GOOGL | GOOG | Morning News

chinese-yuan-renminbi-currency-background-25219620AUGUST 11, 2015

US futures down sharply at this 7AM hour following red bars around the world as markets react to the unexpected devaluation of the yuan, crushing  the currency as it posts its biggest 1 day loss in 2 decades.  Overnight crude traded lower on the news, which will make imports of a number of commodities including crude oil more expensive. To add fuel to the fire, OPEC  announced that that they have pumped the most crude last month in more than 3 years.

NEWS:

  • GOOG: GOOGL:Google Creates Parent Company Called Alphabet in Restructuring, reports wsj
  • YDLE: Envestnet buying Yodlee for $660M ($18.88/share)
  • NTLS: reportedly NTELOS Holdings is to be acquired by Sheadoah Telecommunications for $640M cash deal ($9.35/share)
  • HIBB: pre-announces FG2 earnings with both EPS and revenue below consensus
  • TRX: Terex and Finnish competitor Konecranes announce an all-share merger, creating a crane and materials-handling supplier with a combination of $10B in sale
  • WRLD: disclosed that the staff of the Consumer Financial Protection Bureau is considering recommending that the agency take legal action against it
  • IPG: Interpublic is creating a new agency group to help launch LATAM Airline
  • WYNN: LVS: MGM: MPEL: Maucau’s August gaming revenue starts soft, reports barrons
  • AAPL: UBS Acknowledges Apple’s Watch ‘is not a home run’, Says Apple Watch Search Interest Has Been 45% Below That Of FitBits In Past 4 Weeks, reports benzinga

ON THE ECONOMIC CALENDAR:

  • 6AM: NFIB Small Business Optimism Index
  • 8:30AM: Productivity and Coasts
  • 8:55AM: Redbook Chain Store Sales
  • 10AM: Wholesale Trade
  • 1PM: $24B, 3 Year Note Auction

EARNINGS REPORTED BEFORE THE BELL THIS MORNING:

  • SMI: Q2 EPS of $0.10 beats by $0.05: revenue of $546.62M  beats by $21.04M
  • BLD: Q2 EPS of $0.27 beats by $0.01: revenue of $404M misses by $10.44M
  • JASO: Q2 EPS of $0.27 beats by $0.15: revenue of $436.8M beats by $38.15M
  • SYMC: FQ1 EPS of $0.40 misses by $0.03: revenue of $1.5B misses by $30M: sells Veritas to CG for $8B: boosts share buyback
  • TW: FQ4 EPS of $1.51 beats by $0.10: revenue of $888.21M beats by $23.3M

RECAP OF SOME NOTABLES EARNINGS REPORTED LAST NIGHT:

  • SHAK: Q2 EPS of $0.09 beats by $0.06: revenue of $48.5M beats by $5.7M: revenue +74.9% Y/Y: raises guidance:
  • TUBE: Q2 EPS of -$0.04 beats by $0.13: revenue of $45.44M beats by $6.28M: revenue +58.2% Y/Y: strong guidance
  • TTWO: FQ1 EPS of $0.31 misses by $0.05: revenue of $366.39M beats by $14.98M: revenue +141.7%: reaffirms below consensus
  • HTZ: Q2 EPS of $0.19 in-line: revenue of $2.69B misses by $20M
  • HALO: Q2 EPS of $0.02 beats by $0.11L revenue of $43.4M beats by $43.4M: revenue +135.9% Y/Y: strong guidance
  • VIPS: Q2 EPS of $0.14 beats by $0.02: revenue of $1.45B in-line: guidance below estimates

SOME NOTABLE EARNINGS REPORTING AFTER THE CLOSE TODAY:

  • CDXS, CREE, CSC, CYBR, EPAY, EXEL, FENG, FOSL, HMIN, MYGN, OPWR, PE, SLW, SYMC, TAHO, VIAV

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • XL: upgrade: neutral to conviction buy: Goldman
  • GOOGL: upgrade: neutral to buy: Mizuho: $715
  • GOOGL: upgrade: hold to buy: Stifel: $850
  • WEN: upgrade: underperfom to neutral: Credit Suisse: $10
  • ADBE: upgrade: sector perform to outperform: RBC Capital: pt raised from $88 to $105
  • DWRE: upgrade: neutral to buy: Mizuho: $75

DOWNGRADES:

  • XON: downgrade: neutral to underperform: Mizuho: $45
  • INTU: downgrade; outperform to sector perform: RBC Capital: pt cut from $120 to $115
  • ONVO: downgrade: buy to hold: Cantor: pt cut from $6 to $3.50
  • RAX: downgrade: outperform to underperform: CLSA:
  • VAL: downgrade: overweight to neutral: JP Morgan

INITIATIONS:

  • KERX: initiated: market perform: FBR Capital: $10
  • ALNY: initiated: outperform: FBR Capital: $180
  • OOMA: initiated: buy: Wunderlich: $17
  • OOMA: initiated: outperform: Credit Suisse: $21
  • FB: initiated: positive: Susquehanna
  • GOOGL: initiated: positive: Susquehanna
  • GRUB: initiated: positive: Susquehanna: $44
  • LNKD: initiated: positive: Susquehanna: $270
  • YHOO: initiated: positive: Susquehanna:

PRICE TARGET CHANGES:

  • BAX: pt raised from $43 to $45: Barclays
  • GOOGL: pt raised from $775 to $840: Cowen
  • GOOG: pt raised from $780 to $840: Deutsche Bank
  • ZGNX: pt raised from $24 to $27: Leerink
  • AGU: pt cut from $120 to $115: RBC Capital
  • CLDX: pt cut from $43 to $39: Roth Capital
  • CLDX: pt cut from $35 to $31: Brean Capital
  • FCX: pt cut from $20 to $17: RBC Capital
  • GPS: pt cut from $43 to $38: Mizuho
  • AEM: pt cut from $38 to $35: RBC Capital
  • MU: pt cut from $36 to $33: Jefferies
  • DKS: pt cut from $67 to $63: UBS
  • AAPL: pt cut from $135 to $130: Jefferies

 

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