Professional Documents
Culture Documents
Index
Up/Down
Last
154.51
0.87%
17,959
S&P 500
7.90
0.38%
2,078
Nasdaq
16.04
0.34%
4,781
Russell 2000
4.24
0.35%
1,200
DJ Industrials
Commodities
Oil prices fall; energy prices drop across the board (oil/natural gas); WTI oil fell over 3% to $55.26
per barrel (Brent held around $60) after United Arab Emirates energy minister said oil producers
outside of OPEC should cut their irresponsible output with excess supplies harming the market
(Saudi Arabia also echoed similar comments); the comments weighed on energy complex.
Natural gas prices grabbed attention earlier, falling to 2-year lows, on warmer weather forecasts
(which weighed on shares of UPL, CHK, RRC, QEP, and EQT), dropping nearly 10% to $3.148 mln
Btu. Also of note, prices at the pump have now fallen 88 consecutive days, the longest streak on
record (as per AAA)
Precious metals fell; gold down $21.40 to $1,174.70 an ounce, dropping to a 3-week low
(November low was $1,130.40 an ounce, a four-year low). No economic data today, but the
dollar remains strong into year-end, possibly weighing on precious metals (but failing to hold
some technical levels may have exacerbated the move to the downside today). March Comex
silver last traded down $0.38 at $15.65 an ounce
Macro
Up/Down
Last
WTI Crude
-1.87
55.26
Brent
-1.45
59.93
Gold
-21.40
1,174.70
EUR/USD
-0.0009
1.2220
JPY/USD
0.49
119.98
-0.012
2.160%
10-Year Note
Stock news; NE to buy back up to 15% of common shares; TESO reduces 4Q guidance on falling
equipment demand due to weak oil prices (sees Q4 eps 10c-15c vs. est. 32c); SLCA announces
boost in share buyback plan to up to $50M
MLP sector was little changed, recovering from earlier losses as crude prices declined again; the
Alerian MLP Index (AMZ) remained around the 452 level (touched year lows last week) saw
several of the MLPs dropping more than 5% with oil roll (ARP, VNR, LINE, BBEP, LGCY, NMM all
down)
Financials
All quiet in financial sector, tracking overall markets; in large cap space, OAO Rosneft said its deal
to buy MS oil-merchanting business ended after failing to win regulatory approval
http://goo.gl/mMtTP2 ; CNBC reported that GS sold its aluminum storage business
Consumer Finance; OCN chairman Erbey steps down, to take $50M charge in Q4, paying $100M
civil monetary penalty to NYSDFS for housing/foreclosure relief (shares of ASPS, AAMC fell in
reaction to OCN paying $150M); SYF downgraded to neutral at BTIGs on valuation/says results
could be noisy in coming quarters
Healthcare
Biotech sector lagged (led by GILD weakness the IBB down); ABBV and Pharmacy Benefit
Manager ESRX struck an exclusive hepatitis C deal where, ABBV agreed to discount the price of
its Viekira Pak hepatitis C therapy in exchange for exclusive access to Express Script's 25M
customers (Viekira gross price $83.3K for 12-weeks). Starting the new-year, GILDs competing
hepatitis C drugs, Sovaldi ($84k-for 12 weeks) and Harvoni (gross price $94.5K for 12-weeks), will
be excluded from ESRX formulary (as well as JNJs Hep C treatment); ENTA receives milestone
payment after FDA approval of ABBV drug
Movers on news; ACHN said its NS5A inhibitor, ACH-3102, in combination with Sovaldi
(sofosbuvir) achieved 100% SVR4 in 12 patients in six weeks, independent of baseline viral load,
gender and IL28B status; RDUS osteoporosis drug candidate successful in Phase 3 trial; BCRX
received FDA approval for flu Drug Rapivab; NLNK awarded a $30M Ebola contract from HHDS
Biomedical department
Industrials & Materials
Metals, Mining & Material stocks lag, after last week jump; South Korea filed a complaint with
the WTO seeking to nullify U.S. tariffs levied on imports of certain Korean steel products
(weighed on X); saw weakness in metals/materials, with FCX, AA, CLF, VALE among losers; gold
miners broadly weaker with gold off about 2% (NEM, ABX)
Transport index advanced; gains today were broad based, though airlines (LUV, ALK, JBLU) and
rails (KSU, CSX, UNP) outperformed (lower energy prices/
Aerospace & Defense; defense names were higher, led by RTN (awarded $2.4B contract to
Qatar), LMT, NOC, LLL and BA (some at record highs); aerospace suppliers however were weaker,
with AVAV, BEAV, and KLXI soft (PCP, HXL down as well)
Baltic Dry Index Falls 1.1% to 794 Points in London, which marks the 22nd consecutive days of
losses (longest run of drops since Aug. 2012)
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