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2018-04-12 10:55:02 10:55 04/12/18 04/12 10:55 04/12/18 10:55	Treasury 30-year bond outlook: the $13 B reoening is cheapening Treasury 30-year bond outlook: the $13 B reoening is cheapening as yields edge higher on unwinding of some geopolitical risks and a surging Wall Street. But there are many pros and cons. The when issued 30-year is up 3.5 bps at 3.035%. That may underpin some better sponsorship at today's sale. The lack of a concession at yesterday's 10-year resulted in tepid results. But despite today's back-up, a stop at the current level would nevertheless be the richest award rate since January's 2.867%. The bond isn't tight in repo, suggesting a limited short base, although there are natural buyers for the offering. Analysts don't see an urgency to be a buyer though as auction sizes should be on the increase most every quarter. The $13 B reopening size is $3 B below the $16 B from the February refunding, but unchanged compared to the March reopening (which was $1 B higher than in January). Yet, current uncertainties over Syria and trade could underpin some demand today, along with the natural buyers. On the other hand, some signs of rising inflation, along with WTI oil having tested $67, could cap demand. Indirect bidding should remain healthy, however, thanks to wide spreads (186 bp premium to the German sovereign) and demand for yield. The March reopening was decent, stopping at 3.109% with a 2.38 cover (2.35 average) and a 57.9% indirect bid (62.6% average).

2018-04-12 10:55:02

10:55

04/12/18

04/12

10:55

04/12/18

10:55

Treasury 30-year bond outlook: the $13 B reoening is cheapening

Treasury 30-year bond outlook: the $13 B reoening is cheapening as yields edge higher on unwinding of some geopolitical risks and a surging Wall Street. But there are many pros and cons. The when issued 30-year is up 3.5 bps at 3.035%. That may underpin some better sponsorship at today's sale. The lack of a concession at yesterday's 10-year resulted in tepid results. But despite today's back-up, a stop at the current level would nevertheless be the richest award rate since January's 2.867%. The bond isn't tight in repo, suggesting a limited short base, although there are natural buyers for the offering. Analysts don't see an urgency to be a buyer though as auction sizes should be on the increase most every quarter. The $13 B reopening size is $3 B below the $16 B from the February refunding, but unchanged compared to the March reopening (which was $1 B higher than in January). Yet, current uncertainties over Syria and trade could underpin some demand today, along with the natural buyers. On the other hand, some signs of rising inflation, along with WTI oil having tested $67, could cap demand. Indirect bidding should remain healthy, however, thanks to wide spreads (186 bp premium to the German sovereign) and demand for yield. The March reopening was decent, stopping at 3.109% with a 2.38 cover (2.35 average) and a 57.9% indirect bid (62.6% average).

TODAY'S FREE FLY STORIES

SANM Sanmina $27.70 0.1 (0.36%) , CDNS Cadence Design $36.75 -0.27 (-0.73%) … 19:00 04/23/18 04/23 19:00 04/23/18 19:00 Hot Stocks	On The Fly: After Hours Movers » UP AFTER EARNINGS:… UP AFTER EARNINGS: Sanmina (SANM) up 13.7%... Cadence Design (CDNS) up 9.7%... Helix Energin (HLX) up 9.4%... Trimble (TRMB) up 4.9%... Rush Enterprises (RUSHA) up 3.0%... SLM Corp (SLM) up 1.9%... Zions Bancorporation (ZION) up 1.8%... Ameriprise Financial (AMP) up 1.2%... Alphabet (GOOG) up 0.1%. ALSO HIGHER: Zymeworks (ZYME) up 2.6% after Celgene collaboration... Tandem Diabetes (TNDM) up 3.5% after increased insulin pump distribution... La Quinta (LQ) up 2.3% after being named winner of Ira Sohn investor conference... BP (BP) up 0.5% after Goldman Sachs upgrade. DOWN AFTER EARNINGS: Donegal (DGICA) down 6.0%... TD Ameritrade (AMTD) down 2.8%... Whirlpool (WHR) down 2.2%... Tivity Health (TVTY) down 1.3%... Brown & Brown (BRO) down 0.7%... Barrick Gold (ABX) down 0.5%... Owens-Illinois (OI) down 0.4%. ALSO LOWER: Epizyme (EPZM) down 19.9% after FDA placed a hold on tazemetostat clinical trials... Assured Guaranty (AGO) down 4.8% after negative view from Greenlight's Einhorn at Ira Sohn... Casa Systems (CASA) down 4.4% after stock sale for holders... Bed Bath & Beyond (BBBY) down 0.6% after Wells Fargo initiated at Underperform. SANM Sanmina $27.70 0.1 (0.36%) CDNS Cadence Design $36.75 -0.27 (-0.73%) HLX Helix Energy $6.24 -0.245 (-3.78%) TRMB Trimble $36.13 -0.44 (-1.20%) RUSHA Rush Enterprises $43.00 -0.3 (-0.69%) SLM Sallie Mae $11.68 0.015 (0.13%) ZION Zions Bancorp $54.27 0.47 (0.87%) AMP Ameriprise $145.45 1.74 (1.21%) GOOG Alphabet $1,067.70 -5.03 (-0.47%) ZYME Zymeworks $12.08 0.095 (0.79%) TNDM TNDM LQ La Quinta $19.55 0.09 (0.46%) BP BP $43.92 0.415 (0.95%) DGICA Donegal Group $15.07 -0.11 (-0.72%) AMTD TD Ameritrade $61.21 -0.04 (-0.07%) WHR Whirlpool $150.31 0.885 (0.59%) TVTY Tivity Health $39.50 -0.6 (-1.50%) BRO Brown & Brown $26.56 0.6 (2.31%) ABX Barrick Gold $12.93 -0.23 (-1.75%) OI Owens-Illinois $21.76 0.13 (0.60%) EPZM Epizyme $15.25 -0.65 (-4.09%) AGO Assured Guaranty $35.90 -0.81 (-2.21%) CASA Casa Systems $29.81 -0.35 (-1.16%) BBBY Bed Bath & Beyond $17.35 0.22 (1.28%) 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	23 Apr 23 Apr 23 Apr 23 Apr 23 Apr 23 Apr 24 Apr 24 Apr 24 Apr 24 Apr 24 Apr 24 Apr 24 Apr 24 Apr 24 Apr 24 Apr 25 Apr 25 Apr 26 Apr 26 Apr 03 May 04 May 08 May 09 May 21 May 22 May 22 May 12 Jun 26 Apr
UAL United Continental $70.32 -1.405 (-1.96%) 18:45 04/23/18 04/23 18:45 04/23/18 18:45 Periodicals	United Continental CEO to forego 2017 bonus, Bloomberg reports » United Continental CEO… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return tomorrow Get Free Trial 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	26 Jun
UAL United Continental $70.32 -1.405 (-1.96%) 18:37 04/23/18 04/23 18:37 04/23/18 18:37 Hot Stocks	United Continental chairman Milton will not stand for reelection » According to a regulatory… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return in in 9 minutes Get Free Trial 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	26 Jun
INFY Infosys $17.43 0.05 (0.29%) 18:12 04/23/18 04/23 18:12 04/23/18 18:12 Hot Stocks	Infosys sees FY18 revenue growth trending at 7.2% rate » Comments from the Infosys… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return tomorrow Get Free Trial 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	23 Apr
SFNC Simmons First National $28.95 0.2 (0.70%) 18:04 04/23/18 04/23 18:04 04/23/18 18:04 Earnings	Simmons First National reports Q1 core EPS 57c, consensus 52c » Reports Q1 provision for… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return in in 9 minutes Get Free Trial 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	24 Apr 14 May 24 Sep

HLX Helix Energy $6.24 -0.245 (-3.78%) 18:01 04/23/18 04/23 18:01 04/23/18 18:01 Earnings	Helix Energy reports Q1 EPS (2c), consensus (6c) » Reports Q1 revenue… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return tomorrow Get Free Trial 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	24 Apr
GLRE Greenlight Capital Re , AGO Assured Guaranty $35.90 -0.81 (-2.21%) 17:50 04/23/18 04/23 17:50 04/23/18 17:50 Hot Stocks	Einhorn says Assured Guaranty has a lot of exposure to Puerto Rico » Says Assured… GLRE Greenlight Capital Re AGO Assured Guaranty $35.90 -0.81 (-2.21%) Story temporarily locked. To read stories as they happen please subscribe, Login above, or return in in 9 minutes Get Free Trial 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	01 May 04 May
TVTY Tivity Health $39.50 -0.6 (-1.50%) 17:45 04/23/18 04/23 17:45 04/23/18 17:45 Hot Stocks	Tivity Health falls 19% after Q1 revenue misses estimates » Shares of Tivity Health… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return tomorrow Get Free Trial 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	23 Apr 12 Jun
TVTY Tivity Health $39.50 -0.6 (-1.50%) 17:42 04/23/18 04/23 17:42 04/23/18 17:42 Earnings	Tivity Health affirms FY18 EPS 2.12-$2.20, consensus $2.16 » Backs FY18 revenue view… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return in in 9 minutes Get Free Trial 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	23 Apr 12 Jun
GLRE Greenlight Capital Re , AGO Assured Guaranty $35.90 -0.81 (-2.21%) 17:42 04/23/18 04/23 17:42 04/23/18 17:42 Hot Stocks	Greenlight Capital's Einhorn says Assured Guaranty has no room for losses » Says Assured Guaranty … GLRE Greenlight Capital Re AGO Assured Guaranty $35.90 -0.81 (-2.21%) Story temporarily locked. To read stories as they happen please subscribe, Login above, or return tomorrow Get Free Trial 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	01 May 04 May

