Aviate US Summary

The authors of the content on this page from Sept 2012 to June 2017 are:
Market Commentaries: Gary Paulin, Ameet Patel, Paul Moran, Douglas Morton, Oliver Sherman, Ben Brownette, Rob Arnott, James Santo, Neil Campling
Research: Ameet Patel, Paul Moran, Douglas Morton, Oliver Sherman, Rob Arnott, Neil Campling

S&P +0.55% (1893.4), D +0.79% (16069.6), N +1.39% (4186.1), CL1 +4.52% (33.76), Copper -0.58% (205.20), Gold -0.94% (1114.39) 10YrYld -0.02 (1.9784), DXY -0.30% (98.61), Vix -2.99% (22.42).

The S&P closed up 25bps from the European close staying positive in a fairly narrow range all afternoon. Volume about flat w/ yesterday at 8.8bln shares, just above the 20day avg of 8.6bln. Dollars traded up small to $334bln, just over $10bln better than avg. Up volume edging down volume 55-45.

Markets higher across the board, another tough day with some chunky moves. Eminis +50bps vs Most Short -30%. Nasdaq set for worst Jan ever. DXY -30bps broke the short term uptrend I’ve been tracking, weak Durable Goods. Could all change with BOJ tonight and GDP in the morning. 10yr back below 2%; Regional outperforming. Oil continues to drive the equity futures, OPEC forced to deny chatter coming from Russia. Gold/Copper reversing engines a little; GDX -2.4%, FREEPORT -5%. China proxies mixed; FXI +1.5%, ASHR -1.6%, ALIBABA -4%. Another huge earnings dump, plenty of double digit moves; UNDER ARMOUR +23%, FACEBOOK +16%, PAYPAL +8%, BAKER HUGHES +6%, CAT +5%, FORD -1%, CELGENE -5%, ELI LILLY -6%, AUTONATION -6%, QUALCOMM -8%, EBAY -12%, HARMAN -13%, JUNIPER -15%, UNITED RENTALS -18%, SERVICENOW -16%. For me, there was only 1 winner today, FACEBOOK smashed it with Revs +58%, mobile advertising 10% Beat and over 1bn DAUs, VR +ve. UNDER ARMOUR has fallen nearly 40% since September, arguably a little harsh, solid numbers today putting some much needed life into the stock. In the industrial/energy space BHI/CAT/URI another reminder that things are not going to get any better through 2016. NOC +1%/RTN +3% guidance light, defense names been the surprise –ve this week. Auto concerns growing, highlighted loan bubble yesterday, FORD weak despite Beat, AN/HAR messy; remain a Seller FIAT -5%. New lows Biotech following CELGENE Miss, IBB 35% off the highs; ABT -9%/LLY -6%. XEROX unch expected to announce split with earnings tomorrow (DJ), Ichan been pushing. Also reporting; AAL, ABBV, BXLT, CL, CVX, HON, MA, STX, WHR.

OUTPERFORMERS: Drillers +5%, Software +2.6%, Utils +1.6%, Regional Banks +1.4%, Materials +1.3%

UNDERPERFORMERS: Biotech -3.7%, Airlines -3.3%, Gold Miners -2.4%, Pharma -2.1%, Autos -1.2%

ECO: Initial Jobless 278k, est 281k. Durable Goods -5.1%, est -0.7%. Pending Home Sales -0.1%, est +0.9%.

COMMODS: OJ +8%, Gasoline +3.7%, WTI +3%, Nat Gas -1.3%, Gold -10bps, Copper -70bps, Silver -1.6%, Sugar -1.8%

AFTER-HRS NEWS/MOVES:

ALIGN TECHNOLOGIES -70bps q4 eps/revs beat, q1 guide below est
AMAZON.COM -12% q4 eps miss, revs touch light, midpoint of q1 revs guide bit below est
AMGEN +45bps q4 eps beats, revs inline, fy eps midpoint better than est
ELECTRONIC ARTS -8.7% q3 eps beats, revs inline, q4 guide below est
VISA +2.5% q1 penny better, revs touch light, no change guide despite some cautious comments
MICROSOFT +6.6% q2 beats
SKYWORKS +1.9% q1 eps/revs beat, sees q2 below est
FORTINENT +8.1% q1 inline, $200mm b/b

ACTIVE TODAY:

TMT
CITRIX +4.0 q4 beats, sees q1 better than est, $400mm b/b
QUALCOMM -8.3% q1 eps beats, q2 view light
LAM RESEARCH +2.9% q2 beats, sees q3 below est
CAVIUM +2.4% q4 inline
SANDISK +4.7% q4 beats
TEXAS INSTRUMENTS +0.9% q4 beats, guide about inline
SERVICENOW -15.6% q4 miss
EBAY -12.5% q4 inline, poor guide
PAYPAL +8.4% q4 eps/revs beat, $2bln b/b
JUNIPER -15.4% q4 beat but q1 guide below est, CFO out
MELLANOX +12.0% q4 beats
CIRRUS LOGIC +16.4% q3 beats, q4 view below est
FACEBOOK +15.5% q4 beats
ALIBABA -3.8% q3 eps/revs beat
TERADYNE -4.9% q4 eps/revs beat, guidance better
FAIRCHILD SEMI +1.4% q4 eps/revs miss
CYPRESS -6.2% q4 inline, revs beat, q1 eps view below est/revs midpoint better than est
SANDISK +4.7% u/g @ Susquehanna
YAHOO -3.2% investor calls for co. to seek partners
FIREEYE -2.8% cautious comments @ OTR Research
XEROX -0.2% company said to split, Icahn to get board seats

CAPTIAL GOODS
UNITED RENTALS -18.4% q4 eps miss, revs inline, guidance midpoint below est
RAYTHEON +3.5% q4 eps, revs beat, sees fy below est
L3 COMMUNICATIONS +1.6% q4 eps beat, revs miss, boots fy view above est
NORTHROP GRUMMAN +1.1% q4 eps beat, revs miss, fy guide below est
OSHKOSH -7.4% q1 eps, revs beat, reduces fy view below est
LEAR -1.0% q4 eps beats, small revs miss, maintains fy rev view
IDEX -2.0% q4 eps beat, revs miss
AVENT -1.4% q2 eps, revs miss, guides q3 below est
CATEPILLAR +4.7% q4 eps best, res miss, midpoint of fy revs view just below est

FINANCIALS/REAL ESTATE
DISCOVER FINANCIAL -8.0% q4 miss
DEUTSCHE BANK -3.6% posts q4 loss, revs inline w/ preannonucement
CASH AMERICA +10.7% q4 1c beat, revs touch light, guides q1 better than est
BLACKSTONE -1.9% q4 earnigns/revs miss
INVESCO -1.5% q4 eps, revs miss
T. ROWE PRICE +3.3% q4 eps beats, res inline
SL GREEN -8.1% q4 beasts but tepid view of NYC conditions

CONSUMER
TRACTOR SUPPLY +0.9% q4 inline w/ pre-annoucement, fy view midpoint below est
LAS VEGAS SANDS +2.9% q4 eps/revs miss
HARLEY DAVIDSON +3.8% q2 eps, revs beat, sees lsd shipments increase in 2016
LAND’S END -2.3% sees q4 res better than est, CFO change
ARCTIC CAT +5.8% q3 loss vs est for profit, revs miss, suspends dividend
UNDER ARMOUR +22.6% q4 eps, revs beat, sees fy revs likely better than est
MCCORMICK +3.9% q4 small eps, revs beat, guidance looks to be touch light
PULTE GROUP +1.9% q4 eps, revs beat
DOLBY LABS +12.5% q1 eps beat, revs inline, q2 guide weak
STANLEY BLACK & DECKER -4.5% q4 eps inline, revs touch light, fy view below est
ALTRIA +1.1% q4 eps/revs just below est, fy seen in line to little light of street
FORD -1.2% q4 eps, revs beat
HERSHEY +3.0% q4 eps beat, revs below est
JETBLUE -6.3% q4 eps, revs beat, q1 casm seen small neg to flat vs small positive est
AUTONATION -5.7% q4 eps, revs miss
HARMAN -13.5% q2 eps beats, revs touch light
RITE AID -0.7% Jan comps -1.4%

HEALTHCARE
VARIAN -3.3% q1 beats, boots fy view
HOLOGIC -7.6% q1 beats, sees q2 about inline
VERTEX +0.3% q4 loss but less than est
BRISTOL-MYERS -0.9% q4 eps, revs beat, midpoint of fy guide better than est
QUEST DIAGNOSTICS -2.4% q4 inline
ELI LILLY -6.1% q4 inline, reaffirms fy view
ZIMMER BIOMET -4.0% q4 eps beat, revs just short of est, fy guide midpoint above est
ABBOTT LABS -9.3% q4 eps touch better, revs just light, sees fy below est
CELGENE -5.0% q4 eps beat, revs inline
MEAD JOHNSON +2.9% q4 eps beat, revs inline, fy view midpoint touch better than est
THERMO FISCHER SCIENTIFIC -5.6%
HCA +0.1% q4 eps inline, revs touch better, fy view above est

MATERIALS
SHERWIN-WILLIAMS -1.0% q4 eps beat, res inline, fy guide below est
POTASH +1.8% q4 eps, revs miss, cuts dividend
AIRGAS +0.7% q3 eps inline, revs below est

ENERGY
OASIS PETROLEUM -10.0% 34mm shr secondary
SEADRILL +4.9% d/g @ Morgan Stanley
VALERO -2.2% q4 eps beats, revs decline y/y
HELMRICH & PAYNE +7.4% q1 profit vs est for a loss, revs beat
CARBO CERAMICS +5.0% q4 loss just wider than est, revs beat
TRANSOCEAN +1.9% p/t slashed @ Morgan Stanley
BAKER HUGHES +5.6% q4 loss wider than est, revs light
KINDER MORGAN +7.5% u/g @ Stifel, Credit Suisse

TRANSPORTATION
KNIGHT TRANSPORT -2.3% q4 beats
KIRBY -4.0% q4 eps/revs miss, guidance below est

Have a good evening.