>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance: CALM -4.2%

M&A news:
  • BATS -2.8% (to be acquired by CBOE for $32.50 per share, confirming media reports out last week), CBOE -2.5%
  • PFE -1.2% (announces they will not pursue splitting Pfizer Innovative Health & Pfizer Essential Health into two, separate publicly traded companies)
Select financial related names showing weakness: BBVA -2.6%, RBS -2.3%, PUK -2%, SAN -1.8%, BCS -1.7%, CS -1.5%,IBN -1.3%, ING -1.1%, HSBC -0.8%

Other news:
  • PTIE -64.5% (receives a CRL from the FDA on the resubmission of its NDA for REMOXY ER)
  • DRRX -33.5% (announces its licensee Pain Therapeutics (PTIE) receives complete response letter from FDA for Remoxy ER extended-release capsules CII)
  • DB -5.2% (Angela Merkel ruled out public assistance over the weekend)
  • ACOR -4.7% (receives confirmation from Tribunal for redemption right regarding the shares in Biotie Therapies)
  • SWHC -2.5% (proposal was not selected by the Department of the Army for M9 standard Army sidearm replacement)
  • MOMO -1.5% (Shanghai down ~2% overnight)
Analyst comments:
  • IHG -4.5% (downgraded to Underweight from Equal Weight at Morgan Stanley)
  • LYG -3.1% (downgraded to Sell from Neutral at Goldman)
  • TWTR -3% (downgraded to Underperform from Perform at Oppenheimer)
  • NTAP -2.4% (downgraded to Sell from Hold at Deutsche Bank)
  • FINL -2.2% (downgraded to Neutral from Buy at Buckingham Research)
  • LMCA -1.6% (downgraded to Hold at Wunderlich)
  • DIS -0.8% (downgraded to Hold from Buy at Drexel Hamilton)
  • NKE -0.6% (removed from Focus List at JP Morgan)

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance: N/A

M&A news: CHMT +16.2% (Lanxess (LNXSF) to acquire Chemtura for $33.50/share; transaction is expected to close around mid-2017), .

Other news:
  • LPCN +28.5% (reports 'positive' top-line results from a Phase 2b clinical study of LPCN 1111)
  • ARRY +18.4% (Array Biopharma & Pierre Fabre announce Columbus phase 3 study of encorafenib plus binimetinib for BRAF-Mutant Melanoma met its primary endpoint)
  • GWPH +11.8% (announces 'positive' results of the Phase 3 clinical trial of its Epidiolex)
  • NWBO +7.1% (files for $150 mln mixed securities shelf offering)
  • FATE +6.1% (confirms orphan drug designation for lead product candidate Protmune)
  • AXON +5.4% (eceived Fast Track designation for its Investigational New Drug application for intepirdine)
  • VKTX +4.7% (announces the presentation of data from a proof-of-concept study of VK0214)
  • CRVS +4.2% (reports preclinical and preliminary clinical biomarker data of lead oral checkpoint inhibitor CPI-444)
  • EXEL +2.8% (announces its partner Daiichi Sankyo (DSNKY) initiated a phase 3 pivotal trial to evaluate CS-3150 )
  • NVAX +2.2% (cont strength following last week's 75% gain)
  • SRPT +1.3% (Barron's profiles positive view)
Analyst comments:
  • CGIX +13.6% (initiated with a Buy at Rodman & Renshaw, also enters into a strategic alliance and partnership with ApoCell)
  • ARIA +3.3% (initiated with a Outperform at Leerink Partners)
  • OSK +1.2% (upgraded to Overweight from Neutral at JP Morgan)
  • POT +0.6% (upgraded to Positive from Neutral at Susquehanna)
  • MON +0.5% (upgraded to Mkt Perform from Underperform at Bernstein)

(Express.co.uk) Italy PM frozen OUT of EU as France and Germany meet WITHOUT him

Funny to read that kind of article in a uk newspaper

Italy PM frozen OUT of EU as France and Germany meet WITHOUT him ahead of referendum

ITALIAN Prime Minister Mattei Renzi is losing his grip on power ahead of a make or break referendum as European Union (EU) heavyweights phase him out of key negotiations.

