>>> Europe Pre-Market Indiocations

CS
Abertis R FY net income EU897M est EU886.7M
ABN -2-3% Numbers good but capital light (impacts cash return
thesis)
Aker BP +1-2% Positive read from Staoil on Johan Sverdrup
Aker Sol +3% 9% EBITDA beat, revs 7% ahead, guidance unchanged
Akzo Nobel +1% CS UPGRADE to OUTPERFORM (All about M&A)
AstraZeneca +1-2% Positive study of Brilinta, reduces CV events
Carlsberg UNCH FY Sales DKK 61.8b est DK 62.32b, raise cost savings
target
Deut Post -0.5% US weak as Amazon seeks to be added as shipping carrier
Gas Nat +2% confirmed new CEO/Chairman, numbers slightly light
GN Store M/P FY revs DKK9.59b vs cons 9.57b, guidance inline
Hannover Re +2% FY17 Net Income 15% ahead of cons
Hexagon +2-3% Q4 Revenues 4.5% ahead, Adj. Pre-tax 6% ahead
IMB M/P Sees trading in line with views & on track to meet FY
Lundbeck +2-3% Rev guidance light but core EBIT guidance ahead
Lundin +1-2% Positive read from Staoil on Johan Sverdrup
Miners M/P Copper +0.50%, Brent +0.40%, Iron Ore +0.20%, China
-1.70%
Neste +3-5% Beat driven by renewables and divi hike
Novozymes -1% Numbers light, buy back bigger
Orange Bel +2% Q4 Revs 1% below cons, net adds strong, guidance inline
Osram +2-3% Revs and EBITDA ahead, guidance inline
Raiffeisen +1-2% Net profit ahead but no guidance given
Rentokil +2% CS UPGRADE to OUTPERFORM (Risk reward)
Rio -0.5% EBITDA miss, buyback exteneded by $1b, would have liked
$2b
Sanofi -1% Q4 EPS EU1.06 est EU1.15, sales slightly ahead
Severn Trent M/P Numbers inline with market expectations
Smurfit M/P EBITDA 351mln cons 342mln, Europe better, US soft
SHB -1-2% Bottom-line miss of 17% vs cons, costs disappointing
Statoil +2-3% Net income of $1,306m cons $1,286m, propose div hike
Swisscom +1% Q4 EBITDA +1.5% beat with 2018 guidance in line
Talanx +1% Expects FY profit inline, div expected at least flat
Tullow -1-2% Already pre-announced, negative commentary on Kenya

MF
*SANOFI-Q4 Sales 8.69b(8.67),Net 1.33b(1.43),Bizz EPS 1.06(1.15).....-0.5%
*OSRAM-Q1 Ebitda 172m(151),Rev 1.03b(1.02),FY Ebitda 700m(685).......+3% *ABN-FY Pft 2.79b(2.52),Q4 Op Inc 2.43b(2.22),CET1 17.7%(17.7).......+1% *CARLSBERG-FY NI 1.26b(4.87),Ebit 8.88b(8.81),Sales 61.8b(62.23).....-2%
*HANDELSBANK-Q4 NI 3.76b(4.25),NII 7.78B(7.65),CET1 22.7%(23.2)......-2% *GN STORE-FY Rev 9.59b(9.57),Divi 1.25(1.47),1 yr B/B of 1bln........+0.5% *SWISSCOM-FY Rev 11.66b(11.61),Ebitda 4.3b(4.32),FY18 o/l inline.....+1% *STATOIL-NI 1.3b(1.2),Op Inc 4b(3.74),Net 1.3b(1.22),Capex 11b.......+2% *DEUT POST-Amazon eyes move into parcel del say Capital Forum........-0.5% *HANNOVER RE-FY NI 950m(823.1),Gross Prems +9%,Div €5,FY o/l ok......+1% *DELIVERY HERO-Q4 Sales 159.8m(157),FY Sales 544.2m(548),o/l +ve.....+2%
*STOREBRAND-Q4 Net Inc 473m(498.3),Solvency II 172%,Div 2.5..........+2% *LUNDBECK-FY Rev 17.23b(17.25),Ebit 4.41b(4.51),outlook fine.........-1%
*NESTE-Q4 OP 311m(290.6),Rev 3.64b(3.33),FY Div 1.7(1.6).............+2%
*HEXAGON-Q4 PT 240.4m(227),Net Sales 959.3m(917.9),Div 53c(53).......+2% *ELECTROLUX-France alleges co in breach of antitrust rules...........-2%

SHB
CARLB +1% Q4. Adj EBIT 8.88b (+1% v cons 8.81b), mgn 15.8% (Cons 15.6%)
LUNDBECK ->5%q4 rev dkk4.392m (CONS 4.447) PTP 882 (CONS 1.023)
AKSO +3% q4 rev NOK6.444b (cons 6.05) ebitda 482 (cons 440) strong cash flow
GN +2% q4 rev dkk2.677b (CONS 2,652) EBITDA 632m (CONSe 618)
STL +3% DIV incr by 4.5% to $0.23/quarter. Product growth guidance 3-4%
STB +3% Q4 Solvency II 172%. Ptp 381m (cons 654) Gwill -237m (cons -101m)
ATEA +2% Rev nok10b (cons 9.620), adj EBITDA 488m (cons 476).
CAV1V -2% Q4 miss, Rev 590m (-3% v cons 611). No divi paid (Cons EU 0.03).
HEXAB +4% Q4: Rev growth 10% (cons 5.2%), adj EBIT 247 (+7% v cons 231),
NZYMB -2% Q4 rev dkk3.67b (CONS 3.75) EBIT 1.02b (CONS 1.08) FY18 gwth 4-6

>>> ams planning up to EUR 600m CB to fund acquisitions (translated)

Ams planning up to EUR 600m CB to fund acquisitions
07 FEB 2018
ams AG [SIX:AMS], the provider of high performance sensor and analog solutions, is planning to issue a convertible bond to pay for acquisitions, Finanz und Wirtschaft reported.
In a wide-ranging interview ams CEO Alexander Everke told the Swiss bi-weekly he is planning a convertible bond with a volume of up to EUR 600m to pay primarily for acquisitions. Everke did not name any potential targets.

>>> MainFirst Pre Mkt Indications

MainFirst Pre Mkt Indications

*SANOFI-Q4 Sales 8.69b(8.67),Net 1.33b(1.43),Bizz EPS 1.06(1.15).....-0.5%
*OSRAM-Q1 Ebitda 172m(151),Rev 1.03b(1.02),FY Ebitda 700m(685).......+3%
*ABN-FY Pft 2.79b(2.52),Q4 Op Inc 2.43b(2.22),CET1 17.7%(17.7).......+1%
*CARLSBERG-FY NI 1.26b(4.87),Ebit 8.88b(8.81),Sales 61.8b(62.23).....-2%
*HANDELSBANK-Q4 NI 3.76b(4.25),NII 7.78B(7.65),CET1 22.7%(23.2)......-2%
*GN STORE-FY Rev 9.59b(9.57),Divi 1.25(1.47),1 yr B/B of 1bln........+0.5%
*SWISSCOM-FY Rev 11.66b(11.61),Ebitda 4.3b(4.32),FY18 o/l inline.....+1%
*STATOIL-NI 1.3b(1.2),Op Inc 4b(3.74),Net 1.3b(1.22),Capex 11b.......+2%
*DEUT POST-Amazon eyes move into parcel del say Capital Forum........-0.5%
*HANNOVER RE-FY NI 950m(823.1),Gross Prems +9%,Div €5,FY o/l ok......+1%
*DELIVERY HERO-Q4 Sales 159.8m(157),FY Sales 544.2m(548),o/l +ve.....+2%
*STOREBRAND-Q4 Net Inc 473m(498.3),Solvency II 172%,Div 2.5..........+2%
*LUNDBECK-FY Rev 17.23b(17.25),Ebit 4.41b(4.51),outlook fine.........-1%
*NESTE-Q4 OP 311m(290.6),Rev 3.64b(3.33),FY Div 1.7(1.6).............+2%
*HEXAGON-Q4 PT 240.4m(227),Net Sales 959.3m(917.9),Div 53c(53).......+2%
*ELECTROLUX-France alleges co in breach of antitrust rules...........-2%

