After Hours Summary: NVDA +0.8% extending gains further in after hours trade, MDXG +2% on Aetna EpiFix coverage news... ANTH -67% as Phase 3 study narrow miss causes big dropAfter Hours Gainers:
Companies trading higher in after hours in reaction to news:
- CEMP +3.4% (light volume, closed down 5% on the day)
- MDXG +1.8% (EpiFix product has received coverage from insurer Aetna)
- IRG +1.6% (extending today's 85%+ move higher)
- CETX +0.9% (will launch previously announced $15.0 million subscription rights offering tomorrow)
- NVDA +0.8% (continued strength)
After Hours Losers:
Companies trading lower in after hours in reaction to news:
- ANTH -66.7% (announces top line results of the SOLUTION clinical study in cystic fibrosis patients with exocrine pancreatic insufficiency; study 'narrowly missed' CFA non-inferiority margin of the primary modified Intent to Treat analysis)
- ACAD -1% (after relinquishing early gains and closing near lows -- down 2.7% on the day)
- HTZ -0.2% (Glenview Capital lowers passive stake)
Closing Market Summary: Stocks Inch Higher on Light VolumeThe stock market enjoyed a modest post-holiday advance, which was paced by the Nasdaq Composite (+0.5%). The tech-heavy index settled ahead of the S&P 500 (+0.2%) while the Dow Jones Industrial Average (+0.1%) ended just above its flat line.
The bulk of today's action took place during the opening minutes as the key indices charged to session highs. The opening rally was followed by a slow intraday drip from those highs. The Dow surrendered the bulk of its early gain while the S&P 500 and Nasdaq spent the afternoon near the middle of their respective ranges. Unsurprisingly, participation was very limited with fewer than 600 million shares changing hands at the NYSE floor.
Nine of eleven sectors finished the day in positive territory with technology (+0.5%) underpinning things from the start. The top-weighted group rallied behind Apple (AAPL 117.25, +0.73) and high-beta chipmakers. NVIDIA (NVDA 117.32, +7.54) soared 6.9%, extending its 2016 gain to 256.0%. The broader PHLX Semiconductor Index climbed 1.2%.
The technology sector lost the top spot to materials (+0.5%) during the final minutes while the consumer discretionary sector (+0.4%) also provided support. The influential discretionary sector was boosted by Amazon (AMZN 771.40, +10.81) after the online retail giant made upbeat comments about holiday sales of its devices. Apparel retailers were mixed while the SPDR S&P Retail ETF (XRT 44.91, +0.43) gained 1.0%.
Other cyclical sectors recorded slimmer gains with energy (+0.2%) failing to keep pace with crude oil, which jumped 1.7% to $53.89/bbl. Elsewhere, the financial sector (+0.1%) spent the entire session behind the broader market. Deutsche Bank (DB 18.37, -0.26) was notified by the European Central Bank that it will have to maintain a phase-in Common Equity Tier 1 ratio of at least 9.51% starting in January. This will be down from this year's requirement of 10.76%.
Biotechnology displayed broad strength at the start, but the iShares Nasdaq Biotechnology ETF (IBB 271.26, -1.06) ended lower by 0.4%. Biogen (BIIB 290.97, +3.44) fueled the opening strength, advancing 1.2%, after the company's spinal muscular atrophy treatment was approved by the Food and Drug Administration.
Treasuries slipped in morning action and spent the afternoon near their lows. The 10-yr yield rose two basis points to 2.56%.
Economic data was limited to Consumer Confidence and Case-Shiller 20-city Index:
- The Conference Board's Consumer Confidence Index surged to 113.7 in December (consensus 109.8) from an upwardly revised 109.4 (from 107.1) in November
- December marked the highest reading for the index since August 2001
- The uptick was driven entirely by the Expectations Index, which increased from 94.4 to 105.5
- The Present Situation Index decreased from 132.0 to 126.1
- The Case-Shiller 20-city Index for October increased 5.1% to follow last month's revised increase of 5.0% (from 5.1%)
Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET while November Pending Home Sales will be reported at 10:00 ET.
- Russell 2000 +21.4% YTD
- Dow Jones Industrial Average +14.5% YTD
- S&P 500 +11.0% YTD
- Nasdaq Composite +9.6% YTD
Amazon.com Inc said it had its best-ever holiday season, shipping more than one billion items worldwide through its Prime membership program.
The company said on Tuesday more than 72 percent of its customers worldwide shopped through mobile devices, adding that Dec. 19 was the busiest shopping day this holiday season.
The Amazon Echo home assistant and its smaller version, Echo Dot, were best sellers, said Jeff Wilke, chief executive of Amazon's Worldwide Consumer division. "Despite our best efforts and ramped-up production, we still had trouble keeping them in stock," he said.
Other best sellers included 72-pack Keurig K-Cups, the movie "Finding Dory", Samsung Electronic Co Ltd's Gear VR virtual reality headset and Nintendo Co Ltd's Pokémon Sun and Pokémon Moon role-playing video games, the company said.
Amazon's shares were up 1.4 percent at $771.24 in morning trading.
The last 5 days have seen Bitcoin prices (in dollars) soar over 18% and over 20% in Yuan as volumes on Chinese exchanges continues to build, seemingly anticipating notable Yuan devaluation (confirmed by various derivative bets being placed on the Chinese currency) and/or further capital controls looming as yet another hot money Chinese bubble explodes in commodity-land.
Is another major Yuan devaluation looming?
Last week saw the heaviest Bitcoin trading ever on Chinese exchanges...
