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证券借贷

Soybean Deal Yields Interest


Yield10 Bioscience (YTEN) develops technology to improve crop yields and has a market cap of $13M.  The Massachusetts-based company was a quiet name on lending desks until December 11th, when it announced granting a research license to Monsanto (MON).  Shares spiked from $2 to $8, with the borrow fee following from 3% to 80%.  Early shorts have had some success, as the stock closed yesterday at $4.32.  The paltry borrow supply is multiples oversubscribed by IB clients and it seems that many lending desks on the street are in a similar situation.  With the limited number of shares available, the borrow fee has increased further to 200% today.  We only saw one smaller desk show 1,000 shares this morning.

 

The analysis in this article is provided for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such investments. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


15719




股票

A Coalition of Support is Coalescing


If you enjoy following central banks, this week is a little like going to an All-Star game.  The Federal Reserve, the ECB, the Bank of England, the Swiss National Bank, and the Norges Bank have all held meetings and only one bank -- the Federal Reserve -- voted to raise its key policy rate.

The market's focal point with respect to the Fed's decision wasn't on the interest rate hike (it was widely expected).  Rather, it was on the understanding that the dot plot didn't show a change in the projection for three rate hikes in 2018.  

Many participants thought the Fed might at least bump up its rate-hike projections for 2018 in light of the improving economy and the potential for increased stimulus from anticipated tax cuts.  The latter, incidentally, are reportedly moving closer to happening as some ranking GOP members have indicated a compromise on the tax bill appears to have been struck.

A final bill, which would feature a cut in the corporate tax rate to 21% starting in 2018, could be presented as early as tomorrow, setting the stage for an historic vote and an eventual signing by the president before Christmas.

That hopeful consideration has kept the stock market propped up all year and it has certainly engendered some glad tidings in recent weeks that have manifested themselves in record highs for the major indices.

It hasn't been all about tax cuts, however.  Strikingly, all of the elements of support -- friendly monetary policy, tax relief, M&A transactions, good earnings news, share buyback activity, and upbeat economic data -- have all coalesced this morning. 

In the interest of brevity:

  • The ECB left its key interest rates unchanged and reiterated that it will reduce its asset purchases to €30 billion per month starting in January and continuing through September 2018, or beyond, if necessary.  The bank also reiterated that it stands ready to increase its accommodation if necessary.  This decision was made shortly after it was reported the flash manufacturing PMI for the eurozone hit a record high of 62.0 in December.
  • The Bank of England voted unanimously to leave its key rate at 0.50% and its asset purchase program at £435 billion
  • It has been confirmed that Disney (DIS) will acquire select assets of 21st Century Fox (FOXA) for approximately $52.4 billion in stock
  • Industrial company Danaher (DHR) issued in-line guidance for its fiscal year and said its strong cash flow performance in 2017 positions it well for future capital deployment
  • Humana (HUM) announced a new $3 billion share repurchase program; and
  • The Retail Sales report for November and the latest weekly initial claims report were better than expected

In terms of retail sales, they increased 0.8% (Briefing.com consensus +0.3%) on top of an upwardly revised 0.5% increase (from +0.2%) in October.  Excluding autos, retail sales jumped 1.0% (Briefing.com consensus +0.6%) on top of an upwardly revised 0.4% increase (from +0.1%) for October.

The retail sales strength was widespread, led by sales increases at gasoline stations (+2.8%) and nonstore retailers (+2.5%).  The only pocket of weakness was motor vehicle and parts dealers sales (-0.2%).

The key takeaway from the report is that there was healthy spending activity across discretionary categories, which is consistent with a consumer feeling good about their income prospects.

Part of that confidence flows from the tightness in the labor market, which has promoted good feelings about job security.  Those feelings were solidified this morning in the report that initial claims for the week ending December 9 decreased by 11,000 to 225,000 (Briefing.com consensus 239,000) while continuing claims for the week ending December 2 dropped by 27,000 to 1.886 million.

The latest week marks the 145th straight week initial claims have been below 300,000.

It was also reported that import prices increased 0.7% in November while export prices increased 0.5%.  Those monthly gains left import prices up 3.1% year-over-year, versus up 0.2% for the 12 months ending November 2016, and export prices up 3.1% year-over-year, versus down 0.2% for the 12 months ending November 2016.

