This material has been produced by RBS sales and trading staff and should not be considered independent.
The Round Up 28 August 2009 Issue No. 165 The Round Up is a comprehensive daily note produced by the RBS Warrants team providing an overview of market movements along with quality ideas for warrant traders and investors.
In today’s issue Global Market Action
Scoreboard, commentary
Aussie Market Action
SPI Comment, Events & Dividends
STO (STOVZJ)
Trading Buy – A play on LNG
WOWKZF/WESKZT
MINI Pairs Trade – WOW enters hardware
TLS (TLSSZX)
MINI Trading Buy – Future Fund Selldown
Round Up Corner
NEW – Trading warrants listing today
Equities Move ASX 200
Last
% Move
Range
Volume
-3.7
4450.8
-0.1%
-30 to +7
$6.1 bn(H)
SPI - yesterday
+18.0
4449.0
+0.4%
-25 to +21
28,036(A)
Dow Jones
+37.1
9580.6
+0.4%
-84 to +66
Low
S&P 500
+2.9
1031.0
+0.3%
-12 to +5
Low
Nasdaq
+3.3
2027.7
+0.2%
-31 to +5
Low
FTSE
-21.2
4869.4
-0.4%
-35 to +16
Low
Commodities Move Oil-WTI spot
Last
% Today
% Past Month
+1.32
72.75
+1.8%
+6.3%
Gold Spot
+4.00
949.55
+0.4%
-0.5%
Nickel (LME)
-14.70
851.90
-1.7%
+11.2%
Aluminium (LME)
+0.91
83.96
+1.1%
+2.7%
Copper (LME)
-0.84
283.84
-0.3%
+11.8%
Zinc (LME)
-0.61
81.81
-0.7%
+7.1%
Silver
-0.02
14.32
-0.1%
+1.9%
Sugar
+0.12
22.49
+0.5%
+21.9%
Dual Listed Companies (DLC’s) Move
%Move
Last
AUD Terms
NWS (US)
+0.06
+0.5%
12.99
RIO (UK)
-9.5 p
-0.4%
BLT (BHP UK)
-3.5 p
-0.2%
BXB (UK)
+1.0 p
+0.3%
£3.760
Diff to Aus
15.47
-19.1 c
£23.72
46.00
-1115.9 c
£16.015
31.06
-659.2 c
7.29
-5.8 c
American Depository Receipts (ADR’s) Move BHP (US)
%Move +1.01
Last +1.6%
AUD Terms 63.66
37.90
Diff to Aus +25.3 c
AWC (US)
-0.06
-1.1%
5.57
1.66
-0.2 c
TLS (US)
+0.25
+1.8%
14.25
3.39
+2.4 c
ANZ (US)
+0.65
+3.9%
17.30
20.60
+28.1 c
WBC (US)
+3.99
+4.1%
101.80
24.24
+24.5 c
NAB (US)
+0.94
+4.2%
23.25
27.69
+30.6 c
LGL (US)
+0.53
+2.3%
23.17
2.76
+3.9 c
RMD (US)
-0.14
-0.3%
45.54
5.42
-4.7 c
JHX (US)
+2.03
+7.1%
30.75
7.32
+1.3 c
PDN (CAN)
-0.09
-2.2%
4.05
4.44
-3.9 c
Overnight Commentary United States Commentary •
Another reasonably unexciting session, not much of a reaction to some better than expected economic data, volumes remain low and the vast majority of the Dow's move care of one stock. By the bell, the Dow off highs but up 37pts, the S&P up 0.3% and the Nasdaq finished 0.2% higher.
•
Eco - 2Q GDP -1.0% vs -1.5% expected, Personal Consumption -1.0% vs -1.3%, GDP Price Index flat vs +0.2% expected, Core PCE in line at +2.0%. Initial Jobless 570K vs 565K and Continuing Claims 6133K vs 6242K.
•
Aerospace - Boeing up over 8% and a clear standout on the Dow, accounting for c80% of the days gains. Finally some good news around the 787, mgmt claiming the Dreamliner will make its first flight this year.
•
Financials - Citigroup up over 9% and the S&P100's best after the NY Post reported hedge fund guru Paulson, had been buying the stock.
•
Financials- AIG up 27% and a clear winner on the S&P500. Looks like the market happy with the current CEO's decision to include former Chief Exec Maurice Greenberg on discussions around how best to rebuild.
