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Securities Lending

SLB Update: Largest Short Value per Sector


The following table shows the securities with the largest short value per sector on 8/14/2017.
 

 
 
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.

14259




Options

How to Play Alibaba's Earnings


An options strategy for investors bullish on the Chinese internet giant.
 

As Alibaba Group Holding prepares to report earnings early Thursday, investors can make an inexpensive trade in anticipation of a big stock rally.

Investors can profit if Alibaba’s (ticker: BABA) earnings report pushes the stock above $160.70. At $165, profits could hit $5.

If you’re interested in this potential payout, buy Alibaba’s August $160 call option that expires Friday for $4.15 and sell the August $157.50 put option with the same expiration for $3.45. The net cost was 70 cents when the stock was at $159.38.

The risk reversal – that is, buying a call and selling a put with a lower strike price but similar expiration – lets investors cost-effectively trade one of the hottest stocks in the world ahead of what should be a big, bullish event.

If everything works as expected, investors will feel like they won the Powerball lottery. Should the internet giant’s stock decline on earnings, investors are obligated to buy the stock at the put strike price, or just pony up to buy back the put.

Rob Sanderson, an MKM Partners analyst, is telling clients that online consumption trends in China appear robust—and that Alibaba is expected to beat consensus earnings estimates.

In a Wednesday note, Sanderson wrote: “We think buy-side expectations are for at least 52% revenue growth to 49Bn renminbi, ahead of consensus for 48% growth to 47.6Bn RMB. While we do expect that results will exceed the higher bar, we think that any potential pullback on expectations would be short-lived. BABA remains among our top pick among the group of mega-cap internet stocks.“

We have long recommended Alibaba’s stock as a way to monetize the growth of China’s middle class. Our latest trade is yet another iteration of faith in Alibaba. Even if the stock surprises investors and declines on earnings, the company is a long-term winner.

 

 

Steven M. Sears is a Senior Editor and Columnist with Barron's. He is the author of "The Indomitable Investor: Why a Few Succeed in the Stock Market When Everyone Else Fails." Mr. Sears previously reported for Dow Jones Newswires and The Wall Street Journal. He has reported upon most major modern financial events, including the Asian Contagion, the bursting of the Internet Bubble, the Credit Crisis, and Europe's sovereign debt crisis. He also was part of exchange executive teams that modernized the U.S. options market, and introduced electronic trading. Interact with him on Twitter @sm_sears.

Get investing analysis that moves stocks and markets—Subscribe to Barron’s for just $1 a week.

This article is from Barron's and is being posted with Barron’s permission. The views expressed in this article are solely those of the author and/or Barron's 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.

 


14258




Stocks

Consumer Staples Sector 3Q17: Best and Worst


The Consumer Staples sector ranks first out of the ten sectors as detailed in our 3Q17 Sector Ratings for ETFs and Mutual Funds report. Last quarter, the Consumer Staples sector ranked first as well. It gets our Very Attractive rating, which is based on an aggregation of ratings of nine ETFs and 15 mutual funds in the Consumer Staples sector as of July 11, 2017. See a recap of our 2Q17 Sector Ratings here.

Figure 1 ranks from best to worst all nine Consumer Staples ETFs and Figure 2 shows the five best and worst-rated Consumer Staples mutual funds. Not all Consumer Staples sector ETFs and mutual funds are created the same. The number of holdings varies widely (from 18 to 115). This variation creates drastically different investment implications and, therefore, ratings.

Investors seeking exposure to the Consumer Staples sector should buy one of the Attractive-or-better rated ETFs or mutual funds from Figures 1 and 2.

Our Robo-Analyst technology empowers our unique ETF and mutual fund rating methodology, which leverages our rigorous analysis of each fund’s holdings. We think advisors and investors focused on prudent investment decisions should include analysis of fund holdings in their research process for ETFs and mutual funds.

Figure 1: ETFs with the Best & Worst Ratings

https://www.newconstructs.com/wp-content/uploads/2017/07/NewConstructs_ConStaplesETFratings_3Q17.png

* Best ETFs exclude ETFs with TNAs less than $100 million for inadequate liquidity.

Sources: New Constructs, LLC and company filings

Figure 2: Mutual Funds with the Best & Worst Ratings – Top 5

https://www.newconstructs.com/wp-content/uploads/2017/07/NewConstructs_ConStaplesMFratings_3Q17.png

* Best mutual funds exclude funds with TNAs less than $100 million for inadequate liquidity.

Sources: New Constructs, LLC and company filings

Fidelity Select Automotive Portfolio (FSAVX) is excluded from Figure 2 because its total net assets (TNA) are below $100 million and do not meet our liquidity minimums.

Fidelity MSCI Consumer Staples Index (FSTA) is the top-rated Consumer Staples ETF and Vanguard Consumer Staples Index Fund (VCSAX) is the top-rated Consumer Staples mutual fund. Both earn a Very Attractive rating.

PowerShares S&P SmallCap Consumer Staples Portfolio (PSCC) is the worst rated Consumer Staples ETF and ICON Consumer Staples Fund (ICRAX) is the worst rated Consumer Staples mutual fund. PSCC earns a Neutral rating and ICRAX earns a Very Dangerous rating.

122 stocks of the 3000+ we cover are classified as Consumer Staples stocks.

The Danger Within

Buying a fund without analyzing its holdings is like buying a stock without analyzing its business and finances. Put another way, research on fund holdings is necessary due diligence because a fund’s performance is only as good as its holdings’ performance. Don’t just take our word for it, see what Barron’s says on this matter.

PERFORMANCE OF HOLDINGs = PERFORMANCE OF FUND

Analyzing each holding within funds is no small task. Our Robo-Analyst technology enables us to perform this diligence with scale and provide the research needed to fulfill the fiduciary duty of care. More of the biggest names in the financial industry (see At BlackRock, Machines Are Rising Over Managers to Pick Stocks) are now embracing technology to leverage machines in the investment research process. Technology may be the only solution to the dual mandate for research: cut costs and fulfill the fiduciary duty of care. Investors, clients, advisors and analysts deserve the latest in technology to get the diligence required to make prudent investment decisions.

Figures 3 and 4 show the rating landscape of all Consumer Staples ETFs and mutual funds.

Figure 3: Separating the Best ETFs From the Worst ETFs

https://www.newconstructs.com/wp-content/uploads/2017/07/NewConstructs_ConStaplesETFLandscape_3Q17.png

Sources: New Constructs, LLC and company filings

Figure 4: Separating the Best Mutual Funds From the Worst Mutual Funds

https://www.newconstructs.com/wp-content/uploads/2017/07/NewConstructs_ConStaplesMFLandscape_3Q17.png

Sources: New Constructs, LLC and company filings

This article originally published on July 13, 2017.

Disclosure: David Trainer and Kyle Guske II receive no compensation to write about any specific stock, sector or theme.

About New Constructs

Our stock rating methodology instantly informs you of the quality of the business and the fairness of the stock’s valuation. We do the diligence on earnings quality and valuation so you don’t have to.

In-depth risk/reward analysis underpins our stock rating. Our stock rating methodology grades every stock according to what we believe are the 5 most important criteria for assessing the quality of a stock. Each grade reflects the balance of potential risk and reward of buying that stock. Our analysis results in the 5 ratings described below. Very Attractive and Attractive correspond to a "Buy" rating, Very Dangerous and Dangerous correspond to a "Sell" rating, while Neutral corresponds to a "Hold" rating.

Cutting-edge technology enables us to scale our forensics accounting expertise so that we can cover enough stocks to cover the ETFs that hold them as well. Learn more about New Constructs. Get a free trial. See what Barron’s has to say about our research.

This article is from New Constructs, LLC and is being posted with New Constructs, LLC’s permission. The views expressed in this article are solely those of the author and/or New Constructs, LLC 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.


14257




Technical Analysis

Global Growth Helping Company Revenues, As The U.S. Consumer Remains A Workhorse


  • U.S. retail sales surprised to the upside, up +0.6% m/m in July with upward revisions to prior months.  This “hard” data is following the elevated “soft” readings (eg, consumer confidence). Timely survey data such as the NY Fed mfg index also surprised to the upside in August (surging to 25.2). 
  • Japan’s domestic economy surged 1% QoQ (4% annualized) in 2Q. The GDP deflator index rose, which is a big deal for Japan. With solid growth & budding inflation, Japan is again talking of increasing its consumption tax (yikes!), though the target date is 2019.  
  • Chinese retail sales, investment, and industrial production all moderated again in July, though they remain rapid. We’re staying tuned here, though there does not appear to be imminent risk.
  • This package of solid U.S. + global data is a welcome boost as more corporations worry about the progress in D.C. as well as geopolitical risk.

 

NY Fed Mfg Index Shows “Soft” Data Still Elevated

 

Homebuilders Are Remaining Upbeat Too

 

Japan GDP Anchors Package Of Solid Global Data …

 

Strategas Research Partners' Institutional Investor-ranked Research Team works to identify the major themes with broad implications for global financial markets. Strategas covers the broad investment landscape, with published reports discussing Investment Strategy, Economics, Washington Policy, Quantitative and Fixed Income research. The team's thematic and macro-driven approach relies on empirical data as well as fundamental and technical research to provide readers with an integrated investment strategy for a variety of time horizons.

This article is from Strategas Research Partners and is being posted with Strategas Research Partners’ permission. The views expressed in this article are solely those of the author and/or Strategas Research Partners 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.

 

14256




Technical Analysis

Nasdaq Technical Take: Deteriorating Breadth


As equity markets waffle near 52-week highs, a growing divergence that is hard to ignore is the decline in breadth where fewer and fewer stocks are participating in the gains.  One breadth measure Bloomberg highlighted today is the ratio of the S&P 500 equal weight index (SPX) vs. the cap-weighted S&P 500 (SPX).  The ratio is represented by the white line which peaked back in December 2016 and has since been making a series of lower highs and lower lows.  The divergence to the cap-weighted S&P 500 began in mid-February and recently in late July has begun to accelerate as the ratio has seen a sharp decline as the S&P 500 has made marginal new highs.  The ratio itself has now declined 4.3% from its December highs which last occurred in the summer of 2015 before the S&P 500 corrected 12%.
 
Another measure of the deteriorating breadth is the percentage of stocks making new lows, as seen in the lower panel.  As of yesterday’s close with the S&P 500 within 1% of its all-time highs, 6% of the index was making new lows.  This is the highest percentage seen since June 2016 when the SPX declined 6% post-Brexit, and before that during the Q1’16 during the correction of 12%-14%.  This time there is no shortage of risks including summer seasonality, Fed BS taper, geopolitical tensions with NK, Trump rhetoric, and a looming debt ceiling that could act as triggers for a meaningful pullback.  
 

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.


14255




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Options involve risk and are not suitable for all investors. For more information read the "Characteristics and Risks of Standardized Options". For a copy visit interactivebrokers.com/disclosures or call 203-618-5800.

Any trading symbols displayed are for illustrative purposes only and are not intended to portray recommendations.

The material (including articles and commentary) provided on IB Traders' Insight is offered for informational purposes only. The posted material is NOT a recommendation by Interactive Brokers (IB) that you or your clients should contract for the services of or invest with any of the independent advisors or hedge funds or others who may post on IB Traders' Insight or invest with any advisors or hedge funds. The advisors, hedge funds and other analysts who may post on IB Traders' Insight are independent of IB and IB does not make any representations or warranties concerning the past or future performance of these advisors, hedge funds and others or the accuracy of the information they provide. Interactive Brokers does not conduct a "suitability review" to make sure the trading of any advisor or hedge fund or other party is suitable for you.

Securities or other financial instruments mentioned in the material posted are not suitable for all investors. The material posted does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation to you of any particular securities, financial instruments or strategies. Before making any investment or trade, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice. Past performance is no guarantee of future results.

Any information posted by employees of IB or an affiliated company is based upon information that is believed to be reliable. However, neither IB nor its affiliates warrant its completeness, accuracy or adequacy. IB does not make any representations or warranties concerning the past or future performance of any financial instrument. By posting material on IB Traders' Insight, IB is not representing that any particular financial instrument or trading strategy is appropriate for you.

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