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What Is Happening In Financial Markets Today?

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1. US Stock Market:

“The Dow Jones Industrial Average sought its first advance in nine days, while banks led gains in the S&P 500 Index as markets continue to digest the failure of U.S. President Donald Trump’s health-care bill.” (Bloomberg)

“U.S. stocks pushed higher after financial firms rebounded from a six-week low as investors speculated selling sparked by U.S. policy uncertainty had gone too far. Treasuries and the dollar were little changed. The Dow Jones Industrial Average rose for the first time in nine days, while banks rallied 1 percent to pace gains in the S&P 500 Index.” (Bloomberg)

 

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2. US Bond Market:

“Investors reduced bullish bets on longer-dated U.S. Treasuries on concerns that U.S. President Donald Trump and top Republican lawmakers may struggle to pass fiscal stimulus policies, J.P. Morgan’s latest Treasury client survey showed on Tuesday.” (Reuters)

“Prices of U.S. government bonds gave up earlier gains to trade little changed on Tuesday after a strong consumer sentiment report sapped demand for haven debt. In recent trading, the yield on the benchmark 10-year Treasury note was 2.376%, according to Tradeweb.” (The Wall Street Journal)

 

3. FX Markets:

“A high-risk corner of the $5.1 trillion-a-day currency market has become the collateral damage of the dollar selloff. Whipsawed by the greenback and confronted by U.S. policy confusion, carry trades were supposed to be a rare bright spot for investors who want to stay away from the world’s biggest reserve currency.” (Bloomberg)

“The dollar strengthened against its main rivals on Tuesday after consumer confidence in March soared to its highest level in more than 16 years, sending Treasury yields and stocks higher. The Conference Board said its consumer confidence index leapt to 125.6 in March from 116.1 in February, surpassing economists’ expectations for a 114.1, according to a survey conducted by MarketWatch.” (Market Watch)

4. Commodities:

“Gold futures traded flat on Tuesday as investors weighed the outlook for the Trump administration’s fiscal-policy agenda following last week’s failed effort at overhauling the Affordable Care Act, known as Obamacare. Gold for April delivery on Comex GCJ7, +0.00% rose $1.50, or 0.1%, to $1,257 an ounce, while May silver SIK7, +0.76% was up 9.7 cents, or 0.5%, at $18.205 an ounce.” (Market Watch)

“Oil prices surged as much as 2 percent on Tuesday after a severe disruption to Libyan oil supplies and as officials suggested OPEC could extend its production cuts deal to the end of the year. Armed factions have blocked production at the western Libyan oilfields of Sharara and Wafa, reducing output by 252,000 barrels per day (bpd), about a third PRODN-LY, said a source at the National Oil Corp (NOC). NOC has declared force majeure on crude loadings from those oilfields.” (Reuters).

“Traders who have ridden gold higher over the past few months might want to think about cashing out. So far this year, gold has climbed 9 percent, nearly doubling the performance of the S&P 500. Still, the move comes after the metal gave back about 12 percent from the start of September through the end of 2016, We have another relief rally in gold,” Piper Jaffray technical analyst Craig Johnson said Monday on CNBC’s “Power Lunch.” “At best, I would say this rally runs out of steam 3 percent higher.”” (CNBC)

“A surge in oil hedges will spur drilling activity in the U.S., Wood Mackenzie said in a report released on Monday, likely keeping a supply response in place longer than expected even if spot prices fall sharply. “Those hoping that recent oil-price weakness will prompt U.S. producers to pull back drilling activity and ease the glut of oil supply may need to keep waiting,” said the consultancy.” (CNBC)

 

5. Market Movers:


Huntsman Corporation (NYSE:HUN) has surged 5% this afternoon, far out pacing the broader market indexes and its market peers, in part due to Chairman John Huntsman Sr’s comments to Bloomberg that the company was ‘seriously looking’ at a potential merger after spinning of its more volatile titanium dioxide segment. Huntsman Sr. said, ‘We are looking seriously at the possibility of doing a merger or doing something that would double or triple our revenue’. Given that mergers can unlock substantial synergies due to company overlap, traders have bid Huntsman Corporation (NYSE:HUN) shares up today in the expectation that the company’s margins might improve if potential M&A occurs. (Insider Monkey).

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Aurinia Pharmaceuticals Inc (NASDAQ:AUPH) shares have fallen 11% today after the company announced the 48-week results from the “Aurinia Early Urinary Protein Reduction Predicts Response Study” open-label study of voclosporin for the treatment of lupus nephritis at the 12th International Congress on Systemic Lupus Erythematosus and 7th Asian Congress on Autoimmunity jointly in Melbourne, Australia on March 27. In terms of the data presented, the study successfully achieved its primary objective by demonstrating that an early biomarker response in active lupus nehpritis patients can be a meaningful predictor of renal response at 24 and 48 weeks. (Insider Monkey)

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CryoPort Inc (NASDAQ:CYRX) shares have sank almost 40% this morning after the company announced that it had priced a 5.5 million spot secondary run by Needham and Cowen at $2 per share. The underwriters have also been given the customary 30 day option to buy up to 825,000 more shares to cover any over-allotments. CryoPort Inc (NASDAQ:CYRX) plans to use the net proceeds of around $9.9 million, for business growth, working capital, and general corporate purposes. (Insider Monkey)

 

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“Shares of Snap Inc (NYSE:SNAP) jumped nearly 5 percent on Monday after several of the Snapchat owner’s IPO underwriters handed it badly needed “buy” ratings. Snap Inc (NYSE:SNAP)’s initial public offering on March 1 was the largest by a technology firm in three years but trading has been volatile, with many investors critical of decelerating user growth. Snap Inc (NYSE:SNAP) has warned it may never become profitable.” (Reuters)

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Vale SA (ADR) (NYSE:VALE)

Investors in Vale SA (ADR) (NYSE:VALE) need to pay close attention to the stock based on moves in the options market lately. That is because the March 31st 2017 $13.5 Call had some of the highest implied volatility of all equity options today. (Zacks Investment Research)

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General Motors Company (NYSE:GM)

Hedge fund billionaire David Einhorn called on Tuesday for General Motors Company (NYSE:GM) to dramatically change its capital structure by splitting its stock into two classes as part of a new capital allocation plan. Einhorn, the founder of $9 billion hedge fund Greenlight Capital, wants shareholders to pressure GM to offer one class of stock that would receive the car manufacturer’s current dividends and another that would be more growth oriented. (Forbes)

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Catalyst Biosciences Inc (NASDAQ:CBIO)

It’s not often you see a stock triple mere weeks after a big reverse split, but that’s exactly what’s happening with clinical-stage biotech stock Catalyst Biosciences Inc (NASDAQ:CBIO), up more than 200% early Tuesday. CBIO stock shot higher on an approval from the Korean Ministry of Food and Drug Safety for its Investigational New Drug Application for treatment CB 2679d/ISU304 – a hemophilia treatment. (Investor Place)

 

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Akers Biosciences Inc (NASDAQ:AKER)

Shares in Akers Biosciences Inc (NASDAQ:AKER LON:AKR) shot up 15% after it said it had won a first order for its rapid, over-the-counter cholesterol self-test. First Check Diagnostics, the exclusive distributor in the US, will sell it under its “First Check” brand, through retailers such as CVS, Rite Aid, Target, Kmart and others. The test estimates good cholesterol or High Density Lipoprotein (HDL)  levels and can differentiate this from a person’s Low Density Lipoprotein, their ‘bad cholesterol’, a distinction that is essential to make a truly effective screen test for dangerous levels of cholesterol Akers said. (ProactiveInvestors)

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GOLDCORP INC. (NYSE:GG) (the “Company”) and Exeter Resource Corp (NYSEMKT:XRA) are pleased to announce that they have entered into a definitive arrangement agreement (the “Agreement”) pursuant to which Goldcorp has agreed to acquire, by way of a plan of arrangement (the “Arrangement”), all of the issued and outstanding shares of Exeter. The total consideration offered for all of the outstanding shares of Exeter is approximately $247 million (on a fully diluted basis). (CNW)

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Diffusion Pharmaceuticals Inc. (NASDAQ:DFFN) has been hit with massive volumes in mid-day trading sending DFFN shares up over 70%. Volumes began spiking around 11:19 AM EST. Trader chat rooms were abuzz on the stock’s activity in the absence of any news release from Diffusion. Rumors began circulating that a web service that caters to day-traders had published an announcement that Diffusion Pharmaceuticals Inc. (NASDAQ:DFFN) had been awarded a patent however no confirmation exists outside of that service. (Stock News Union)

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Investors are on alert as Imprimis Pharmaceuticals, Inc. (NASDAQ:IMMY)’s stock is experiencing unusual volume during today’s trading.  While the stock price moved along with the volume change, shares are touching $3.84.  The day’s total volume of 1823538 this morning is in contrast from the three-month daily average of 87.66K. Imprimis Pharmaceuticals, Inc. (NASDAQ:IMMY)‘s market cap, the total dollar value of all of their outstanding shares, is 56.80m.  Including today’s unusual volume, Imprimis Pharmaceuticals, Inc.‘s stock is performing at 25.60% on the year. (Melville Review)

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Cancer Genetics Inc (NASDAQ:CGIX) stock price ended its day with gain 29.49% and finalized at the value of $5.05. During its last trading session, Stock traded with the total exchanged volume of 3.56 million shares. The average volume stands around 0.3 million shares. The average numbers of shares are traded in a security per day, during the recent 3-month period. The stock has relative volume of 11.88. Relative volume is ratio between current volume and 3-month average value, intraday adjusted. Cancer Genetics, Inc. (CGIX) is a part of Healthcare sector and belongs to Medical Laboratories & Research industry. (Hot Stock Point)

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