Reuters - Vivendi may propose own CEO as Telecom Italia chairman: sources

Vivendi is considering putting its chief executive Arnaud de Puyfontaine forward as Telecom Italia's next chairman, sources told Reuters, potentially aggravating concerns about the French group's growing influence over Italian companies.

The board of Telecom Italia, of which Vivendi is the top shareholder with 24 percent, comes up for renewal in May. Giuseppe Recchi currently serves as the Italian phone group's chairman, while de Puyfontaine acts as his deputy.

Vivendi's influence at Telecom Italia has come under the spotlight after it took a significant holding in Italian broadcaster Mediaset, leading to speculation over whether it plans to combine the two companies.

No final decision has been taken over who will be proposed as chairman of Telecom Italia and Recchi could be confirmed in his post, two of the sources said on Wednesday.

"There are only two rationale choices: either keeping Recchi or replacing him with someone who represents the interests of the No. 1 shareholder," one source said. "Having a Vivendi guy as head of Telecom Italia's board would make sense."

If de Puyfontaine were appointed chairman he would likely assume the post without the executive powers held by Recchi in a bid to defuse some of the concerns over Vivendi's influence at Telecom Italia, the source added.

Vivendi and Telecom Italia declined to comment.

Any proposal by Vivendi will have to be approved by Telecom Italia's shareholders and lists detailing the proposed candidates have to be submitted by April 9.

Italy's communications regulator is already looking into Vivendi's stakebuilding at Mediaset, given domestic anti-trust regulations that prevent companies from having an excessive market share both in telecommunications and media.

"The choice of de Puyfontaine as chairman seems legitimate but Vivendi would run the risk of clashing with Rome and regulators in a country where the state still tends to exercise some undue influence over the private sector," Andrea Giuricin, CEO at TRA Consulting, said.

Vivendi is chaired by tycoon Vincent Bollore, who already has some sway in Italy's business world as key shareholder of influential investment bank Mediobanca, which in turn is the biggest investor in insurer Generali.

Since becoming a Telecom Italia investor in 2015, Vivendi has increasingly taken an active role at the heavily-indebted Italian group and secured four seats on its board.

Former Telecom Italia CEO Marco Patuano was replaced by Flavio Cattaneo last year after what sources said were disagreements over strategy with the new top investor.

Asked about rumours that Recchi could be replaced, Cattaneo said on Tuesday he would be happy if he stayed on.

>>> Tele2 shareholders discuss transferring control to Rostelecom; VTB in talks

Tele2 shareholders discuss transferring control to Rostelecom; VTB in talks to change stake (translated)

Tele2 shareholders are discussing the possibility of transferring the control of the Russian mobile teleco to Rostelecom [MOEX:RTKM], the state-run telecom operator, reported Russian newspaper Vedomosti.
The paper cited Yuri Soloviev, first deputy chairman of VTB Bank [MCX:VTBR] management board.
At present, VTB is not considering an exit from Tele2, but it is holding discussions about changing its stake, according to Soloviev.
Rostelecom currently owns a 45% stake in Tele2. The remaining shares are owned by Tele2 Russia Holding AB, in which VTB owns a 50% stake, Alexey Mordashov’s Invintel BV owns 40%, and 10% is owned by Yuri Kovalchuk’s Bank Rossiya.
VTB has previously denied discussions on the transfer of control in Tele2, and announced it did not intend to change its stake, the paper reported. The main seller of Tele2 shares may be Bank Rossiya, the paper reported.
Vedomosti has earlier learned from various sources that most likely, the stake in Tele2 will be sold to Rostelecom by Bank Rossiya.
According to two of these sources, the deal may involve treasury shares owned by Rostelecom’s subsidiary Mobitel.
A Raiffeisenbank analyst, cited in the report, estimated that the book value of Tele2 assets is about RUB 140bn (USD 2.45bn). However, the company’s net debt stands at RUB 126.5bn (USD 2.21bn).

>>> Vice Media looking to sell - report

Vice Media looking to sell


Vice Media, a New York City-based online media company, is looking to sell, according to a top industry source cited by a report on the Axios website on Thursday, 29 March.
The claim appeared in a separate report about rival Buzzfeed’s plans for a listing. The brief item gave no further details.
Background:
A New York Post report in June last year cited sources close to Vice who denied speculation that The Walt Disney Co. [NYSE:DIS] had tabled a USD 5bn (EUR 4.65bn) takeover offer for the company.
Vice Media announced the sale of 10% stakes to A&E Networks and Technology Crossover Ventures in September 2014, as reported by the Financial Times at the time. The deal valued Vice Media at USD 2.5bn, according to the report.
Disney and Hearst Communications jointly own A&E Networks.
The New York City-based media group Twenty-First Century Fox [NASDAQ:FOXA] acquired a 5% stake in Vice Media in August 2013.

>>> What to look at today - 30th of March 2017

Dow -0.20% S&P +0.11% Nasdaq +0.38% Russell +0.32%
US Market closed Slightly higher. Oil was the major catalyst to push mkt higher. WTI$49.47 +2.2% after EIA Report. Energy Sector +1.2%. AMZn +2.1% and pushed Cons. Disc. higher +0.6%. Financials -0.5%, Utilities -0.5%, all of the remaining sectors--industrials, materials, technology, consumer staples, telecom services, and real estate--failed to distinguish themselves from the broader market, settling higher. US After Hours PRGS +9% following earnings / CFO / DataRPM acquisition news, COP +6% on CVE deal and $3 bln repurchase authorization... CRTN -31%, LULU -18% following earnings/guidance. Asian equity markets are down modestly, tracking a lackluster session on Wall St where Energy sector rallied on a jump in oil prices while Financials lagged as US interest rates turned lower. Australia continued to outperform, helped by strength in iron ore boosting miners, with ASX200 index adding to near-2 year gains as it approaches the psychological multi-year high level of 6,000. Shanghai Composite was one of the worst performers, as investors ponder PBOC support after the central bank skipped its reverse repo operation injection for the 5th straight day. USD majors traded mostly in narrow ranges with an upside bias for the greenback. USD/JPY hit session highs of 111.40 after a press report citing US Transportation Sec Chao that Pres Trump will announce a $1T infrastructure package later this year that will run for 10 years and cover energy, water, and potentially broadband and veteran hospitals. Toshiba spiked up over 3% after reports of Westinghouse coming to terms with bankruptcy proceedings. Samsung Electronics has launched its Galaxay S8 smartphone featuring smaller battery and a high-end AI system.

Nikkei -0.85% HAng Seng -0.37% CSI -0.80% Shanghai -0.91%

Eur$ 1.0756 CNH 6.8805 CNY 6.8921 JPY 111.19 GBP 1.2438 CHF 0.9973 RUB 56.7077 WTI$ 49.68 +0.34%

S&P +0.06% EuroStoxx +0.08% FTSE +0.04% Dax -0.02% SMI +0.11%

Macro :
- House GOP Said to Weigh Another Try on Obamacare Vote Next Week
- Housing Better Bet Than Commercial Real Estate: Morgan Stanley
- Germany Said to Speed Planned Warship Purchase: Handelsblatt
- U.S. Individual Investor Bulls Fall to 3-Week Low: AAII
- Paulson & Co. Said to Cut Bonuses to Top Executives: Fox

Keep an eye on :
- ADS GY : Lululemon Drops 18% Post-Market After 1Q Views Trail Estimates
- AIR FP : Airbus Sees 2016-2035 LatAm Demand at 2,570 Commercial Planes
- AIR FP : Airbus A400m Clients Meet in Madrid Thursday, Le Figaro Says
- BAYN GY : Bayer-Monsanto Deal Will Be Finalized by Year-End: Grant
- DTE GY : Amazon Plans to Offer Mobile Phone Services in Germany: Wiwo
- EKTAB SS : Elekta Repayment of Convertible Bond ‘Unsurprising’: Berenberg
- ENGI FP : Engie Energia Chile Hits 5-Year High as It Catches Up With Peers
- HMB SS : H&M 1Q Pretax Beats Est.
- DEC FP : JCDecaux Says It’s Worried About Paris Bike-Share Media Reports
- LIGHT NA : Standard Life Investment Holds 3.02% Philips Lighting Stake: AFM
- LONN VX : Lonza Proposes To Issue 22m New Shrs; Set to Raise ~CHF2.3b
- LSE LN : LSE Won’t Sell Unit to Euronext, Euronext CEO Tells La Tribune
- MC FP : LVMH’S Biver Says His Baselworld Orders Rose 25%-40%: BaZ
- LULU US : Lululemon Rises 3.5%, Options Active Ahead of Earnings
- NOKIA FH : Nokia Says Horan, Kozel Proposed as New Board Members
- NYR BB : Nyrstar Shares Surge as Citi Says Zinc Settlement Should Help
- OPERA NO : Opera Software Targets $550-650m in Revenue in 2017
- PR IM : *PREMUDA SHARES SUSPENDED FROM TRADING PENDING NEWS, BORSA SAYS
- REP SM : Repsol Plans Dividend Equivalent to About EU0.45/Share
- SOLB BB : Solvay to Sell Polyolefin Cross-Linkable Compounds Business
- VOW3 GY : Volkswagen Says It Has EPA Approval to Sell Repaired Diesels

