Equities Sector Coverage: Stocks Hold Multi-Year Highs to Close Week

Sector Recap  |

Non-Farm Payrolls rose by a less than expected 96,000. The Unemployment rate dropped to 8.1% from 8.3%, as 368,000 people left the labor force. The labor force participation rate fell to 63.5% the lowest since September 1981.  The Dow Jones Industrial Average traded between 13,266.22 and 13,320.27 on Friday. The NASDAQ traded between 3128.17 and 3139.61.

Asian stocks surged on Friday. The Nikkei 225 ended the day at 8,872 – up 2.20%. The Hang Seng ended the day at 19,802 – up 3.09%. European exchanges continued higher on Friday. The FTSE 100 ended the day at 5,795 – up 0.30%. The DAX ended the day at 7,215 – up 0.66%. The CAC 40 ended the day at 3,519 – up 0.26%. The yield on the 10-Year US Treasury rose from 1.673% to 1.740% before the Employment Report then declined to 1.587% as trading remains between the 50-day simple moving average at 1.593% and the 200-day at 1.839.

Comex gold traded down from $1703.8 the Troy ounce to $1691.3 overnight then popped to $1745.4 on speculation that the FOMC will institute QE3 next week on September 13th. Nymex crude oil rebounded from $94.55 per barrel to $96.59 then fell to $94.08 before rebounding to $96.74 versus the 200-day simple moving average at $96.62. The euro versus the dollar traded up from 1.2629 to 1.2682 before the Employment Report then popped to 1.2805 after the report, staying between its 50-day and 200-day simple moving averages at 1.2374 and 1.2838.

Energy

The Department of Justice has accused BP (BP) of trying to pin the blame for the Deepwater Horizon oil spill "exclusively on blue collar rig workers and other contractor/defendants - but at all cost, not upon BP management." Denbury Resources (DNR) is now Buy from Neutral at Sterne Agee. Sunoco (SUN) is cut to Neutral from Buy at Citigroup. Big Movers – Alpha Natural Resources (ANR) up 14.04%. Dow components – Chevron (CVX) up 0.65%, Exxon Mobil (XOM) up 0.86%. Energy Select Sector SPDR (XLE) was trading at $73.39 at 3:30 PM on Friday, up 1.65% on the day – up 6.16% year-to-date.

Materials

Metals USA (MUSA) is a new Buy at Deutsche Bank. Midway Gold (MDW) is initiated with an Outperform at RBC Capital. Packaging Corp (PKG) is now Neutral from Sell at Goldman Sachs, which raises Rock-Tenn (RKT) to Conviction Buy from Neutral. Allied Nevada Gold (ANV) is downgraded to Underperform from Neutral at Macquarie. Brigus Gold (BRD) is moved to Neutral from Accumulate at Global Hunter. Teck Resources (TCK) is taken to Hold from Buy at Dahlman Rose. Big Movers – Mechel OAO (MTL) up 15.51%, Cliffs Natural Resources (CLF) up 12.62%. Dow Components – Alcoa (AA) up 2.74%, DuPont (DD) up 1.08%. The Materials Select Sector SPDR (XLB) was trading at $36.908 at 3:30 PM on Friday, up 1.86% on the day – up 10.17% year-to-date.

Industrials

Brady (BRC) missed estimates by 5 cents and revenue by $5M. Hurco Companies (HURC) missed estimates by 9 cents, while beating revenue by $2.5M. FBR Capital initiates Outperforms on Canadian National Railway (CNI), Kansas City Southern (KSU), and Union Pacific (UNP). Jacobs Engineering (JEC) is now Neutral from Buy at Lazard Capital. Dow components – Boeing Co (BA) down 0.05%, Caterpillar (CAT) up 3.67%, General Electric (GE) up 0.70%, 3M Company (MMM) down 0.26%, United Technologies (UTX) down 0.04%. The Industrial Select Sector SPDR (XLI) was trading at $36.965 at 3:30 PM on Friday, up 0.76% on the day – up 9.53% year-to-date.