Notably, gold was well bid overnight also...
ECB has purchased €1.26T worth of bonds in public sector purchase program (PSPP, QE) as of w/e Dec 26th v €1.24T prior week
- Total ABS purchases (ABSPP) to date now €23.0B vs. €23.1B prior
- ECB has now purchased total €204.1B vs. €204B prior under its covered bond purchase program 3 (CBPP3)
- ECB has now purchased total €51.2B vs. €50.6B prior under its corporate sector purchase program
Filings, Offerings and Pricings
Filings:
- Amyris (AMRS) filed for offering of 10 mln shares of common stock on behalf of selling stockholders
- Carolina Financial (CARO) filed for $100 mln mixed securities shelf offering
- Chatham Lodging (CLDT) filed for mixed securities shelf offering; size not disclosed
- Celsion (CLSN) filed for $15 mln offering of common stock and base warrants
- Catalyst Pharma (CPRX) filed for $33.84 mln offering of common stock
- Helios & Matheson (HMNY) filed for 3,926,293 share common stock offering by selling security holders
- Lion Biotech (LBIO) filed for $100 mln mixed securities shelf offering
- Milacron Holdings (MCRN) filed for $100 mln offering of common stock on behalf of selling stockholders
- Planet Fitness (PLNT) filed for offering of Class A common stock on behalf of selling stockholders; size not disclosed
Offerings:
- DryShips (DRYS) enters into a $200 mln purchase agreement with Kalani Investments; co agreed to issue up to $1.5 mln of its common stock as a commitment fee
- Energy Fuels (UUUU) enters into controlled equity offering sales agreement to sell from time to time up to an aggregate of $20 mln of common shares
In reaction to disappointing earnings/guidance: n/a
Other news:
Other news:
- ELGX -16.6% (Endologix announces temporary hold on shipments of its AFX Endovascular AAA System to complete investigation of manufacturing issue with some sizes)
- BAS -10% (successfully completes prepackaged restructuring and emerges from Chapter 11 with $125 million of new capital and debt level reduced by $775 million)
- AVXS -5.2% (following IONS/BIIB spinal muscular atrophy drug approval news)
- HMNY -4.5% (filed for 3,926,293 share common stock offering by selling security holders)
- AMRS -4.5% (filed for offering of 10 mln shares of common stock on behalf of selling stockholders)
- RBA -3.1% (light volume; reported auction update and was downgraded at Raymond James)
- AMPH -2.3% (receives complete response letter for Primatene mist from the FDA)
- DB -2.2% (following weakness in overseas trade)
Analyst comments:
- GPRO -0.3% (cautious Piper commentary regarding holiday sales)
In reaction to strong earnings/guidance: JMEI +3.1%.
Select metals/mining stocks trading higher: AUY +3.1%, HL +2.5%, ABX +2.2%, GDX +1.9%, SLV +1.5%, GLD +0.8%, PVG +1.5%, PAAS +1.1% (acquires an additional 10 mln common shares of Maverix Metals through the exercise of 10 mln previously acquired common share purchase warrants).
Select metals/mining stocks trading higher: AUY +3.1%, HL +2.5%, ABX +2.2%, GDX +1.9%, SLV +1.5%, GLD +0.8%, PVG +1.5%, PAAS +1.1% (acquires an additional 10 mln common shares of Maverix Metals through the exercise of 10 mln previously acquired common share purchase warrants).
A few Brazil ADRs/related names are trading higher: VALE +3.9%, GGB +3.8%, SID +2.3%, PBR +1.7%, ITUB +1.3%, BUD +1.2%
Other news:
Other news:
- IONS +6.5% and BIIB +2.3% (FDA approves Spinraza/nusinersen, the first drug approved to treat children and adults with spinal muscular atrophy -- marketed by Biogen)
- REFR +6.1% (light volume - still checking)
- NVCN +5.2% (continued strength after Friday's 17% move higher)
- PLX +4.8% (receives confirmation of order for over $24 million of alfataliglicerase to treat Gaucher patients in Brazil)
- CEMP +4% and TXMD +3.7% (still checking, CEMP closed 14% lower last week)
- NKTR +2.9% (light volume - being attributed to Shire news),
- MTL +2% (ticking higher - extended the maturity of the debt on its credit lines until 2022)
- NVDA +1.6% (continued strength)
- LMT +0.5% (Lockheed Martin tweeted Friday 'LM CEO just had a good conversation with President Elect Trump; she personally committed to drive down the cost of the F-35')
- MU +1.2% following last week's 15% move higher; also Barron's profiles long term positive view on Micron)
- AGN +0.5% (still checking for anything specific)
- TSLA +0.3% (Tesla Motors and Panasonic will begin manufacturing solar cells and modules in Buffalo, NY)
- HOLX +0.2% (receives FDA PMA approval for HIV-1 Quant Assay)
- SRG +0.2% (modestly rebounding on light volume - announces proposed new unsecured credit facility)
Analyst comments: CY +0.3% (ticking higher; Improving U.S autos primed for a better 2017 - Mizuho)
Greece Fin min Tsakalotos: Govt remains fully committed to agreed upon fiscal path for 2016-18 period - letter to ESM
- To remain faithful for fiscal pat based on primary surplus targets of 0.5%, 1.75% and 3.5% of GDP in 2016, 2017 and 2018 respectively
- Will activate contingency fiscal mechanism, put in place in context of 1st review, in case outturn data validated by Eurostat shows that those agreed targets not met