1. US Stock Market:
“U.S. equities fell on Wednesday as investors assessed the geopolitical landscape. The Dow Jones industrial average fell more than 40 points in afternoon trade.”
“U.S. stocks fell to session lows on Wednesday after a news conference between Secretary of State Rex Tillerson and Russian Foreign Minister Sergey Lavrov indicated a strained relationship between the two countries, which added to the market’s geopolitical uncertainty. The Dow Jones Industrial Average DJIA, -0.28%fell 0.3% to 20,587. The S&P 500 SPX, -0.36% lost 0.4% to 2,344. The Nasdaq Composite Index COMP, -0.43% shed 0.5% to 5,837.”
2. US Bond Market:
“Treasuries Gold, dollars, and yen, seem to be the biggest beneficiaries of this “uncertainty” in the markets right now. The 10-year Treasury fell to 2.22% last week, but has since come back to 2.30%, but still quite low and will continue to remain there, as long as the uncertainty remains in the markets. With the 10-year Treasury’s yield at 2.30%, it means mortgage rates are still relatively low. And the current bubbles being blown will continue on, and on.”
3. FX Markets:
“The dollar held steady against other major currencies on Wednesday, as investors remained cautious amid ongoing geopolitical tensions around the world. EUR/USD was almost unchanged at 1.0602, off a session high of 1.0624. Elsewhere, GBP/USD held steady at 1.2496 after the U.K. Office for National Statistics said the unemployment rate remained unchanged at an 11-year low of 4.7% in February, in line with expectations. USD/JPY was almost unchanged at 109.60, while USD/CHF was also little changed at 1.0071.”
“The safe-haven yen steadied on Wednesday after its biggest one-day rise in three months against the dollar, as worries over geopolitical tensions checked investors’ risk appetite. The Japanese currency had gained more than 1 percent on Tuesday, with the dollar falling below 110 yen for the first time since mid-November <JPY=>. It capped those gains in European trade on Wednesday, trading a fraction lower at 109.65 yen to the dollar <JPY=>. It was also a little lower against the euro after earlier hitting 115.91 <EURJPY=>.”
“Oil prices rose early Wednesday as OPEC’s production fell last month and hopes continue that Saudi Arabia will push for an extension of the output cut deal. OPEC’s production fell by 153,000 barrels per day in March to average 31.93 million barrels per day, according to secondary sources in OPEC’s monthly oil market report. In February, output slipped to 31.96 million barrels a day from 32.1 million in January.”
“Gold finally had the impulse to break above the $1,260 level and as we suggested the break, followed with momentum, ratcheted the price higher. Gold remains well bid, with volumes spiking in the Far East against the backdrop of geopolitical tensions. The upcoming holiday is likely to keep the metals firmer, as traders will be hesitant to be short the market into the long weekend. The yen continues to rise against the dollar, as forex traders view the currency as a safe-haven trade and a reversal in the metals will likely be preceded with a sell-off in the yen/dollar trade. Would suggest gold support today at the $1,272 level, with first resistance at $1,279. A break through $1,279 brings in the possibility of a $1,287 print. Silver is close to breaking above its 200-day moving average and a close above the $18.55 level would suggest a $19.25 short-term target.”
5. Market Movers:
Healthcare Services Group, Inc. (NASDAQ:HCSG) shares are seeing unusual volume mid-trading session today. While the stock price moved along with the volume change, shares are touching $45.97. The day’s total volume of 862078 this morning is in contrast from the three-month daily average of 285.36K. When we divide the current volume by the three-month average volume, we get a relative volume of 5.36. Healthcare Services Group, Inc. (NASDAQ:HCSG)‘s market cap, the total dollar value of all of their outstanding shares, is 3079.98m. Including today’s unusual volume, Healthcare Services Group, Inc.‘s stock is performing at 8.17% on the year.
HP Inc (NYSE:HPQ) is an interesting player in the Technology space, with a focus on Diversified Computer Systems. The stock has been active on the tape, currently trading at $17.54, up from yesterday’s close by 1.04%. Given the stock’s recent action, it seemed like a good time to take a closer look at the company’s recent data. Fundamental Analysis: This company has been competing with others in the Technology space and offers its own combination of interesting factors HP Inc. (HPQ) currently trades with a market capitalization of $29.98 Billion.
Weatherford International Plc (NYSE:WFT) is currently trading with the volume of 8.25 Million. The Stock opened today’s session at $6.49 and currently the price is hovering at $6.32 by showing decrease of -3.14 percent. Weatherford International plc has 1 year price target of $7.63. The stock gained a consensus recommendation of 1.89 on Zacks Investment Research where the scale runs from 1 to 5, 1 representing Strong buy and 5 showing Strong Sell. The company reported its last quarter on 12/31/2016.