Consumer Discretionary

District Judge Denise Cote approved an antitrust settlement in which major publishers - Lagardere's (LGDDF) Hachette, CBS's (CBS) Simon & Schuster and News Corp.'s (NWS) HarperCollins - agreed to end alleged price-fixing e-book deals with Apple (AAPL). It's a major win for Amazon (AMZN), while Pearson's (PSO) Penguin, Macmillan and Apple are going to take their chances in a trial. Lululemon Athletica (LULU) beat estimates by 3 cents with revenue in-line with estimates. The company expects Q3 revenue of $300M-$305M. Ulta Salon, Cosmetics & Fragrance (ULTA) beat estimates by 3 cents and revenue by $8M. Mattress Firm (MFRM) beat estimates by 2 cents with revenue in-line with estimates. The company is acquiring Mattress X-Press, owner of 35 mattress stores in South Carolina and Georgia, for $15.8M. Mattress X-Press is expected to add $7M-$9M to 2H FY13 revenue; reduce FY13 EPS by $0.03-$0.04, and increase FY14 EPS by $0.09-$0.12. The company expects FY13 revenue of $1.022B-$1.039B and EPS of $1.47-$1.50 vs. a consensus of $1.02B and $1.49. Smith & Wesson Holding (SWHC) beat estimates by 10 cents and revenue by $8M. The company also boosted its guidance for the year, now forecasting $0.85 to $0.90 per share on net sales of $530M to $540M. Quiksilver (ZQK) beat estimates by 2 cents, while missing revenue by $15M. Foot Locker (FL) is a new Outperform at Credit Suisse, which has Neutrals on Finish Line (FINL) and Hibbett Sporting Goods (HIBB). Regal Entertainment (RGC) is a new Neutral at Credit Suisse, which assigns Outperforms on Cinemark (CNK) and National Cinemedia (NCMI). GameStop (GME) gets assigned an Outperform at Credit Suisse. Strayer Education (STRA) is initiated with a Sell at Deutsche Bank. Cabela’s (CAB) is upgraded to Outperform from Neutral at Credit Suisse. Priceline.com (PCLN) is now Buy from Neutral at Nomura. Starwood Hotels (HOT) is lifted to Buy from Hold at Argus. Apollo Group (APOL) is slashed to Sell from Hold at Deutsche Bank. Big 5 Sports (BGFV) is downgraded to Underperform from Neutral at Credit Suisse. Digital Domain Media Group (DDMG) is now Neutral from Buy at Roth Capital. Wolverine World Wide (WWW) is downgraded to Neutral from Positive at Susquehanna. Williams-Sonoma (WSM) is cut to Hold from Buy at BB&T Capital.

Big Movers – Wonder Auto Technology (WATG) up 134.91%, Quicksilver (ZQK) up 18.79%, Smith & Wesson (SWHC) up 13.45%, Lululemon Ahletica (LULU) up 9.78%, Pandora Media (P) down 17.10%.
Dow Components – Disney (DIS) down 0.14%, Home Depot (HD) down 0.95%, McDonalds (MCD) down 0.06%.

The Consumer Discretionary Select Sector SPDR (XLY) was trading at $46.75 at 3:30 PM on Friday, up 0.48% on the day – up 19.81% year-to-date.

Consumer Staples

Kraft (KFT) warned that forex fluctuations will hurt the 2013 earnings of Mondelez - the international snacks business that it's spinning off in October - by $0.15 a share. Kraft forecast EPS of $1.50-$1.55 for Mondelez, below the predictions of some analysts. SunTrust (STI) has sold most of its holding in Coca-Cola Co (KO) after having first invested in the beverages giant in 1919. Green Mountain Coffee Roasters (GMCR) is initiated with a Buy at Lazard Capital.

Big Movers – Coffee Holding (JVA) up 20.72%, Green Mountain (GMCR) up 10.66%.
Dow components – Kraft (KFT) down 5.71%, Coca Cola (KO) down 0.63%, Procter & Gamble (PG) up 0.31%, Wal-Mart (WMT) down 1.51%.

The Consumer Staples Select Sector SPDR (XLP) was trading at $35.718 at 3:30 PM on Friday, down 0.92% on the day – up 9.94% year-to-date.

Health Care

Accuray (ARAY) missed estimates by 8 cents and revenue by $5M. Lannett (LCI) beat estimates by 2 cents and revenue by $2.7M. Cooper Companies (COO) beat estimates by 16 cents and revenue by $11M. The company also guides its FY higher, now expecting its EPS to be between $4.90 -$5.15 on revenue of $1.44B - $1.55B. Henry Schein Inc (HSIC) is a Hold at Wallach Beth. Sunshine Heart (SSH) is initiated with a Buy at Canaccord. AstraZeneca (AZN) is upgraded to Equal-Weight from Underweight at Morgan Stanley. Zimmer (ZMH) gets moved to Outperform from Market Perform by Sanford Bernstein. Seattle Genetics (SGEN) is downgraded to Perform from Outperform at Oppenheimer.

Big Movers – Peregrine Pharmaceuticals (PPHM) up 45.77%, The Cooper Companies (COO) up 9.17%, ABIOMED (ABMD) down 10.82%.
Dow Components – Johnson & Johnson (JNJ) down 0.22%, Merck (MRK) down 0.59%, Pfizer (PFE) down 0.58%.

The Health Care Select Sector SPDR (XLV) was trading at $39.48 at 3:30 PM on Friday, down 0.18% on the day – up 13.81% year-to-date.

Financial

SunTrust (STI) has sold most of its holding in Coca-Cola Co (KO) after having first invested in the beverages giant in 1919. Alleghany Corp. (Y) is initiated with a Market Perform at JMP Securities. Wells Fargo has fresh Outperforms on Franklin Resources (BEN) and T. Rowe Price (TROW). Invesco (IVZ) and BlackRock (BLK) are among its Market Performs. Boston Properties (BXP) is upgraded to Buy from Neutral at Citigroup. Equity Residential (EQR) is upgraded to Buy from Hold at Cantor Fitzgerald. Barclays (BCS) is boosted by Deutsche Bank to Buy from Hold. SunTrust Banks (STI) is taken to Outperform from Market Perform at BMO Capital. DCT Industrial Trust (DCT) gets downgraded to Hold from Buy at ISI Group. Horizon Technology Finance (HRZN) is downgraded to Market Perform from Outperform with Wells Fargo. Weyerhaeuser (WY) is now Neutral from Conviction Buy at Goldman.

Dow Components – American Express (AXP) up 0.38%, Bank of America (BAC) up 4.57%, JP Morgan Chase (JPM) up 1.76%, Travelers (TRV) down 0.40%.

The Financial Select Sector SPDR (XLF) was trading at $15.665 at 3:30 PM on Friday, up 0.93% on the day – up 20.50% year-to-date.

Information Technology

Apple (AAPL) has reportedly cut its orders from Samsung (SSNLF) for DRAM and NAND memory chips for the new iPhone, with beneficiaries including Elpida (ELPDF), Toshiba (TOISF) and SK Hynix (HXSCF). District Judge Denise Cote approved an antitrust settlement in which major publishers - Lagardere's (LGDDF) Hachette, CBS's (CBS) Simon & Schuster and News Corp.'s (NWS) HarperCollins - agreed to end alleged price-fixing e-book deals with Apple (AAPL). It's a major win for Amazon (AMZN), while Pearson's (PSO) Penguin, Macmillan and Apple are going to take their chances in a trial. EMC (EMC) Chairman and CEO Joe Tucci will stay at the company until February 2015, by which time he's expected to have become just Chairman of EMC and of 80%-owned VMware (VMW). Dell (DELL) has declared its first-ever quarterly dividend, saying it will pay $0.08 per share. Comverse Technology (CMVT) beat estimates by 3 cents, while missing revenue by $7M. InterDigital (IDCC) expects Q3 revenue of $60M, excluding its $375M patent sale to Intel. Envivio (ENVI) missed estimates by 2 cents, while beating revenue by $0.15M. Infoblox (BLOX) reported FQ4 EPS of $0.01 (in-line), while beating revenue by $1.6M. Audience (ADNC) warned the iPhone 5 won't contain its voice signal-processing tech, which is designed into the iPhone 4S (and yields a per-unit royalty). The company expects Q3 revenue of $35M-$38M and EPS of $0.11-$0.15 (mostly above a consensus of $34.7M and $0.11). Bazaarvoice (BV) beat estimated by 7 cents and revenue by $3M. Intel (INTC) cuts its 3Q Revenue Outlook to $12.9 Billion to $13.5 Billion, versus previously estimated revenue at between $13.8 billion and $14.8 billion. Elli Mae Inc. (ELLI) is begun with a Buy recommendation at Dougherty & Company. LivePerson (LPSN) is a new Buy at ThinkEquity. Evercore has Equal Weights on Cisco Systems (CSCO) and Juniper Networks (JNPR). SolarWinds (SWI) is initiated with a Market Perform at BMO Capital Markets. Synacor (SYNC) is lifted to Buy from Neutral at Bank of America-Merrill Lynch. Audience Inc (ADNC) is now Neutral from Overweight at JPMorgan. Gartner Inc (IT) is downgraded to Neutral from Buy at Lazard Capital. Nvidia (NVDA) is now Hold at Cantor Fitzgerald.

Dow Components – Cisco Systems (CSCO) down 2.31%, Hewlett-Packard (HPQ) down 1.36%, IBM (IBM) down 0.12%, Intel Corp (INTC) down 3.67%, Microsoft (MSFT) down 1.87%.

The Technology Select Sector SPDR (XLK) was trading at $31.072 at 3:30 PM on Friday, down 0.22% on the day – up 22.09% year-to-date.

Telecommunication Services

MetroPCS (PCS) is downgraded to Neutral from Outperform at Macquarie. Dow Components – AT&T (T) down 0.73%, Verizon (VZ) down 1.20%. The NASDAQ Telecommunications Index (IXTC) was trading at $199.38 at 3:30 PM on Friday, down 0.31% on the day – up 1.24% year-to-date.

Utilities

Piedmont Natural Gas (PNY) beat estimates by 3 cents, while missing revenue by $27M. The Big Names – Dominion Resources (D) down 1.06%, Edison International (EIX) down 0.34%, First Energy (FE) down 0.81%, PG&E Corp (PCG) up 0.61%, Southern Company (SO) down 0.28%. The Utilities Select Sector SPDR (XLU) was trading at $36.59 at 3:30 PM on Friday, down 0.41% on the day – up 1.70% year-to-date.

STOCKS: CVX, XOM, AA, DD, BA, CAT, GE, MMM, UTX, DIS, HD, MCD, KFT, KO, PG, WMT, JNJ, MRK, PFE, AXP, BAC, JPM, TRV, CSCO, HPQ, IBM, INTC, MSFT, T, VZ, D, EIX, FE, PCG, SO, BP, DNR, SUN, ANR, MUSA, MDW, PKG, RKT, ANV, BRD, TCK, MTL, CLF, BRC, HURC, CNI, KSU, UNP, JEC, LGDDF, CBS, NWS, AAPL, AMZN, PSO, LULU, ULTA, MFRM, SWHC, ZQK, FL, FINL, HIBB, RGC, CNK, NCMI, GME, STRA, CAB, PCLN, HOT, APOL, BGFV, DDMG, WWW, WSM, WATG, ZQK, SWHC, LULU, P, KFT, STI, KO, GMCR, JVA, GMCR, ARAY, LCI, COO, HSIC, SSH, AZN, ZMH, SGEN, PPHM, COO, ABMD, STI, KO, Y, BEN, TROW, IVZ, BLK, BXP, EQR, BCS, STI, DCT, HRZN, WY, AAPL, SSNLF, ELPDF, TOISF, HXSCF, LGDDF, CBS, NWS, AAPL, AMZN, PSO, EMC, VMW, DELL, CMVT, IDCC, ENVI, BLOX, ADNC, BV, INTC, ELLI, LPSN, CSCO, JNPR, SWI, SYNC, ADNC, IT, NVDA, PCS, PNY

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
CBS CBS Corporation Class B 56.26 -0.54 -0.95 1,708,477 Trade
MMM 3M Company 192.55 -8.81 -4.38 8,255,645 Trade
TCK Teck Resources Ltd n/a n/a n/a 0
PG Procter & Gamble Company (The) 87.16 0.56 0.65 16,269,511 Trade
GE General Electric Company 12.69 0.31 2.50 81,877,592 Trade
CVX Chevron Corporation 113.40 -3.81 -3.25 8,094,756 Trade
SO Southern Company (The) 44.73 -0.24 -0.53 5,034,554 Trade
PCG Pacific Gas & Electric Co. 47.29 -0.49 -1.03 4,676,782 Trade
APOL Apollo Education Group Inc. n/a n/a n/a 0 Trade
HSIC Henry Schein Inc. 81.73 -0.31 -0.38 1,285,223 Trade
ELLI Ellie Mae Inc. 81.80 -1.06 -1.28 630,103 Trade
PKG Packaging Corporation of America 87.01 0.23 0.27 1,195,833 Trade
JNJ Johnson & Johnson 138.93 0.25 0.18 8,282,694 Trade
WMT Walmart Inc. 97.80 0.66 0.68 9,405,824 Trade
JEC Jacobs Engineering Group Inc. 75.82 -1.39 -1.80 1,659,890 Trade
AA Alcoa Corporation 37.32 -2.14 -5.42 3,192,650 Trade
WWW Wolverine World Wide Inc. 34.63 0.22 0.64 528,926 Trade
INTC Intel Corporation 44.50 -0.51 -1.13 38,587,713 Trade
IBM International Business Machines Corporation 131.21 1.19 0.92 6,462,132 Trade
D Dominion Energy Inc. 72.91 -0.36 -0.49 3,225,548 Trade
TRV The Travelers Companies Inc. 123.80 -0.27 -0.22 2,000,962 Trade
FL Foot Locker Inc. 47.02 -0.35 -0.74 2,192,835 Trade
AAPL Apple Inc. 222.73 2.08 0.94 38,729,607 Trade
P Pandora Media Inc. 8.47 -0.13 -1.51 9,738,373 Trade
BLOX Infoblox Inc. n/a n/a n/a 0 Trade
BCS Barclays PLC 8.62 0.13 1.53 5,503,850 Trade
ORRF Orrstown Financial Services Inc 23.10 -0.51 -2.16 12,697 Trade
EIX Edison International 69.55 -0.31 -0.44 1,138,724 Trade
BEN Franklin Resources Inc. 28.84 -0.20 -0.69 5,466,633 Trade
PCLN BKNG Calfrac Well Services Ltd.
JPM JP Morgan Chase & Co. 105.25 -1.11 -1.04 21,407,063 Trade
AXP American Express Company 104.38 -0.13 -0.12 4,223,784 Trade
IDCC InterDigital Inc. 71.81 -0.54 -0.75 343,945 Trade
UTX United Technologies Corporation 130.02 3.62 2.86 7,030,616 Trade
NVDA NVIDIA Corporation 221.06 -10.16 -4.39 15,639,195 Trade
TROW T. Rowe Price Group Inc. 97.82 -1.58 -1.59 1,440,600 Trade
SYNC Synacor Inc. 1.89 -0.02 -1.05 53,721 Trade
WSM Williams-Sonoma Inc. (DE) 58.44 -0.08 -0.14 1,068,513 Trade
VMW Vmware Inc. Class A 145.41 -0.73 -0.50 975,999 Trade
AMZN Amazon.com Inc. 1,768.70 -20.60 -1.15 6,720,192 Trade
MTL Mechel PAO American Depositary Shares (Each rep. 1) 2.88 -0.12 -4.00 34,180 Trade
CSCO Cisco Systems Inc. 45.42 -0.34 -0.74 21,835,918 Trade
WY Weyerhaeuser Company 28.35 0.74 2.68 6,656,423 Trade
LCI Lannett Co Inc 3.69 -0.02 -0.54 1,188,846 Trade
DIS The Walt Disney Company 117.85 -0.42 -0.36 8,606,703 Trade
EQR Equity Residential of Beneficial Interest 63.74 0.20 0.31 2,075,739 Trade
ABMD ABIOMED Inc. 370.04 3.84 1.05 492,533 Trade
LPSN LivePerson Inc. 21.10 -0.09 -0.42 291,139 Trade
VZ Verizon Communications Inc. 57.21 2.23 4.06 29,328,163 Trade
GMCR Keurig Green Mountain Inc n/a n/a n/a 0 Trade
SGEN Seattle Genetics Inc. 69.59 -1.59 -2.23 884,240 Trade
BGFV Big 5 Sporting Goods Corporation 5.37 0.05 0.94 601,524 Trade
BAC Bank of America Corporation 27.02 -0.36 -1.31 102,376,723 Trade
NCMI National CineMedia Inc. 9.03 0.00 0.00 322,605 Trade
MCD McDonald's Corporation 177.15 10.52 6.31 12,918,311 Trade
HRZN Horizon Technology Finance Corporation 10.72 -0.56 -4.96 271,697 Trade
JNPR Juniper Networks Inc. 27.58 -0.90 -3.16 11,619,745 Trade
PSO Pearson Plc 11.58 0.24 2.12 667,130 Trade
HURC Hurco Companies Inc. 41.19 -0.97 -2.30 10,092 Trade
BXP Boston Properties Inc. 115.24 0.23 0.20 845,030 Trade
GME Gamestop Corporation 15.27 0.15 0.99 2,395,068 Trade
STRA Strategic Education Inc. 123.80 -3.96 -3.10 112,654 Trade
CNI Canadian National Railway Company 82.44 -2.51 -2.95 2,335,268 Trade
JVA Coffee Holding Co. Inc. 4.56 -0.00 -0.10 20,654 Trade
BRC Brady Corporation 40.79 -0.91 -2.18 498,870 Trade
LULU lululemon athletica inc. 137.43 -2.52 -1.80 2,004,375 Trade
HIBB Hibbett Sports Inc. 17.16 0.06 0.35 719,208 Trade
DNR Denbury Resources Inc. 4.88 -0.38 -7.22 10,594,610 Trade
PPHM CDMO Peregrine Pharmaceuticals Inc.
HD Home Depot Inc. (The) 178.53 -0.22 -0.12 7,004,546 Trade
XOM Exxon Mobil Corporation 79.84 -1.31 -1.61 15,464,625 Trade
PFE Pfizer Inc. 44.10 -0.27 -0.61 21,890,937 Trade
KSU Kansas City Southern 103.35 -2.08 -1.97 1,733,173 Trade
COO The Cooper Companies Inc. 253.78 -0.50 -0.20 221,122 Trade
SWHC Smith & Wesson Holding Corporation
HPQ HP Inc. 23.94 -0.17 -0.71 9,621,910 Trade
ARAY Accuray Incorporated 3.64 -0.06 -1.62 776,441 Trade
AZN Astrazeneca PLC 39.59 0.10 0.25 4,603,426 Trade
BA The Boeing Company 350.05 -5.93 -1.67 4,387,673 Trade
MRK Merck & Company Inc. (new) 72.10 -0.47 -0.65 11,561,871 Trade
Y Alleghany Corporation 592.32 -10.19 -1.69 64,721 Trade
SUN Sunoco LP representing limited partner interests 28.88 -0.32 -1.10 407,324 Trade
SWI SolarWinds Corporation 15.00 -0.44 -2.85 1,319,055 Trade
MUSA Murphy USA Inc. 80.94 0.85 1.06 404,771 Trade
CNK Cinemark Holdings Inc Inc. 41.21 -0.98 -2.32 1,817,639 Trade
CLF Cleveland-Cliffs Inc. 11.19 -0.15 -1.32 11,752,868 Trade
BP BP p.l.c. 42.30 -0.84 -1.95 9,198,523 Trade
FE FirstEnergy Corp. 38.24 -0.38 -0.98 3,328,483 Trade
IVZ Invesco Ltd 21.17 0.06 0.28 7,252,008 Trade
KO Coca-Cola Company (The) 46.36 0.39 0.85 17,483,862 Trade
T AT&T Inc. 33.02 0.35 1.07 53,420,858 Trade
CAT Caterpillar Inc. 118.98 -9.73 -7.56 24,109,754 Trade
PNY Piedmont Natural Gas Company Inc. n/a n/a n/a 0 Trade
HOT Starwood Hotels & Resorts Worldwide Inc. n/a n/a n/a 0 Trade
ENVI Envivio Inc
SSH CHFS Sunshine Heart Inc
ULTA Ulta Beauty Inc.
UNP Union Pacific Corporation
EMC EMC Corporation
MSFT Microsoft Corporation
MFRM Mattress Firm Holding Corp.
NWS News Corporation
IT Gartner Inc.
STI SunTrust Banks Inc.

Comments

Emerging Growth

IMV Inc.

Immunovaccine Inc is clinical stage biopharmaceutical company. The Company develops products based on its proprietary vaccine enhancement platform in T cell activating therapies for cancer.