Sensex, Nifty Fall For Third Straight Day Dragged By Metals

• Do not expect Larsen & Toubro going below Rs 1,200
• L&T best proxy to infrastructure, engineering and capital goods space
• Many sectors are over-valued and most stocks have run ahead of earnings
• Story of Indian pharma is over, there could be one or two pockets of strength here and there in pharma space

Shares of Anil Dhirubhai Ambani Group (ADAG) companies fell in trade today. Anil Dhirubhai Ambani Group companies are highly over leveraged and there is not much visibility of how they plan to reduce debt, market expert Mehraboon Irani told BloombergQuint.

• Reliance Capital plunges 10 percent
• Reliance Communications slumps 13 percent
• Reliance Power declined 9 percent
• Reliance Infrastructure drops 8

• Fortis Healthcare: The stock rose as much as 11.54 percent, the most in over a year, to Rs 145.50 after the company entered into an agreement to acquire Singapore-listed RHT Health Trust for a combined enterprise value of approximately Rs 4,650 crore.
• Panacea Biotech: The Punjab-based drugmaker rose close to 10 percent after it signed an agreement with government's Technology Development Board (TDB) for providing the financial assistance of Rs 28.99 Crore
• TVS Srichakra: The stock rose nearly 6.5 percent after rubber price in international market fell to its lowest level in two weeks.
• Waterbase: The stock gained the most in over two years to hit record high of Rs 188.70 on the back of strong earnings:
• Revenue rose 21 percent to Rs 97 crore versus Rs 80 crore (YoY)
• EBITDA jumped 200 percent to Rs 15 crore versus Rs 5 crore (YoY)
• Margin came in at 15.6 percent versus 6.5 percent
• Net profit rose 265 percent to Rs 9.5 crore versus Rs 2.6 crore (YoY)

• Indian equity benchmarks extended losses in last hour of trade led by selling pressure in metal, realty and power shares.
• The S&P BSE Sensex fell 236 points to 32,705 and the NSE Nifty 50 Index broke its crucial psychological level of 10,100, down 88 points.
• All the sector gauges compiled by BSE were trading lower led by S&P BSE Metal Index's 3.6 percent fall.
• Broader markets were also facing selling pressure as the S&P BSE MidCap Index declined 1.3 percent and the S&P BSE SmallCap Index fell 1.7 percent.
• From the Nifty 50 basket of shares, 37 were trading lower while 13 were among the gainers.
• Vedanta, Sun Pharma, Hindalco, Bharti Infratel, Indiabulls Housing Finance and UPL were among the top losers, down 3.4-5 percent.

Government has advanced implementation of BS-VI fuel norms to April 2018 to combat pollution menace in Delhi, according to Bloomberg.

• TCS has 10 lakh shares wort Rs 275 crore change hands in three blocks.

Buyers and sellers were not immediately known

Source: Bloomberg

Shares of shrimp producers — Apex Frozen Foods and Waterbase Ltd rose after both the companies reported their September quarter earnings.

• Waterbase rose as much as 18 percent to Rs 188.70 after its net profit surged 265 percent (YoY) to Rs 9.5 crore on revenue of Rs 97 crore.
• Apex Frozen Foods shares were locked in 5 percent upper circuit at Rs 485 after its net profit came in at Rs 58 crore on revenue of Rs 533 crore.

• Cox & Kings: The Mumbai-based travel service provider rose nearly 5 percent to Rs 263.85. Trading volume was 12.9 times its 20-day average.
• Fortis Healthcare: The Delhi-based hospital operator rose as much as 11.5 percent to Rs 145.50 after it offered to buy all assets of its Singapore-listed trust RHT Health Trust for Rs 4,650 crore. Trading volume was 11 times its 20-day average.
• Inox Leisure: The Vadodara-based multiplex operator rose 2.36 percent to Rs 275.95. Trading volume was 6.2 times its 20-day average.
• Alembic Pharma: The Vadodara-based drugmaker advanced 2 percent to Rs 526.90. Trading volume was 6.8 times its 20-day average.

