CMG | Morning News

Thanksgiving holiday card

Thanksgiving holiday card

NOVEMBER 25, 2015

US futures point to a positive opening as traders await a deluge of economic data this morning before trading activity historically slows before the long Thanksgiving weekend. Overnight, crude gave back more than half of its previous session gains as tensions ease between Russia and Turkey.

NEWS:

  • YHOO: S&P cuts Yahoo’s rating to negative from stable
  • SNE: announces that it has sold 30.2M PlayStation 4 videogame consoles to date
  • NVS: FDA approves Novartis’ seasonal flu vaccine in people 65 and older
  • BRMN: SRPT: PTCT: Ad Comm fails to back BioMarin’s drisapersen for DMD
  • HRL: Hormel Foods announces a two-for-one stock split
  • SAIC: SAIC, BAE Systems win Marines contract for amphibious vehicle prototypes

THE ECONOMIC CALENDAR:

  • 7AM: MBA Mortgage Applications
  • 8:30AM: Weekly Jobless Claims
  • 8:30AM: Durable Goods
  • 8:30AM: Personal Income and Outlays
  • 9AM: FHFA House Price Index
  • 9:45AM: PMI Services Index Flash
  • 9:45AM: Bloomberg Consumer Comfort Index
  • 10AM: Reuters/UofM Consumer Sentiment
  • 10AM: New Home Sales
  • 10:30AM: EIA Petroleum Inventories
  • 11:30AM: $29B, 7 Year Note Auction
  • 12PM: EIA Natural Gas Inventory

SOME NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

  • VEEV:FQ3 EPS of $0.12 beats by $0.01: revenue of $106.9M beats by $3.26M: revenue +27.5% y/y: solid guidance
  • VNET:Q3 EPADS of RMB0.12 misses by RMB0.12: revenue of RMB924.1M beats by RMB24.37M: revenue +18.7% y/y: guides revenue above consensus
  • TIVO:Q3 EPS of $0.06 misses by $0.02: revenue of $102.8M beats by $1.62M: revenue +16.7% y/y: guides in-line
  • GES:Q3 EPS of $0.15 beats by $0.04: revenue of $521M in-line: revenue -11.7% y/y: guides in-line
  • ADRO:Q3 EPS of $0.01 beats by $0.12: revenue of $19.15M beats by $3.34M: revenue +669.1% y/y
  • Hewlett Packard:FQ4 EPS of $0.93 misses by $0.03: revenue of $25.71B misses by $650M: HPE guidance above consensus: HPQ guidance below consensus
  • QUNR: Q3 EPS of -RMB5.61 may not be comparable to consensus of -RMB5.48: revenue of RMB1.33B beats by RMB140M: revenue +165.4% y/y

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:

  • DATE: Q3 EPS of $0.12 beats by $0.02: revenue of $28.75M beats by $0.44M: revenue +9.2% y/y
  • DCI:FQ1 EPS of $0.34 beats by $0.01: revenue of $538M misses by $13.6M: revenue -9.8% y/y
  • DE: FQ4 EPS of $1.08 beats by $0.33: revenue of $6.72B beats by $590M: revenue -16.4% y/y

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • FRO: upgrade: underperform to neutral: Credit Suisse
  • IMGN: upgrade: hold to buy: Jefferies: pt raised from $8 to $16

DOWNGRADES:

  • VAL: downgrade: sector perform to underperform: RBC Capital: pt raised from $80 to $82
  • VAL: downgrade: overweight to neutral: JP Morgan
  • EBAY: downgrade: conviction buy to buy: Goldman: pt raised from $30 to $33
  • SUNE: downgrade; neutral to sell: UBS: pt cut from $3 to $2
  • BDBD: downgrade: buy to neutral: SunTrust: $11
  • BDBD: downgrade: outperform to sector perform: RBC Capital: pt raised from $10 to $11

INITIATIONS:

  • MGEE; initiated: neutral: Baird: $44
  • SEMG: initiated: overweight; Barclays: $50
  • LIND: initiated: buy: Citi: $13
  • NDLS: initiated: buy: Citi: $13
  • RUTH: initiated: neutral: Citi: $19
  • NTES: initiated: buy: Goldman:
  • NSH: initiated: equal weight; Barclays: $28
  • CCL: initiated: buy: HSBC: $60

PRICE TARGET CHANGES:

  • ADI: pt raised from $68 to $69: RBC Capital
  • BECN; pt raised from $37 to $44: RBC Capital
  • DLTR: pt raised from $86 to $88: RBC Capital
  • DSW: pt raised from $23 to $24: Telsey Advisory Group
  • LYB: pt raised from $98 to $105: Cowen
  • PANW: pt raised from $200 to $205: Imperial Capital
  • PF: pt raised from $45 to $49: RBC Capital
  • PPG: pt raised from $115 to $129: RBC Capital
  • SHW: pt raised from $285 to $336: RBC Capital
  • VIAB: pt raised from $56 to $65: FBR Capital
  • BMRN: pt cut from $155 to $126: William Blair
  • CBRL: pt cut from $155 to $142: Telsey Advisory Group
  • GIII: pt cut from $74 to $64: Telsey Advisory Group
  • GIII: pt cut from $80 to $62: Wunderlich
  • CHS: pt cut from $17 to $14: Telsey Advisory Group
  • CHS: pt cut from $18 to $14: RBC Capital
  • EV: pt cut from $46 to $43: RBC Capital
  • ECC: pt cut from $23 to $18.50: Wunderlich

 A WONDERFUL, BLESSED THANKSGIVING TO ALL!

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