GDP in focus | Morning News

MAY 29. 2015

US futures under pressure at this 7AM hour with mixed markets around the world as cautious traders await Q1 GDP revision and Chicago PMI data. Oil prices getting a slight lift from the pullback in the US$ as traders focus on the OPEC meeting scheduled for next week.

NEWS:

  • PFE: FDA approves Rapamune drug for rare lung disease
  • BABA: Yahoo Japan and Alibaba team up to sell Japanese household items on Alibaba
  • TSLA: batteries in Gaelectric deal
  • HRTX: announces successful phase 3study for Sustol
  • CLLS: in talks with Pfizer, ft reports
  • RST: takeover rumors in $9-10 range
  • DOW: propane prices trade below $0.40 ($1.04/gallon in 2014)
  • AMZN: expects to significantly expand private label offerings, reports the wsj
  • GOOG: AAPL: launches Android Pay, in direct competition with Apple Pay
  • AAPL: GOOG: MSFT: NOK: BBRY: SNE: global smartphone devices to reach 1.37B in 2015, reports digitimes
  • CYBR: files to sell $50M common stock, $200M for shareholders

ON THE ECONOMIC CALENDAR:

  • 8:30AM: GDP Q1 revision
  • 8:30AM: Corporate Profits
  • 9:45AM: Chicago PMI
  • 10AM: Reuters/UofM Consumer Sentiment

EARNINGS:

  • FRO: Q1 EPS of $0.25 beats by $0.09.Revenue of $101.14M (+13.3% Y/Y) beats by $0.13M

RECAP OF SOME NOTABLE EARNINGS FROM LAST NIGHT:

  • DECK: FQ4 EPS of $0.04 beats by $0.04.Revenue of $340.64M beats by $19.4M: soft guidance
  • GME :Q1 EPS of $0.68 beats by $0.09.Revenue of $2.06B beats by $50M:in-line guidance
  • SPLK:FQ1 EPS of -$0.01 beats by $0.02.Revenue of $125.7M (+46.3% Y/Y) beats by $7.49M: strong guidance
  • ULTA: FQ1 EPS of $1.04 beats by $0.11.Revenue of $868.1M  beats by $21.78M
  • PSUN: Q1 EPS of -$0.12 misses by $0.01.Revenue of $166.5M misses by $3.55M

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

DOWNGRADES:

  • PSUN: downgrade: buy to neutral: Mizuho: $1.50
  • ANF: downgrade: neutral to sell: Janney Capital:$15

INITIATIONS:

  • NOV: initiated: underweight: JP Morgan: $40
  • RIG: initiated; underweight: JP Morgan: $16
  • NE: initiated: underweight: JP Morgan: $15
  • CAM: initiated: overweight: JP Morgan: $61
  • WFT: initiated: overweight: JP Morgan: $19
  • SLB: initiated: overweight: JP Morgan; $101
  • HAL: initiated: overweight: JP Morgan:$56
  • ASPN: initiated: overweight: JP Morgan: $8
  • CJES: initiated: overweight: JP Morgan: $20
  • SPN: initiated: overweight: JP Morgan: $31
  • RDC: initiated: overweight: JP Morgan: $26
  • DRI: initiated: buy: Deutsche Bank: $72
  • MCD: initiated: buy: Deutsche Bank: $120
  • SBUX: initiated: buy: Deutsche Bank: $60
  • RUTH: initiated: buy: Deutsche Bank: $17
  • ENVA: initiated: market outperform: JMP Securities: $26

 

PRICE TARGET CHANGES:

  • AVGO: pt raised from $145 to $180: Brean Capital
  • ULTA: pt raised from $180 to $185: Telsey
  • CME: pt raised from $41 to $42: Telsey
  • EXPR: pt raised from $15 to $17: FBR Capital
  • SWKS: pt raised from $108 to $130: Canaccord
  • AMBA: pt raised from $73 to $99: Stifel
  • PANW: pt raised from $170 to $185: Imperial Capital

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