1. US Stock Market:
“U.S. stocks opened slightly lower on Tuesday as investors fretted over the ability of President Donald Trump to deliver on his policy plans, and the outcome of his potentially tense meeting with Chinese President Xi Jinping later this week. The Dow Jones Industrial Average .DJI was off 16.38 points, or 0.08 percent, at 20,633.83, the S&P 500 .SPX was down 4.32 points, or 0.18 percent, at 2,354.52 and the Nasdaq Composite .IXIC was lower by 14.30 points, or 0.24 percent, at 5,880.38.”
“U.S. equities kicked off Tuesday trading lower as investors exercised caution ahead of an important meeting between President Donald Trump and Chinese President Xi Jinping. The Dow Jones industrial average fell about 25 points shortly after the open, with IBM contributing the most losses. The S&P 500 slipped 0.1 percent, with financials lagging. The Nasdaq composite also dropped 0.1 percent. Xi and Trump will meet Thursday and Friday at Mar-a-Lago. Last week, Trump said via Twitter the meeting would not be easy because “we can’t have massive trade deficits … and job losses.”
“U.S. stock futures pointed to a weak open on Tuesday, amid uncertainty surrounding a meeting later this week between President Donald Trump and his Chinese counterpart. S&P 500 futures ESM7, -0.22% fell by 8 points, or 0.4%, to 2,348, while Dow Jones Industrial Average futures YMM7, -0.12% declined by 51 points, or 0.3%, to 20,539. Nasdaq-100 futures NQM7, -0.30% gave up 23 points, or 0.4%, to 5,411.”
2. US Bond Market:
“The U.S. Treasuries gained Tuesday as investors wait to watch the Federal Open Market Committee (FOMC) meeting minutes, scheduled to be released on April 5, besides, the employment report later this week. The yield on the benchmark 10-year Treasury remained slumped 3 basis points to 2.32 percent, the super-long 30-year bond yields plunged 2-1/2 basis points to 2.96 percent and the yield on short-term 3year note traded 1-1/2 basis points lower at 1.44 percent.”
“U.S. Treasury yields traded mostly lower, with the benchmark 10-year note yield near 2.32 percent -around the lower end of its year-long range — and the two-year note yield around 1.24 percent.”
“Benchmark German Bund yields retreated to 5-week lows of just 0.24%, and 10-year US Treasury yields fell to 2.32%. That cut the real rate of interest on US bonds, over and above market expectations for inflation, further below last week’s 1-month lows.”
3. FX Markets:
“Against its Japanese counterpart, the dollar USDJPY, -0.24% fell 0.2% to ¥110.63, compared with ¥110.92 late Monday in New York. Elsewhere, the euro EURUSD, -0.1312% changed hands down 0.1%, with one euro fetching $1.0657 compared with $1.0671 late Monday in New York. The pound GBPUSD, -0.2082% stayed lower after the data, trading at $1.2459 compared with $1.2485 late Monday in New York, a move of 0.2%.”
“The dollar was at one-week lows against the yen, with USD/JPY down 0.30% at 110.55 after falling as low as 110.36 overnight, the lowest since March 28. The euro was lower against the dollar, with EUR/USD slipping 0.14% to 1.0655. Sterling was also weaker against the greenback, with GBP/USD down 0.42% at 1.2434. The pound remained under pressure after data showing that growth in the UK construction sector slowed slightly in March added to indications that the economy is losing momentum. Meanwhile, the Australian dollar was weaker, with AUD/USD falling 0.68% to 0.7553.”
“On what is becoming an increasingly poor week for the GBP USD exchange rate, the Pound has dropped by -0.3% against the US Dollar today, falling to 1.24 in the pairing. Following Monday’s disappointing UK manufacturing PMI, the Pound has been further weakened today by the construction PMI for March. Printing worse than forecast, the level of construction activity has dropped from 52.5 to 52.2 instead of 52.4.”
“Oil prices edged down Tuesday on renewed concerns of oversupply after Libya announced resumed production in one field and Qatar said it was ending an exploration pause in another. Brent crude, the global oil benchmark, fell 0.15% to $53.04 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading down 0.24% at $50.11 a barrel.”
“Gold is seeing good price gains in early U.S. trading Tuesday. Some risk aversion in the marketplace is prompting a bit of safe-haven demand. Chart-based buying is also evident as the near-term technical posture for gold is becoming more bullish. June Comex gold was last up $8.60 an ounce at $1,262.60. May Comex silver was last up $0.183 at $18.395 an ounce.”
5. Market Movers:
J C Penney Company Inc (NYSE:JCP) currently has a consensus target price of $8.115 on the stock. Of the analysts polled by Zacks Research that are taken into consideration for this number, the analyst with the highest target estimate has the stock reaching $11. The lowest target price estimate has the stock reaching $5. These target projections might vary between different covering analysts.
Recent session action on shares of General Communication, Inc. (NASDAQ:GNCMA) puts the stock on today’s active list. Since the open, shares have moved 7.71% after recently hitting the $33.39 mark. Digging a bit further, company shares have been noted 49.46% off the 52 week high and 172.34% away from the 52 week low. Looking at a shorter time period, shares have been seen 49.46% away from the 50 day high and 90.80% off the 50 day low price.Covering sell-side analysts have recently weighed in on shares of General Communication, Inc. (NASDAQ:GNCMA). At the time of writing, the First Call consensus price target for the company is $12.00. The current consensus recommendation provided by covering analysts is 3.00.
CEMEX, S.A.B. de C.V. (NYSE:CX), from the Industrial Goods sector exhibited a worth of $ 9.06 today, demonstrating a change in price of -0.11%. The firm is envisaging an EPS growth of 31.01% in the impending year with an EPS growth of over the next five years will be. CEMEX, S.A.B. de C.V. also displayed an earnings per share growth of 19.20% in the past 5 years. At present, the ROE is valued at 9.00%, indicating its debt to equity at 1.79. CEMEX, S.A.B. de C.V. shows a total market cap of $ 12655.28, and a gross margin of 35.50% while the profit margin showing 5.60%. The organization’s current ROI is rolling at 6.50%.
SunPower Corporation (NASDAQ:SPWR) shares have rallied over 2% today due to the Washington Post reporting that the Trump administration is considering a possible carbon tax in addition to a possible value added tax to address the budget deficit and as part of a broader tax code overhaul. The carbon tax specifically would target the emissions of greenhouse gases such as carbon dioxide in the burning of various fossil fuels. Given that President Trump has previously not placed much emphasis on regulating global temperatures, the news that the administration is considering such a levy is a surprise to many traders and could boost sentiment in the short term.
Adeptus Health Inc. (NYSE:ADPT) shares are struggling to make any headway in today’s session. In early trading, the stock has dipped -35.68% on steady volume. The action so far has landed shares on the top loser list for the morning session.Adeptus Health Inc. (NYSE:ADPT) is seeing declines so far in today’s trading session. Shares are moving -35.68% lower on solid volume. The stock has landed on the top loser list for the day according to Finviz data. Stocks whose market prices drop the most during the trading day are bluntly referred to as losers. Stocks that lose the most value relative to their price at opening are called percentage losers, and the stocks that lose the greatest number of points are called net losers or, sometimes, dollar losers.
In contrast to the price action in recent sessions, First Solar, Inc. (NASDAQ:FSLR) shares have rallied higher today on the back of a Washington Post article that reported President Trump’s administration is considering a potential carbon tax (along with a potential value-added tax) to shore up government revenues. Although no final decision has been rendered, a carbon tax, if levied, would help boost renewable energy’s competitiveness versus fossil fuels. That could, in turn, translate into more demand for First Solar in the long run.
Session activity on FleetCor Technologies, Inc. (NYSE:FLT) stock is placing it on today’s most active list. After a recent spot-check, the stock has touched $143.97 which represents a change from the open of -4.54%. Company shares have been seen trading -18.39% off of the 52 week high and 7.73% away from the 52 week low. Narrowing in, the stock is at a distance of -16.19% from the 50 day high and -0.97% off of the 50 day low.Covering sell-side analysts have recently weighed in on shares of FleetCor Technologies, Inc. (NYSE:FLT). At the time of writing, the First Call consensus price target for the company is $187.03. The current consensus recommendation provided by covering analysts is 1.80. This recommendation lands on a scale between 1 and 5. Analysts giving shares a rating of 1 or 2 would be indicating a Buy. A rating of 4 or 5 would represent a Sell recommendation. Analysts pegging the company with a rating of 3 would be indicating a Hold recommendation.
Corvus Pharmaceuticals Inc (NASDAQ:CRVS) shares have fallen 50% in mid-day trading after the company announced interim results from an ongoing phase 1/1b study demonstrating safety and clinical activity of lead checkpoint inhibitor CPI-444 in patients with advanced cancers. Although the data showed that treatment with CPI-444 as a single agent and in combo with Tecentriq was ‘was well tolerated and resulted in anti-tumor activity in patients with multiple types of advanced solid tumors, including those resistant or refractory to prior treatment with anti-PD-1 or anti-PD-L1 antibodies’, the market evidently didn’t like certain numbers in the study as traders were expecting better results. PI-444 is a selective and potent inhibitor of the adenosine A2A receptor.
The stock of Benitec Biopharma Ltd (ADR) (NASDAQ:BNTC) hit a new 52-week high and has $5.07 target or 8.00% above today’s $4.69 share price. The 8 months bullish chart indicates low risk for the $31.29 million company. The 1-year high was reported on Apr, 4 by Barchart.com. If the $5.07 price target is reached, the company will be worth $2.50M more. About 13.28 million shares traded or 18442.57% up from the average. Benitec Biopharma Ltd (ADR) (NASDAQ:BNTC) has risen 64.65% since August 26, 2016 and is uptrending. It has outperformed by 55.90% the S&P500.
The stock of AmTrust Financial Services Inc (NASDAQ:AFSI) is a huge mover today! About 6.49M shares traded or 149.62% up from the average. AmTrust Financial Services Inc (NASDAQ:AFSI) has declined 29.49% since August 26, 2016 and is downtrending. It has underperformed by 38.24% the S&P500.The move comes after 7 months positive chart setup for the $3.55 billion company. It was reported on Apr, 4 by Barchart.com. We have $21.65 PT which if reached, will make NASDAQ:AFSI worth $106.50 million more.
Shares of Paratek Pharmaceuticals Inc (NASDAQ:PRTK) declined -3.38% to $18.60. Stock exchanged hands with the total volume of 2.23 Million shares, as contrast to its average volume of 576,488 shares. The 52-week range of the share price is from $9.80 – $19.90. For trailing twelve months, EPS value for the stock is $-5.13. Beta factor of the stock stands at 1.26. Beta factor is used to measure the volatility of the stock. The stock remained 5.61% volatile for the week and 5.02% for the month.
Kate Spade & Co (NYSE:KATE) shares plummeted nearly 15 percent in the mid-day trading session today after the U.S-based maker of handbag and accessories said that it will need a few more weeks to evaluate a recent acquisition proposal from Coach Inc. Initially, the company made an announcement in February that it was looking for strategic alternatives. The company currently has a market cap of $2.45 billion and P/E ratio of 16.61. The 52-week range of the stock is $14.02-$26.46.
Onconova Therapeutics Inc (NASDAQ:ONTX) ONTX, +16.61% stock surged as much as 18% in premarket trade Tuesday after the company said its two cancer drugs had positive pre-clinical results. Onconova shares were valued at $3.01 as of Monday’s close. One drug, ON 123300, was found in a model to work as well as Pfizer Inc.’sPFE, +0.55% Ibrance, and could lead to less infection susceptibility, the company said. The other drug, ON 150030, showed promising results in relapsed and refractory Acute Myeloid Leukemia, the company said. Both results were presented on Monday at the American Association for Cancer Research’s annual meeting. Onconova shares have surged 30.3% over the last three months, compared with a 3.9% rise in the S&P 500 SPX, -0.02%
NVIDIA Corporation (NASDAQ:NVDA) has fallen 6% today after Michael McConnell of Pacific Crest lowered his rating to ‘Underweight’ from ‘Sector Weight’. McConnell is bearish on the stock due to what he believes are ‘signs of desktop GPU market saturation, lower margins from incremental Nintendo Switch revenue and a possible pause in its Datacenter business this summer’. Earlier in the week, some traders were watching NVIDIA for signs of weakness due to Apple Inc. (NASDAQ:AAPL) announcing that it will drop the use of Imagination Technologies’ IP in 15-24 months. Instead of using Imagination’s services, Apple has implied that it might use its own in-house graphics technology.
Staples, Inc. (NASDAQ:SPLS) shares have spiked more than 13% after the Wall Street Journal reported that the office supply chain is said to be in talks with various potential PE bidders over a potential sale. Although the Journal qualified its statement by saying that the talks might not necessarily lead to a deal, traders are bidding shares up in anticipation of the premium a takeover might command. Staples, Inc. (NASDAQ:SPLS) previously tried to merge with Office Depot in a deal that would have unlocked substantial synergies. Due to their somewhat imposing market shares, however, the Department of Justice blocked the merger due to antitrust reasons.
BP plc (ADR) (NYSE:BP) is trending today after Lucas Herrmann of Deutsche Bank upgraded the integrated producer to ‘Buy’ from ‘Hold’. The analyst upgraded the stock, citing BP’s relative under-performance over the last two quarters versus competitors as one reason for more optimism (presumably, BP stock might catch up with peers if the company performs). In terms of news flow, Herrmann is bullish as more project starts increase volume produced and raise investor confidence in BP’s dividend. In addition, Hermann believes BP’s dividend is sustainable and that the company could potentially buy back stock in the latter half of 2018. BP plc (ADR) (NYSE:BP) shares currently yield around 7% at current prices.