China struggles | Morning News

china bull_bear-2OCTOBER 13, 2015

US futures lower at this 8AM  hour trading into the red with most global markets after disappointing trade data out of China was released overnight. After giving back last week’s gain with a 5.4 % drop yesterday, crude continues to trade lower after the IEA cuts its forecast for oil demand growth for 2016, and concerns that an Iran deal with flood the market with even more of the commodity.

NEWS:

  • BA: Boeing says it expects to sell 150 more of CH-47F Chinook helicopters to foreign countries through 2022
  • JNJ: announces $10B share repurchase program
  • IBM: IBM bolsters India footprint, lands $700 million Etihad Airways cloud pact
  • BREW: co-founder Kurt Widmer says he’ll retire as chairman of Craft Brew Alliance and leave the board at year’s end
  • ADBE: enters partnership with Dropbox
  • DATA: Tableau and consulting giant Deloitte form strategic alliance
  • FMC: lowered guidance Q3 and FY15 below consensus expectation
  • R: cuts guidance, issues Q3 and FY15 warning
  • LVLT: added to Goldman’s Conviction Buy list
  • AAPL: Apple set to launch its stores in India, reports economictimes
  • BABA: Alibaba to enter Italy, France and Germany, opening offices in the European countries within months

ON THE ECONOMIC CALENDAR:

  • 6AM: NFIB Small Business Optimism Index
  • 8AM: Fed’s Bullard speaks on ” US Economy and Monetary Policy”
  • 8:55AM: Redbook Chain Store Sales
  • 2PM: Treasury Budget

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:

  • FAST:Q3 EPS of $0.47 in-line: revenue of $995.25M misses by $14.75M: revenue +1.5% Y/Y
  • JNJ:Q3 EPS of $1.49 beats by $0.04: revenue of $17.1B misses by $350M: revenue -7.4% Y/Y
  • PVTB:Q3 EPS of $0.57 beats by $0.02: revenue of $163.13M beats by $4M: revenue +10.0% Y/Y

SOME NOTABLE EARNINGS TO BE REPORTED TODAY AFTER THE CLOSE:

  • ADTN, CSX, HAWK, IDT, INTC, JPM, LLTC, OZRK, VOXX

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • GSK: upgrade: underweight to neutral: JP Morgan
  • CNP: upgrade: underperform to neutral: Credit Suisse: $23
  • GE: upgrade: market perform to outperform: Blair: $32
  • MTX: upgrade: sector weight to overweight: KeyBanc
  • KBH: upgrade: underweight to equal weight: Morgan Stanley: $15
  • TOL: upgrade: equal weight to overweight: Morgan Stanley: $44
  • ARE: upgrade: neutral to overweight: JP Morgan: pt raised from $97 to $106
  • NTRS: upgrade: outperform to strong buy: Raymond James: pt cut from $85 to $83
  • CIM: upgrade: underweight to equal weight: Barclays: $14

DOWNGRADES:

  • JBLU: downgrade: overweight to neutral: JP Morgan: $27
  • CNI: downgrade: buy to hold: Canaccord:
  • ALK: downgrade: buy to hold: Evercore: $82
  • AAL: downgrade: buy to hold: Evercore: $52
  • BTU: downgrade: neutral to underweight: JP Morgan: 416
  • CP: downgrade: buy to hold: Canaccord: $154
  • WLL: downgrade: overweight to equal weight: Morgan Stanley: $23
  • PHM: downgrade: equal weight to underweight: Morgan Stanley: $18
  • FBHS: downgrade: overweight to equal weight: Barclays:
  • UTEX: downgrade: buy to hold: Stifel
  • UTX: downgrade: outperform to sector perform: RBC Capital: pt cut from $113 to $100
  • PBFX: downgrade: outperform to neutral: Credit Suisse: pt cut from $34 to $27
  • NI: downgrade: outperform to neutral: Credit Suisse: $18
  • UTIW: downgrade: outperform to market perform: FBR Capital: pt cut from $14 to 47

INITIATIONS:

  • PACW: initiated: overweight: Piper Jaffray: $51
  • SKX: initiated: buy: Argus: $155
  • MCD: initiated: buy: SunTrust: $117
  • HRS: intiated: outperform: RBC Capital: $90
  • WAL: initiated: overweight: Piper Jaffray:
  • FTR: initiated: outperform: Cowen
  • ROP: initiated: outperform: Cowen
  • CGNX: initiated: outperform: Cowen: $55
  • MDC: initiated: overweight: Barclays: $35
  • AER: coverage resumed: outperform: FBR Capital: $51
  • AL: coverage resumed: outperform: FBR Capital: $40

PRICE TARGET CHANGES:

  • GES: pt raised from $19 to $21: Mizuho
  • INTC: pt raised from $29 to $33: RBC Capital
  • CDW: pt raised from $43 to $46: RBC Capital
  • JNPR: pt raised from $30 to $33: RBC Capital
  • R: pt cut from $130 to $115: FBR Capital
  • R: pt cut from #125 to $103: RBC Capital
  • TWX: pt cut from $95 to $90: RBC Capital
  • TGI: pt cut from $67 to $59: RBC Capital
  • VIAB: pt cut from $62 to $60: RBC Capital
  • CBS: pt cut from $67 to $64: RBC Capital
  • PXD: pt cut from $180 to $175: Topeka Capital
  • HTWR: pt cut from $60 to $45: Northland

 

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