FEYE | Morning News

JUNE 04, 2015

US futures down sharply with volatility picking up at this 7AM hour as European markets turn deep into the red and bond yields spike higher amid Greek talks failure and renewed concerns over the situation in the Ukraine, even as investors focus attention on the economic data due out today and important jobs numbers tomorrow.  Oil prices steady overnight as investors await the outcome of the OPEC meeting tomorrow.

NEWS:

  • GE: announces plans to unload $20B of assets in healthcare, railcar and franchise finance divisions, businesstimes reports
  • DISH: TMUS: Dish Network in merger talks with T-Mobile US, reports the wsj
  • NFLX: to launch in Spain in October, reports Broadband TV News
  • MCP: files for bankruptcy protection
  • FEYE: V: FireEye and Visa partner in threat intelligence security
  • GOOG: GOOGL: Google Glass business chief departs, reports re/code
  • BABA:Alibaba Group Signs Strategic Agreement With Shanghai Media Group, reports businesswire
  • BABA: Alibaba Pictures, a division of Alibaba, plans to raise $1.6B in share sale, reports the Financial Times

ON THE ECONOMIC CALENDAR:

  • various times: Chain Store Sales
  • 7:30AM: Challenger Job Cut Report
  • 8:30AM: Weekly Jobless Claims
  • 8:30AM: Gallup US Paroll to Population
  • 8:30AM: Productivity and Costs
  • 9:45AM: Bloomberg Consumer Comfort Index
  • 10:30AM: EIA Natural Gas Inventory
  • 4:30PM: Money Supply and Fed Balance Sheet

EARNINGS:

  • JOY: FQ2 EPS of $0.59 beats by $0.03: revenue of $810M  in-line: conference call 11AM EST
  • CIEN: FQ2 EPS of $0.35 beats by $0.11.Revenue of $621.6M beats by $15.07M conference call 8:30AM EST
  • CYBX: FQ4 EPS of $0.64 beats by $0.01.Revenue of $74.1M (-1.0% Y/Y) misses by $3.34M conference call 9AM EST
  • SJM: FQ4 EPS of $0.98 misses by $0.01.Revenue of $1.44B (+17.1% Y/Y) beats by $100M conference call 8:30AM EST

RECAP OF SOME NOTABLE EARNINGS FROM LAST NIGHT:

  • FIVE: FQ1 EPS of $0.08 beats by $0.01.Revenue of $153.7M beats by $2.38M: operating income +33.4% y/y

NOTABLE EARNINGS AFTER THE CLOSE TODAY:

  • CMTL, COO, DMND, ESIL, IDT, PAY, RALY, SEAC, THO, UTIW, VNCE, ZOES, ZUMZ

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • WLL: upgrade: hold to buy: Deutsche Bank: pt raised from $38 to $43
  • T: upgrade: neutral to overweight: JP Morgan: pt raised from $35 to $40

DOWNGRADES:

  • VZ: downgrade: overweight to neutral: JP Morgan: $55
  • TWTR: downgrade: buy to hold: Evercore: pt cut from $49 to $39
  • WEN: downgrade: buy to neutral: Wedbush: pt cut from $13 to $12
  • XLNX: downgrade: outperform to market perform: FBR Capital
  • ENR: downgrade: overweight to equal weight: Morgan Stanley: $140

INITIATIONS:

  • PRGO: initiated: buy: BTIG Research: $223
  • CP: initiated: outperform: Bernstein: $200
  • WWW: initiated: neutral: B Riley: $30

PRICE TARGET CHANGES:

  • VRA: pt cut from $16 to $14: Telsey Advisory
  • FB: pt raised from $95 to $105: Evercore
  • FEYE: pt raised from $50 to $60: Piper
  • FEYE: pt raised from $50 to $55: Stifel
  • EBAY: pt raised from $64 to $70: UBS
  • ARDX: pt raised from $14 to $23: Citigroup

 

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