Earnings in Focus | Morning News

apple-forced-to-raise-app-prices-by-100-in-russia-days-after-stopping-online-salesJULY 22, 2015

US futures under pressure with the tech heavy nasdaq spiking down at this 7AM hour as most overseas markets see red after last night’s earnings disappointments weigh heavy on the markets. Gold taking another hit as it trades below $1100, the metal’s longest losing streak since 2008. Oil continues its struggle at the $50 mark as oversupply keeps the commodity under pressure.

NEWS:

  • BA: FDX: FedEx announces plans to buy 50 Boeing 767 jet freighters with a list value of $10B, with options for an additional 50 planes
  • THOR: STJ: St Jude’s buy Thoratec for $3.4B, or $63.50/share
  • FB: With a market cap of $275B, Facebook is now bigger than GE
  • AAPL: Gene Munster (Piper’s analyst)  is a buyer of Apple today on the selloff
  • T: DTV: regulators approve their $49B merger deal, reports the wsj
  • XOM: added to Goldman’s Conviction Buy list
  • TWTR: blocked by Turkey following recent terrorist attack, reports ap
  • AMZN: ANGI:Amazon invades Angie’s List’s turf even more by rolling out Home Services in 11 new markets, reports geekwire

ON THE ECONOMIC CALENDAR:

  • 7AM: MBA Mortgage Applications
  • 9AM: FHFA House Price Index
  • 10AM: Existing Home Sales
  • 10:30AM: EIA Petroleum Inventories

EARNINGS:

  • WHR:Q2 EPS of $2.70 beats by $0.08.Revenue of $5.21B  misses by $80M
  • BA: Q2 EPS of $1.62 beats by $0.25.Revenue of $24.54B (+11.3% Y/Y) beats by $320M
  • OC: Q2 EPS of $0.79 beats by $0.25.Revenue of $1.41B  in-line
  • TUP: Q2 EPS of $1.21 beats by $0.04.Revenue of $588.9M  misses by $1.69M: guides  FY15 adjusted EPS $4.42-$4.52, consensus $4.66
  • PII:Q2 EPS of $1.49 misses by $0.09.Revenue of $1.12B  misses by $40M
  • STJ: Q2 EPS of $1.03 beats by $0.03.Revenue of $1.41B beats by $20M: raised guidance
  • KO: Q2 EPS of $0.63 beats by $0.03.Revenue of $12.16B (-3.3% Y/Y) beats by $100M
  • ARMH: Q2 EPS of £0.07 in-line.Revenue of $357.1M  in-line
  • TMO:Q2 EPS of $1.84 beats by $0.06.Revenue of $4.27B  beats by $100M: raises FY15 adjusted EPS to $7.28-$7.41-$7.25-$7.40

RECAP OF SOME NOTABLE EARNINGS FROM LAST NIGHT:

  • CMG:Q2 EPS of $4.45 beats by $0.01.Revenue of $1.2B (+14.3% Y/Y) misses by $20M
  • AAPL:FQ3 EPS of $1.85 beats by $0.04.Revenue of $49.61B (+32.5% Y/Y) beats by $300M: Q3 iPhone units 47.53M vs. 61.17M last quarter:guides Q4 revenue $49B-$51B vs. consensus $51.05B
  • VMW:Q2 EPS of $0.93 beats by $0.02.Revenue of $1.52B (+4.1% Y/Y) misses by $70M:  guidance in-line: guides Q3 EPS 98c-$1.00 vs. consensus $1.00:
  • IRBT:Q2 EPS of $0.24 beats by $0.18.Revenue of $148.79M beats by $4.19M
  • ILMN:Q2 EPS of $0.80 beats by $0.03.Revenue of $539M (+20.4% Y/Y) misses by $2.77M
  • MSFT:FQ4 EPS of $0.62 beats by $0.06.Revenue of $22.18B  beats by $120M: light guidance
  • GPRO: Q2 EPS of $0.35 beats by $0.09.Revenue of $419.92M (+71.7% Y/Y) beats by $24.7M: strong Q3 guidance
  • YHOO: Q2 EPS of $0.16 misses by $0.02.Revenue of $1.04B (flat Y/Y) beats by $10M: guides Q3 revenue ex-TAC $1B-$1.04B vs. consensus $1.07B
  • ISRG: Q2 EPS of $4.57 beats by $0.59.Revenue of $586.1M (+15.7% Y/Y) beats by $19.24M: da Vinci shipments: 118 (+22.9%)

NOTABLE EARNINGS AFTER THE CLOSE:

AF: AMP: CAKE: CCI: CLB: CRUS: CVA: DFS: EFX: EGHT: FFIV: FTNT: GGG: GLF: INFN: LOGI: LVS: MLNX: MSA: NEM: PLCM: QCOM: QDEL: RJF: SCSS: SLG: SLM: SNDK: TSCO: TXN: TYL: URI: VMI: WFT: XLNX

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • ISRG: upgrade: hold to buy: Canaccord: $615
  • NBL: upgrade: market perform to outperform: Credit Suisse: $55
  • HES: upgrade: market perform to outperform: Credit Suisse: $90
  • CP: upgrade: buy to hold: Canaccord
  • MUR: upgrade: underperform to neutral: Credit Suisse: pt raised from $44 to $47

DOWNGRADES:

  • UTX: downgrade: buy to neutral: Atlantic Equities: $110
  • UTX: downgrade: buy to hold: Deutsche Bank: pt cut from $128 to $112
  • LOCK: downgrade: outperform to sector perform: Pacific Crest: $18
  • LOCK: downgrade: outperform to sector perform: RBC Capital: pt cut from $20 to $11
  • LOCK: downgrade: buy to hold: Wunderlich: pt cut from $20 to $9.25
  • PNR: downgrade: buy to hold: Jefferies: $63
  • AAPL: downgrade: outperform to market perform: Cowen: pt cut from $140 to $130
  • CF: downgrade: positive to neutral: Susquehanna

INITIATIONS:

  • PYPL: initiated: overweight: Barclays: $47
  • PERY: initiated: buy: Brean Capital: $30
  • JUNO: initiated: outperform: Northland: $64
  • DVN: assumed: outperform: Credit Suisse: $83
  • PXD: assumed: outperform: Credit Suisse: $186
  • APC: assumed: outperform: $94

PRICE TARGET CHANGES:

  • ILMN: pt raised from$230 to $240: Mizuho
  • FL: pt raised from $67 to $77: UBS
  • CMG: pt raised from $700 to $740: Piper Jaffray
  • MAN: pt raised from: $87 yo $98: RBC Capital
  • ISRG: pt raised from $575 to $625: Barclays
  • ISRG: pt raised from $540 to $565: RBC Capital
  • ISRG: pt raised from $616 to $675: Jefferies
  • GPRO: pt raised from $65 to $71: Barclays
  • GPRO: pt raised from $68 to $72: Piper Jaffray
  • HOG: pt raised from $59 to $61: RBC Capital
  • UTX: pt cut from $141 to $114: RBC Capital
  • UTX: pt cut from $136 to $118: UBS
  • YHOO: pt cut from $51 to $48: Mizuho
  • YHOO: pt cut from $54 to $51: JP Morgan

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