Good Morning Wall Street, 3.31.15

US futures pull back on the last day of the quarter,  as traders await several new economic numbers and a rash of Fed speeches. Oil prices slip further overnight as the Iranian nuclear talks wind down and investor fear increases that Iranian crude flooding the already oversupplied global market will put additional pressure on the commodity. The euro extends its slide, heading for a 4th straight quarter decline, on Greek worries.

ON THE ECONOMIC CALENDAR:

  • 8AM: Fed’s Jaffrey speaks: Economic Outlook (voting member)
  • 8:50AM: Fed’s Lockhart speaks (voting member)
  • 8:55AM: Redbook Chain Store Sales
  • 9AM: The Fed’s Laker speaks on US Economic Outlook
  • 9AM: S&P Case-Shiller Home Price Index
  • 9:45AM: Chicago PMI
  • 10AM: Consumer Confidence
  • 10AM: State Street Investor Confidence Index

EARNINGS:

  • MOV:Q4 EPS of $0.40 beats by $0.20.Revenue of $133.91M (-4.4% Y/Y) misses by $0.4M:raises quarterly dividend 10% to 11c per share: guidance: FY16 EPS $2.00-$2.10, consensus $1.89,FY16 revenue $590M-$600M, consensus $602.63M : conference call 9AM EST
  • DANG:Q4 EPS of $0.07 beats by $0.01.Revenue of $403.73M (+23.9% Y/Y) beats by $1.14M: Q4 9.8M active customers, 3.7M new customers

NEW:

  • MCD: announces that they will start testing all day breakfast in San Diego in April
  • MCD: announces that they will start table service in Germany, reports the WSJ
  • GWPH:GW Pharmaceuticals initiates first Phase 3 pivotal trial for Epidiolex
  • JCI: CBRE to buy Johnson Controls’unit in $1.475 billion deal
  • ICPT: announces public offering of 1.2M shares of common stock
  • IBM: announces that they plan to invest $3B in a new “Internet of Things” business
  • CVC: considering a deal to buy the NY Daily News
  • C:  to sell its Japanese credit card unit to Sumitomo Mitsui
  • AMZN:Sean Cassidy, an Alaska Airlines pilot and former member of a Transportation Security Administration aviation-security advisory committee, is joining Amazon to oversee “partner relationships” according to his LinkedIn page.
  • WDC: STX: Stifel lowers estimates
  • RTN: awarded $109M US Navy contract and $91.5M US Air Force contract
  • UA: takes market share and  the number two slot away from Adidas in Europe: NKE remains number one
  • KSS: announces partnership with yoga and fitness apparel maker, Gaiam
  • SBUX: Starbucks announcers that they will begin selling a smoothie line at more than 4,300 U.S. Starbucks shops as part of a Greek yogurt partnership with Danone, Reuters reports

 

ANALYSTS RATINGS CHANGES:

UPGRADES:

  • TEVA: upgrade; perform to outperform: Oppenheimer: $77
  • PCLN: upgrade: hold to buy: Stifel: $1400
  • RS: upgrade: neutral to outperform: Credit Suisse: $77

DOWNGRADES:

  • CTRX: downgrade; outperform to market perform: Cowen: $61.5
  • SLB: downgrade: outperform to market perform: Wells Fargo
  • EMES: downgrade; outperform to market perform: Wells Fargo: pt cut from $57-65 range to $49-59 range

INITIATIONS:

  • SKUL: initiated: buy: Wunderlich: $13
  • ZAGG: initiated: buy: Wunderlich: $13

PRICE TARGET CHANGES:

  • AAPL: pt raised from $140 to $142: RBC
  • UA: pt raised from $82 to $85: Deutsche Bank
  • NKE: pt raised from $110 to $115: Deutsche Bank
  • SNDK: pt cut from $96 to $78: RBC
  • ANGI: pt cut from $8 to $6: Wunderlich
  • OLN: pt raised from $25 to $34: RBC
  • JCP: pt raised from $13 to $14: Piper
  • EGRX: pt raised from $37 to $51: Cantor

 

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