The Daily Call

Morning Summary | Consumer Discretionary and Consumer Staples | Energy and Utilities | Industrials and Materials | Financials and Real Estate | Health Care | Info. Tech. and Communication Services | M&A and Corporate Action  | Market Data

Morning Summary

Jayme Casey, Gregory Martino (203) 861-7650 | 10.18.2018

 

Global equity markets are once again mixed with weakness across Asia being somewhat offset by strength in Europe. Overnight, Asia finished broadly lower with mainland Chinese shares faring the worst. Fears of widespread margin calls fueled a 3% tumble on the Shanghai, which sank to a nearly four-year low. The US pulled out of a postal treaty that would no longer enable China to benefit from discounted shipping rates and the yuan weakened as the US Treasury Dept refrained from naming China a currency manipulator, while at the same time escalating scrutiny of the country’s exchange-rate policy. In Japan, exports fell for the first time in almost two years pressuring the Nikkei, which closed off 0.8%. Elsewhere in the region, South Korea’s Kospi fell 0.8% after BOK kept repo rate unchanged, as expected, and Australia managed a small rise as financials supported after jobless rates drops to six-year lows. Across the pond, the pound reversed losses as UK Prime Minister Theresa May said she is weighing a plan that would keep the U.K. bound to European rules for longer. On the data front, UK September retail sales missed estimates and 2018 German GDP data was revised lower. US equity futures are pointing to a softer open ahead of Philly Fed and weekly claims at 8:30am and Leading Index at 10am. Treasury yields climbed back toward seven-year highs after minutes showing the Federal Reserve may favor more rate hikes next year. Crude oil decreased 0.7 percent to $69.26 a barrel, the lowest in a month. In M&A news, Novartis AG agreed to buy cancer drug-maker ECYT for $2.1 billion, or $24 a share. The offer is a 54 percent premium to the biotech’s closing price Wednesday of $15.56. HIFR to be acquired by Oncor Electric Delivery for $21.00/share in cash, or approximately $1.275bn. Canada’s MEG Energy Corp. said it had rejected a $2.3bn hostile takeover by HSE and plans to launch a strategic review with an eye to finding another buyer. In earnings news, AA beats by $0.29, beats on revs, raises low end of FY18 EBITDA and announces $200M buyback. BBT beats by $0.01, reports revs in-line. BK beats by $0.02, misses on revs. BX beats by $0.01, beats on revs and declares distribution up 10% Q/Q. CCI beats by $0.04, beats on revs, guides Q4 FFO above consensus and guides FY19 FFO in-line; raises dividend 7%. CNS beats by $0.02, reports revs in-line. DHR beats by $0.03, beats on revs, guides Q4 EPS in-line and guides FY18 EPS above consensus. DOV beats by $0.07, reports revs in-line and narrows FY18 guidance.IIIN misses by $0.07, misses on revs. KEY reports EPS in-line, misses on revs. KMI reports EPS in-line, misses on revs. LNN misses by $0.32, misses on revs. MDSO beats by $0.06, reports revs in-line and reaffirms FY18 guidance. PM beats by $0.15, beats on revs and reaffirms FY18 EPS guidance. PPG misses by $0.01, reports revs in-line and reaffirms Q4 EPS guidance. SBNY beats by $0.01, reports revs in-line. SEE sees Q3 EPS below consensus, lowers FY18 outlook on FX, higher than expected raw material and freight costs. SON beats by $0.06, misses on revs, guides Q4 EPS in-line and guides FY18 EPS in-line. STLD beats by $0.03 after guiding down last month, beats on revs. TRV beats by $0.28, reports revs in-line. TXT misses by $0.15, misses on revs and guides FY18 EPS in-line.URI beats by $0.12, beats on revs, guides FY18 revs in-line and raises full year revenue forecast.In other news, BTU increases quarterly dividend to $0.13/share from $0.125/share. The Trump administration intervened to quash a $15 billion deal for Siemens Corp. to develop power stations in Iraq, instead persuading Baghdad to sign an agreement with GE, Bloomberg reports. NOC awarded $700mm Navy contract with completion expected in 2023. ORN expects Q3 results to fall significantly below its expectations, and announces CFO change. V increases quarterly common stock cash dividend to $0.25/share from $0.21/share.

Energy and Utilities Included below. 

Consumer Discretionary and Consumer Staples

Jared Mancuso (203) 861-7650 | 10.18.2018

 

Notable Headlines:

    • SNA- Snap-On reports Q3 EPS $2.88 ex-items vs FactSet $2.86.  Reports Q3: Revenue $898.1M vs FactSet $928.7M.  In pursuit of these initiatives, Snap-on expects that capital expenditures in 2018 will be in a range of $90M to $100M, of which $68.5M was incurred in the first nine months of the year.  Snap-on currently anticipates that its full year 2018 effective income tax rate will be in a range of 24% to 25%.
    • POOL- Pool Corp reports Q3 EPS $1.66 vs FactSet $1.58.  Reports Q3: The reduction in effective tax rate from 37.4% to 20.8% reduced our income tax expense by approximately $14.5M, or $0.35 per diluted share, in Q3 of 2018.  Revenue $811.3M vs FactSet $808.1M. FY Guidance (Dec 2018):  EPS $5.58-$5.78 vs prior guidance $5.50-$5.70 and FactSet $5.52.
    • PM- (bid up 2%) Philip Morris reports Q3 adj diluted EPS $1.44 vs FactSet $1.29.  Reports Q3: Revenue $7.50B vs FactSet $7.17B. FY Guidance (Dec 2018): Reaffirms EPS $4.97-5.02 vs FactSet $5.02. Operating cash flow of approximately $9B, subject to year-end working capital requirements; Capital expenditures of approximately $1.5B.
    • TTS- (bid up 7%) Tile Shop reports Q3 EPS $0.05 vs FactSet $0.05.  Reports Q3: Revenue $89.3M vs FactSet $87.1M. Adjusted EBITDA $11.9M vs FactSet $10.7M. FY Guidance (Dec 2018): Capital investment of ~$35M, including investments for 12 store remodels, and merchandising and fixture investments for all 140 stores, vs prior guidance ~$32M.
    • STON- StoneMor Partners announces additional delays filing 10-Q.  StoneMor Partners L.P. (STON) announced it is experiencing additional delays filing its 2018 Form 10-Q for the period ending 31-Mar-18 due primarily to the implementation and application of new Accounting Standard Codification 606, Revenue from Contracts with Customers.  As previously disclosed, the Partnership received a waiver and amendment from its lenders extending the date by which it needed to file its Form 10-Q to 15-Oct-18.

Analyst Actions:

    • GIII- G-III Apparel upgraded to buy from neutral at B Riley FBR Inc
    • NKE- Nike re-launched at outperform vs prior perform at Oppenheimer
    • WING- Wingstop downgraded to equal-weight from overweight at Morgan Stanley
    • YUM- YUM! Brands downgraded to in line from outperform at Evercore ISI
    • GPS- Gap downgraded to underweight from neutral at JPMorgan
    • BJ- BJ's Wholesale Club initiated perform at Oppenheimer

Energy and Utilities

Gregory Martino (203) 861-7650 | 10.18.2018

 

Summary: Crude extended losses Thursday, falling 1.4% after WTI took out short term support levels Wednesday following a bearish US inventory report. President Trump is standing by Saudi Arabia for now with a large pending arms deal in sight, easing tensions between the two nations relating to the disappearance of Kashoggi. In the news, Saudi Arabia plants to buy a stake in a yet-to-be-constructed 400k bpd mega refinery in China. In company news, Earthstone (ESTE) will buy Northern Midland Basin assets for $950mm in cash and stock through the acquisition of Sabalo Energy, LLC and Sabalo Energy Inc. Oncor Electric Delivery, which is 80% owned by Sempra Energy (SRE), will buy InfraREIT (HIFR) for $21/sh in cash. It was announced toward the end of the New York trading session Thursday that MEG Energy (MEG CN) rejected Husky Energy’s (HSE CN) C$3bn hostile takeover bid and said it plans to find another buyer. Energy Transfer (ETE, ETP) will host an extraordinary shareholder meeting today at 11am with regard to their pending merger. Equinor (EQNR NO, EQNR US) will sell its non-operated interests in the Tommeliten discovery to PGNiG for $220mm. The assets in the divesture are operated by ConocoPhillips (COP). In its earnings report Wednesday evening, Kinder Morgan Canada (KML CN) provided an update on the planned return of capital following the sale of the Trans Mountain Pipeline (below). SRC Energy (SRCI), SM Energy (SM) and GeoPark (GPRK) each provided operational/production updates. Finally, Antero Midstream (AM) declared a 44c/unit Q3 cash dividend and Peabody Energy (BTU) and EnLink Midstream (ENLC) both raised their quarterly dividends.

Earnings:

    • KMI - Kinder Morgan reports Q3 EPS $0.21 ex-items vs FactSet $0.21. Reports Q3: Revenue $3.52B vs FactSet $3.57B; Distributable cash flow $1.09B vs FactSet $1.09B; Adjusted EBITDA $1.86B vs FactSet $1.86B. FY Guidance (Dec 2018): Expects to exceed distributable cash flow target of ~$4.57B vs FactSet $4.63B; Expects to exceed adjusted EBITDA target of ~$7.5B vs FactSet $7.51B. KMI forecasts to invest $2.5B in growth projects during 2018, up $300M from the budget, to be funded with internally generated cash flow without the need to access capital markets. KMI also expects to beat its budgeted leverage metric of a year-end Net Debt-to-Adjusted EBITDA ratio of approximately 5.1 times and expects to end the year with a ratio of 4.6 times, consistent with the current quarter (this ratio excludes the public share of the Kinder Morgan Canada Limited (KML) cash proceeds from the Trans Mountain transaction of approximately $0.9B).
    • KML CN - Kinder Morgan Canada Ltd. reports Q3 EPS C$0.05 vs year-ago C$0.02; provides further details on return of Trans Mountain proceeds. Reports Q3: DCF was C$80.6M; Revenue C$67.9M vs year-ago C$68.4M; Operating income C$26.4M vs year-ago C$17.5M. Q4 Outlook: For Q4, representing the first full quarter without Trans Mountain earnings but with nearly a full quarter of Base Line Terminal earnings, KML anticipates that the remaining assets in the Pipelines and Terminals segments will generate Adjusted EBITDA of C$50M to C$55M. Sale of Trans Mountain and Proposed Return of Capital: Shortly after closing of the Trans Mountain sale and as previously announced, the KML board unanimously voted to distribute the net proceeds as a return of capital to shareholders. The return of capital is expected to be ~C$1.2B or ~C$11.40 per restricted voting share. To facilitate the return of capital and provide flexibility for dividends going forward, KML will seek voting shareholder approval to reduce the stated capital of KML's restricted voting shares by C$1.45B. The KML board also approved a proposal to effect a consolidation or "reverse stock split" of its Restricted Voting Shares and Special Voting Shares on a one-for-three basis. The proposals will be voted on at a special meeting currently scheduled to be held on 29-Nov. The anticipated payment date for the proposed return of capital is expected to be 3-Jan-19, with the reverse stock split to occur a few days thereafter
    • SRE - Sempra Energy affirms 2018 EPS $5.30-5.80 vs FactSet $5.43. Guidance: Affirms 2019 EPS $5.70-6.30 vs FactSet $6.07; Affirms 2020 EPS $6.70-7.50. Conference call: Sempra Energy and Oncor senior management plan to hold a conference call with the financial community today at 12:00 EDT to discuss the transaction.
    • GTLS - Chart Industries reports Q3 adjusted EPS from continuing ops $0.74. Reports Q3: Not immediately clear if comparable to FactSet $0.55, given recent divestiture of CAIRE, whose results are shown as discontinued operations in Q3. Revenue $272.2M; may not be comparable to FactSet $314.5M; Organic revenue +16%; Orders $263.8M +21% y/y (+3% organically). FY Guidance (Dec 2018): Current 2018 guidance excluding divestiture of CAIRE Medical oxygen-related products announced on 1-Oct (on a continuing operations basis for the full year); Adjusted EPS $1.90-2.00 vs prior guidance $1.64-1.84; Revenue $1.06-1.10B vs prior guidance $1.04-1.09B (excluding full year CAIRE revenue in both instances); Capex ~$40M. FY Guidance (Dec 2019): Full year 2019 guidance assumes that both the divestiture of CAIRE and the acquisition of VRV close in Q4, and assumes no large LNG project revenue in 2019. Adjusted EPS $2.40-2.75; may not be comparable to FactSet $2.88; Revenue $1.24-1.30B; may not be comparable to FactSet $1.32B; +6-7% organic growth; Capital expenditures of $30-40M. Segment Realignment: To support recent strategic moves as well as Chart’s expanded focus on geographic expansion outside of North America, the company has realigned its segmentation, and now reports results in Energy & Chemicals, Distribution & Storage Western Hemisphere, and Distribution & Storage Eastern Hemisphere.
    • OIS - Oil States anticipates Q3 revenue ~$275M vs prior guidance $273-298M and FactSet $288.2M. Oil States announced updated financial estimates for Q3 of 2018 primarily due to $3.5M of legal expenses incurred for patent defense and $2.6M reserved for prior years’ Fair Labor Standards Act claim settlements. Oil States was also negatively impacted by lower revenues and under-absorption of manufacturing facility costs primarily in its Offshore/Manufactured Products segment due to revenue slippage and the delay of certain project awards. The Well Site Services segment incurred higher than expected repair and maintenance and equipment rental expenses. As communicated on Q2 2018 earnings conference call, consolidated revenues were expected to range between $273 and $298M. Currently, the company anticipates unaudited Q3 revenues at the low end of the guided range, totaling approximately $275M, an unaudited operating loss of approximately $4M and EBITDA of approximately $28M inclusive of the aforementioned items.
    • GPRK - GeoPark announces Q3 operational update. Consolidated oil and gas production up 31% to 37,214 boepd (up 4% compared to 2Q2018). Oil production increased by 35% to 31,266 bopd (up 3% compared to 2Q2018). Gross operated production in Colombia surpassed 65,000 boepd milestone. Gas production increased by 17% to 35.7 mmcfpd (up 6% compared to 2Q2018). Current net production was 38,000 boepd. Overall oil and gas production grew by 31% to 37,214 boepd in 3Q2018 from 28,325 boepd in 3Q2017, due to increased production in Colombia and new production from the recent Argentina acquisition. Oil represented 84% of total reported production compared to 82% in 3Q2017.
    • SM - SM Energy reports Q3 total production 12.0 MMBoe (130.2 MBoe/d). Q3 Production: 42% oil in the commodity mix; 62% liquids; 26% sequential and 108% year-over-year growth in Midland Basin production from retained assets; $38.26 per Boe average realized price (pre-hedge), which remained strong despite an increased Midland-WTI differential; Costs incurred of $276M and total capital spend (non-GAAP) of $272M. Q4 Update: During the month of October to date, a portion of Permian production from western Howard County and eastern Martin County has been curtailed due to a force majeure incident at a third-party gas processing facility. The third-party gas processor expects to restore full processing capability for SM Energy's production volumes by month-end. In addition to the incident at the gas processing facility, regional storms in early October have caused temporary flooding and loss of electrical power at certain locations in the company's RockStar area. This led to temporary shut-in of some wells and delays installing some pipeline connections for new wells. Quantification of the production impact from these ongoing events will be provided with the company's Q4 2018 guidance update, which will be included in its Q3 earnings release. At this time, we expect the impact of deferred production to be approximately 0.3 MMBoe for Q4.
    • SRCI - SRC Energy reports preliminary Q3 production 49,165 Boe/d. The company has tightened its full year 2018 production guidance to approximately 50 Mboe/d as a result of gas processing developments and incremental increases reflecting the second closing of the GCII acquisition. In addition, SRC has adjusted guidance for drilling and completion capital expenditures to approximately $580M from prior guidance of $540M.

Notable Headlines:

    • ESTE - Earthstone announces Northern Midland Basin acquisition for $950M; prelim 2019 capex program and operational guidance. Earthstone Energy announced that it has entered into an agreement with Sabalo Holdings, LLC, whereby Earthstone will acquire all of Sabalo Holdings’ interests in Sabalo Energy, LLC and Sabalo Energy, Inc., whose assets include both producing and non-producing oil and gas assets in the northern Midland Basin. Earthstone expects to acquire 20,800 net acres located in the Midland Basin and an estimated 488 gross operated horizontal drilling locations and 349 gross non-operated horizontal drilling locations for an aggregate purchase price of approximately $950M which consists of $650M in cash and $300M in stock at approximately $9.28 per share comprised of 32.3M shares of Earthstone Class B common stock and corresponding membership interests of Earthstone Energy Holdings, LLC. Earthstone expects full year 2019 production to range from 25,000 to 29,000 Boe/d (~70% oil) with capital expenditures of $425M to $500M. Earthstone intends to fund the cash portion of the Sabalo Acquisition with the net proceeds from a combination of: A fully committed $225M preferred stock issuance An approximately $500M unsecured senior notes issuance. A committed amended and restated senior secured revolving credit facility with a minimum initial borrowing base of $475M
    • HIFR - Oncor to acquire 100% of the equity interests of InfraREIT for ~$1.275B, or $21 per share in cash. Oncor plans to fund its acquisition of InfraREIT with capital contributions proportionate to their ownership interests from Sempra Energy and Texas Transmission Investment LLC. Sempra Energy expects to utilize the proceeds from pending asset sales to fund its capital contribution of approximately $1.025B to Oncor, excluding certain transaction costs, and also to purchase the 50% interest in Sharyland for approximately $98M. In addition, the transaction by Oncor includes InfraREIT's outstanding debt, which, as of 30-Jun-18, was approximately $945M. The transaction requires approvals by the Public Utility Commission of Texas (PUCT) and Federal Energy Regulatory Commission, the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust, and the satisfaction of other regulatory requirements, certain lender consents and other customary closing conditions. Additionally, the purchase of InfraREIT requires approval by its shareholders and is subject to a go-shop provision whereby InfraREIT can solicit superior bids. If all such closing conditions are satisfied, Sempra Energy and Oncor expect to close the transaction in mid-2019. As part of the transaction, a subsidiary of InfraREIT will exchange certain assets with Sharyland, with the end result being that, after Oncor's acquisition of InfraREIT, Oncor will own InfraREIT's electric transmission and distribution business in Central, North and West Texas, and Sharyland will own assets in South Texas.

Analyst Actions:

    • BofA reinstated coverage of US onshore oilfield services companies: Buy: BHGE, CJ, FRAC, FTSI, HAL, NBR, NINE, PTEN, PUMP, SLB Neutral: CLB, QES, RES, SPN Underperform: CVIA, HP, SLCA, WFT
    • ENLK - EnLink Midstream Partners downgraded to neutral from buy at Citi. Target increased however to $19 from $18
    • DO - Diamond Offshore upgraded to accumulate at Fearnley; Target $20
    • NE - Noble Corp upgraded to reduce at Fearnley; Target $6
    • RIG - Transocean upgraded to buy at Fearnley; Target $17

Industrials and Materials

Gregory Martino (203) 861-7650 | 10.18.2018

 

Notable Headlines:

    • PPG - PPG Industries reports Q3 EPS $1.45 ex-items vs prior guidance of $1.41-$1.45 ($98.12)  Reports Q3: Revenue $3.82B vs prior guidance of ~$3.8B;Q4 Guidance: EPS $1.03-$1.13 vs FactSet $1.15
    • TXT (-8%) - Textron reports Q3 adj EPS cont. ops. $0.61 vs FactSet $0.76; Reports Q3: Revenue $3.20B vs FactSet $3.50B; FY Guidance (Dec 2018):EPS $3.20-3.30 vs prior guidance $3.15-3.35 and FactSet $3.33
    • URI (-3%) - United Rentals reports Q3 EPS $4.74 ex-items vs FactSet $4.56; pauses share repurchase program; Reports Q3: Revenue $2.12B vs FactSet $2.02B
    • SON - Sonoco Products reports Q3 base EPS $0.86 vs FactSet $0.80; Reports Q3: Revenue $1.36B vs FactSet $1.38B; Q4 Guidance: Base EPS $0.75-0.81 vs FactSet $0.79
    • CCK (-5%)  - Crown Holdings reports Q3 adjusted EPS $1.71 vs FactSet $1.64 Reports Q3: Revenue $3.17B vs FactSet $3.17BQ4 Guidance: Adjusted EPS $0.97-1.02 vs FactSet $1.08; FY guidance Adjusted FCF $625M for 2018 and $775M for 2019, unchanged from prior guidance.
    • CTO - Consolidated-Tomoka Land reports Q3 EPS $0.05 vs FactSet $0.05 -- 1 estimate; Reports Q3: Revenue $18.4M vs FactSet $18.4M -- 1 estimate; FY Guidance (Dec 2018): Reaffirms EPS $7.25 - $8.25 vs FactSet $8.24
    • DOV - Dover Corp reports Q3 EPS $1.36 vs FactSet $1.29; Reports Q3: Revenue $1.75B vs FactSet $1.76B; FY Guidance (Dec 2018): EPS $4.80-$4.85 vs FactSet $4.82
    • WBC - WABCO Holdings reports Q3 performance EPS $1.78 vs FactSet $1.62; Reports Q3: Revenue $914.8M vs FactSet $936.3M
    • ORN - Orion Group Holdings guides Q3 EPS ($0.20-0.25) vs FactSet $0.01; conference call at 10:00 ET 
    • LNN - Lindsay Corp reports Q4 GAAP EPS $0.46 vs FactSet $0.80;  Reports Q4: Revenue $123.3M vs FactSet $138.3M
    • IIIN - Insteel Industries reports Q4 EPS $0.49 vs FactSet $0.56 -- 2 estimates
    • STLD - Steel Dynamics reports Q3 EPS $1.69 ex-items vs 17-Sep guidance of $1.64-168 and FactSet $1.64 
    • NOC - Northrop Grumman awarded $697.0M US Navy contract 
    • WRK - WestRock provides update on Hurricane Michael’s impact: Reports that all of Panama City mill’s employees have been accounted for and are safe.
    • FLR (+2%) - Fluor's Stork awarded UK offshore asset integrity contract extension by Chrysaor 
    • KRA - Kraton Performance Polymers declares force majeure as a direct result of the effects of Hurricane Michael on its Panama City, Florida facility
    • PRIM - Primoris Services awarded major contract with Canadian oil sands producer 

Analyst Actions:

    • FLR - Fluor upgraded to buy from neutral at Goldman Sachs; added to Conviction Buy List 
    • GNRC - Generac upgraded to neutral from sell at Goldman Sachs; Target increased to $59 from $49
    • CHRW - C.H. Robinson (CHRW $93.68) initiated buy with $107 target at Loop
    • CMI - Cummins (CMI $146.19) initiated buy with $170 target at Loop
    • USAK - USA Truck (USAK $17.83) initiated buy with $34 target at Loop
    • ECHO - Echo Global Logistics (ECHO $26.61) initiated hold with $30 target at Loop
    • PCAR - PACCAR (PCAR $61.74) initiated hold with $68 target at Loop
    • ULH - Universal Logistics Holdings (ULH $34.62) initiated hold with $35 target at Loop
    • SB - Safe Bulkers upgraded to outperform from in line at Evercore ISI; Target increased to $4.50 from $4
    • GOL - Gol Linhas Aereas target increased to $13 from $10 at Buckingham following meeting with management
    • UAL - United Continental upgraded to outperform from neutral at Macquarie;  Target is $102
    • UAL - United Continental upgraded to overweight from equal-weight at Stephens 

Syndicate

    • GMO - General Moly 9.2M-share common stock offering prices at $0.25/share through H.C. Wainwright 

Financials and Real Estate

Brad Berger (203) 861-7650 | 10.18.2018

 

Notable Headlines:

    • HIFR- InfraREIT to be acquired by Oncor Electric Delivery for $21.00/share in cash, or approximately $1.275 bln InfraREIT expects to continue paying regular quarterly dividends of $0.25 per share through the closing of the transaction, including a pro-rated dividend for any partial quarter prior to the closing. The transaction, which was unanimously approved by InfraREIT's Board of Directors and Conflicts Committee, is subject to regulatory and stockholder approvals and other customary closing conditions. The transaction is expected to close by mid-2019 and is not subject to any financing conditions. As a condition to Oncor's acquisition of InfraREIT, InfraREIT's subsidiary, Sharyland Distribution & Transmission Services, L.L.C. ("SDTS"), and Oncor also signed a definitive agreement with SDTS's tenant, Sharyland Utilities, L.P. ("Sharyland") to exchange, immediately prior to Oncor's acquisition, SDTS's South Texas assets for Sharyland's Golden Spread Electric Cooperative interconnection ("Golden Spread Project") located in the Texas Panhandle, along with certain development projects in the Texas Panhandle and South Plains regions, including the Lubbock Power & Light interconnection ("LP&L Project"). Concurrently with the execution of the merger agreement and the asset exchange agreement, Sharyland and Sempra Energy (SRE) have entered into an agreement in which Sempra Energy will purchase a 50 percent limited partnership interest in Sharyland Holdings LP ("Sharyland Holdings"), which will own a 100 percent interest in Sharyland. The closing of Sempra Energy's purchase is a requirement of the asset exchange agreement between SDTS and Sharyland. Additionally, under a separate agreement with Sharyland, Oncor has agreed to operate and maintain all of Sharyland's assets following the closing of the transactions.
    • IVZ- Invesco to acquire OppenheimerFunds for 81.9 mln shares of common equity and $4 bln in perpetual, non-cumulative preferred shares The co and Massachusetts Mutual Life Insurance Company (MassMutual) announced today that they have entered into a definitive agreement, whereby Invesco will acquire MassMutual asset management affiliate OppenheimerFunds, Inc. In turn, MassMutual and the OppenheimerFunds employee shareholders will receive a combination of common and preferred equity consideration, and MassMutual will become a significant shareholder in Invesco, with an approximate 15.5% stake. This strategic transaction will bring Invesco's total assets under management (AUM) to more than $1.2 trillion, making it the 13th-largest global investment manager and sixth-largest US retail investment manager1, further enhancing the company's ability to meet client needs through its comprehensive range of high-conviction active, passive and alternative capabilities. Under the terms of the agreement, Invesco will acquire OppenheimerFunds with consideration to MassMutual and OppenheimerFunds employee shareholders consisting of 81.9 million shares of Invesco common equity and $4 billion in perpetual, non-cumulative preferred shares with a 21-year non-call period and a fixed rate of 5.9%. The 81.9 million shares include approximately 6.6 million shares to be issued as a part of the post-closing conversion of unvested restricted stock awards, currently held by OppenheimerFunds employee shareholders, into Invesco restricted stock awards. The transaction is expected to be significantly accretive to Invesco's earnings per share with ~18% accretion for the three quarters in 2019 and ~27% accretion in 2020. Additionally, as part of an ongoing partnership between Invesco and MassMutual, the companies will explore future strategic collaboration opportunities.
    • IVZ- Invesco reports EPS in-line, revs in-line; initiates $1.2 bln common stock buyback program, announces combination with OppenheimerFunds Reports Q3 (Sep) earnings of $0.66 per share, excluding non-recurring items, in-line with the S&P Capital IQ Consensus of $0.66; revenues fell 1.0% year/year to $966.9 mln vs the $972.49 mln S&P Capital IQ Consensus. Total assets under management (AUM) at September 30, 2018, were $980.9 billion (June 30, 2018: $963.3 billion), an increase of $17.6 billion during the third quarter. Long-term net outflows were $11.2 billion and total net outflows were $4.9 billion for the third quarter. As of July 1, 2018, we began including 100% of Invesco Great Wall Fund Management Company, which added $9.5 billion in AUM during the third quarter (the acquisition of the Guggenheim Investments' ETF business on April 6, 2018 added $38.1 billion in AUM during the second quarter). Invesco and MassMutual announced today that they have entered into a definitive agreement, whereby Invesco will acquire MassMutual's asset management affiliate, OppenheimerFunds, Inc. In turn, MassMutual and the OppenheimerFunds employee shareholders will receive a combination of common and preferred equity consideration, and MassMutual will become a significant shareholder in Invesco, with an approximate 15.5% stake.
    • China Stock Market Rocked by Forced Sellers; Yuan Hits Fresh Low  Chinese shares extended the world’s deepest slump and the yuan touched its weakest level in almost two years, testing the government’s ability to maintain market calm as risks mount for Asia’s largest economy. Fears of widespread margin calls fueled a 3 percent tumble in the Shanghai Composite Index, which sank to a nearly four-year low as more than 13 stocks fell for each that rose. Efforts by local governments to shore up confidence in smaller companies failed to boost sentiment. The yuan sank beyond its closely watched August low after the U.S. Treasury Department stopped short of declaring China a currency manipulator, a move that some interpreted as giving Beijing breathing room to allow a weaker exchange rate. Chinese policy makers face a tough balancing act as they try to maintain financial stability amid slowing economic growth, a trade war with America and rising U.S. interest rates. Beijing has so far refrained from major market rescue efforts of the sort that followed the nation’s 2015 equity crash, but some investors are calling for bolder action. With $603 billion of shares pledged as collateral for loans, or 11 percent of China’s market capitalization, one concern is that forced sellers will tip the market into a downward spiral. “It’s high time the state stepped in,” said Dong Baozhen, a fund manager at Beijing Tonglingshengtai Asset Management. “The national funds cannot just sit on the sidelines and watch this atmosphere of extreme pessimism.”
    • Spanish Banks Tumble as Court Rules They Must Pay Mortgage Tax Spain’s biggest mortgage lenders tumbled in Madrid after the nation’s Supreme Court ruled they must pay a tax that traditionally was passed to their clients. Declines ranged from 9.2 percent at Bankia SA to 1.7 percent at Banco Santander SA, which has a much larger international business that shields it from the impact of the ruling. Banks were the biggest losers on the IBEX 35 index, and on the Stoxx Europe 600 Index. The court altered an earlier ruling, deciding now that the levy on documenting mortgage loans must be paid by the lenders. While the amount levied differs from region to region, the tax could approximately be 1,500 euros ($1,728) on a 180,000-euro loan in Madrid, according to Angel Mejias, an attorney at M de Santiago Abogados in the capital. Mortgages are one of the biggest businesses for domestic banks in Spain.
    • BX-Blackstone beats by $0.01, beats on revs; declares distribution up 10% Q/Q Reports Q3 (Sep) earnings of $0.76 per share, excluding non-recurring items, $0.01 better than the S&P Capital IQ Consensus of $0.75; revenues rose 11.1% year/year to $1.83 bln vs the $1.79 bln S&P Capital IQ Consensus. Distributable Earnings (DE) was $769 million ($0.63/unit) in the quarter, up 23% year-over-year, driven by $602 million of Realized Performance Revenues. Total Assets Under Management (AUM) of $456.7 billion, up 18% year-over-year. Blackstone declared a third quarter distribution of $0.64 per common unit payable on November 5, 2018, up 10% Q/Q and 45% Y/Y.
    • KEY- KeyCorp reports EPS in-line, misses on revs Reports Q3 (Sep) earnings of $0.45 per share, in-line with the S&P Capital IQ Consensus of $0.45; revenues rose 3.1% year/year to $1.6 bln vs the $1.64 bln S&P Capital IQ Consensus. Taxable-equivalent net interest income was $993 million for the third quarter of 2018, and the net interest margin was 3.18%, compared to taxable-equivalent net interest income of $962 million and a net interest margin of 3.15% for the third quarter of 2017, reflecting the benefit from higher interest rates and higher earning asset balances. Third quarter 2018 net interest income included $26 million of purchase accounting accretion, a decline of $22 million from the third quarter of 2017.
    • BK- BNY Mellon beats by $0.02, misses on revs Reports Q3 (Sep) earnings of $1.06 per share, $0.02 better than the S&P Capital IQ Consensus of $1.04; revenues rose 1.3% year/year to $4.07 bln vs the $4.15 bln S&P Capital IQ Consensus. Co reported Q3 NIM of 1.28% versus 1.26%.
    • TRV-Travelers beats by $0.28, reports revs in-line Reports Q3 (Sep) core earnings of $2.54 per share, excluding non-recurring items, $0.28 better than the S&P Capital IQ Consensus of $2.26; revenues rose 5.5% year/year to $6.88 bln vs the $6.83 bln S&P Capital IQ Consensus. Book value per share of $84.82, down 3% from year-end 2017, due to the impact of higher interest rates on net unrealized investment gains/(losses). Adjusted book value per share of $86.51, up 4% from year-end 2017.
    • WBS- Webster Financial beats by $0.04 Reports Q3 (Sep) earnings of $0.98 per share, excluding non-recurring items ($1.06 GAAP), $0.04 better than the S&P Capital IQ Consensus of $0.94. Loan growth of $875 million, or 5.0 percent from a year ago, with growth of $1.1 billion, or 10.5 percent, in commercial and commercial real estate loans
    • RNR- RenaissanceRe sees Q3 EPS below consensus after Typhoon Jebi and Hurricane Florence have $155M negative impact Co currently estimates that losses from third quarter 2018 catastrophe events will have an estimated net negative impact of ~$155 million on its third quarter 2018 results of operations. The estimated losses for these events are primarily driven by Typhoon Jebi and Hurricane Florence, which will have an estimated net negative impact of ~$70 million and $55 million, respectively. Losses from the other third quarter 2018 catastrophe events, including Typhoons Mangkhut and Trami, and the California wildfires, will have an estimated net negative impact of ~$30 million. The Company expects to report modest net income available to common shareholders for the third quarter of 2018 vs. $2.09 consensus.
    • SLG- SL Green Realty reports FFO in-line, beats on revs Reports Q3 (Sep) FFO of $1.69 per share, excluding non-recurring items, in-line with the S&P Capital IQ Consensus of $1.69; revenues fell 21.5% year/year to $250.87 mln vs the $242.18 mln S&P Capital IQ Consensus. Same-store cash NOI, including SLG's share of same-store cash NOI from unconsolidated joint ventures, increased 7.0% for the first nine months of 2018, or 6.4%, excluding lease termination income, as compared to the same period in the prior year.
    • UMPQ-Umpqua Holdings reports Q3 results, Net Interest Income increased 7% y/y to $241.4 mln Reports Q3 (Sep) earnings of $0.41 per share, including items. May not compare to the S&P Capital IQ Consensus of $0.37. Net interest income was $241.4 million for the third quarter of 2018, up $16.5 million from the prior quarter. Total consolidated assets were $26.6 billion as of September 30, 2018, compared to $26.5 billion as of June 30, 2018 and $25.6 billion as of September 30, 2017. The allowance for loan and lease losses was $144.0 million, or 0.73% of loans and leases, as of September 30, 2018, compared to $144.6 million, or 0.74% of loans and leases, as of June 30, 2018. As of September 30, 2018, the company's tangible book value per common share was $9.95, compared to $9.84 in the prior quarter and $9.66 in the same period of the prior year.
    • BDN- Brandywine Realty reports FFO in-line, misses on revs; narrows FY18 FFO in-line; guides FY19 FFO in-line Reports Q3 (Sep) funds from operations of $0.35 per share, in-line with the S&P Capital IQ Consensus of $0.35; revenues rose 5.1% year/year to $135 mln vs the $136.73 mln two analyst estimate. Co issues in-line guidance for FY18, sees FFO of $1.36-1.40 from $1.35-1.41 vs. $1.37 S&P Capital IQ Consensus. Co issues in-line guidance for FY19, sees FFO of $1.37-1.47 vs. $1.44 S&P Capital IQ Consensus. Same Store Growth Range: 1-3% cash and 0-2% GAAP
    • BBT- BB&T Corp beats by $0.01, reports revs in-line Reports Q3 (Sep) earnings of $1.01 per share, $0.01 better than the S&P Capital IQ Consensus of $1.00; revenues rose 1.6% year/year to $2.93 bln vs the $2.93 bln S&P Capital IQ Consensus. Net interest margin was 3.47 percent, up two basis points from the prior quarter Average loans and leases held for investment were $146.2 billion, up $2.1 billion, or 5.8 percent annualized compared to the second quarter of 2018
    • CCI- Crown Castle beats by $0.04, beats on revs; guides Q4 FFO above consensus; guides FY19 FFO in-line; raises dividend 7% Reports Q3 (Sep) funds from operations of $1.24 per share, $0.04 better than the S&P Capital IQ Consensus of $1.20; revenues rose 29.4% year/year to $1.38 bln vs the $1.35 bln S&P Capital IQ Consensus. Co issues upside guidance for Q4, sees FFO of $1.36-1.39 vs. $1.32 S&P Capital IQ Consensus. Co issues in-line guidance for FY19, sees FFO of $5.41-5.52 vs. $5.50 S&P Capital IQ Consensus.  "We delivered another terrific quarter of results in the third quarter and increased our annualized common stock dividend by 7% to $4.50 per share based on accelerating leasing activity."

Analyst Actions:

    • UBSH- Union Bankshares upgraded to buy from hold at Sandler O'Neill 
    • NTRS- Northern Trust upgraded to buy from hold at Sandler O'Neill
    • HR-Healthcare Realty initiated underperform at Raymond James 
    • NRZ-New Residential Investment reinstated outperform at Credit Suisse

Health Care

Tyler Nugent (203) 861-7650 | 10.18.2018

 

Notable Headlines:

    • PTI- Proteostasis trading up 85% after the company’s Cystic Fibrosis combo hits target in early study. A Phase 1 study testing Proteostasis’ combination of PTI-801 and PTI-808 for patients with cystic fibrosis met its primary goal of showing statistically significant changes in percent predicted forced expiratory volume in the highest dose tested so far.
    • ECYT, NVS- Endocyte trading up 50% after Novartis agreed to acquire the US-based biopharmaceutical company for $24/share; offer values Endocyte’s equity at $2.1b. The deal will accelerate development of innovative radioligand technology for treating cancer, will be funded through available cash
    • ACHC- Acadia Healthcare is in talks with private equity firms about a sale of the company after attracting buyout interest, Reuters reports, citing unidentified people familiar with the matter. KKR, TPG Global are among private equity firms that have approached Acadia recently, expressed interest in buying the company
    • ACOR- Acorda Therapeutics trading up 12% after the company announced it has received letters from the FDA regarding the pre-approval inspections of the Chelsea, Massachusetts manufacturing facility and the Inbrija inhaler device manufacturer’s facility, according to a filing.
    • DHR- Danaher forecast adjusted earnings per share from continuing operations for the fourth quarter; the guidance midpoint missed the average analyst estimate; sees 4Q adjusted EPS from continuing operations $1.25 to $1.28, estimate $1.28; sees FY adjusted EPS from continuing operations $4.49 to $4.52, estimate $4.50
    • GILD- Gilead Sciences, Inc. announced that it has entered into a clinical research collaboration with AELIX Therapeutics S.L. to jointly evaluate proprietary investigational products in a strategic clinical study aimed at achieving a functional cure of HIV infection.
    • EYPT- EyePoint Pharmaceuticals announced that five oral abstracts on YUTIQ 0.18 mg, the company’s three-year micro-insert for chronic non-infectious uveitis affecting the posterior segment of the eye, have been accepted for presentation at the American Academy of Ophthalmology 2018 Annual Meeting being held October 27-30, 2018 in Chicago, IL.
    • LMNX- Luminex to acquire MilliporeSigma’s flow cytometry portfolio for $75m, consisting of about $69.9m to be paid under stock and asset purchase pact and $5.1m in committed inventory purchases.
    • MDSO- Medidata reported adjusted earnings per share for the third quarter that beat the highest analyst estimate; 3Q adjusted EPS 42c, estimate 36c; 3Q revenue $163.4 million, estimate $162.0 million
    • SELB- Selecta Biosciences reports adverse events in SEL-403 trial. The company says one patient died and pericardial effusion was seen in one of the other three patients dosed in the SEL-403 clinical trial. There are currently no patients active in the trial and no new patients are being enrolled at this time
    • TBIO- Translate Bio announced the presentation of preclinical data for MRT5005, a first-in-class mRNA therapeutic designed to treat all patients with cystic fibrosis regardless of mutation.
    • NVCR- Novocure announced that the durable medical equipment Medicare administrative contractors have accepted our local coverage determination reconsideration request for the treatment of newly diagnosed glioblastoma and plan to take steps to publish a final LCD for newly diagnosed GBM. Per Centers for Medicare & Medicaid Services and Medicare policy, the two DME MACs will issue a single joint policy applicable in all DME regions.
    • EXAS- Exact Sciences announced the acquisition of Biomatrica, a developer, manufacturer and provider of sample preservation technology, including blood and saliva sample collection tubes, to the biotech industry. Exact Sciences intends to use Biomatrica's proprietary technology to support ongoing and future development of its own blood-based cancer detection tests.
    • MRK- Merck announced that the pivotal Phase 3 KEYNOTE-426 trial investigating KEYTRUDA in combination with Inlyta, Pfizer’s tyrosine kinase inhibitor, met both primary endpoints of overall survival and progression-free survival in the first-line treatment of advanced or metastatic renal cell carcinoma. Based on the first interim analysis by the independent Data Monitoring Committee, the KEYTRUDA plus Inlyta combination resulted in statistically significant and clinically meaningful improvements in OS and PFS, compared to sunitinib monotherapy
    • PETQ- PetIQ announced it has completed the strategic acquisition of HBH Enterprises LLC, with HBH becoming a wholly-owned subsidiary of PetIQ. The consideration for the acquisition consisted of $0.5M in cash, the issuance of 400,000 shares of PetIQ Class B common stock and the repayment of certain HBH debt.
    • ABBV- AbbVie and Morphic Therapeutic have entered into a research and development collaboration designed to advance a number of Morphic's oral integrin therapeutics for fibrosis-related indications. Under the terms of the agreement, AbbVie will pay Morphic an upfront payment of $100M for exclusive license options on product candidates directed at multiple targets

Analyst Actions:

    • PTI- Proteostasis Therapeutics upgraded to outperform from sector perform at RBC Capital Markets

Syndicate:

    • ACRS- Aclaris Therapeutics 8.6M-share secondary priced at $10.75/sh through Leerink Partners and Evercore ISI
    • OSMT- Osmotica Pharmaceuticals 6.65M share IPO priced at $7/sh through Jefferies, Barclays, RBC, and Wells Fargo
    • KRYS- Krystal Biotech announces $60M common stock offering through Cowen, William Blair, and Cantor
    • PHAS- PhaseBio Pharmaceuticals 9.2M-share IPO priced at $5 per share through Citigroup, Cowen and Stifel

Info. Tech. and Communication Services

Sean Greeley (203) 861-7650 | 10.18.2018

 

Notable Headlines:

    • SAP – Trading-3%. SAP reports Q3 Non-IFRS EPS €1.14 vs consensus €1.09; raises FY outlook   Reports Q3 Non-IFRS: Revenue €6.03B vs consensus €6.00B EBIT €1.74B vs consensus €1.80B
    • ERIC – Trading+6%.Telefonaktiebolaget LM Ericsson reports Q3 EPS SEK1.03 ex-items vs consensus SEK0.43  Reports Q3: Revenue SEK53.80B vs consensus SEK50.28B Gross margin 36.5% vs consensus 36.1% Adj. Operating profit SEK3.80B vs consensus SEK2.49B
    • TSM - Taiwan Semiconductor reports Q3 EPS NT$3.44 vs FactSet NT$3.4  Reports Q3: Revenue NT$260.35B vs FactSet NT$257.67B; StreetAccount notes that the company announces revenues monthly Gross margin 47.4%
    • CTG - Computer Task Group reports Q3 non-GAAP EPS $0.06 vs FactSet $0.06 -- 2 estimates  Reports Q3: Revenue $90.3M vs FactSet $88.6M -- 2 estimates Q4 Guidance: EPS $0.06-0.10 vs FactSet $0.11 Revenue $89-94M vs FactSet $91.4M
    • ADS – Bid higher. Alliance Data reports Q3 EPS $6.26 vs FactSet $6.19   Reports Q3: Revenue $1.95B vs FactSet $2.03B Adj EBITDA $662M vs FactSet $562.0M FY Guidance (Dec 2018): Reaffirms EPS $22.50-23.00 vs FactSet $22.73 Reported revenue of approximately $7.9B and pro forma revenue of approximately $8.2B. Both were lowered from prior guidance due to continued weakness in certain Epsilon product offerings and the initial impact from strategic efforts noted below Guidance will be provided in January 2019 as part of company's Q4 earnings release, which will reflect details of anticipated strategic re-alignment.
    • INTC - Intel Plans Manufacturing Group Shakeup Amid Delays: Oregonian. Intel plans to reorganize its Hillsboro unit and break it into three pieces, The Oregonian reports, citing co. Co. plans to split its vaunted technology and manufacturing group into three segments: Tech Development, Manufacturing and Operations, and Supply Chain. Shakeup comes amid crisis at Intel manufacturing; co. says chips originally due in 2015 won’t reach mass production until late next year
    • ZG -  Zillow Group COO Amy Bohutinsky to step down as COO; company names interim CFO as CAO Current COO Amy Bohutinsky has been elected to join the company's board, effective immediately, and will step away from her role as COO in January 2019. The company also announced that Aimee Johnson, most recently SVP, customer relationship management at Starbucks, will join Zillow Group as chief marketing officer in November.
    • JD - -- JD.com Inc. will launch a flagship online store on Google’s shopping platforms to sell directly to American consumers by the end of the year, hoping to carve out a bigger U.S. footprint even as trade tensions between the U.S. and China grow.China’s second-largest online retailer is now preparing to set up a storefront on Google’s platforms, the U.S. search giant’s latest effort to get into e-commerce and earn more advertising revenue. The initiative is the first to emerge since Google bought a $550 million stake in JD earlier this year and will eventually roll out globally.JD relies on China for the vast majority of its revenue but is counting on an international expansion to help offset slowing growth at home. It wants to become a global provider in part because of growing competition from the likes of larger rival Alibaba Group Holding Ltd. and up-and-comer Pinduoduo Inc. But it faces potentially serious headwinds from a roiling trade war between the U.S. and China, which could inflate shipping costs or impose a hefty levy on imported goods.
    • ATVI - Activision Blizzard reports CoD Black Ops 4 worldwide sell-through of >$500M in first three days of release. Activision announced that Call of Duty: Black Ops 4 has sold more than $500M in sell-through worldwide in its first three days of release  Through its first three days of release, Black Ops 4 has also set a new Call of Duty franchise record for most combined players, average hours per player and total number of hours played, on current generation consoles . The combined number of Black Ops 4 players across its three modes of play during those first three days tops both last year’s Call of Duty: WWII, as well as Call of Duty: Black Ops 3 (single player, multiplayer and zombies), respectively, for the same period of time.

Analyst Actions:

    • NVDA – NVIDIA added to Conviction Buy List at Goldman
    • KEYS - Keysight Technologies upgraded to buy from neutral at Goldman
    • NXPI - NXP Semiconductors upgraded to buy from neutral at Goldman
    • TXN - Texas Instruments   upgraded to neutral from sell at Goldman
    • TER- Teradyne downgraded to neutral from buy at Goldman
    • ADI - Analog Devices downgraded to sell from neutral ar Goldman
    • MXIM- Maxim Integrated downgraded to sell from neutral at Goldman
    • GOOGL – Alphabet initiated outperform at Wedbush Securities
    • FEYE - FireEye initiated outperform at RW Baird
    • FSCT - ForeScout Technologies initiated outperform at RW Baird
    • MIME - Mimecast Ltd. initiated outperform at RW Baird
    • VRNS - Varonis Systems initiated outperform at RW Baird
    • OKTA - Okta, Inc. initiated neutral at RW Baird
    • TRI - Thomson Reuters reinstated neutral at Goldman Sachs; prior rating was sell
    • IBM – IBM downgraded to hold at Argus

Syndicate:

    • VJET - voxeljet AG 4.9M-ADS secondary priced at $2.57/ADS 

M&A and Corporate Action News

Robert Sicari, Chris Swann (203) 861-7650 | 10.18.2018

 
    • ECYT, NVS- NVS is buying ECYT for $24 in cash. Details: 1) The transaction would be in the form of a merger of Endocyte and a newly formed Novartis subsidiary. Under the terms of the agreement and plan of merger, upon closing, holders of Endocyte common stock would receive USD 24 in cash per share. This offer values Endocyte's equity at USD 2.1 billion. 2) ECYT shareholder approval only. 3) Funded by existing cash. 4) Looks like HSR and EU. 5) First half of ’19 closing guidance; we suspect Q1. 6) Termination fee of $73.5m and reverse termination fee of $150m.
    • HIFR, SRE- SRE is buying HIFR for $21 in cash. Details: 1) InfraREIT stockholders to receive $21.00 in cash for each share of InfraREIT common stock, an 18 percent premium to InfraREIT’s unaffected share price of $17.79 on January 12, 2018. 2) The transaction requires approvals by the Public Utility Commission of Texas (PUCT) and Federal Energy Regulatory Commission, the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and the satisfaction of other regulatory requirements, certain lender consents and other customary closing conditions. 3) HIFR approval only. 4) Go-Shop provision whereby HIFR can solicit superior bids. 5) After receiving all required approvals, the transaction is expected to close by mid-2019. 6) HIFR will pay dividends to close.
    • ACHC- ACHC is bid up $4 as Reuters is reporting that they are in talks with PE firms.
    • IVZ- Invesco Ltd. (IVZ) on Thursday said it agreed to buy Oppenheimer Funds Inc. ($246b in assets) from Massachusetts Mutual Life Insurance Co. for about $5.7 billion in common and preferred stock, in a deal that will create an investment manager with more than $1.2 trillion in assets under management.
    • LMNX- Luminex Corporation (NASDAQ: LMNX) today announced that the company has signed a definitive agreement to acquire MilliporeSigma's flow cytometry portfolio for $75 million, consisting of approximately $69.9 million to be paid under a Stock and Asset Purchase Agreement and approximately $5.1 million in committed inventory purchases. The deal is expected to close by the end of 2018, and to contribute $40 million to $50 million in revenue to the company in 2019.
    • LIN GY, PX- Gets “verbal FTC approval.”
    • AET, CVS- Won CT approval, NY DOI (Dept. of Insurance is today); expectations are for all state approval and year-end close.
    • PERY- The shareholder vote is today.

Market Data

Patrick O'Donohue, CFA, Robert Sicari (203) 861-7650 | 10.18.2018

 
Markets
Stock Index
1d %
5d %
6m % TRR
YTD TRR
1yr TRR
%>52W Low
%<52W Hi
S&P 500
-0.03%
3.0%
4.7%
6.7%
11.8%
11%
-4.5%
Russell 1000
-0.06%
3.0%
4.4%
6.4%
11.5%
11%
-4.7%
Russell 2000
-0.45%
2.9%
1.0%
4.5%
6.9%
11%
-8.8%
Nasdaq 100
0.03%
4.5%
7.1%
14.7%
20.3%
21%
-5.5%
MSCI Europe
-0.39%
1.0%
-2.8%
-3.7%
-3.9%
2%
-10.0%
Nikkei 225
-0.80%
0.3%
3.0%
1.2%
8.0%
11%
-7.3%
Shanghai Comp.
-2.94%
-3.8%
-17.6%
-23.0%
-24.7%
0%
-30.7%
India Sensex
-1.09%
2.3%
2.1%
3.1%
8.0%
8%
-10.8%
U.S. Sector ETF
1d %
5d %
6m % TRR
YTD TRR
1yr TRR
%>52W Low
%<52W Hi
Cons. Discr.
-0.82%
1.0%
5.5%
11.9%
21.6%
21%
-7.3%
Cons. Staples
0.47%
0.2%
2.7%
-4.0%
1.3%
10%
-9.2%
Comm. Services
0.39%
3.2%
-2.8%
-5.4%
-4.4%
5%
-9.9%
Financials
1.01%
-0.7%
-0.7%
-2.0%
4.5%
4%
-10.9%
Info. Tech.
-0.35%
2.9%
8.5%
17.3%
23.1%
23%
-6.2%
Health Care
0.53%
1.3%
13.1%
14.2%
13.9%
19%
-2.8%
Industrials
-0.73%
-0.9%
-1.0%
0.0%
5.7%
7%
-7.7%
Materials
-0.64%
-0.3%
-9.0%
-9.4%
-5.1%
1%
-15.7%
Real Estate
-0.28%
-0.9%
3.5%
-2.0%
-0.5%
8%
-7.7%
Energy
-0.63%
-3.7%
0.0%
2.5%
9.9%
13%
-8.7%
Utilities
-0.19%
-0.6%
7.5%
4.5%
2.4%
13%
-6.3%
Currencies
1d %
5d %
6m % TRR
YTD TRR
1yr TRR
%>52W Low
%<52W Hi
U.S. (DXY)
0.05%
0.6%
6.7%
3.8%
2.4%
8.4%
-1.4%
Canada
-0.06%
-0.3%
-3.3%
-3.9%
-4.5%
2.6%
-6.1%
Brazil
0.21%
2.8%
-8.1%
-10.0%
-12.6%
14.9%
-19.0%
Mexico
-0.44%
-0.2%
-4.1%
4.0%
-0.8%
10.6%
-5.3%
Euro
-0.11%
-0.6%
-7.0%
-4.0%
-2.7%
1.8%
-8.4%
UK
-0.24%
-0.9%
-7.9%
-3.0%
-0.5%
3.4%
-8.9%
Switzerland
-0.29%
-0.4%
-2.7%
-2.0%
-2.0%
1.1%
-7.7%
Denmark
-0.11%
-0.7%
-7.1%
-4.2%
-2.9%
1.8%
-8.5%
Norway
-0.08%
-0.6%
-5.7%
-0.3%
-3.2%
3.5%
-7.2%
Sweden
-0.25%
-0.4%
-6.6%
-8.6%
-9.2%
3.0%
-12.8%
Japan
-0.04%
-0.2%
-4.5%
0.0%
0.0%
2.0%
-7.1%
China
-0.02%
-0.3%
-9.5%
-6.2%
-4.6%
0.0%
-10.0%
Australia
-0.10%
0.3%
-8.4%
-8.7%
-9.3%
1.7%
-12.2%
New Zealand
-0.09%
0.8%
-10.1%
-7.8%
-6.6%
2.2%
-11.8%
India
-0.08%
0.1%
-10.6%
-13.2%
-11.6%
2.0%
-14.3%
Russia
-0.05%
0.5%
-6.9%
-12.1%
-12.2%
7.8%
-15.3%
Emerging Mkt.
0.03%
0.9%
-6.8%
-4.6%
-1.9%
1.7%
-7.5%
Commodity
1d %
5d %
6m % TRR
YTD TRR
1yr TRR
%>52W Low
%<52W Hi
WTI Crude
-1.46%
-3.2%
4.8%
17.7%
32.3%
34%
-11%
Brent Crude
-1.52%
-1.8%
12.5%
23.9%
41.0%
43%
-9%
Gasoline
-1.48%
-2.2%
0.9%
8.7%
21.6%
21%
-12%
Natural Gas
-1.63%
1.4%
13.6%
13.9%
7.0%
22%
-3%
Gold
0.05%
0.0%
-10.5%
-7.9%
-6.1%
5%
-12%
Silver
-0.06%
-0.3%
-16.9%
-16.7%
-16.2%
4%
-19%
Copper
0.21%
-2.6%
-15.2%
-18.5%
-15.7%
6%
-19%
Aluminum
-0.44%
-1.0%
-14.8%
-11.8%
-7.1%
2%
-19%
Platinum
-0.11%
-1.6%
-13.0%
-12.8%
10%
-20%
Corn
-0.24%
0.9%
-8.8%
-2.9%
-5.3%
9%
-13%
Wheat
-0.29%
2.1%
-2.3%
7.6%
1.5%
11%
-15%
Soybeans
-0.11%
2.4%
-15.6%
-7.7%
-10.7%
8%
-18%
Coffee
-0.08%
9.0%
0.2%
-10.0%
-11.3%
29%
-14%
Sugar
-0.25%
6.7%
3.3%
-12.3%
-9.4%
28%
-14%
Cotton
-0.04%
1.1%
-0.9%
4.2%
13.9%
15%
-18%
Lumber
-0.02%
-3.2%
-28.9%
-15.1%
 
