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09:15
03/25/20
03/25
09:15
03/25/20
09:15

The 1.2% February U.S. durable orders bounce beat estimates

The 1.2% February U.S. durable orders bounce beat estimates thanks to a 4.6% transportation gain, though orders ex-transportation fell -0.6% to modestly undershoot assumptions, and the equipment and inventory data were modestly disappointing. The aircraft data in both the orders and equipment components, alongside an 18.5% defense orders pop, provided the small upside surprises in a report that did little to change the outlook. The data predate the impact of the coronavirus on the U.S. economy, and are consistent with the view that the U.S. was on a firm trajectory until shutdowns began in mid-March. Analysts still expect no net revisions in the 2.1% Q4 GDP pace, followed by -0.5% growth in Q1, with the entire hit to Q1 growth coming in the second half of the final month of the quarter. For Q1 GDP, analysts expect a -13% contraction rate for real equipment spending after an estimated -4.8% (was -4.4%) Q4 pace. Analysts expect a -$15 B Q1 inventory subtraction from GDP that leaves a $5 B liquidation rate, with a big hit from reduced imports from China and consumer hoarding of supplies. Analysts expect a flat February factory inventory figure with a flat nondurable factory inventory figure as well, alongside a flat business inventory figure. Analysts assume a 0.2% February factory orders gain and a flat factory shipments figure, given an assumed -0.8% drop for nondurable goods shipments and orders.

TODAY'S FREE FLY STORIES

Periodicals
PG&E fire victims pursue changes to settlement due to COVID-19 impact, WSJ says » 06:27
04/03/20
04/03
06:27
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06:27
PCG

PG&E

$8.27 /

-0.17 (-2.01%)

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Periodicals
JCP Partners asks Dine Brands to spin off IHOP, Reuters says » 06:27
04/03/20
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DIN

Dine Brands

$21.00 /

-1.31 (-5.87%)

JCP Investment…

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Initiation
Lattice Semiconductor initiated with a Buy at Benchmark » 06:26
04/03/20
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LSCC

Lattice Semiconductor

$16.83 /

-0.21 (-1.23%)

Benchmark analyst Ruben…

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Kumba Iron Ore upgraded to Neutral from Sell at Citi » 06:26
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04/03
06:26
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KIROY

Kumba Iron Ore

$0.00 /

+ (+0.00%)

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Macquarie Infrastructure cut to Sector Perform from Outperform at RBC Capital » 06:24
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06:24
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MIC

Macquarie Infrastructure

$24.02 /

+0.53 (+2.26%)

RBC Capital analyst TJ…

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Clarivate reinstated with a Buy from Neutral at Citi (yesterday) » 06:23
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06:23
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06:23
CCC

Clarivate Analytics

$21.10 /

+1.1 (+5.50%)

Citi analyst Ashwin…

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Periodicals
Chipotle CEO tells CNBC new menu items to be delayed due to COVID-19 » 06:22
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04/03
06:22
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CMG

Chipotle

$630.98 /

+11.97 (+1.93%)

Chipotle Mexican Grill is…

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Pets at Home Group upgraded to Buy from Hold at HSBC » 06:22
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06:22
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PAHGF

Pets at Home Group

$0.00 /

+ (+0.00%)

HSBC analyst Andrew…

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Recommendations
Tesla may be supply constrained in Q2, says JMP Securities » 06:20
04/03/20
04/03
06:20
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TSLA

Tesla

$453.99 /

-27.61 (-5.73%)

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Periodicals
Trump does not plan to ask U.S. oil producers for coordinated cuts, Reuters says » 06:20
04/03/20
04/03
06:20
04/03/20
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BP

BP

$26.04 /

+1.66 (+6.81%)

, COP

ConocoPhillips

$33.84 /

+4.16 (+14.02%)

, TOT

Total

$39.61 /

+1.96 (+5.21%)

, XOM

Exxon Mobil

$40.39 /

+2.85 (+7.59%)

, CVX

Chevron

$76.22 /

+7.62 (+11.11%)

, RDS.A

Royal Dutch Shell

$39.02 /

+3.71 (+10.51%)

A senior U.S.…

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Recommendations
Tesla beat Q1 deliveries, but Q2 'much more challenging,' says JPMorgan » 06:19
04/03/20
04/03
06:19
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06:19
TSLA

Tesla

$453.99 /

-27.61 (-5.73%)

