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 -0.02% (1851.9), D -0.62% (15914.7), N +0.47% (3966.3), CL1 -2.43% (27.27), Copper -1.15% (201.60), Gold +0.70% (1197.44) 10YrYld -0.04 (1.6817), DXY -0.27% (95.82), Vix -0.30% (26.46).

The S&P closed down 65bps from the European with all of that coming over the last hour. Volumes off more than 10% from yesterday to 8.9bln shares falling below avg of 9.5bln. Dollars traded off 15% to $300bln vs avg of $355bln. Down volume edges out up volume 55-45.

Markets failed to early rally, falling into the close. Yellen’s statement offered nothing new and the Q&A a waste of time, no rate rise anytime soon. Eminis -10bps vs Most Short. Nasdaq outperforming. DXY -30bps, again struggling to hold any bounce; EUR 1.1292, new low JPY 113.41; Japan closed tonight (TPNBNK -26% since –ve rate decision). HK/SK reopens. Rates remain under pressure, 10yr 1.69%; Banks -1%. Oil hit a new low pre DOE, spiked 6% and gave it all back; get used to it. Gold seeing some further profit taking; GDX rallied 6% intraday. On Earnings; AKAMAI +21% (been crushed, no warning), OWENS CORNING +3% (cautious on residential construction), DISNEY -4% (Short, ESPN issues ongoing), TIME WARNER -5% (Revs & subs light), ARM -9% (Buy, guidance broadly inline), COMPUTER SCIENCE -10% (guide light), SOLARCITY -30% (awful guide). Very little news outside of the earnings; what’s been down the most is up the most. ACTIVISION (Buy) puts up best rally this year ahead of tomorrow’s earnings. PRICELINE (Short) +4% next catalyst for this call is EXPEDIA earnings tonight, the set up weak but note 9% SI. Biotech ETF (IBB) bouncing off 52 week lows, no major news in the space. Same story in IT Security (HACK), FIREYE +4% sees an upgrade ahead of earnings tomorrow. Elsewhere; AAP, AIG, BWA, K, LC, PEP, RAI, SHPG, TAP, TRIP. ALLY FINANCIAL +3% hosts investor day, look for further insight into Auto loan concerns.

OUTPERFORMERS: Gold Miners +2.2%, Airlines +1.8%, Homebuilders +1.3%, Software +1%, Biotech +60bps

UNDERPERFORMERS: Solar -4%, Drillers -3.3%, Media -2.7%, Inv Banks -1.2%, Semis -1.1%

COMMODS: Gasoline +5.8%, Ally -10bps, Gold -40bps, Copper -1%, WTI -1.1%, Silver -1.2%, Nat Gas -2.3%, Nickel -2.6%

ECO: nothing of interest


WHOLE FOODS +3.4% q1 eps beat, revs touch better
ZYNGA -7% q4 b/e inline, revs beat, bookings outlook dissapoints
CISCO +10.4% q2 eps beats, revs small better, q3 guide inline
MYLAN -7.4% q4 eps, revs miss, to acq Meda for ~$7.2bln
SKECHERS -1.6% q4 1c light, revs beat
LIFELOCK -4% q4 eps/revs just beat, fy guide light
TWITTER -14% q4 eps beat, revs inline, maus flat q/q, q1 revs light of est
EXPEDIA -40bps q4 light
IROBOT -12.4% q4 eps/revs small beat outlook below est
AMAZON +1.4% $5bln b/b
WYNN +1.2% Chairman stock purchase
TESLA +3.5% q4 eps/revs miss, fy delivery guidance better than est


ARM HLDGS -8.8% q4 inline, revs touch better
CRITEO +28.2% q4 adj ebitda, revs beat, revs guidance mid-pt better than est
TIME WARNER -5% q4 eps beat, revs miss, fy guide better than est
PANDORA +5.4% d/g @ Cowen, p/t cut @ Canaccord
WIX.COM +12.6% q4 adj ebitda, res beat, fy revs better than est
TRIMBLE NAVIGATION +13.6% q4 eps, revs bests, q1 guide inline to lower than est
AKAMAI +21.2% q4 eps, revs beat
NUANCE +5.5% q1 eps, revs small beat
DISNEY -3.8% q1 eps, revs beat but ESPN concerns remain
MARKETO -5.8% q2 loss less than expected, revs inline, fy guide roughly inline
FIREEYE +3.7% u/g @ BTIG
PALO ALTO +2% positive comments @ Wells Fargo
FITBIT +2.7% Marc Benioff takes stake
COMPUTER SCIENCES CORP -10% q3 eps beats, revs miss, fy midpoint below est

SOLARCITY -29.3% q4 loss less than est but q1 loss seen wider than est
NCR CORP -2.5% q4 eps beats, revs touch light, guidance below est
PARKER-HANNIFIN -3.7% d/g @ Evercore ISI
WABTEC +8.1% $350mm b/b
BOEING -2.1% possible job cuts in commercial unit in cost cutting

CHARLES RIVER +5.6% q4 eps, revs beat
HUMANA +1% q4 eps inline, revs touch light, mixed guidance
HENRY SCHEIN +6.2% q4 eps, revs touch better, reaffirms

COCA-COLA -1.7% u/g @ SocGen
DEAN FOODS +5.2% u/g @ Bernstein
PANERA BREAD +5% q4 eps beats, revs miss, co-owned comps beat
USANA -20.7% q4 eps miss, revs touch better, fy guide below est

OWENS CORNING +2.6% q4 eps beat, revs inline
SEALED AIR +7.9% q4 eps beats, revs inline, midpoint fy guide below est

XL GROUP -3% d/g to sell @ Deutsche
CARLYLE GROUP +1.5% q4 profits fall, $200mm b/b
VOYA +2% q4 eps beats
US BANCORP -90bps u/g @ Wells Fargo
WILLIS TOWERS WATSON -2.8% q4 eps/revs miss, fy guide below est
WESTERN UNION +5bps q4 inline, revs touch light
ASSURANT -13.4% q4 net op inc miss
FIRST DATA -15.8% q4 loss, loss holds despite street support post #s

VALERO +10bps d/g off conviction list @ Goldman
HESS +1.5% u/g to conviction buy @ Goldman

ARAMARK +3.5% q1 eps touch better, revs inline, fy midpoint better than est

Have a good evening.