Crude Falls to 2009 Levels | Morning News

rubbermarketnews_RMN_brent_crude_oil_050AUGUST 19, 2015

US futures lower with red arrows around the world as the Shanghai takes another hit, falling over 3% after the IMF announced that it will not upgrade the yuan to a reserve currency  Overnight, crude also took another hit, falling over 4% on data showing an unexpected US supply increase of 2.6M barrels, sending prices to levels not seen since early 2009 and threatening to fall into the 30s.

NEWS:

  • AAPL: Apple said to plan its first Middle East store in Dubai after winning exemptions, reports Bloomberg
  • RL: Ralph Lauren to Sell Wearable-Tech Shirt Timed for US Open, reports wsj
  • XOM: CVX: BP: TOT: a federal auction in the Gulf of Mexico on Wednesday attracted the lowest interest from producers since 1986, reports the nytimes

ON THE ECONOMIC CALENDAR:

  • 8:30AM: Weekly Jobless Claims
  • 9:45AM: Bloomberg Consumer Comfort Index
  • 10AM: Philly Fed Business Outlook
  • 10AM: Existing Home Sales
  • 10AM: Leading Indicators
  • 10:30AM: EIA Natural Gas Inventory
  • 4:30PM: Money Supply and Fed Balance Sheet

EARNINGS BEFORE THE OPENING TODAY:

  • SHLD:Q2 EPS of -$2.40 beats by $0.10: revenue of $6.21B beats by $490M
  • TECD: Q2 EPS of $1.43 beats by $0.47: revenue of $6.58B beats by $510M
  • SSI: Q2 EPS of $0.22 misses by $0.12: revenue of $380.92M misses by $3.71M: guidance lowered FY15 adjusted EPS to $1.05-$1.15 from $1.20-$1.28

RECAP OF SOME NOTABLE EARNINGS FROM LAST NIGHT AFTER THE CLOSE:

  • NTAP: FQ1 EPS of $0.29 beats by $0.06: revenue of $1.34B beats by $20M: strong guidance
  • LB: Q2 EPS of $0.68 in-line: revenue of $2.77B misses by $30M: soft guidance
  • KEYS: FQ3 EPS of $0.55 beats by $0.09: revenue of $665M beats by $8.34M
  • WUBA: Q2 EPS of -$0.24 beats by $0.22: revenue of $159.5M beats by $10.04M: revenue +147.1% Y/Y
  • YOKU: Q2 EPS of -RMB1.13 beats by RMB0.40: Revenue of RMB1.61B beats by RMB100M: revenue +67.9%Y/Y

SOME NOTABLE EARNINGS AFTER THE CLOSE TODAY:

  • ARAY, BRCD, CRM, GPS, HPQ, INTU, JBSS, MENT, MRVL, NDSN, ROST, TFM, TUES, UEPS

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • EXPD: upgrade: underweight to equal weight; Barclays:
  • LL: upgrade: hold to buy: Cantor: pt raised from $14 to $18
  • REG: upgrade: underperform to neutral: Credit Suisse: $70
  • DRH: upgrade: neutral to outperform: Credit Suisse: $15
  • KSU: upgrade: neutral to outperform: Macquarie: pt raised from $100 to $109
  • YOKU: upgrade: underperform to neutral: Mizuho
  • LMT: upgrade: neutral to buy: Mizuho
  • SYNT: upgrade: neutral to outperform: Baird: $54
  • KEYS: upgrade: neutral to outperform: Baird
  • HRL: upgrade: hold to buy: Deutsche Bank: pt raised from $59 to $66
  • HIW: upgrade: equal weight to overweight: Capital One:

DOWNGRADES:

  • LGCY: downgrade: buy to neutral: UBS: pt cut from $14 to $5.50
  • UNP: downgrade: outperform to neutral: Macquarie: pt cut from $105 to $95
  • TWX: downgrade: outperform to market perform: Bernstein: pt cut from $101 to $90
  • DIS: downgrade: outperform to market perform: Bernstein: pt cut from $125 to $114

INITIATIONS:

  • EVOK: initiated: buy: Brean Capital: $13

PRICE TARGET CHANGES:

  • TGT: pt raised from $87 to $91: Telsey Advisory Group
  • LBTYA: pt raised from $61 to $69: Pivotal Research Group
  • AEO: pt raised from $19 to $20: Telsey Advisory Group
  • SPN: pt cut from $31 to $25: Imperial Capital
  • TFM: pt cut from $34 to $30: RBC Capital

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