FOMC in focus | Morning News

Wall Street SignAUGUST 19.2015

US futures poised for a lower opening at this 7AM hour as investors await a key measure of inflation before the opening. Also on tap will be the FOMC announcement scheduled for 2PM which could give a clearer view as to the possibility of a rate hike in September. Overnight, the Shanghai rebounded strongly after another steep selloff as many look for Beijing to step in to stabilize shares further. Oil continues to trade on shaky ground as the price of crude drifts lower.

NEWS:

  • GOOG: GOOGL: Google OnHub ‘Smart’ Wi-Fi Router Launched, reports reuters
  • PTN: Viagra for women approved by FDA,  reports sproutpharma
  • NUAN:Nuance’s new Dragon Anywhere app will transcribe for as long as you can speak, reports the verge
  • YUM: Yum names new China chief maid spinoff calls, reports SA
  • VICL: FDA grants a “qualified infectious decease product” designation to Vical’s VL-2397
  • MNOV: prices its public offering of 5M shares at $3.50

ON THE ECONOMIC CALENDAR:

  • 7AM: MBA Mortgage Applications
  • 8:30AM: Consumer Price Index
  • 10:30AM: EIA Petroleum Inventories
  • 2PM: FOMC Announcement

EARNINGS REPORTED BEFORE THE OPENING:

  • LOW: Q2 EPS of $1.20 misses by $0.04: revenue of $17.3B beats by $30M
  • SPLS: Q2 EPS of $0.12 in-line: revenue of $4.94B misses by $20M

RECAP OF SOME NOTABLE EARNINGS AFTER THE CLOSE YESTERDAY:

  • ADI: FQ3 EPS of $0.77 beats by $0.03: revenue of $863.36M beats by $17.93M: revenue +18.6% Y/Y: strong guidance
  • WB: Q2 EPS of $0.05 beats by $0.02: revenue of $107.8M beats by $3.07M: revenue +39.4% Y/Y: guides in-line with estimates
  • SINA: Q2 EPS of $0.06 beats by $0.02: revenue of $211M beats by $11.22M: revue +14.4% Y/Y

SOME NOTABLE EARNINGS AFTER THE CLOSE TODAY:

  • JMEI, LB, MOMO, NTAP, PLKI, SMTC, SNPS, SPTN, YOKU

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • BWLD: upgrade: perform to outperform: Oppenheimer: $230
  • HABT: upgrade: market perform to outperform: Raymond James: $33
  • GOOG: GOOGL: upgrade: neutral to overweight: Atlantic Equities: pt raised from $560 to $825
  • SJM: upgrade: market perform to outperform: Credit Suisse: pt raised from $112 to $126
  • DRE: upgrade: neutral to buy: UBS: pt raised from $21 to $23
  • WTW: upgrade: underweight to equal weight: Morgan Stanley: $6

DOWNGRADES:

  • HILL: downgrade: overweight to neutral: Piper Jaffray: $9.75
  • RMAX: downgrade: overweight to equal weight: Morgan Stanley: $40
  • AFL: downgrade: neutral to underperform: BofA/Merrill: $66

INITIATIONS:

  • PNRA: initiated: hold: Maxim Group: $220
  • CMG: initiated: hold: Maxim Group: $810
  • ZOES: initiated: buy; Maxim Group: $50
  • SGMS: initiated: sell: Goldman: $7.50
  • IGT: initiated: sell: Goldman: $15.50

PRICE TARGET CHANGES:

  • TJX: pt raised from $73 to $82: Telsey Advisory Group
  • TJX: pt raised from $80 to $90: SunTrust
  • NFLX: pt raised from $116 to $143: UBS
  • HD: pt raised from $125 to $133: Telsey Advisory Group
  • HD: pt raised from $129 to $138: UBSh
  • ADI: pt raised from $68 to $72: Stifel
  • HAIN: pt raised from $60 to $65: Imperial Capital
  • HAIN: pt raised from $58 to $65: RBC Capital
  • LGF: pt raised from $40 to $43: FBR Capital
  • ILMN: pt raised from $240 to $250: Mizuho
  • EBAY: pt cut from $70 to $30: Mizuho
  • TSL: pt cut from $25 to $15: Roth Capital
  • CSIQ: pt cut from $46 to $40: Roth Capital
  • WMT: pt cut from $83 to $75: Telsey Advisory Group
  • HPQ: pt cut from $37 to $36: RBC Capital
  • DKS: pt cut from $58 to $56: RBC Capital

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