Factory Orders | Morning News

JUNE 02,2015

US futures slipping at this 7AM hour after taking a bit of a roller coaster ride overnight as eurozone inflation and Greek debt concerns come into play.  Investors focus turns to important factory orders data and auto sales numbers due out this morning Overnight, the US dollar rose to 12 year highs against the yen.

 

NEWS:

  • CVX: Chevron sells New Zealand service station business for $556M
  • TUBE: announces new public shelf offering
  • SD: wins favorable IRS ruling
  • ON: announces $600M convertible note offering
  • MTW: Glenview Capital discloses 7.06% stake in Manitowac
  • PRAN: PBT2 granted Orphan Drug Designation for Huntington’s Disease

ON THE ECONOMIC CALENDAR:

  • 8:30AM: Gallup US ECI
  • 8:55AM: Redbook Chain Store Sales
  • 10AM: Factory Orders
  • various times: Auto Sales

SOME NOTABLE EARNINGS AFTER THE CLOSE TODAY:

ABM, AMBA, ASNA, GES, GIII, GWRE, NCS, VMEM

EARNINGS:

  • CONN:Q1 EPS of $0.44 beats by $0.03.Revenue of $365.08M misses by $3.45M: conference call 11AM EST
  • MDT:FQ4 EPS of $1.16 beats by $0.05.Revenue of $7.3B beats by $110M: conference call 8AM EST
  • DG: Q1 EPS of $0.84 beats by $0.03.Revenue of $4.92B misses by $20M: conference call 10AM EST

RECAP OF SOME NOTABLE EARNINGS FROM LAST NIGHT:

  • QUNR: Q1 EPS of -$0.32 beats by $0.09.Revenue of $108.3M (+100.7% Y/Y) beats by $6.67M: announces a maps partnership with Baidu: announces plans to sell 8M ADS’ in a public offering
  • PVH:Q1 EPS of $1.50 beats by $0.12.Revenue of $1.88B (-4.1% Y/Y) beats by $20M: new buyback announced: positive comps

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • ZION: upgrade: hold to buy: Evercore
  • ZION: upgrade: neutral to buy: Guggenheim
  • BIG: upgrade: equal weight to overweight: Barclays: $53

DOWNGRADES;

  • INTC: downgrade: outperform to market perform: BMO Capital: pt cut from $40 to $33
  • CTRP: downgrade: buy to hold: Stifel

INITIATIONS:

  • WDAY: initiated: outperform: Bernstein
  • FEYE: initiated: buy: Guggenheim
  • PANW: initiated: buy: Guggenheim: $200
  • PFPT: initiated: buy: Guggenheim: $66
  • APC: initiated: buy: Evercore: $100
  • PXD: initiated: buy: Evercore: $190
  • WLL: initiated: buy: Evercore: $45
  • WPX: initiated: buy: Evercore: $16
  • MRO: initiated: buy: Evercore: $31
  • NBL: initiated: buy: Evercore: $51
  • NFX: initiated: buy: Evercore: $47

PRICE TARGET CHAGES:

  • ZION: pt raised from $30 to $32: RBC Capital
  • CLDX: pt raised from $30 to $40: WBB Securities
  • NTAP: pt cut from $34 to $30: Piper

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