>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance:
  • TDOC -24%, SGMO -22.7%, INOV -18.1%, BSQR -15.9%, TEGP -14.6%, BBRG -13.9%, FRSH -13.5%, QUIK -11%, GI-10.1%, (also files for $100 mln mixed securities shelf offering and 6,060,444 shares common stock offering by selling stockholders; announces recent FDA clearance and US launch of Lumos with Adaptive Matrix Imaging)
  • NSYS -9.7%, UHAL -9.5%, IMGN -8.8%, AMRN -8.7%, AME -8.2%, HOS -7.9%, TRIP -7.2%, PMT -6.4%, FRGI -6.1%,CHK -5.3%, GPOR -5%, GOLD -4.9%, CF -4.8%, MET -4.5%, IRG -4.3%, VTAE -4.3%, ANDE -4.1%, LGCY -4%
  • XOMA -3.9%, HIVE -3.8%, ALB -3.6%, ETP -3.6%, FOXA -3.5%, (also discloses that it eliminated the previously-announced suspension of voting rights of shares of Class B Common Stock held by stockholders who are not U.S. citizens ),ETE -3.4%, BDX -3.3%, CBPX -3.2%, (also expands share repurchase program to $100 mln from $50 mln), NOK -3.2%,LNC -3%, MED -2.9%, CTL -2.7%, ADRO -2.6%, TNK -2.4%, GERN -2.2%, G -2.1%, HSIC -2%
  • PRU -1.9%, (also authorized a $500 mln increase to the existing share repurchase authorization for calendar year 2016),EVHC -1.9%, AGU -1.9%, TSO -1.9%, (also increases quarterly dividend), BLUE -1.8%, AWK -1.8%, NAVB -1.8%, DYN-1.7%, CXW -1.7%, LODE -1.7%
  • PEGA -1.4%, SYNC -1.3%, CCOI -1.3%, HMHC -1.2%, SBH -1.2%, NLY -1.1%, CIM -1.1%, OAS -1.1%
Other news:
  • MNTA -14.8% (discontinues further accrual of its Phase 2 trial evaluating necuparanib in combination with Abraxane and gemcitabine in patients with advanced metastatic pancreatic cancer)
  • PQ -9.5% ( in 10-Q adds a potential bankruptcy filing to list of risk factors - Was not part of 10-Q filed in May)
  • AMRN -7.5% (announces that the FDA agreed to an amendment of its special protocol assessment agreement for the REDUCE-IT cardiovascular outcomes study)
  • ADAP -4.9% (received notice from the FDA that a partial clinical hold has been placed on its planned pivotal study of NY-ESO SPEAR T-cell therapy in myxoid round cell liposarcoma )
  • RYAM -4.7% (announces public offering of 1,250,000 shares of the Company's Series A Mandatory Convertible Preferred Stock)
  • CP -3.3% (Canadian Pacific confirms the commencement of a public offering of 9,840,890 of common shares by certain funds managed by Pershing Square; Canadian Pacific and Canadian Natl Rail (CNI) agree to settle lawsuit commenced by CNI in August 2015 against CP, certain of its employees and an officer, alleging misuse of confidential information, without any admission of liability on the part of CP)
  • PCLN -0.6% (following TRIP earnings)
  • EXPE -0.5% (following TRIP earnings)
Analyst comments:
  • GRMN -1.6% ( downgraded to Underperform at BofA/Merrill)

