Hourly In Play (R)

Updated: 21-Jan-19 00:00 ET

 Friday After the Close   
17:34  WRAPX This week's biggest % gainers/losers

The following are this week's top 20 percentage gainers and top 20 percentage losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).

This week's top 20 % gainers
  • Healthcare: ALDR (13.41 +23.82%), FPRX (11.19 +16.56%)
  • Materials: VHI (3.45 +48.07%), MERC (14.77 +27.33%)
  • Consumer Discretionary: GTX (15.81 +19.32%), CWH (16.03 +18.57%), BOOT (22.85 +17.84%), VC (76.33 +16.14%), LE (17.35 +15.51%)
  • Information Technology: FDC (22.95 +32.81%), ATTU (24.69 +21.09%), COUP (76.66 +17.96%), DOMO (26.59 +17.03%)
  • Financials: OZK (32.06 +21.58%), JT (5.77 +15.86%)
  • Energy: ROAN (11.15 +22.39%), HCLP (4.6 +16.75%), RDC (12.12 +15.65%)
This week's top 20 % losers
  • Healthcare: IMMU (13.31 -25.68%), LXRX (5.96 -20.95%), ADAP (4.86 -15.33%), MGNX (12.31 -13.92%), NOVN (1.38 -13.08%)
  • Materials: IAG (2.83 -22.25%), AG (5.15 -13.88%), EGO (2.66 -13.07%)
  • Industrials: MAXR (5.04 -13.55%)
  • Consumer Discretionary: NLS (7.02 -37.04%), SIG (25.41 -28.52%), TLRD (12 -18.26%), TSLA (302.26 -12.96%)
  • Information Technology: CASA (11.2 -18.6%), QTNA (13.36 -16.92%)
  • Financials: DFIN (13.57 -12.96%)
  • Utilities: PCG (7.23 -58.9%)
17:33  SSW Seaspan files for 52,810,939 Class A common share offering by selling security-holders (9.16 +0.16)

17:05  EYPT EyePoint Pharmaceuticals entered into $20 mln At Market Issuance Sales Agreement (2.26 -0.14)

17:03  GWPH GW Pharma files mixed securities shelf offering (137.29 +2.79)

16:41  FDX FedEx began offering today voluntary cash buyouts - offer periods will expire in the fourth quarter of fiscal 2019 (176.91 +3.64)

A voluntary buyout program for eligible U.S.-based employees is a component of FedEx Corporation's ongoing efforts to improve efficiencies and reduce costs. Costs of the benefits to be provided under the U.S.-based employee voluntary buyout program will be recognized in the period that eligible employees accept their offers, which is expected to be predominantly in the fourth quarter of fiscal 2019. We expect the pre-tax cost of the U.S.-based program to range from $450 million to $575 million in pre-tax cash expenditures, but actual costs will depend on employee acceptance rates. We expect savings from the U.S.-based program to be between $225 million to $275 million on an annualized basis beginning in fiscal 2020.
16:39  MKL Markel Corp said that effective immediately CATCo CEO Anthony Belisle, and CATCo CEO Bermuda Alissa Fredricks are no longer with the company (1068.20 +11.85)

As previously announced, after being notified of governmental inquiries into loss reserves recorded in late 2017 and early 2018 at Markel CATCo Investment Management Ltd and its subsidiaries, Markel Corporation engaged outside counsel to conduct an internal review. During the course of the internal review, Markel discovered violations by Mr. Belisle and Ms. Fredricks of Markel policies relating to an undisclosed personal relationship, and prompt action was taken. The internal review relating to loss reserving continues with no conclusions reached at this time.
16:35  SYF Synchrony Financial moves up Q4 release date to Jan 23 from Jan 25 (26.28 -0.07)

16:35  ABBV AbbVie announces update on Phase 3 RESOLVE trial of ibrutinib (IMBRUVICA) in metastatic pancreatic cancer; study did not meet primary endpoint (89.50 +2.30)

  • The Phase 3 RESOLVE trial (PCYC-1137) evaluated ibrutinib (IMBRUVICA) in combination with chemotherapy agents nab-paclitaxel and gemcitabine versus placebo in combination with these chemotherapy agents in patients with metastatic pancreatic adenocarcinoma. IMBRUVICA is a first-in-class Bruton's tyrosine kinase inhibitor jointly developed and commercialized by Pharmacyclics LLC, an AbbVie company, and Janssen Biotech (JNJ). IMBRUVICA has been available in the U.S. since 2013 and is FDA-approved for use in five B-cell blood cancers, as well as in chronic graft-versus-host-disease for a total of nine FDA-approved indications.
  • At conclusion, the study did not meet its primary endpoint of improving progression-free survival or overall survival benefit among the study population. Safety data collected from the study were consistent with the existing safety information for the study therapies.
  • The company will continue to evaluate the potential of IMBRUVICA as a cancer treatment alone or in combination for a variety of cancer types.
16:34  AMBR Amber Road: Altai Capital Osprey increases active stake to 8.7% from 8.56% - submitted notice of intent to nominate two individuals-Mr. Heinberg and Jim Watson for election to board (8.43 +0.17)

16:27  LNN Lindsay Corp releases presentation detailing long-term tgts including rev growth 5-10%, op margin 11-16%, ROIC 10-15% (90.32 -0.70)

16:25  NNBR NN Inc: Legion partners discloses increased holding -- with 6.35% active stake (prior approx 2.3%) (8.46 -0.04)

The Reporting Persons have had and anticipate having further discussions with management and the Board of the Issuer relating to the Issuer's underperformance, overall business strategy, board composition (which include reconstitution of the Board), corporate governance, management accountability, capital allocation, and the evaluation of strategic alternatives.
16:24  WRAPX Stock Market Wrap Up: Stocks Climb on Trade Hope, Waning Growth Concerns

The S&P 500 gained 1.3% on Friday, boosted by trade talk optimism and waning concerns about the U.S. economic outlook. Friday's gains extended the benchmark index's weekly gain to 2.9%.

The Dow Jones Industrial Average (+1.4%), the Nasdaq Composite (+1.0%), and the Russell 2000 (+1.0%) also extended their weekly gains to 3.0%, 2.7%, and 2.4%, respectively.

Within the S&P 500, all 11 sectors finished higher with the cyclical energy (+1.9%), industrials (+1.9%), financials (+1.7%), and materials (+1.6%) groups leading the broader market higher.

Friday's presumed catalyst was a Bloomberg News report highlighting China's willingness to eliminate the U.S. trade imbalance.

According to the report, China made an offer during trade negotiations earlier this month to boost the amount of U.S. imports, such that the trade balance with the U.S. would be $0 by 2024. It's not the news itself that sparked an extended rally, but the tenor of recent trade headlines that have fed hope for a meaningful trade deal.

It is evident that the market is beginning to price in the positive effects of a trade deal, which, if struck, should bode well for global growth and corporate earnings prospects.

In addition, strength in manufacturing output, which drove a 0.3% increase in industrial production in December ( consensus 0.2%), and the capacity utilization rate rising to 78.7% ( consensus 78.5%), helped temper some of the pressing economic growth concerns that were so prominent at the end of 2018.

The easing concerns over economic growth were subsequently made apparent across capital markets.

The S&P 500 cyclical sectors outperformed; U.S. Treasury prices finished lower, driving yields higher; the dollar extended gains; and oil prices ($53.84/bbl, +$1.85, +3.6%) increased, as did copper prices ($2.72/lb, +0.04, +1.5%).

The yield on the 2-yr Treasury note rose five basis points to 2.61%, and the yield on the 10-yr Treasury note rose four basis points to 2.78%. The U.S. Dollar Index increased 0.3% to 96.37.

In earnings news, Dow component American Express (AXP 100.48, +0.99, +1.0%) rose after it released a better-than-expected earnings report. Netflix (NFLX 339.10, -14.09, -4.0%) for its part fell after a Q4 revenue miss and guiding Q1 top and bottom lines below consensus.

In other corporate news, Tesla (TSLA 302.26, -45.05) was a story stock after it dropped 13.0% following plans to reduce its full-time staff by approximately 7%. The company hopes that a reduction can help produce its Model 3 at a more affordable price point for the masses.

Reviewing Friday's economic data, which included Industrial Production and Capacity Utilization for December and the preliminary reading of the University of Michigan Index of Consumer Sentiment for January:

  • Industrial production increased 0.3% in December ( consensus 0.2%) on top of a downwardly revised 0.4% increase (from 0.6%) in November. The capacity utilization rate rose to 78.7% ( consensus 78.5%) from an upwardly revised 78.6% (from 78.5%).
    • The key takeaway from the report is that the there was notable strength in manufacturing output (hard data), which saw its largest gain since February 2018 and helped allay some of the concerns surrounding the softening ISM Manufacturing Index (and soft survey data) for December.
  • The preliminary University of Michigan Index of Consumer Sentiment for January slumped to 90.7 ( consensus 96.0) from 98.3 in December, marking the lowest level since President Trump was elected.
    • The key takeaway from the report is that the consumer's attitude about the economic outlook for the year ahead was categorized as the worst since mid-2014, calling into question the consumer's propensity to spend freely on discretionary items.

Looking ahead, investors will receive Existing Home Sales for December on Monday.

  • Russell 2000 +9.9% YTD
  • Nasdaq Composite +7.9% YTD
  • S&P 500 +6.5% YTD
  • Dow Jones Industrial Average +5.9% YTD
16:08  CB Chubb estimates Q4 net catastrophe loss estimates of approximately $585 mln pre-tax ($505 mln) after tax (133.59 +0.73)

These estimates include the previously reported loss estimates related to the California wildfires and Hurricane Michael, which totaled $475 million pre-tax, and $75 million pre-tax related to other worldwide weather events in the fourth quarter, including storms in Australia and Typhoon Trami in Japan. The balance of approximately $35 million pre-tax is from loss development related to natural catastrophes occurring in the first three quarters of the year.

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