Crude | Morning News

DECEMBER 08.2015

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: