJ) Gov Kuroda: Reiterates to continue with powerful easing, have taken appropriate policy at the right time - parliament
- Commitment is important to increase impact of policy - Reiterates not enough for just prices to rise
- BOJ wants inflation to rise amid virtuous economic cycle
- No comment on if he supports planned sales tax hike, that is up to the Govt and Diet
- Vital for govt to keep fiscal trust in long term
-Effect of 2019 sales tax hike likely to be less than in 2014
- Japan's debt is high, important to deal with that
- Reaction to 204 sales tax was larger than expected. BOJ underestimated short term impact at that time

Reuters - Exclusive: OPEC, Russia consider 10-20 year oil alliance - Saudi Crown

Exclusive: OPEC, Russia consider 10-20 year oil alliance - Saudi Crown Prince

NEW YORK (Reuters) - OPEC and Russia are working on a long-term deal to cooperate on oil supply curbs that could extend controls over world oil supplies by major exporters for many years to come.

Saudi Crown Prince Mohammed bin Salman told Reuters that Riyadh and Moscow were considering extending an alliance on oil curbs that began in January 2017 after oil prices crashed.

“We are working to shift from a year-to-year agreement to a 10-20 year agreement,” the crown prince told Reuters in interview in New York.”We have agreement on the big picture, but not yet on the detail.”

Top OPEC producer Saudi Arabia recruited Russia and other producers to collaborate with the Organization of Petroleum Exporting Countries when oil prices collapsed from over $100 a barrel in 2014 to below $30 in 2016.

Crude has recovered to $70 but fast-rising output from U.S. shale producers has capped prices.

Russia, never a member of OPEC, has worked alongside OPEC during previous oil gluts, dating back to 1990, but a 10-20 year deal between the two would be unprecedented.

The crown prince said a flotation of 5 percent of state Saudi oil company Aramco could take place at the end of 2018 or early 2019, depending on market conditions.

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance:

  • FRAN -4.2%, PUMP -3.9%

Other news:

  • LFIN -19% (continued weakness; to be removed from the Russell Indexes on March 28)
  • OSTK -8.7% (to offer 4 mln shares of common stock)
  • NVTA -6.4% (commences $50.0 mln common stock offering)
  • LAND -6.3% (to sell shares of its common stock in an underwritten public offering)
  • GERN -6.2% (cautious article from biotech blogger Adam Feuerstein)
  • LMRK -3.3% (commenced offering of Series C Floating-to-Fixed Rate Cumulative Perpetual Redeemable Convertible Preferred Units representing limited partner interests)
  • AUPH -3.3% (filed amendment to short form base shelf prospectus initially filed in January)
  • MGNX -3% (commences 4.5 mln share common stock offering)
  • BFAM -1.3% (priced public offering by certain of its stockholders of 4,606,062 shares of its common stock at $102.70/share)
  • GIS -0.9% (proposes public offering of $1 bln in common stock in connection with pending acquisition of Blue Buffalo Pet Products; files debt securities and common stock shelf offering )

Analyst comments:

  • CSIQ -1.5% (downgraded to Underweight from Neutral at JP Morgan)
  • KIM -1.2% (downgraded to Equal-Weight from Overweight at Morgan Stanley)
  • CHK -1% (downgraded to Underperform from Mkt Perform at Bernstein)


>>> US Gapping up

Gapping up

Gapping up
In reaction to strong earnings/guidance:

  • RHT +6.2%, MKC +3.8%, CC +1.1%, WBAI +1%

M&A news:

  • GGP +2.3% (BPY to acquire outstanding GGP common stock)

Other news:

  • FENC +12.4% (receives breakthrough therapy designation by FDA for Pedmark)
  • ITUS +8.5% (announces results of blinded prostate cancer study)
  • ECR +6.2% (provides updated projections regarding Marcellus Condensate type curve; initiates strategic review)
  • EKSO +2.4% (after closing near highs - up 35% on the day)
  • QTNT +2.2% (reports concordance data for the MosaiQ blood grouping microarray generated in recent V&V head-to-head studies; CEO retires)
  • ESPR +2.2% (positive top-line results from Phase 2 clinical study in patients with hypercholesterolemia)
  • ATRS +1.4% (receives official minutes from Type A meeting with FDA regarding XYOSTED NDA)
  • TVPT +1.2% (continued strength after Elliott disclosed stake)
  • BLDP +0.8% (unit receives $1.9 mln follow-on order from US Army)

Analyst comments:

  • ADMS +4.4% (initiated with a Buy at BofA/Merrill)
  • BBT +2.1% (upgraded to Outperform from Market Perform at Wells Fargo)
  • LRCX +1.8% (initiated with a Buy at Mizuho)