JPMorgan analyst Ryan…

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Downgrade
Ralph Lauren downgraded to Sector Perform from Outperform at RBC Capital » 06:19
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06:19
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RL

Ralph Lauren

$65.94 /

+0.31 (+0.47%)

RBC Capital analyst Kate…

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Hot Stocks
Novartis says 'deeply dedicated' to global effort to combat COVID-19 » 06:18
04/03/20
04/03
06:18
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06:18
NVS

Novartis

$83.52 /

+2.55 (+3.15%)

Novartis said it is…

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Hot Stocks
CytoDyn to request FDA meeting to discuss BTD for leronlimab » 06:18
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04/03
06:18
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CYDY

CytoDyn

$0.00 /

+ (+0.00%)

CytoDyn announced that it…

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Novartis, Incyte to initiate Jakavi study in severe COVID-19 patients » 06:17
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NVS

Novartis

$83.52 /

+2.55 (+3.15%)

, INCY

Incyte

$77.01 /

+2.8 (+3.77%)

Novartis (NVS) announced…

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Recommendations
Ladder Capital price target lowered to $10 from $19 at JMP Securities » 06:15
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04/03
06:15
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06:15
LADR

Ladder Capital

$4.49 /

-0.06 (-1.32%)

JMP Securities analyst…

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Hot Stocks
Colgate-Palmolive to support World Health Organization on #SafeHands effort » 06:15
04/03/20
04/03
06:15
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CL

Colgate-Palmolive

$68.15 /

+2.45 (+3.73%)

Colgate-Palmolive has…

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Hot Stocks
Otis Worldwide to begin trading on NYSE » 06:15
04/03/20
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06:15
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06:15
OTIS

Otis Worldwide

$44.06 /

-1.94 (-4.22%)

, UTX

United Technologies

$0.00 /

+ (+0.00%)

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Lennox upgraded to Buy from Neutral at Seaport Global » 06:14
04/03/20
04/03
06:14
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06:14
LII

Lennox

$176.69 /

+0.92 (+0.52%)

Seaport Global analyst…

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Nasdaq upgraded to Neutral from Sell at Citi » 06:14
04/03/20
04/03
06:14
04/03/20
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NDAQ

Nasdaq

$94.06 /

+1.71 (+1.85%)

Citi analyst Ben Herbert…

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Periodicals
Airbus considering steep cut in A320-family production, Reuters reports » 06:14
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04/03
06:14
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EADSY

Airbus

$0.00 /

+ (+0.00%)

Airbus is weighing a…

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Periodicals
US shale producers launch anti-Saudi lobbying push, FT reports » 06:13
04/03/20
04/03
06:13
04/03/20
06:13
BP

BP

$26.04 /

+1.66 (+6.81%)

, COP

ConocoPhillips

$33.84 /

+4.16 (+14.02%)

, TOT

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$39.61 /

+1.96 (+5.21%)

, XOM

Exxon Mobil

$40.39 /

+2.85 (+7.59%)

, CVX

Chevron

$76.22 /

+7.62 (+11.11%)

, RDS.A

Royal Dutch Shell

$39.02 /

+3.71 (+10.51%)

, OXY

Occidental Petroleum

$12.75 /

+2 (+18.60%)

, EOG

EOG Resources

$38.30 /

+3.59 (+10.34%)

, CXO

Concho Resources

$46.67 /

+5.01 (+12.03%)

, CLR

Continental Resources

$8.31 /

+0.86 (+11.54%)

Derek Brower and Gregory…

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IntercontinentalExchange upgraded to Buy from Neutral at Citi » 06:13
04/03/20
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06:13
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ICE

IntercontinentalExchange

$81.23 /

+1.91 (+2.41%)

Citi analyst Ben Herbert…

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Cboe Global Markets upgraded to Buy from Neutral at Citi » 06:12
04/03/20
04/03
06:12
04/03/20
06:12
CBOE

Cboe Global Markets

$92.41 /

+3.94 (+4.45%)

, ICE

IntercontinentalExchange

$81.23 /

+1.91 (+2.41%)

Citi analyst Ben Herbert…

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Hot Stocks
Carrier becomes independent, publicly traded company, begins trading on NYSE » 06:12
04/03/20
04/03
06:12
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CARR

Carrier Global

$13.50 /

-1.83 (-11.94%)

, UTX

United Technologies

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