Thursday, October 01, 2015

Friday Watch

Evening Headlines 
Bloomberg: 
  • The Pain Trade: How Slumping Commerce Threatens Global Growth. The world’s biggest economies are finding it increasingly hard to trade their way out of trouble. Once the grease of global growth, international commerce failed to rebound completely from the 2009 recession and now is slowing anew. Chinese exports tumbled 5.5 percent in August from a year earlier, while those of the U.S. fell 3.5 percent. South Korea and Singapore witnessed double digit declines. Reflecting such weakness, the World Trade Organization this week cut its forecast for trade this year to 2.8 percent from 3.3 percent. It acknowledged its new prediction may be “over optimistic.”
  • Distressed Bonds at 59 Cents Threaten Emerging Market Gains. Investors may struggle to profit from bonds of distressed companies in developing nations this year after a plunge last quarter, teamed with an increasingly uncertain outlook, looks set to erase 2015’s gains. The securities tumbled 13.4 percent in the three months to Sept. 30, paring annual returns to 0.95 percent, a Bank of America Merrill Lynch index shows. The market value of the gauge’s 156 notes has dropped by almost 30 percent since Dec. 31 to $54 billion, or about 58.8 cents on the dollar. Global high-yield bonds fell 4.51 percent in the third quarter, bringing year-to-date losses to 1.4 percent. They’re on track for their first negative return since 2008. “A broad recovery will be elusive,” David Tawil, a co-founder of New York-based Maglan Capital LP, said. “There will be increasing dislocation, mostly driven by companies with considerable leverage. That may lead to significant restructuring and defaults.”  
  • China Slowdown Spurs Record Sales of Notes Tied to Nation's Debt. (video) Sales of structured notes tied to the sovereign debt of China are on track for a record year, as the climbing cost of insuring against a default by the country sweetens coupons on the securities. Banks sold $230 million of the notes in September, the busiest month ever, according to data compiled by Bloomberg, taking this year’s issuance to $642 million. That’s more than triple the $189 million banks sold during all of 2014. Concern that growth in China is slowing pushed credit-default swaps on the nation to their highest this week since 2013, according to Bloomberg data. As the cost of insuring against a Chinese default rose, so did coupons on the notes backed by the swaps contracts. The credit-linked notes, all denominated in U.S. dollars, yield 3.49 percent on average and mature in about seven years, the data show.
  • Global Giants Listed in Hong Kong Crumble as Ties to China Backfire. International companies that listed shares in Hong Kong to highlight their ties with China are finding what once was a bragging right is now a burden. The city’s 20 biggest firms domiciled outside Hong Kong and the mainland have dropped an average 27 percent this year, versus a 12 percent decline in the Hang Seng Index. Macau casino operators and Prada SpA, an Italian handbag maker, have tumbled as China’s economy slowed and the government discouraged extravagant spending. Glencore Plc, the Swiss commodities group run by Ivan Glasenberg, is down 72 percent even after a record rally on Wednesday.
  • Used-Car Values Become Chief Concern for Volkswagen Auto Bonds. A reduction in car values on Volkswagen AG models after its emissions scandal is the biggest risk to its bonds tied to auto loans, leases and dealerships worldwide, credit-rating companies said this week. The revelation of faked pollution controls is credit negative for the company’s asset-backed securities, Moody’s Investors Service said in a report Wednesday. A chief concern would be linked to declines in the automaker’s used-car values. “The full impact on car prices remains uncertain,”  Fitch Ratings analyst Andreas Wilgen said in an announcement Tuesday.
  • Ringgit Leads Drop in Asia as Budget Woes Add to China Concern. The ringgit fell, leading losses among Asian currencies, amid concern Malaysia may miss its target of balancing the budget by 2020. The fiscal shortfall may be “in the region” of 1 percent of gross domestic product at the end of the decade, compared with a current deficit of 3.2 percent, the New Straits Times reported Thursday, citing comments by Prime Minister Najib Razak to fund managers and investors in New York. Malaysia remains committed to achieving a balanced budget by 2020, he was quoted as saying. The oil-exporting country’s finances have been sapped by a 49 percent drop in Brent crude over the past 12 months and allegations of corruption against Najib have shaken investor confidence and spurred outflows. The ringgit fell 0.9 percent, the biggest decline in more than a week, to 4.4395 a dollar as of 9:18 a.m. in Kuala Lumpur, according to prices from local banks compiled by Bloomberg. It’s dropped 1.2 percent this week and 21 percent so far in 2015, the worst performance in Asia, amid global headwinds including a worse-than-expected slowdown in China and the prospect of higher U.S. interest rates.
  • Half of World's Coal Output Is Unprofitable, Moody's Says. The global metallurgical coal benchmark has fallen to the lowest level in a decade, settling last month at $89 a metric ton.“Further production cuts are necessary to bring the market back into balance,” Moody’s analysts including Anna Zubets-Anderson wrote in a report on Thursday.
  • Williams Says Uncertainty Alone Shouldn't Stop Fed Rate Increase. Federal Reserve Bank of San Francisco President John Williams said risks to the economy from developments abroad haven’t worsened and that domestic conditions remain positive, while repeating his call to raise interest rates this year. "On the global side, I’m not seeing any obvious signs that those risks that were on my mind and the minds of others, I don’t see signs that those have gotten worse,” Williams, a voting member on the Fed’s policy committee this year, said in Salt Lake City on Thursday. He was answering questions from the audience after delivering a speech. “There’s always going to be risks, there’s always going to be uncertainties,” he said. Even so, “we’re going to have to take actions that we think are the appropriate ones given our goals.”
