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 -0.20% (2059.7), D -0.18% (17685.1), N -0.16% (4483.7), CL1 -0.42% (38.16), Copper -0.27% (218.40), Gold +0.58% (1232.08) 10YrYld -0.05 (1.7721), DXY -0.22% (94.62), Vix +3.83% (14.08).

Very dull end to the quarter with markets holding tight range. S&P -20bps from the Euro close; Most Short +1.2%. Overall volumes +2% DoD (big close) and 12% below 20d ave. S&P +80bps vs Nasdaq -2.4% ytd; our QCC Basket +3% (MAT/SNI/LEG lead). DXY -20bps remains under pressure, biggest quarterly decline in 5 years -4%, EUR tests 1.14. Rates also lower, 10yr 1.77%; BKX -60bps / KRE -1.1%, cautious Q1 previews keep coming. Fed’s Dudley speaks 5pm. Oil flat, 4% swing, Iranian production the highest in nearly 4 years; Gold reversing yesterday’s declines; GDX -1.3% / XME -1.5%. On Earnings; MICRON -10bps (weak guide, struggling to find a reason why you would own this, multiple degrades), MOVADO -9% (cuts FY guide). MEDIVATION +23% leading the Biotech bounce, said to have hired bankers to fight t/o, this comes only a few days after congress requested public hearing for drug pricing; FTC adding further pressure to ENDO -1% (worst performer in S&P this year). APPLE (Sell) -50bps further cautious data points from Asia (slowing chip orders), focus now turns to earnings 4/25 and risk of Miss & Cut increasing. AMAZON -80bps said to be in talks to buy stake in mapping co HERE; further evidence of logistics intentions. UNITED RENTALS (Buy) -1% held up well despite downgrade from channel check specialist. AIXTRON ADR +7% said to attract interest from VEECO +3%. ASML & ING ADRs -1.5% from Euro close on aftermarket dgrade. TESLA (Sell) -1.3% unveils Model 3 at 11:30pm ET; March Auto Sales through tomorrow’s session. In Eco; China PMI 9pm and Nonfarm, ISM Man and Man PMI in the morning.

Hitting afterhours, Anbang said to be walking away from STARWOOD -5% (Dow Jones), MARRIOT -4.5%….

OUTPERFORMERS: Biotech +2.3%, Drillers +1.4%, Autos +1.1%, Homebuilders +80bps, Explorers +80bps

UNDERPERFORMERS: Materials -1.5%, Rails -1.5%, Gold Miners -1.3%, Chems -1.3%, Regional Banks -1.1%

COMMODS: Wheat +1.7%, Silver +1.5%, Ally +90bps, Gold +50bps, WTI unch, Copper -20bps, Nat Gas -1.5%, Corn -4.5%

ECO: Challenger Job Cuts 31.7%, prev 21.8%. Initial Jobless 276k, est 265k. Chicago PM 53.6, est 50.7

YTD OUTPERFORMERS: Gold Miners +47%, Materials +37%, Telcos +15%, Utils +14%, Retail +7%

YTD UNDERPERFORMERS: Solar -25%, Biotech -23%, Inv Banks -15%, Drillers -11%, Regional Banks -10%,

S&P YTD OUTPERFORMERS: Freeport +52%, Newmont +48%, Urban Outfitters +46%, Michael Kors +42%, Wynn +35%

S&P YTD UNDERPERFORMERS: Endo -54%, Williams -38%, Vertex -36%, Regeneron -33%, Micron -28%

Have a good evening.