Market Outlook for Tuesday, February 28, 2017

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News - "Mid-Afternoon Market Update: Shutterstock Falls On Weak Q4 Results; La Jolla Pharma Shares Surge"

Toward the end of trading Monday, the Dow traded up 0.03 percent to 20,827.15 while the NASDAQ gained 0.09 percent to 5,850.48. The S&P also rose, gaining 0.04 percent to 2,368.24.

Leading and Lagging Sectors

Basic material shares climbed by 0.73 percent in trading on Monday. Meanwhile, top gainers in the sector included Handy & Harman Ltd (NASDAQ: HNH), and AK Steel Holding Corporation (NYSE: AKS).

In trading on Monday, telecommunications services shares fell by 0.77 percent. Meanwhile, top losers in the sector included United States Cellular Corp (NYSE: USM), down 5 percent, and B Communications Ltd (NASDAQ: BCOM), down 5 percent.

Top Headline

Sothebys (NYSE: BID) reported better-than-expected results for its fourth quarter on Monday.

Sothebys posted quarterly adjusted earnings of $1.35 per share on revenue of $308.69 million. Analysts were expecting earnings of $1.17 per share on revenue of $277.28 million.


Equities Trading UP

La Jolla Pharmaceutical Company (NASDAQ: LJPC) shares shot up 85 percent to $36.77 as the company disclosed that ATHOS-3 Phase 3 efficacy endpoint is statistically significant.

Shares of Gogo Inc (NASDAQ: GOGO) got a boost, shooting up 19 percent to $10.85 after the company reported a narrower-than-expected quarterly loss.

HTG Molecular Diagnostics Inc (NASDAQ: HTGM) shares were also up, gaining 136 percent to $2.95. HTG Molecular Diagnostics disclosed that its new direct-target sequencing chemistry will be launched in the first quarter.


Equities Trading DOWN

Grana y Montero SAA (ADR) (NYSE: GRAM) shares dropped 28 percent to $2.40. Glancy Prongay & Murray LLP disclosed an investigation on behalf of Grana Y Montero investors.

Shares of AmTrust Financial Services Inc (NASDAQ: AFSI) were down around 18 percent to $22.79 after the company posted downbeat Q4 earnings.

Shutterstock Inc (NYSE: SSTK) was down, falling around 19 percent to $42.04 after the company reported downbeat Q4 results and issued a weak outlook.


Commodities


In commodity news, oil traded up 0.35 percent to $54.18 while gold traded up 0.01 percent to $1,258.40.

Silver traded down 0.03 percent Monday to $18.40, while copper rose 0.02 percent to $2.70.

Eurozone

European shares closed mostly higher today. The eurozone’s STOXX 600 fell 0.13 percent, the Spanish Ibex Index rose 0.11 percent, while Italy’s FTSE MIB Index gained 1.71 percent. Meanwhile the German DAX gained 0.16 percent, and the French CAC 40 fell 0.01 percent while U.K. shares rose 0.13 percent.

Economics

U.S. durable-goods orders gained 1.8 percent for January, versus economists’ expectations for a 1.9 percent growth

The National Association of Realtors’ pending home sales index dropped 2.8 percent to 106.4 in January. However, economists were expecting a 1.1 percent increase.

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Today's Earnings
TickerCompany NameTime
ABCOThe Advisory Board4:00 PM
ACADACADIA Pharmaceuticals Inc4:00 PM
AEGNAegion4:00 PM
AIRMAir Methods4:00 PM
ALEXAlexander & Baldwin4:00 PM
AMAntero Midstream Partners4:00 PM
AMBAAmbarella4:00 PM
AMBCAmbac Financial Group4:00 PM
AMCAMC Entertainment Hldgs4:00 PM
AMEDAmedisys4:00 PM
AMRNAmarin8:00 AM
APEIAmerican Public Education4:00 PM
ARAntero Resources4:00 PM
ASCMAAscent Capital4:00 PM
ATRCAtriCure4:00 PM
AVHAvianca Holdings S.A. American Depositary Shares (Each representing 8 preferred Shares)4:00 PM
AZOAutoZone8:00 AM
BANXStoneCastle Financial4:00 PM
BATRKLiberty Media Corporation - Series C Liberty Braves Common Stock8:00 AM
BBRGBravo Brio Restaurant4:00 PM
BCPCBalchem8:00 AM
BLDTopBuild Corp. Common Stock7:00 AM
BLDRBuilders FirstSource4:00 PM
BMOBank of Montreal7:00 AM
BNEDBarnes & Noble Education, Inc Common Stock8:00 AM
BNSBank Nova Scotia Halifax Pfd 3 Ordinary Shares8:00 AM
BUFFBlue Buffalo Pet Products4:00 PM
BVBazaarvoice4:00 PM
BVNBuenaventura Mining4:00 PM
BWBabcock & Wilcox Enterprises, Inc. Common Stock4:00 PM
CABOCable One, Inc. Common Stock8:00 AM
CBIChicago Bridge & Iron4:00 PM
CCLPCSI Compressco8:00 AM
CCPCare Capital Properties, Inc. Common Stock8:00 AM
CEMPCempra8:00 AM
CFICulp4:00 PM
CHDNChurchill Downs4:00 PM
CHUYChuy's Holdings4:00 PM
CLIMack-Cali Realty4:00 PM
CNPCenterPoint Energy8:00 AM
CPKChesapeake Utilities8:00 AM
CQHCheniere Energy Partners LP Holdings, LLC Common Shares8:00 AM
CRMSalesforce.com4:00 PM
CSUCapital Senior Living4:00 PM
CYBECyberOptics4:00 PM
DARDarling Ingredients4:00 PM
DDD3D Systems8:00 AM
DERMDermira, Inc. - Common Stock4:00 PM
DPLODiplomat Pharmacy4:00 PM
DPZDomino's Pizza8:00 AM
DXCMDexCom4:00 PM
EBIXEbix8:00 AM
ECREclipse Resources4:00 PM
ENDPEndo International8:00 AM
ENPHEnphase Energy4:00 PM
EPREPR Properties4:00 PM
EQYEquity One4:00 PM
ETSYEtsy4:00 PM
EVHEvolent Health, Inc Class A Common Stock4:00 PM
EVHCEnvision Healthcare Hldgs8:00 AM
EXETFEXTENDICARE INC by Extendicare, Inc.4:00 PM
EXLSExlService Holdings7:00 AM
FCNFTI Consulting8:00 AM
FROFrontline12:00 AM
FSSFederal Signal8:00 AM
GLNGGolar LNG8:00 AM
GMLPGolar LNG Partners LP8:00 AM
GNMKGenMark Diagnostics4:00 PM
GPTGramercy Property Trust4:00 PM
GPXGP Strategies8:00 AM
GRFSGrifols, S.A. - American Depositary Shares8:00 AM
GSBDGoldman Sachs BDC, Inc. Common Stock4:00 PM
HALOHalozyme Therapeutics4:00 PM
HEIHeico4:00 PM
HIFRInfraREIT8:00 AM
HKHalcon Resources4:00 PM
HLITHarmonic4:00 PM
HMLPHoegh LNG Partners LP Common Units representing Limited Partner Interests8:00 AM
HSKAHeska8:00 AM
HYHyster-Yale Materials4:00 PM
IIntelsat8:00 AM
ICDIndependence Contract8:00 AM
ILGILG, Inc - Common Stock4:00 PM
INCRINC Research Holdings8:00 AM
INGNInogen4:00 PM
IONSIonis Pharmaceuticals8:00 AM
IPCCInfinity Property and Cas8:00 AM
IPIIntrepid Potash8:00 AM
ITRIItron4:00 PM
JAZZJazz Pharmaceuticals4:00 PM
JPJupai Holdings Limited8:00 AM
KAMNKaman4:00 PM
KEQUKewaunee Scientific6:00 PM
KITEKite Pharma6:00 AM
KWRQuaker Chemical4:00 PM
LBRDALiberty Broadband Corporation - Class A Common Stock8:00 AM
LBRDKLiberty Broadband Corporation - Class C Common Stock9:00 AM
LBYLibbey8:00 AM
LMCALiberty Media8:00 AM
LOGMLogMeIn4:00 PM
LQLa Quinta Holdings4:00 PM
MCEPMid-Con Energy Partners4:00 PM
MDCOThe Medicines8:00 AM
MGNXMacrogenics4:00 PM
MGRCMcGrath RentCorp4:00 PM
MITTAG Mortgage Investment4:00 PM
MOREMonogram Residential Trust, Inc. Common4:00 PM
MRINMarin Software4:00 PM
MXWLMaxwell Technologies4:00 PM
NAMERightside Group4:00 PM
NLNKNewLink Genetics8:00 AM
NMFCNew Mountain Finance4:00 PM
NRGNRG Energy8:00 AM
NVDQNovadaq Technologies4:00 PM
NXSTNexstar Broadcasting8:00 AM
NXTMNxStage Medical8:00 AM
NYLDNRG Yield, Inc. Class C Common Stock8:00 AM
ONVIOnvia4:00 PM
OPHTOphthotech8:00 AM
ORAOrmat Technologies4:00 PM
ORBCORBCOMM8:00 AM
OXFDOxford Immunotec Global4:00 PM
PAHPlatform Specialty8:00 AM
PANWPalo Alto Networks4:00 PM
PARRPar Pacific Holdings, Inc. Common Stock4:00 PM
PDCEPDC Energy9:00 AM
PENPenumbra4:00 PM