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance:
  • ALIM +20%, SQ +19.3%, ETRM +17.9%, XPO +12.3%, AXGN +11.4%, AVEO +9.6%, PODD +8.6%, EXEL +8.5%, NSTG+8.3%, JACK +7.8%, GDDY +7.7%, (also names new CFO), AKRX +7.6%, GOGO +7.1%
  • AVID +6.4%, ERII +6.1%, EPE +6.1%, KTWO +6%, SNCR +5.9%, MX +5.9%, FXCM +5.5%, AV +5%, CSII +4.9%,CTB +4.6%, FIVN +4.5%, IO +4.4%, HSC +4.3%, SYN +4.2%, NSIT +4%
  • COT +3.9%, DNR +3.8%, MASI +3.6%, NLST +3.3%, SXL +2.8%, HL +2.8%, NGL +2.8%, ICPT +2.6%, TROX +2.5%,EVA +2.5%, PE +2.4%, HLF +2.4%, EVC +2.4%, BTG +2.2%, CNAT +2.1%, AREX +2%, HRTG +2%,
  • CHD +1.4%, ZUMZ +1.3%, (Zumiez Inc reports July same store sales -2.9% vs -7.6% Retail Metrics consensus; Q2 (Jul), sees Q2 EPS at high end or slightly better than prior guidance ($0.09)-(0.13) vs. ($0.09) Capital IQ Consensus Estimate primarily due to higher than planned sales), RIG +1.3%, LPI +1.3%, BLL +1.3%, MFC +1.3%, AGO +1.2%, FLXN +1%,HGG +0.9%, HRC +0.9%
Other news:
  • OCUL +23.6% (updates on its NDA for DEXTENZA; FDA issued a letter noting that corrective actions detailed in its responses as a whole appear to address the ten inspectional observations raised)
  • ICLD +21.3% (receives over $6.0 million in new contracts and purchase orders for professional services, network services and maintenance for new and existing customers)
  • CHEK +18.7% (enters into an agreement with GE Healthcare (GE) to develop and validate high-volume manufacturing for X-ray source production and assembly into its capsule)
  • ANTH +6.4% (announces completion of dosing in CHABLIS-SC1 Phase 3 clinical study with Blisibimod )
  • OMER +4.1% (announces results from its OMS906 complement program; OMS906 significantly reduced both incidence and severity of disease in a well-established animal model of arthritis mediated by the APC)
  • MASI +3.6% (announces the CE marking for the pediatric indication for O3 regional oximetry with the O3 pediatric sensor)
  • TOPS +3.1% ( enters into a senior secured facility with a major northern European bank for the financing of the M/T Nord Valiant)
  • ZIOP +2.9% (announces the publication of data highlighting the benefits of using the non-viral Sleeping Beauty system to genetically modify T-cells to express a CAR for use against leukemias and lymphomas)
Analyst comments:
  • CELG +0.7% (upgraded to Buy from Neutral at BTIG Research)
  • HSBC +0.7% (upgraded to Buy from Neutral at BofA/Merrill)
  • APO +0.6% (upgraded to Outperform from Perform at Oppenheimer)

>>> US Early premarket gappers

Early premarket gappers

Gapping up: OCUL +26.2%, SQ +19.7%, XPO +11.3%, ETRM +10.5%, AXGN +10%, EPE +9.1%, PODD +8.6%, NSTG +8.3%,AVID +7.6%, GDDY +6.9%, EXEL +6.3%, ERII +6.1%, KTWO +6%, SNCR +5.9%, MX +5.9%, JACK +5.9%, ANTH +5.1%,ALIM +5%, HL +4.7%, FIVN +4.5%, IO +4.4%, AV +4.2%, NSIT +4%, CSII +3.9%, MASI +3.6%, GPL +3.4%, NLST +3.3%,SXL +2.8%, NGL +2.8%, TROX +2.5%, RIG +2.4%, EVC +2.4%, HSC +2.2%, CNAT +2.1%, HRTG +2%, LPI +1.9%, CTB+1.9%, HLF +1.7%, AKRX +1.4%, MFC +1.3%, AGO +1.2%, DNR +1.1%, OAS +1%, HGG +0.9%

Gapping down: INOV -24.5%, TDOC -24%, SGMO -21.9%, BSQR -15.9%, TEGP -14.6%, FRSH -14.3%, BBRG -13.9%, QUIK-11%, AMRN -10.8%, NSYS -9.7%, PQ -9.5%, UHAL -9.5%, GOLD -9.1%, FRGI -8.3%, HOS -7.9%, TRIP -6.5%, PMT -6.4%,NOK -6.3%, SYNC -5.6%, CHK -5.1%, ADAP -4.9%, GI -4.8%, RYAM -4.7%, ETP -4.5%, BCRX -4.5%, IRG -4.3%, MET -4.3%,FOXA -4.3%, CF -4.2%, ANDE -4.1%, LGCY -4%, XOMA -3.9%, HIVE -3.8%, GPOR -3.2%, CBPX -3.2%, ALB -3.1%, CP -3%,LNC -3%, MED -2.9%, ETE -2.8%, CTL -2.7%, OCLR -2.7%, ADRO -2.6%, GERN -2.2%, G -2.1%, PRU -1.9%, EVHC -1.9%, BLUE-1.8%, AWK -1.8%, DYN -1.7%, PEGA -1.4%, NLY -1.1%, CLR -0.9%, TSLA -0.9%, BTG -0.9%, CNQ -0.9%

