Archive for 2016

China Money Market Rates Spike To 1-Month Highs As Yuan Hits 7-Year Lows

Courtesy of ZeroHedge. View original post here.

In what appears to be yet another effort to spook shorts out of speculative positions in offshore Yuan, China appears to have tamped down its liquidity spigot driving overnight HIBOR rates up a shocking 194bps to 3.53% – the highest in over a month. The spread between offshore and onshore yuan has collapsed, even as the Yuan plunges to to its weakest against the dollar since September 2009.

As Yuan hits its post-leg record lows, it seems each streak of selling is met with a kneejerk liquidity plunge in money markets…

Which has spooked the specs out of the arb between onshore and offshore Yuan…again

Of course, while 3.53% is notable for overnight money and a big shock, there is plenty of room to go if the capital flight and speculation continues – ON/HIBOR neared 25% in September as turmoil re-appeared.





Everyday Ways You Break The Law [INFOGRAPHIC]

By VW Staff. Originally published at ValueWalk.

The vast majority of us are law-abiding citizens who wouldn’t dream of doing anything against the law. We believe that laws are there to be upheld and to keep peace amongst society, and will naturally not do anything to break them. However, there are some laws which are set in place that people may not be aware of, and therefore you may be breaking the law without even realising it. For example, most people will know that drinking alcohol while driving is definitely illegal, but drinking or eating anything, even just some bottled water, is also against the law as it’s a distraction from driving. Also, when you beep your car horn, it should only be to warn other drivers of any dangers or potential dangers, rather than to merely show your annoyance for something they’ve done!

As well as inadvertently breaking the law because people may not even be aware that the law exists, some laws seem to have less of a taboo attached to them, and therefore some people believe that they are fine to break occasionally. For example, how many of us have accidentally ever been speeding? Even if it was just when overtaking a cyclist, and perhaps 30 increased to 35, that’s still technically breaking the law. And how many of us have parked on some double yellow lines, even if it was just for a couple of minutes to pop into the local Chinese takeaway?

Our latest infographic tells you all about these laws that you may well be breaking every day, whether it’s driving laws, in the garden, or in the home. We’ve also scored them on our own level of severity to give you an idea of which laws we believe are worse to break than others. Take a look at the infographic below to find out more about these laws that some of us may be breaking every day.

Everyday Ways You Break The Law

Everyday Ways You Break The Law [INFOGRAPHIC]

Infographic source: Exporta

The post Everyday Ways You Break The Law [INFOGRAPHIC] appeared first on ValueWalk.

Sign up for ValueWalk’s free newsletter here.





Wall Street’s Post-Quarter Commentary On ESPN

Courtesy of Benzinga.

Wall Street's Post-Quarter Commentary On ESPN

Walt Disney Co (NYSE: DIS)’s ESPN is hemorrhaging subscribers, but the stock is up more than 7.5 percent in the past month. The market certainly doesn’t seem to be too concerned about ESPN’s record one-month loss of 621,000 subscribers in October. Here’s what Wall Street is saying about ESPN.

Goldman Sachs

Goldman points out that ESPN ad revenue in Q3 declined 13 percent, but Disney’s weakness in the cable networks segment was more about costs than revenue.

“The miss in Cable Networks was driven by higher-than-expected opex, which included costs for Olympics programming internationally and the World Cup of Hockey rights,” Goldman said.

The firm believes ESPN’s Q3 revenue decline was driven mostly by falling Daily Fantasy Sports advertising and competition from the Olympics.

Barclays

Barclays believes that ESPN will continue to struggle with secular challenges, but Disney shareholders shouldn’t be too concerned. The firm said the emergence of over-the-top (OTT) bundles will allow ESPN to offset some of its declining subscription numbers.

“With more visibility at least over the next year, we believe the drag from this factor on the stock is likely to moderate,” Barclays concluded.

Bank Of America

Bank of America recently lowered its fiscal 2017 EPS estimate for Disney stock from $6.37 to $6.06. However, the $600 million NBA step-up at ESPN came as no surprise.

“Looking into F1Q, ABC scatter is +24 percent vs. the upfront and ESPN adv. is pacing down due to the timings of F1Q College Bowl games (3 vs. 6 last year),” the firm noted.

Much like the Olympics weighed on Q3 revenues, the timing of the NCAA bowl schedule could be a drag on Q4 earnings for ESPN.

Latest Ratings for DIS

Date Firm Action From To
Nov 2016 Barclays Upgrades Underweight Equal-Weight
Nov 2016 Pivotal Research Downgrades Buy Hold
Oct 2016 Credit Suisse Maintains Outperform

View More Analyst Ratings for DIS


View the Latest Analyst Ratings

Posted-In: ESPNAnalyst Color Earnings Sports Analyst Ratings Media General Best of Benzinga





A Pair Trade In U.S. Healthcare: Bullish on Centene, Neutral On Aetna

Courtesy of Benzinga.

A Pair Trade In U.S. Healthcare: Bullish on Centene, Neutral On Aetna

On Monday, Bernstein upgraded Centene Corp (NYSE: CNC) as it downgraded shares of Aetna Inc (NYSE: AET). The paired actions come on heels of the U.S. presidential elections, with the firm suggesting that repealing and replacing the Affordable Care Act (“Obamacare”) is likely to be Trump’s primary focus.

Analyst Lance Wikes is of the view that the Trump administration is likely to be guided by four principles in its approach toward the healthcare sector:

    1. Repealing of Obamacare, seen as a political necessity, with premium decreases as the objective of the administration. The firm believes uninsured will increase but not to pre-ACA levels.
    2. Entitlement reform and deficit reduction is unlikely to be its top priority.
    3. Retaining popular consumer protection.
    4. America First, when translated to drug supply chain, will put cost pressure on drugs.

    Enrollment And Margin To Suffer

    The firm sees big impacts to enrollment and margin for Medicaid expansion membership. However, this is only 9 percent of Centene’s business and 1–2 percent of large managed care organization businesses, the firm noted. The firm also believes that HCA Holdings Inc (NYSE: HCA) can see some upside in its big markets of Texas and Florida, which did not see expansion in Medicaid.

    Hospital Bad Debts Northward Bound

    Bernstein expects hospital bad debts to increase from reductions in insured enrollment through public exchange and Medicaid expansion changes. That said, the firm sees moderated impacts as its two largest markets are in non-expansion states.

    The firm believes ACA Health Insurer Taxes will be repealed, although it feels that other parts of the repeal and replace package would need cost savings. For now, the firm said it is not making…
    continue reading





    Several Key Catalysts Lay Ahead For Gilead Sciences In The Next Year

    Courtesy of Benzinga.

    Several Key Catalysts Lay Ahead For Gilead Sciences In The Next Year

    Stifel Nicolaus has started coverage on Gilead Sciences, Inc. (NASDAQ: GILD) with a Buy rating and $100 target price on improving HCV stability and pipeline profile over the next 12 months, especially NASH (Nonalcoholic Steatohepatitis), a disease area of high unmet medical need.

    NASH Pipeline

    The brokerage is upbeat on the company’s pipeline on NASH, which is affecting an estimated 15 million in the United States (per Nature Biotechnology). Stifel believes it could be a $15 billion-plus market by 2025. Further, the company’s HCV, HBV and HIV franchises are generating strong operating cash flow. 

    “At GILD’s current valuation, we believe there is virtually no value ascribed to its current pipeline, creating an attractive risk-reward profile in our view,” Katherine Breedis wrote in a note.

    Investors became skeptical after recent pipeline attrition on Gilead’s HCV franchise, which accounts for nearly 50 percent of the company’s revenue base. However, Breedis believes several of Gilead’s late-stage assets may pose less technical risk.

    Key Focus Assets

    According to Breedis, key focus assets include selonsertib (aka, GS-4997) for regression of fibrosis, momelotinib for myelofibrosis, bictegravir/F/TAF for HIV and GS-5745 for gastric cancer.

    Further, the analyst noted that the company’s $32 billion cash could be deployed for either a large, transformational deal or a “string of pearls”.

    At time of writing, shares of Gilead Sciences were up 0.39 percent at $76.72.

    Latest Ratings for GILD

    Date Firm Action From To
    Nov 2016 Stifel Nicolaus Initiates Coverage On Buy
    Nov 2016 Mizuho Initiates Coverage On Buy
    Nov 2016 BMO Capital Upgrades Market Perform Outperform

    View More Analyst Ratings for GILD


    View the Latest Analyst Ratings

    Posted-In: Analyst Color Biotech Long Ideas Price Target Initiation Analyst Ratings Trading Ideas General Best of Benzinga





    Optimism In MLPs: U.S. Elections A Huge Positive

    Courtesy of Benzinga.

    Optimism In MLPs: U.S. Elections A Huge Positive

    Trump’s victory in the U.S. presidential election has seen a “marked rise” in management optimism across the MLP (Master Limited Partnership) group, Credit Suisse’s John Edwards said in a report. He added that the forecasts had been updated across the Energy Transfer family to reflect the 3Q results as well as “other material events during the quarter.”

    Energy Transfer Equity LP

    Edwards reiterated an Outperform rating on Energy Transfer Equity LP (NYSE: ETE), with a price target of $20. He added the stock to the Credit Suisse MLP Top Pick List.

    Management expressed optimism regarding the future of midstream infrastructure projects, indicating that it expects the project approval bottlenecks to be ironed out, including the Dakota Access Pipeline (DAPL) project, which has been embroiled in controversy. Energy Transfer Equity’s yield of ~11 percent “represents an attractive entry point for long-term investors,” Edwards noted.

    Energy Transfer Partners

    The analyst reiterated an Outperform rating on Energy Transfer Partners LP (NYSE: ETP), with a price target of $50. He commented that the company was “easily the biggest beneficiary of the election results.”

    “With a change of guard at the White House, construction on the final section of the DAPL beneath the Missouri river is finally expected to proceed,” the Credit Suisse report stated. Following receipt of the easement from the U.S. Army Corps of Engineers, the pipeline would be able to access the remaining ~$1.4 billion of the total project financing of $2.5 billion.

    Energy Transfer Partners would also be able to complete the sale of 49 percent of its 45 percent stake in the project and receive $1.2 billion in…
    continue reading





    Specialty Retail/Department Stores Get ‘A Trump Bump’; 4 Stocks Upgraded To Buy

    Courtesy of Benzinga.

    Specialty Retail/Department Stores Get 'A Trump Bump'; 4 Stocks Upgraded To Buy

    In a note released Monday, Citi said it is turning more bullish on the specialty retail and department store universe following Donald Trump’s election victory. The firm’s logic? The likelihood of tax reform provides a bump that many of the retailers in its universe needed, as consumers may be left with more money in their pockets to spend.

    Accordingly, the firm upgraded its ratings on four retail stocks in its coverage universe.

    USD Strength To Help U.S.-Focused Retailers

    Analyst Paul Lejuez said he is generally more constructive on the retailers having a higher percentage of sales generated in the United States, given the likelihood of the dollar strengthening. The analyst also said he looked at EPS sensitivity to comps, short interest, EBIT margins and valuation multiples to cherry pick stocks from within its overall more bullish stance.

    4 In Focus

      1. Citi’s preference for Boot Barn Holdings Inc (NYSE: BOOT) stems from the fact that oil prices/rig count is stabilizing, its customer base is red state, its exposure is purely to the United States, short interest is high and valuation is attractive.
      2. The firm recommends buying Chico’s FAS, Inc. (NYSE: CHS) due to its depressed EBIT margin, the operational improvements in the work in the company, upward bias to sales, nearly 100 percent U.S. exposure, customer base turning more confident and attractive risk/reward.
      3. Kohl’s Corporation (NYSE: KSS) is also deemed a buy by Citi, as its exposure is purely to the United States, short interest is high, customer base is more confident, valuation is attractive and sales/earnings have upside potential.
      4. To L Brands Inc (NYSE: LB), Citi is attracted by its attractive long-term growth opportunity, with its two dominant brands, namely Victoria’s Secret and


      continue reading





      Technical Alert: Crude Oil Futures Near $42

      Courtesy of Benzinga.

      • $43.59 – Current high as of 12:06 PM
      • $43.41 – Friday close
      • $43.03 – Friday low
      • $42.30 – Current price as of 12:06 PM
      • $42.20 – Intraday low as of 12:06 PM
      • $41.58 – August 3 low

      If content like this is useful to your trading/investing strategy, please email feedback@benzinga.com with the headline to let us know!*

      Posted-In: Technicals Intraday Update Movers Trading Ideas





      Here’s Every Sell-Side Rating Following iRhythm’s IPO Quiet Period Expiration

      Courtesy of Benzinga.

      Here's Every Sell-Side Rating Following iRhythm's IPO Quiet Period Expiration

      The quiet period surrounding Irhythm Technologies Inc (NASDAQ: IRTC)’s stock has now ended after its fantastic IPO debut, so research firms are free to now evaluate the stock and issue their opinions.

      Here is a summary of some of the research reports, which were made available for the first time on Monday.

      Canaccord: Buy Rating, $31 Price Target

      Jason Mills of Canaccord Genuity initiated coverage of iRhythm with a Buy rating and $31 price target.

      According to Mills, the company could see material upside potential as the company will continue shifting itself from “analog to digital” in ambulatory electrocardiography (ECG) monitoring. Moreover, the company’s ZIO XT wearable biosensor is able to record and store up to two weeks’ worth of continuous data which is notably longer than Holter monitors and more cost effective.

      Finally, iRhythm is merely in the very early stages of targeting the ECG total addressable market given its scant 4 percent market share in a market that stands at more than 4.6 million users.

      BTIG: Buy Rating, $28 Price Target

      Sean Lavin of BTIG initiated coverage of iRhythm with a Buy rating and $28 price target.

      According to Lavin, the thesis on the stock is quite simple: The company’s combination of improved diagnostic yield, convenient wearable devices and a “soups to nuts” offering to physicians and payers is a very attractive profile.

      Lavin added that the ZIO system could replace bulky, less reliable first-line diagnostics and also offer a better proposition for consumers within the cardiac monitoring market.

      Over the near term, the company’s salesforce ramp should generate above-average revenue growth and over the longer-term the company will benefit from product iterations, new indications and OUS expansion.

      Morgan Stanley: Overweight Rating, $28 Price Target

      David Lewis of Morgan Stanley initiated coverage of iRhythm with an Overweight rating and $28 price target.

      According to Lewis, the company is a “disruptive” player within the $1.4 billion market for ambulatory ECG monitoring. Similar to his peers, Lewis also believes that the ZIO monitoring service is superior to the competition.

      In fact, Lewis stated that studies show that…
      continue reading





      Backwardation Profit Taking, Report 13 November, 2016

      Courtesy of ZeroHedge. View original post here.

      The big news this week is that Donald Trump was elected to be the next president of the United States. Whether due to his comments about restructuring the government debt, tariffs on imported goods, or other economic concerns, many expected news of his election to push up the price of gold.

      They were wrong.

      Every day since last Friday (November 4) has seen the price of gold falling. From a peak of over $1308, the price fell to $1227 on Friday.

      There was a rally from $1269 to $1337 on the evening of election day, from 8pm to midnight in New York. This is roughly the time when election results began to trickle in and show that Trump was going to win. At the same time, the stock market tanked. S&P futures fell from 2150 to 2028, or -5.7%. Volume was off-the-charts high for US evening time.

      But then what passes for normal took hold once again. The price of gold resumed its slide. The stock market recovered.

