NESTLE SPOKESWOMAN SAYS COMPANY PLANS TO DIVEST US CONFECTIONERY BUSINESS IN "ROBUST SALE PROCESS" SEEN CONCLUDING IN Q1 '18
Blockchain and Cryptocurrency News
- The New York Stock Exchange's subsidiary, ARCA, has resubmitted an application with the SEC to list a pair of Bitcoin-backed ETFs, that would track CME Bitcoin futures contracts. The two ETF'S would look to match the daily returns of both a long and short position of holding the bitcoin futures. All attempts to create a similar Product in the past have been denied by the SEC as they say underlying bitcoin market is unregulated, with the introduction of futures contracts last week this is no longer an issue.
- The head of the Bank of England, Mark Carney, said yesterday in that the bank does not view bitcoin as a significant threat to global financial stability. Carney has made remark earlier in the year stating that the bank sees potential in distributed ledger technology and is exploring developing it, however there is no rush to roll out this technology.
- Tether, a California based start-up and creators of the Tether cryptocurrency, released an update regarding a security breach that occurred on November 19th. The company states that they have effectively identified and blacklisted the stolen Tether, and have also enabled limited access to their wallet, which has been disabled since the hack, although they are not accepting deposits or new accounts at this time. The team revealed that they now have plans to develop a new, more secure platform, and will be slowly phasing out and discontinuing the current wallet service and addressees.
Gapping down
In reaction to disappointing earnings/guidance:
In reaction to disappointing earnings/guidance:
- APOG -10.5%, ADXS -7.1%, BBBY -4.8%, BBBY -4.8%, KMX -1.1%.
Other news:
- PCG -12.3% (To suspend the quarterly cash dividend on common stock beginning with Q4 2017, citing uncertainty related to liabilities associated with October 2017 Northern California wildfires),
- EIX -4.9% (Edison dips lower with PCG),
- GENE -2.3% (Continuation from yesterday),
- BIIB -2.0% (Adaptive Phase II Study of BAN2401 in Early Alzheimer's fails to meet primary endpoint),
- COG -0.9% (to sell its operated and non-operated Eagle Ford Shale assets to an affiliate of Venado Oil & Gas for $765 million).
Analyst comments:
- AXON -6.9% (Downgraded to Hold from Buy at Jefferies),
- COP -0.4% (Downgraded to Sector Outperform at Scotia Howard Weil).
Gapping up
In reaction to strong earnings/guidance:
- FINL +8.6%, CAG +3.7%, ACN +1.5%.
Notable movers in crypto space:
- NETE +64.4%, NXTD +38.9%, SSC +4.3%, LFIN +4.3%.
Other news:
- AEZS +58.2% (received FDA approval of Macrilen for diagnosis of adult growth hormone deficiency),
- GNRT +31.8% (WSJ reporting Euronav (EURN) / Gener8 (GNRT) nearing merger deal),
- NQ +22.5% (Still Checking, Possibly a Rosenblatt comment),
- CLNT +18.4% (Enters into an exclusivity agreement with the shareholder of Shanghai HongChuan Culture Promulgation, regarding a potential acquisition by EC Advertising),
- TCON +16.7% (Enters into a licensing agreement for the development and commercialization of TRACON's proprietary endoglin antibody),
- HSGX +14.9% (Enters into an agreement w/ MEDINET for the development and commercialization of NeoCart for the Japanese market),
- PYDS +12.8% (continued strength),
- VERI +9.7% (Veritone acquires the advanced data analytics software and related intellectual property assets of Atigeo Corporation; terms not disclosed),
- VTVT +9.1% (Enters into licensing agreement with Hangzhou Zhongmei Huadong Pharmaceutical Co, will receive an $8 mln upfront payment),
- SPPI +6.1% (Comments on updated clinicaltrials.gov listing for Poziotinib in EGFR Exon 20 Mutant Advanced Non-Small Cell Lung Cancer),
- EURN +3.7% (WSJ reporting Euronav (EURN) / Gener8 (GNRT) nearing merger deal),
- VTGN +3.4% (ticking higher following Intracoastal Capital 9.99% passive stake disclosure),
- VOYA +2.5% (To divest substantially all of its Closed Block Variable Annuity segment and its individual fixed and fixed indexed annuity business),
- ACN +1.5% (Accenture and Roche enter exclusive multi-year agreement, updates business outlook for fiscal 2018),
- NOK +1.5% (Signs multi-year patent license agreement with Huawei).
Analyst comments:
- FBP +2.3% (Upgraded to Buy at Citigroup)
- DISCA +1.9% (Upgraded to Buy at BofA/Merrill)
- SAVE +1.5% (Upgraded to Buy at Deutsche Bank)
- COTY +1.1% (Upgraded to Outperform at RBC Capital)
- WFC +1.1% (Upgraded to Buy at Buckingham)
A Million-Dollar Bet That Bitcoin Will Hit $50,000
Trader or traders used bitcoin call options expiring next December to make the bullish bets
Daily trading records released Wednesday by LedgerX, a startup electronic market for bitcoin derivatives, show that an unidentified trader or traders entered the bullish bets using bitcoin call options that expire next December. The trade wagering on a move to $50,000 was the first of its kind on LedgerX.
Just under $1 million was paid for the options in one or more trades that took place during the 24-hour period ending at 4 p.m. Eastern Time on Wednesday, the records show. It is unclear from LedgerX’s data who the buyer or buyers were or whether the purchasing was done in multiple transactions or just one.
If bitcoin is below $50,000 on Dec. 28, 2018, the options will expire worthless, and the $1 million will be lost. If bitcoin rises above that level, the options will give their owners the right to buy 275 bitcoins for $50,000 apiece—a transaction that would cost about $13.8 million.
Such a trade could be lucrative if the digital currency skyrockets to $500,000 or even $1 million or more—something some of bitcoin’s most enthusiastic supporters say will happen.
The digital currency was trading at $16,280.24 late Wednesday afternoon, according to CoinDesk. It is up more than 1,500% from the beginning of this year, an extraordinary run-up that has unleashed a flood of investor interest. But skeptics such as Nobel Prize-winning economist Joseph Stiglitz call bitcoin a bubble and say its price will inevitably crash.
LedgerX Chief Executive Paul Chou declined to identify who was behind the big call-options play, citing regulatory restrictions. But the scale of the purchasing reflects the mounting interest of hedge funds and other big financial firms in cryptocurrencies, he said.
“Without a doubt, there are institutions out there that are looking at these types of trades or have done these types of trades,” Mr. Chou said. “It’s not an individual, let’s put it that way.”
Bitcoin options have gained popularity in recent months as a way to bet on the cryptocurrency’s ups and downs. At Deribit, a Netherlands-based bitcoin derivatives exchange, an average of around 400 options contracts were trading hands daily in late November, up from 50 to 100 a few months ago, said John Jansen, the company’s chief executive. Deribit has started handling large, institutional-size trades, he added.
Traders have targeted bullish options that would pay out if bitcoin’s price spikes, Mr. Jansen said. Earlier this month, for example, one of the most popular bets at Deribit involved call options that would pay off for investors if bitcoin hits $20,000 by March.
Early premarket gappers
Gapping up:
- AEZS +58.2%, GNRT +31.8%, CLNT +18.4%, TCON +16.7%, HSGX +14.9%, TROV +13.2%, PYDS +12.8%, VERI +9.7%, VTVT +9.1%, FINL +8.6%, DSS +6.4%, SPPI +6.1%, SSC +4.8%, EURN +3.7%, CAG +3.7%, VTGN +3.4%, SRAX +2.9%, VOYA +2.5%, NOK +1.5%, ACN +1.5%, MTN +1.4%, MNKD +0.9%, WGO +0.9%.
Gapping down:
- PCG -12.3%, APOG -10.5%, ADXS -7.1%, EIX -4.9%, BBBY -4.8%, BIIB -2%, KMX -1.1%, COG -0.9%.
ConAgra beats by $0.03, beats on revs; guides FY18 at high end of prior range (38.14)
Reports Q2 (Nov) earnings of $0.55 per share, $0.03 better than the Capital IQ Consensus of $0.52; revenues rose 4.1% year/year to $2.17 bln vs the $2.07 bln Capital IQ Consensus; organic net sales grew 2.3% in the quarter with growth in each operating segment. The Company estimates that the recent hurricanes increased its net sales and organic net sales growth rates by ~220 basis points. The Refrigerated & Frozen segment continued its growth momentum in the second quarter with 4% volume growth.
Co issues guidance for FY18, sees EPS at high end of $1.84-1.89 range vs. $1.88 Capital IQ Consensus Estimate; sees FY18 revs 100-150 bps better than organic growth, which is expected ro be at the high end of flat to down 2%; so co sees FY18 rev +0-1.5% to ~$7.83-7.94 bln vs. $7.74 bln Capital IQ Consensus (including acquisitions and FX). Adjusted operating margin near the low end of the range of 15.9% to 16.3%
Daimler has acquired a majority stake in the French private hire vehicle service Chauffeur Privé, broadening the group’s mobility services to an operational presence in 15 European markets.
- Wants to fully acquire Chauffeur Privé by 2019
- Financial details not disclosed
- Chauffeur Privé was founded in 2011
- More than 1.5 million customers
- More than 18,000 drivers
- Service offered in Paris, Lyon and at the Côte d’Azur