(DBK) European Equity Strategy - Q2 Earnings Season : healthy Beats

Q2 earnings season: healthy beats on low expectations
* Q2 earnings growth remains negative, but clearly ahead of consensus expectations
- 65% of Stoxx 600 companies (by market cap) have reported Q2 results so far
- Reported EPS is down by 7.8% vs. Q2 2015, but above low consensus expectations for a 21% decline
- Industrials and autos have been the largest and only contributors to total EPS growth
- Energy and financials remain the largest drag on EPS. Ex-energy & financials, Stoxx 600 EPS are up 3.8%
- Net beats at 22% are the highest since Q2 2015 and well above their long-term average of 11%
- 8 out of 10 major sectors are currently running ahead of consensus expectations, led by staples and industrials
- While EPS growth has been positive for only 2 out of 10 sectors, only 1 sector has a negative net beat ratio. This picture reflects the pessimism built into consensus expectations ahead of the season
* Sales and capex growth momentum remains negative, driven energy, materials and tech
- Quarterly sector data on sales and capex growth show a persistent decline in energy capex over past years and provide some hint of a slowdown in cyclical capex spending, with tech and media cutting capex sharply
* We think the auto cycle is about to roll over
- The auto cycle may be about to roll over as US car sales show clear signs of weakening. We think that European auto earnings have seen their peak in Q2 and that the market will further price weakening sales momentum
- Autos consensus EPS growth of 41% for 2016 is largely driven by substantial downward revisions to Volkswagen earnings in 2015. As Volkswagen EPS growth accounts for 67% of total autos earnings growth, a consensus figure ex Volkswagen would be -2.9% for 2016, instead of -1.7%
* Positive UK earnings revisions continue, strongly skewed towards export sectors
- UK EPS growth has been revised higher after the UK referendum, with a strong skew towards export-focused sectors, driving FTSE 100 vs. FTSE 250 net earnings revisions to a 4-year high

(BarCap) Total : Value in reliability : Raised from Equal to Over Weight

Total
Value in reliability
Despite reporting one of the most resilient sets of earnings and sector-leading return on capital performances since the start of the year, Total’s share price has performed broadly in line with the European Oils y-t-d. Realistically we think this reflects the premium rating vs the peer group at the start of the year and the company is delivering on everything it has said it would – capex next year is set to be 40% below the peak, opex is still falling, projects are coming on stream and we believe the group should be able to cover a 100% cash dividend in a $50-55/bl world in 2017. These are all positive factors but the challenge for Total and its investors is in a period when other companies are about to hit their own harvest phase of falling capex and growing production, how, if at all, does the company differentiate itself. That opportunity will come with the upcoming capital markets day in September, which we expect to focus once again on the key messages of strong discipline on capex and opex and the potential for both production growth and free cash flow generation. Reflecting relative share price movements in the sector, a business that is resilient in almost any oil price environment and with over 30% upside potential to our EUR55/sh price target, we lift our rating to Overweight relative to the wider EU oils sector.

(BarCap) Vinci - PT Raised from €70 to €76 (Note attached)

Vinci
Ready for take-off; PT to EUR76
Investors tend to see Vinci as a robust but mature defensive cash cow. However, we
believe expansion could gather pace and prove more dynamic than most think. We
see four areas of potential positive surprises: (1) traffic momentum; (2) inorganic
deals in airports; (3) a new motorways stimulus package; and (4) the construction
recovery. These are free options and could add EUR12 to our valuation. We raise our
estimates by 3% and lift our PT to EUR76; Vinci is our new sector top pick.

>>> What to look at today - 4th of August 2016

Dow +0.23% S&P +0.31% Nasdaq +0.43% Russell +0.86%
US Market closed on a higher note awaiting for BOE today & NFP tomorrow. Department of Energy reported data and with oil trading on important level, news was in focus. WTI crude ticked off the $40.00/bbl price level, finishing its day higher by 3.4% ($40.82/bbl; +$1.33). In front of the pack, the commodity-sensitive energy (+1.8%) sector led financials (+1.0%), industrials (+0.4%), and technology (+0.4%). Conversely, countercyclical utilities (-0.6%), consumer staples (-0.5%), and health care (-0.2%) rounded out the leaderboard. Volume were in line with average at 873mil shares. US After Hours SQ +15%, HLF +1.8%, RIG +1.4%, AGO +1.2% higher following earnings/guidance... TDOC -25.2%, HOS -7.9%, TRIP -7.3%, CF -4.8% on earnings/guidance. Asian equity markets are mostly positive with the exception of mainland China where prescient concerns over extreme financial system leverage are keeping investors at bay. Chinese press reports, banking regulator CBRC was said to request that banks work with high-debt companies by rolling over their loans or offering new credit after payment of principal. USD/JPY hit its lowest levels of the session below ¥101 after comments from Dep Gov Iwata echoed the BOJ's latest "glass-half-full" outlook. Specifically, Iwata forecast fiscal stimulus to play a big role in reviving economic growth.

