SPDR® S&P MidCap 400 ETF

Yesterday, Mike Wilson said in an interview with CNBC, “Risk reward still not great.” Morgan Stanley’s chief strategist is expecting a recession.

The Conference Board Leading Economic Index (or LEI) has ten constituent indicators and all but one of these forward-looking indicators is based on expectations.

The Conference Board LEI constructed from the March data signals no immediate risks to the US economy (MDY).

In the trailing week, SPY, MDY, and DIA’s returns were 0.8%, 0.7%, and 1.7%, respectively. During this period, US crude oil May futures fell 2.2%.

In 3Q17, Jim Chanos has made a substantial investment in the finance sector (XLF) and various ETFs.

Mednax (MD) has a proven track record of expertise in the administration of physician services and a methodical approach to clinical data warehousing in fields such as research, education, and quality.

In the last one-month period, Marathon Oil stock’s median target price has increased from $17.00 to $17.25.

In the last one month, WPX Energy stock’s median target price has risen from $16.00 to $16.50.

In 3Q17, United Therapeutics’ (UTHR) Remodulin reported revenues of $187.3 million, which reflected ~23% growth on a year-over-year (or YoY) basis and ~19% growth on a quarter-over-quarter basis.

Kynikos Associates has a huge position in the finance (XLF) sector. The finance sector represents nearly 84.7% of the firm’s portfolio in 2Q17.

In 2Q17, Bioverativ’s Alprolix generated revenues of ~$89.7 million, which represents ~12% growth YoY (year-over-year) and ~4% growth sequentially.

In 2Q17, United Therapeutics’ (UTHR) Unituxin generated revenues of around $16 million, a 10% decline on a year-over-year (or YoY) basis and an 11% decline on a quarter-over-quarter basis.

Bioverativ (BIVV) expects its 2017 GAAP and non-GAAP operating margins to fall 38.0%–42.0% and 43.0%–47.0%, respectively.

To target patients across communities, Abiomed (ABMD) has been developing a hub-and-spoke model with hospitals.

In 2016, United Therapeutics’ (UTHR) Tyvaso reported revenues of ~$404.0 million, which reflected an ~15.0% decline year-over-year.

In 1Q17, Align Technology’s (ALGN) Invisalign sales volumes in North American markets rose YoY by 20.3% and QoQ by 8.3%.

Patterson-UTI Energy’s (PTEN) dividend yield fell to 0.29% on March 31, 2017. Since then, its dividend yield has risen to 0.38% as of June 2, 2017.

Patterson-UTI Energy’s capex budget for 2017 is $450.0 million. That’s 275.0% higher than its 2016 capex.

Valero’s crack indicators have fallen in all of these areas in May 2017 (as of May 23) as compared to April 2017.

Refiners’ cash flows have turned volatile over the past few quarters due to volatile refining earnings.

In 1Q17, Bio-Rad Laboratories’ (BIO) Life Science segment reported revenues of ~$174.3 million, which represents a YoY rise of ~5.1%.

MPC’s valuations are above the peer averages likely because it’s now in the process of restructuring its organization to unlock value.

In 1Q17, WellCare Health Plans (WCG) reported revenues of ~$3.9 billion, which totals year-over-year growth of around 11.7%.

On March 31, 2017, Basic Energy Services’ (BAS) stock price had fallen 6% from December 30, 2016.

Tesoro (TSO) opened on May 8 at $81.10 per share, which was higher than its previous close of $80.90. It saw a high of $82.10 and a low of $80.60 during the day.

Tesoro (TSO) has been rated by 18 analysts. Of those, 12 have assigned the stock a “buy” or “strong buy” rating.

After its earnings, Phillips 66 was rated by 19 analysts. Four analysts gave it a “buy,” 15 gave it a “hold,” and no analysts gave it a “sell.”

Since January 3, 2017, TSO stock has fallen 9.8%. Comparatively, crude oil prices have fallen 5.2%, and natural gas prices have fallen 5.6% year-to-date.

Valero has been rated by a total of 21 analysts. Of this total, 12 analysts (or 57%) have given the stock “buy” or “strong buy” ratings, and nine (or 43%) have given it “hold” ratings.

Alcoa (AA) released its 1Q17 earnings on April 24 after the markets (MDY) (MID-INDEX) closed. It held the conference call the same day.

Since January 3, 2017, Phillips 66 (PSX) stock has fallen 13.2%. Crude oil prices have fallen 3.6%.

Arconic is scheduled to release its 1Q17 earnings on April 25. ARNC was listed as a separate entity on November 1, 2016, when Alcoa split into two entities.

In this article, we’ll analyze the key updates the markets are waiting for in U.S. Steel’s 1Q17 earnings call.

Marathon Petroleum stock has plunged 7% year-to-date. Due to its falling price in 1Q17, the stock has broken below its 50-day moving average.

In 1Q17, there were rumors that Rio Tinto (RIO) could acquire Alcoa.

The institutional holdings in Valero Energy (VLO) are higher than the institutional holdings in Marathon Petroleum (MPC), Phillips 66 (PSX), and Western Refining (WNR).

Of the 21 analysts covering Valero Energy (VLO), 12 (57%) analysts have assigned “buy” or “strong buy” ratings, while nine (43%) have assigned “hold” ratings.

Previously, we looked at AK Steel’s (AKS) 1Q17 earnings estimates. In this article, we’ll look at some key updates the markets could be anticipating in the company’s 1Q17 earnings call.

Valero Energy (VLO) has witnessed a rise in its short interest since mid-February 2017.

U.S. Steel Corporation will release its 1Q17 earnings on April 24 after the market closes. The company’s earnings conference call will be on April 25.

Aluminum premiums are key indicators that investors in primary producers such as Century Aluminum (CENX), Norsk Hydro (NHYDY), and Rio Tinto (RIO) should track.

Short interest in Nabors Industries (NBR), as a percentage of its float, rose to 11.5% as of March 31, 2017—compared to 6.5% as of December 30, 2016.

In this article, we’ll look at February 2017’s flat rolled steel imports and study whether there’s a divergence in the imports of these products.

Weatherford International (WFT) is expected to witness a 2.1% fall in revenue in 1Q17 compared to 4Q16.

In this article, we’ll compare Tesoro’s (TSO) PEG ratio (price-to-earnings to blended growth rate) to those of its peers. We’ve considered the mean estimate of PEG.

Arconic has a mean one-year price target of $29.25, representing a 4.9% upside over its closing price on March 21, 2017.

ArcelorMittal’s mining operations generated an operating income of $203 million in 4Q16, almost double what they generated in 3Q16.

On February 9, 2017, Patterson-UTI Energy (PTEN) declared a dividend per share (or DPS) of $0.02 to be paid on March 22, 2017.

In this part, we’ll see how Patterson-UTI Energy’s (PTEN) operating cash flows have trended over the past few quarters.

AK Steel (AKS) closed at $7.95 on March 14—0.8% higher than the previous day’s closing. So far, 2017 has been a dismal year for AK Steel investors.

Valero’s Midcon crack indicator rose to $11.90 per barrel in 1Q17 from $10.90 per barrel in 4Q16.

Valero’s (VSO) cash flow excess as a percentage of CFO stands at 50%. Comparatively, Marathon Petroleum’s (MPC) excess stands at 11%.

On February 16, 2017, PBF Energy (PBF) stock opened at $24.40 per share, which was below the previous day’s closing price.

On January 10, 2017, Parsley Energy (PE) announced a $607 million acquisition in the Midland and Delaware basins of the Permian Basin.

We’ll discuss Keane Group’s revenue, earnings, and drivers in this series. We’ll also discuss the recent equity issuances in the oilfield equipment and services (or OFS) industry.

For 2016, Consol Energy’s (CNX) Pennsylvania mining operations, which is part of its coal division, expects coal production of 23.6 million–24.4 million tons.

Skechers (SKX) reported 3Q16 net sales of $942.4 million, a rise of 10.1% compared to net sales of $856.2 million in 3Q15.

Skechers USA (SKX) fell 2.7% to close at $24.48 per share during the third week of December 2016.

United Therapeutics (UTHR) is confident that about higher patient demand for its oral drug, Orenitram.

The EIA expects crude oil production to fall at four of the seven key shales by January 2017.

Demand for Gold Withstood Recent Selloff Despite the drop in the gold price in October, demand for gold bullion-backed exchange traded products (ETPs) held firm. Inflows have no doubt slowed down compared to earlier in the year (0.4% increase in holdings in October compared to 12% and 6% increases in February and June respectively), but […]

Patterson-UTI Energy expects to achieve synergies in excess of $50 million. It’s estimated that the merger will be accretive to cash flow per share.

On December 1, 2016, Buckingham Research upgraded Skechers USA’s rating to a “buy” from “neutral.” Also, it set the stock’s price target at $31.0 per share.

Demand for Gold Withstood Recent Selloff Despite the drop in the gold price in October, demand for gold bullion-backed exchange traded products (ETPs) held firm. Inflows have no doubt slowed down compared to earlier in the year (0.4% increase in holdings in October compared to 12% and 6% increases in February and June respectively), but […]

Skechers U.S.A. (SKX) has a market cap of $3.5 billion. It rose 0.99% to close at $21.41 per share on November 10, 2016.

