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 +1.13% (1951.7), D +1.29% (16697.3), N +0.96% (4241.1), CL1 +2.83% (33.05), Copper -0.83% (208.35), Gold +0.33% (1232.90) 10YrYld -0.03 (1.7174), DXY -0.04% (97.42), Vix -7.77% (19.11).

The S&P closed up 1% from the European close to go out squarely at the highs of the day. Volume off 11% though to 7.3bln shares vs avg of 9bln. Dollars traded off 12% to $246bln more than 20% below avg. 75% of volume printing to the upside.

Another positive day with the S&P closing above its 50 day moving average for the first time since December 29th. A big intraday move in crude (nearly 8% range) a big part of the rally as Venezuela said Russia, Saudi Arabia, and Qatar have agreed to a March meeting. Lights a fire under a drifting tape with strong Durable Goods data but another poor Kansas City Fed reading along w/ a slight GDP forecast reduction from the Atlanta Fed. Financials/Autos leaders today coming back after poor performance yesterday. With banks in particular the move today despite rates falling below 1.71% on the 10yr. Stocks and rates decoupling to the largest degree in over a year. For the 2nd day in a row the yield curve was in position to mark a new low for the move but steepened enough to not close below the mark of just over 2 weeks ago. Gold holds up adding another 1% on the day. DXY barely budging with the pound slight strengthening and the yen weakening. Most-shorted end up positive but trailing the broad mkt somewhat: interesting as usually has been a decisive outperformer on up days of late.

OUTPERFORMERS: Autos +2.5%, Inv Banks +2.5%, Homebuilders +2.4%, Consumer Durables +2.2%, Chemicals +2.1%

UNDERPERFORMERS: Coal -3.3%, Metals/Mining -1.1%, Drillers -60bps, Oil Services -60bps, Railroads -60bps

COMMODS: OJ +3.9%, Gasoline +3.4%, Crude +2.7%, Sugar +2.3%, Aluminum +1.2%…..NatGas -3.8%, Corn -1.1%, Nickel -1.1%, Silver -1%, Copper -75bps

ECON: Initial Jobless Claims 272k vs 270 est, Continuing Claims 2253k inline, Durable Goods +4.9% vs 2.9% est, ex-trans 1.8% vs 0.3% est, Capital Goods non-def ex-air 3.9% vs 1.0% est, shipped -0.4% vs -0.5% est, FHFA House Price Index 0.4% vs 0.5% est, Kansas City Fed -12 vs -6 est

AFTER-HRS NEWS/MOVES:

INTUIT +2.9% q3 beat, midpoint of guidance above est
ZOE’S KITCHEN +8.3% q4 comps/revs beat, fy revs guide midpoint better
AUTODESK -2.8% q4 beats but sees q1 revs below est
MOHAWK +3.4% q4 eps beats, revs inline
SBA COMM -3.5% q4 adj ebitda/revs beat, fy guide touch light
CHICAGO BRIDGE & IRON -2.7% q4 inline w/ pre-announcement
BIOMARIN -3.3% q4 revs beat, fy view below est
WEIGHT WATCHERS -18% q4 loss vs est for profit
SPLUNK +12.1% q4 eps/revs beat, q1 revs view above est
INFOBLOX -9.4% q2 inline w/ prev guide, q3 forecast below est
EOG RESOURCES -2.2% q4 loss less than expected, revs miss
KRAFT HEINZ +4.1% q4 eps/revs beat
MONSTER BEVERAGE -6.5% q4 miss
STARZ -1% q4 eps light
HERBALIFFE +2.2% q4 beats but fy eps seen below est
GAP STORES -3.7% q4 eps penny beat, $1bln b/b, fy guide below est
BAIDU +12% q4 revs beat

ACTIVE TODAY:

TMT
VIPSHOP -10.7% q4 net income below est, revs beat, q1 revs seen below est
SALESFORCE.COM +11% q4 eps inline, revs touch better, guidance above est
ROCKET FUEL +9.6% q4 adj ebitda beats, revs better, app’ts new CFO
HEWLETT-PACKARD -4.4% q1 eps inline, revs touch better, q2 eps view touch light, reaffirms fy
CLEAR CHANNEL OUTDOOR +1.5% q4 oibdan/revs miss
BANKRATE -42.7% q4 adj ebitda miss
GOGO -2.7% q4 loss inline, revs beat
WAYFAIR +10.6% q4 loss better than est, revs beat
ZEBRA TECHNOLOGIES -14.7% q4 eps beat/revs miss, guidance bit light
NETEASE -14.8% q4 epads/revs beat
FLEETMATICS -5.8% q4 eps beats, revs flat, q1 guide below est
WORKDAY +3.2% positive comments @ RBC
SOFUN -1.2% q4 adj ebitda loss better than est, revs beat, fy revs below est
AMC NETWORKS -6.4% q4 eps/revs beat, aocf misses
PALO ALTO NETWORKS +9.7% then halted: #s released early q2 eps/revs beat, revs guidance better than est

CONSUMER
TUMI +6.1% q4 eps/revs beat
IMAX -11.4% q4 adj ebitda miss though revs beat
LA QUINTA -10.4% q4 eps beats, revs miss, guidance misses
RESTORATION HARDWARE -25.9% q4 eps/revs miss
DIAMOND RESORTS +21.5% q4 earnings beat, exploring strategic alternatives
LKQ CORP +7% q4 eps beats, revs light, fy eps guide above est
BEST BUY +2.5% q4 eps beats, revs inline, q1 guide below est, $1bln b/b
KOHL’S +2.7% q4 eps beats, revs inline, fy guide midpoint below est
WILLIAM LYON HOMES +20.9% q4 eps beats, revs miss
AB INBEV -1.9% q4 adj ebitda misses
SEAWORLD -9.2% q4 loss penny worse than est, revs inline
CARTER’S +12.8% q4 eps/revs beat, fy guide looks light, $500mm b/b
COOPER TIRE +2.7% u/g from sell @ Goldman
STRUM RUGER +7.8% q4 eps/revs beat
SANDERSON FARMS +4.1% q1 eps/revs beat
PINNACLE FOODS +2.5% q4 beats, midpoint of fy view inline
CHICOS FAS +15% q4 profit vs b/e est, revs touch better, sees fy comps inline to small neg
CAMPBELL SOUP +3.5% q2 eps/revs inilne
DOMINO’S PIZZA +13% q4 eps/revs beat

HEALTHCARE
RELYPSA -15.1% q4 loss worse than est
RADIUS -6.4% q4 loss wider than est
ACHILLION +3% q4 loss misses, revs inline, fy loss seen wider than est
DENTSPLY +4.9% u/g from sell @ UBS

FINANCIALS/REAL ESTATE
MACK-CALI REALTY +4.5% q4 ffo penny better, revs small beat
ANNALY CAPITAL MGMT +1.6% q4 eps beats
FORTRESS +3.5% q4 beats

CAPITAL GOODS
VISTEON +2.3% q4 adj ebitda about inline, revs beat
CURTISS-WRIGHT +6.7% q4 beats

MATERIALS
KINROSS GOLD -6.3% 83.4mm share bought deal

ENERGY
WHITING PETROLEUM -5.1% q4 loss wider than est
CONTINENTAL RESOURCES +14.2% q4 loss just more than est
DRIL-QUIP -2.2% q4 beats, q1 guide midpoint below est
OASIS PETROLEUM +3.3% q4 eps/revs miss, sees fy capex -34% y/y
APACHE -2.2% q4 loss less than est, adj ebitda better
SCHLUMBERGER +20bps #s cut @ Susquehanna
ENERGY TRANSFER -8.7% said to mull pulling out of WILLIAMS -3.6% deal per press

SERVICES
PHH CORP -25.7% q4 loss wider than est, revs light
CORELOGIX +2.8% q4 eps/revs beat, fy guide better
FTI CONSULTING +4.7% q4 eps miss, revs beat, fy guide below est

TRANSPORTATION
XPO LOGISTICS -6.3% q4 loss wider than est but revs beat, fy ebitda looks touch better than expected