What happened: Shares of ClubCorp Holdings Inc. (NYSE:MYCC) were down 11% as of 12:30 p.m. EDT Wednesday after the private golf and country club specialist announced weaker-than-expected first-quarter results and opted not to continue pursuing its previously announced review of strategic alternatives. So what: Regarding the former, quarterly revenue climbed 3% year over year, to $221.3 million, including a 2.6% increase in same-store combined clubs revenue. That translated to a net loss of $7.5 million, or $0.12 per share, narrowed from a net loss of $8.3 million, or $0.13 per share in the same year-ago period.
The stock of Freeport-McMoRan Inc (NYSE:FCX) is a huge mover today! About 11.56M shares traded. Freeport-McMoRan Inc (NYSE:FCX) has risen 27.05% since September 6, 2016 and is uptrending. It has outperformed by 19.40% the S&P500.The move comes after 9 months negative chart setup for the $18.87 billion company. It was reported on Apr, 12 by Barchart.com. We have $12.31 PT which if reached, will make NYSE:FCX worth $943.50M less.
Novan, Inc. (NASDAQ:NOVN) announced positive topline results from the Company’s Phase 2 clinical trial with SB208, a topical, silicone based-gel under development for the treatment of infections caused by dermatophytes such as Trichophyton rubrum, or T. rubrum. Novan is developing SB208 as a broad-spectrum antifungal gel for the treatment of superficial cutaneous fungal infections of the skin and nails, including tinea pedis and onychomycosis. Novan, Inc. (NASDAQ:NOVN) shares went down -4.41% to $5.20 on Tuesday.
ZIOPHARM Oncology Inc. (NASDAQ:ZIOP) closed up +0.18 points or 2.73% at $6.77 with 1.19 mln shares exchanging hands. Current price level places the company’s stock about -26.33% from the 52-week high and 52.13% away from the 52-week low. Sell-side analyst recommendations point to a short term price target of $23 on the company shares. The consensus rating is 2.6, suggesting the market has given up on the stock. It has been assigned a low target price of $23 and a high target price of $23. ZIOPHARM Oncology, Inc. (ZIOP) opened the session with a $6.59 price tag, later ranging from $6.4253 to $6.79, the range at which the stock has traded at throughout the day. The stock stands nearly $2.6 off versus the 52-week high of $9.19 and $2.14 above the 52-week low of $4.45.
In early session trading, shares of Fastenal Company (NASDAQ:FAST) have slipped lower. Company stock has moved down -6.93% since the open, landing shares on today’s list of top losers. Investors will be watching to see if the stock can change direction heading into the second half of the session.Fastenal Company (NASDAQ:FAST) is seeing declines so far in today’s trading session. Shares are moving -6.93% lower on solid volume. The stock has landed on the top loser list for the day according to Finviz data. Fastenal Company (NASDAQ:FAST)‘s stock has performed at 7.84% year to date.
ArcelorMittal SA (ADR) (NYSE:MT) traded at a yearly high level of $9.37 during the last trading session. The last session’s volume of 322,068.00 shares was higher than its average volume of 18.06 million shares. The stock, after opening at $8.07, closed at $8.04 by scoring -0.50%. The total market capitalization remained at $24.44 billion. The stock showed weekly downbeat performance of -3.37%, which was maintained for the month at -9.15%. Likewise, the negative performance for the quarter was recorded as -0.74% and for the year was 54.91%, while the YTD performance remained at 10.14%.
Wave Life Sciences Ltd (NASDAQ:WVE) WVE 11.49% shares spiked 12.05 percent to $23.35. The company priced its previously announced underwritten public offering of 4,166,667 ordinary shares at $24 per share.
Adeptus Health Inc. (NYSE:ADPT), from Healthcare sector has been performing well. Adeptus Health Inc. reported a price of 1.28 today, indicating a change of 18.52%. Adeptus Health Inc. has a market capitalization of 26.06, with a return on assets (ROA) of 12.90% and an earnings per share (EPS) of 5.71 for the current year. The gross margin stands at 36.20%, while the operating margin is 3.80%. The net profit margin for Adeptus Health Inc. stands at 21.10%. The present return on equity (ROE) stands at 47.30%, while the debt to equity is at 0.62.