Nikkei +0.85% Hang Seng +0.65% CSI -0.05% Shanghai -0.12%

Eur$ 1.1144 CNH 6.6418 CNY 6.6396 JPY 101.55 GBP 1.3305 CHF 0.9730 RUB 66.2381 WTI $41.11 (+0.69%)

S&P +0.03% EuroStoxx +0.80% Dax+0.81% SMI +0.58%

Macro :
- Goldman Employees to Pull About $350 Million From Och-Ziff Fund
- Gross Recommends Build America Funds, SABMiller, Gold: CNBC

Keep an eye on :
- ABI BB : AB InBev Director de Spoelberch Sells EU1.72m of Brewer’s Stock
- ADP FP : ADP Says Tariff Decision by ASI Won’t Modify Fin. Equilibrium
- ADS GY : Adidas 2Q FX-Adj. Sales Up 21%, Raises 2016 Gross Margin View
- ADS GY : Nike Golf Getting Out of Clubs, Bags and Golf Ball Businesses
- AGU US : Agrium Cuts 2016 Adj. EPS View Below Estimate
- ALV GY : Allianz Global Investors Reports 3% Flow Traders Holdings: AFM
- BAS GY : BASF Said to Plan Issue of BRL300m in Brazil Crop-backed Notes
- BEI GY : Beiersdorf grows further in challenging environmentSales and earnings increase in first half-year 2016
- BIIB US : Biogen Said to Not Have Received Any Offers, Reuters Says
- BON FP : Bonduelle FY Sales Beat Target, Helped by Growth Outside Europe
- DENERG DC : DONG Energy half-year results 2016
- DBK GY : German Family-Owned Firms Fear Bank Crisis Hurting Credit: Bild
- DGE LN : Diageo May Challenge Indian Market Regulator’s Order: E. Times
- DUE GY : Duerr 2Q Ebit, Sales Slightly Below Ests.; Orders Outlook Raised
- EOAN GY : EON Said to Face Writedowns After Uniper Split: Handelsblatt
- FRA GY : Fraport 2Q Profit Beats Est.; Sees FY Lower Frankfurt Traffic
- FUR NA : Fugro Sees Positive ’16 Cash Flow; Sells Subsea Asia Pacific Ops
- HNR1 GY : Hannover Re 2Q Net Income Misses; 2016 Outlook Reiterated
- HIK LN : Hikma Sees Lower Profit in Generics; Year Rev. View Unchanged
- KLM NA : KLM Ground Staff Not Allowed to Strike Until Aug. 11, Court Says
- KCO GY : Kloeckner Posts 2Q Profit; Sees Positive Earnings Trend
- MRK GY : Merck KGaA 2Q Rebif, Erbitux Sales Beat Estimates, Lifts FY Outlook
- EGP PL : Mota-Engil Unit Ascendi Sells Assets to Ardian for EU600m
- NKE US : Nike Golf Getting Out of Clubs, Bags and Golf Ball Businesses
- NOKIA FH : Nokia 2Q Sales Miss Ests., Raises Savings Target
- PSM GY : ProSiebenSat.1 2Q Revenue Beats; Confirms Positive FY Outlook
- RBS LN : RBS May Need EU’s Blessing for Branch Deal: Sky
- RHM GY : Rheinmetall 2Q Ebit Beats Estimate, Forecast Confirmed
- RHK GY : Rhoen-Klinikum Says 2016 Outlook Unchanged; 1H Rev. EU590.6m
- RIGN VX : Transocean Gains 3.1% After Reporting 2Q Unexpected Profit
- ROG VX : Roche Positive on PACB, Any Delay Seen as Minor: Piper Jaffray
- SIE GY : Siemens 3Q Profit Beats Estimates; 2016 EPS Outlook Raised
- SQ US : Square Gains 10% After Boosting Year Rev., Adj. Ebitda Views
- SAZ GY : Stada 1H Sales Rise; to Focus on Core Generics, Branded Products
- SAZ GY : Stada Said to Lift Restrictions on Stock Transfer: Handelsblatt
- SDA1V FH : Sponda 2Q Revenue, Profit Beat Ests.; Raises 2016 Outlook
- TEC FP : Technip to Buy Back Shares by Nov 18
- TEN IM : Tenaris 2Q Loss, Sales Miss Ests; Sees 4Q Recovery
- TGS NO : TGS 2Q Net Income Falls Less Than Est.; Declares 15c Dividend
- TSLA US : Tesla Motors on Track for 50k Deliveries in 2H, Shares Up 1.6%
- UNI IM : Unipol 1H Net Income Attributable EU160m, Combined Ratio 96.3%
- US IM : UnipolSai 1H Net Income Attributable EU269.4m; COR 96.9%, UnipolSai to Invest Up to EU100m in Atlante II
- VALE US : Vale Said Seeking Up to $10b in Iron Ore Output Sale: Reuters