>>> Jana Partners discloses updated portfolio positions in 13F filing

Jana Partners discloses updated portfolio positions in 13F filing: New stake in TMH, SRCL; Boosted stake in PFE; Trimmed stake in LGF; Liquidated stake in VRX, QCOM, AIG
Highlights from 2016 Q1 filing as compared to 2015 Q4 filing:
  • New positions in: TMH (~5.9 mln shares), SRCL (~2.4 mln), HDS (~2.9 mln), GOOG (~0.6 mln)
  • Increased positions in: PFE (to ~13.5 mln shares from ~9.2 mln shares)
  • Decreased positions in: AGN (to ~0.4 mln shares from ~1.2 mln shares), LGF (to ~1.5 mln from ~8.5 mln)
  • Closed positions in: WMB (from ~3.8 mln shares), VRX (from ~1.6 mln), TWX (from ~2.7 mln), STRZA (from ~5.4 mln), QCOM (from ~9.2 mln), LBTYA (from ~5.9 mln) BAX (from ~5.7 mln) AIG (from ~4.3 mln)

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance: MSTX +11.7%, SYN +7.7%, PAM +6.2%, SPIL +6%, EDIT +4.4%

M&A news: NSPH +69.2% (to be acquired by Luminex (LMNX) for $1.35/share in an all cash transaction valued at ~$58 mln), ANAC +54.3% (to be acquired by Pfizer (PFE) for $99.25/share), TPUB +22.7% (Gannett (GCI) increases all-cash offer to acquire Tribune Publishing (TPUB) to $15/share from $12.25/share), MRD +12% ( to be acquired by Range Resources (RRC) in an all-stock transaction valued at $4.4 bln), TEX +8.2% (confirms the sale of its Material Handling and Port Solutions Business to Konecranes)

Select metals/mining stocks trading higher: IAG +4%, HMY +3.6%, BBL +3.4%, GFI +3.1%, X +2.9%, RIO +2.5%, FCX +2.4%, RIG +2.2%, ABX +1.9%, AG +1.7%, GDX +1.6%, AA +1.3%

Select oil/gas related names showing strength: XCO +7.6%, CHK +3%, SDRL +2.8%, MRO +2.7%, BHP +2.6%, PBR +1.9%, RDS.A +1.3%, BP +1.1%

Other news: GSAT +16.3% (reports the FCC's chairman is learning in favor of approving Globalstar's TLPS), GLBL +8.4% (receives letter which purports to constitute a notice of default), SYN +7.7% (announces 'positive' topline results from second phase 2a clinical trial of SYN-004), INO +7.1% (testing of its synthetic vaccine for the Zika virus induced robust antibody and T cell responses in non-human primates), EDIT +4.4% (announces 3-year agreement with Cystic Fibrosis Foundation Therapeutics to pay up to $5 mln to to 'support' discovery & development of CRISPR; also reported earnings), DLR +2.5% (to replace Time Warner Cable (TWC) in the S&P 500), YHOO +1.7% (Berkshire Hathaway's (BRK.B) Warren Buffett plans to support YHOO bid, according to Reuters), AAPL +1.6% (Warren Buffett discloses new 9.8 mln share stake in Berkshire's latest 13F filing), VRX +0.8% (announces 'enhanced rebate program' to reduce the price of Nitropress and Isuprel for all hospitals in the United States)

Analyst comments: JCP +3.4% (upgraded to Outperform from Neutral at Robert W. Baird)

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance: WTT -4.8%, MNGA -1.1%

M&A news: RRC -2.4% (Memorial Resource Development to be acquired by Range Resources (RRC) in an all-stock transaction valued at $4.4 bln)


Other news: BBEP -57.9% (commences Chapter 11; secures $75 mln in debtor-in-possession financing), TRVN -19.4% (failed to meet either the primary or secondary endpoints in the Phase 2b BLAST-AHF study in acute heart failure)

Analyst comments: WB -1.8% (downgraded to Neutral from Buy at Goldman), BITA -1.2% (downgraded to Underweight from Equal-Weight at Morgan Stanley)

(FBR & Co) Specialty retail 1Q16 EPS expectations now low; opportunity for compa

Specialty retail 1Q16 EPS expectations now low; opportunity for companies with specific drivers; expect cautious 2Q/2016 guidance
FBR & Co is estimating on average 1Q16 EPS in line with the Street, but believe there could be some downside given a soft April. The focus will be on 2Q/2016 trends/guidance, given recent concerns about the overall retail environment. Heading into 1Q16 reports, they believe PLCE (down -16% despite defensive kids business/co initiatives), CHS (down -11% despite upside from cost-cutting in 2016), and ASNA (down -23% already pricing in weaker missy but Justice SSS turn should be a positive) represent the best upside opportunity, while LULU (down just -2.6%) represents the best downside opportunity.