Before the Open (May 16)

Posted on by Jason Leavitt

Good morning. Happy Tuesday.
The Asian/Pacific markets closed mixed. China and India did well; Indonesia and Singapore did poorly. Europe is currently mixed. The UK, Austria and the Czech Republic are up; Poland, Hungary and Portugal are down. Futures in the States point towards a positive open for the cash market.
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The dollar is down. Oil and copper are up. Gold and silver are up. Bonds are down.
Hedge funds are releasing their 13F’s, which show what they bought and sold during the first quarter of the year. It’s not timely news because they come out 45 days after the end of each quarter, but they still offer a glimpse into where money is flowing. Here’s a link to Seeking Alpha, which summarizes the activity of hundreds of funds.
Stock headlines from barchart.com…
Yum! Brands (YUM +0.46%) was upgraded to ‘Buy’ from ‘Hold’ at Argus with a price target of $80.
Dr Pepper Snapple Group (DPS +0.82%) was upgraded to ‘Overweight’ from ‘Equalweight’ at Morgan Stanley with a price target of $104.
Pfizer (PFE +0.33%) is down over 1% in pre-market trading after it was downgraded to ‘Sell’ from ‘Neutral’ at Citigroup.
Sysco (SYY +0.17%) was initiated with a ‘Buy’ at Loop Capital Markets with a 12-month price target of $61.
LGI Homes ({=LGIH was upgraded to ‘Market Perform’ from ‘Underperform’ at Wells Fargo Securities with a price target of $33.
Sage Therapeutics (SAGE -0.58%) was initiated with a ‘Buy’ at Needham & Co. with a 12-month target price of $82.
Vipshop Holdings Ltd (VIPS -0.87%) rose over 2% in after-hours trading after it reported Q1 revenue of $2.32 billion, above consensus of $2.27 billion.
Kornit Digital Ltd (KRNT +0.68%) slid 3% in after-hours trading after it announced the launch of an underwritten secondary public offering of 4.25 million shares of its stock by the company’s largest shareholder, Fortissimo Capital Fund II LP.
Editas Medicine (EDIT +3.73%) lost nearly 7% in after-hours trading after it reported a Q1 loss of -85 cents a share, wider than consensus of -70 cents.
Akebia Therapeutics (AKBA +1.65%) jumped 12% in after-hour trading after it entered into an exclusive license pact with Fresenius Medical to exclusively distribute vadadustat upon FDA approval.
Etsy Inc (ETSY +0.53%) may move higher today after TPG Group reported a 4.3% stake in Etsy and Dragoneer reported a 3.7% stake in the company.
Pernix Therapeutics Holdings (PTX -2.05%) plunged 30% in after-hours trading after it reported a Q1 net loss of -$29.5 million and said it is still analyzing strategic and refinancing alternatives.
Today’s Economic Calendar
8:30 Housing Starts
8:55 Redbook Chain Store Sales
9:15 Industrial Production
10:00 E-Commerce Retail Sales
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings from Morningstar
this week’s Economic Numbers/Reports powered by ECONODAY

2 thoughts on “Before the Open (May 16)”

  1. Yesterday’s run away is a lesson in stability,it was pure speculation aligned with oil and belief in in the leaders i.e Amzn etc,5 to 7 stocks that out ran the indexes. Patience says buy the internationals, eg FAX, and hold on through the spring. I like Health care as well. I say this is a normal but wild cycle for this time of year.

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