• Indian equity benchmarks were trading on a weak note led by losses in metal producers which came under selling pressure tracking losses in base metal prices in international markets.
• The S&P BSE Sensex declined 91 points to 32,850 and the NSE Nifty 50 Index declined 33 points to 10,153.
• From the Nifty 50 Index 31 shares were trading lower while 20 were among the losers.
• Eleven out of 19 sector gauges compiled by BSE were trading lower led by the S&P BSE Metal Index's 2.2 percent fall.
• Sun Pharma, ONGC, Hindalco, Vedanta and Indiabulls Housing Finance were among the laggards from the Nifty 50 basket of shares.

Shares of the Delhi-based steel producer declined after it reported September quarter earnings.

• Net loss narrowed to Rs 467 crore versus loss of Rs 980 crore
• Revenue rose 44 percent to Rs 4,320 crore versus Rs 3,000 crore (YoY)
• Total costs at Rs 5,670 crore versus Rs 4,140 crore (YoY)

Shares of tyre manufacturers rose after rubber price in international markets fell to its lowest in two weeks.

Shanghai rubber futures fell as much as 6.7 percent to 13,215 yuan, its lowest since Oct. 31.

• JK Tyre and Industries rose 1.4 percent
• TVS Srichakra advanced 7 percent
• Elgi Rubber Company jumped 7 percent
• Ceat gained 4 percent
• Balkridhna Industries advanced 6 percent
• MRF rose 2.6 percent

Shares of the Nagpur-based miner rose as much as 7.3 percent to Rs 266 after it reported strong earnings in July-September quarter.

• Revenue up 46.4 percent at Rs 287 crore.
• Profit up 123 percent at Rs 92.7 crore.
• EBITDA up 547 percent at Rs 116.5 crore.
• Margin at 40.6 percent versus 9.2 percent.

Shares of the Delhi-based financial services firm rose as much as 10 percent, the most in over a month, to Rs 46.20 after its loss narrowed in July-September quarter.

• Revenue from operations fell 78 percent to Rs 2.65 crore versus Rs 11.82 crore (YoY)
• Net loss narrowed to Rs 30.49 crore from loss of Rs 39.54 crore (YoY)

Shares of the Vadodara-based public-sector lender rose as much as 3.4 percent, the most since Nov. 10, to Rs 180.30 after its asset quality improved in July-September quarter.

• Net interest income rose 8.6 percent to Rs 3,720.20 crore versus Rs 3,426 crore (YoY)
• Net profit declined 36 percent to Rs 355 crore versus Rs 552 crore (YoY)
• Gross non-performing assets as a percentage of total advances came in at 11.16 percent versus 11.40 percent (QoQ)
• Net NPAs came in at 10.24 percent versus 11.14 percent (QoQ)

Shares of the crude oil refining companies like Indian Oil, Bharat Petroleum and Hindustan Petroleum moved higher as crude oil price fell for fourth straight day in international markets.

Brent Crude declined 1.2 percent to $61.45.

• Indian Oil rose 1.8 percent
• Bharat Petroleum advanced 2.69 percent
• Hindustan Petroleum gained 2.63 percent

Shares of the country's biggest drugmaker fell as much as 3 percent, the most since Nov. 7, to Rs 510 after it reported steep decline in net profit in July-September quarter after market hours yesterday.

• Net profit fell 59 percent to Rs 912 crore versus Rs 2,235 crore (YoY)
• Revenue fell 19.4 percent to Rs 6,650.3 crore, missing the Rs 6,800 crore estimate.
• Operating income fell 56 percent to Rs 1,375 crore, in line with expectations.
• Operating margin contracted over 17 percentage points to 20.7 percent.

• Recent rally was more of a hope rally
• See political shadow impacting markets
• Following strategy of not investing in the insurance sector IPOs
• Recommend buying in consumer companies
• Holding investments in banking, not adding more at current levels
• Avoid investing in OMCs till government cuts excise rates
• Gujarat election is more of an overhang than worry for markets

Shares of the Hyderabad-based drugmaker rose as much as 3.5 percent to Rs 1,060 after it said the U.S. drug regulator has removed an import alert on its Visakhapatnam unit, paving the way for the company to sell medicines in the crucial market.

• Fundamentally nothing has changed for RIL despite crude oil rally
• Reliance Industries’ core business remains extremely strong
• Remain positive on RIL, correction a good entry point at current levels
• ADAG passing through challenging times, market not confident about underlying story of Reliance Capital

• Rupee opens flat at 65.41 per dollar against yesterday's close of 65.42.

