Fed Minutes |Morning News

Kick-off-Earnings-SeasonsOCTOBER 08.2015

US futures taking a hit as traders turn cautious into the kickoff of earnings season today, the FOMC minutes to be released at 2PM EST, and several Fed member speeches on the calendar today. European markets mixed overnight while the Shanghai opened trading with a surge higher after having been on hiatus for a week to celebrate Golden Week in China. Meanwhile, oil trading only marginally higher, gaining support from the weaker US dollar and the continued Russian military action in Syria.

NEWS:

  • AMZN: ETSY: Amazon launches “Handmade” to challenge Etsy
  • LLY:Lilly Receives FDA Breakthrough Therapy Designation for Abemaciclib – a CDK 4 and 6 Inhibitor – in Advanced Breast Cancer, reports prnewswire
  • AZO: launches another $750M buyback
  • GE: S&P lowers GE credit rating to negative from stable
  • ATVI: Activision’s Call of Duty:Black Ops 3 is rated “the most anticipated multi platform video game” for the upcoming holiday season
  • DB: warns on $6.5B loss, may do away with dividend
  • CATO:┬áCato Corp. raises Q3 EPS guidance to $0.18c- $0.22 from $0.12-$0.16 vs. consensus $0.15
  • UA: settles shareholder lawsuit, paying $59M to holders of Class C stock
  • DD: DuPont found liable in first of 3500 toxic water lawsuits, awarding the woman $1.6M in damages
  • GCI: JMB: Gannett announces purchase of Journal Media for $280M
  • AMSG:INTL: AMSG to replace Con-way in the S&P Mid Cap 400: INTL to replace AMSG in the S&P Small Cap 600
  • SWI: Brown Capital files 5.31% passive stake in SolarWinds
  • ECA: Encana announces sale of DJ Basin assets for $900M
  • BCRX: BioCryst Announces Successful Phase 1 Clinical Trial of BCX735
  • BIIB: ABBV: Biogen and AbbVie’s Zinbryta for MS improved cognitive results in Phase 3 study
  • NBIX: Neurocrine reports positive results from Phase III Kinect 3 study of NBI-98854
  • VRTX:FDA accepts Vertex Pharma’s KALYDECO sNDA for expanded label under Priority Review

ON THE ECONOMIC CALENDAR:

  • Various Times: Chain Store Sales
  • 8:30AM: Weekly Jobless Claims
  • 9:30AM: Fed’s Bullard speaks
  • 9:45AM: Bloomberg Consumer Comfort Index
  • 10:30AM: EIA Petroleum Inventories
  • 1PM: $13B, 30 Year Note Auction
  • 1PM: Fed’s Kocherlakota speaks
  • 2PM: FOMC minutes
  • 3:30PM: Fed’s Williams speaks on “Economic Outlook”
  • 4:30PM: Money Supply and Fed Balance Sheet

EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

  • MG: FQ1 EPS of $0.23 beats by $0.14: revenue of $179.85M beats by $16.38M: revenue +8.0% Y/Y: reaffirms in-line guidance

EARNINGS REPORTED TODAY BEFORE THE OPENING:

  • DPZ:Q3 EPS of $0.67 misses by $0.07: revenue of $484.7M misses by $2.35M: revenue +8.5% Y/Y

SOME NOTABLE EARNINGS AFTER THE CLOSE TODAY:

  • AA, ANGO, RT

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • APO: upgrade: neutral to buy: Goldman
  • PAY: upgrade: outperform to strong buy: Raymond James: $44
  • NAVI: upgrade: neutral to buy: Goldman: pt cut from $19 to $15
  • MDT: upgrade: hold to buy: Evercore
  • YUM: upgrade: underperform to neutral: Credit Suisse: $75
  • MS: upgrade: market perform to outperform: JMP Securities: $39
  • QLYS: upgrade: neutral to outperform: Credit Suisse: pt raised from $35 to $45

DOWNGRADES:

  • SWX: downgrade: buy to hold: Jefferies
  • MJN: downgrade: neutral to underperform: BofA/Merrill:
  • BKD: downgrade: buy to neutral: BofA/Merrill: pt cut from $35 to $25
  • CSII: downgrade: outperform to market perform: Leerink:
  • MON: downgrade: overweight to neutral: JP Morgan: pt cut from $125 to $95

INITIATIONS:

  • DOC: initiated: outperform: FBR Capital: $18
  • SBRA: initiated: outperform: FBR Capital: $28
  • WSM: initiated: hold: Jefferies: $83
  • BBBY: initiated: hold: Jefferies: $63
  • CMG: initiated: buy: SunTrust: $850
  • LOCO: initiated: buy: SunTrust: $17
  • MCD: initiated: buy: SunTrust: $117
  • WEN: initiated: buy: SunTrust: $11
  • WING: initiated: buy: SunTrust: $32

PRICE TARGET CHANGES:

  • GPN: pt raised from $121 to $135: RBC Capital
  • INTC: pt raised from $32 to $37.50: Northland
  • TOT: pt raised from $53 to $56: Scotia Howard Well
  • YUM: pt cut from $103 to $80: RBC Capital
  • QLYS: pt cut from $44 to $37: RBC Capital
  • STX: pt cut from $54 to $53: RBC Capital
  • BAM: pt cut from $41 to $40: RBC Capital
  • DNKN: pt cut from $62 to $55: Williams Capital
  • RDWR: pt cut form $25 to $18: Imperial Capital
  • TWX: pt cut from $107 to $105: Topeka Capital

 

About the Author

Leave a Reply 0 comments

Leave a Reply: