AAPL | Morning News

illustrated image of apple inc logoSEPTEMBER 09.2015

US futures follow European and Asian equities higher, adding to the rally that markets enjoyed in the previous session,as sentiment is  raised by the announcement of further stimulus from China.  The  announcement of corporate tax cuts in Japan helped the Nikkei surge 7.7%, the largest gain in 7 years. Meanwhile in the US later today, Apple is expected to unveil their latest versions of the iPhone, the 6S and 6S+, at an event in San Francisco, where it is also expected to introduce a bigger iPad and the opening of Apple TV to third party app developers.

NEWS:

  • NFLX: announces plans to expand into South Korea, Singapore, Hong Kong and Taiwan early next year
  • VZ: Verizon announces that their Go90 app is rolling out in beta, with hours of free video content to users no matter their wireless subscriber
  • TTPH: Tetraphase Pharma’s IV eravacycline fails to achieve its primary endpoint in late stage study
  • ABB:loweres its growth revenue target to 3-6% until 2020 from 4-7% previously
  • FB: Instagram opens up to advertisers worldwide, reports reuters
  • LMT: Lockheed Martin to lay off 500 in information systems, gov’t services unit, reports reuters
  • ZQK: Quiksilver files for Chapter 11 bankruptcy, reports bbc

ON THE ECONOMIC CALENDAR:

  • 7AM: MBA Mortgage Applications
  • 8:55AM: Redbook Chain Store Sales
  • 10AM: Job Openings and Labor Turnover Survey
  • 10AM: Quarterly Services Report
  • 1PM: $21B, 10 Year Bond Auction

EARNINGS  REPORTED BEFORE THE OPENING:

  • CONN: Q2 EPS of $0.47 in-line: revenue of $396.05M in-line: revenue +12.2% Y/Y
  • TITN: Q2 EPS of $0.00 beats by $0.03: revenue of $334.19M misses by $24.44M
  • HDS: Q2 EPS of $0.56 beats by $0.02: revenue of $2B in-line

RECAP OF SOME NOTABLE EARNINGS LAST NIGHT AFTER THE CLOSE:

  • PBY: Q2 EPS of $0.09 misses by $0.04: revenue of $526.5M misses by $6.33M
  • PLAY:FQ2 EPS of $0.40 beats by $0.17: revenue of $217.34M beats by $13.04M: revenue +19.8% Y/Y: raises revenue guidance
  • PSUN:FQ2 EPS of -$0.06 misses by $0.04: revenue of $195.62M misses by $9.02M: guides below estimates
  • CASY: FQ3 EPS of $1.57 beats by $0.18: revenue of $2.05B beats by $50M
  • TIVO: Q2 EPS of $0.09 in-line: revenue of $99.1M beats by $3.13M: guides revenue above estimates

SOME NOTABLE EARNINGS TONIGHT AFTER THE CLOSE:

  • BOX, EPM, IRET, KKD, PANW, SIGM, ZQK

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • DPZ: upgrade: neutral to buy: Goldman: pt raised from $109 to $122
  • BK: upgrade: hold to buy: Deutsche Bank: pt cut from $48 to $47
  • WBA: upgrade: perform to outperform: Cowen: $104
  • CIEN: upgrade: sector perform to outperform: RBC Capital: pt raised from $26 to $28
  • BXP: upgrade: hold to buy: Stifel
  • GS: upgrade: neutral to buy: BofA/Merrill: $220
  • EQC: upgrade: underperform to neutral: BofA/Merrill

DOWNGRADES:

  • PII: downgrade: buy to neutral: Longbow
  • FNSR: downgrade: outperform to sector perform: RBC Capital: pt cut from $21 to $17
  • LITE: downgrade: outperform to sector perform: RBC Capital: pt cut from $22 to $20
  • R: downgrade: overweight to sector weight: KeyBanc
  • MNKD: downgrade: neutral to underweight: Piper Jaffray:

INITIATIONS:

  • NEWR: initiated: overweight: First Analysis Sec: $42
  • TXN: initiated: buy: Sterne Agee:
  • INCY: initiated: buy: Jefferies: $140
  • BIIB: initiated: buy: Jefferies: $348
  • CELG: initiated: buy: Jefferies: $140
  • GILD: initiated: hold: Jefferies: $115
  • XONE: initiated: outperform: Imperial Capital: $8
  • LEAF: initiated: buy: Compass Point: $55

PRICE TARGET CHANGES:

  • CASY: pt raised from $109 to $111: RBC Capital
  • ETFC: pt raised from $34 to $35: RBC Capital
  • TIVO: pt cut from $12 to $10: FBR Capital
  • CLR: pt cut from $35 to $32: Wunderlich
  • YHOO: pt cut from $48 to $43: Mizuho
  • BIDU: pt cut from $206 to $170: Deutsche Bank
  • BABA: pt cut from $95 to $88: Cantor
  • SNDK: pt cut from $74 to $60: Mizuho
  • DHR: pt cut from $93 to $91: RBC Capital

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