Good Morning Wall Street, Friday, March 27, 2015

US futures edge slightly lower at this hour with mixed markets around the world as the euro gains ground against the dollar and gold and oil retreat from their recent highs. Oil pulled back as worries receded over the threat of disruption to Middle East supplies after Goldman Sachs came out overnight saying that the bombings in Yemen would have little effect on the exporters. All eyes will be on the 4th quarter GDP to be released this morning and Janet Yellen’s speech this afternoon.

 

ON THE ECONOMIC CALENDAR:

  • 8:30AM: CDP QQ4: forecast 2.4%, up from previous 2.2%: ACTUAL 2.2%
  • 8:30AM: Corporate Profile: ACTUAL +2.9% vs. +5.06% prior: adjusted pretax corporate profits fell at a 1.4% annual rate in Q4
  • 9:55AM: Reuters/UofM Consumer Sentiment: forecast 92.5, up from previous 91.2 : ACTUAL 93
  • 3:45PM: Janet Yellen speaks

EARNINGS:

  • BBRY: Q4 EPS of $0.04 beats by $0.09.Revenue of $660M (-32.4% Y/Y) misses by $126.42M.:anticipate positive free cash flow in FY16: conference call 8AM EST
  • FINL :Q4 EPS of $0.88 beats by $0.03.Revenue of $551.3M (+6.3% Y/Y) beats by $0.96M.Guidance: Finish Line expects comparable-store sales growth to be a low single to mid single digit rate. 2015 EPS of $1.67 forecast vs. $1.81 consensus: announces plans to buy back 5M shares: conference call : 8:30AM EST

NEWS:

  • FB: has plans to test drones later this year, reports the WSJ
  • BIIB:EMA validates Biogen/AbbVie MS drug regulatory submission
  • OHRP: phase 2 study of wet-AMD drug fails to hit primary endpoint
  • DOW: OLN: Dow to merge chlor-alkali, downstream derivatives units with Olin
  • TSLA: Argus out cautious on Tesla
  • CVX: Chevron plans to sell its stake in an Australian oil-refining business for about $3.60 billion, as the U.S. oil company sheds assets to buffer its balance sheet from tumbling oil prices
  • AMZN:Amazon is in talks to buy online luxury retailer Net-a-Porter, according to WWD

ANALYST’S RATINGS CHANGES

UPGRADES:

  • CONN: upgrade: neutral to overweight: Piper: pt raised from $20 to $38
  • SHLM: upgrade: sector perform to overweight: $58
  • BBT: upgrade: market perform to outperform: FBR: pt raised from $40 to $46

DOWNGRADES:

  • ALKS: downgrade; buy to neutral: Citigroup: pt cut from $83 to $71
  • EPZN: downgrade: buy to neutral: Citigroup: pt cut from $30 to $23
  • PES: downgrade: buy to hold: Deutsche Bank: pt cut from 410 to $5
  • DIOD: downgrade: strong buy to outperform: Raymond James: pt cut from $33 to $31
  • GME: downgrade; buy to neutral: B. Riley: pt cut from $64 to $44

INITIATIONS:

  • SCHW: initiated: outperform: RBC: $38
  • ETFC:initiated: outperform: RBC: $35
  • DFT: initated: sell: Goldman: $29
  • YHOO: initiated: overweight: Morgan Stanley: $55
  • JAZZ: assumed: Buy: Citigroup: NOTE: pt cut from $202 to $195

PRICE TARGET CHANGES:

  • BMRN: pt raised from $112 to $136: UBS
  • BMRN: pt raised from $90 to $140: Deutsche Bank
  • SNDK: pt cut from $116 to $82: Pacific Crest
  • ICPT: pt raised from $300 to $400: Deutsche Bank
  • FB: pt raised from $88 to $98: Barclays
  • FB: pt raised from $93 to $95: Baird
  • LULU: pt raised from $71 to $76: Wedbush
  • TIF: pt cut from $100 to $98:Opco
  • PVH: pt cut from $132 to $126: Janney
  • MDVN: pt raised from $133 to $150: Barclays
  • AMZN: pt raised from $405 to $430: Citigroup
  • SIG: pt raised from $150 to $155
  • GME: pt cut from $55 to $52
  • INFN: pt raised from $17 to $25: Jefferies

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