  • Indecisive Fed has Investors Bouncing Off Walls, Principal Says. The Federal Reserve has sent mixed signals to investors, who need to be careful until they have more clarity about companies’ earnings prospects and the risk of losses tied to energy, according to Principal Global Equities. The central bank has investors “bouncing off the walls, shifting back and forth between dovish economic and inflationary views and hawkish statements” at the same time that some strategists are asking if the Fed will announce another program to expand its balance sheet, according to a blog post Thursday from Mustafa Sagun, chief investment officer at the firm, which is part of insurer Principal Financial Group Inc. 
  • Ackman, Einhorn Lead Hedge Funds on Track to Rival 2008 Losses. There’s no big bank failure on the horizon. The housing market is booming, not melting. Yet for a handful of well-known hedge fund managers, 2015 is looking a lot like 2008, when their industry suffered record losses and investor withdrawals. David Einhorn and Michael Novogratz have slumped about 17 percent so far this year, and Bill Ackman declined almost 13 percent in a publicly traded fund. Sean Fahey and Michael Platt have seen billions of dollars flee their firms and are now managing less than a third of what they oversaw at their peaks. Every struggling hedge fund has struggled in its own way, yet September did a lot damage for many managers, including Ackman, who slumped as much as in all of 2008. Six of the stocks that were most popular with the hedge fund set fell more than 20 percent that month, according to a report by Novus Partners Inc.
Wall Street Journal:
  • Russian Airstrikes Defend Strategic Assad Regime Stronghold on Coast. Raids appear to hew closely to an arc running on the fringes of Syria’s Alawite heartland. Russia’s first airstrikes in Syria showed a meticulously planned effort to eliminate any rebel threat to the coastal stronghold of Moscow ally President Bashar al-Assad and his Shiite-linked Alawite minority, officials and analysts said.
  • Netanyahu Rebukes U.N. Over Iran Accord. Despite losing political ground to Obama, Israeli prime minister condemns nuclear deal, says Tehran’s threats have been met by ‘utter silence’ at global body. Israeli Prime Minister Benjamin Netanyahu on Thursday delivered a fiery address here condemning the Iranian nuclear deal, largely unbowed in his opposition despite losing steep political ground to President Barack Obama over the issue this year.
  • FBI Chief ‘Very Concerned’ About Apparent Rise in Crime. Many police departments reporting jumps in shootings this year. The head of the Federal Bureau of Investigation said Thursday he is “very concerned” about apparent sharp rises in violent crime and murder in cities across the country, saying he doesn’t know why it is happening but wants to find the answer.
  • A Clinton Email Scandal Checklist. It’s a challenge to keep track of all the dodges and untruths. Hillary Clinton hopes you are busy. Hillary Clinton hopes you are confused. Hillary Clinton hopes the endless stories about her private email server—and her endless, fabulist explanations—will make your head hurt, make your eyes cross, make you give up trying to figure it out.
  • What U.S. Retreat Looks Like. Syria reveals the chaos of a world without American leadership. A friend of ours quipped amid the Iraq debate of 2003 that the only thing Europeans dislike more than U.S. leadership is a world without it. Well, we are now living in such a world, and the result is the disorder and rising tide of war in the Middle East that even the Obama Administration can no longer dismiss. How do you like it?
Fox News:
  • Israeli intel thwarts first known ISIS plot inside Jewish state. An ISIS cell that trained in the forests near Galilee while plotting to attack Israeli police and military facilities -- as well as liquor stores -- was shattered by the intelligence agents in what experts say is the first known case of the black-clad terrorist army operating within the Jewish state, sources told FoxNews.com Thursday.
CNBC:
  • Is this the mother of all warnings on EMs? (video) The last time emerging markets had it nearly this bad, Ronald Reagan was the U.S. President, KKR purchased RJR Nabisco, and a future popstar named Rihanna was born. Net capital flows for global emerging markets will be negative in 2015, the first time that has happened since 1988, the Institute of International Finance (IIF) said in its latest report. Net outflows for the year are projected at $541 billion, driven by a sustained slowdown in EM growth and uncertainty about China, it added. In other words, investors will pull out more money out of emerging markets than they will pump in.
Zero Hedge:
Reuters:
  • Chicago businesses brace for potential doubling of property taxes. Chicago Mayor Rahm Emanuel has disclosed that his record property tax hike plan entails significant cuts for nearly 300,000 homeowners, leaving Chicago businesses predicting they will face hikes of up to 50 percent. The second-term mayor last week proposed a $544 million property tax increase, the city's biggest ever, to help fix one of the worst-funded city pension systems in America and vowed "struggling" homeowners, whose residences are worth $250,000 or less, would not see an increase.
  • Chipmaker Micron's profit, revenue beat estimates. Memory chipmaker Micron Technology Inc reported a lower-than-expected fall in quarterly revenue, welcome relief for an industry that has been battered by a drop in demand and prices. The company's shares rose as much 8.3 percent at $15.99 in after-hours trading.
Evening Recommendations 
  • None of note
Night Trading
  • Asian equity indices are -.75% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 159.75 -.75 basis point.
  • Asia Pacific Sovereign CDS Index 90.0 -2.5 basis points.
  • S&P 500 futures +.12%.
  • NASDAQ 100 futures +.26%.

Earnings of Note
Company/Estimate
  • None of note
Economic Releases
8:30 am EST
  • The Change in Non-Farm Payrolls for September is estimated at 201K versus 173K in August.
  • The Unemployment Rate for September is estimated to remain at 5.1%.
  • Average Hourly Earnings for September are estimated to rise +.2% versus a +.3% gain in August.
9:45 am EST
  • ISM New York for September.
10:00 am EST
  • Factor Orders for August are estimated to fall -1.2% versus a +.4% gain in July.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Fischer speaking, Fed's Rosengren speaking, Fed's Kocherlakota speaking, Fed's Mester speaking and the Fed's Bullard speaking could also impact trading today.
BOTTOM LINE: Asian indices are mostly lower, weighed down by industrial and commodity shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.

Stocks Slightly Higher into Final Hour on Central Bank Hopes, Less Emerging Markets Debt Angst, Bargain-Hunting, Road&Rail/Homebuilder Sector Strength

Broad Equity Market Tone:
  • Advance/Decline Line: Lower
  • Sector Performance: Mixed
  • Volume: Above Average
  • Market Leading Stocks: Outperforming
Equity Investor Angst:
  • Volatility(VIX) 23.35 -4.69%
  • Euro/Yen Carry Return Index 140.10 +.09%
  • Emerging Markets Currency Volatility(VXY) 12.20 -1.61%
  • S&P 500 Implied Correlation 62.69 -4.0%
  • ISE Sentiment Index 100.0 +8.7%
  • Total Put/Call 1.05 +25.0%
  • NYSE Arms .96 +122.54% 
Credit Investor Angst:
  • North American Investment Grade CDS Index 95.21 +1.72%
  • America Energy Sector High-Yield CDS Index 1,085.0 -1.41%
  • European Financial Sector CDS Index 95.62 +1.38%
  • Western Europe Sovereign Debt CDS Index 21.17 -1.40%
  • Asia Pacific Sovereign Debt CDS Index 90.03 -.68%
  • Emerging Market CDS Index 382.11 -1.0%
  • iBoxx Offshore RMB China Corporates High Yield Index 119.65 +.02%
  • 2-Year Swap Spread 12.5 +.75 basis point
  • TED Spread 34.5 +1.75 basis points
  • 3-Month EUR/USD Cross-Currency Basis Swap -29.50 -1.5 basis points
Economic Gauges:
  • Bloomberg Emerging Markets Currency Index 70.63 -.08%
  • 3-Month T-Bill Yield -.02% -1.0 basis point
  • Yield Curve 139.0 -3.0 basis points
  • China Import Iron Ore Spot $56.04/Metric Tonne -.50%
  • Citi US Economic Surprise Index -22.30 -1.8 points
  • Citi Eurozone Economic Surprise Index 31.60 -1.4 points
  • Citi Emerging Markets Economic Surprise Index -20.60 +4.6 points
  • 10-Year TIPS Spread 1.46 +4.0 basis points
  • # of Months to 1st Fed Rate Hike(Morgan Stanley) 5.55 -.30
Overseas Futures:
  • Nikkei 225 Futures: Indicating -32 open in Japan 
  • China A50 Futures: Indicating n/a open in China
  • DAX Futures: Indicating +19 open in Germany
Portfolio: 
  • Slightly Lower: On losses in my tech/retail sector longs
  • Disclosed Trades: Added to my (IWM)/(QQQ) hedges
  • Market Exposure: Moved to 50% Net Long

