AAPL |Morning News

angry-bullAUGUST 25, 2015

The bulls fight back. US futures making a strong rebound at this 7AM hour after an unprecedented rout yesterday morning with European markets also trading in the green. The Shanghai continued its downward spiral overnight, closing down another 7.6%, while the Nikkei shed another 4%.  After the Shanghai market closed,  China’s central bank cut interest rates pushing markets higher. Meanwhile, crude rallies, trying to regain the $40 mark as the commodity finds some support at multi-year lows.

NEWS:

  • TWTR: Twitter Faces SEC Queries on Change in Engagement Measures, reports the wsj
  • NWL: Newell Rubbermaid Offers 3,300 Former Workers Pension Payout with estimate non-cash charge of 35M next quarter, reports the wsj
  • INTC: QCOM: Intel will have to wait until 2016 to take iPhone share from Qualcomm
  • BABA: Alibaba’s Cloud Computing Group Says Its New Artificial Intelligence Platform Is China’s First, reports techcrunch
  • TWX: Warner Bros in talks with China Media to make moves in China, reports the wsj
  • BA: announces expectation to cute several hundred jobs in its satellite unit though the end of the year, reports reuters
  • BA: Boeing raises long-term forecast on Chinese aircraft demand, reports SA

ON THE ECONOMIC CALENDAR:

  • 8:55AM: Redbook Chain Store Sales
  • 9AM: FHFA House Price Index
  • 9AM: S&P Case-Shiller Home Price Index
  • 10AM: Consumer Confidence
  • 10AM: State Street Investor Confidence Index
  • 10AM: Richmond Fed Manufacturing
  • 10AM: New Home Sales
  • 1PM: $26B, 2 Year Note Auction

EARNINGS REPORTED BEFORE THE OPENING THIS MORNING:

  • EJ: Q2 EPS of $0.10 beats by $0.05: revenue of $270.54M beats by $25.44M: revenue +28.7% Y/Y
  • PLCE: Q2 EPS of -$0.33 in-line: revenue of $366.46M misses by $14.11M
  • BBY: Q2 EPS of $0.49 beats by $0.15: revenue of $8.53B beats by $240M
  • DSW: Q2 EPS of $0.42 in-line: revenue of $627M misses by $9.68M
  • SAFM: FQ3 EPS of $2.27 misses by $0.63: revenue of $739.93M misses by $11.01M
  • SOL: Q2 EPS of -$0.02 beats by $0.09: revenue of $268.4M misses by $14.63M: revenue -30.7% Y/Y: guidance Q3 revenue $330M-$340M vs. consensus $278.27M
  • TOL: FQ3 EPS of $0.36 misses by $0.13: revenue of $1.03B misses by $20M

RECAP OF SOME NOTABLE EARNINGS FROM LAST NIGHT:

  • QUNR: Q2 EPS of -RMB6.66 misses by RMB0.47: revenue of RMB881M beats by RMB29.97M: revenue +120.0% Y/Y
  • PINC: FQ4 EPS of $0.36 in-line: revenue of $266.55M beats by $4.93M: revenue $13.2% Y/Y

SOME NOTABLE EARNINGS AFTER THE CLOSE TODAY:

  • DY, GSM, HEI, JKHY, LCI, NMBL, SLH

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • AEO: upgrade: market perform to outperform: FBR Capital: pt raised from $17 to $19
  • ADBE: upgrade: neutral to outperform: Baird: $85
  • AAPL: upgrade: market perform to outperform: Wells Fargo: $125-135 pt range
  • MYGN: upgrade: market perform to outperform: Wells Fargo
  • SHW: upgrade: neutral to buy: Sterne Agee
  • M; upgrade: sell to hold: Deutsche Bank: $61
  • SFM: upgrade: hold to by: Deutsche Bank: pt raised from $20 to $24
  • GRMN: upgrade: market perform to outperform: Raymond James: $43
  • XL: upgrade: market perform to outperform: Keefe Bruyette: pt raised from $42 to $44
  • RF: upgrade: underperform to market perform: Keefe Bruyette: $11.50
  • BAC: upgrade: market perform to outperform: Bernstein: $19
  • BAC: upgrade: underperform to neutral: Macquarie
  • BAC: upgrade: perform to outperform: Baird: $18

DOWNGRADES:

  • SUNE: downgrade: buy to neutral: UBS: pt cut from $20 to $11

INITIATIONS:

  • MTZ: initiated: outperform: Baird: $16
  • PSIX: initiated: buy: Wunderlich
  • ANCX: initiated: buy: Maxim: $21.50

PRICE TARGET CHANGES:

  • MU: pt cut from $20.50 to $16: Mizuho
  • ANF: pt cut from $21 to $19: Mizuho
  • PSG: pt cut from $24 to $18: Roth Capital
  • TLYS: pt cut from $12 to $8: Mizuho

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