      One thing is for sure. The price of gold does not go up for the reasons supposed by most gold bugs. Any more than it goes down for the reasons given by the propaganda of the paper bugs.

      There is something else going on that could drive the gold price up. I refer to the new Indian policy of demonetizing larger-denomination cash (500- and 1000-rupee notes, worth $7.40 and $14.80—i.e. not so large). So many Indians rushed out to buy gold that credible sources report a temporary 20% spike in the rupee-price of gold.

      We doubt that Prime Minister Modi can force many Indian cash holders to increase their bank balances. However, he could push the marginal cash holder to increase his holdings of gold. If that proves to be durable, that could drive the price of gold up substantially. This situation with cash and gold in India needs to be watched.

      The price of silver took a big dive on Friday, ending down a buck twenty. Yes a buck twenty, as in -6.4% (the low of the day was 15 cents lower).

      The question is: what did the election do to the fundamentals? Are people now stacking silver bars and gold coins, who had not been doing it before the election? Or is this price move just more


      continue reading





       
       
       

      Zero Hedge

      Johns Hopkins, Bristol-Myers Face $1 Billion Suit For Infecting Guatemalan Hookers With Syphilis 

      Courtesy of ZeroHedge. View original post here.

      A federal judge in Maryland said Johns Hopkins University, pharmaceutical company Bristol-Myers Squibb and the Rockefeller Foundation must face a $1 billion lawsuit over their roles in a top-secret program in the 1940s ran by the US government that injected hundreds of Guatemalans with syphilis, reported Reuters.

      Several doctors from Hopkins an...



      more from Tyler

      Phil's Favorites

      This Is The One Chart Every Trader Should Have "Taped To Their Screen"

      Courtesy of Zero Hedge

      After a year of tapering, the Fed’s balance sheet finally captured the market’s attention during the last three months of 2018.

      By the start of the fourth quarter, the Fed had finished raising the caps on monthly roll-off of its balance sheet to the full $50bn per month (peaking at $30bn USTs, $20bn MBS, although on many months the (balance sheet) B/S does not actually shrink by this full amount which depends on the redemption schedule) and by end-Q4 markets also experienced some of the largest volatility and drawdowns in nearly a decade.

      As Nomura&...



      more from Ilene

      ValueWalk

      The Competition For Capital Has Made Stocks Cheap

      By Michelle Jones. Originally published at ValueWalk.

      The new year is upon us, and now is the time many investors look at what 2018 was and prepare for what 2019 might be. Recession jitters are starting to pick back up again, especially now that the full picture of 2018 is in the books. But what if you could pick only one theme for 2018? Jefferies strategist Sean Darby and team have a suggestion which is especially timely given that it appears to mark the end of an era.

      StockSnap / PixabayVolatility carries into the new year

      This past year was one of extremes, and the markets ended i...



      more from ValueWalk

      Kimble Charting Solutions

      Stock declines did not break 9-year support, says Joe Friday

      Courtesy of Chris Kimble.

      We often hear “Stocks take an escalator up and an elevator down!” No doubt stocks did experience a swift decline from the September highs to the Christmas eve lows. Looks like the “elevator” part of the phrase came true as 2018 was coming to an end.

      The first part of the “stocks take an escalator up” seems to still be in play as well despite the swift decline of late.

      Joe Friday Just The Facts Ma’am- All of these indices hit long-term rising support on Christmas Eve at each (1), where support held and rallies have followed.

      If you find long-term perspectives helpf...



      more from Kimble C.S.

      Digital Currencies

      Transparency and privacy: Empowering people through blockchain

       

      Transparency and privacy: Empowering people through blockchain

      Blockchain technologies can empower people by allowing them more control over their user data. Shutterstock

      Courtesy of Ajay Kumar Shrestha, University of Saskatchewan

      Blockchain has already proven its huge influence on the financial world with its first application in the form of cryptocurrencies such as Bitcoin. It might not be long before its impact is felt everywhere.