North Atlantic Drilling Ltd. (NYSE:NADL) announce long-term contract awards with ConocoPhillips (NYSE: COP). North Atlantic Drilling Ltd (“North Atlantic” or “the Company”) has secured 10-year contract awards for the jack-ups West Elara and West Linus with ConocoPhillips Skandinavia AS (“ConocoPhillips”) for work in the Greater Ekofisk Area. The total additional backlog for the new contract awards is estimated at $1.4 billion excluding performance bonuses. North Atlantic Drilling Limited (NYSE:NADL) shares edged up 267.35% to $2.70 on Tuesday.
Shares of United States Steel Corporation (NYSE:X) surged 2.84% to $34.72. During the trading on 04/11/2017, Company’s stock ranged from $34.93 to $33.32. The relative strength index or RSI highlights overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 50.43 that is neither bought nor sold range. Brokerage Rating: Zacks offers analysts with an Average Broker Rating (or ABR), basing it on sell-side recommendations.
The share of Protalix Biotherapeutics Inc (NYSEMKT:PLX) currently has a value of $1.31 while the company’s 52 week low is at $0.26, the shares dropped to the 52 week low on 12/13/16. While the company’s share hit the 52 week high on 03/14/17 stationing the value of $1.51. The difference of 52 week low value as well as 52 week high value and the current price of the stock suggests the next move of the shares. If the share price is currently hovering near the 52 week low and the value is achieved in the current past then it can suggest that the price of the shares is likely to go up.
Northern Dynasty Minerals Ltd. (NYSE:NAK), from Basic Materials sector has been performing well. Northern Dynasty Minerals Ltd. reported a price of 1.49 today, indicating a change of 7.68%. Northern Dynasty Minerals Ltd. has a market capitalization of 357.93, with a return on assets (ROA) of -18.30% and an earnings per share (EPS) of -0.08 for the current year. The gross margin stands at *TBA, while the operating margin is *TBA. The net profit margin for Northern Dynasty Minerals Ltd. stands at *TBA. The present return on equity (ROE) stands at -18.60%, while the debt to equity is at 0.
Traders are keenly watching Cliffs Natural Resources Inc (NYSE:CLF) after iron ore prices in China experienced the worst drop in over a year, falling 8.5% overnight. Given the interconnected global system and the fact that it supplies iron ore pellets to the North American steel industry, Cliffs Natural Resources Inc (NYSE:CLF) isn’t exactly immune to the spot price swings. Shares of the stock are lower today, by around 3.5%, in the pre-market in part due to the weaker iron ore prices in Asia. In terms of analyst views, Wall Street is divided.
BlackBerry Ltd (NASDAQ:BBRY) shares have surged 16% in the pre-market on Wednesday after the company won a binding interim arbitration decision against chip-maker QUALCOMM, Inc. (NASDAQ:QCOM). Specifically, the company won a binding interim arbitration award requiring Qualcomm to refund an amount of $814.9 million, plus interest and lawyer fees, to BlackBerry Ltd (NASDAQ:BBRY) related to royalties for certain past sales of subscriber units. The decision is not appealable and would certainly make a big difference in BlackBerry’s fundamentals. Shares of the Canadian tech company were worth a collective ~$4.1 billion before the decision.
Shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) have popped 22% in extended market trading after the FDA approved INGREZZA for the treatment of adults with tardive dyskinesia. Given the approval, INGREZZA, will be the first and only FDA-approved product (at the moment) indicated for the treatment of adults with tardive dyskinesia. In terms of commercialization, promotion of the drug to healthcare professionals will begin May 1, and INGREZZA will be in the distribution channel next week. Neurocrine Biosciences, Inc. (NASDAQ:NBIX) CEO Kevin C. Gorman said, ‘The often debilitating effects of tardive dyskinesia have left people feeling isolated and forgotten.
Tesla Inc (NASDAQ:TSLA) is trending today after a number of pension funds including the California State Teachers’ Retirement System sent a letter to Tesla’s independent board member asking the company to install two additional directors who don’t have any connections with CEO/founder Elon Musk. As it stands, five of the six current board members of Tesla have either professional or personal relationships with Musk. The funds are also pushing for annual elections of board members, as opposed to the current staggered three years. Together the funds who sent the letter manage around $721 billion. The group said, ‘Directors should be held to a higher standard of independence given the conflicts of interest that permeate this board.
According to Recode, Wal-Mart Stores Inc (NYSE:WMT) plans to provide discounts of 3-5% on a variety of merchandise consumers order through Wal-Mart.com but pick up at a nearby store. Initially, the discounted items will cover around 10,000 products this month, but will later cover more than a million products by July. Wal-Mart is offering its customers discounts to gain/maintain market-share against Amazon.com, which many traders are pricing as basically an unstoppable e-commerce Goliath. On the account of the way Wal-Mart is set up, the company can offer those discounts due to the money it saves with logistics.