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December 19 – 25 2021 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community… Santa Tr[See the full post at:
Market Snapshot
Dow 34737.95 -627.49 (-1.77%)
Nasdaq 14956.56 -213.11 (-1.40%)
SP 500 4547.62 -73.02 (-1.58%)
10-yr Note +3/32 1.380
NYSE Adv 534 Dec 2593 Vol 202.5 mln
Nasdaq Adv 914 Dec 3425 Vol 1.1 blnIndustry Watch
Strong: Health Care
Weak: Energy, Financials, Consumer DiscretionaryMoving the Market
— Sharp losses amid growth concerns— Europe tightens economic restrictions, Senator Manchin (D-WV) rejects Build Back Better Act
Gapping down
Select ETFs showing weakness:
USO -3.5%, XLE -1.8%, IWM -1.5%, SMH -1.3%, QQQ -1.2%, DIA -1.1%, SPY -1%
Other news:TOI -8.8% (files for 11.5 mln share common stock offering; also files for 63,054,367 share common stock offering by selling shareholders)
AQUA -3.9% (acquires Renal Business from STERIS)
APTO -2% (to discontinue APTO-253 Program)
VTRS -1.3% (pushes back its investor event, reaffirms FY21 guidance)
NVS -1.1% (provides an update on Phase III ligelizumab studies)Analyst comments:
RUN -9.5% (downgraded to Sector Weight from Overweight at KeyBanc Capital Markets)
CGC -3.9% (downgraded to Underweight from Neutral at Piper Sandler)
REG -1.6% (downgraded to Neutral from Overweight at JP Morgan)
EXR -1% (downgraded to Neutral from Overweight at JP Morgan)Gapping up
In reaction to earnings/guidance:
DNUT +2.2% (raises guidance)
Other news:VRS +32.1% (to be acquired for $27.00 per share)
ITCI +19.2% (receives FDA approval for CAPLYTA)
ARGX +8.8% (confirms FDA approval of VYVGART)
CIT +8.2% (Fed announces unanimous approval allowing First Citizens BancShares to acquire CIT Group)
MRNA +7.6% (reports preliminary booster data and updates strategy to address Omicron Variant)
VXX +6.9% (trading higher with futures under pressure)
BGNE +5.6% (signs strategic collaboration with Novartis (NVS) to advance clinical development of ociperlimab in combination with tislelizumab)
FCNCA +4.6% (Fed announces unanimous approval allowing First Citizens BancShares to acquire CIT Group)
CTSO +4.4% (Publication of U.S. CTC Multicenter Registry Results Using CytoSorb in Critically Ill COVID-19 Patients on Extracorporeal Membrane Oxygenation)
CARA +1.6% (KORSUVA receives TDAPA reimbursement beginning April 2022)Analyst comments:
LLNW +6.8% (upgraded to Strong Buy from Mkt Perform at Raymond James)
CERN +1.6% (upgraded to Equal-Weight from Underweight at Morgan Stanley)
RLGY +1.2% (upgraded to Overweight from Neutral at JP Morgan)Joe Manchin on local radio
Says White House staff did some ‘inexcusable’ things that drove him to reject plan
If Democrats do want to do Build Back Better, they should go through the committee process and hold hearings
“You all are approaching legislation as if you have 55 or 60 senators,” Manchin says of Democratic leadership
$1.75B was the most, if we did a good tax reform
“It’s all staff drive” he says of the White House
“Inflation’s the biggest threat we have right now.”Boris Johnson has a plan with #Omicron hospitalizations rising in London?
“We will rule nothing out in the fight against covid
We agreed to keep the data under constant review, hour by hour
Nobody wants it to go this way but omicron has come so fast”#BorisJohnson has a plan with #Omicron hospitalizations rising in London?