>>> Europe : Brokers Upgrades & Downgrades - 7th of February 201

>>> Up
* Akzo Nobel Raised to Outperform at Credit Suisse; PT 82.50 Euros
* Atresmedia Upgraded to Neutral at BPI; PT 9.25 Euros
* Bpost Upgraded to Overweight at Morgan Stanley; PT 31 Euros
* Chr. Hansen Upgraded to Buy at Goldman
* EDP Renovaveis Upgraded to Buy at Haitong; PT 8 Euros
* Endesa Upgraded to Buy at Haitong; PT 19.40 Euros
* Iberdrola Upgraded to Buy at Haitong; PT 7.50 Euros
* Intesa Upgraded to Overweight at JPMorgan; PT 3.70 Euros
* Lundin Petroleum Upgraded to Neutral at SpareBank; PT 195 Kronor
* Mediaset Espana Upgraded to Neutral at BPI; PT 10.70 Euros
* Munich Re Upgraded to Buy at Jefferies
* Rentokil Upgraded to Outperform at Credit Suisse; PT 3.30 Pounds
* Spectris Upgraded to Overweight at JPMorgan; PT 29 Pounds
* SQM ADRs Upgraded to Overweight at JPMorgan
* Tapestry Upgraded to Overweight at Piper Jaffray; PT $54

>>> Down
* Allianz Downgraded to Hold at Jefferies
* Banca Carige Cut to Neutral at Hammer Partners SA; PT 1 Cent
* Capita Downgraded to Hold at HSBC; PT 2 Pounds
* Credit Suisse Cut to Neutral at Hammer Partners SA
* CTT Downgraded to Underweight at Morgan Stanley; PT 3.60 Euros
* Deutsche Bank Cut to Underperform at MainFirst; PT 12 Euros
* DIA Downgraded to Equal-weight at Barclays; PT 4.40 Euros
* Generali Cut to Neutral at Hammer Partners SA; PT 17.10 Euros
* Helvetia Downgraded to Neutral at Goldman; PT 580 Francs
* Intesa Cut to Neutral at Hammer Partners SA; PT 3.10 Euros
* Jenoptik Cut to Hold at M.M. Warburg; Price Target 31 Euros
* Lindt & Spruengli Cut to Sell at Goldman; PT 60,000 Francs
* MegaFon GDRs Upgraded to Outperform at Credit Suisse; PT $14
* Mobile TeleSystems ADRs Cut to Neutral at Credit Suisse; PT $14
* Santander Cut to Neutral at Hammer Partners SA; PT 6.30 Euros
* Snap Upgraded to Outperform at RBC; PT $21
* Unicaja Banco Cut to Reduce at Kepler Cheuvreux; PT 1.32 Euros

>>> Initiation
* Apple Rated New Neutral at Goldman; PT $161
* Juniper Rated New Neutral at Goldman; PT $26

>>> Call

>>> What to look at today - 7th of February 2018

Dow +2.33% S&P +1.74% Nasdaq +2.13% Russell +1.08% VIX -19.2% @ 30.14
Stocks went on another roller coaster ride on Tuesday, but, unlike Monday, this ride left the major indices solidly higher.
Tuesday's advance put a sizable dent in Monday's decline, but the major averages are still solidly lower for the week, showing losses between 1.7% and 2.4%. Nine of eleven sectors finished in positive territory, with cyclical groups setting the pace--a possible sign that investors are shifting their focus back to the fundamentals, including an upbeat economic growth outlook that is expected to translate into impressive earnings growth. The top-weighted technology space (+2.8%) showed particular strength. Within the group, chipmakers were strong, evidenced by the 3.7% increase in the Philadelphia Semiconductor Index, after Micron (MU 43.88, +4.48) raised its profit and sales guidance for the current quarter; MU shares jumped 11.4%. Heavyweights like Apple (AAPL 163.03, +6.54), Microsoft (MSFT 91.33, +3.33), Facebook (FB 185.31, +4.05), and Alphabet (GOOGL 1084.43, +22.04) also had solid showings, adding between 2.1% and 4.2%. On the downside, the rate-sensitive utilities (-1.5%) and real estate (-0.2%) sectors declined on Tuesday as Treasury yields bounced back from their overnight lows. US After Hours SNAP +22%, AKAM +8%, DIS +3% higher, while BBOX -17%, TCS -7%, CMG / MCHP -5% are lower following earnings/guidance. What promised to be a recovery in equity markets after the global rout faltered in Asia as U.S. stock-index futures declined. Treasury yields fell after spiking on Tuesday and the yen gained as investors turned back to haven assets. Japan’s benchmarks eked out slim gains at the close after retreating from the session’s highs, as S&P 500 Index futures declined and Chinese shares dropped, suggesting the recovery isn’t yet on solid ground.

Nikkei +0.16% Hang Seng -0.45% CSI -2.24% Shanghai -1.74% Shenzen -0.69%

Eur$ 1.2397 CNH 6.2656 CNY 6.2570 JPY 109.20 GBP 1.3967 CHF 0.9347 RUB 56.9647 WTI$ 63.89 +0.79%

S&P -0.80% EuroStoxx +1% Dax +1% FTSE +0.47% SMI -0.40%



Macro :
- Carl Icahn to Reveal New Stake in a Couple Days: CNBC
- Hedge-Fund Veteran Says VIX to Stay Elevated, Shuns Stocks
- Goldman’s Schwartz Sees Buying Opportunity After Stock Rout
- This $158b Bond Manager Recommends Stocks in the Wake of Rout


Keep an eye on :
- ABE SM : Abertis Says Francisco Reynes Stands Down as CEO
- ABN NA : ABN Amro Full Year Underlying Profit Beats Highest Estimate
- AMZN US : Amazon May Worsen Parcel Industry Pricing Woes: Morgan Stanley
- AKSO NO : Aker Solutions Buys Stake in Offshore Wind Power Technology Co.
- APC US : Anadarko Fourth Quarter Adjusted EPS Beats Estimates
- ATO FP : Atos Promotes Grall, Girard to Senior Exec Vice-President Roles
- DPW GY : Amazon May Worsen Parcel Industry Pricing Woes: Morgan Stanley
- FB US : Jim Carrey Says He’s Selling His Facebock Stock, Deleting Page
- FNAC FP : SFAM Buys >11% of Fnac Darty to Become 2nd-Biggest Shareholder
- GL FP : Galeries Lafayette Sells 22 Stores to Fonciere, Echos Says
- HN1R GY : Hannover Re Full Year Net Income Beats Highest Estimate
- SHBA SS : Handelsbanken Says New PD, IRB Models Cut Into CET1 Ratio
- KPN NA : Royal KPN in Possible Accord on Tech Patent With NEC, Kyocera
- LUPE SS : Lundin Petroleum CEO Says Co. Opportunistic on Acquisitions: DI
- MELE BB : Melexis Full Year Revenue Forecast Beats Estimates
- MIC SS : Millicom Fourth Quarter Ebitda 2.1% Above Estimates
- OBEL BB : Orange Belgium FY Adjusted Ebitda View Midpoint 1.1% Below Est.
- OSR GY : Osram 1Q Adjusted Ebitda and Revenue Beat Estimates
- RBI AV : Raiffeisen Full Year Net Income EU1.12 Bln
- RNO FP : Renault India to Evaluate Local Manufacturing of EVs: Sawhney
- RIO LN : *RIO TINTO FY UNDERLYING PROFIT $8.63B; EST. $8.69B
- RIO LN : Rio Tinto Plans Buyback as FY Profit Rises on Prices, Margins
- SAF FP : Safran to Issue Preferred Shares Feb. 13 to Pay for Zodiac Shrs
- SAN FP : Sanofi Sees 2018 Business EPS Growing 2% to 5% With Takeovers
- SGEN US : Seattle Genetics Full Year Revenue Forecast Misses Estimates
- SNAP US : Snap Revenue Surges 72% on User Growth, Advertising Gains --> +21.6% in after hours
- STL NO : Statoil Fourth Quarter Adjusted Net Beats Estimates
- STB NO : Storebrand Fourth Quarter Net Income Misses Estimates
- SCMN SW : Swisscom Full Year Ebitda Meets Estimates
- TLX GY : Talanx Full Year Gross Written Premiums EU33.1 Bln
- UCG IM : UniCredit Completes Project Fino; Says Largest GACS Transaction
- UPS US : *UPS FALLS TO SESSION LOWS AMID REPORT AMZN EYES PARCEL DELIVERY
- VOD LN : Vodafone in Talks to Sell Stake in Indus Towers for $5B, ET Says

