Economic Data in Focus | Morning News

MAY 26, 2015

US futures still under pressure but off their overnight lows at this 7AM hour as traders await a rash of economic data including housing numbers, PMI and durable goods. Euro slipping as Greece warns, yet again, on default.  Oil slipping slightly on light volume as traders await the upcoming OPEC meeting on June 5.

NEWS:

  • AMZN: ETSY: Amazon announces their soon to launch “Handmade” shop, where shop keepers can sell their handmade items, rivaling Etsy
  • CHTR: TWC: Charter Communications to merge with Time Warner Cable in $55B deal
  • AZN: AMGN: problem with psoriasis drug that was supposed to be their billion $+ seller: Amgen is partnering with them on the drug
  • TWTR: looking to buy Flipboard for $1B+, recode reports
  • DIS: weak opening for “Tomorrowland” which was supposed to be Disney’s blockbuster
  • JD: sets its sites on connected devices, reports the wsj
  • ABX: Barrick gold to sellAustralian mine to Evolution Mining for $550M
  • GKNT: to be bought by Hot Topic for $17.50/share
  • PLAY: Dave & Busters sees Q1 revenue of $221.7M-$222.7M above consensus of $216.26M
  • LB: DG: added to Conviction Buy list at Goldman
  • BIDU: Mercedes -Benz making a deep partnership with Baidu, reports businessinsider

ON THE ECONOMIC CALENDAR:

  • 8:30AM: Durable Goods: expectation -0.05 after March’s +4.4%
  • 9AM: FHFA House Price Index
  • 9AM: S&P Case Shiller Home Price Index
  • 9;45AM: PMI Services Index Flash
  • 10AM: New Home Sales: expectation 490K
  • 10AM: Richmond Fed Manufacturing
  • 10AM: Consumer Confidence: expectation 93
  • 10AM: State Street Investor Confidence Index
  • 10:30AM: Dallas Fed Manufacturing Outlook
  • 1PM: $26B, 2 Year Note Auction

EARNINGS: 

  • WUBA: Q1 EPS of -$0.59 misses by $0.34:revenue of $87.1M beats by $2M: revenue+80.6% y/y
  • AZO: FQ3 EPS of $9.57 beats by $0.05.Revenue of $2.49B  misses by $10M: conference call 10AM EST

SOME NOTABLE EARNINGS AFTER CLOSE TODAY:

FWM, NMBL, TDW, TIVO, VNET, WDAY

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • HCN: upgrade; neutral to buy: Mizuho: pt raised from $74 to $80
  • HR: upgrade: neutral to buy: Mizuho: pt raised from $26 to $28
  • DG: upgrade: buy to conviction buy: Goldman: $87
  • MRVL: upgrade: equal weight to overweight: Morgan Stanley: $17.50
  • TFM: upgrade: underperform to neutral: Longbow
  • EXPE: upgrade: market perform to outperform: JMP Securities: $130
  • CHS: upgrade: neutral to buy: Mizuho: $20

DOWNGRADES:

  • ANN: downgrade: buy to neutral: Mizuho: $47
  • ANN: downgrade: buy to hold: Jefferies: $47
  • FSLR: downgrade: sector perform to underperform: RBC Capital: pt cut from $54 to $34
  • PTEN: downgrade: outperform to underperform: CLSA: $22
  • HBAN: downgrade: neutral to underperform: Macquarie
  • DE: downgrade: outperform to neutral: Baird: $98

INITIATIONS:

  • QLYS: assumed: buy: Summit Research: $50
  • EVA: initiated: buy: Goldman: $25
  • EVA: initiated: overweight: Barclays: $25
  • PRTY: initiated: overweight: Barclays: $26
  • PRTY: initiated: overweight: Morgan Stanley: $25
  • PRTY: initiated: outperform: Telsey: $26
  • PRTY: initiated: overweight: JP Morgan: $26
  • PRTY: initiated: neutral: Goldman: $23

PRICE TARGET CHANGES:

  • BLUE: pt raised from $186 to $213: Piper Jaffray
  • PANW: pt raised from $165 to $175: RBC Capital
  • CIEN: pt raised from $21 to $28: RBC Capital
  • DIS: pt range raised from $113-118 to $115-129: Wells Fargo
  • CTRP: pt raised from $80 to $122: Summit Research
  • KORS: pt cut from $70 to $67: Mizuho

 

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