PGHPengrowth Energy Corporation4:00 PM
PNMPNM Resources8:00 AM
PRAAPRA Group4:00 PM
PRFTPerficient8:00 AM
PRGXPRGX Global7:00 AM
PRIMPrimoris Services8:00 AM
PTLAPortola Pharmaceuticals4:00 PM
QUMUQumu4:00 PM
QVCALiberty Interactive Corporation - Series A QVC Group Common Stock8:00 AM
RHPRyman Hospitality8:00 AM
ROSTRoss Stores4:00 PM
SDLPSeadrill Partners LLC Common Units Representing Limited Liability Company Interests8:00 AM
SDRLSeadrill8:00 AM
SEASSeaWorld Entertainment8:00 AM
SFLShip Finance8:00 AM
SGMOSangamo BioSciences4:00 PM
SHOOSteven Madden8:00 AM
SITOSITO Mobile4:00 PM
SNRNew Senior Investment Group Inc. Common Stock7:00 AM
SPNSSapiens International8:00 AM
SRESempra Energy8:00 AM
SRGSeritage Growth Properties Class A Common Stock4:00 PM
SRPTSarepta Therapeutics4:00 PM
SSWSeaspan4:00 PM
STAYExtended Stay America8:00 AM
STONStonemor Partners8:00 AM
STVChina Digital TV Holding4:00 PM
SUPNSupernus Pharmaceuticals4:00 PM
SYXSystemax4:00 PM
TATravelCenters of America8:00 AM
TASRTaser International4:00 PM
TCONTRACON Pharmaceuticals4:00 PM
TCPCTCP Capital8:00 AM
TESOTesco8:00 AM
TGTTarget8:00 AM
TNETTrinet Group4:00 PM
TOURTuniu Corp ADR8:00 AM
TRSTriMas8:00 AM
TSROTesaro4:00 PM
UHSUniversal Health Services4:00 PM
USCRUS Concrete6:00 AM
VEEVVeeva Systems4:00 PM
VRXValeant Pharmaceuticals International, Inc.8:00 AM
WTWWeight Watchers4:00 PM
WUBA58.com8:00 AM
XENTIntersect ENT4:00 PM
XHRXenia Hotels & Resorts, Inc. Common Stock8:00 AM
XNCRXencor4:00 PM
XOXOXO Group4:00 PM
Today's Economic Events
Event NamePeriodYearTime
GDP (QoQ)Q420178:30 AM
GDP Price Index (QoQ)Q420178:30 AM
Goods Trade BalanceJan20178:30 AM
Real Consumer SpendingQ420178:30 AM
Wholesale Inventories (MoM)Jan20178:30 AM
Redbook (YoY) 20178:55 AM
Redbook (MoM) 20178:55 AM
Chicago PMIFeb20179:45 AM
CB Consumer ConfidenceFeb201710:00 AM
Richmond Manufacturing IndexFeb201710:00 AM
Richmond Manufacturing ShipmentsFeb201710:00 AM
Richmond Services IndexFeb201710:00 AM
Dallas Fed Services RevenuesFeb201710:30 AM
Texas Services Sector OutlookFeb201710:30 AM
4-Week Bill Auction 201711:30 AM
52-Week Bill Auction 201711:30 AM
FOMC Member Harker Speaks  3:00 PM
FOMC Member Williams Speaks  3:30 PM
U.S. President Trump Speaks  4:00 PM
FOMC Member Bullard Speaks  6:50 PM
Movers & Shakers - "12 Biggest Mid-Day Losers For Monday"
    Grana y Montero SAA (ADR) (NYSE: GRAM) shares dipped 28.6 percent to $2.37. Glancy Prongay & Murray LLP disclosed an investigation on behalf of Grana Y Montero investors. ITUS Corp (NASDAQ: ITUS) shares dropped 21.3 percent to $3.82. ITUS shares have climbed 106.90 percent over the past 52 weeks, while the S&P 500 index has gained 22.52 percent in the same period. Shutterstock Inc (NYSE: SSTK) shares fell 16.7 percent to $43.00 after the company reported downbeat Q4 results and issued a weak outlook. AmTrust Financial Services Inc (NASDAQ: AFSI) shares tumbled 15.5 percent to $23.38 after the company posted downbeat Q4 earnings. DryShips Inc. (NASDAQ: DRYS) shares declined 14.7 percent to $1.91 after dropping 4.68 percent on Friday. Nova Lifestyle Inc (NASDAQ: NVFY) shares dropped 14.2 percent to $1.94 after tumbling 9.96 percent on Friday. Argos Therapeutics Inc (NASDAQ: ARGS) shares slipped 10.2 percent to $1.10. Build-A-Bear Workshop, Inc (NYSE: BBW) declined 7.5 percent to $9.30. Build-A-Bear shares have dropped 29.27 percent over the past 52 weeks, while the S&P 500 index has gained 22.52 percent in the same period. StoneMor Partners L.P. (NYSE: STON) fell 7.3 percent to $9.34. StoneMor Partners disclosed that it will delay 10K and conference call due to under-reported cemetery revenue and over reported deferred revenue. Hanesbrands Inc. (NYSE: HBI) dropped 4.3 percent to $20.46. Morgan Stanley downgraded Hanesbrands from Overweight to Equal-Weight. Tesla Inc (NASDAQ: TSLA) shares slipped 4.2 percent to $246.18. Goldman Sachs downgraded Tesla from Neutral to Sell and lowered the price target from $190.00 to $185.00. Sunoco LP (NYSE: SUN) fell 2.2 percent to $26.91. FBR Capital downgraded Sunoco from Outperform to Market Perform.