FB | Morning News

Wall Street SignJULY 1, 2015

US futures rally at this 7AM hour after a report out of Greece that they prime minister will now agree to bailout terms. Overnight, major markets saw a jump into positive territory with the exception of China which saw the Shanghai fall another 5.2%. Investors will look towards a plethora of economic news due out this morning including auto sales, ADP data and key manufacturing numbers.

NEWS:

  • CF: announces agreement to acquire remaining 50% interest in GrowHow for $580M
  • CB: ACE: Ace to acquire Chubb in $28.3B stock and cash deal
  • AAPL: SSNLF: AMZN: Stagnant tablet demand to continue in 2H15, reports digitimes
  • AAPL: A divided federal appeals court upheld a judge’s ruling that Apple Inc had conspired with five publishers to increase e-book prices, reports reuters
  • AMZN: Twitch’s E3 Channel Had More Than 21 Million Viewers, reports reuters
  • BABA:Alibaba Strikes Entertainment Deal in China, reports wsj
  • WYNN: MPEL: MGM: LVS: Macau June casino revenue down 36.2%

ON THE ECONOMIC CALENDAR:

  • various times: Auto Sales
  • 7AM: MBA Mortgage Applications
  • 7:30AM: Challenger Job Cut Report
  • 8:15AM: ADP Jobs Report
  • 8:30AM: Gallup US Payroll to Population
  • 9:45AM: PMI Manufacturing Index
  • 10AM: ISM Manufacturing Index
  • 10AM: Construction Spending
  • 10:30AM: EIA Petroleum Inventories

EARNINGS:

  • MKC: FQ2 EPS of $0.75 beats by $0.07.Revenue of $1.02B misses by $20M
  • GIS: FQ4 EPS of $0.75 beats by $0.04.Revenue of $4.3B misses by $230M

ANALYSTS’ RATINGS CHANGES:

UPGRADES;

  • SWK: upgrade: neutral to buy: Longbow:$130
  • PNW: upgrade: neutral to outperform: Credit Suisse: $71
  • BKU: upgrade: neutral to overweight: JP Morgan:
  • CAG: upgrade: underperform to neutral: BofA/Merrill: $46

DOWNGRADES:

  • SBUX: downgrade: conviction buy to buy: Goldman: $57
  • NDAQ: downgrade: outperform to market perform: Keefe Bruyette: $55
  • URI: downgrade: overweight to sector weight: KeyBanc

INITIATIONS:

  • SPWH: initiated: outperform: Imperial Capital: $14
  • AMED: initiated: buy: Mizuho: $45
  • FANG: initiated: overweight: Stephens
  • BWLD: initiated: buy: Goldman: $195
  • EAT: initiated: buy: Goldman: $67
  • CAKE: initiated: sell: Goldman: $51
  • BLMN: initiated: conviction buy: Goldman: $28

PRICE TARGET CHANGES:

  • UHS: pt raised from $140 to $162: Mizuho
  • INTC: pt cut from $40 to $38: FBR Capital
  • CMCSA: pt raised from $67 to $69: Brean Capital
  • FB: pt raised from $92 to $100: Cantor
  • T: pt raised from $38 to $40: Oppenheimer

 

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