JUNE 22, 2015
All eyes on Greece as US futures surge, following impressive European and Asian rallies (NOTE: China is closed) after Greece submitted a last-ditch package of proposals to creditors in a bid to unlock the financing needed to avoid a default. The Eurozone leaders are slated to hold their emergency summit to debate the Greek crisis at 1PM EST.
NEWS:
- CI: ANTM:Cigna rejects Anthem’s takeover bid, calling the offer “inadequate”, reports wsj
- WMB: ETE: announced yesterday that the company had rejected an unsolicited buyout offer worth $48 billion: Energy Transfer Equity announced that it was bidding $53.1 for Williams
- BABA: The Hong Kong stock exchange has opened it’s door to Alibaba shares, reports the Financial Times
- AET: HUM: Aetna bids for Humana, reports the wsj
- AAL: DAL: UAL: LUV:Airline stocks could rise up to 50%, reported in barrons: American Airlines is Barron’s top pick: DAL, UAL and LUV round out the top 4
- FB: Facebook gaining ground on YouTube in video ads, reports reuters
- NDLS: COO exiting company
- AAPL: After Taylor Swift’s Criticism, Apple Will Pay Royalties in Trial Period for new music streaming service, reports the Wall Street Journal
ON THE ECONOMIC CALENDAR:
- 8:30AM: Chicago Fed National Activity Index
- 10AM: Existing Home Sales: consensus expectation 525M
NOTABLE EARNINGS AFTER THE CLOSE:
- SONC
ANALYSTS’ RATINGS CHANGES:
UPGRADES:
- SNDK: upgrade: hold to buy: Summit Research: $85
- CCL: upgrade: hold to buy: Deutsche Bank: $55
- CAG: upgrade: neutral to overweight: JP Morgan: pt raised from $39 to $52
- MET: upgrade: sector perform to outperform: RBC Capital: pt raised from $57 to $68
- STM: upgrade: underweight to equal weight: Barclays:
- EXPE: upgprade: hold to buy: Deutsche Bank: pt raised from $95 to $130
DOWNGRADES:
- MU: downgrade: neutral to sell: Goldman: pt cut from $27 to $19
- FEYE: downgrade: buy to neutral: UBS: NOTE: pt raised from $50 to $55
- SYMC: downgrade: neutral to sell: UBS:
- PCLN: downgrade: buy to hold: Deutsche Bank:
INITIATIONS:
- CUDA: initiated: buy: Summit Research: $50
- SFUN: initiated: overweight: Barclays: $112
- LEJU: initiated: overweight: Barclays: $11.50
- MU: initiated: outperform: Cowen: $34
PRICE TARGET CHANGES:
- FTNT: pt raised from $43 to $49: UBS
- PANW: pt raised from $180 to $208: UBS
- NFLX: pt raised from $600 to $950: BTIG
- FB: pt raised from $92 to $120: Piper
- HOG: pt raised from $63 to $66: RBC Capital
- HALO: pt raised from $20 to $25: JP Morgan
- HSY: pt cut from $106 to $85: RBC Capital
- MU: pt cut from $37 to $33: JP Morgan