Good Morning Wall Street, Monday, March 30, 2015

US futures rebounding higher at this hour following green arrows in markets around the world after comments from the Fed’s Janet Yellen  and China’s central-bank chief lent support to the markets. Overnight, Chinese stocks rallied, with a gauge of Hong Kong-traded shares jumping the most this year, after authorities allowed more mainland funds to use the city’s exchange link and the central bank governor signaled likelihood of further monetary stimulus. Oil under pressure as talks with Iran move forward.

NEWS:

  • BABA: Alibaba, BMG Sign Music Distribution Deal for China, reports the WSJ
  • GMCR: partners with privately owned Reily Foods
  • ZIOP: XON: partner with Merck Serono to strengthen CAR-T platform
  • FBHS: NCFT: Fortune Brands Home & Security announces it acquired Norcraft Companies for an enterprise value of $600M.
  • UNH: CTRX: UnitedHealth announces agreement to acquire Catamaran fir $61.50/share of Catamaran (a 27% premium over last price of $48.32
  • HZNP: HPTX: Horizon Pharma announces plans to acquire orphan drug maker company, Hyperion Therapeutics’  common stock for $46/share
  • TEVA: ASPX: Teva to buy Auspex Pharmaceuticals in a $3.2B deal: $101/share, all cash deal
  • CASI: announces that they received CFDA approval for phase 2 ENMD-2076 trial
  • LMT: S.Korea picks KAI, with Lockheed, for $7.9 bln fighter jet development, reports Reuters
  • BA: Omen Air has put in an order for 20 737s
  • BDSI: clonidine diabetic neuropathy study failed
  • JPM:Barrons out positive on JPM: sees $80 possibility next year
  • AG STOCKS: farmers shifting from corn to soy (corn needs nitrogen fertilizer, soybeans don’t or at the most, very little)
  • AMZN:Amazon launches Amazon Home Services
  • CNET: BIDU: announce partnership agreement
  • MU: JPM lowers estimates ahead of earnings
  • RTN: announces $45.7M ground stations contract

EARNINGS:

  • CALM: FQ3 EPS of $1.05 misses by $0.05.Revenue of $437.56M (+10.6% Y/Y) beats by $26.86M

ON THE ECONOMIC CALENDAR:

  • 8:30AM: Personal Income and Outlays ACTUAL:Income +0.4% M/M vs. +0.3% expected, +0.4% prior :Personal spending +0.1% M/M vs. +0.2% expected, -0.2% prior
  • 10AM: Pending Home Sales
  • 10:30AM: Dallas Fed Manufacturing Outlook
  • 3PM; Farm Prices
  • 7:15: PM: Stanley Fischer speaks on monetary policy and financial stability

ANALYSTS RATINGS CHANGES:

UPGRADES:

  • WWW: upgrade; neutral to outperform: Baird: $38
  • NKE: upgrade; neutral to outperform:Baird: $115
  • RH: upgrade: neutral to buy: Goldman: pt raised from $106 to $114
  • MSG: upgrade: hold to buy: Topeka: pt raised from $73 to $97
  • ADI: upgrade: equal weight to overweight: Barclays
  • GRPO: upgrade: neutral to buy: Dougherty: $55
  • ORCL: upgrade: sector perform to outperform: RBC: pt raised from $48 to $50

DOWNGRADES:

  • WPT: downgrade: buy to hold: Stifel
  • XLNX: downgrade; overweight to equal weight: Morgan Stanley: pt cut from $48 to $44
  • ALTR: downgrade: overweight to equal weight: Morgan Stanley: $44
  • ALTR: downgrade: outperform to underperform: CLSA:

INITIATIONS:

  • DAL: initiated: buy: Argus: $55
  • TKMR: initiated: buy: Nomura: $32

PRICE TARGET CHANGES:

  • MSFT: pt cut from $50 to $47: RBC
  • RKUS: pt raised from $13 to $15: Oppenheimer
  • MDVN: pt raised from $126 to $163: Maxim Group
  • DVN: pt raised from $75 to $80: Credit Suisse
  • DWA: pt raised from $14 to $18: FBR
  • MAN: pt raised from $80 to $98: Credit Suisse
  • CME: pt raised from $97 to $104: Jefferies
  • GRUB: pt raised from $44 to $48: Monness Crespi
  • KRFT: pt raised from $81 to $92: JPM

 

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