"We will rule nothing out in the fight against covid
We agreed to keep the data under constant review, hour by hour
Nobody wants it to go this way but omicron has come so fast" https://t.co/lwFlVOwnqx pic.twitter.com/1vkyhwyyDr— Traders Community (@TradersCom) December 20, 2021
Dow 34,932.16 -433.28 -1.23%
S&P 500 4,568.02 -52.62 -1.14%
Nasdaq 14,980.94 -188.74 -1.24%
GlobalDow 3,980.31 -52.25 -1.30%
Gold 1,790.10 -14.80 -0.82%
Oil 68.66 -2.20 -3.10%SCANX Gapping Down
ALDX -38.3% (announced top-line results from Phase 3 TRANQUILITY trial in dry eye disease; primary endpoint of ocular redness was not met)
AQST -28.1% (receives notification from FDA that it will not be ready to take action by December 23, 2021 for the Company’s NDA for Libervant Buccal Film)
DBVT -19.3% (announced plans to initiate new Phase 3 clinical study for modified Viaskin Peanut patch and to withdraw the MAA for Viaskin Peanut in Europe)
CTMX -17.2% (announced preliminary results from Phase 2 expansion study of CX-2029 in patients with sqNSCLC or HNSCC)
MNMD -6.7% (provides status update on IND for phase 2b Trial of LSD for the treatment of generalized anxiety disorder)
ACAD -5.5% (announced plans to resubmit sNDA for NUPLAZID)Analyst comments:
VIR -4% (downgraded to Underperform from Neutral at Robert W. Baird)
URI -1.2% (downgraded to Neutral from Outperform at Robert W. Baird)Gapping up
In reaction to strong earnings/guidance:
MU +8.8%, RAD +4%, NKE +3.6%
Other news:
IMV +8.6% (announces finalization of the basket clinical study in collaboration with Merck (MRK) and reveals promising top line data from the bladder and MSI-High Cohorts)
TMST +3.2% (authorizes share repurchase program for up to $50 mln of common stock; Board of Directors also approves 2022 capital expenditure budget for $40 mln)
FTAI +2.7% (submitted documentation with respect to potential spin-off of infrastructure business)
NKLA +2.6% (confirms settlement agreement with SEC)
PROG +2.5% (completes exit from laboratory business through asset sale to Northwest Pathology)
FSR +2% (partners with Bridgestone (BRDCY) for comprehensive after-sales and related maintenance solutions in France and Germany)
HAYW +1.6% (approved new $450 mln stock repurchase program)
LLY +1.5% (lebrikizumab demonstrated significant skin improvement and itch relief when combined with topical corticosteroids in people with atopic dermatitis in third Phase 3 study)
SNY +1.1% (to acquire Amunix immuno-oncology pipeline with next generation Conditionally Activated Biologics)
BA +1% (awarded $330 mln Air Force contract)
NVS +1% (Sandoz submits Biologics License Application for proposed biosimilar trastuzumab to US FDA)Analyst comments:
PTEN +5.3% (upgraded to Overweight from Neutral at Piper Sandler)
WEJO +5.3% (initiated with an Outperform at Wedbush)
MKFG +5.2% (initiated with a Buy at Goldman)
KLAC +4.4% (upgraded to Overweight from Equal Weight at Wells Fargo)
VUZI +3.6% ( initiated with a Buy at Dawson James)
HIPO +2.6% (initiated with an Overweight at Morgan Stanley)
RMD +1.2% (upgraded to Overweight from Sector Weight at KeyBanc)Dow 35,492.70 560.54 1.60%
S&P 500 4,649.23 81.21 1.78%
Nasdaq 15,341.09 360.14 2.40%
GlobalDow 4,043.48 61.62 1.55%
Gold 1,788.80 -5.80 -0.32%
Oil 71.48 2.87 4.18%Wake-Up Call Briefing
Futures market in buy-the-dip mode
Strong gains expected for major indices at the open
Views on Omicron and Build Back Better plan calming down a bit for now
President Biden discusses support measures to deal with Omicron, but not pointing to any lockdown moves
NKE up after earnings and impressive gross margin performance
MU boosted after earnings news and reassuring guidance
GIS falling after coming up shy of earnings estimates and underwhelming with FY22 guidance
Ratings actions for MU, KLAC, BABA, CI, ORCL, CSGS, and FDX
Oil futures seeing some buy-the-dip interest as well
Selling of 10-yr note drives some curve steepening in Treasury market
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