U.S. Steel’s earnings guidance During its 3Q16 earnings call, U.S. Steel Corporation (X) cut its fiscal 2016 EBITDA (earnings before interest, tax, depreciation, and amortization) guidance to $475 million. The company also reduced its net income guidance and now expects to post a net loss of $355 million this year. We should note that this […]

U.S. Steel (X) announced a $30 increase in flat-rolled steel products. Some of the other producers including AK Steel (AKS) have also followed suit.

The issue of the Fed’s credibility is not a new one. The effectiveness of the prolonged monetary accommodation has sparked a lot of debate in the past.

During its 3Q16 earnings call, Alcoa lowered the business targets for all three segments under Arconic.

Skechers (SKX) reported 2Q16 net sales of $877.8 million, which is a YoY (year-over-year) rise of 9.7% compared to $800.5 million in 2Q15.

Of 29 analysts, 24.1% have “buy” recommendations for Dunkin’ Brands, 65.5% have “hold” recommendations, and 10.3% have “sell” recommendations.

Skechers rose 1.4% to close at $22.48 per share on September 28. The stock’s weekly, monthly, and YTD price movements were 5.9%, -9.8%, and -25.6%.

Versum Materials (VSM), a spin-off company of Air Products and Chemicals, will be added to the S&P MidCap 400 after the close of trading on September 26.

After its 2Q16 earnings, Panera’s management raised the earnings per share guidance for fiscal 2016 to $6.6–$6.7 from the earlier guidance of $6.5–$6.7.

With revenue growth of 2.6%, Jack in the Box (JACK) beat the other four fast food restaurants in revenue growth.

Since JetBlue Airways’ (JBLU) traffic growth was higher than its capacity growth, its utilizations improved in August 2016.

In August, Delta Air Lines (DAL) issued a press release stating its plans to grow in Boston, JetBlue’s (JBLU) second-largest market.

Though Remodulin is expected to face generic competition starting in 2018, UTHR is confident in maintaining the majority of its market share.

For July 2016, JetBlue Airways’ (JBLU) traffic grew by 6.6% YoY (year-over-year), higher than its July 2016 capacity growth of 5.5% YoY.

We could see some mean reversion in HRC-CRC prices in the coming quarters. Having said that, the spread might not fall to its historical levels.

The EIA (U.S. Energy Information Administration) expects crude oil production to slow down at the key US shales.

In terms of the macro calendar, the major data releases for the week starting August 15 from the US side will include the CPI and the building permits release.

U.S. Steel released its 2Q16 financial results on July 26, reporting a net loss of $46 million, which translates into a per-share loss of $0.32.

After JetBlue 2Q16 earnings release, the consensus analyst estimate declined. For 3Q16 and 4Q16, the company’s sales are expected to grow by 1.9% and 3%.

After losing ~84% of its market capitalization between September 2014 and February 2016, Marathon Oil’s stock price has begun to show signs of new uptrends.

For 2Q16, Devon Energy (DVN) expects total production in a range of 616 Mboe (thousand barrels of oil equivalent) to 653 Mboe per day.

In response to the ongoing coal market uncertainty in early 2016, Consol Energy’s (CNX) coal division has reduced its 2016 expected sales forecast to 27 million–32 million tons.

In this article, we’ll analyze how Superior Energy Services’ (SPN) operating cash flows trended over the past few quarters.

Since 2011, Akorn (AKRX) has focused on acquisitions that either expand the company’s core capabilities or increase its geographic market access.

Revenue growth drives earnings and, in turn, raises investor confidence. In 1Q16, casual dining restaurant companies in our series posted a median revenue growth of 6.9%.

Wall Street analysts expect United Therapeutics (UTHR) to report 2016 revenue of approximately $1.6 billion, which represents YoY (year-over-year) growth of approximately 8.7%.

United Therapeutics (UTHR) holds four additional patents specifically related to the diluents and modes of administration for Remodulin.

In this series, we’ll analyze Skechers’ business model, its competitive positioning, its financials, and its stock price performance and returns.

The Cheesecake Factory has positioned itself as an upscale casual dining concept that focuses on providing a distinctive, high-quality dining experience.

By the end of 2015, CAKE was operating 188 The Cheesecake Factory restaurants, 12 Grand Lux Cafes, and one RockSugar Pan Asian Kitchen restaurant.

Consumer spending rose by 1.0% in April and is expected to put pressure on the Fed to raise interest rates.

Richard Bernstein advises against trying to time the markets. What happens more often than not is that retail investors end up buying high and selling low—the opposite of what they should be doing.

All Halcón’s debt junior in seniority to its existing 8.625% second lien notes due 2020 and its 12% second lien notes due 2022 will be eliminated.

By the end of 2018, Encana expects Montney to produce 1 Bcf per day of natural gas and 50,000 barrels of liquids.

Wendy’s posted same-store sales growth of 3.4% in 1Q16, with SSSG of 4.8% for its company-owned restaurants and SSSG of 3.2% for its franchised restaurants.