United Kingdom & Europe Commentary •
The FTSE 100 fell 0.4% or 21pts as investors sold stocks after the recent gains ahead of a long weekend in the UK. The FTSE Eurofirst 300 dropped 0.5%, the DAX was 0.9% lower and the CAC ended down 0.5%.
•
UK Banks - The sector was the worst performer with Lloyds sinking 3.5% after reports said it could sell parts of its business to reduce reliance on govt-backed protection. RBS fell 1.9%, HSBC was off 0.75% and Standard Chartered dropped 2.7% but Barclays was up 1.6% after a broker upgrade.
•
Euro Banks - Credit Agricole, up 3.65%, followed rivals SocGen and BNP in releasing better-than-expected numbers for 2Q, after achieving higher earnings at its investment banking and asset management divisions. SocGen added 0.8% but BNP fell 0.8%.
•
Builders - Despite UK house prices rising for the 4th month running Barratt Developments dropped 3.1% after rumours that they may seek to raise £500mn. Bovis Homes sank 5.1% after RBS dropped their rating from buy to hold.
•
Beverages - Drinks group Diageo fell 4.1% after annual results failed to impress. Although figures met expectations, traders said this was largely down to the fact that marketing spend had been slashed. Guidance for "low single digit" earnings growth in the new fiscal year was disappointing.
•
Industrials - Defence giant BAE Systems sank 5.6% after losing a follow on contract to rival OshKosh for the production of medium tactical vehicles for the U.S. Department of Defence.
Resources Commentary •
Miners - Generally weaker base metals and profit taking hit the sector. BHP edged back 0.2%, Rio was off 0.4%, Anglo fell 1.25% and Xstrata sank 4.1%. Kazakhmys rose 2.1% after the copper producer posted a better-than-expected 28% fall in firsthalf earnings per share and said it should beat its full-year output target.
•
Energy - Crude fell back to $70 per barrel with the corresponding weakness in the majors. BP, Shell, BG Group and Cairn Energy losing 0.2% to 0.4%. In Europe Total managed a gain of 0.4%, Repsol was flat but Statoil fell 1.5%.
SPI Commentary The SPI traded up 18pts or 0.41% to 4449. Open at 4438 with a low of 4406 and a high of 4452. Volume 23,926. Overnight the SPI traded up 4pts to 4453.
SPI Intraday
SPI Daily
*SPI report taken from the 9:50am open to the 4:30pm close on the previous trading day. Charts taken from IRESS
Upcoming Economic Events for the Week Monday
AUS
New motor vehicle sales
US Tuesday
AUS US
Wednesday
S&P/CS composite 20
AUS
Real construction work done
US Thursday
Consumer confidence, FHFA house price, durable goods orders
AUS
Real capital expenditure, real equipment investment, expected nominal capex
US Friday
New home sales, real GDP
AUS US
Personal income, personal consumption, core PCE deflator, Michigan consumer confidence
*Dates are indicative only and may change
Upcoming Dividends ExDivDate
Security
Description
Div (c)
Yield
Frk(%)
PayDate
28-Aug-09
COH
Cochlear
95
2.92%
100
24-Sep-09
31-Aug-09
BHP
BHP Billiton
50.07
3.01%
100
25-Sep-09
3-Sep-09
NWS
News Corp
6
0.9%
0
14-Oct-09
Trading Buy: Santos Limited (STOVZJ) – A play on LNG RBS Research have a buy recommendation on STO with a $16.50 target price. STO reported NPAT of $102mln which beat consensus. The stock went ex dividend 22c yesterday and will not fully underwrite the DRP which suggests that the company has a strong funding position. Oil and gas stocks have been strong following results with STO underperforming WPL and OSH. STO remains RBS Research favourite pick. Buy STOVZJ for a bounce to $16.50
Source: IRESS
STO has been moving higher since July and recently broke resistance at $15. The stock now looks headed to its march high of $16.50 which is also RBS Research target price. STO has transformed into an LNG stock with two recent deals being added to the portfolio of potential LNG developments, bringing the total number of possible LNG assets, at differnent stages of development, up to five. Given this new strategic direction, STO appears to predominantly position itself increasingly as an LNG player. RBS Research believe that this makes the company attractive as a target to international oil companies seeking to participate in the LNG race from an early stage.
RBS MINIs over STO Security
ExPrc
Stop Loss
CP
ConvFac
Delta
Description
STOVZJ
24-Sep-09
$ 16.00
Call
4
0.10
Trading Call Warrant
STOVZK
29-Oct-09
$ 14.00
Call
4
0.20
Trading Call Warrant
STOVZY
24-Sep-09
$ 14.00
Put
4
-0.03
Trading Put Warrant
STOVZZ
29-Oct-09
$ 13.00
Put
4
-0.02
Trading Put Warrant
RBS Warrants over STO Security
ExDate
ExPrice
CP
ConvFac
Delta
Description
STOKZD
$ 8.8526
$
9.93
Long
1
1
STOKZE
$ 7.8670
$
8.85
Long
1
1
MINI Long MINI Long
STOKZT
$22.5094
$ 20.47
Short
1
1
MINI Short
STOKZU
$20.5563
$ 18.73
Short
1
1
MINI Short
MINI Pairs Trade: Woolworths (WOWKZF)/ Wesfarmers (WESKZT) – WOW enters hardware WOW announced to the market that they plan to enter the Australian hardware and home improvement market. This is a logical step in WOW’s domestic growth profile and RBS Research believe it could add $1.25 - $1.75 to WOW’s valuation. Given WES outeperformance over 2009 compared to WOW and the potential market share loss in their Bunnings business, we believe the way to trade the news is to go long WOW and short WES through WOWKZF and WESKZT
Source: IRESS
• • •
Woolworths’ intends to acquire, through a joint venture with US home improvement retailer Lowe’s, hardware wholesaler Danks for an enterprise value of A$87m (securing immediate scale, infrastructure and expertise), as well as establish a Big Box H&HI format (also via the JV), to compete directly with Bunnings. Investment and proceeds in the JV are to be split two-thirds Woolworths and one-third Lowe’s, and RBS Research estimate cA$3.5bn in sales and cA$330m in JV EBIT is possible should the company achieve its plan of 150 sites over five years RBS Research believe a successfully established big box format could enhance valuation $1.25 - $1.75 per share
RBS MINIs over WOW Security
ExPrc
Stop Loss
CP
ConvFac
Delta
Description
WOWKZD
$20.1875
$
21.01
Long
1
1
MINI Long
WOWKZE
$18.5064
$
19.27
Long
1
1
MINI Long
WOWKZF
$23.6341
$
24.59
Long
1
1
MINI Long
WOWKZR
$37.1202
$
35.13
Short
1
1
MINI Short
WOWKZT
$34.2012
$
32.52
Short
1
1
MINI Short
RBS MINIs over WES Security
ExPrc
Stop Loss
CP
ConvFac
Delta
Description
WESKZG
$12.7721
$ 14.63
Long
1
1
MINI Long
WESKZH
$10.5496
$ 12.20
Long
1
1
MINI Long
WESKZT
$29.6274
$ 27.24
Short
1
1
MINI Short
MINI Trading Buy: Telstra Corporation (TLSKZD) – Buy the dip Last Friday TLS pulled back after the Future Fund offered 498mln TLS shares at $3.47, cum dividend, and when the stock went ex dividend 14c on Monday. RBS Research consider the Future Fund selldown a good thing for shareholders despite the ongoing overhang. Use the pullback as a buying opportunity. RBS has upgraded TLS to a BUY with $4.50 target price. Buy TLSKZD for a bounce
Source: IRESS
Telstra Result points and fundamentals • Broadband ARPU up 6.5% to A$57.70. MBB SIOs doubled to 1.05m, helping lift mobile ARPU 4.8% to A$51.84 • Sales of IP-based products increased at double-digit rates. With the rate of PSTN erosion reducing in 2H09 (cf 1H09) the speed-driven revenue lines helped keep total revenue growth at 2.7%. • Maintaining comparable revenue growth in FY10 may be harder as unemployment rises, the A$ strengthens and Sensis sales face a tougher business environment. • The company says achieving its FY10 targets ‘would give us significant excess free cashflow, and all the flexibility that brings’. We think there is enough flexibility to contribute to NBN Co, on the right terms, and still pay an extra 2cps in dividends fully franked. • Key downside risks include further margin contraction, tougher regulation and lower access prices. • Upside risks include faster sales recovery, better cost control and higher access prices. Regulatory issues may be clearer when proposed legislation is tabled, we think by September. RBS MINIs over TLS Security
ExPrc
Stop Loss
TLSKZC
260.58
TLSKZD
289.16
TLSKZP
449.9
CP
274
ConvFac
Delta
Description
Long
1
1
MINI Long
306
Long
1
1
MINI Long
405
Short
1
1
MINI Short
RBS Warrants over TLS Security TLSJZB
ExDate
ExPrice
CP
ConvFac
Delta
Description
29-Oct-09
250
Call
1
0.88
HOT Instalment
TLSIZA
28-Jan-10
250
Call
1
0.95
HOT Instalment
TLSIZQ
14-Jun-10
250
Call
1
1
Rolling Instalment
TLSIZR
14-Jun-10
225
Call
1
1
Rolling Instalment
TLSSZX
4-Feb-19
193.88
Call
1
1
Self Funding Instalment
TLSSZZ
30-Jun-17
255.18
Call
1
1
Self Funding Instalment
RBS Round Up Corner: Stocks Reporting This Week Date
Code
Company
Y/E
24 Aug WOR WorleyParsons Jun 25 Aug ALL Aristocrat Leisure Dec 25 Aug FGL Foster's Group Jun 25 Aug OSH Oil Search Dec 25 Aug SUN Suncorp-Metway Jun 26 Aug AOE Arrow Energy Jun 26 Aug CMJ Consolidated Media Jun 26 Aug HSP Healthscope Jun 26 Aug WDC Westfield Group Dec 27 Aug CWN Crown Jun 27 Aug LGL Lihir Gold Dec 27 Aug TOL Toll Holdings Jun 27 Aug TTS Tatts Group Jun 27 Aug WOW Woolworths Jun 28 Aug SHL Sonic Healthcare Jun *Figures in table based on RBS Research forecasts
AUD AUD AUD USD AUD AUD AUD AUD AUD AUD USD AUD AUD AUD AUD
NPAT (pre abs)
(Abs)
Div
EPS
2H div
Long Product
409.2 40.9 739.8 15.2 462.0 -24.2 85.8 83.7 1047 247.0 152.3 296.7 292.7 1781 302.2
0.0 -5.0 -349.0 0.0 -414.0 0.0 0.0 -11.5 0.0 -610.7 -186.5 -28.8 0.0 0.0 0.0
86.0c 5.0c 27.0c 4.0c 40.0c 0.0c 16.5c 21.5c 47.5c 34.6c 0.0c 20.0c 20.8c 99.5c 54.0c
172.1c 30.4c 38.4c 8.4c 41.0c -3.3c 12.4c 33.2c 97.3c 34.6c 12.4c 43.7c 23.1c 145.3c 83.6c
48.0c 36.0c 15.0c 8.0c
WORKZD ALLKZI FGLKZD OSHKZD SUNKZM AOEKZA CMJKZC HSPSZX WDCKZG CWNKZG LGLKZI TOLKZH TTSSZX WOWKZF SHLSZX
6.0c 11.0c 95.0c 20.8c 0.0c 8.5c 10.6c 51.5c 32.0c
Short Product
OSHKZR SUNKZP
WDCKZR CWNKZP LGLKZP TOLKZP WOWKZS
Monday Worley Parsons (WOR) - Headline NPAT of A$390.5m may have dissapointed IBES consensus but a fully franked DPS of 55c with an accelerated record and payment date accompanied exceptionally strong operating cash flow. The company is guiding for a decline in FY10 earnings
Tuesday Aristocrat Leisure (ALL) - ALL reported 1H09 normalised NPAT of A$44m, down 38% on the pcp and in line with recently issued guidance. Reported NPAT of -A$33m includes A$82.6m of abnormals largely associated with an impairment taken on ALL's investment in PokerTek and Elecktroncek, which had been flagged Fosters Group (FGL) NPAT A$725.5m, A$740.8m pre-SGARA (RBS: A$739.8m pre-SGARA). EBITS A$1165m (RBS A$1216.1m): despite A$25m lower corporate costs. Oil Search (OSH) - (USD) - NPAT of US$35.6m was ahead of consensus (US$28.7m) and RBS forecast (US$28.3m). OSH's interim result was solid, but the real story was news that the group is in talks to sell a 3.5% stake in PLNG. Not only should this crystallise some value, but we believe it will give the market renewed comfort in OSH's funding position. Suncorp Metway (SUN) - With much of the confusion surrounding this result already taken out by the early release, there were few surprises in the headline numbers. Looking closer at the Banking operations, the surprise would be that the non-core book is performing even worse than we'd thought, with B&DD charges at c450bp in non-core v RBS expectation of c350bp.
Wednesday Consolidated Media (CMJ) - FY09 NPAT of A$83.6m was slightly below RBS A$85.8m forecast. Premier EBITDA was in line, at A$145m (ex one-offs from 1H09) and up 9% on pcp. The big news was on the 10% share buyback, which could take Packer's stake to 45.3%, if it doesn't first flush out a bid from Seven Healthscope (HSP) - FY09 normalised net profit of A$88.2m, up 17.8% on pcp. This was 5.3% above our forecast of $83.7m and compares with Reuters consensus average of $81.8m (range: A$69.8m-A$86.1m). Normalised EPS was 35.0 cps, up 12.9% on pcp (vs. RBS at 33.2cps). FY09 dividend increased by 10% to 21.5cps (fully franked) vs RBS at 21.5 cps. Significant items included a A$15.9m write-off of HSP's share of break fee receivable associated with the unsuccessful SYB acquisition. Westfield Group (WDC) - Reported NPAT A$-(708) impacted by $2.9bn in revaluations offset by some large mark-to-market gains on financial instruments. Operating NPAT A$1.040m (RBS A$1.047m). Dividend 47cps. FY10 guidance maintained at 94-97cps (RBS 97cps). Cut the DPU payout from 100% to 70-75% from 1H10 distribution
Thursday Crown Limited (CWN) - Crown reported normalised NPAT of A$280.7m, vs RMS forecast of A$247m and consensus of A$242m. Main difference is on the interest line where they took a $55m expense associated with original Cannery deal as non-recurring, if you add this back then normalised NPAT falls to A$242m, inline with consensus and slightly below our forecast. Lihir Gold (LGL) - (USD) Focus will be on Ivory Coast expansion and the Million Oz project. Toll Holdings (TOL) - FY09 revenue was bang in line with RBS forecast of $6.5bn, however TOL surprised us on the upside with better than expected cost control. Toll Australia/NZ and Toll Asia were both slightly stronger than expected at the EBIT line, with margins holding up better than forecast.
Tattersalls (TTS) - TTS reported FY09 NPAT of A$277.4m which includes a A$3.4m write-down associated with shares held in Sky City. Normalised NPAT of A$281m was up 10% on the pcp, inline with consensus but slightly below RBS forecast (of A$293m -4% difference). FY09 EBITDA of A$559m Woolworths Limited (WOW) - NPAT A$1835m ((RBS: A$1781m, consensus A$1799m). EBITDA A$3547m (RBS: A$3564m; consensus A$3543m). EBIT A$2815m (RBS: A$2767m, consensus A$2790m). Div (final) 56cps (RBS 51.5cps, consensus 52cps). Strong result, positive outlook, we believe will bode well for WOW's fundamental trading
Friday Sonic Healthcare (SHL) - Expect a solid result driven by ongoing volume increases in domestic pathology and margin uplift from acquisition synergies.
NEW – Trading Warrants listing today Security
ExDate
ExPrice
CP
ConvFac
ANZWZE
17/12/2009
24.00
Call
4
BHPVZM
17/12/2009
36.00
Call
4
BHPVZN
17/12/2009
32.00
Call
4
CBAVZH
17/12/2009
46.00
Call
5
CBAVZI
17/12/2009
52.00
Call
5
CSLWZA
17/12/2009
32.00
Call
4
MQGVZE
17/12/2009
55.00
Call
5
NABWZF
17/12/2009
30.00
Call
4
NCMVZA
26/11/2009
32.00
Call
4
RIOWZN
17/12/2009
70.00
Call
6
WBCVZM
26/11/2009
27.00
Call
4
WOWWZA
26/11/2009
28.00
Call
4
WPLWZN
17/12/2009
55.00
Call
5
ANZWZU
17/12/2009
21.00
Put
4
BHPWZS
17/12/2009
32.00
Put
4
CBAWZW
17/12/2009
45.00
Put
5
MQGVZQ
17/12/2009
50.00
Put
5
NABWZR
17/12/2009
22.00
Put
4
NCMWZW
26/11/2009
26.00
Put
4
WBCVZV
26/11/2009
23.00
Put
4
WOWWZP
26/11/2009
26.00
Put
4
WPLWZZ
17/12/2009
48.00
Put
5
MINIs approaching stop loss Underlying
MINI Code
MINI Type
Strike
Stop Loss
NAB
NABKZT
Short
$31.08
$28.00
XJO
XJOKZX
Short
$4,893.96
$4,655.00
Share Price $
Approx. MINI Value
Share: Stop Loss
27.38
$
3.70
2.3%
$ 4,450.80
$
4.43
4.6%
CPU
CPUKZP
Short
$11.79
$10.72
$
10.10
$
1.69
6.1%
COH
COHKZQ
Short
$68.44
$62.55
$
58.70
$
9.74
6.6%
TOL
TOLKZP
Short
$8.99
$8.10
$
7.60
$
1.39
6.6%
For further information please do not hesitate to contact us on the details below
Contact Equities Structured Products & Warrants Toll free
1800 450 005
www.rbs.com.au/warrants
Ben Smoker
02 8259 2085
[email protected]
Robbie Taylor
02 8259 2018
[email protected]
Ryan Corrigan
02 8259 2425
[email protected]
Elizabeth Tian
02 8259 2017
[email protected]
Tania Smyth
02 8259 2023
[email protected]
Robert Deutsch
02 8259 2065
[email protected]
Mark Tisdell
02 8259 6951
[email protected]
Trading Products Team
Investment Products Team
Disclaimer: The information contained in this report has been prepared by RBS Equities (Australia) Limited (“RBS”) (ABN 84 002 768 701) (AFS Licence No 240530) (“RBS Equities”) and has been taken from sources believed to be reliable. RBS Equities does not make representations that the information is accurate or complete and it should not be relied on as such. Any opinions, forecasts and estimates contained in this report are the views of RBS Equities at the date of issue and are subject to change without notice. RBS Equities and its affiliated companies may make markets in the securities discussed. RBS Equities, its affiliated companies and their employees from time to time may hold shares, options, rights and warrants on any issue contained in this report and may, as principal or agent, sell such securities. RBS Equities may have acted as manager or co-manager of a public offering of any such securities in the past three years. RBS Equities’ affiliates may provide, or have provided banking services or corporate finance to the companies referred to in this report. The knowledge of affiliates concerning such services may not be reflected in this report. This report does not constitute an offer or invitation to purchase any securities and should not be relied upon in connection with any contract or commitment. RBS Equities, in preparing this report, has not taken into account an individual client’s investment objectives, financial situation or particular needs. Before a client makes an investment decision, a client should, with or without RBS Equities’ assistance, consider whether any advice contained in this report is appropriate in light of their particular investment needs, objectives and financial circumstances. It is unreasonable to rely on any recommendation without first having consulted with your adviser for a personal securities recommendation. This information contained in this report is general advice only. RBS Equities, its officers, directors, employees and agents accept no liability for any loss or damage arising out of the use of all or any part of the information contained in this report. This Information is not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. If you are located outside Australia and use this Information, you are responsible for compliance with applicable local laws and regulation. This report may not be taken or distributed, directly or indirectly into the United States, or to any U.S. person (as defined in Regulation S under the U.S. Securities Act of 1993, as amended. The warrants contained in this report are issued by RBS Group (Australia) Pty Limited (ABN 78 000 862 797, AFS Licence No. 247013). The Product Disclosure Statements relating to these warrants are available upon request from RBS Equities or on our website www.rbs.com.au/warrants © Copyright 2009. RBS Equities. A Participant of the ASX Group.
Explanation of Warrant Tables: Security – refers to the code ascribed to the warrant, ExDate – refers to the date on which the warrant expires or is reset, ExPrc – refers to the exercise price, or second instalment payment, CP – tells you whether the warrant is a call or a put, ConvFac – the conversion factor of the warrant which tells you how many warrants you need to exercise in order to take possession of 1 share, Delta – tells you how much the warrant will move for a 1c move in the underlying security, Description – Tells you the type of warrant. All charts taken from IRESS unless indicated otherwise