Matteo Renzi promised to resign if he loses the referendum on constitutional reform, which threatens to shake the financial foundations of the nation and push contagion to other nations in the crumbling bloc.

Such an action, supporters say, would streamline the costly an complicated system, make it easier to pass legislation as the senate is seen as a stumbling block for policy, which often results in major political gridlock.

The bold move by the pro-EU leader was seen as a political gamble by many Italians - and now it looks as though it may not go his way.

To add to his troubles, Mr Renzi has not been invited to a meeting with German Chancellor Angela Merkel and French President Francois Hollande, just weeks after he was excluded from a joint news conference by the pair following the failed Bratislava summit.

The shun could have something to do with the fact Mr Renzi stepped up his attack on the crumbling bloc at the end of the summit.

The prime minister said he was dissatisfied with its closing statement and blasted the lack of commitments on the economy and immigration in the summit's conclusions, which he himself signed.

Italian cabinet officials are expected to announce the date of the polls today, likely to take place in November or December.

Mr Renzi staked his own career on the vote - stating if the outcome is no he will step down.

And it is believed the referendum will be used by voters fed-up with Brussels as an opportunity to oust Mr Renzi.

Italy is one of EU’s founding members, with the union’s flag standing proud atop state buildings nationwide.

However, the ongoing migrant crisis and the bloc’s failure to stop thousands arriving on the nation’s shores, as well as constant negotiations over its finances, has left many Italians scorned.

If his proposals are defeated, opposition parties who are determined to push forward a breakaway from Brussels, and with Brexit increasing anti-EU sentiment across the continent, they will prepare for a fight to topple the union.

Wolfango Piccoli, analyst at Teneo Intelligence said: “The prime minister’s ongoing attempt to detach his political future from the referendum outcome has probably started too late.

“Many voters see this as back-pedalling and consider the vote as a mere popularity test for Renzi.”

Britain’s momentous decision to sever ties with Brussels was celebrated by anti-establishment and Eurosceptic party the Five Star Movement.

Five Star Movement, founded by comedian Beppe Grillo, has now become the most popular party in Italy after it won a quarter of the national vote in 2013 and last month clinched the mayoral seats in Rome and Turin.

Recent polls show it has 30.6 pr cent of the vote - up from the ruling Democratic Party’s 29.8 per cent.

Renato Brunetta, from the Forza Italia party, said: “You cannot build a constitutional reform to stay in Government for 20 years, with checks and balances.

“This is dictatorship and it’s scary.”

A Democratic party lawmaker said: “We thought we could win this with a low turnout, but with the No camp gaining ground we have to bet on a high turnout.”

However Mr Renzi and his party remain defiant amid the chaos, with a Yes camp spokesman attempting to move the vote away from the Italian president’s popularity.

Rudy Francesco Calvo added: “We are trying to make citizens understand the reform is not just good for constitutionalists or politicians, but matters to them and they can benefit from it.

>>> US Early premarket gappers

Early premarket gappers

Gapping up: CHMT +17.6%, EXEL +7.4%, ARIA +3.6%, NVAX +2.2%, ALNY +2.1%, POT +1.6%, HMY +1.4%, GFI +1.4%,DRD +0.8%, GPRO +0.7%, BUD +0.6%

Gapping down: CALM -8.7%, SWHC -5.3%, DB -5.3%, IHG -4.6%, LYG -3.7%, MOMO -3.2%, SAN -2.7%, PUK -2.7%, TWTR-2.7%, IBN -2.6%, SHPG -2.4%, BCS -2.2%, RBS -2.1%, ING -1.5%, TOT -1.2%, BP -1.1%, SLV -1.1%, HSBC -1%, RDS.A-0.8%

(Stiffel) Kraft Heinz: Best-in-class margins and improving revenue growth prospe

Kraft Heinz: Best-in-class margins and improving revenue growth prospects
Stifel notes Kraft Heinz maintains one of the strongest growth profiles within the Consumer Staples industry and they maintain confidence in its growth outlook and therefore continued upside for the shares from this level. They continue with their Buy rating and $95 target price. They are raising their EPS estimates in FY17 and FY18 due to lower interest costs and the benefit of the licenses from Mondelez (MDLZ) reverting back to the company in FY18.