      Blockchain is a secure chain of digital records that exist on multiple computers simultaneously so no record can be erased or falsified. The...



      more from Bitcoin

      Insider Scoop

      Cars.com Explores Strategic Alternatives, Analyst Sees Possible Sale Price Around $30 Per Share

      Courtesy of Benzinga.

      Related 44 Biggest Movers From Yesterday 38 Stocks Moving In Wednesday's Mid-Day Session ...

      http://www.insidercow.com/ more from Insider

      Chart School

      Weekly Market Recap Jan 13, 2019

      Courtesy of Blain.

      In last week’s recap we asked:  “Has the Fed solved all the market’s problems in 1 speech?”

      Thus far the market says yes!  As Guns n Roses preached – all we need is a little “patience”.  Four up days followed by a nominal down day Friday had the market following it’s normal pattern the past nearly 30 years – jumping whenever the Federal Reserve hints (or essentially says outright) it is here for the markets.   And in case you missed it the prior Friday, Chairman Powell came back out Thursday to reiterate the news – so…so… so… patient!

      Fed Chairman Jerome Powell reinforced that message Thursday during a discussion at the Economic Club of Washington where he said that the central bank will be “fle...



      more from Chart School

      Members' Corner

      Why Trump Can't Learn

       

      Bill Eddy (lawyer, therapist, author) predicted Trump's chaotic presidency based on his high-conflict personality, which was evident years ago. This post, written in 2017, references a prescient article Bill wrote before Trump even became president, 5 Reasons Trump Can’t Learn. ~ Ilene 

      Why Trump Can’t Learn

      Donald Trump by Gage Skidmore (...



      more from Our Members

      Biotech

      Opening Pandora's Box: Gene editing and its consequences

      Reminder: We are available to chat with Members, comments are found below each post.

       

      Opening Pandora's Box: Gene editing and its consequences

      Bacteriophage viruses infecting bacterial cells , Bacterial viruses. from www.shutterstock.com

      Courtesy of John Bergeron, McGill University

      Today, the scientific community is aghast at the prospect of gene editing to create “designer” humans. Gene editing may be of greater consequence than climate change, or even the consequences of unleashing the energy of the atom.

      ...

      more from Biotech

      Mapping The Market

      Trump: "I Won't Be Here" When It Blows Up

      By Jean-Luc

      Maybe we should simply try him for treason right now:

      Trump on Coming Debt Crisis: ‘I Won’t Be Here’ When It Blows Up

      The president thinks the balancing of the nation’s books is going to, ultimately, be a future president’s problem.

      By Asawin Suebsaeng and Lachlan Markay, Daily Beast

      The friction came to a head in early 2017 when senior officials offered Trump charts and graphics laying out the numbers and showing a “hockey stick” spike in the nationa...



      more from M.T.M.

      OpTrader

      Swing trading portfolio - week of September 11th, 2017

      Reminder: OpTrader is available to chat with Members, comments are found below each post.

       

      This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

      We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

      Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

      To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



      more from OpTrader

      Promotions

      Free eBook - "My Top Strategies for 2017"

       

       

      Here's a free ebook for you to check out! 

      Phil has a chapter in a newly-released eBook that we think you’ll enjoy.

      In My Top Strategies for 2017, Phil's chapter is Secret Santa’s Inflation Hedges for 2017.

      This chapter isn’t about risk or leverage. Phil present a few smart, practical ideas you can use as a hedge against inflation as well as hedging strategies designed to assist you in staying ahead of the markets.

      Some other great content in this free eBook includes:

       

      ·       How 2017 Will Affect Oil, the US Dollar and the European Union

      ...

      more from Promotions





      About Phil:

      Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

      Learn more About Phil >>


      As Seen On:




      About Ilene:

      Ilene is editor and affiliate program coordinator for PSW. She manages the site market shadows, archives, more. Contact Ilene to learn about our affiliate and content sharing programs.

      Market Shadows >>