HD Home Depot $177.73 0.68 (0.38%) , LOW Lowe's $84.34 0.71 (0.85%) … 17:40 04/23/18 04/23 17:40 04/23/18 17:40 Initiation	Home Depot, Lowe's, Tractor Supply, O'Reilly Automotive, AutoZone, At Home Group, National Vision initiated » Home improvement and… HD Home Depot $177.73 0.68 (0.38%) LOW Lowe's $84.34 0.71 (0.85%) TSCO Tractor Supply $61.64 1.33 (2.21%) ORLY O'Reilly Automotive $222.54 1.06 (0.48%) AZO AutoZone $599.45 3.63 (0.61%) HOME At Home Group $34.69 -0.305 (-0.87%) EYE National Vision $31.57 -0.02 (-0.06%) Story temporarily locked. To read stories as they happen please subscribe, Login above, or return in in 9 minutes Get Free Trial 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	26 Apr 30 May 12 Jun
WBS Webster Financial $59.94 0.555 (0.93%) 17:37 04/23/18 04/23 17:37 04/23/18 17:37 Hot Stocks	Webster Financial increases dividend 7c to 33c » Webster Financial, the… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return tomorrow Get Free Trial 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	26 Apr
SCHW Charles Schwab $55.37 0.37 (0.67%) 17:36 04/23/18 04/23 17:36 04/23/18 17:36 Hot Stocks	Charles Schwab chairman Charles Schwab sells 250K shares » The chairman of brokerage… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return in in 9 minutes Get Free Trial 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	15 May
NDAQ Nasdaq $86.92 -0.52 (-0.59%) 17:36 04/23/18 04/23 17:36 04/23/18 17:36 Periodicals	Nasdaq proposes to let companies pick where their shares trade, Reuters says » Nasdaq said it plans to… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return tomorrow Get Free Trial 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	24 Apr 25 Apr
GLRE Greenlight Capital Re , AGO Assured Guaranty $35.90 -0.81 (-2.21%) 17:35 04/23/18 04/23 17:35 04/23/18 17:35 Hot Stocks	Greenlight Capital's Einhorn says short Assured Guaranty » David Einhorn, president,… GLRE Greenlight Capital Re AGO Assured Guaranty $35.90 -0.81 (-2.21%) Story temporarily locked. To read stories as they happen please subscribe, Login above, or return in in 9 minutes Get Free Trial 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	01 May 04 May

SFE Safeguard Scientifics $12.25 -0.25 (-2.00%) 17:32 04/23/18 04/23 17:32 04/23/18 17:32 Hot Stocks	Safeguard Scientifics enters agreement with Sierra Capital » Safeguard Scientifics… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return tomorrow Get Free Trial 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	26 Apr
EPZM Epizyme $15.25 -0.65 (-4.09%) 17:31 04/23/18 04/23 17:31 04/23/18 17:31 Hot Stocks	Breaking Hot Stocks news story on Epizyme » Epizyme down 19% after… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return in in 9 minutes Get Free Trial 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	25 Apr
EROS Eros International $11.63 -0.05 (-0.43%) 17:26 04/23/18 04/23 17:26 04/23/18 17:26 Hot Stocks	Mangrove's August says has questions around Eros' receivables » Says Eros is suing him.… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return tomorrow Get Free Trial 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial
BRO Brown & Brown $26.56 0.6 (2.31%) 17:24 04/23/18 04/23 17:24 04/23/18 17:24 Earnings	Brown & Brown reports Q1 adjusted EPS 29c, consensus 32c » Reports Q1 revenue… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return in in 9 minutes Get Free Trial 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	24 Apr
CODA Coda Octopus Group $4.07 0.12 (3.04%) 17:23 04/23/18 04/23 17:23 04/23/18 17:23 Syndicate	Breaking Syndicate news story on Coda Octopus Group » Coda Octopus Group files… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return tomorrow Get Free Trial 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial

SUI Sun Communities $91.54 0.25 (0.27%) 17:19 04/23/18 04/23 17:19 04/23/18 17:19 Earnings	Sun Communities reports Q1 EPS 38c, consensus 28c » Reports Q1 revenue… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return in in 9 minutes Get Free Trial 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	24 Apr
EROS Eros International $11.63 -0.05 (-0.43%) 17:17 04/23/18 04/23 17:17 04/23/18 17:17 Hot Stocks	Mangrove's August says short Eros International » Nathaniel August, founder… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return tomorrow Get Free Trial 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial
CASA Casa Systems $29.81 -0.35 (-1.16%) 17:16 04/23/18 04/23 17:16 04/23/18 17:16 Syndicate	Casa Systems files to sell 7.35M shares of common stock for holders » Morgan Stanley & Co.… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return in in 9 minutes Get Free Trial 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	12 Jun 26 Apr
EPZM Epizyme $15.25 -0.65 (-4.09%) 17:16 04/23/18 04/23 17:16 04/23/18 17:16 Hot Stocks	Breaking Hot Stocks news story on Epizyme Epizyme trading resumes 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial	25 Apr
SD SandRidge Energy $14.86 0.22 (1.50%) 17:15 04/23/18 04/23 17:15 04/23/18 17:15 Hot Stocks	Icahn demands right to inspect certain SandRidge records » According to a regulatory… Story temporarily locked. To read stories as they happen please subscribe, Login above, or return in in 9 minutes Get Free Trial 03/08/13 Wedge Partners 03/08/13 Credit Suisse 03/06/13 Citigroup 03/06/13 Barclays See Street Research during your Free Trial

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Mon	VLRX X VLRX Valeritas Secondary Managers: Oppenheimer & National Securities $2.53 11M Shares Special Comments Some content is locked. Log in above or sign up for a free trial to see this information. Get Free Trial
Tues	No deals
Wed	CDAY X CDAY Ceridian HCM Holding IPO Managers: Goldman Sachs, JPMorgan, Credit Suisse & Deutsche Bank, Goldman Sachs, Barclays, Citi, Jefferies, CIBC, Wells Fargo, Baird, Canaccord, Piper Jaffray, William Blair, MUFG $19.00-21.00 21M Shares Special Comments Some content is locked. Log in above or sign up for a free trial to see this information. Get Free Trial CASA X CASA Casa Systems Secondary Managers: Morgan Stanley, Barclays, Raymond James & Stifel, Macquarie, William Blair $29.80 7.35M Shares CVNA X CVNA Carvana Secondary Managers: Wells Fargo, CITI & Deutsche Bank $29.96 10M Shares TLC X TLC Taiwan Liposome Secondary Managers: Cantor Fitzgerald, CLSA, H.C. Wainwright, Janney Capital, Laidlaw $7.46 Special Comments Some content is locked. Log in above or sign up for a free trial to see this information. Get Free Trial
Thurs	DOCU X DOCU Docusign IPO Managers: Morgan Stanley & JPMorgan, Citi, BofA/Merrill, Deutsche Bank, JMP Securities, Piper Jaffray, William Blair $24.00-26.00 16.059M Shares Special Comments Some content is locked. Log in above or sign up for a free trial to see this information. Get Free Trial GSHD X GSHD Goosehead Insurance IPO Managers: JPMorgan & BofA/Merrill, KWBI, William Blair $14.00-16.00 8.53M Shares Special Comments Some content is locked. Log in above or sign up for a free trial to see this information. Get Free Trial LASR X LASR nLight IPO Managers: Stifel & Raymond James, Needham, Canaccord, DA Davidson $13.00-15.00 5.4M Shares SMAR X SMAR Smartsheet IPO Managers: Morgan Stanley, JPMorgan & Jefferies, RBC Capital, Canaccord, William Blair, SunTrust $10.00-12.00 11.633M Shares Special Comments Some content is locked. Log in above or sign up for a free trial to see this information. Get Free Trial
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Treasury 30-year bond outlook: the $13 B reoening is cheapening

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