Notwithstanding the compendium of favorable developments for the stock market this morning, the S&P futures are up just two points, the Nasdaq 100 futures are up 10 points, and the Dow Jones Industrial Average futures are up 35 points.

Those modest gains aren't to be construed as a sign of not being encouraged by today's news.  If anything, they suggest many market participants have come to expect it and that it has been largely reflected in stock prices already.

Nevertheless, the move to take profits continues to be limited and that absence of sellers continues to press on the sentiment of sidelined participants who are fearful about missing out on further gains, which one can include as another element of support that has helped drive the stock market higher in 2017.

--Patrick J. O'Hare, Briefing.com

This article is from Briefing.com and is being posted with Briefing.com's permission. The views expressed in this article are solely those of the author and/or Briefing.com and IB is not endorsing or recommending any investment or trading discussed in the article. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


15714




技术分析

Technical Take: Pick a Euro Currency Pattern, and Hope


While markets change and evolve over time, human nature does not.  Hence the price patterns that have been observed and written about over the past 100 plus years are still evident in today’s world of electronic and algorithmic trading.   In technical analysis these similar price patterns over different time frames are known as fractals.  One current example of multiple fractals can be seen in the EURUSD currency pair.   After three straight years in the red, in 2017 the EURUSD gained 15.3% at its YTD high in September and as of last sale is up 12% YTD.  The fractal pattern here is the common head & shoulders (H&S) pattern which is potentially forming for the third time in 2H’17.  The YTD high shows there mini tops (annotated in white) and a clearly defined neckline (dotted white).  The size of the pattern carried a measured move to $1.1554 which was reached in early November.  As that correction played out, a potentially larger H&S pattern (violet red) formed with the left and right shoulders at the August and October highs and the neckline at 1.1662.  While the neckline was pierced, it was only a temporary breakdown and the EURUSD recovered back above it in two weeks’ time.  Over the last four weeks the pair has potentially been forming a third H&S pattern (yellow) with a neckline at 1.172.  Confirmation requires a break of the 1.172 neckline which carries a measured move down to 1.1465.  This target puts the larger H&S pattern (violet red) back in play which itself carries a measured move down 4.5% to 1.1232.  So far one of the three patterns have confirmed and reached its downside measured move.  If the 1.172 support level breaks down (dotted yellow), that will trigger a 2nd H&S pattern (yellow) which then puts back into play the third and largest H&S pattern with a neckline/major support range down at 1.1554 1.1662.   Clear?  Crystal.

Nasdaq's Market Intelligence Desk (MID) Team includes: 

Michael Sokoll, CFA is a Senior Managing Director on the Market Intelligence Desk (MID) at Nasdaq with over 25 years of equity market experience. In this role, he manages a team of professionals responsible for providing NASDAQ-listed companies with real-time trading analysis and objective market information.

Jeffrey LaRocque is a Director on the Market Intelligence Desk (MID) at Nasdaq, covering U.S. equities with over 10 years of experience having learned market structure while working on institutional trading desks and as a stock surveillance analyst. Jeff's diverse professional knowledge includes IPOs, Technical Analysis and Options Trading.

Steven Brown is a Managing Director on the Market Intelligence Desk (MID) at Nasdaq with over twenty years of experience in equities. With a focus on client retention he currently covers the Financial, Energy and Media sectors.

Christopher Dearborn is a Managing Director on the Market Intelligence Desk (MID) at Nasdaq. Chris has over two decades of equity market experience including floor and screen based trading, corporate access, IPOs and asset allocation. Chris is responsible for providing timely, accurate and objective market and trading-related information to Nasdaq-listed companies.

Brian Joyce, CMT has 16 years of trading desk experience. Prior to joining Nasdaq Brian executed equity orders and provided trading ideas to institutional clients. He also contributed technical analysis to a fundamental research offering. Brian focuses on helping Nasdaq’s Financial, Healthcare and Airline companies among others understand the trading in their stock. Brian is a Chartered Market Technician.

This article is from Nasdaq and is being posted with Nasdaq’s permission. The views expressed in this article are solely those of the author and/or Nasdaq and IB is not endorsing or recommending any investment or trading discussed in the article. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


15718




股票

Nasdaq: Consumer names lead the way....


As of Noon EST:

NASDAQ Composite +0.21%, Dow +0.12%, S&P 500 +0.09%, Russell 2000 flat

NASDAQ Advancers: 1169 Decliners: 936

Today’s Volume (from yesterday): -0.5%

 

U.S. stocks are trading mixed to higher with 7 of the 11 S&P 500 sectors in the green. Consumer Discretionary and Tech lead the way higher while Telco and Healthcare trade in the red. Large-cap names are outperforming. M&A dominates headlines with Walt Disney (DIS) and Twenty-First Century (FOXA) entering into a $52.4 billion stock deal with DIS acquiring a majority of FOXA assets including Twentieth Century Fox Film & Television studios, along with cable & international TV businesses.

  • U.S. Retail Sales in November were strong according to the U.S. Commerce Department. Overall sales increased 0.8% compared to polled expectations of a 0.3% increase. Retail sales ex-auto climbed a full 1% month-over-month compared to economist expectations of a 0.6% increase. October’s sales were also revised higher. This is the best year-over-year sales report since 2004 and bodes well for U.S. GDP.  
  • Unemployment numbers released today again show that labor is in demand in the U.S. as weekly initial jobless claims were less than economists’ forecast. According to the U.S. Department of Labor, reported Initial Jobless Claims for the week were 225,000 vs polled expectations of 236,000. Continuing Claims were also lower at 1.886 million vs polled expectations 1.9 million. Initial jobless claims continue to linger near all-time lows, indicating that employers are having a hard time finding skilled labor.
  • The FCC votes today on the net neutrality. The option to roll back the Obama-administration legislation is expected to pass. Net Neutrality states that all internet traffic must be treated equally by internet service providers. FCC Chair Ajit Pai believes that repealing this legislation will create more competition and innovation in the space while opponents believe it will drive up user costs with less options for providers thus diminishing competition.
  • Tomorrow, Friday December 15th is “Quad Witch” The quarterly event known as quadruple witching or Quad Witch occurs on the third Friday of the last month in each calendar quarter. The four legs of the Quad Witch expirations are equity options, index options, index futures, and single-stock futures. Concurrent with tomorrow’s Quad Witch is the annual rebalance day for the Nasdaq 100 Index, the Nasdaq Biotechnology Index and others, as well as the quarterly S&P family of Indexes. Tomorrow is expected to be one of the highest trading volume days of the year with the majority of the volume coming at the close of the markets.

 

Nasdaq's Market Intelligence Desk (MID) Team includes: 

Michael Sokoll, CFA is a Senior Managing Director on the Market Intelligence Desk (MID) at Nasdaq with over 25 years of equity market experience. In this role, he manages a team of professionals responsible for providing NASDAQ-listed companies with real-time trading analysis and objective market information.

Jeffrey LaRocque is a Director on the Market Intelligence Desk (MID) at Nasdaq, covering U.S. equities with over 10 years of experience having learned market structure while working on institutional trading desks and as a stock surveillance analyst. Jeff's diverse professional knowledge includes IPOs, Technical Analysis and Options Trading.

Steven Brown is a Managing Director on the Market Intelligence Desk (MID) at Nasdaq with over twenty years of experience in equities. With a focus on client retention he currently covers the Financial, Energy and Media sectors.

Christopher Dearborn is a Managing Director on the Market Intelligence Desk (MID) at Nasdaq. Chris has over two decades of equity market experience including floor and screen based trading, corporate access, IPOs and asset allocation. Chris is responsible for providing timely, accurate and objective market and trading-related information to Nasdaq-listed companies.

Brian Joyce, CMT has 16 years of trading desk experience. Prior to joining Nasdaq Brian executed equity orders and provided trading ideas to institutional clients. He also contributed technical analysis to a fundamental research offering. Brian focuses on helping Nasdaq’s Financial, Healthcare and Airline companies among others understand the trading in their stock. Brian is a Chartered Market Technician.

This article is from Nasdaq and is being posted with Nasdaq’s permission. The views expressed in this article are solely those of the author and/or Nasdaq and IB is not endorsing or recommending any investment or trading discussed in the article. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


15717




证券借贷

Shorts in Action: Short Sellers in 3 D Systems Inc. (DDD) Remain Undeterred by Creeping Share Price


3 D Systems, the US-based 3-D printing solutions company, regains the “top pick” position this week as short interest volume records another new 12-month peak, up 4 percent before falling back slightly to end the week up a net 2 percent. Moving in line with the advance, utilization moved up from just over 97 percent to end the week at the maximum 100 percent of the available supply, driving fees up by some 37 percent as supply dwindled. Over the week, the share price continued its slow recovery, up 6 percent from $8.98 to close the week at $9.53. While this may have brought some cheer to those holding long positions, with 100 percent of the available shares being borrowed, the short sellers are not being deterred from keeping their exposure to a falling share price at the maximum.

 

  1. AMC Entertainment Holdings Inc. (AMC) – Moving up from our number four slot last week, AMC, a US-based operator of over 10,000 screens across the US and a further 2,200 in Europe, occupies the number one slot as short interest volumes continue to decline. Volume fell by 9 percent during the week, but, in contrast to the previous week, utilization fell largely in line with the volume fall, dropping from 84 percent to 74 percent. The company share price regained its upward momentum, adding 5 percent over the week to close up $0.65 at $14.65. The reducing short position and the recovering price are both positive signals, but as the shares remain some 59 percent below the 12-month peak, the short sellers have plenty of room for maneuver yet.
  2. J C Penney Company Inc. (JCP) – The beleaguered high-street store is rarely off the hot stocks list and is back this week as short interest volume increases and a proportion of the available supply decreases. Volume rose 3 percent on the week, but utilization fell just 1 percent, from 92 to 91 percent. While this is a small change, it is particularly significant as volumes rise, suggesting an increased supply as long investors extend their positions, potentially as a result of the expansion into the clothing subscription business, specializing in big and tall sizes. Over 90 percent utilization is still extremely high, however, and J C Penney is far from in the clear, particularly as the shares edged 4 percent lower on the week, but the changes are still positive, if only slightly.
  3. Roku Inc. (ROKU) – Down two positions from last week, Roku, a provider of video streaming gadgets that came to the market via an IPO on September 28, is back this week as short interest volume falls by 17 percent and utilization ends its brief time at the maximum of 100 percent. Ending the week at 88 percent, utilization fell more slowly than absolute volume, suggesting that supply also decreased during the week. Fee levels have risen with the borrowing demand remaining strong despite the shares closing up again, if only by 3 percent or $1.24 at $44.79. While this is substantially over the IPO price, it is down from the 12-month peak of $51.80 seen on November 28. Despite the rising share price, short selling demand remains high in the expectation that the current share price is not sustainable.
  4. Carvana Co. (CVNA) – Having made its debut on the hot stocks list three weeks ago, Carvana, the e-commerce platform for buying used cars through a mobile app, is back this week as short interest volume makes the first meaningful decline post IPO. Since November 17, short interest volume has decreased some 27 percent as the company share price rose steeply. Having seen its post-IPO share price peak at $23.39 in June, the shares fell back as low as $12.50 in October, only to recover once more to close last week at $21.24, just below the last peak. Over the same period, utilization, which had been at the maximum 100 percent, has also fallen, but less quickly, falling just 16 percent as supply dwindles, potentially as more investors cash out of Carvana.
  5. Tesla Inc. (TSLA) – The US-based manufacturer of electric vehicles and energy storage systems has been absent from the hot stocks list for a short while, but squeezes in this week as short interest volume had been declining, although not smoothly, since the end of January. The 12-month low was reached in the middle of October, down some 37 percent from the peak, but since then volume has been on the rise, adding 26 percent and pushing utilization back above 81 percent for the first time since May, before falling back to end the week at 75 percent. This final drop suggests that supply had once again increased as investors buy into the Tesla story, pushing the shares up at the end of the week to $315.13, way above $198 from 12 months ago, but also below the $389.61 peak seen in September.

 

DISCLAIMER: This document has been prepared by FIS Securities Finance LLC’s Astec Analytics business (“FIS”). The content of this document is intended for informational purposes only. FIS and its affiliates make no representation as to the accuracy or completeness of the information contained herein. In no event shall FIS and its affiliates be liable to you or anyone else for any decision made or action taken by you or anyone else in reliance on or in connection with the information contained herein. FIS is not in any manner providing any type of brokerage or investment advisory services nor is it acting in any capacity as a broker-dealer or investment advisor and the document should not be a basis for making any investment or financial decision. You should seek the assistance of a financial or other professional advisor for advice before taking any action or making any decision based on the information contained herein.
 

This article is from FIS' Astec Analytics and is being posted with FIS' Astec Analytics' permission. The views expressed in this article are solely those of the author and/or FIS' Astec Analytics and IB is not endorsing or recommending any investment or trading discussed in the article. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


15705




1 2 3 4 5 2 710

披露

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