Bear Market fear | Morning News

stock market bearsNOVEMBER 13, 2015

US futures trading lower at this hour on the heels of a strong bear move yesterday and overnight global markets trading in negative territory. With the end of earnings in site, investors have a lot to look at today, including retail sale, PPI data, business inventories and the University of Michigan consumer sentiment reading. Overnight, crude traded along the flat line after yesterday rout which took the commodity down 4% after EIA inventories showed a record of almost 3B barrels.

NEWS:

  • ATVI: TTWO: EA: GME: October NPD video game software -3.0% y/y
  • MMM: PLUG:3M and Plug Power Announce Strategic Supply Agreement for PEM Stack Membrane, reports cnn money
  • BXLT:Baxalta’s OBIZUR cleared in Europe
  • MYL: PRGO: Mylan Set to Lose in $26 Billion Hostile Takeover Battle for Perrigo, reports wsj
  • HZNP: Horizon Pharma receives NOA for VIMOVO patent
  • DD: DOW: SYT:DuPont is in discussions with Syngenta and Dow Chemical about potential major agriculture deals, reports wsj 

THE ECONOMIC CALENDAR:

  • 8:30AM: Producer Price Index
  • 8:30AM: Retail Sales
  • 10AM: Business Inventories
  • 10AM: Reuters/UofM Consumer Sentiment
  • 10:30AM: EIA Natural Gas Inventory
  • 11:45AM: Fed’s Mester speaks on “Economy and Monetary Policy”

SOME NOTABLE EARNINGS YESTERDAY AFTER THE CLOSE:

  • JWN:Q3 EPS of $0.57 misses by $0.15: revenue of $3.24B misses by $130M: revenue +3.2% y/y: cuts guidance
  • FOSL:Q3 EPS of $1.19 beats by $0.06: revenue of $771.3M misses by $23.06M: revenue -13.8% y/y: guides below consensus
  • LOCO:Q3 EPS of $0.18 beats by $0.03: revenue of $88.87M misses by $1.53M: revenue +2.7% y/y: lowers guidance
  • CSCO:FQ1 EPS of $0.59 beats by $0.03: revenue of $12.68B beats by $30M: revenue +3.6% y/y: guides below consensus
  • AMAT:FQ4 EPS of $0.29 in-line: revenue of $2.37B misses by $30M: revenue +4.9% y/y: guides in-line
  • GWW:Q3 EPS of $3.03 misses by $0.03: revenue of $2.54B misses by $20M:revenue =0.8% y/y: gloomy guidance
  • USAT:FQ1 EPS of -$0.01 misses by $0.02: revenue of $16.6M beats by $1.57M: revenue +35.5% y/y: reaffirms guidance
  • PLNT: Q3 EPS of $0.10: revenue of $68.8M: revenue +8.3% y/y: raises guidance

SOME NOTABLE EARNINGS TODAY BEFORE THE OPENING:

  • TYCO:FQ4 EPS of $0.61 in-line: revenue of $2.51B (-7.0% Y/Y) misses by $40M: revenue -7.0% y/y: weak guidance
  • EPC:FQ4 EPS of $0.64 misses by $0.05: revenue of $560.1M misses by $16.8M: revenue-14.4% y/y
  • JCP:Q3 EPS of -$0.47 beats by $0.08: revenue of $2.9B beats by $20M: revenue +5.1% y/y
  • BTG:Q3 EPS of $0.00 in-line: revenue of $139.25M beats by $1.22M: revenue +21.2% y/y

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • TOL: upgrade: equal weight to overweight: JP Morgan: $45
  • MDT: upgrade: buy to conviction buy: Goldman: pt raised from $87 to $90
  • AYR: upgrade: underweight to neutral: JP Morgan: pt raised from $20 to $22
  • YELP: upgrade: sector perform to outperform: RBC Capital: pt raised from $34 to $42
  • WY: upgrade: underperform to outperform: CLSA: pt raised from $32 to $35

DOWNGRADES:

  • DGLY: downgrade: buy to neutral: Roth Capital: pt cut from $16 to $7
  • GME: downgrade: overweight to sector weight: Pacific Crest
  • ABT: downgrade: buy to neutral: Goldman
  • LOCO: downgrade: outperform to neutral: Baird: pt cut from $18 to $12
  • FLY: downgrade: neutral to underweight: JP Morgan: pt cut from $16 to $14
  • FFIV: downgrade: outperform to market perform: JMP Securities:
  • FFIV: downgrade: outperform to market perform: William Blair

INITIATIONS:

  • SCTY: initiated: market perform: Bernstein: $30
  • MNTA: initiated: overweight: JP Morgan: $26
  • KRC: initiated: buy: BB&T: $80
  • KBR: initiated:sell: Citi: $18
  • SLG: initiated: buy: BB&T: $137
  • BDN: initiated: buy: BB&T: $16.50
  • BXP: initiated: buy: BB&T: $144.50
  • OUTR: initiated: buy: Roth Capital: $80
  • GLUU: initiated: buy: Roth Capital: $5
  • HIMX: initiated: outperform: Baird: $9
  • FDC: initiated: neutral: Baird: $20

PRICE TARGET CHANGES:

  • AGN: pt raised from $337 to $340: Mizuho
  • MFC: pt raised from $32 to $34: RBC Capital
  • DL: pt raised from $14 to $17: Brean Capital
  • CYBR: pt cut from $63 to $42: Imperial Capital
  • FOSL: pt cut from $60 to $44: Nomura
  • FOSL: pt cut from $56 to $48: Telsey Advisory
  • FOSL: pt cut from $46 to $25: Piper Jaffray
  • SNR: pt cut from $18 to $16: Canaccord
  • JWN: pt cut from $88 to $80: Topeka Capital
  • JWN: pt cut from $84 to $66: Deutsche Bank
  • JWN: pt cut from $92 to $65: Citi
  • PRTY: pt cut from $26 to $20: Telsey Advisory
  • PRTY: pt cut from $25 to $18: JP Morgan
  • VIAB: pt cut from $67 to $65: Pivotal Research Group
  • SCMP: pt cut from $22 to $19: Mizuho
  • AAP: pt cut from $210 to $194: RBC Capital
  • AAPL: pt cut from $200 to $190: UBS
  • CSCO: pt cut from $33 to $30: RBC Capital
  • GIL: pt cut from $35 to $34: RBC Capital

 

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Leave a Reply 3 comments

bob Reply

THNX FOR A.M-info

    Pete Renzulli Reply

    My pleasure!
    Let’s have a great day…

Marian Boyle Reply

You’re welcome Bob! Have an awesome day!

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