Earnings in Focus | Morning News

BullVsBearJULY 23, 2015

US futures holding onto gains at this 7AM hour as traders get ready for the plethora economic data as well as a bevy of earnings reports due out today as earnings season reaches a peak. Reporting his morning, besides the usually weekly jobs data, will be the Kansas City Fed Manufacturing, Chicago Fed Activity Index and leading indicators.  Gold futures steady after a 10-day selloff in the commodity.

NEWS:

  • BAC: CFO leaving, reports the wsj
  • DIS: TWX: SNE: EU files anti-trust against US film studios, reports the wsj
  • CI: ANTM: Anthem close to $187/share deal for Cigna, reports dow jones
  • KSU: CP: rail tank car orders fall sharply
  • Z: Zillow announces purchase of online real estate document service DotLoop
  • SUNE :SunEdison Inks Largest Open Access Solar PPA With India’s Biggest Utility, Tata Power Delhi Distribution Limited, To Deliver 180 Megawatts Of Solar
  • RESTAURANT STOCKS: NYC plans $15/hour minimum wage for fast food workers, reports the NY Times

ON THE ECONOMIC CALENDAR:

  • 8:30AM: Weekly Jobless Claims
  • 8:30AM: Chicago Fed National Activity Index
  • 9:45AM: Bloomberg Consumer Comfort Index
  • 10AM: Leading Indicators
  • 10:30AM: EIA Natural Gas Inventory
  • 11AM: Kansas City Fed Manufacturing Survey
  • 4:30PM: Money Supply and Fed Balance Sheet

EARNINGS:

  • SNA: Q2 EPS of $2.03 beats by $0.03.Revenue of $851.8M (+3.1% Y/Y) misses by $12.72M
  • UA: Q2 EPS of $0.07 beats by $0.02.Revenue of $783.58M (+28.5% Y/Y) beats by $21.43M: guides higher, raises FY15 revenue to $3.84B from $3.73B vs consensus $3.83B
  • DNKN: Q2 EPS of $0.50 beats by $0.02.Revenue of $211.4M (+10.7% Y/Y) beats by $7.73M: reaffirms FY15 EPS view of $1.87-$1.91, consensus $1.91: sss +2.9% vs. +1.8% last year
  • DHR: Q2 EPS of $1.08 beats by $0.04.Revenue of $5.13B (+3.4% Y/Y) beats by $70M
  • HBAN:Q2 EPS of $0.23 beats by $0.02.Revenue of $780.4M (+8.9% Y/Y) beats by $42.47M
  • LUV:Q2 EPS of $1.03 beats by $0.01.Revenue of $5.11B (+2.0% Y/Y) misses by $30M
  • BSX:Q2 EPS of $0.22 beats by $0.01.Revenue of $1.84B (-1.6% Y/Y) beats by $10M
  • CMCSA: Q2 EPS of $0.84 in-line.Revenue of $18.74B (+11.3% Y/Y) beats by $600M
  • DOW:Q2 EPS of $0.91 beats by $0.08.Revenue of $12.9B (-13.5% Y/Y) misses by $60M
  • ALK: Q2 EPS of $1.76 beats by $0.03.Revenue of $1.44B (+4.3% Y/Y) in-line
  • LLY: Q2 EPS of $0.90 beats by $0.16.Revenue of $4.98B (+0.8% Y/Y) beats by $90M: guides higher for  FY15 EPS view to $3.20-$3.30 from $3.10-$3.20 vs. consensus $3.18: guides lower FY15 revenue to $19.7B-$20B from $19.5B-$20B vs. consensus $19.8B
  • IMAX: Q2 EPS of $0.40 beats by $0.01.Revenue of $109.16M (+37.9% Y/Y) beats by $8.61M: raises annual installation guidance
  • PTEN:Q2 EPS of -$0.13 beats by $0.14.Revenue of $472.76M (-37.6% Y/Y) beats by $24.45M

RECAP OF SOME NOTABLE EARNINGS LAST NIGHT: 

  • XLNX: FQ1 EPS of $0.55 beats by $0.01.Revenue of $549M (-10.4% Y/Y) misses by $7.58M: soft guidance
  • CAKE:Q2 EPS of $0.69 beats by $0.07.Revenue of $529.11M (+6.6% Y/Y) misses by $1.34M: raises guidance
  • CLB:Q2 EPS of $0.82 beats by $0.05.Revenue of $204M (-23.8% Y/Y) beats by $9.61M: solid guidance
  • MLNX:Q2 EPS of $0.75 beats by $0.13.Revenue of $163.34M (+59.2% Y/Y) beats by $5.51M: strong guidance
  • TXN: Q2 EPS of $0.65 in-line.Revenue of $3.23B (-1.8% Y/Y) misses by $30M: soft guidance
  • INFN: Q2 EPS of $0.18 beats by $0.02.Revenue of $207.34M (+25.4% Y/Y) beats by $6.07M: strong guidance
  • SNDK: Q2 EPS of $0.66 beats by $0.33.Revenue of $1.24B (-23.9% Y/Y) beats by $40M: guides in-line
  • FTNT: Q2 EPS of $0.11 beats by $0.02.Revenue of $239.8M (+30.3% Y/Y) beats by $12.06M: strong guidance
  • QCOM:FQ3 EPS of $0.99 beats by $0.04.Revenue of $5.83B (-14.4% Y/Y) misses by $20M: weak guidance: announces job cuts
  • CRUS: Q1 EPS of $0.54 beats by $0.11.Revenue of $282.63M (+85.3% Y/Y) beats by $21.9M: strong guidance
  • CVA: Q2 EPS of -$0.06 misses by $0.09.Revenue of $408M (-5.6% Y/Y) in-line: lowers guidance for EBITDA, free cash flow
  • DFS: Q2 EPS of $1.33 beats by $0.01.Revenue of $2.18B (+0.5% Y/Y) misses by $40M: payment services pretax income of $28M down $3M Y/Y: dollar volume of $47.5B down 7% Y/Y
  • NEM: Q2 EPS of $0.26 in-line.Revenue of $1.9B (+8.0% Y/Y) misses by $70M
  • LVS: Q2 EPS of $0.60 misses by $0.01.Revenue of $2.92B (-19.3% Y/Y) misses by $70M.
  • AXP: Q2 EPS of $1.42 beats by $0.10.Revenue of $8.28B (-4.1% Y/Y) misses by $180M
  • TSCO: Q2 EPS of $1.12 beats by $0.01.Revenue of $1.77B (+12.0% Y/Y) in-line: raises guidance in-line with analysts’ estimates
  • FFIV: FQ3 EPS of $1.67 beats by $0.07.Revenue of $483.59M (+9.8% Y/Y) beats by $2.24M: strong guidance
  • URI: Q2 EPS of $1.95 beats by $0.21.Revenue of $1.43B (+2.1% Y/Y) misses by $20M: weak guidance
  • SCSS: Q2 EPS of $0.21 beats by $0.02.Revenue of $275.29M (+17.3% Y/Y) beats by $5.03M: reaffirms below guidance
  • WFT: Q2 EPS of -$0.10 beats by $0.02.Revenue of $2.39B (-35.6% Y/Y) beats by $110M
  • LOGI: Q1 EPS of $0.16 beats by $0.05.Revenue of $470.32M (-2.5% Y/Y) beats by $2.47M

SOME NOTABLE EARNINGS AFTER THE MARKET CLOSES:

ALGN, ALTR, AMZN, ATHN, BCR,, BLDR, BYD, CA, CB, CBI, CHE, CLGX, CLS, COF, FLEX, FSL, GHL, GIMO, JNPR, LOGM, LSTR, MITK, MKTO, MSCC, MXIM, N, NANO,, P, PEB, PFG, PFPT, PMCS, QLIK, RGA, RHI, RSG, RT, SBUX, SWKS, SYK, T, TRIP,  V, VRSN, WIRE, WRE

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • FTNT: upgrade: neutral to overweight: JP Morgan: pt raised from $40 to $54
  • FTI: upgrade: underperform to market perform: FBR Capital: $31
  • STOR: upgrade: equal weight to overweight: Morgan Stanley: $24.50
  • SNDK: upgrade: hold to buy: B Riley: $75
  • CRUS: upgrade: hold to buy: Stifel: $45
  • DWA: upgrade: underperform to market perform: FBR Capital: pt riased from 417 to $26
  • UTX: upgrade: market perform to outperform: Cowen

DOWNGRADES:

  • XOMA: downgrade: buy to hold: Jefferies: $1
  • PII: downgrade: outperform to sector perform: RBC Capital: pt cut from $161 to $155
  • STX: downgrade: overweight to underweight: Morgan Stanley: pt cut from $49 to $34
  • WMB: downgrade: buy to hold: Jefferies: $59
  • WDC: downgrade: overweight to equal weight: Morgan Stanley

INITIATIONS:

  • AVG: initiated: overweight: JP Morgan: $33
  • CUBE: initiated: outperform: Baird: $27
  • SSS: initiated: outperform: Barid: $102
  • EXR: initiated: outperform: Baird: $83
  • EDR: initiated: buy: Canaccord: $37

PRICE TARGET CHANGES:

  • MLNX: pt raised from $60 to $65: Summit Research
  • FTNT: pt raised from $48 to $56: Wunderlich
  • FTNT: pt raised from $44 to $52: FBR Capital
  • FTNT: pt raised from $40 to $48: RBC Capital
  • OC: pt raised from $44 to $50: RBC Capital
  • BABY: pt raised from $45 to $51: Roth Capital
  • CAKE: pt raised from $58 to $60: Wunderlich
  • ABT: pt raised from $51 to $55: RBC Capital
  • TMO: pt raised from $150 to $160: Mizuho
  • SNDK: pt cut from $74 to $69: Piper Jaffray
  • QCOM: pt cut from $80 to $72: Brean Capital
  • QCOM: pt cut from $75 to $72: Cowen
  • TWTR: pt cut from $55 to $47: Brean Capital
  • ANGI: pt cut from $10 to $5.50: RBC Capital
  • UNFI: pt cut from $82 to $65: Imperial Capital
  • BEAV: pt cut from $71 to $65: RBC Capital

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