JULY 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