>>> Europe : Brokers Upgrades & Downgrades - 30th of March 2017

>>> Up
*Aareal Bank Raised to Buy at HSBC, PT EU41
*Admiral Raised to Sector Perform at RBC, PT 1925p
*Atrium European Real Estate Raised to Hold at Baader-Helvea
*Deutsche Post Raised to Outperform at Exane, PT EU36
*LondonMetric Property Raised to Buy at HSBC, PT GBP1.66
*Neopost Raised to Outperform at MainFirst, PT EU40
*Talanx Raised to Outperform at Credit Suisse, PT EU35
*Vedanta Raised to Neutral at Credit Suisse, PT 800p
*WPP Raised to Overweight at Morgan Stanley, PT 1975p

>>> Down
*Akzo Nobel Cut to Sell at Baader-Helvea, PT EU76.50
*Boliden Cut to Neutral at Credit Suisse, PT SEK295
*Clarkson Cut to Underperform at Exane, PT GBP22
*Lenzing Cut to Hold at Baader-Helvea, PT EU163
*Metropole Television Cut to Neutral at Natixis
*Osram Cut to Neutral at Citi, PT EU60
*SIF Cut to Hold at HSBC, PT EU22
*Sika Cut to Hold at Baader-Helvea, PT CHF6150
*Sunrise Cut to Hold at Berenberg
*TF1 Cut to Neutral at Natixis
*Zooplus Cut to Hold at Berenberg

>>> Initiation
*Ashtead Rated New Buy at Liberum, PT 1940p
*Deutsche Boerse Reinstated Overweight at Barclays, PT EU95
*Deutsche Pfandbriefbank Rated New Buy at HSBC, PT EU13
*Dixons Carphone Rated New Overweight at Barclays, PT 370p
*Kingfisher Rated New Underweight at Barclays, PT 300p
*LSE Resumed Outperform at RBC, PT 3500p
*LSE Reinstated Overweight at Barclays, PT 3600p
*Next Rated New Underweight at Barclays, PT 3900p
*Redrow Reinstated Overweight at Barclays, PT 558p
*RTX Rated New Buy at ABG Sundal, PT DKK230

>>> Call

>>> Asian Update

Asia Mid-Session Market Update: Shanghai Composite slumps as PBoC extends the streak of zero liquidity injection

***US Session Highlights***
- (US) MBA MORTGAGE APPLICATIONS W/E MAR 24TH: -0.8% V -2.7% PRIOR
- (US) Fed’s Evans (dove, voter): there has been good progress towards Fed goals; supports one or two more rate hikes this year
- (US) FEB PENDING HOME SALES M/M: 5.5% V 2.5%E; Y/Y: -2.4% V +2.7% PRIOR
- (US) DOE CRUDE: +0.9M V +1ME; GASOLINE: -3.7M V -2ME; DISTILLATE: -2.5M V -1ME

***US markets on close: Dow -0.2%, S&P500 +0.1%, Nasdaq +0.4%***
- Best Sector in S&P500: Energy
- Worst Sector in S&P500: Financials
- Biggest gainers: VRTX +20.5%, CHK +7.8%, JWN +5.4%, HES +4.9%, URBN +4.5%
- Biggest losers: FFIV -3.4%, MYL -3.3%, ARNC -3.1%, PAYX -2.5%, EVHC -2.4%
- At the close: VIX 11.4 (-0.1 pts); Treasuries: 2-yr 1.28% (-2bps), 10-yr 2.39% (-2bps), 30-yr 2.99% (-2bps)

***US movers afterhours***
- EXTR: To acquire Brocade's Data Center Networking business for $55M; +13% afterhours
- COP: Cenovus agrees to acquire ConocoPhillips' 50% interest in the FCCL Partnership for $17.7B in cash and shares; +6% afterhours
- PRGS: Reports Q1 $0.34 v $0.28e, R$91.0M v $88.3Me; Guides Q2 $0.35-0.37 v $0.38e, $89-92M v $92Me; +4.7% afterhours
- CVE: Agrees to acquire COP interst in FCCL Partnership; announces $3.0B bought-deal offering of common shares; selling 187.5M shares at $16/shr through RBC and JPM (20% of shares outstanding); -8.0% afterhours
- LULU: Reports Q4 $1.00 (adj) v $1.01e, R$790.0M v $785Me; Guides Q1 $0.25-0.27 v $0.39e, R$510-515M v $555Me; -17.5% afterhours

***Politics***
- (CN) China Premier Li Keqiang expected to win another term as Premier - financial press
- (US) Federal Judge in Hawaii indefinitely extends court order blocking Trump administration's revised travel ban - press
- (US) House speaker Ryan: Does not want Pres Trump to work with Democrats on healthcare reform - CBS interview
- (US) Interviews with GOP's Freedom Caucus members said to reveal division on potential tax reform measures - press
- (US) City of Seattle files lawsuit against President Trump for his sanctuary cities order
- (US) Two Republican House members: House GOP is considering another try on Obamacare repeal next week - press

***Asia Key economic data:***
- (AU) AUSTRALIA FEB HIA NEW HOME SALES M/M: +0.2% V -2.2% PRIOR
- (AU) AUSTRALIA DEC-FEB SKILLED VACANCIES Q/Q: 1.8% V 2.5% PRIOR

***Asia Session Notable Observations, Speakers and Press***
- Asian equity markets are down modestly, tracking a lackluster session on Wall St where Energy sector rallied on a jump in oil prices while Financials lagged as US interest rates turned lower. Australia continued to outperform, helped by strength in iron ore boosting miners, with ASX200 index adding to near-2 year gains as it approaches the psychological multi-year high level of 6,000. Shanghai Composite was one of the worst performers, as investors ponder PBOC support after the central bank skipped its reverse repo operation injection for the 5th straight day. Separately, a researcher with CASS forecast China Q1 GDP at a solid 6.8% and H1 GDP slowing to just 6.7% - well above the 6.5% official 2017 target.
- USD majors traded mostly in narrow ranges with an upside bias for the greenback. USD/JPY hit session highs of 111.40 after a press report citing US Transportation Sec Chao that Pres Trump will announce a $1T infrastructure package later this year that will run for 10 years and cover energy, water, and potentially broadband and veteran hospitals. AUD/USD brifly rose toward 0.7680 on stronger HIA New Home Sales growth, though the pair was confined to a 20-pip range. GBP/USD consolidated its Brexit-commencing overnight slide, holding above $1.24.
- Australia's Bank of Queensland put out its H1 results that showed a slight decline in Net profit and Revenue, but shares rose over 1% on positive H2 outlook. Toshiba spiked up over 3% after reports of Westinghouse coming to terms with bankruptcy proceedings. Samsung Electronics has launched its Galaxay S8 smartphone featuring smaller battery and a high-end AI system, though share gains were contained by political risk in the country as court hearings on former Pres Park arrest warrant began this morning.


China
- (CN) China CISA's Vice-Chair Li: China to cut additional 140Mt in steel capacity; sees 2017 steel demand -1.9% y/y
- (CN) China Stats Bureau: Service sector employed 43.5% of China's workforce in 2016, up from 36% in 2012 - Chinese press
- (CN) US Treasury said to prepare to review China's market-economy status; expected to keep large tariffs on Chinese goods - financial press
- (CN) China Academy of Social Sciences (CASS) sees China Q1 GDP at 6.8%; H1 GDP at ~6.7% - Chinese press
- (CN) Former Treasury Sec Lew: China is not intervening in FX to gain trade advantage, but doing the opposite, intervening at its own expense to protect its currency - press

Japan
- (JP) Bank of Japan (BOJ) Deputy Gov Iwata: Japan's economic recovery gaining momentum reflecting improvements in overseas economies
- (JP) Japan Chief Cabinet Sec Suga: Created a govt task force to minimize negative impact of Brexit; to be led by Hagiuda
- (JP) BOJ's 2% inflation target is in jeopardy due to the recent JPY strength - Nikkei

Australia/New Zealand
- (AU) Morgans equity strategist: We see higher global bond yields as a tipping point for equity markets toward 2017-end - SMH
- (NZ) Westpac economist: See some upside risk to its FY16/17 milk price forecast of NZ$5.90/kg; See FY17/18 price at NZ$6.10/kg

Korea
- (KR) South Korea Court to decide on former Pres Park's arrest warrant; Hearing taking place this morning
- (KR) South Korea Fin Min Yoo: Will respond to economic risks with active policy - speaking at parliament
- (KR) Bank of Korea (BOK) report to Parliament: Raises ratio of USD reserves to 70.3% in 2016 from 66.6% in 2015 (highest since started publishing data in 2008)
- (KR) South Korea and US seeking to limit oil supply to North Korea - Korean press

