News Bulletin
Wednesday- February 21, 2017
Evening Edition

 

 

Economic Numbers

 

 

TIME

DETAIL

SURV

PRIOR

 

09:45

Manufacturing PMI (Feb)  

55.9

55.5

 

10:00

Existing Home Sales (Jan)

5.38M

5.56M

 

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Indices

 

 

CLOSE

50 DMA

200 DMA

S&P 500

2,701.20

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DJIA

24,795.20

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NASDAQ

7,218.34

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21st Feb, 2017 Market News

 

08:11 Mosaic [MOS] +2.5% premarket after J.P. Morgan upgrades shares to Overweight from Neutral with a $30 price target, up from $26, citing positive phosphate price dynamics. JPM analyst Jeffrey Zekauskas sees positive sector fundamentals after MOS reduced phosphate production in the U.S. through plant idling; India, a large importer of phosphates, has low inventories, which may lift demand, he says.

 

08:22 Sphere 3D [ANY] (+4.7%) will sell its Data Protection and Archive business to Silicon Valley Technology Partners for $45M. Silicon Valley, an entity established by Sphere 3D CEO Eric Kelly, plans to finance the purchase through capital raised from a group of private entities. 

 

08:35 U.S. Silica -9% after missing Q4 earnings view : U.S. Silica [SLCA] -8.9% premarket after reporting lower than expected Q4 earnings and in-line revenues. Q4 results included a deferred income tax benefit of $35.8M, or $0.44/share, from the recent U.S. tax changes, but were hurt by $9.9M, or $0.07/share, of business development-related expenses.

 

09:04 Cyclacel Pharmaceuticals [CYCC] is up +6% on increased volume in response to its announcement that the European Patent Office has notified it that it intends to grant the company a patent covering novel pharmaceutical preparations of sapacitabine, its lead product candidate. Equivalent patents are in place in the U.S. and certain other countries.

 

10:47 QTS Realty [QTS] is taking its biggest fall ever, slipping -24.2% the day after an earnings report that beat expectations but came with guidance that disappointed some, as well as a reorganization along with management changes that will add disruption.

 

11:09 Collegium Pharmaceutical [COLL(-2.7%) discloses that it has received a letter from the FDA over misbranding pain med Xtampza ER (oxycodone) at a trade show in Minneapolis, MN last June.

 

12:26 Nano cap Anthera Pharmaceuticals [ANTH] (+53.8%) is up on whopping 37x surge in volume ahead of next month's expected release of topline data from a Phase 3 clinical trial, RESULT, evaluating lead candidate Sollpura for the treatment of exocrine pancreatic insufficiency (EPI).

 

12:59 Legacy Reserves [LGCY(+3.7%) is sharply higher following a disclosure that 10% owner Baines Creek Capital purchased more than 450K shares worth nearly $1.1M during Feb. 15-20.

 

14:06 Novo Nordisk [NVO(+2%) is up more than a 40% spike in volume on the heels of the news that Express Scripts has added once-weekly type 2 diabetes med Ozempic (semaglutide) to its 2018 formulary, thereby establishing head-to-head competition with Eli Lilly's once-weekly Trulicity (dulaglutide), a situation enthusiastically embraced by the price hawkish pharmacy benefit manager.

 

15:16 Domino's Pizza [DPZ] is up +2.90% on an afternoon spike that may be related to more talk of interest in the company by Restaurant Brands International [QSR] (-0.5%). Toronto radio station reporter Richard Southern added some fuel to the M&A fire by tweeting within the last hour that his sources indicate that a Restaurant Brands bid is possible. Earlier reports out of Brazil first broke the QSR-DPZ talks.

 

15:40 Among those surprised by a -13.1% sell-off in Vonage Holdings [VG] today after an in-line earnings report is Citi, which is recommending a Buy. Expectations were too high coming into earnings, analyst Michael Rollins says, and the decline presents an opportunity since he's still high on Vonage's growth potential this year and a balance sheet that allows investment in the business either organically or through M&A. (h/t Bloomberg)

 

15:45 Thinly traded relatively recent IPO Restoration Robotics [HAIR] (+26.8%) is up on almost a 4x surge in volume, albeit on turnover of only 308K shares. The stock is in the early stages of an up  trend after losing almost 70% of its value since its opening day high of $11.95 on October 12, 2017.

No particular news accounts for the action. At the end of Q3 2017, the company had ~$5.8M in cash and operations consumed ~$4.8M per quarter through the first three quarters of 2017. The IPO raised ~$25M so its cash runway should extend into at least Q4 of this year.


For internal use only.