A Peek Into The Markets: U.S. Stock Futures Drop Ahead Of GDP, Durable-Goods Orders Data

Pre-open movers

U.S. stock futures traded lower in early pre-market trade. Data on durable goods orders for April and Gross Domestic Product for the first quarter will be released at 8:30 a.m. ET. The University of Michigan’s consumer sentiment index for May is schedule for release at 10:00 a.m. ET. U.S. markets will be closed Monday for the Memorial Day holiday.

Futures for the Dow Jones Industrial Average dropped 38 points to 21,025.00, while the Standard & Poor’s 500 index futures fell 4.75 points to 2,408.75. Futures for the Nasdaq 100 index declined 8.25 points to 5,773.75.

Oil prices traded lower as Brent crude futures fell 0.37 percent to trade at $51.27 per barrel, while US WTI crude futures dropped 0.27 percent to trade at $48.77 a barrel. The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index dropping 1.01 percent, STOXX Europe 600 Index falling 0.52 percent and German DAX 30 index dropping 0.52 percent. The UK’s FTSE index was trading lower by 0.02 percent, while French CAC 40 Index declined 0.77 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.64 percent, Hong Kong’s Hang Seng Index rose 0.03 percent, China’s Shanghai Composite Index gained 0.07 percent and India’s BSE Sensex rose 0.90 percent.

Broker Recommendation

Analysts at JP Morgan upgraded Ecolab Inc. ECL from Neutral to Overweight.

Ecolab shares rose 0.77 percent to close at $130.31 on Thursday.

Breaking news

  • Big Lots, Inc. BIG reported better-than-expected earnings for its first quarter and raised its FY17 outlook.
  • GameStop Corp. GME reported stronger-than-expected results for its first quarter. However, the company reaffirmed its FY17 earnings outlook.
  • Costco Wholesale Corporation COST reported better-than-expected earnings for its third quarter.
  • Ulta Beauty Inc ULTA reported upbeat results for its first quarter and raised its FY17 outlook.

Watch These 7 Huge Put Purchases In Friday Trade

These trades were placed during Thursday’s regular session.

  • First Solar, Inc. FSLR Aug 32.5 Puts Sweep: 3483 @ ASK $1.17: 3483 traded vs 3 OI: Earnings 8/3 After Close (est) $37.85 Ref
  • Steel Dynamics, Inc. STLD Jun 34.0 Puts Sweep: 2999 @ ASK $1.05: 2999 traded vs 169 OI: Earnings 7/18 After Close (est) $34.08 Ref
  • Juno Therapeutics Inc JUNO Jun 25.0 Puts Sweep: 530 @ ASK $1.42: 2062 traded vs 80 OI: Earnings 8/3 After Close (est) $25.51 Ref
  • Harley-Davidson Inc HOG Jul 52.5 Puts: 757 @ ASK $2.30: 1502 traded vs 21 OI: Earnings 7/27 Before Open (est) $52.27 Ref
  • Sears Holdings Corp SHLD Jan18 4.0 Puts: 719 @ ASK $1.00: 1079 traded vs 17k OI: Earnings today Before Open $8.19 Ref
  • Bristow Group Inc BRS Jun 7.5 Puts Sweep: 535 @ ASK $0.30: 545 traded vs 41 OI: Earnings 8/3 After Close (est) $8.37 Ref
  • Zoetis Inc ZTS Jan18 60.0 Puts Sweep: 623 @ ASK $2.55: 736 traded vs 128 OI: Earnings 8/3 Before Open (est) $62.38 Ref

The Market In 5 Minutes 5/24/2017

  • It may be disappointing, but the “Red Dead Redemption 2” delay is nothing unusual in the video game industry, especially for Take-Two (TTWO)’s Rockstar Games:
  • The new partnership between Alphabet Inc (GOOG) (GOOGL)’s Waymo autonomous vehicle technology unit and ride-hailing company Lyft may have given birth to a legitimate Tesla Inc (TSLA) competitor:
  • Following Rep. Ro Khanna (D–CA)’s letter to the Department of Defense dated March 17, urging additional scrutiny on TransDigm Group Incorporated (TDG)’s contracting process, Height Securities said Congressional support for review may be growing:
  • The poor, the elderly, the disabled, college students and environmental protections all stand to take a big hit if Congress approves President Donald Trump’s $4.1 trillion budget for fiscal year 2018. Defense contractors, corporations in general and the wealthiest Americans all stand to gain: Link
  • Steel stocks were up big on Tuesday ahead of the Department of Commerce hearing on the Section 232 probe. The DoC is set to come out with more details regarding the impact steel imports has on U.S. national security: Link

THE WALL STREET JOURNAL

  • President Donald Trump faced swift resistance from Democrats and a range of Republicans on Capitol Hill on Tuesday after offering a 10-year plan to balance the federal budget that depends heavily on cuts to government safety-net programs and expectations of a big gain in economic growth: Link
  • Anthony Levandowski, the former Google (GOOG) (GOOGL) engineer at the center of a battle between the tech giant and Uber Technologies Inc., was never a typical employee. And for years, Google was fine with that: Link
  • Moody’s Investors Service cut China’s sovereign credit rating for the first time in nearly three decades, citing expectations that the country’s financial strength will deteriorate in the coming years as debt keeps rising and the economy slows: Link
  • Saudi Arabia is pushing the OPEC oil cartel and other big producers gathered here this week to extend crude production cuts for another nine months. The reason: the timing of the blockbuster IPO of Saudi Arabian Oil Co., people familiar with the matter said: Link

REUTERS

  • The Financial Stability Oversight Council (FSOC), which brings together all U.S. financial watchdogs, used to be the scourge of Wall Street but under Treasury Secretary Steven Mnuchin it can serve to ease its regulatory burdensLink
  • General Electric (GE) signed a one billion riyal ($267 million) joint venture agreement on Wednesday with Saudi Arabia’s state-backed Dussur industrial development company to manufacture gas turbines in the eastern city of Dammam:Link
  • Uber Technologies Inc said on Tuesday it underpaid its New York City drivers for the past two-and-a-half years, an error that could cost the ride-hailing company tens of millions of dollars: Link

    BLOOMBERG

  • With a flagship treatment that helps fewer than 11,000 people, how isAlexion (ALXN) making so much money?Link
  • Morgan Stanley (MS) said it will cut back on using recruitment bonuses to poach established financial advisers as a new rule throws the industry’s traditional hiring practices into doubt: Link
  • SoftBank Group Corp. has quietly amassed a $4 billion stake in Nvidia Corp. (NVDA) making it the fourth-largest shareholder in the graphics chipmaker, according to people familiar with the situation: Link
  • AutoZone Inc. (AZO) reported profit and sales that missed analyst estimates as the seller of car replacement parts joined a chorus of retailers saying U.S. tax refund delays squelched demand early this year: Link

NY POST

  • Target (TGT) has agreed to pay $18.5 million to settle a multi-state investigation into its colossal data breach in 2013 that affected 70 million shoppers, authorities announced Tuesday: Link

CONSUMER

Lowe’s (LOW) Reports Q1 Adj. EPS $1.03 vs $1.06 Est., Sales $16.9B vs $16.96B Est.
The Container Store (TCS) Reports Q4 EPS $0.17 vs $0.09 Est., Sales $221M vs $214.7M Est.
Universal Corp. (UVV) Reports Q4 Adj. EPS $1.28 vs $0.84 in Same Qtr. Last Year, Sales $650M
Tiffany’s (TIF) Reports Q1 EPS $0.74 vs $0.70 Est., Sales $900M vs $913M Est.
Tilly’s (TLYS) Reports Q1 EPS $(0.01) vs $(0.10) in Same Qtr. Last Year, Sales $120.9M vs $114.4M Est.
Advance Auto Parts (AAP) Reports Q1 Adj. EPS $1.60 vs $2.18 Est., Sales $2.89B vs $2.95B Est.
HEICO (HEI) Reports Q2 EPS $0.53 vs $0.50 Est., Sales $368.7M vs $369.46M Est.

ENERGY

Bristow Group (BRS) Reports Q4 Adj. EPS $(1.15) vs $(0.48) Est., Sales $323.651M vs $326.16M Est.

REX American Resources (REX) Reports Q1 EPS $0.69 vs $0.43 in Same Qtr. Last Year, Sales $113.143M vs $121M Est.

JA Solar (JASO) Reports Q1 EPADS $0.03 vs $(0.02) Est., Sales $536.4M vs $490.8M Est.

INDUSTRIALS

Triumph Group (TGI) Reports Q4 EPS $1.32 vs $1.40 Est., Sales $919M vs $924M Est.
Dycom (DY) Reports Q3 Adj. EPS $1.30 vs $1.19 Est., Sales $786M vs $736M Est.

FINANCIALS

BMO Financial (BMO) Reports Q2 Adj. EPS $1.92 vs $1.43 Est., Sales C$5.74B vs C$5.10B In Prior Year Period

HEALTHCARE

Ascendis Pharma A/S (ASND) Reports Q1 EPS $(0.87) vs $(0.82), Sales $415.99K vs $1.53M Est.

TECHNOLOGY

Intuit (INTU) Reports Q3 Adj. EPS $3.90 vs $3.87 Est., Sales $2.541B vs $2.5B Est.
ViaSat (VSAT) Reports Q4 Adj. EPS $0.32 vs $0.28 Est., Sales $416.4M vs $400.86M Est.
Ooma (OOMA) Reports Q1 Adj. EPS $(0.02) vs $(0.03) Est., Sales $27.6M vs $28.1M Est.

ECONOMIC FIGURES

07:00 a.m. MBA Mortgage Applications (WoW)

07:00 a.m. MBA Purchase Index

07:00 a.m. MBA 30-Year Mortgage Rate

07:00 a.m. MBA Mortgage Market Index

07:00 a.m. MBA Mortgage Refinance Index

09:00 a.m. House Price Index

09:00 a.m. FHFA House Price Index (MoM)

09:00 a.m. FHFA House Price Index (YoY)

10:00 a.m. Existing Home Sales (MoM)

10:00 a.m. Existing Home Sales

10:30 a.m. EIA Distillate Output

10:30 a.m. EIA Distillate Inventories

10:30 a.m. EIA Heating Oil Inventories

10:30 a.m. EIA Gasoline Output/Production

10:30 a.m. EIA Cushing Inventories

10:30 a.m. EIA Crude Oil Inventories

10:30 a.m. EIA Gasoline Inventories

10:30 a.m. EIA Crude Imports

1:00 p.m. 5-Year Note Auction

2:00 p.m. FOMC Meeting Minutes

6:00 p.m. FOMC Member Kaplan Speaks

6:30 p.m. FOMC Member Kashkari Speaks

Analyst & Shareholder Meetings

  • 8:30 a.m. DSW (DSW)
  • 9:30 a.m. McDonald’s (MCD)
  • 10:00 a.m. Lumber Liquidators (LL)
  • 10:00 a.m. Fossil Group (FOSL)
  • 10:00 a.m. HSN, Inc. (HSNI)
  • 10:30 a.m. Sabre Corp. (SABR)
  • 11:00 a.m. Century Link (CTL)
  • 11:00 a.m. Hilton (HLT)
  • 11:00 a.m. PayPal (PYPL
  • 12:00 p.m. E.L.F. Beauty (ELF)
  • 12:00 p.m. Papa Murhpy’s (FRSH)
  • 12:00 p.m. Shutterfly (SFLY)
  • 1:00 p.m. Tupperware Brands (TUP)

UPGRADES

  • Credit Suisse Upgraded U.S. Steel (X) from Neutral to Outperform
  • Wells Fargo Upgraded NovoCure (NVCR) from Market Perform to Outperform
  • Evercore ISI Upgrades Diana Shipping (DSX) From Underperform to In-Line

DOWNGRADES

  • Goldman Sachs Downgraded Zions Bancorp (ZION) from Buy to Neutral
  • Credit Suisse Downgraded Ooma (OOMA) from Outperform to Neutral
  • Citi Downgrades Brown Forman (BF/B) From Buy to Neutral

Deal Talk

  • Bunge Limited (NYSE:BG) stated that it is not engaged in business combination discussions with Glencore Agriculture Limited or Glencore plc. This comes following a report by the Wall Street Journal saying the deal would give the Swiss miner a U.S. agriculture presence.
  • CF Corporation (CFCO) to Acquire Fidelity & Guaranty (FGL) for $31.10/Share or total of ~$1.835B with assumption of $405M of debt.

Market Summary #Wednesday, May 24, 2017

Wednesday, May 24, 2017

Market Summary
    Yesterday the markets shrugged off the terror attack in the U.K. and rolled higher for the 4th day in a row,
which has got to be the longest winning streak in 2017. The markets rebound has the Indexes within spitting
distance of last Mondays highs at DOW 21,000, S&P 2404 and NASDAQ 6160 and if nothing was going on,
the DOW, S&P and NASDAQ all could be setting new highs by the end of this week.
    Unfortunately, there is always something going on and aside from the Brits, raising their Terror Threat Level
to “Critical”, over in Asia, Moody’s has decided to cut China’s Debt Rating, because their Economy is slowing
and their Debt stands at 250% of the GDP, higher than the U.S. and that isn’t even the bad part! The bad part
is that the recent surge in Debt, isn’t coming from Government Spending, it is coming from Corporate and
Household Debt, which is way worse, because the PBOC, can always print more money to pay their Debt,
but Corporations and Mr & Mrs Wang,Li, Liu, Lin or Zhang, cannot print money and will go Bankrupt. Right now,
the Chinese are pooh, poohing the situation, but it is something to be concerned with. In addition to China’s
woes, the EU has been enjoying some solid economic growth, which is great, except that the ECB, is starting
to think about tapering their Stimulus Program and if you recall what happen when Ben Bernanke tried that
in June 2013, it wasn’t pretty.
    I know that the U.S. and the Global Economies are good for now and everyone is focused on the wonderful
Budget fantasies coming out of Washington, but the realities of the World, are still out there and you always
have to be concerned about what’s next. Speaking of what’s next, what’s next is the FOMC Minutes from the
Fed’s May 3rd Meeting at 2:00 today and we will get a good idea if the Fed will raise rates at the June 13-14 meeting.
    Overnight the Global markets were mixed and in early trading the DOW is flat along with Bonds, the Dollar
and Commodities as everyone is waiting to hear from the Fed this afternoon. This means that we are in for
a very long quiet day, but with the OPEC meeting tomorrow and a Credit Suisse upgrade in the Steels we might see a rebound in these battered sectors.
Today’s Early Markets
DOW Futures— up 10.00             London – up 8.58
S&P – up 100                               DAX – down 20.56
GOLD—$1250 July                      Nikkei — up 129.84
OIL— $50.70 July                        HangSeng — up 25.78
 
DOW RESISTANCE 21,000       S&P RESISTANCE 2405/2112
DOW SUPPORT: 20,800            S&P SUPPORT: 2388/2380
$NASDAQ RESISTANCE 6160
$NASDAQ SUPPORT 6100

Watch These 5 Huge Put Purchases In Wednesday Trade

These trades were placed during Tuesday’s regular session.

  • Royal Bank of Scotland Group PLC RBS Jun 7.0 Puts Sweep: 1000 @ ASK $0.30: 7244 traded vs 139 OI: Earnings 8/4 Before Open $6.90 Ref
  • Rite Aid Corporation RAD Jun 3.5 Puts: 1000 @ ASK $0.35: 1013 traded vs 3287 OI: Earnings 6/22 Before Open (est) $3.59 Ref
  • Urban Outfitters, Inc. URBN Jun 18.0 Puts: 1446 @ Above Ask! $0.38: 1501 traded vs 561 OI: Earnings 8/15 After Close $18.87 Ref
  • Exelixis, Inc. EXEL Jun 20 Put; @2355 @Bid @$1.05; Ref=$19.92
  • Chico’s FAS, Inc. CHS Jun 10.0 Puts Sweep: 750 @ ASK $0.30: 771 traded vs 44 OI: Earnings Today Before Open $11.07 Ref

A Peek Into The Markets: U.S. Stock Futures Flat; Fed Minutes In Focus

Pre-open movers

U.S. stock futures traded mostly flat in early pre-market trade. The FHFA house price index for March will be released at 9:00 a.m. ET, while data on existing home sales for April will be released at 10:00 a.m. ET. The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET. Dallas Federal Reserve Bank President Robert Kaplan is set to speak in Toronto at 6:00 p.m. ET, while Minneapolis Federal Reserve Bank President Neel Kashkari will speak in Ashland, Wisconsin at 6:30 p.m. ET.

Futures for the Dow Jones Industrial Average gained 2 points to 20,917, while the Standard & Poor’s 500 index futures fell 0.50 points to 2,397.50. Futures for the Nasdaq 100 index gained 5.75 points to 5,717.25.

Oil prices traded higher as Brent crude futures rose 0.18 percent to trade at $54.25 per barrel, while US WTI crude futures gained 0.02 percent to trade at $51.48 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is schedule for release at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were mostly lower today, with the Spanish Ibex Index falling 0.14 percent, STOXX Europe 600 Index rising 0.04 percent and German DAX 30 index dropping 0.14 percent. The UK’s FTSE index was trading higher by 0.28 percent, while French CAC 40 Index declined 0.13 percent.

In Asian markets, Japan’s Nikkei Stock Average rose 0.66 percent, Hong Kong’s Hang Seng Index rose 0.10 percent, China’s Shanghai Composite Index gained 0.07 percent and India’s BSE Sensex fell 0.21 percent.

Broker Recommendation

Analysts at Credit Suisse upgraded United States Steel Corporation X from Neutral to Outperform.

United States Steel shares rose 3.29 percent to $21.05 in pre-market trading.

Breaking news

  • Tiffany & Co. TIF reported better-than-expected earnings for its first quarter, but sales missed estimates. Comparable store sales dropped 3 percent during the quarter.
  • Intuit Inc. INTU reported stronger-than-expected results for its third quarter and raised its FY17 outlook.
  • Lowe’s Companies, Inc. LOW posted weaker-than-expected results for its first quarter.
  • Advance Auto Parts, Inc. AAP posted downbeat earnings for its first quarter on Wednesday.

Watch These 10 Huge Call Purchases In Wednesday Trade

These trades were placed during Tuesday’s regular session.

  • CIT Group Inc. CIT Jun 60.0 Calls: 1750 @ ASK $0.02: 36k traded vs 33k OI: Earnings 7/27 Before Open (est) $47.51 Ref
  • Lowe’s Companies, Inc. LOW Jun 84.0 Calls: 500 @ ASK $2.22: 11k traded vs 256 OI: Earnings Today Before Open $83.38 Ref
  • AK Steel Holding Corporation AKS Jun 6.5 Calls Sweep: 3358 @ ASK $0.11: 5195 traded vs 20 OI: Earnings 7/25 Before Open (est) $5.83 Ref
  • Northern Dynasty Minerals Ltd NAK Aug 2.0 Calls Sweep: 2076 @ BID $0.25: vs 14k OI: Earnings 5/11 After Close [est] $2.00 Ref
  • Target Corporation TGT Jul 57.5 Calls: 2500 @ ASK $0.81: 2641 traded vs 19k OI: Earnings 8/16 Before Open $55.04 Ref
  • Dynegy Inc. DYN Jul 7.5 Calls Sweep: 636 @ ASK $1.60: 1103 traded vs 0 OI: Earnings 8/3 After Close (est) $8.25 Ref
  • Dow Chemical Co DOW Jun 62.5 Calls: 1000 @ ASK $0.58: 1086 traded vs 9603 OI: Earnings 7/27 Before Open $60.90 Ref
  • Time Inc TIME Jan18 15.0 Calls Sweep: 569 @ ASK $0.45: 1074 traded vs 0 OI: Earnings 8/3 Before Open (est) $11.97 Ref
  • GoPro Inc GPRO Jul 10.0 Calls Sweep: 500 @ ASK $0.20: 504 traded vs 8422 OI: Earnings 7/26 After Close (est) $8.60 Ref
  • American International Group Inc AIG Jun 65.0 Calls Sweep: 1000 @ ASK $0.09: 1073 traded vs 9656 OI: Earnings 8/2 After Close (est) $62.23 Ref

Morning Notes May 23, 2017 Market Summary

Market Summary
    The markets traded higher for the 3rd day in a row, as the “buy the dip” crowd kept chipping away at
the markets big losses from last Wednesday. The Indexes closed yesterday, within throwing distance of last
weeks highs at DOW 21,000, S&P 2400 and NASDAQ 6160, all pretty much on its own merits of strong 1st
Qtr earnings and improving outlooks going forward. If the markets traded in a vacuum, I would say that
the averages were “locked and loaded” and very ready to explode higher across the board, just like they
were last Tuesday, right before that business with the President, maybe, but not likely, asking or not asking,
Ex-FBI Chief Comey, to back off on the Mikey Flynn investigation, because he was a “good guy”.
    Anyway, the markets don’t trade in a vacuum and this morning, Investors are faced with another terror
abomination, a bombing of a Concert in Manchester U.K.. So far the markets are shrugging off the horrible
news, but with the averages near last week’s highs, I wonder if there’s enough fuel to push the averages through to new highs, especially with the attack in the U.K. and front of the 3-day Memorial Day weekend.
    This morning, the Trump Administration released its 2017 Budget and judging from various Politico’s reaction
to the news, this Budget as is, will be DOA in the Congress. Also on the slate today, we will hear CIA Director John Brennan’s testimony, on the CIA’s Russia Investigation at 10:00am and there’s always the possibility of a
surprise, which could affect the day’s trading, one way or another.
    Overnight the Global markets were quietly mixed and in early trading the DOW is up 40pts, the Yield on the
10 Yr is 2.25%, the Dollar is flat and Commodities are slightly lower.
Today we have the flash PMI Services and Manufacturing estimates for May out at 9:45am, followed by the
April New Home Sales at 10:00am, but none of this will move the markets, but tomorrows FOMC Minutes will.
 
I am working from 80 Broad and can be reached at 212 -417-8062
Today’s Early Markets
DOW Futures— up 50.00                          London – up 8.58
S&P – up 400                                            DAX – up 33.56
GOLD—$1260 July                                   Nikkei — down 67.84
OIL— $50.40 July                                     HangSeng — up 11.78
 
DOW RESISTANCE 21,000                   S&P RESISTANCE 2405
DOW SUPPORT: 20,800                       S&P SUPPORT: 2388/2380
$NASDAQ RESISTANCE 6160
$NASDAQ SUPPORT 6100

‘Trump Troubles’ Could Reinforce S&P 500’s Underperformance For Some Time

Jay Pelosky, the founder of Pelosky Global Strategies, highlighted something about the stock market’s 2017 performance that may be flying under the radar: It isn’t as great as it seems.

Speaking as a guest on “Bloomberg Daybreak: Americas” on Monday, Pelosky explained that the developed markets excluding the U.S. have seen their stock markets gain 15 percent since the start of 2017, which is even short of the 18-percent return emerging markets have shown. Meanwhile, the S&P 500 index is up just 6 percent — at time of publication, the SPDR S&P 500 ETF Trust SPY was up 7.15 percent year to date.

“The real question is not why has the S&P 500 held up so well, the real question is: Is the rest of the world starting to take the leadership baton away from U.S. equities?” Pelosky asked. “And that’s a big deal because these moves tend to last for years — not quarters, not months.”

Trump Troubles

Pelosky isn’t necessary optimistic that U.S. markets can regain its leadership position as a home for stock market outperformance, especially under the current political climate, which he dubbed “Trump troubles.”

Pelosky believes the current “Trump troubles” will first lead to “policy inertia,” which then leads to weak growth. As such, earnings strength will shift from one of the best in years to questionable at best and ultimately present a poor risk-to-reward profile for U.S. equities.

Pelosky continued that a poor risk to reward profile for U.S. equities could further emphasize America’s status as a market laggard, not a market outperformer.

Children Among The 22 Dead In Latest UK Terror Attack

Terrorism struck yet again in the United Kingdom. Two months after a terrorist drove a car into pedestrians on the iconic Westminster Bridge in London, authorities are saying a suicide bomber blew himself up at the conclusion of an Ariana Grande concert in Manchester.

22 Dead, 59 Injured, 13 Missing

According to the UK-based Telegraph, children are among the 22 people killed and 59 injured. The publication noted that the first confirmed fatality was an 18-year old Ariana Grande “superfan” who met the pop star in 2015.

Another 13 people remained missing when Telegraph’s report was published.

British Prime Minister Theresa May confirmed the terrorist nature of the attack and said, “All acts of terrorism are cowardly attacks on innocent people, but this attack stands out for its appalling, sickening cowardice — deliberately targeting innocent defenceless children and young people who should have been enjoying one of the most memorable nights of their lives.”

Monday’s attack marks the country’s worst terror attack since multiple bombs across central London killed 52 people.

ISIS To Blame?

Authorities have yet to confirm the identify the suicide bomber and any possible links to terrorist groups, including ISIS. But what is known is that the terrorist was not acting alone as a 23-year old man was arrested in South Manchester in connection with the bombing. According to a Times report at 8:09 a.m. ET, ISIS has claimed responsibility for the atrocity.