>>> Asian Update

Asia Market Update: Chinese banks raise rates on mortgages in some cities; equities reverse on a better day in the US

***Headlines/Economic Data***
General Trend: Asian markets trade mixed after Tuesday’s sell off: Nikkei and Australian markets advance, while Chinese and South Korean equities pare gains.
- Kiwi (NZD) underperforms ahead of Thursday’s RBNZ rate decision

Japan
-Nikkei 225 opened +1.8%; closed +0.2%
- TOPIX Electric Appliances Index +1.7%, Real Estate +1.4%, Iron & Steel +1.5%
- Chip-related firm Sumco [3436.JP] gains over 12% after reporting FY results and guidance
- Toyota[7203.JP]: Trades higher by over 5% after raising guidance
- Softbank[9984.JP]: Trades higher by over 4% ahead of expected earnings report
- Kirin Holdings [2503.JP]: Trades higher amid earnings speculation
- (JP) Japan Dec Labor CashEarnings y/y: 0.7% v 0.5%e; Real Cash Earnings y/y: -0.5% v 0.1% prior
- (JP) BOJ announcement related to daily bond buyingoperation: raises 3-5-yr offer
-(JP) Japan Fin Min Aso: Cannot comment if Coincheck was hacked by North Korea at this point - Parliament
-(JP) Japan Dec Preliminary Leading Index: 107.9 v 108.1e; Coincident Index: 120.7 v 120.5e
Looking Ahead: BoJ board member Suzuki expected to comment on Thursday, along with 30-year JGB auction

Korea
-Kospi opened +1.2%, later pared gain
- Chip makers trade mixed: Samsung Electronics declines, while Hynix gains over 2%
- (KR) South Korea to take market stabilizingmeasures if needed
-Samsung, 005930.KR Considering building a 2nd chip line in South Korea, amid rising demandfor semiconductors - Korean Herald
-(KR) 7 out of 10 businesses in South Korea planning a Lunar New Year bonus; Avg bonus KRW1.161M v KRW1.129M y/y - Korean press
-(KR) ~30 subsidiaries of South Korea family-controlled conglomerates may benewly subject to a ban on inter-affiliate trading when antitrust watchdogtoughens a related rule - Korean press
-(KR) Bank of Korea (BOK) sells KRW2.41T in 2-yr monetary stabilization bonds(MSBs) at 2.16%

China/Hong Kong
-Hang Seng opened -0.3%, Shanghai Composite +0.1%
- Shanghai pares opening gains amid weakness in property sector
- Hang Seng Information Tech Index +3.5%, Consumer Goods +1.7%, Financials +1.7%, Materials +1.6%,Energy +1.6%
- (CN) China Ambassador to US Tiankai: despite misjudgment from some in the United States, China will remain confident in its path of development and those hoping otherwise should face the reality – CD
- (CN) China PBoC: Skips OMO (10th straightsession) v skipped prior; Net drain CNY100B v CNY80B prior
- USD/CNY (CN) PBOC SETS YUAN REFERENCE RATE AT 6.2882 V 6.3072 PRIOR
- (CN) China banks have raised mortgage rates in several cities - Chinese press
- (CN) China to probe fake information from listed companies - Xinhua
-(CN) China PBOC sells CNY120B in 3-month MOF Deposits at 4.50%
-(CN) China files new challenges on US tariffs on solar panels and washing machines at the World Trade Organization - financial press
Looking Ahead: China Jan FX Reserves due to be released later today
- China Jan Trade Balance may be released on Thursday

Australia/New Zealand
-ASX 200 opened +0.5%; closed %
- ASX 200 Resources Index+1.9%, Energy +1.7%, Consumer Discretionary +1.8%, Financials +0.2%; Utilities-0.8%
- Rio Tinto [RIO.AU]: Trades higher by over 3% ahead of later today earnings report
- Commonwealth Bank [CBA.AU]: Pares gain seen after H1 earnings report
- (NZ) NEW ZEALAND Q4UNEMPLOYMENT RATE: 4.5% V 4.7%E (Lowest Level Since Financial Crisis)
-(AU) Australia Jan Foreign Reserves (A$): 65.3B v 85.4B prior
- CBA.AU Reports H1 (A$) cash profit4.8B v 5.2Be; Net interest income 9.25B v 9.3Be; Rev 21.3B, +2% y/y
-(AU) Australia AOFM sells A$600M v A$600M indicated in Nov 2028 bonds, avgyield 2.8862%, bid to cover 5.43x
-(AU) Australia PM Turnbull: No plans to allow big 4 Australia bank mergers
-(AU) Australia Jan AIG Performance of Construction Index: 54.3 v 52.8 prior
Looking Ahead: Reserve Bank of New Zealand(RBNZ) rate decision due on Thursday

Other Asia
- (IN) Reserve Bank of India (RBI) policy meeting due later today (no changes expected)

North America
- US equity markets ended higher: Dow +2.3%, S&P500 +1.7%, Nasdaq +2.1%, Russell 2000+1.1%
- S&P500 Materials +3.2%, Technology +2.8%
- Wynn Resorts [WYNN]: Steve Wynn has resigned as CEO and Chairman; promotes Matt Maddox CEO and Boone Wayson Chairman; effective immediately
- Supervalu [SVU]: Activist investor Blackwells (~4.4% stake) said to urge board to explore either sale or breakup - US financial press
- (US) Treasury Sec Mnuchin: administration is monitoring markets situation but long-term fundamentals are very strong,markets are functioning normally in terms of liquidity; Correct to say that I support a strong Dollar; US debt plan hasn't impacted markets at the moment; debt market is one of the most liquid in the world
- (US) Pres Trump: if we don't get rid of immigration loopholes, 'let's have a shutdown'
-(US) Fed's Bostic (2018 voter, dove): See slow gradual pace of rate rise, if growth is robust
- (US) US House has votes to pass stopgap funding bill to fund government until March 23rd; final vote 245 to 182; The bill now moves to the senate, where lawmakers are expected to rewrite the measure to eliminate higher defense spending and potentially attach a bipartisan deal to raise budget caps.
- (US) Weekly API Oil Inventories: Crude: -1.1M v +3.2M prior
Looking Ahead: Fed’s Dudley due to speak during NY morning, Weekly DOE Crude Oil Inventories to be released

Europe
- (EU) European Commission wants to punish UK non-compliance during the Brexit transition by summarily cutting off the country’s access to parts of the single market - FT citing draft treaty
-(IE) Ireland is pushing for a settled “legal text” over the Brexit border question as early as next month in a move that threatens once again to derail the Brexit negotiations – Telegraph
-(UK) National Institute of Economic and Social Research (NIESR): Forecasts UK 2018 and 2018 GDP growth at 1.9% vs 1.7% in Nov


***Levels as of 01:00ET***
- Nikkei225 +0.2%, Hang Seng +0.4%; Shanghai Composite -1.5%; ASX200 +0.8%, Kospi -1.4%
- Equity Futures: S&P500 -0.8%; Nasdaq100 -0.9%,Dax -0.6%; FTSE100 -1.3%
- EUR 1.2393-1.2372; JPY 109.71-109.14; AUD 0.7909-0.7878;NZD 0.7346-0.7305
- Apr Gold +0.2% at $1,332/oz; Mar Crude Oil +0.8% at $63.88/brl; Mar Copper -0.2% at $3.21/lb

