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stock market newsSEPTEMBER 2, 2015

US futures set for a rebound at this 7AM hour as markets around the world continue the roller coaster ride. European markets struggling to remain in the green, trading  off their lows as China pars losses but stays in negative territory. Overnight, Crude futures  fell 2.5% as a higher than expected build in US inventories and weaker manufacturing data fueled a rout in prices that started Tuesday. Some key economic reading today could add volatility to the market. ADP jobs data is set to be announced before the opening while factory orders and the Fed’s Beige Book are scheduled at 10AM and 2PM, respectively.

NEWS:

  • INTC: Intel introduces Skylake processors
  • AGN: Allergan announces topline results from RECAPTURE 1 and 2
  • INCY:Incyte Announces Global License Agreement with Jiangsu Hengrui Medicine for SHR-1210, reports businesswire
  • NVS: Novartis announces EU approval for Revolade

ON THE ECONOMIC CALENDAR:

  • 7AM: MBA Mortgage Applications
  • 8:15AM: ADP Jobs Report
  • 8:30AM: Productivity and Costs
  • 10AM: Factory Orders
  • 10:30AM: EIA Petroleum Inventories
  • 2PM: Fed’s Beige Book

RECAP OF SOME NOTABLE EARNINGS LAST NIGHT AFTER THE CLOSE:

  • AMBA: FQ2 EPS of $0.88 beats by $0.08: revenue of $84.2M beats by $2.47M: revenue +79.3% Y/Y: guides in-line
  • QIHU: Q2 EPS of $0.82 beats by $0.10: revenue of $438.3M in-line: revenue +37.9% Y/Y: no guidance given

EARNINGS THIS MORNING BEFORE THE OPENING:

  • GIII: Q2 EPS of $0.27 beats by $0.07: revenue of $473.88M beats by $3.82M: revenue +11.8% Y/Y: raises guidance FY16 EPS to $2.78-$2.88 from $2.66-$2.76

SOME NOTABLE EARNINGS TODAY AFTER THE CLOSE:

  • ABM, FIVE, NCS, SEAC, VRNT

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • HOLX: upgrade: underweight to equal weight: Barclays: $40
  • ARMH: upgrade; underweight to neutral: JP Morgan:
  • T: upgrade: hold to buy: Citigroup: $37
  • GIS: upgrade: underweight to equal weight: pt raised from $53 to  $56
  • OLN: upgrade: sell to neutral: UBS:
  • HAS: upgrade: neutral to overweight: Piper Jaffray
  • AZN: upgrade: hold to buy: HSBC:
  • RBS: upgrade: sell to hold: Societe Generale

DOWNGRADES:

  • PNC: downgrade: underperform to market perform: Keefe Bruyette: $101

INITIATIONS:

  • ONDK: initiated: outperform: FBR Capital: $14
  • LEAF: initiated: outperform: FBR Capital: $65
  • LC: initiated: outperform: FBR Capital: $16
  • QDEL: initiated: overweight: Barclays: $28
  • CINF: initiated: buy: MKM Partners: $60

PRICE TARGET CHANGES:

  • MTRX; pt raised from $23 to 425: Stifel
  • EHTH: pt raised from $15 to $17: SunTrust
  • AAL: pt cut from $73 to $65: Imperial Capital
  • GPRO: pt cut from $72 to $54: Piper Jaffray
  • AMBA: pt cut from $105 to $100: Topeka Capital
  • AMBA: pt cut from $100 to $85: Deutsche Bank

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