Good Morning Wall Street, Wednesday, March 25, 2015

US futures are holding positive at this hour even as most European markets slip into the red. Oil slid in the overnight market as more data emerged that China’s strategic reserves are nearing capacity and swelling US storage volumes are likely to put pressure on the price of the commodity.

EARNINGS:

  • YGE: Q4 EPS of -$0.47 misses by $0.34.Revenue of $555.5M (-9.4% Y/Y) misses by $36.33M
  • APOL:FQ2 EPS of -$0.10 beats by $0.06.Revenue of $578.57M (-14.0% Y/Y) misses by $6.04M: guides FY15 revenue $2.63B-$2.68B, consensus $2.73B
  • FRAN: Q4 EPS of $0.21 beats by $0.01.Revenue of $107.64M (+16.8% Y/Y) beats by $3.43M: guides Q1 EPS 15c-18c, consensus 21

ON THE ECONOMIC CALENDAR:

  • 7AM: MBA Mortgage Applications: RESULTS: Composite Index: +9.5% vs. -3.9% last week: Purchase Index: +5.0% vs. -2.0%.: Refinance Index: +12.0% vs. -5.0%
  • 8:30AM: Durable Goods
  • 10:30AM: EIA Petroleum Inventories
  • 11:30AM: Results of #13B, 2 Year FRN Auction
  • 1PM: Results of $35B, 5 Year Note Auction

NEWS:

  • KRFT: H.J. Heinz, Kraft Foods Group annouce merger:Kraft shareholders to receive special cash dividend of $16.50/share (watch MDLZ, CPB, and GIS in food industry sector)
  • ABB: Samsung SDI and ABB announce intent to form a strategic commercial alliance
  • ONCY:REOLYSIN receives EMA Orphan Drug Designation
  • VBLT: announces positive results in a Phase 2 study of VB-111
  • JKS: announces that it will supply 104 MW dc of PV solar panels for the Utah Red Hills Renewable Park project
  •  GOOG: Jason Kilar’s (founder of Hulu) Vessel launches product to compete with You Tube
  • GPRO: FBN strongly recommends and reiterates outperform:  $75
  • NFLX: AMZN: NLSN: Nielsen to begin tracking NFLX and AMZN viewership by midyear

ANALYST RATINGS CHANGES:

UPGRADES:

  • EL: upgrade: neutral to overweight: Piper Jaffray: pt raised from $75 to  $100
  • XEL: upgrade: neutral to outperform: Baird: $38
  • GRPN: upgrade: hold to buy: Wunderlich: pt raised from $6 to $10
  • GD: upgrade: sector perform to outperform: RBC Capital:$152

DOWNGRADES:

  • TSLA: downgrade: outperform to underperform: CLSA: pt cut from $275 to $220 (that’s a double downgrade: two notches: they jumped over the buy rating)
  • BUD: downgrade: overweight to reduce: HSBC: $111 (there’s another double downgrade)
  • TWTR: downgrade: buy to hold: Pivotal Research: $51
  • SONS: downgrade: buy to hold: Wunderlich: pt cut from $17 to $9.50
  • SONS: downgrade: outperform to market perform: Northland Capital: pt cut from $23 to $10
  • INFA: downgrade: buy to neutral: Mizuho: $47

INITIATION:

  • UNH: initiated: buy: Mizuho: $140
  • HOG: initiated: buy: Stifel: $75
  • BC: initiated: buy: Stifel: $60
  • PII: initiated: buy: Stifel: $168
  • AERI: initiated: buy: Brean Capital:$48

PRICE TARGET CHANGES:

  • WLL: pt cut from $44 to $41: RBC Capital
  • WLL: pt cut from $60 to $44: Macquarie
  • WLL: pt cut from $44 to $35: Canaccord
  • WLL: pt cut from $81 to $46: Barrington
  • CHK: pt cut from $23 to $19: RBC Capital
  • MDVN: pt raised from $125 to $142: Brean
  • MDVN: pt raised from $126 to $143: JMP Securities
  • MDVN: pt raised from $130 to $148: JPM
  • SONC: pt raised from $36 to $38: Telsey Advisory Group
  • KSS: pt raised from $80 to $85: BofA/Merrill
  • UNH: pt raised from $131 to $135: UBS
  • AET: pt raised from $120 to $128: UBS
  • CI: pt raised from $140 to $149: UBS
  • FRC: pt raised from $60 to $65: Maxim Group
  • SBH: pt raised from $36 to $40: Baird
  • CGNX: pt raised from $55 to $60: Canaccord
  • IHS: pt cut from $150 to $132: Stifel

About the Author

Leave a Reply 0 comments

Leave a Reply: