Earnings | AAPL | Morning News

APRIL 13, 2015

US futures struggling at this 7AM hour as earnings get underway and trade data out of China comes in much weaker than expected. Overnight numbers showed that China’s exports and imports both took a big plunge (15% and 12.7%, respectively), but ¬†Shanghai stocks rallied on bets of more stimulus out of Beijing.

With nothing pressing on the economic calendar for the day, investors are cautiously approaching the meat of the earnings season as it gets into full swing with a financial sector laden schedule this week. On the commodities front, Wells Fargo energy conference takes off this morning in Houston with several companies weighing in on their view regarding the direction of crude oil.

Look for these statements to impact direction today and into the week.

Stocks in the NEWS:

  • GE: Time to sell after 14% jump, says barrons
  • UA: Under Armour logo on Spieth’s hat and shirt during Masters broadcast
  • QCOM: Qualcomm under pressure to break up the company, reports the wsj
  • AAPL: iWatch demand “solid”: maintains overweight rating: $160
  • AAPL: Cantor out positive on demand
  • AAPL: launch day watch orders: 957K in US, reports AppleInsider
  • KNDI: announces possible public listing in China
  • BAC: Morgan Stanley puts a $21 value on the stock
  • NEM: Shares could rise 35%, says barrons over the weekend
  • PANW: FEYE: singled out as favorites in the security sector at Piper
  • GOOG: GOOGL:The European Commission will decide “very soon” whether to issue antitrust charges against Google, its digital commissioner said on Sunday

EARNINGS:

CBSH: Q1 EPS of $0.61 beats by $0.03.Revenue of $252.56M (-1.2% Y/Y) misses by $12.78M: earnings conference call time not available

SOME NOTABLE EARNINGS BEFORE TOMORROW OPENING: JPM, WFC, JNJ

JPMorgan’s Top 5 Semiconductor Picks Before Earnings

J.P. Morgan issued its top 5 semiconductor stocks on Thursday ahead of earnings. Analysts, led by Harlan Sur, anticipated the majority of the companies under coverage reporting quarterly results would deliver revenue and earnings that are in line with both the firm’s and consensus expectations.

Its top picks, each of which were rated Overweight, are: Latest Ratings for BRCM DateFirmActionFromTo Apr 2015Ladenburg ThalmannInitiates Coverage onBuy Mar 2015NomuraUpgradesNeutralBuy Mar 2015Tigress FinancialDowngradesStrong BuyBuy View More Analyst Ratings for BRCM View the Latest Analyst Ratings

JPMorgan Cut Its Johnson & Johnson Forecast Before Earnings, But Why?

In a report published Monday, JPMorgan analyst Michael Weinstein discussed Johnson & Johnson (NYSE: JNJ)’s upcoming first quarter report, scheduled for Tuesday, April 14. Latest Ratings for JNJ DateFirmActionFromTo Apr 2015JP MorganMaintainsNeutral Mar 2015JefferiesMaintainsHold Feb 2015JefferiesMaintainsHold View More Analyst Ratings for JNJ View the Latest Analyst Ratings

ON THE ECONOMIC CALENDAR:

  • 2PM: Treasure Budget

Economic News: Chinese Exports Swoon, Japanese Inflation Edges Up

Williams less worried about downturn There is increasingly less of a risk of an economic stumble once the Federal Reserve raises interest rates, San Francisco Fed Pres. John Williams told Reuters. As long as the economic recovery seemed tenuous, the central bank remained cautious about hiking rates for fear of having to drop them again in case of a hiccup.

But that possibility “seems to be decreasing,” said Williams, who is considered a dove.

ANALYSTS RATINGS CHANGES:

UPGRADES:

  • FCX: upgrade; hold to buy: Citigroup: $23
  • ABBV: upgrade; market perform to outperform: BMO Capital: $68
  • UNH: upgrade; hold to buy: Jefferies: pt raised from $106 to $141
  • STJ: upgrade: underperform to neutral: Credit Suisse: $74
  • HABT: upgrade: neutral to outperform: Baird:$41
  • CBK: upgrade; neutral to overweight: Piper: pt raised from $5 to $10
  • CLVS: upgrade: hold to buy: Goldman: $117

Early movers: SHLD, UNH, ABBV, NFLX, UPS & more

Names on the move ahead of the open.

UnitedHealth Eyes Biggest Earnings Gain In Years

UnitedHealth Group (UNH) is expected to produce its best performance in years when it reports first-quarter results Thursday, while its stock price continues to trade near record highs following a major acquisition at the end of March. Analysts polled by Thomson Reuters expect the nation’s No. 1 health insurer to post Q1 earnings of $1.34 a share, up 22% from the prior year.

DOWNGRADES:

  • HP: downgrade; buy to hold: Jefferies: $75
  • QLYS: downgrade: outperform to neutral: Baird: $50

INITIATIONS:

  • ITC: initiation: sell: Goldman: $34
  • BKS: initiated: buy: Craig Hallum: $36

PRICE TARGET CHANGES:

  • NOW: pt raised from $83 to $90: RBC: TOP PICK
  • AAPL: pt raised from $165 to $176: Global Equities
  • WBC: pt raised from $88 to $107: Citigroup
  • SHPG: pt raised from $267 to $288: JPM

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