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  1. Multipolar World Order In The Making...

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Trade Idea of the Day Presented by: Calculated Risk

MBA: Mortgage Applications Increased in Latest Weekly Survey

Mortgage applications rose 1.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 7, 2018. The Refinance Index increased 2 percent from the previous week. The seasonally adjusted Purchase Index increased 3... Read More

j2 Global mentioned cautiously in new GlassHouse Research short report

GlassHouse Research has published an initiation report on j2 Global (JCOM) with a 64% downside target. Using its Twitter account, GlassHouse claimed that there are a "myriad of accounting red flags regarding its negative organic revenue growth and suspect acquisition accounting combined with a lack of accounting experience in key positions." GLASSHOUSE SEES 64% DOWNSIDE AHEAD: In a report published on Wednesday, GlassHouse initiated j2 Global with a target price of $24.77, saying the company "uses a myriad of acquisitions to conceal non-reported organic declines and stagnant earnings." "(j2 Global's) continued use of acquisitions concurrent with declining ROIC and organic growth will cause its demise," the report read...

WTI Tumbles After Surprisingly Small Crude Draw

Having surged overnight on the heels of a huge API-reported crude draw (don't forget the seasonal incentive to lower taxable inventories), WTI Crude has quickly faded back this morning (despite dollar weakness) as OPEC dats this morning suggests a deeper supply cut may be needed in late 2019 to balance world markets. As Bloomberg notes, even if OPEC cuts as planned, a surplus will re-emerge in late 2019. Traders remain concerned that record American oil production and shaky fuel consumption could foment a new glut. “The agreed production cuts will not be enough to ensure sustained and immediate recovery in oil prices,” consultants at Oslo-based Rystad Energy ASsaid...

On The Fly: Top five analyst downgrades

Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Pfizer (PFE) downgraded to Neutral from Overweight at JPMorgan with analyst Christopher Schott citing valuation. 2. Splunk (SPLK) resumed with a Neutral from Buy at Guggenheim with analyst Imtiaz Koujalgi saying while the company's fundamentals are strong, he's "looking for more clarity." 3. CalAmp (CAMP) downgraded to Outperform from Strong Buy at First Analysis and to Market Perform from Outperform at Northland. 4. Acorda Therapeutics (ACOR) downgraded to Sell from Neutral at Goldman Sachs with analyst Salveen Richter saying the commercial outlook for Inbrija appears limited. 5. Versum Materials (VSM) downgraded to Sell from Neutral at Goldman Sachs with analyst Toshiya Hari saying while he remains constructive on the Semiconductor Materials sub-sector broadly...

Artificial Intelligence May Hold the Secret to Supercharging the World’s Logistics Business

Stock market volatility has sent investors on a dizzying spin of late, caused in large part by concerns over the current global trade environment. However, if there's any silver lining on the horizon, it's that the quiet technological revolution taking over the logistics industry could counteract the potential effects of rising tariffs on the global economy. This change is being led by solutions providers such as Descartes Systems (TSX:DSG) (NASDAQ:DSGX), Drone Delivery Canada Corp. (TSXV:FLT) (OTC:TAKOF), USA Truck, Inc. (NASDAQ:USAK), Marten Transport Ltd. (NASDAQ:MRTN) and LiteLink Technologies (CSE:LLT), all of whom sit on the leading edge of innovative supply chain offerings...

"It's Make Or Break Day" For The S&P (& It Just Broke Key Support)

After the ubiquitous ramp into the US cash market open, things have gone a little pear-shaped, with stocks tumbling back below last week's lows and pushing critical 2018 support levels. As BMO's Russ Visch writes, It’s a “make or break” day for the S&P 500, which closed right at key support at its October/November lows (2630) on Friday. If support holds here over the next few days it would build the case that a bottom is beginning to form here. Alternatively, a close below that level would signal a resumption of the long-term downtrend with a measurable downside swing target of 2445. There is support at the early 2018 lows in the 2530-2560 zone but in our opinion, it will take a close below that level to cause the volatility/capitulation spike that’s been missing so far. In our opinion, a breakdown appears to be the most likely outcome given...

Fly Intel: Pre-market Movers

HIGHER: Nutrisystem (NTRI), up 33% after Tivity Health (TVTY) agreed to acquire all of the outstanding shares of Nutrisystem for a combination of cash and stock valued at $47.00 per share... Axsome Therapeutics (AXSM), up 15% after the Independent Data Monitoring Committee recommended continuation of its trial evaluating AXS-05 in Alzheimer's disease... Mitek Systems (MITK), up 16% after ASG Technologies increased its offer to $11.50 per share to acquire the company... RA Pharmaceuticals (RARX), up 7% after its Phase 2 trial of zilucoplan met its primary endpoint...Marinus Pharmaceuticals (MRNS), up 9% after announcing it is advancing both ganaxolone studies into the next phase of development to evaluate IV and oral dose regimens... Travelport (TVPT), up 1%, after the company agreed to be acquired...

Stocks Panic-Bid As Kudlow Hints At Trade-Truce Extension

When in doubt - wheel out Larry Kudlow. The White House Economic Advisor, under the guise of Plunge Protector, said this morning that: *KUDLOW SAYS U.S. HAS BEEN WARNING HUAWEI ON SANCTIONS VIOLATION. *KUDLOW: HUAWEI DOESN'T HAVE TO SPILL INTO TRADE TALKS W/CHINA.*KUDLOW SAYS CHINESE CAR TARIFFS WILL COME DOWN RAPIDLY. So don;'t worry about Hauwei, oh and remember how awesome the car tariffs cut will be. And most notably: *KUDLOW SAYS TRUMP MAY GIVE CHINA MORE THAN 90 DAYS. And the result, stocks go vertical. And the dollar dumps. Someone please complain about these algos and machines that are ruining our markets. Let's see what happens next - after Nasdaq futures were levitated to green...

BioScrip price target raised to $10 from $4.50 at Lake Street

Lake Street analyst Brooks O'Neil raised his price target for BioScrip to $10 from $4.50 following yesterday's first investor day under the leadership of Dan Greenleaf. The company's business transformation is largely complete and BioScrip is on track to deliver a breakout year in 2019, O'Neil tells investors in a research note. The analyst says he now has a line of sight back to $1.0B of annual revenue. Further, he believes BioScrip is capable of generating an adjusted EBITDA margin of 13% and expects the company to generate enough free cash flow to repay at least $200M of debt over this time horizon. Investors or a strategic acquirer will reward BioScrip with a 15.5 times enterprise value to adjusted EBITDA multiple "as this scenario plays out...

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