US futures down sharply, extending yesterday losses, chasing red arrows around the world. The Shanghai lost almost 2% after China’s exports dropped for a fifth consecutive month in November. Overnight, commodities took a hit with crude trading below $38.
NEWS:
- LNG: Icahn boosts his stake again, this time from 12.7% to 13.8%
- TEVA: EGRX: Teva Pharmaceuticals and Eagle Pharmaceuticals Announce FDA Approval of BENDEKA, reports businesswire
- RIO:announces a second cut to planned capital spending in four months, slashing another $1.5B over two years
- OUTR: cuts guidance on lower than expected revenue from its Redbox division: unit chief announces departure
- CMG: new e coli after 30 Boston College students got sick after eating at a Chipotle restaurant over the weekend
- HON: Honeywell And Pearlstone Energy To Provide Smart Grid Program To Help Boost U.K. Grid Stability, reports prnewswire
- QCOM: European Commission sends two Statements of Objections on exclusivity payments and predatory pricing to Qualcomm
- VRX: Valeant Pharmaceuticals is considering selling its gas permeable contact lens division, Paragon Vision Sciences, reuters reports
THE ECONOMIC CALENDAR:
- 6AM: NFIB Small Business Optimism Index
- 8:55AM: Redbook Chain Store Sales
- 10AM: Job Openings and Labor Turnover Survey
- 1PM: $13B, 3 Year Note Auction
SOME NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:
- GWPH: FQ4 EPS of -₤0.05: revenue of ₤5.59M: revenue -24.6% y/y
- UNFI: FQ1 EPS of $0.63 misses by $0.04.Revenue of $2.08B in-line: revenue +4.5% y/y:
- CASY: FQ2 EPS of $2.00 beats by $0.50: revenue of $1.92B misses by $30M: revenue -10.7% y/y
- HRB: FQ2 EPS of -$0.54 misses by $0.06: revenue of $128.42M misses by $3.71M: revenue -4.6% y/y
SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:
- TOL:FQ4 EPS of $0.80 misses by $0.03: revenue of $1.44B beats by $10M: revenue +6.7% y/y
- PLCE:Q3 EPS of $1.93 beats by $0.01: revenue of $455.91M misses by $17.43M: revenue -6.4% y/y
- AZO: FQ1 EPS of $8.29 beats by $0.05: revenue of $2.39B in-line: revenue +5.8% y/y
- CBK: Q3 EPS of -$0.01 in-line: revenue of $103.64M misses by $0.12M: revenue -6.3% y/y
- HDS: Q3 EPS of $0.66 beats by $0.01: revenue of $2.01B misses by $20M: revenue+5.2% Y/Y
SOME NOTABLE EARNINGS TO BE REPORTED TODAY AFTER THE CLOSE:
- ABM, AVAV, COST, KKD, PLAY, SIGM, SWHC, TPLM
ANALYSTS’ RATINGS CHANGES:
UPGRADES:
- ALE: upgrade: hold to buy: Wunderlich: pt raised from $54 to $55
- LAMR: upgrade: hold to buy: Topeka Capital: pt raised from $60 to $73
- FEYE: upgrade: neutral to buy: Citi: pt raised from $31 to $35
- K: upgrade: underweight to equal weight: Morgan Stanley: $69
- SKT: upgrade: neutral to buy: Goldman
- HSY: upgrade: hold to buy: Stifel: $96
- MTN: upgrade: neutral to buy: Goldman: $144
- WBC: upgrade; hold to buy: Stifel: $122
- FEIC: upgrade: neutral to buy: Goldman: pt raised from $72 to $94
- TMO: upgrade: buy to conviction buy: Goldman: $44
- A: upgrade: neutral to buy: Goldman: $48
- UN: UL: upgrade: underperform to neutral: Credit Suisse:
DOWNGRADES:
- WBMD: downgrade: top pick to outperform: RBC Capital: pt cut from $60 to $55
- CTRP: downgrade: buy to hold: HSBC: $55
- DF: downgrade: equal weight to underweight: Morgan Stanley: $17
- DHR: downgrade: buy to neutral: Goldman: $103
- LH: downgrade: conviction by to neutral: Goldman: pt cut from $142 to $126
- PKI: downgrade: neutral to sell: Goldman: pt cut from $50 to $44
- CG: downgrade: buy to neutral: BofA/Merrill
- BX: downgrade: buy to neutral: BofA/Merrill
- APO: downgrade: buy to neutral: BofA/Merrill
- SPLS: downgrade: outperform to market perform: Telsey Advisory: pt cut from $23 to $12
INITIATIONS:
- FCPT: initiated: outperform: Baird: $27
- OUTR: resumed: buy: Roth Capital: pt raised from $61.50 to $80
- INST: initiated: buy: Goldman: $25
- INST: initiated: buy: Jefferies: $25
- IVAC: initiated: outperform: Northland: $7
- MESO: initiated: overweight; JP Morgan
- MAR: initiated: buy: Barenberg: $90
- HOT: initiated: buy: Barenberg: $91
- HLT: initiated: hold: Barenberg: $25
PRICE TARGET CHANGES:
- CASY: pt raised from #122 to $125: RBC Capital
- CBU: pt raised from $38 to $40: RBC Capital
- DD: pt raised from $72 to $80: Argus
- TXMD: pt raised from $10 to $14: Stifel
- FDS: pt raised from $175 to $189: Stifel
- FSB: pt raised from $35 to $40: Compass Point
- RHT: pt raised from $85 to $90: RBC Capital
- SAVE: pt raised from $50 to $55: Cowen
- UNFI: pt cut from $46 to $42: RBC Capital
- FELP: pt cut from $7 to $5: FBR Capital
- HHC: pt cut from $225 to $190: Compass Point
- ODP: pt cut from $11 to $7.50: Telsey Advisory
- UNFI: pt cut from $46 to $42: RBC Capital
- OUTR: pt cut from $88 to $57: Piper Jaffray