>>> Radius Health -6% after announcing that the FDA will require additional time

Radius Health -6% after announcing that the FDA will require additional time to complete its review of the NDA for Abaloparatide-SC


Radius Health receives FDA notification of PDUFA extension for Abaloparatide-SC until June 30, 2017 (43.11)
  • The FDA will require additional time to complete its review of the New Drug Application for Abaloparatide-SC.
  • In a notice received from the FDA last evening, the Prescription Drug User Fee Act date for Abaloparatide-SC has been extended to June 30, 2017.
  • The FDA extended the action date to allow time to review information submitted by Radius Health in response to the FDA's Information Requests. The FDA stated that the PDUFA goal date has been extended by three months to allow for a full review of the submission. In the letter, the FDA has not requested any additional information from the Company.
  • "Our primary goal is to bring treatment to patients with postmenopausal osteoporosis as quickly as possible. We appreciate the efforts of the FDA to conduct a complete review of all of the data supporting our NDA and we remain committed to working closely with them throughout the remainder of the regulatory process." said Robert Ward, President and Chief Executive Officer of Radius Health.
  • Radius will host a conference call at 9:15 AM. ET on Friday, Mar 10, 2017 to discuss the FDA Notification.

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance:
  • SMSI -23.6%, (very thinly traded), FNSR -16.3%, ZUMZ -16.2%, XTNT -14.8%, SGRY -14.1%
  • RGSE -11.8%, CARA -9.7%, BVX -7.9%, (very thinly traded), MED -7.8%,FRPT -6.1%, EYES -5.2%
  • ULTA -4.5%, LOCO -4.4%, ROKA -2.5%, WMK -2.5%, TGTX -2%, FNHC -1.7%, AQXP -1%
  • TSM -0.9%, (reported Feb revs), ATHX -0.8%, TRIL -0.8%, PAY -0.5%
Select FNSR peers/related names showing weakness:
  • FN -4%, LITE -3.5%, AXTA -2.7%, OCLR -2.5%, AAOI -2.2%, ACIA -1.7%,IIVI -0.7%, ADTN -0.5%
Select metals/mining stocks trading lower:
  • SBGL -3.6%, MTL -3.4%, GFI -3.4%, AU -1.4%, SAND -1.3%, GOLD -1.3%,ABX -0.5%, GG -0.5%
Other news:
  • MEET -8.1% (commences common stock offering)
  • ALR -5.2% (attributed to unfavorable court hearing)
  • ARE -4.8% (commences an underwritten public offering of 6,100,000 shares of common stock; updates guidance in connection with the just announced public offering)
  • LUV -2.9% (reported Feb traffic)
  • NVGN -2.6% (Chief Scientific Officer Dr. David Brown will leave the co to pursue new opportunities)
Analyst comments:
  • IONS -5.2% (downgraded to Sell from Neutral at Goldman)
  • LOXO -1.1% (downgraded to Neutral from Buy at Citigroup)
  • DG -0.5% (downgraded to Neutral from Buy at Buckingham Research)

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance:
  • INTT +30.6%, (very thinly traded), COGT +16.4%, ESES +12.7%, CVGI +6.7%, CDXS +5.4%, (light volume)
  • ZGNX +5.2%, ABTL +5.2%, VCEL +5.2%, MYRG +5.1%, PVG +4.3%
  • TEAR +4%, (also confirms plans to explore strategic alternatives), WLDN +4%, GST +3.5%
  • MTN +1.7%, OCUL +1.6%, ZFGN +1.3%, ACTG +0.9%
M&A news:
  • BT +3.6% (BT Group plc and OFCOM reach agreement on future governance of Openreach; to be a legally separate company within BT with its own Board)
  • BP +2.1% (The UK's Evening Standard reports on market rumors that Exxon Mobil (XOM) has reached out to large BP shareholders regarding a potential acquisition)
Select financial related names showing strength:
  • DB +2.7%, ING +2.5%, SAN +1.6%, CS +1.6%, BAC +1.1%, C +0.9%, LYG +0.9%
Other news:
  • SPWR +7.2% (puts 100MW Chilean solar plant up for sale, according to Reuters)
  • CRIS +5.5% (continued strength)
  • PRKR +3.3% (completes sale of approx. 4.1 mln of its common stock at $2.46/shareg)
  • SKLN +2.8% (light volume, schedules call to provide business update and discuss recent/upcoming milestones for March 15 at 4:30pm ET)
  • CLF +2.2% (announces increase in maximum payment amount with respect to tender offers for certain of its unsecured notes)
  • VRX +1.6% (prices notes offering)
  • BCRX +1.3% (prices offering of 5,294,118 shares of its common stock at $8.50 per share)
  • ACOR +1% (announces the PTAB has upheld four Ampyra patents)
Analyst comments:
  • SRRA +8.4% (upgraded to Buy from Hold at SunTrust)
  • INAP +5.3% (upgraded to Buy from Hold at Stifel)
  • TTPH +3.6% (upgraded to Outperform from Market Perform at BMO Capital)
  • VIP +3% (initiated with a Buy at ING Group)
  • ASML +2.1% (upgraded to Buy from Neutral at UBS)
  • HIMX +2.1% (upgraded to Equal-Weight from Underweight at Morgan Stanley)
  • ABBV +1% (added to Conviction Buy List at Goldman)
  • YUM +0.8% (upgraded to Outperform from In-line at Evercore ISI)

>>> Euro Seen Falling 25-30% Just Before Any EMU Breakup: Deutsche

Euro Seen Falling 25-30% Just Before Any EMU Breakup: Deutsche
EUR/USD would fall by 25-30% to 80-75 cents just before any breakup in the EMU, George Saravelos, a strategist at Deutsche Bank, said in a note to clients.
  • The bank says percentage calculated under “conservative assumptions”
  • In the event of a breakup of the euro zone, large-scale capital flight would be likely as the euro loses its reserve status and private capital inflows are unwound too
  • Capital controls, re-denomination of paper money and the unwind of complex cross-border exposures would cause a material negative productivity shock
  • Inflation would likely accelerate in the periphery as central bank credibility is lost and policy is pushed toward eroding the real value of debt
    • The near-term drop could be even bigger if capital flight is large
  • The only silver lining would be that the Fed has much greater space than the ECB to ease monetary policy offsetting part of euro weakness
    • Baseline scenario is that the ECB would do whatever it takes to avoid capital controls, which would likely spell the end of the euro zone
  • NOTE: JPMorgan Sees Le Pen’s New Franc Falling by Up to 20 Percent