>>> US After Hours Summary: SNAP +22%, AKAM +8%, DIS +3% higher, while


After Hours Summary: SNAP +22%, AKAM +8%, DIS +3% higher, while BBOX -17%, TCS -7%, CMG / MCHP -5% are lower following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: SNAP +22.3%, GNW +10.9%, NANO +8.2% (light volume), AKAM +8%, PXD +4.6% (also to divest its properties in South Texas, Raton and the West Panhandle field), ZEN +4.6%, VNOM +3.2% (light volume), DIS +2.9%, AI +2.9%, SIMO +1.8%, MTCH +1.7%, TWO +1%, APC +0.9% (light volume)

Companies trading higher in after hours in reaction to news: NQ +25.6% (rebounding from today's 44% decline), PERY +12% (WSJ reporting that George Feldenkreis submitted $27.50/share proposal to acquire the company), REXX +6.8% (reports Q4 production at the high end of guidance range), REI +2.8% (will replace Boyd Gaming in the S&P SmallCap 600), RIOT +2.7% (continued strength), KORS +2.4% (ahead of earnings), JRVR +2.1% / EVTC +1.6% (light volume - to join S&P SmallCap 600), TWTR +2% (following SNAP results), FCX +0.7% (reinstates dividend - intends to declare quarterly dividend of $0.05 per share with initial dividend expected to be paid on May 1, 2018), CHK +0.6% (average 2017 fourth quarter production projected at 593,000 boe per day), LLNW +0.4% (following AKAM results)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: BBOX -17.2%, MANH -10.8%, TCS -7.4%, OLN -5.7%, CMG -5.4%, MCHP -5.1%, MTSI -4.7%, PFPT -2.4%, GILD -2.3%, NTGR -2.1%, EXTR -1.9%

Companies trading lower in after hours in reaction to news: HK -8.1% (acquires 22,617 net acres in Ward County, Texas; announces public offering of common stock), JKS -6.6% (announces follow-on offering of 3,600,000 American depositary shares), SMPL -4.6% (commences 8,843,714 common stock offering by selling stockholder Roark Capital)

Volatility ETFs extending this week's moves: XIV -18.5%, SVXY -1.6%, TVIX +31.4%, VIIX +10.1%, VXX +8.2%

>>> Match Group reports Q4 EBITDA, revenue and Tinder paid subs above guidance;

Match Group reports Q4 EBITDA, revenue and Tinder paid subs above guidance; guides Q1 above consensus; guides FY18 in-line
  • Reports Q4 (Dec) earnings of $0.29 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus of $0.32; revenues rose 28.5% year/year to $379 mln vs the $362.86 mln Capital IQ Consensus and $355-365 mln guidance. Direct Revenue grew to $364 million, an increase of 29%, driven by 24% growth in average Subscribers to 7.0 million and a 4% increase in ARPU.
  • Tinder Average Subscribers exceeded 3 million for the first time, adding a record of 544,000 sequentially vs. 'similar to 476K guidance' and nearly 1.5 million compared to Q4 2016.
  • Adjusted EBITDA increased 20% over the prior year quarter to $153 mln vs. $147-152 mln guidance.
  • Co issues upside guidance for Q1, sees Q1 revs of $380-390 mln vs. $365.03 mln Capital IQ Consensus Estimate; EBITDA $115-120 mln vs. $113 mln ests.
  • Co issues in-line guidance for FY18, sees FY18 revs $1.5-1.6 bln vs. $1.55 bln Capital IQ Consensus Estimate; EBITDA $550-600 mln vs. $575 mln ests.
  • Key Drivers for 2018: Subscriber and revenue growth largely driven by continued growth of Tinder with stability across the rest of the portfolio and stable ARPU overall. Margin expansion driven by operating leverage at Tinder and continued discipline on marketing spend at other brands.
  • Tinder product in 2018: Drive engagement, focus on female experience, and introduce new revenue features in 2H'18