5%
-41%
Sources: Bloomberg L.P. & Weeden & Co. LP

 

Info. Tech.
Yesterday's Volume Outliers
5 Day Decline
Decline off of 52W High
Breakout?
Ticker
AVAT
30D Float % < Last
30D Volm. Ratio
Ticker
5D %
30D Float % < Last
*30D Volm. Ratio
Ticker
% Down From 52W Hi
30D Float % < Last
30D Volm. Ratio
Ticker
% Down From 52W Hi
30D Float % < Last
30D Volm. Ratio
ADTN
581%
1%
0.0
ADTN
-12%
1%
0.0
DBD
-82%
10%
0.2
CA
-1%
24%
1.6
IBM
245%
0%
0.0
IBM
-6%
0%
0.0
UCTT
-66%
9%
0.2
IDTI
-1%
55%
1.4
PVTL
203%
41%
0.3
ARLO
-6%
0%
0.0
EXTR
-64%
18%
0.7
EVTC
-2%
14%
70.4
CLGX
171%
3%
0.3
DBD
-5%
10%
0.2
USAT
-62%
4%
0.1
MITL
-3%
10%
0.7
LRCX
171%
14%
0.3
USAT
-4%
4%
0.1
MTSI
-60%
9%
0.3
EEFT
-4%
23%
3.7
CREE
152%
30%
1.2
ADS
-4%
1%
0.1
CASA
-58%
16%
0.3
IMPV
-4%
86%
328.8
CLS
144%
9%
3.0
AVYA
-3%
3%
0.2
COHR
-57%
13%
0.4
VIAV
-4%
25%
3.8
SEND
142%
79%
1.7
LXFT
-3%
2%
0.1
LASR
-56%
20%
0.2
JNPR
-4%
22%
1.5
G
118%
2%
0.2
CATM
-2%
9%
0.3
SWCH
-55%
17%
0.3
FISV
-5%
2%
0.2
SHOP
108%
11%
0.3
TEL
-2%
1%
0.1
AAOI
-54%
34%
0.2
MSFT
-5%
4%
0.7
XPER
105%
7%
0.5
HPQ
-2%
3%
0.2
INFN
-50%
18%
0.5
CIEN
-5%
23%
0.8
AMKR
105%
1%
0.0
EXLS
-1%
1%
0.1
AEIS
-49%
5%
0.2
DLB
-5%
12%
7.7
UCTT
103%
9%
0.2
CSGS
-1%
2%
0.1
ARLO
-49%
0%
0.0
TSS
-5%
5%
0.3
IMPV
90%
86%
328.8
NVDA
-1%
5%
0.1
XPER
-49%
7%
0.5
AAPL
-5%
9%
0.8
VIAV
88%
25%
3.8
QCOM
-1%
4%
0.2
ACLS
-49%
10%
0.6
FIS
-5%
3%
0.3
TTMI
84%
7%
0.5
CTS
-1%
1%
0.1
WDC
-48%
10%
0.3
JKHY
-5%
3%
0.2
TWLO
81%
43%
0.5
CLDR
-1%
12%
0.1
ICHR
-47%
14%
0.2
FN
-5%
21%
2.6
TIVO
80%
11%
1.3
FSCT
-1%
3%
0.1
IPGP
-47%
23%
0.6
INTU
-6%
5%
0.4
MIME
72%
20%
0.7
PAYX
-1%
3%
0.2
AMBA
-46%
20%
0.3
UIS
-6%
43%
1.6
XRX
71%
10%
0.4
ACN
-1%
1%
0.1
CBLK
-46%
54%
0.6
ZBRA
-6%
9%
1.2
Positive 2 Day SD
Negative 2 Day SD
Value?
Growth?
Ticker
2D SD
30D Float % < Last
30 D Volm. Ratio
Ticker
2day SD
30D Float % < Last
30 D Volm. Ratio
Ticker
FY+3 EPS%
30D Float % < Last
30 D Volm. Ratio
Ticker
YOY Rev.%
30D Float % < Last
30 D Volm. Ratio
ADBE
2.36
7%
0.6
PANW
-0.41
6%
0.2
SGH
24%
122%
1.7
LOGM
195%
20%
0.7
EVTC
1.55
14%
70.4
APPN
-0.04
15%
0.3
WDC
22%
10%
0.3
ESIO
128%
13%
0.3
FIS
1.49
3%
0.3
TWLO
-0.02
43%
0.5
MU
22%
15%
0.2
PAGS
122%
51%
35.7
NOW
1.44
16%
1.0
LXFT
-0.01
2%
0.1
ICHR
22%
14%
0.2
COHR
101%
13%
0.4
SEND
1.33
79%
1.7
CA
-0.01
24%
1.6
XPER
18%
7%
0.5
ARLO
101%
0%
0.0
MMS
1.30
5%
0.8
MITL
0.00
10%
0.7
AVYA
17%
3%
0.2
SHOP
73%
11%
0.3
EFII
1.16
5%
0.3
IMPV
0.00
86%
328.8
KEM
16%
18%
0.3
SGH
69%
122%
1.7
INXN
1.16
4%
0.3
IDTI
0.02
55%
1.4
ARRS
16%
3%
0.2
OLED
69%
19%
0.5
WEX
1.15
6%
0.5
SGH
0.03
122%
1.7
SNX
16%
9%
0.2
SMAR
66%
75%
0.4
PAGS
1.14
51%
35.7
ARLO
0.03
0%
0.0
TTMI
15%
7%
0.5
EXTR
64%
18%
0.7
SYMC
1.12
20%
1.3
DBD
0.05
10%
0.2
JBL
15%
7%
0.2
UCTT
64%
9%
0.2
G
1.11
2%
0.2
LASR
0.09
20%
0.2
TECD
15%
12%
0.7
OKTA
62%
23%
0.5
IBM
1.10
0%
0.0
MCHP
0.10
15%
0.4
FLEX
15%
6%
0.3
ICHR
62%
14%
0.2
TYL
1.08
3%
0.3
USAT
0.10
4%
0.1
MEI
14%
2%
0.2
GTT
59%
5%
0.1
GDDY
1.07
7%
0.3
UCTT
0.11
9%
0.2
AAOI
14%
34%
0.2
KEM
58%
18%
0.3
UPLD
1.05
16%
1.3
IPGP
0.12
23%
0.6
AMAT
14%
8%
0.3
ACLS
54%
10%
0.6
FEYE
1.04
75%
42.7
LSCC
0.12
14%
1.0
SYNA
14%
7%
0.2
AYX
53%
23%
0.3
EXLS
0.97
1%
0.1
AAOI
0.14
34%
0.2
ADS
14%
1%
0.1
SSTI
53%
16%
0.2
RP
0.97
6%
0.3
MU
0.15
15%
0.2
EXTR
14%
18%
0.7
MDB
52%
26%
0.3
CDW
0.97
3%
0.3
MU
0.15
15%
0.2
CLS
14%
9%
3.0
TTD
52%
22%
0.3
Communication Services
Yesterday's Volume Outliers
5 Day Decline
Decline off of 52W High
Breakout?
Ticker
AVAT
Float % < Last 30D
30D Volm. Ratio
Ticker
5D %
Float % < Last 30D
*30D Volm. Ratio
Ticker
% Down From 52W Hi
Float % < Last 30D
30D Volm. Ratio
Ticker
% Down From 52W Hi
Float % < Last 30D
30D Volm. Ratio
EEX
231%
6%
0.3
FTR
-16%
27%
0.4
SNAP
-67%
16%
0.1
I
-1%
121%
41.6
NFLX
198%
39%
1.6
CBB
-9%
6%
0.5
WIN
-66%
26%
1.0
MCS
-1%
22%
56.1
QNST
123%
35%
12.1
LILA
-4%
0%
0.0
FTR
-54%
27%
0.4
DIS
-1%
14%
20.5
DISCK
71%
18%
4.0
IMAX
-4%
3%
0.1
SINA
-49%
9%
0.3
USM
-1%
23%
43.3
OMC
69%
35%
43.1
LILAK
-4%
0%
0.0
GOGO
-47%
84%
14.2
TDS
-2%
14%
17.3
I
56%
121%
41.6
CNSL
-4%
9%
0.5
SCOR
-45%
2%
0.1
NYT
-2%
46%
63.2
IPG
43%
9%
0.3
TRUE
-4%
3%
0.2
ETM
-42%
4%
0.2
RST
-2%
31%
29.0
S
40%
30%
1.3
NCMI
-3%
9%
0.7
TTGT
-42%
36%
1.6
TMUS
-3%
22%
3.4
IMAX
35%
3%
0.1
MEET
-2%
6%
0.2
EEX
-41%
6%
0.3
GTN
-3%
14%
2.5
SPOT
34%
8%
0.3
EEX
-2%
6%
0.3
CBB
-39%
6%
0.5
ATNI
-3%
11%
8.2
USM
27%
23%
43.3
SCOR
-2%
2%
0.1
TWTR
-38%
68%
2.1
CABO
-3%
10%
1.5
SJR
26%
1%
0.2
EROS
-1%
6%
0.2
ZG
-37%
8%
0.4
DISCA
-3%
70%
7.6
VG
23%
9%
0.7
CDLX
-1%
7%
0.1
Z
-37%
12%
0.4
LYV
-3%
18%
1.5
CARG
23%
8%
0.2
T
-1%
4%
0.4
LGF/B
-37%
8%
1.3
XOXO
-3%
38%
3.3
JW/A
21%
7%
0.5
VZ
-1%
5%
0.7
CNSL
-36%
9%
0.5
VZ
-3%
5%
0.7
GOGO
17%
84%
14.2
ZNGA
0%
33%
2.0
LGF/A
-36%
22%
1.1
MSGN
-4%
17%
4.8
DISCA
17%
70%
7.6
XOXO
0%
38%
3.3
DISH
-34%
10%
0.4
SHEN
-4%
7%
4.0
NXST
12%
4%
0.2
CBS
1%
17%
1.0
LTRPA
-29%
3%
0.2
DISCK
-4%
18%
4.0
TRCO
11%
44%
66.0
NXST
1%
4%
0.2
EA
-28%
8%
0.2
AMC
-4%
41%
0.6
AMCX
6%
7%
0.2
LGF/A
1%
22%
1.1
FB
-27%
8%
0.4
CNK
-6%
31%
158.1
Positive 2 Day SD
Negative 2 Day SD
Value?
Growth?
Ticker
2D SD
Float % < Last 30D
30 D Volm. Ratio
Ticker
2day SD
Float % < Last 30D
30 D Volm. Ratio
Ticker
FY+3 EPS%
Float % < Last 30D
30 D Volm. Ratio
Ticker
YOY Rev.%
Float % < Last 30D
30 D Volm. Ratio
OMC
1.48
35%
43.1
SNAP
-0.07
16%
0.1
TGNA
17%
7%
0.6
NXST
120%
4%
0.2
GOGO
1.22
84%
14.2
WWE
-0.07
9%
0.1
AMCX
16%
7%
0.2
SNAP
104%
16%
0.1
YNDX
1.06
32%
220.7
