FOMC |Morning News

JUNE 16, 2015

US futures under pressure at this 7AM hour, following markets into the red around the world after Shanghai led Asian markets lower, and investors remain cautious into the FOMC meeting and the continued monetary crisis in Greece.The 10-year Treasury yield is down four basis points to 2.32%, and the German 10-year Bund yield is down five bps to 0.79%. Overnight oil  edged higher on expectations of another weekly drop in U.S. oil supplies.

NEWS:

  • UNH: AET: UnitedHealth has reportedly approached Aetna about a takeover deal that would likely be valued at more than $40B
  • SNE:  announces expansion of its PlayStation Vue streaming video service to San Francisco and Los Angeles
  • PANW:CYBR:FEYE:FTNT: MBLY: Hack may have exposed info on 390K people tied to Homeland Security, reports the AP
  • UA: announces a new, non-voting class of common stock and plans to issue the new class C stock to all current stockholders
  • PHG: announces $500M contract to supply equipment to New York-based Westchester Medical Center
  • BABA: in talks to jointly invest about $500 million in Snapdeal.com with Foxcon
  • BA:Boeing, Ruili Airlines Announce Commitment for 30 737 MAXs, reports PR Newswire
  • WMT: Walmart Accused of Using Charity to Sway Cities Where It Wants to Expand, reports the NY Times

ON THE ECONOMIC CALENDAR:

  • FOMC meeting starts
  • 8:30AM: Housing Starts
  • 8:55AM: Redbook Chain Store Sales

EARNINGS:

  • FDS:FQ3 EPS of $1.42 beats by $0.01.Revenue of $254.52M  beats by $0.96M: conference call 11AM EST

SOME NOTABLE EARNINGS AFTER THE CLOSE:

  • ADBE, BOBE, LZB

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • RYL: upgrade: underperform to neutral: Credit Suisse: $48
  • RAIL: upgrade: hold to buy: Stifel: $29
  • CNI: upgrade: market perform to outperform: Raymond James:
  • GLW: upgrade: sector perform to outperform: RBC Capital:

DOWNGRADES:

  • TWTR: downgrade: buy to neutral: MKM Partners:
  • MEI: downgrade: outperform to neutral: Baird: $52
  • AIG: downgrade: buy to hold: Deutsche Bank: $64

INITIATIONS:

  • ZBRA: initiated: outperform: Baird: $125
  • ABX: initiated: outperform: BMO Capital: $16
  • GG: initiated: outperform: BMO Capital: $22
  • KMI: initiated: buy: SunTrust: $48

PRICE TARGET CHANGES:

  • TWX: pt raised from $91 to $96: JP Morgan
  • CI: pt raised from $145 to $180: Deutsche Bank
  • CVC: pt raised from $21 to $26: Wunderlich
  • AERI: pt raised from $27 to $31: RBC Capital
  • AERI: pt raised from $15 to $30: Cantor
  • MU: pt cut from $39 to $37: Mizuho
  • IRMD: pt cut from $19 to $23: Roth Capital

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