GOOD MORNING WALL STREET, Monday, March 23, 2015

US futures slipping lower at this 6AM hour as European markets pull back from impressive levels after reaching new record highs last week. Oil falling once again after bearish statements out of Saudi Arabia. (SPY: support 209.95: resistance 211.48)

ON THE ECONOMIC CALENDAR:

  • 8:30AM: Chicago Fed National Activity Index for Feb.
  • 10AM: Existing Home Sales for Feb.: forecast is for a rise to 4.94M from previous 4.82M
  • 10PM Fed’s Williams : Economic Outlook

NEWS:

  • AAPL: Apple developing new version of Apple TV ( resistance at 127.43, support at 125.81:weekly resistance at 128.77, weekly support at 124.10: pt raised this AM at Cowen $115 to $135: Cantor raised pt from $160 to $180) 
  • AAPL: FY15 iPhone sales estimate raised from 210M units to 220M units: BofA/Merrill : maintains $140 pt
  • IMGN:announces an exclusive licensing agreement with Japan’s Takada for its anticancer therapeutics delivery technology for up to two targets
  • THC: Tenet announces  a $2.6 billion joint deal with United Surgical Partners International, creating the largest provider of ambulatory services in the US
  • GILD:  issued warning to  health-care providers that nine patients taking its hepatitis C drugs Harvoni or Sovaldi along with the heart treatment amiodarone developed abnormally slow heart beats and one died of a heart attack , reports Bloomberg
  • CLF: contracts to sell Chromite assets to Noront Resources for $20M
  • ISIS: out with positive results on cholesterol drug ISIS-ANGPTL3Rx in phase 1 study
  • PFE: Jefferies out positive on Pfizer longterm
  • FB: Facebook Conference:  San Francisco: March 25 through 26, 2015 ( 2 analysts raised pt on FB this morning)
  • GS: JPM: MS: CS: DB: C: China considers changes in the securities industry to include allowing foreign banks controlling stakes in local joint ventures, reports Bloomberg
  • MEIP: disappointing data:the combination of Pracinostat and azacitidine showed no difference in the rate of complete remission (downgrade to neutral from buy at Roth Capital)
  • VRTX: overall, a disappointment in released studies

ANALYSTS RATING CHANGES:

upgrades:

  • SPLS: upgrade; neutral to buy: UBS: pt raised from $18 to $20
  • FRPT: upgrade; buy to CONVICTION BUY: $23
  • DRI: upgrade; market perform to outperform: Telsey: pt raised from $61 to $77
  • GNW: upgrade: outperform to Strong Buy: Raymond James
  • ELY: upgrade; in-line to outperform: Imperial Capital: pt raised from $8 to $12

downgrades:

  • CCL: downgrade: buy to hold: Deutsche Bank: pt cut from $51 to $48
  • BIIB: downgrade; buy to hold: Stifel
  • NVDA: downgrade: neutral to sell: $20
  • MEIP: downgrade: buy to neutral: Roth Capital: pt cut from $14 to $2.50
  • APA: downgrade; buy to neutral: Citigroup: pt cut from $74 to $60

price target changes:

  • BIIB: pt raised from $410 to $512: Citigroup
  • BIIB: pt raised from $418 to $525: Morgan Stanley
  • UA: pt raised from $86 to $90: FBR Capital
  • BIDU: Top Pick: Citigroup
  • AVGO: pt raised from $131 to $160: Citigroup
  • PVH: pt cut from $150 to $125: Wunderlich
  • IFF: pt cut from $137 to $133: Stifel
  • DRI: pt raised from $70 to $75: Opco
  • JMEI::pt cut from $20 to $18: Opco
  • NICE: pt raised from $60 to $69:Opco
  • ICPT: pt raised from $205 to $265: Leerink
  • FB: pt raised to $92 from $84: Piper (broke out of 7 month consolidation)
  • FB: pt raised from $94 to $97: JPM Securities : maintains as “Top Pick
  • VRX: pt raised from $185 to $240: Susquehanna
  • YHOO: pt cut from $66 to $61: BofA/Merrill
  • BLUE: pt raised from $120 to $145: Roth Capital
  • TIF: pt cut from $120 to $100: Telsey
  • R: pt raised from $117 to $130: FBR
  • AAPL: pt raised from $115 to $135: Cowen
  • AAPL: pt raised from $160 to $180: Cantor
  • LLY: pt raised $78 to $85: Cowen

initiation on stocks:

  • MPEL: initiated: outperform: Bernstein: $32
  • CYBR: initiated: Buy; BofA/Merrill: $60
  • KMI: initiated: Buy: Argus: $50
  • CTRX: initiated: Buy: Mizuho: $57

 

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