GOOG | Earnings | Morning News

APRIL 15, 2015

US futures on the rise at this 7AM hour as investors dig into another day of earnings, speeches by three different Fed members and a onslaught of economic data, including industrial production and the Beige Book. Overseas,  European markets on the rise awaiting a press conference by Draghi this morning while the Shanghai took a hit as  China’s GDP confirmed a slowdown in their economic growth

NEWS:

  • SSNLF: announces higher than expected demand for the Galaxy S6
  • GOOG: GOOGL: EU opens formal charges of distorting internet search results and an antitrust probe into the Android, reports reuters
  • ONCY: announces that it’s pancreatic cancer drug, Reolysin, demonstrates positive results
  • SOLAR SECTOR: Japan court bars restart of two Takahama nuclear reactors, reports the bbc
  • CCJ: impacted negatively by Japan’s court barring restart of nuclear reactors
  • FANG: added to Goldman’s Conviction Buy list
  • TEN: announces contract to supply two new Ford models with suspension systems
  • MCP: announces  10 year deal with Siemens to supply rare earths for turbine generators
  • MSFT: Citigroup cuts price target and revenue estimates
  • DECK: president of the Ugg division leaving company
  • INTC: Top Pick at Wells Fargo
  • F: reports 14.4% sales increase, +12.5% in Europe
  • ALU: NOK: Nokia to buy Alcatel for $16.6B

ON THE ECONOMIC CALENDAR:

  • 7AM: MBA Mortgage Applications: ACTUAL: composite index fell 2.3% v. last week’s +0.4%
  • 7:45AM: ECB policy meeting
  • 8:15AM: Draghi press conference
  • 8:30AM: Empire State Manufacturing Survey: ACTUAL: -1.2% v. +7.0 expected
  • 9AM: Fed’s Bullard speaks: The Economy and Monetary Policy (NOTE: not a voting member)
  • 9:15AM: Industrial Production
  • 10AM: Atlanta Fed’s Business Inflation Expectations
  • 10AM: NAHB Housing Market Index
  • 10:30AM: EIA Petroleum Inventories
  • 10:40AM: Fed’s Fischer moderates panel at IMF on bank regulation ( NOTE: voting member)
  • 2PM: Fed’s Beige Book
  • 4PM: Treasury International Capital
  • 7:30PM: Fed’s Lacker speaks in Charleston SC (NOTE: voting member)

EARNINGS:

  • PNC: Q1 EPS of $1.75 beats by $0.03.Revenue of $3.73B (-1.3% Y/Y) misses by $20M: conference call 10:30AM EST
  • TITN:Q4 EPS of -$0.20 misses by $0.01.Revenue of $490.65M (-30.8% Y/Y) misses by $54.84M:Q4 negatively impacted by the agricultural industry: expects to be profitable 2016: conference call 8:30AM EST
  • USB: Q1 EPS of $0.73 misses by $0.03: Revenue of $4.91B(+2.1% Y/Y) misses by $40M:
  • DAL: Q1 EPS of $0.45 beats by $0.01.Revenue of $9.39B (+5.3% Y/Y) in-line:
  • BAC:Q1 EPS of $0.36 beats by $0.07.Revenue of $21.42B (-5.9% Y/Y) misses by $80M: Tangible book value per share of $14.79 v. $13.81 one year ago: numbers show stronger mortgage data, weaker trading income: conference call 8:30AM EST

SOME NOTABLE COMPANIES REPORTING AFTER THE BELL TODAY: BNK, CNS, KMI, NFLX, SNDK, UMPQ, UFPI

SOME NOTABLE COMPANIES REPORTING BEFORE THE BELL TOMORROW: ADS, BLK, C, LODE, CNSI, FRC, GS, KEY, FBCT, PM, PPG, SHW, SON, TSM, BX, TZOO, UNH, GWW, WBS

ANALYSTS’ RATINGS CHANGES;

UPGRADES:

  • INTC: upgrade: sector perform to outperform: RBC Capital: pt raised from $38 to $40
  • INTC: upgrade: neutral to outperform: Wedbush: pt raised from $34 to $37
  • DFS: upgrade; neutral to overweight: JPM: $65

DOWNGRADES:

  • MPEL: downgrade: hold to reduce: BNP Paribas
  • CMI: downgrade: buy to hold: Stifel
  • VALE: downgrade; overweight to neutral: JPM:

INITIATIONS:

  • FANG: initiated: CONVICTION BUY: Goldman: $92
  • RPTP: initiated: buy: Janney: $16
  • STX: initiated: buy: Maxim: $68
  • WDC: initiated: buy: Maxim: $131
  • SBUX: initiated: outperform: Cowen: $56
  • AEO: initiated: buy: Guggenheim: $20
  • BWLD: initiated: outperform: Cowen $225
  • CMG: initiated: outperform: Cowen: $775

PRICE TARGET CHANGES:

  • DKS: pt cut from $63 to $61: Janney
  • MBLY: pt raised from $53 to $55: Deutsche Bank
  • MBLY: pt raised from $65 to $68: Morgan Stanley
  • ATVI: pt raised from $25 to $27: Brean Capital
  • WFC: pt raised from $48 to $50: Compass Point
  • AMC: pt raised from $28 to $31: Topeka Capital
  • QUNR: pt raised from $41 to $55: Pacific Crest
  • SSYS: pt cut from $100 to $82: Canaccord
  • CERN: pt raised from $74 to $83: UBS

“Your last mistake is your best teacher”

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Leave a Reply 4 comments

Thomas McLaughlin Reply

Very thorough and informative. I will be a regular on this site.
Thank you

Robin Reply

So comprehensive – this is my first read of the morning. Thank You.

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