Yield on the Indian sovereign bonds jumped 8 basis points and breached the critical 7 percent mark in the last session. And the pain doesn’t seem to be easing anytime soon. First the heavy supply of bonds. This week alone Rs 33,600 crore of bonds and treasury bills are in the market. Further, another 100 billion will come in the next week via open market operation. Second, with inflation high and risk of fiscal slippage, RBI too may not be able to offer much relief. Investors see the yield staying above 7 percent in the short term.

In the currency market, the rupee is likely to open higher after ending flat in yesterday’s session. Foreigners raised their holdings of government and corporate bonds by over Rs 860 crore, snapping six days of selling. Currency is seen moving in a range of 65.20-65.60 a dollar in the day.

• Nifty November futures closed at 10,233.6, premium of 47.6 points versus 44 points.
• November contracts: Nifty open interest down 5 percent; Bank Nifty open interest down 2 percent.
• India VIX closed 0.8 percent higher at 14.1.
• Max open interest for November series at 10,500 Call (open interest at 56.3 lakh, up 2 percent).
• Max open interest for November series at 10,200 Put (open interest at 45.8 lakh, down 7 percent).

Here’s how foreign and local funds played the market on Tuesday.https://t.co/TM4klM6y62 pic.twitter.com/mmXv84VeEE

— BloombergQuint (@BloombergQuint) November 15, 2017

• CARE Ratings
• Somany Ceramics
• TD Power Systems
• Wonderla Holidays
• Digjam
• Automotive Axles
• Empee Distilleries
• Golden Tobacco
• HMT Limited
• K S Oils
• New India Assurance Company
• Sumeet Industries
• Universal Cables

Sun Pharma (Q2FY18, YoY)

• Revenue down 19 percent at Rs 6,650 crore.
• Profit down 59 percent at Rs 912 crore.
• EBITDA down 56 at Rs 1,375 crore versus Rs 3,168 crore.
• Margin at 20.7 percent versus 38.3 percent.

Reliance Capital (Q2FY18, YoY)

• Revenue from operation up 7 percent at Rs 5,243 crore.
• Net interest income up 3 percent at Rs 4,255 crore.
• Profit up 39 percent at Rs 352 crore.
• Profit from associates at Rs 57 crore.

Bank of Baroda (Q2FY18, YoY)

• Net interest income up 8.6 percent at Rs 3,720 crore.
• Net profit down 35.6 percent at Rs 355.4 crore.
• NIM at 2.68 percent versus 2.48 percent (QoQ).
• GNPA at 11.16 percent versus 11.40 percent (QoQ).
• NNPA at 5.05 percent versus 5.17 percent (QoQ).

Gail (Q2FY18, YoY)

• Revenue up 9 percent to Rs 12,410 crore.
• Profit up 28 percent to Rs 1,310 crore.
• EBITDA up 9 percent to Rs 2,069 crore.
• Margin at 16.7 percent versus 16.7 percent.

Indiabulls Real Estate (Q2FY18, YoY)

• Revenue up 1.5 percent at Rs 722 crore.
• Profit down 24 percent at Rs 108 crore.
• EBITDA up 72 percent at Rs 299.5 crore.
• Margin at 41.5 percent versus 24.5 percent.

Merck (Q2FY18, YoY)

• Revenue up 16 percent at Rs 313 crore.
• Profit up 12 percent at Rs 32 crore.
• EBITDA up 23.9 percent at Rs 57 crore.
• Margin at 18.2 percent versus 17.1 percent.

Ceat (Q2FY18, YoY)

• Revenue up 7 percent at Rs 1,523 crore.
• Profit down 28 percent at Rs 76.6 crore.
• EBITDA down 5.9 percent at Rs 175 crore.
• Margin at 11.5 percent versus 13 percent.

MOIL (Q2FY18, YoY)

• Revenue up 46.4 percent at Rs 287 crore.
• Profit up 123 percent at Rs 92.7 crore.
• EBITDA up 547 percent at Rs 116.5 crore.
• Margin at 40.6 percent versus 9.2 percent.

Godrej Industries (Q2FY18, YoY)

• Revenue up 11 percent at Rs 2,465 crore.
• Profit up 53 percent at Rs 95 crore.
• EBITDA up 34 percent at Rs 220.5 crore.
• Margin at 8.9 percent versus 7.5 percent.

NLC India (Q2FY18, YoY)

• Revenue down 3 percent at Rs 1,993 crore.
• Profit up 9 percent at Rs 327 crore.
• EBITDA up 32 percent at Rs 817 crore.
• Margin at41 percent versus 30.2 percent.

Infibeam (Q2FY18, QoQ)

• Revenue up 9 percent at Rs 202 crore.
• Profit up 18.75 percent at Rs 19 crore.
• EBITDA up 17 percent at Rs 27 crore.
• Margin at 13.4 percent versus 12.4 percent.

Solar Industries (Q2FY18, YoY)

• Revenue up 30.35 percent at Rs 408 crore.
• Profit up 24.3 percent at Rs 46 crore.
• EBITDA up 33 percent at Rs 87 crore.
• Margin at 21.3 percent versus 20.9 percent.

Honeywell (Q2FY18, YoY)

• Revenue up 16 percent at Rs 673 crore.
• Profit up 64 percent at Rs 74 crore.
• EBITDA up 56 percent at Rs 107.5 crore.
• Margin at 16 percent versus 12 percent.

MRPL (Q2FY18, QoQ)

• Revenue down 11 percent at Rs 9,096 crore.
• Profit up 104 percent at Rs 478 crore.
• EBITDA up 56 percent at Rs 908 crore.
• Margin at 10 percent versus 5.7 percent.

JP Associates (Q2FY18, YoY)

• Revenue down 36 percent at Rs 842 crore.
• Net loss of Rs 186.5 crore versus loss of Rs 781 crore.
• EBITDA at Rs 38 crore versus loss of Rs 86 crore.
• Margin at 4.5 percent versus -6.5 percent.

Dixon Technologies (Q2FY18, YoY)

• Revenue up 19 percent at Rs 879 crore.
• Profit up 31.25 percent at Rs 21 crore.
• EBITDA up 24.6 percent at Rs 35.5 crore.
• Margin at 4.0 percent versus 3.9 percent.

Kwality (Q2FY18, YoY)

• Revenue up 8.5 percent at Rs 1,671 crore.
• Profit down 50 percent at Rs 21 crore.
• EBITDA up 13.6 percent at Rs 117 crore.
• Margin at 7 percent versus 6.7 percent.

NBCC (Q2FY18, YoY)

• Revenue down 13.5 percent at Rs 1,328 crore.
• Profit up 14 percent at Rs 78.6 crore.
• EBITDA up 15 percent at Rs 85 crore.
• Margin at 6.4 percent versus 4.8 percent.

Aashiana Housing (Q2FY18, YoY)

• Revenue down 6 percent at Rs 108.5 crore.
• Profit up 9.5 percent at Rs 23 crore.
• EBITDA up 17.3 percent at Rs 30.5 crore.
• Margin at 28.1 percent versus 22.6 percent.

JK Tyres (Q2FY18, YoY)

• Revenue up 7 percent at Rs 2,058 crore.
• Profit down 82.6 percent at Rs 17.4 crore.
• EBITDA down 46 percent at Rs 196 crore.
• Margin at9.5 percent versus 18.9 percent.

Indo Count (Q2FY18, YoY)

• Revenue down 14.4 percent at Rs 493 crore.
• Profit down 43 percent at Rs 36 crore.
• EBITDA down 38 percent at Rs 72 crore.
• Margin at14.6 percent versus 20.1 percent.

MTNL (Q2FY18, YoY)

• Revenue down 12 percent at Rs 642 crore.
• Net loss of Rs 730.6 crore versus loss of Rs 768 crore.
• EBITDA loss at Rs 247 crore versus loss of Rs 279 crore.
• Margin at -38.4 percent versus -38.3 percent.

MEP Infra (Q2FY18, YoY)

• Revenue down 8.5 percent at Rs 409 crore.
• Profit down 89 percent at Rs 6.55 crore.
• EBITDA down 44.5 percent at Rs 186 crore.
• Margin at 45.5 percent versus 74.9 percent.

Eros Media (Q2FY18, YoY)

• Revenue down 44 percent at Rs 268 crore.
• Profit down 12.7 percent at Rs 55 crore.
• EBITDA down 8 percent at Rs 82.5 crore.
• Margin at 30.8 percent versus 18.8 percent.

Corporation Bank (Q2FY18, YoY)

• Net interest income down 1.3 percent at Rs 1,239.5 crore.
• Net loss of Rs 1,035 crore versus profit of Rs 206 crore.
• Provisions for NPA up 68 percent at Rs 2,536 crore (QoQ).
• GNPA at 15.28 percent versus 15.49 percent (QoQ).
• NPA at 10.24 percent versus 11.14 percent (QoQ).

Anant Raj (Q2FY18, YoY)

• Revenue up 0.9 percent at Rs 113 crore.
• Profit down 58 percent at Rs 9 crore.
• EBITDA down 19 percent at Rs 27.5 crore.
• Margin at 24.3 percent versus 30.4 percent.

India Tourism Development Corporation (Q2FY18, YoY)

• Revenue down 4 percent at Rs 71 crore.
• Net loss of Rs 8 crore versus loss of Rs 3 crore.
• EBITDA loss at Rs 14 crore.
• Margin at -19.7 percent versus 7.4 percent.

Gitanjali Gems (Q2FY18, YoY)

• Revenue down 4.4 percent at Rs 3,789 crore.
• Profit up 36 percent at Rs 64.5 crore.
• EBITDA down 39 percent at Rs 123 crore.
• Margin at 3.2 percent versus 5.1 percent.

Indoco Remedies

• KIFS Enterprises net bought 2.98 lakh shares or 0.3 percent equity stake at Rs 266.38 each.

eClerx Services

• Royal Bank of Scotland sold 2.88 lakh shares or 0.7 percent equity stake at Rs 1270 each.

Websol Energy System

• India Max Investment Fund sold 1.47 lakh shares or 0.6 percent equity stake at Rs 111.55 each.

Khadim India

• Kiduja India bought 2 lakh shares at Rs 730 each.

Bharti Infratel

• Nettle Infrastructure Investment sold 8.3 crore shares or 4.5 percent equity stake at an average of Rs 400.4 each.
• UBS Principal Capital Asia bought 1.7 crore shares or 0.9 percent equity stake at Rs 400 each.
• Harris Insight Emerging Markets Fund bought 1.47 crore shares or 0.8 percent equity stake at Rs 399.98 each.

• Circuit filter revised to 10 percent: Rishiroop, SORIL Infra, Lloyds Steel.
• Circuit filter revised to 5 percent: Tips Industries.
• New India Assurance added to S&P BSE IPO Index.
• Tube Investments last trading day in T group.

Antique on Sun TV

• Initiated ‘Buy’ with price target of Rs 1,070; implying a potential upside of 25 percent from yesterday’s close.
• Says Sun TV set to enter the growth orbit.
• Expect recovery in ad revenue from the second half on company’s renewed focus on market share.
• Expect ad revenue to grow at a compound annual growth rate of 10 percent by March 2020.
• Expect subscription revenue to grow at a compound annual growth rate of 20 percent by March 2020 on commencement of digitisation in Tamil Nadu.
• IPL business to turn profitable and aid margin improvement; operating margin to expand by 200 basis points from the next financial year.
• Expect the stock to re-rate from current levels with earnings a compound annual growth rate of 18 percent by March 2020.

Deutsche Bank on Eicher Motors

• Maintained ‘Buy’; Cut price target to Rs 33,750 from Rs 34,000.
• September quarter results were broadly in-line with estimates.
• Expect volume growth to moderate in the next financial year due to capacity constraints.
• Expect earnings per share to grow at a compound annual growth rate of 29 percent by March 2020.
• Expect Eicher’ revenue growth and margins to outpace volume growth due to pricing power, and increasing share of spare parts/service revenues.

Credit Suisse on Eicher Motors

• Maintained ‘Underperform’; hiked price target to Rs 26,600 from Rs 25,600.
• Previous quarter results were in-line; Margin expansion was below industry.
• New models targeted at international markets, upgrade buyers in India.
• New model production to start by April 2018.
• Will need new models to succeed for current valuations to sustain.

CLSA on Cadila Healthcare

• Downgraded to ‘Underperform’ from ‘Buy’; Cut price target to Rs 480 from Rs 580.
• Cadila’s strong performance in the previous quarter may not recur, as Lialda is likely to face incremental competition in the March ending quarter.
• Lialda competition is likely to result in flat U.S. sales and earnings by March 2020.
• Cut earnigs per share estimates by 3-21 percent for the financial years till March 2020 to factor in September quarter results and earlier-than-expected Lialda competition.

Credit Suisse on Cadila Healthcare

• Maintained ‘Neutral’ with price target of Rs 465.
• Previous quarter was a miss as strong Lialda sales did not translate into strong margins.
• India growth at 15 percent driven by restocking.
• Lialda and Asacol account for one-third of the next financial year earnings and could constrain overall growth.
• Expect financial year ending March 2020 to be flattish compared to the next financial year.

Prabhudas Lilladher on Cadila Healthcare

• Maintained ‘Accumulate’ with price target of Rs 519.
• U.S. and India traction lead to previous quarter surpassing estimates; Sustainability to drive valuation
• Key launches to drive U.S. generic growth in the second half and the next financial year.
• Expect benefits of exclusive launches to significantly improve headline margins.

CLSA on Sun Pharma

• Maintained ‘Sell’; hiked price target to Rs 390 from Rs 370.
• Lack of new launches and continued pricing pressure resulted in sharp U.S. sales decline.
• U.S. sales may be nearing the bottom, there is little visibility of revival.
• New approvals are the key, which would also depend on Halol resolution.
• New launches are important to fill the U.S. void.
• Halol plant inspection outcome will be the key near-term stock catalyst.

Credit Suisse on Sun Pharma

• Maintained ‘Outperform’ with price target of Rs 595.
• Results during the previous quarter were weak impacted by deferred U.S. sales.
• Margins to improve in the second half; Expect Sun to beat margin guidance of 20- 22 percent.
• Sun does not yet have Halol inspection dates but expects it to be in the current quarter.
• Earnings per share cut by 3 percent for the current financial year, driven by weak U.S. sales.
• Demerger of part of Global FZE could sustain lower tax rate.

CLSA on GAIL

• Maintained ‘Sell’ with price target of Rs 405.
• weak petchem business during the previous quarter was offset by strong gas transmission, gas trading and LPG.
• Positive view on GAIL’s gas transmission business but fear expensive long-term U.S. LNG contracts.
• Every $1/mmbtu mismatch equating to $250 million annual risk.
• Stock seems to be ignoring this risk.

Citi on GAIL India

• Maintained ‘Neutral’; hiked price target to Rs 510 from Rs 423.
• Higher gas volumes drive operating beat in the previous quarter.
• Gas transmission showed strong QoQ pick-up in volumes and stronger improvement in profitability.
• Raise earnings per share estimates by 16-17 percent for the next two financial years, primarily on higher transmission tariffs.
• U.S. LNG risks abating.

Morgan Stanley on Bank of Baroda

• Maintained ‘Equal-weight’ with price target of Rs 170.
• Previous quarter reported a good net interest income; asset quality was in-line.
• Positives were higher margins and sequential pickup in loan growth.
• Expect gradual recovery in pre-provisioning operating profits, given continued pressure on loan yields and staff cost growth picks up.
• Bank is better placed than peers, given relatively better management and non-performing loan coverage.

UBS on Bank of Baroda

• Maintained ‘Buy’; hiked price target to Rs 230 from Rs 220.
• Strong operating performance was reported in the September quarter while provisions remain high.
• Expect gross non-performing loans to decline to 9 percent in the next financial year.
• Expect credit cost to decline to 1 percent in the next financial year.
• Expect return on equity to improve to 7.3 percent and 11.7 percent in the next financial years.
• Bank better placed than peers’ due to higher provision coverage and improving core franchise.

Credit Suisse on IPCA Laboratories

• Maintained ‘Neutral’ with price target of Rs 550.
• India sales were weak in the previous quarter, but the margins were strong.
• Export formulation sales declined 11 percent year-on-year and were flattish sequentially.
• IPCA can re-start anti-malaria supplies for WHO tender now.

Edelweiss ARC, Piramal Group and Tata Steel in race to take control of Electrosteel Steels.https://t.co/TreNmCKrrr pic.twitter.com/xs46SMo09n

— BloombergQuint (@BloombergQuint) November 15, 2017

U.S. to dominate oil markets after biggest boom in world history.https://t.co/4KafoWT2D8 pic.twitter.com/wBGC6uQgXS

— BloombergQuint (@BloombergQuint) November 15, 2017

The message in the S&P 500's 12-month winning streak. (via @BV)https://t.co/gJXbolE5Gr pic.twitter.com/Tr9TaP0A7A

— BloombergQuint (@BloombergQuint) November 14, 2017