GOOG | Morning News

Be_Prepared_copyOCTOBER 1, 2015

US futures spike higher for a second day in a row as global equities continues their foray into positive territory, all this despite lukewarm manufacturing PMI data out of China and most of Europe.  With a deluge of economic data due out today, as well as the remainder of the week, investors can expect some volatile trading. Among other numbers due out today, weekly jobless claims and PMI manufacturing data will be announced before the opening, while ISM manufacturing and construction spending will reported after the bell. Overnight crude as well as copper and other base metals traded higher on China’s manufacturing data, which is still in contraction but showed a minuscule increase from 49.7 to 49.8.

NEWS:

  • AYA: PokerStars New Jersey Site Approved By Regulators, Talk Turns To When Online Poker Giant Will Launch In NJ
  • IHS: files automatic mixed securities shelf
  • GOOG: GOOGL: FB: Google Plans to Unveil Its Version of ‘Instant Articles’ Next Week, reports recode
  • DMND: Diamond Foods seeks to sell company in pieces, reports nypost
  • WMT: Wal-mart to cut hundreds of jobs at headquarters, reports reuters

ON THE ECONOMIC CALENDAR:

  • 7:30AM: Challenger Job Cut Report
  • 8:30AM: Gallup US Payroll to Population
  • 8:30AM: Weekly Jobless Claims
  • 9:45AM: Bloomberg Consumer Comfort Index
  • 10AM: ISM Manufacturing Index
  • 10AM: Construction Spending
  • 10:30AM: EIA Natural Gas Inventory
  • 2:30PM: Fed’s Williams speaks on “Economic Outlook”
  • 4:30PM: Money Supply and Fed Balance Sheet

EARNINGS REPORTED BEFORE THE OPENING:

  • MKC: FQ3 EPS of $0.85 misses by $0.02: revenue of $1.06B in-line: revenue +1.9% Y/Y

SOME NOTABLE EARNINGS AFTER THE CLOSE TODAY:

  • CAMP, MU, PRGS

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • CELG: upgrade: neutral to overweight: JP Morgan: $152
  • SHOO: upgrade: market perform to outperform: Telsey Advisory: pt raised from $43 to $44
  • UHS: upgrade: sector weight to overweight: KeyBanc
  • MSG: upgrade: hold to buy: Jefferies: pt raised from $85 to $185
  • MSFT: upgrade: underperform to neutral: BofA/Merrill
  • NWL: upgrade: neutral to buy: B Riley: pt raised from $45 to $49
  • SNDK: upgrade: equal weight to overweight: Morgan Stanley: $75

DOWNGRADES:

  • AGCO: downgrade: neutral to sell: UBS
  • ILMN: downgrade: outperform to market perform: Leerink: pt cut from $225 to $185
  • CROX: downgrade: overweight to neutral: Piper Jafrray: pt cut from $17 to $12

INITIATIONS:

  • MA: initiated: outperform: Cowen: $110
  • V: initiated: outperform: Cowen: $88
  • VNTV: initiated: outperform: Cowen: $52
  • GPN: initiated: outperform: Cowen: $134
  • EVTC: initiated: outperform: Cowen: $23
  • FIS: initiated: outperform: Cowen: $80
  • ADS: initiated: outperform: Cowen: $327
  • FLOW: initiated: underperform: RBC Capital: $32
  • FLOW: initiated: outperform: Baird: $40
  • CALX: initiated: outperform: Northland Capital: $10
  • ADTN: initiated: outperform: Northland Capital: $20
  • MSG: initiated: overweight: JP Morgan: $210
  • CLFD: initiated: outperform: Northland Capital: $17.50

PRICE TARGET CHANGES:

  • QURE: pt raised from $35 to $40: Chardan Capital
  • PAYX: pt raised from $46 to $47: RBC Capital
  • COST: pt raised from $156 to $160: Telsey Advisory Group
  • CUDA: pt cut from $55 to $42: Topeka Capital
  • WEFT: pt cut from $15 to $12: Citi
  • ATI: pt cut from $50 to $40: Stifel
  • XENT: pt cut from $38 to $33: Leerink

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