FOMC | Morning News

equity markets mixedJULY 08, 2015

Despite European markets holding positive, US futures spiking down at this 7AM hour after Asia plunged into the red with the Shanghai down another 5.9%. Traders cautious heading into FOMC minutes this afternoon, the ongoing Greek drama and the start of earnings season. Second quarter earnings season kicks off this afternoon with Alcoa reporting after the bell.

NEWS:

  • NFLX: Netflix Moves Into Original Feature Films, Starting This October, reports TechCrunch
  • OCLS: announces that the USPTO issued a new Microsyn patent
  • TREE: Lending Tree to be added to the S&P SmallCap 600 tomorrow after the close
  • CVX: In new blow, Chevron’s Gorgon faces struggle to offload test LNG, reports reuters
  • BCS: announces departure of CEO Antony Jenkins
  • FB: to build wind powered data center in Forth Worth, Texas, reports Facebook’s newsroom
  • MSFT: another major job cutting to be announced by Microsoft, reports the nytimes

ON THE ECONOMIC CALENDAR:

  • 7AM: MBA Mortgage Applications
  • 10:30AM: EIA Petroleum Inventories
  • 1PM $21B, 10 Year Bond Auction
  • 2PM: FOMC minutes
  • 2PM: Fed’s John Williams speaks on economic outlook
  • 3PM: Consumer Credit

RECAP OF EARNINGS AFTER THE CLOSE YESTERDAY:

  • TCS: FQ1 EPS of -$0.11 beats by $0.02.Revenue of $169.83M misses by $3.73M: guidance in-line

NOTABLE EARNINGS AFTER THE CLOSE TODAY:

  • AA,  WDFC

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • STJ: upgrade: market perform to outperform: Wells Fargo:
  • CNC: upgrade: market perform to outperform: Wells Fargo: pt range raised from $78-82 to $81-85
  • KMX: upgrade: neutral to buy: Goldman: $78
  • WRB: upgrade: neutral to buy: Goldman: pt raised from $51 to $61
  • DKS: upgrade: in-line to outperform: Imperial Capital: $62
  • BC: upgrade: sector perform to outperform: RBC Capital: pt raised from $56 to $61

DOWNGRADES:

  • TSLA: downgrade: overweight to sector weight: Pacific Crest: $293
  • HOG: downgrade; outperform to sector perform: RBC Capital: pt cut from 466 to $59
  • NYCB: downgrade: market perform to underperform: Keefe, Bruyette: $15.50

INITIATIONS:

  • CRM: initiated: outperform: Northland: $85
  • TXTR: initiated: outperform: Northland: $40
  • GRUB: initiated: outperform: Northland: $40
  • ULTI: initiated: outperform: Northland: $200
  • GES: initiated: buy: Maxim Group: $24
  • TNDM: initiated: outperform: Baird: $15
  • CY: initiated: overweight: Morgan Stanley: $15

PRICE TARGET CHANGES:

  • HZNP: pt raised from $33 to $40: Brean Capital
  • LEN: pt raised from $61 to $63: RBC Capital
  • BMRN: pt raised from $145 to $155: RBC Capital
  • SUNE: pt raised from $38 to $39: Northland
  • CATM: pt raised from $45 to $50: SunTrust

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