***Asian Equity Indices/Futures (00:00ET)***
- Nikkei -0.3%, Hang Seng -0.4%, Shanghai Composite -1.1%, ASX200 +0.3%, Kospi -0.3%
- Equity Futures: S&P500 +0.1%; Nasdaq +0.1%; Dax +0.2%; FTSE100 flat

***FX ranges/Commodities/Fixed Income (00:00ET)***
- EUR 1.0740-1.0770; JPY 111.00-111.40; AUD 0.7655-0.7675; NZD 0.7020-0.7045
- Apr Gold -0.4% at $1,249/oz; May Crude Oil +0.1% at $49.57/brl; May Copper -0.3% at $2.67/lb
- iShares Silver Trust ETF daily holdings fall to 10,292 tonnes from 10,337 tonnes prior; 2nd straight decline
- (CN) PBoC skips open market operations for 5th straight session; Said to drain CNY40B v CNY70B prior
- (CN) PBOC SETS YUAN MID POINT AT 6.8889 V 6.8915 PRIOR; firmer setting after 2 consecutive weaker fixes
- (JP) Japan MoF sells ¥1.99T v ¥2.2T indicated in 2-yr 0.1% JGBs; Avg yield: -0.206% v -0.252% prior; bid to cover: 3.82x v 3.93x prior
- (JP) Japan investors sold net ¥152B in foreign bonds v bought ¥151B in prior week; Foreign investors sold net ¥754B in Japan stocks v sold ¥585B in prior week

***Asia equities / Notables / movers by sector***
- Consumer discretionary: 494.HK Li & Fung -9.1% (FY16 result); 525.HK Guangshen Railway Co -4.4% (FY16 result); DLX.AU Dulux Group -3.7% (UBS downgrades); NVT.AU Navitas +3.8% (trading update); TGA.AU Thorn Group -3.0% (potential class action)
- Consumer staples: 1230.HK Yashili International Holdings +0.7%, 2319.HK Mengniu Dairy +1.5% (FY16 result), BOQ.AU Bank of Queensland +1.4% (H1 result)
- Financials: 813.HK Shimao Property -1.6%
- Industrials: 338.HK Weichai Power -1.1% (FY16 result)
- Technology: 451.HK GCL New Energy -2.3% (FY16 result); 005930.KR Samsung Electronics +0.4% (Launches the Galaxy S8 smartphone); 6502.JP Toshiba +3.5% (Westinghouse files for bankruptcy)
- Materials: 2009.HK BBMG Corp -4.4% (FY16 result); WAF.AU West African Resources +7.1% (drilling result); ILU.AU Iluka Resources +1.9%, FMG.AU Fortescue +0.8% (iron ore price rise)
- Energy: BPT.AU Beach Energy +3.2%, WPL.AU Woodside Petroleum +1.5% (oil rises)
- Healthcare: 4502.JP Takeda Pharmaceutical +3.0% (Dengue Vaccine Triggers Immune Responses in Phase 2 Trial)

>>> US After Hours Summary: PRGS +9% following earnings/CFO/DataRPM ac


After Hours Summary: PRGS +9% following earnings/CFO/DataRPM acquisition news, COP +6% on CVE deal and $3 bln repurchase authorization... CRTN -31%, LULU -18% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: IDXG +21.6%, KGJI +12.7%, PRGS +9% (also acquires DataRPM for $30 mln; appoints Paul Jalbert, chief accounting officer, as CFO replacing Kurt Abkemeier, who will leave the company effective immediately), NLST +7.5% (ticking higher)

Companies trading higher in after hours in reaction to news: EXTR +17% (Broadcom to sell its data center center switching, routing, and analytics business to Extreme Networks for $55 mln in cash), ANTH +16.6% (announces the findings from the Extension Period of the Phase 3 SOLUTION; demonstrates comparable maintenance in key measurements of height, weight, and BMI), COP +5.7% (Cenovus Energy acquires ConocoPhillips' 50% interest in the FCCL Partnership and also purchases the majority of ConocoPhillips' Deep Basin conventional assets; COP will add $3 bln to repurchase authorization), HTGM +4.3% (rebounding from recent offering related pullback; also higher despite GlaxoSmithKline lowering active stake / disclosing the sale of 300k shares), INCR +2.4% (will replace CEB in the S&P MidCap 400), HSKA +1.8% (light volume; will replace Wintrust Financial in the SmallCap 600), CBIO +1.2% (New Enterprise Associates increases active stake)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: CRTN -30.6%, LULU -17.6%, GEVO -16.2%, WOR -6.3%, SIGM -3.4%

Companies trading lower in after hours in reaction to news: TNXP -16.3% (commences common stock offering), CVE -7.6% (Cenovus Energy acquires ConocoPhillips' 50% interest in the FCCL Partnership and also purchases the majority of ConocoPhillips' Deep Basin conventional assets in Alberta and British Columbia; enters into a bought-deal financing agreement), CARA -6.2% (commences $80 mln common stock offering), OFS -2.9% (commences underwritten offering of 3,500,000 shares of common stock), CAB -2.5% (pulling back after seeing late spike on reports that it may sell its finance unit to Synovus), SA -2.5% (announces CAD$14.3 million bought deal offering of common shares and concurrent CAD$20.0 million bought deal offering of flow-through shares), UAA -0.8% (LULU sympathy)

Trump to unveil $1 trillion infrastructure plan in 2017: official

WASHINGTON (Reuters) - U.S. Transportation Secretary Elaine Chao said the Trump administration would unveil a $1 trillion infrastructure plan later this year, but she did not offer details of funding for projects.

Chao said at an event at the department's headquarters that the infrastructure initiative would include "a strategic, targeted program of investment valued at $1 trillion over 10 years. The proposal will cover more than transportation infrastructure, it will include energy, water and potentially broadband and veterans hospitals as well."

>>> US Close Dow -0.20% S&P +0.11% Nasdaq +0.38% Russell +0.32%

Closing Market Summary: Stocks Eke Out a Win on Wednesday

Tuesday's positive sentiment lingered throughout Wednesday's session as the benchmark S&P 500 (+0.1%) chalked up its second win of the week. The Nasdaq (+0.4%) also settled higher while the Dow (-0.2%) finished a tad lower.

While the macro movement was rather subdued on Wednesday, a variety of catalysts mixed things up on the micro level. Maybe the most notable of which was the latest crude oil inventory report from the EIA, which showed a smaller than expected build of 0.9 million barrels (consensus +1.4 million). The reading awoke the bulls in the crude oil futures market and prompted WTI crude to settle 2.2% higher at $49.47/bbl. The energy sector (1.2%) capitalized on the commodity's positive performance to settle at the top of the day's leaderboard.

Amazon (AMZN 874.32, +18.32) also influenced today's price action, jumping 2.1% to push the consumer discretionary sector (+0.6%) to the second spot in the day's standings. Today's gain leaves the internet retail giant 3.3% higher since Monday when it bounced off its 50-day moving average. The positive performance was also reflected in the 2.0% increase in the SPDR S&P Retail ETF (XRT 42.54, +0.82).

Elsewhere on the corporate front, Vertex Pharmaceuticals (VRTX 108.01, +18.34) propped up the biotech industry after reporting that an experimental cystic fibrosis drug improved lung function. VRTX shares spiked 20.5% and led the iShares Nasdaq Biotechnology ETF (IBB 294.42, +2.41) higher by 0.8%, but it still wasn't enough to give the health care sector (unch) an edge on its peers.

The heavily-weighted financial group (-0.5%) kept the market's gain in check, but nearly all of the remaining sectors--industrials, materials, technology, consumer staples, telecom services, and real estate--failed to distinguish themselves from the broader market, settling within 0.3% of their respective flat lines. Meanwhile, the utilities space (-0.5%) finished with the financial group at the bottom of the day's leaderboard, but its impact was minimal due to its low market capitalization.

In the Treasury market, U.S. sovereign debt settled with a modest gain for the second time this week. The benchmark 10-yr yield closed four basis points lower at 2.38%.

On the data front, today's economic releases were limited to February Pending Home Sales and the weekly MBA Mortgage Applications Index:

  • Pending Home Sales for February rose 5.5% while the consensus expected an increase of 2.4%. Today's reading follows an unrevised 2.8% drop in January.
  • The weekly MBA Mortgage Applications Index decreased 0.8% to follow last week's 2.7% decline.

Tomorrow, investors will receive the third estimate of fourth quarter GDP (consensus 2.0%) and Initial Claims (consensus 245,000) at 8:30 ET.

  • Nasdaq Composite +9.6% YTD
  • S&P 500 +5.5% YTD
  • Dow Jones Industrial Average +4.5% YTD
  • Russell 2000 +1.0% YTD