EEX
-0.04
6%
0.3
NXST
14%
4%
0.2
MEET
63%
6%
0.2
MDP
1.02
28%
46.2
LILA
0.02
0%
0.0
MDP
14%
28%
46.2
CARG
60%
8%
0.2
I
0.83
121%
41.6
ATNI
0.02
11%
8.2
VIAB
13%
29%
6.3
AMC
57%
41%
0.6
QNST
0.82
35%
12.1
SCOR
0.03
2%
0.1
GTN
13%
14%
2.5
ATUS
55%
30%
1.4
CNSL
0.77
9%
0.5
T
0.03
4%
0.4
DISCK
12%
18%
4.0
SINA
54%
9%
0.3
ATVI
0.76
11%
0.7
VZ
0.04
5%
0.7
CBS
12%
17%
1.0
ANGI
48%
7%
0.3
TGNA
0.73
7%
0.6
P
0.10
75%
1.2
GCI
12%
8%
0.6
FB
47%
8%
0.4
SCHL
0.68
8%
0.9
ZNGA
0.10
33%
2.0
SBGI
12%
43%
20.3
CHTR
43%
10%
0.8
TRIP
0.67
12%
0.3
LILAK
0.10
0%
0.0
DISCA
11%
70%
7.6
GLUU
43%
18%
0.5
LYV
0.64
18%
1.5
TTGT
0.12
36%
1.6
MSGN
11%
17%
4.8
CNSL
43%
9%
0.5
IPG
0.62
9%
0.3
EA
0.12
8%
0.2
T
11%
4%
0.4
SPOT
39%
8%
0.3
CCOI
0.62
4%
0.3
NWSA
0.12
27%
3.6
CARS
10%
6%
0.3
ORBC
36%
6%
0.4
GOOGL
0.60
2%
0.2
NWS
0.14
12%
2.6
SINA
9%
9%
0.3
QNST
35%
35%
12.1
VIAB
0.59
29%
6.3
SINA
0.14
9%
0.3
MEET
9%
6%
0.2
NFLX
32%
39%
1.6
GOOG
0.58
2%
0.2
JW/A
0.15
7%
0.5
EEX
9%
6%
0.3
LILA
32%
0%
0.0
GOOG
0.58
2%
0.2
CTL
0.15
8%
0.4
VZ
9%
5%
0.7
LILA
32%
0%
0.0
VG
0.58
9%
0.7
FOXA
0.16
21%
3.4
SSP
9%
19%
11.8
MDP
31%
28%
46.2
TU
0.57
0%
0.2
FOXA
0.16
21%
3.4
GLUU
9%
18%
0.5
LGF/A
29%
22%
1.1
Consumer Discretionary
Yesterday's Volume Outliers
5 Day Decline
Decline off of 52W High
Breakout?
Ticker
AVAT
Float % < Last 30D
30D Volm. Ratio
Ticker
5D %
Float % < Last 30D
*30D Volm. Ratio
Ticker
% Down From 52W Hi
Float % < Last 30D
30D Volm. Ratio
Ticker
% Down From 52W Hi
Float % < Last 30D
30D Volm. Ratio
TACO
694%
9%
0.3
JCP
-14%
3%
0.0
APRN
-76%
5%
0.0
SODA
0%
42%
4.2
CZR
443%
46%
1.3
FTDR
-12%
1%
0.0
OSTK
-70%
163%
3.3
SCI
-1%
18%
7.9
WGO
382%
30%
0.7
NTRI
-10%
13%
0.2
JCP
-68%
3%
0.0
YUM
-1%
13%
28.2
POOL
189%
1%
0.1
IBP
-9%
1%
0.0
LL
-65%
1%
0.0
SERV
-2%
26%
1.6
MHO
174%
4%
0.2
TACO
-8%
9%
0.3
ADNT
-64%
2%
0.1
NDLS
-2%
48%
13.9
MTH
172%
3%
0.1
TEN
-8%
1%
0.0
DLPH
-63%
1%
0.0
CORE
-2%
21%
41.9
AZO
163%
1%
0.0
AZO
-8%
1%
0.0
BH
-62%
1%
0.0
BEL
-2%
26%
6.4
NLS
157%
2%
0.1
BKE
-8%
2%
0.0
SGMS
-61%
22%
0.3
WING
-2%
44%
23.5
TEN
153%
1%
0.0
LL
-7%
1%
0.0
DFRG
-59%
1%
0.0
TJX
-2%
11%
2.1
BZH
128%
7%
0.1
VC
-7%
1%
0.0
NWL
-58%
5%
0.1
LOPE
-2%
22%
194.0
ABG
125%
3%
0.1
HIBB
-6%
4%
0.0
IBP
-58%
1%
0.0
DG
-3%
18%
2.3
STMP
123%
1%
0.0
MTH
-6%
3%
0.1
BZH
-58%
7%
0.1
ULTA
-3%
25%
1.5
TOWR
109%
1%
0.1
ZUMZ
-5%
3%
0.1
WLH
-56%
5%
0.1
ELY
-3%
27%
6.1
MDC
108%
3%
0.2
ANF
-5%
8%
0.1
DESP
-56%
13%
0.4
DNKN
-4%
16%
1.7
AAP
104%
2%
0.1
KNDI
-5%
19%
0.5
FND
-54%
0%
0.0
ROST
-4%
10%
0.9
TTS
97%
14%
0.9
GTX
-5%
0%
0.0
DAN
-53%
2%
0.1
SONC
-4%
47%
0.5
HD
91%
0%
0.0
BLD
-5%
1%
0.0
CWH
-53%
139%
27.1
RCII
-4%
19%
0.6
JOUT
90%
3%
0.2
DLPH
-4%
1%
0.0
LE
-52%
12%
0.1
BFAM
-4%
2%
0.3
GAIA
86%
24%
11.2
HD
-4%
0%
0.0
SFIX
-52%
46%
0.1
FRGI
-4%
30%
5.1
GPC
79%
1%
0.1
NVR
-4%
2%
0.1
TUP
-52%
15%
0.5
SBUX
-5%
24%
57.6
Positive 2 Day SD
Negative 2 Day SD
Value?
Growth?
Ticker
2D SD
Float % < Last 30D
30 D Volm. Ratio
Ticker
2day SD
Float % < Last 30D
30 D Volm. Ratio
Ticker
FY+3 EPS%
Float % < Last 30D
30 D Volm. Ratio
Ticker
YOY Rev.%
Float % < Last 30D
30 D Volm. Ratio
NDLS
1.49
48%
13.9
DPZ
-1.06
6%
0.2
GTX
35%
0%
0.0
LEXEA
551%
4%
0.4
SERV
1.29
26%
1.6
JCP
-0.31
3%
0.0
BZH
30%
7%
0.1
CVNA
135%
13%
0.1
DLTR
1.19
47%
5.2
AZO
-0.30
1%
0.0
WLH
29%
5%
0.1
MBUU
76%
5%
0.2
LOPE
1.18
22%
194.0
BKE
-0.21
2%
0.0
ADNT
29%
2%
0.1
TSLA
68%
79%
0.6
DECK
1.04
16%
0.5
TACO
-0.18
9%
0.3
FCAU
26%
0%
0.0
MELI
66%
11%
0.3
MCRI
0.94
9%
25.2
ASNA
-0.15
24%
0.7
CCS
24%
2%
0.0
ERI
65%
26%
1.0
CBRL
0.88
49%
61.7
URBN
-0.14
3%
0.0
TEN
23%
1%
0.0
GAIA
64%
24%
11.2
RACE
0.87
3%
0.2
LOVE
-0.13
0.7
LGIH
23%
10%
0.2
AXL
59%
8%
0.2
SIX
0.81
25%
1.1
PBPB
-0.12
23%
4.6
AXL
23%
8%
0.2
WH
56%
3%
0.1
DG
0.80
18%
2.3
VSI
-0.08
43%
0.5
DLPH
22%
1%
0.0
SUP
51%
0%
0.0
TXRH
0.79
13%
0.8
KNDI
-0.07
19%
0.5
DAN
21%
2%
0.1
MMYT
51%
7%
0.4
STRA
0.78
4%
0.4
ZUMZ
-0.07
3%
0.1
LEN/B
19%
0%
0.0
LGIH
50%
10%
0.2
COLM
0.77
4%
0.3
HOME
-0.06
18%
0.2
MHO
19%
4%
0.2
GOOS
46%
15%
0.3
PLNT
0.77
13%
0.5
BKS
-0.06
103%
4.3
PHM
19%
1%
0.0
MCFT
46%
26%
2.4
HVT
0.76
3%
0.3
TEN
-0.05
1%
0.0
TMHC
19%
3%
0.1
CCS
43%
2%
0.0
BC
0.74
4%
0.2
CATO
-0.04
10%
0.4
PRTY
19%
16%
0.2
WYNN
41%
15%
0.2
LRN
0.72
5%
0.6
DDS
-0.02
3%
0.0
GT
18%
8%
0.2
MOD
40%
1%
0.0
ERI
0.72
26%
1.0
HELE
-0.01
5%
0.2
TOWR
18%
1%
0.1
W
40%
12%
0.2
KMX
0.71
3%
0.1
F
-0.01
2%
0.1
TPH
18%
3%
0.1
GRUB
38%
10%
0.3
LEXEA
0.71
4%
0.4
F
-0.01
2%
0.1
GME
18%
35%
0.6
MAR
34%
3%
0.2
Consumer Staples
Yesterday's Volume Outliers
5 Day Decline
Decline off of 52W High
Breakout?
Ticker
AVAT
Float % < Last 30D
30D Volm. Ratio
Ticker
5D %
Float % < Last 30D
*30D Volm. Ratio
Ticker
% Down From 52W Hi
Float % < Last 30D
30D Volm. Ratio
Ticker
% Down From 52W Hi
Float % < Last 30D
30D Volm. Ratio
HLF
165%
17%
1.7
ELF
-10%
5%
0.1
RAD
-58%
5%
0.1
SVU
0%
85%
11.2
COTY
134%
5%
0.1
PYX
-7%
395%
0.7
ELF
-54%
5%
0.1
MKC
0%
19%
83.7
CPB
91%
3%
0.1
UNFI
-6%
7%
0.1
PPC
-53%
20%
0.7
LW
0%
23%
204.7
KMB
65%
1%
0.1
KMB
-4%
1%
0.1
UNFI
-49%
7%
0.1
CASY
-1%
29%
7.9
CL
61%
2%
0.2
MO
-4%
2%
0.3
SFS
-47%
8%
0.3
REV
-1%
86%
63.2
MDLZ
57%
1%
0.1
RAD
-4%
5%
0.1
COTY
-47%
5%
0.1
CCE
-2%
14%
2.0
NUS
51%
4%
0.3
COKE
-3%
1%
0.1
SPB
-43%
2%
0.1
CLX
-3%
7%
0.6
CCE
50%
14%
2.0
FLO
-3%
5%
0.4
HAIN
-43%
3%
0.1
FRPT
-3%
29%
41.5
YGYI
47%
222%
1.3
TAP
-3%
1%
0.0
SAFM
-42%
36%
1.2
CHD
-3%
6%
0.7
SMPL
41%
27%
4.1
CPB
-3%
3%
0.1
FDP
-42%
2%
0.1
HRL
-3%
18%
2.4
NOMD
37%
12%
1.5
MDLZ
-3%
1%
0.1
VGR
-40%
8%
0.2
NOMD
-3%
12%
1.5
PG
35%
2%
0.4
CENT
-2%
2%
0.1
DF
-37%
42%
8.6
STZ
-4%
33%
24.6
WMT
33%
12%
5.8
MNST
-2%
1%
0.0
EPC
-36%
4%
0.2
SMPL
-4%
27%
4.1
DAR
30%
17%
19.5
TWNK
-2%
5%
0.2
NBEV
-36%
1585%
0.8
WBA
-5%
19%
84.8
PYX
29%
395%
0.7
COTY
-2%
5%
0.1
SPTN
-34%
1%
0.2
UVV
-5%
16%
78.6
ADM
29%
2%
0.1
TPB
-2%
39%
1.8
AVP
-32%
13%
0.6
KDP
-5%
36%
10.8
PSMT
29%
4%
0.2
ADM
-2%
2%
0.1
KHC
-32%
14%
0.8
DAR
-5%
17%
19.5
USFD
26%
8%
0.3
CENTA
-2%
1%
0.1
XXII
-32%
50%
3.9
POST
-5%
6%
0.4
CLX
24%
7%
0.6
FDP
-2%
2%
0.1
BGS
-31%
12%
0.7
KO
-6%
3%
0.7
FLO
15%
5%
0.4
KR
-2%
3%
0.1
TAP
-31%
1%
0.0
ADM
-6%
2%
0.1
Positive 2 Day SD
Negative 2 Day SD
Value?
Growth?
Ticker
2D SD
Float % < Last 30D
30 D Volm. Ratio
Ticker
2day SD
Float % < Last 30D
30 D Volm. Ratio
Ticker
FY+3 EPS%
Float % < Last 30D
30 D Volm. Ratio
Ticker
YOY Rev.%
Float % < Last 30D
30 D Volm. Ratio
COT
1.15
10%
0.8
PYX
-0.51
395%
0.7
UNFI
14%
7%
0.1
TAP
125%
1%
0.0
DAR
0.86
17%
19.5
YGYI
-0.39
222%
1.3
PPC
13%
20%
0.7
NBEV
106%
1585%
0.8
XXII
0.77
50%
3.9
MO
-0.31
2%
0.3
SPTN
12%
1%
0.2
PRMW
101%
3%
0.2
TR
0.75
13%
10.7
CAG
-0.30
20%
0.8
AVP
11%
13%
0.6
CALM
40%
31%
1.4
LW
0.74
23%
204.7
ELF
-0.23
5%
0.1
FDP
11%
2%
0.1
COT
40%
10%
0.8
JJSF
0.72
8%
5.8
BJ
-0.21
9%
0.1
IMKTA
11%
3%
0.3
TPB
39%
39%
1.8
ENR
0.70
17%
2.0
NBEV
-0.20
1585%
0.8
TSN
10%
11%
1.1
COKE
37%
1%
0.1
CVGW
0.69
10%
0.7
USNA
-0.17
1%
0.0
WBA
10%
19%
84.8
XXII
35%
50%
3.9
PRMW
0.67
3%
0.2
KR
-0.14
3%
0.1
SFS
9%
8%
0.3
SVU
30%
85%
11.2
SAFM
0.63
36%
1.2
NEPT
-0.12
85%
1.3
KR
9%
3%
0.1
NEPT
24%
85%
1.3
CHEF
0.61
13%
0.3
SPB
-0.05
2%
0.1
AGRO
9%
13%
32.7
COTY
23%
5%
0.1
SMPL
0.59
27%
4.1
KMB
-0.04
1%
0.1
USFD
9%
8%
0.3
CCE
21%
14%
2.0
CCE
0.59
14%
2.0
PF
-0.01
13%
0.5
TAP
9%
1%
0.0
BGS
20%
12%
0.7
BF/B
0.55
2%
0.1
VGR
-0.01
8%
0.2
SPB
9%
2%
0.1
SAFM
19%
36%
1.2
HLF
0.54
17%
1.7
SVU
0.00
85%
11.2
DF
9%
42%
8.6
FIZZ
18%
11%
0.3
GIS
0.51
11%
0.8
PM
0.00
9%
7.8
COTY
9%
5%
0.1
ELF
18%
5%
0.1
STKL
0.50
16%
9.7
UNFI
0.02
7%
0.1
SJM
9%
8%
0.6
FRPT
18%
29%
41.5
NOMD
0.50
12%
1.5
CL
0.03
2%
0.2
BG
8%
21%
2.6
EL
16%
4%
0.2
ANDE
0.48
1%
0.1
TWNK
0.05
5%
0.2
EPC
8%
4%
0.2
REV
15%
86%
63.2
HRL
0.45
18%
2.4
FDP
0.09
2%
0.1
ANDE
8%
1%
0.1
SFM
15%
20%
0.8
Energy
Yesterday's Volume Outliers
5 Day Decline
Decline off of 52W High
Breakout?
Ticker
AVAT
Float % < Last 30D
30D Volm. Ratio
Ticker
5D %
Float % < Last 30D
*30D Volm. Ratio
Ticker
% Down From 52W Hi
Float % < Last 30D
30D Volm. Ratio
Ticker
% Down From 52W Hi
Float % < Last 30D
30D Volm. Ratio
UPL
173%
64%
8.2
AMRS
-17%
6%
0.1
UPL
-86%
64%
8.2
REGI
-1%
78%
132.9
REN
144%
4%
0.1
CVIA
-15%
1%
0.0
CVIA
-77%
1%
0.0
IMO
-2%
3%
6.6
GLOG
83%
28%
15.3
REN
-15%
4%
0.1
AMR
-66%
1%
0.0
DHT
-2%
19%
4.2
HLX
80%
24%
9.2
BTE
-13%
0%
0.0
BAS
-63%
18%
0.6
NINE
-3%
45%
11.8
GLNG
57%
29%
3.5
GPRK
-11%
0%
0.0
SN
-62%
8%
0.1
HLX
-4%
24%
9.2
QEP
54%
20%
0.6
MDR
-11%
0%
0.0
HK
-56%
6%
0.1
MUR
-4%
20%
2.0
BCEI
52%
13%
0.5
DNR
-8%
23%
0.4
SLCA
-54%
2%
0.0
CCJ
-4%
18%
5.3
CVIA
49%
1%
0.0
BAS
-8%
18%
0.6
LGCY
-53%
3%
0.3
TRGP
-4%
18%
3.2
APA
46%
2%
0.1
NFX
-8%
1%
0.0
BTE
-53%
0%
0.0
ARCH
-5%
33%
78.2
HES
42%
4%
0.2
HK
-8%
6%
0.1
REI
-52%
15%
0.4
GLOG
-5%
28%
15.3
GPRK
39%
0%
0.0
LPI
-7%
3%
0.0
SD
-51%
1%
0.0
KLXE
-6%
76%
8.4
ENB
38%
1%
0.1
CPG
-7%
1%
0.1
STNG
-51%
6%
0.2
OKE
-7%
6%
0.5
SLCA
36%
2%
0.0
APA
-7%
2%
0.1
LPI
-50%
3%
0.0
WHD
-7%
25%
1.9
CPG
35%
1%
0.1
SLCA
-7%
2%
0.0
WTTR
-47%
1%
0.0
PBA
-7%
2%
1.9
TALO
35%
1%
0.0
CRC
-7%
13%
0.1
FET
-44%
5%
0.2
APY
-7%
2%
0.1
NFX
34%
1%
0.0
PDS
-7%
0%
0.0
CJ
-44%
12%
0.4
CXO
-8%
14%
1.4
XOG
32%
21%
0.6
TALO
-7%
1%
0.0
MDR
-44%
0%
0.0
EGN
-8%
26%
1.8
ERF
32%
0%
0.0
OXY
-6%
2%
0.1
FTSI
-43%
63%
39.5
MGY
-8%
14%
0.3
MDR
32%
0%
0.0
VLO
-6%
0%
0.0
RES
-43%
39%
0.9
FANG
-8%
28%
1.5
STNG
30%
6%
0.2
TDW
-6%
6%
0.4
CPG
-41%
1%
0.1
ESV
-8%
71%
4.4
Positive 2 Day SD
Negative 2 Day SD
Value?
Growth?
Ticker
2D SD
Float % < Last 30D
30 D Volm. Ratio
Ticker
2day SD
Float % < Last 30D
30 D Volm. Ratio
Ticker
FY+3 EPS%
Float % < Last 30D
30 D Volm. Ratio
Ticker
YOY Rev.%
Float % < Last 30D
30 D Volm. Ratio
OKE
1.49
6%
0.5
DO
-0.44
22%
0.5
REN
32%
4%
0.1
LNG
337%
1%
0.0
PBA
0.90
2%
1.9
RIG
-0.31
47%
0.7
SN
32%
8%
0.1
LBRT
298%
36%
0.7
GTE
0.86
3%
0.4
RIG
-0.31
47%
0.7
BCEI
31%
13%
0.5
SOI
271%
15%
0.5
CVI
0.79
38%
0.5
TK
-0.22
13%
0.8
UPL
30%
64%
8.2
CDEV
268%
19%
0.9
TGE
0.74
13%
1.8
REN
-0.17
4%
0.1
HPR
30%
12%
0.3
FRAC
267%
41%
1.0
HFC
0.74
7%
0.2
ORIG
-0.15
45%
2.4
LPI
29%
3%
0.0
JAG
257%
13%
3.7
DHT
0.73
19%
4.2
NR
-0.13
5%
0.4
DHT
27%
19%
4.2
SRCI
231%
15%
0.6
GLNG
0.71
29%
3.5
RRC
-0.13
42%
1.2
LGCY
25%
3%
0.3
WRD
224%
30%
0.9
CEIX
0.71
11%
0.3
MUR
-0.11
20%
2.0
FTSI
24%
63%
39.5
TUSK
200%
42%
1.3
KMI
0.69
10%
1.0
GPRK
-0.11
0%
0.0
HK
24%
6%
0.1
GPOR
193%
40%
1.3
GLOG
0.68
28%
15.3
GPRK
-0.11
0%
0.0
STNG
24%
6%
0.2
FTSI
175%
63%
39.5
CHK
0.67
81%
7.6
EOG
-0.06
5%
0.6
AMR
23%
1%
0.0
PTEN
157%
7%
0.2
WHD
0.64
25%
1.9
RDC
-0.05
81%
3.2
NFX
23%
1%
0.0
XOG
140%
21%
0.6
PSX
0.64
1%
0.0
LPI
-0.05
3%
0.0
PVAC
22%
4%
0.1
FANG
129%
28%
1.5
ENB
0.63
1%
0.1
PDS
-0.04
0%
0.0
CRZO
21%
1%
0.0
WTTR
129%
1%
0.0
GPOR
0.61
40%
1.3
NBL
-0.04
16%
2.1
SRCI
20%
15%
0.6
PUMP
125%
49%
13.1
GPOR
0.61
40%
1.3
SD
-0.03
1%
0.0
TALO
19%
1%
0.0
SLCA
122%
2%
0.0
PUMP
0.57
49%
13.1
SD
-0.03
1%
0.0
NOG
18%
31%
0.5
WHD
120%
25%
1.9
AMGP
0.56
21%
2.4
APA
-0.03
2%
0.1
MDR
18%
0%
0.0
RES