Opening Wrap – Wednesday May 31, 2017

In Asian Equity Markets Japanese stocks decreased on Wednesday morning after weakness in U.S. shares and a stronger yen hurt sentiment, while sliding oil prices dragged down the mining sector. The Nikkei index fell 0.5 percent to 19,589.25 in midmorning trade. The broader Topix shed 0.2 percent to 1,570.06 and the JPX-Nikkei Index 400 declined 0.2 percent to 13,983.63.  MSCI’s broadest index of Asia-Pacific stocks outside Japan rose 0.2 percent on Wednesday, with Chinese stocks leading the region higher as investors returned from a long holiday break.

 

In Currency Markets the British pound came under pressure on Wednesday after a new poll found that British Prime Minister Theresa May’s Conservative Party risks falling short of an overall majority in next month’s national election. The pound fell to $1.2791, near a one-month low of $1.2775 touched on Friday. The pound also fell to 0.8738 pound per euro, near Friday’s eight-week low of 0.8750. The dollar fell to near two-week low of 110.665 yen and last traded at 110.85 yen. The euro also recovered from Tuesday’s low of $1.1110 to $1.1176, despite worries about an early election in Italy and a softer-than-expected inflation reading in Germany.

 

In Commodities Markets oil prices fell on Wednesday, as rising output from Libya added to concerns about increasing U.S. production that is undermining OPEC-led production cuts aimed at tightening the market. Brent crude futures were at $51.66 per barrel, down 0.4 percent, from their last close. U.S. West Texas Intermediate crude futures were at $49.37 per barrel, down 0.6 percent, from their last settlement. Spot gold was down 0.3 percent to $1,259.51 per ounce. In other precious metals, silver fell 0.6 percent to $17.26 an ounce though it is set to rise 0.4 percent for the month. Platinum was up 0.5 pct at $939.45 an ounce and palladium was up 0.1 percent at $805.60 an ounce.

 

In US Equity Markets  stocks inched lower on Tuesday, with the S&P 500 retreating slightly from a record, as weakness in the energy and financial sectors outweighed gains in technology stocks. The Dow Jones Industrial Average fell 0.24 percent, to 21,029.47, the S&P 500 lost 0.12 percent, to 2,412.91 and the Nasdaq Composite lost  0.11 percent, to 6,203.19. The technology sector rose 0.31 percent, boosted by gains in Apple and Microsoft, both up 0.6 percent. Amazon was up 0.1 percent at $996.70, after briefly crossing the $1,000 mark.  Telecoms rose 1.4 percent after MoffettNathanson upgraded the sector to “neutral” from “underweight,” citing a lack of negative near-term catalysts.

 

In Bond Markets yields on most U.S. Treasury bonds and notes fell to their lowest levels in more than a week on Tuesday on month-end buying and after U.S. inflation data reinforced doubts that the Federal Reserve would raise interest rates more than one more time in 2017. Benchmark 10-year U.S. Treasury yields touched 2.211 percent and 30-year yields hit 2.881 percent. Three-year yields hit 1.432 percent.

 

 

US Equity Upgrades

  • AUTOZONE (AZN) UPGRADED TO BUY FROM NEUTRAL AT GOLDMAN SACHS
  • CALERES (CAL) UPGRADED TO POSITIVE FROM NEUTRAL AT SUSQUEHANNA
  • EAGLE MATERIALS (EXP) UPGRADED TO OVERWEIGHT FROM EQUAL WEIGHT AT STEPHENS
  • ENSCO (ESV) UPGRADED TO BUY FROM NEUTRAL AT CLARKSONS PLATOU
  • FIRST BANK (FRBA) UPGRADED TO OUTPERFORM FROM NEUTRAL AT BAIRD
  • HUB GROUP (HUBG)UPGRADED TO BUY FROM HOLD AT STIFEL
  • MOTOROLA SOLUTIONS (MSI) UPGRADED TO BUY FROM NEUTRAL AT NORTHCOAST
  • NEWFIELD EXPLORATION (NFX) UPGRADED TO BUY FROM NEUTRAL AT GOLDMAN SACHS
  • PVH CORP. (PVH) UPGRADED TO OUTPERFORM FROM NEUTRAL AT CREDIT SUISSE
  • ROWAN COMPANIES (RDC) UPGRADED TO BUY FROM NEUTRAL AT CLARKSONS PLATOU
  • SIMON PROPERTY (SPG) UPGRADED TO BUY FROM NEUTRAL AT MIZUHO
  • SYMANTEC (SYMC) UPGRADED TO OVERWEIGHT FROM EQUAL WEIGHT AT BARCLAYS
  • TECK RESOURCES (TECK) UPGRADED TO OVERWEIGHT FROM NEUTRAL AT JPMORGAN
  • TESORO (TSO) UPGRADED TO OVERWEIGHT FROM EQUAL WEIGHT AT MORGAN STANLEY
  • ZYNGA (ZNGA) UPGRADED TO OVERWEIGHT FROM NEUTRAL AT PIPER JAFFRAY
 

US Equity Downgrades

  • AMBARELLA (AMBA) DOWNGRADED TO SECTOR WEIGHT FROM OVERWEIGHT AT PACIFIC CREST
  • ARCHROCK PARTNERS LP (APLP) DOWNGRADED TO NEUTRAL FROM BUY AT GOLDMAN SACHS
  • ASUR AIRPORTS (ASR) DOWNGRADED TO EQUAL WEIGHT FROM OVERWEIGHT AT MORGAN STANLEY
  • AUTOZONE (AZN) DOWNGRADED TO NEUTRAL FROM OUTPERFORM AT WEDBUSH
  • BUFFALO WILD WINGS (BWLD) DOWNGRADED TO UNDERPERFORM FROM NEUTRAL AT WEDBUSH
  • CIMAREX ENERGY (XEC) DOWNGRADED TO NEUTRAL FROM BUY AT GOLDMAN SACHS
  • DRAGONWAVE (DRWI) DOWNGRADED TO UNDERPERFORMER FROM NEUTRAL AT CIBC
  • GGP (GGP) DOWNGRADED TO NEUTRAL FROM BUY AT MIZUHO
  • HESS CORP. (HES) DOWNGRADED TO NEUTRAL FROM BUY AT GOLDMAN SACHS
  • INTUITIVE SURGICAL (ISRG) DOWNGRADED TO HOLD ON VALUATION AT CANACCORD
  • MACERICH (MAC) DOWNGRADED TO NEUTRAL FROM BUY AT MIZUHO
  • NTT DOCOMO (DCM) DOWNGRADED TO NEUTRAL FROM BUY AT GOLDMAN SACHS
  • OLLIE’S BARGAIN OUTLET (OLLI) DOWNGRADED TO NEUTRAL FROM BUY AT MKM PARTNERS
  • OMA AIRPORTS (OMAB) DOWNGRADED TO EQUAL WEIGHT FROM OVERWEIGHT AT MORGAN STANLEY
  • O’REILLY AUTOMOTIVE (ORLY) DOWNGRADED TO NEUTRAL FROM OUTPERFORM AT WEDBUSH
  • VALERO (VLO) DOWNGRADED TO EQUAL WEIGHT FROM OVERWEIGHT AT MORGAN STANLEY
  • WHITING PETROLEUM (WLL) DOWNGRADED TO SELL FROM NEUTRAL AT GOLDMAN SACHS

 

US Equity Initiations

  • ANTERO MIDSTREAM GP (AMGP) INITIATED WITH A BUY AT GOLDMAN SACHS
  • ANTERO MIDSTREAM GP (AMGP) INITIATED WITH A BUY AT LADENBURG
  • ANTERO MIDSTREAM GP (AMGP) INITIATED WITH A HOLD AT STIFEL
  • ANTERO MIDSTREAM GP (AMGP) INITIATED WITH A MARKET PERFORM AT WELLS FARGO
  • ANTERO MIDSTREAM GP (AMGP) INITIATED WITH A STRONG BUY AT RAYMOND JAMES
  • ANTERO MIDSTREAM GP (AMGP) INITIATED WITH AN OUTPERFORM AT BAIRD
  • ANTERO MIDSTREAM GP (AMGP) INITIATED WITH AN OUTPERFORM AT CREDIT SUISSE
  • ANTERO MIDSTREAM GP (AMGP) INITIATED WITH AN OVERWEIGHT AT BARCLAYS
  • ANTERO MIDSTREAM GP (AMGP) INITIATED WITH AN OVERWEIGHT AT JPMORGAN
  • ANTERO MIDSTREAM PARTNERS (AM) INITIATED WITH A BUY AT GOLDMAN SACHS
  • ANTERO MIDSTREAM PARTNERS (AM) INITIATED WITH AN OUTPERFORM AT CREDIT SUISSE
  • ANTERO MIDSTREAM PARTNERS (AM) INITIATED WITH AN OVERWEIGHT AT MUFG
  • ANTERO MIDSTREAM PARTNERS (AM) REINSTATED WITH AN OVERWEIGHT AT BARCLAYS
  • ASSEMBLY BIOSCIENCES (ASMB) INITIATED WITH A BUY AT CHARDAN
  • ATRICURE (ATRC) ASSUMED WITH AN OVERWEIGHT AT PIPER JAFFRAY
  • BIOHAVEN PHARMACEUTICAL (BHVN) INITIATED WITH A BUY AT NEEDHAM
  • BIOHAVEN PHARMACEUTICAL (BHVN) INITIATED WITH AN OVERWEIGHT AT BARCLAYS
  • BIOHAVEN PHARMACEUTICAL (BHVN) INITIATED WITH AN OVERWEIGHT AT PIPER JAFFRAY
  • CHINA RAPID FINANCE (XRF) INITIATED WITH A BUY AT JEFFERIES
  • DXC TECHNOLOGY (DXC) INITIATED WITH A HOLD AT STIFEL
  • JANUS HENDERSON GROUP (JHG) INITIATED WITH A BUY AT UBS
  • KEYSIGHT TECHNOLOGIES (KEYS) INITIATED WITH A BUY AT CITI
  • KKR REAL ESTATE FINANCE (KREF) INITIATED WITH A MARKET PERFORM AT WELLS FARGO
  • KKR REAL ESTATE FINANCE (KREF) INITIATED WITH A NEUTRAL AT JPMORGAN
  • LSC COMMUNICATIONS (LKSD) INITIATED WITH A NEUTRAL AT CITI
  • OCCIDENTAL PETROLEUM (OXY) INITIATED WITH A NEUTRAL AT MUFG
  • OVID THERAPEUTICS (OVID) INITIATED WITH AN OUTPERFORM AT COWEN
  • OVID THERAPEUTICS (OVID) INITIATED WITH AN OUTPERFORM AT JMP SECURITIES
  • PIERIS PHARMACEUTICALS (PIRS) INITIATED WITH A BUY AT RODMAN & RENSHAW
  • PSIVIDA (PSDV) INITIATED WITH A BUY AT RODMAN & RENSHAW
  • RAPID7 (RPD) INITIATED WITH A BUY AT MONNESS CRESPI
  • SIERRA WIRELESS (SWIR) INITIATED WITH A HOLD AT TD SECURITIES
  • UROGEN PHARMA (URGN) INITIATED WITH A BUY AT JEFFERIES
  • UROGEN PHARMA (URGN) INITIATED WITH AN OUTPERFORM AT COWEN
  • UROGEN PHARMA (URGN) INITIATED WITH AN OUTPERFORM AT OPPENHEIMER
  • UROGEN PHARMA (URGN) INITIATED WITH AN OUTPERFORM AT RAYMOND JAMES

 

 

 

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