Today's Headlines

Bloomberg:  
  • Russian Strikes in Syria Draw Ire From Anti-Assad Opposition. (video) Russia pledged to strike targets in Syria as long as Bashar al-Assad’s government continues advancing against rebels, drawing criticism from Syria’s main opposition group, which accused President Vladimir Putin of propping up his embattled ally. Russia carried out four air strikes on Islamic State targets overnight, the Defense Ministry said on Twitter on Thursday. At the same time, Syria’s envoy to Moscow, Riad Haddad, said the air campaign is also targeting the al-Qaeda-affiliated al-Nusra front and Ahrar ash-Sham. With the latter group supported by Qatar and Turkey, according to Hassan Hassan, an associate fellow at Chatham House, that will add to doubts among the U.S. and its allies who were caught by surprise when the bombing campaign kicked off on Wednesday. They say Russia may be targeting other groups in a bid to prop up Assad.
  • China to Lose Earliest Manufacturing Gauge as Flash PMI Ends. China watchers, beset by limited data compared with other major economies, will have even fewer tea leaves to analyze, starting this month. The earliest estimate of China’s manufacturing sector, the flash gauge of a purchasing managers index compiled by Markit Economics and sponsored by Caixin Media, is being discontinued. Markit will still publish flash PMI readings for other countries.
  • China woes battering Glencore claim Japan victim as risk surges. Sparking a jump in the default risk for other competitors and trading companies reliant on the commodities and energy business. The Chinese economic slowdown that’s caused a rout in mining giant Glencore PLC’s stock price claimed a victim in Japan’s shipping industry, sparking a jump in the default risk for other competitors and trading companies reliant on the commodities and energy business. Daiichi Chuo KK filed for bankruptcy protection in Tokyo on Tuesday with 120 billion yen (Dh3.67 billion, $1 billion) in liabilities, in the biggest failure by a publicly-traded Japanese company this year. The cost to insure shipper Mitsui OSK Lines Ltd’s debt against non-payment surged 43 basis points last month and touched 156, the highest since October 2013, while trading house Mitsui & Co’s credit-default swaps climbed to the most since August 2012, CMA data show. The Markit iTraxx Japan CDS index rose 19 basis points in September.
  • Only Bravest Borrowers Need Apply After Emerging-Market Rout. Only the bravest and strongest of borrowers are likely to keep emerging-market bonds from extending the slowest quarter in four years. While the volume of sales is forecast to recover through year-end, the market will remain off limits to all but those issuers ready to tolerate increased costs as investors remain wary of rising U.S. interest rates and a global economic slowdown, according to Union Investment Privatfonds GmbH and PineBridge Investments. Sales in dollars and euros by governments and companies dropped 34 percent on the year to $62.3 billion in the third quarter, the lowest amount since 2011, as China’s surprise devaluation of the yuan in August roiled global markets, spurring demand for haven assets. 
  • Glencore's Wild Ride Has Investors Asking: Can It Happen Again? (video) From London to New York to Hong Kong, the frantic question kept coming: could this be another Lehman?
  • HCL Technologies Tumbles on Second Sales Warning in 6 Months. Shares of HCL Technologies Ltd. slumped to the biggest loss in more than six years after the fourth-largest Indian software exporter said currency and certain client issues are likely to hurt revenue growth in the quarter ended September. The stock plunged 13 percent to 857.05 rupees in Mumbai, after diving as much as 15 percent earlier. Besides facing an adverse impact from the sharp depreciation of multiple currencies against the dollar, HCL is considering setting aside as much as $20 million for the quarter “as a matter of prudence” because of differences with a client over the objectives of a contract, the New Delhi-based codewriter said in a filing after market hours on Wednesday. 
  • Worst Seen Coming for Currencies Ensnared in Commodities Fallout. To foreign-exchange traders, the currencies of commodity exporters are all in the same boat -- and it’s going down. The long suffering exchange rates for Australia, Canada and Brazil have become increasingly correlated with each other during the past month, and banks including BNP Paribas SA, citing an indicator of momentum, and Barclays Plc, noting economic headwinds, say there are more losses to come. “It’s bearish across the board -- we’re negative on all commodity currencies,” said Atul Lele, chief investment officer of Nassau, Bahamas-based Deltec International Group, describing the declines as a once-in-a-generation move. “The selloff will become more persistent” when the U.S. Federal Reserve raises interest rates, said Lele, who manages $2 billion. 
  • Yen Gains on Report That Central Bank Will Refrain From Stimulus.
  • Heads Dollar Wins, Tails It Rises: It's All Good for Greenback. U.S. economic strength is a boon for the dollar, and evidence of weakness may not prove much of an obstacle. The rally in the greenback is set to stay on course in either scenario, say strategists at Credit Suisse Group AG. The dollar has gained against major peers since Sept. 17, when the Federal Reserve kept its target rate near zero. For a hint at the currency’s path forward, traders are fixated on Friday’s release of September U.S. jobs figures.
  • BOE Says Market May Be Underpricing Risks of Falling Liquidity. Financial markets may not be alert to the potential damage caused by drops in liquidity, according to stability officials at the Bank of England. “Market prices might not yet sufficiently be factoring in the potential for a deterioration in liquidity conditions given changes in market functioning and elevated tail risks” related to emerging markets, the officials said, according to the record of the Financial Policy Committee meeting held on Sept. 23 in London. Concern about liquidity is intensifying since a global bond rout in the second quarter erased more than a half a trillion dollars in the value of sovereign debt. Exacerbating matters, the world’s biggest banks are scaling back their bond-trading activities to comply with higher capital requirements imposed in the wake of the financial crisis.
  • Europe Banks' Profit Outlook Dims on Commodities, Berenberg Says. European banking profitability is set to worsen as falling commodity values weaken loan books and central bank actions from China to the U.S. cause economic uncertainty, according to analysts at Berenberg Bank. "Developments in commodity markets matter for banks, given what they tell us about economic growth and the implications for asset quality,” Berenberg analysts Nick Anderson and James Chappell said in an note dated Sept. 29. “The financialization of commodities (their widespread use as collateral) underpins asset-quality concerns.”  
  • European Stocks Fall as U.S. Manufacturing Report Deflates Rally. An early advance in European stocks proved fragile, turning to losses after a report showed U.S. manufacturing deteriorated in September. Signs of stabilization in China’s factory data had boosted investor optimism earlier today, with rallies in miners and energy shares sending the Stoxx Europe 600 Index up as much as 1.5 percent. The gains evaporated after the Institute for Supply Management’s manufacturing index missed estimates, falling for a third month. Europe’s benchmark gauge lost 0.4 percent to 346.23 at the close of trading. Germany’s DAX Index reversed gains of as much as 1.3 percent to tumble 1.6 percent. Volkswagen dropped 1.3 percent after earlier climbing 5.6 percent. A Markit Economics report showed the a gauge of the country’s manufacturing fell last month to the lowest level since July. 
  • Iran Aims to Boost Oil Output by 2 Million Barrels From Projects. Iran plans to increase crude output by 2 million barrels a day from about 50 energy projects slated for investors at a conference in Tehran next month, National Iranian Oil Co. Managing Director Roknoddin Javadi said.
  • Alaska’s Money Blizzard May End With Plunge in Price of Oil. With crude prices less than half what they were a year ago, the state is losing millions daily and Alexie’s big payout may shrink dramatically. The dividends come from a fund fed by oil revenue, and lawmakers are considering applying a portion of that money to services. The legislature is readying for a fierce debate over capping payments and levying taxes.
  • Goldman Sachs(GS) Says Markets Ready for December Fed Rate Liftoff. After the Federal Reserve’s decision to hold interest rates did little to quell volatility last month, Goldman Sachs Group Inc. says markets are now ready for a 2015 hike. The Fed can be expected to act to stabilize financial markets, said Francesco Garzarelli, co-head of macro markets and market research at Goldman Sachs in London. The central bank’s September decision confused investors and stoked concern about global growth prospects amid a slowdown in China, helping erase almost $11 trillion from the value of shares worldwide in the third quarter.
  • Bonds See Fed Rate Move in 2016 as Yellen Sticks With This Year. There’s a 43 percent probability the Fed will move by its Dec. 15-16 meeting, according to futures data compiled by Bloomberg. The odds are just below 50 percent for the January meeting and 64 percent for the March session. The calculation is based on the assumption that the effective fed funds rate will average 0.375 percent after liftoff, versus the current target of zero to 0.25 percent. “Markets see that the international conditions and volatility remain so challenging that the Fed is simply unable to hike rates,” said Martin Whetton, a rates strategist in Sydney at Australia & New Zealand Banking Group Ltd. “The markets are just saying: ‘You say hike, we say not yet.”’
  • Young Americans Are Giving Up on Getting Rich. Young Americans’ incomes are depressed, their retirement nest eggs are microscopic, and their rate of employment is weak. The trend lines aren’t promising, either, which likely explains why there’s no shortage of pessimism out there. In a Bloomberg poll of Americans age 18 to 35—the millennial generation—47 percent said they do not expect their cohort to live better than their parents. For one thing, it’s hard to imagine outdoing your parents if you’re still sleeping under their roof. According to U.S. Census Bureau data, 15 percent of people age 25 to 34 were living with their parents last year, up from 10 percent 30 years earlier. High home prices and strict mortgage lending standards are prime reasons for many millennials’ failure to launch. “They are priced out of the kind of housing that they grew up in,” says Richard Portes, an economist at London Business School.
  • ConAgra(CAG) Will Cut 1,500 Jobs and Move Headquarters to Chicago.
Wall Street Journal:
  • Richmond Fed’s Lacker Says October Rate Rise Possible. Believes policy makers could be convinced by Oct. 27-28 meeting that U.S. economy is strong enough to tolerate first rate increase in nearly a decade. The Federal Reserve could get enough new information by its late October policy meeting to spur officials to raise short-term interest rates then, Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, said in an interview with The Wall Street Journal on Wednesday.
Zero Hedge:
Telegraph: 
Handelsblatt:
  • Russia Economy Faces Toughest Year in 2016. Three reasons why the Russia economy will further stagnate are oil price, sanctions and lagging structural economic reforms, Russia's RSPP industry federation President Alexander Shokhin says in an interview. 2016 to be "toughest year for Russian economy". Companies not able to secure finance, Shokhin said.

Bear Radar

Style Underperformer:
  • Small-Cap Growth -1.71%
Sector Underperformers:
  • 1) Coal -8.31% 2) Disk Drives -3.02% 3) Semis -2.43%
Stocks Falling on Unusual Volume:
  • DNKN, CXO, CROX, TCS, FRGI, NMBL, FOXF, XENT, LABL, AGCO, MKC, MTB, SYNA, VRX, MRTX, NATI, CLW, ILMN, JRVR, RMP, ABG, ADSK, XON, LXU, MCRB, HAIN, ATHN, NYLD/A, ITC, FRGI, NMBL and TWOU
Stocks With Unusual Put Option Activity:
  • 1) MRO 2) APA 3) FAST 4) DHI 5) XLK
Stocks With Most Negative News Mentions:
  • 1) AGCO 2) JOY 3) ILMN 4) TSLA 5) YELP
Charts:

Bull Radar

Style Outperformer:
  • Large-Cap Growth -.83%
Sector Outperformers:
  • 1) Steel +.25% 2) Energy -.18% 3) Homebuilders -.19%
Stocks Rising on Unusual Volume:
  • SRPT, VRSK, PBF, HUN and XPO
Stocks With Unusual Call Option Activity:
  • 1) MWE 2) EPD 3) VMW 4) SLV 5) HRB
Stocks With Most Positive News Mentions:
  • 1) AGN 2) RAD 3) EPD 4) SRPT 5) PPG
Charts:

Morning Market Internals

NYSE Composite Index: