NOVEMBER 06, 2015
Investors are getting ready to digest another critical jobs report that will heavily shape whether the Federal Reserve raises interest rates when its policy makers meet in mid-December.Industrial output in Germany declined for the second straight month in September as a slowdown in China and other emerging markets took its toll. The Shanghai marked a third consecutive session of heavy gains in an otherwise lackluster trading day ahead of US jobs data.
NEWS:
- AZN: ZSPH: AstraZeneca has agreed to buy ZS Pharma for $2.7B in cash
- LUV: announces that revenue passenger miles increased 10.8% to $10.0B
- BABA: YOKU: Alibaba to buy Youku Tudou for cash($27.60/share)
- MW: lowers EPS guidance for Q3 and FY
- CGIX: announces the pricing of its public offering of 3M shares of common stock at $4/share
- USO: BHI: Baker Hughes October international rig count is -29 to 1111
ON THE ECONOMIC CALENDAR:
- 7:30AM: Fed’s Bullard speaks on ” US Economy and Monetary Policy”
- 8:30AM: Non-Farm Payrolls
- 8:30AM: Unemployment Rate
- 3PM: Consumer Credit
- 4:15PM: Fed’s Brainard speaks on “Unconventional Monetary Policy”
NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:
- TRIP:Q3 EPS of $0.53 misses by $0.02: revenue of $415M misses by $15.23M: revenue =17.2% y/y: cuts FY guidance
- SWIR: Q3 EPS of $0.23 misses by $0.02: revenue of $154.58M: revenue +7.9% y/y: misses by $4.15M: weak Q4 guidance
- QRVO: Q2 EPS of $1.22 beats by $0.11: revenue of $708.3M beats by $8.87M: revenue: strong Q3 revenue guidance: $1B buyback authorization announced
- GLUU:Q3 EPS of $0.06 beats by $0.06: revenue of $64.4M beats by $5.07M: revenue -22.9% y/y: lowers guidance and issues warning
- NVDA FQ3 EPS of $0.46 beats by $0.21: revenue of $1.31B beats by $130M: revenue +6.5% y/y: guides above consensus
- SWKS: FQ4 EPS of $1.52 in-line: revenue of $880.8M beats by $3.06M: revenue +22.6% y/y: guides above consensus
- CYBR: Q3 EPS of $0.26 beats by $0.13: revenue of $40.1M beats by $2.95M: revenue +43.4% y/y: strong guidance
- SHAK:Q3 EPS of $0.12 beats by $0.05: revenue of $53.27M beats by $5.81M: revenue +67.4% y/y: raises guidance
- DIS:FQ4 EPS of $1.20 beats by $0.06: revenue of $13.51B misses by $40M: revenue +9% y/y
- CUBE:Q3 FFO of $0.34 beats by $0.02: revenue of $115.97M beats by $3.08M: revenue +19.4% y/y: strong guidance
- ACHN:Q3 EPS of $0.19 beats by $0.10: revenue of $33.8M beats by $1.11M: raises guidance
- CBI:Q3 EPS of $1.54 beats by $0.01: revenue of $3.32B misses by $290M: guides in-line
- TRUE:Q3 EPS of -$0.03 beats by $0.02: revenue of $72.4M beats by $6.19M: revenue +27.6% y/y: guides in-line
- WTW:Q3 EPS of $0.39 beats by $0.10: revenue of $273.3M beats by $6.84M: revenue -20.8% y/y: raises guidance but remains in-line with consensus
- STMP:Q3 EPS of $1.14 beats by $0.29: revenue of $51.67M beats by $3.66M: revenue +36.6% y/y: raises guidance
NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:
- TPH:Q3 EPS of $0.31 beats by $0.08: revenue of $642.35M beats by $82.04M: revenue +36.1% y/y
- HUM:Q3 EPS of $2.16 beats by $0.03: revenue of $13.36B misses by $280M: revenue +9.2% y/y
- HZNP:Q3 adjusted EPS $0.74 beats by $0.34: Q3 revenue $226.5M vs. consensus $185.74M: raises FY15 revenue guidance to $750M-$760M from $660M-$680M
- CI:Q3 EPS of $2.28 beats by $0.08: revenue of $9.39B misses by $120M: revenue +7.2% y/y
ANALYSTS’ RATINGS CHANGES:
UPGRADES:
- CLR: upgrade: hold to buy: Wunderlich: pt raised from $32 to $45
- QLIK: upgrade: market perform to outperform: FBR Capital: $38
- WR: upgrade: underperform to neutral: JP Morgan: pt raised from $34 to $40
- NVDA: upgrade: neutral to buy: MKM Partners
- STMP: upgrade: neutral to buy: B Riley
- RPTP: upgrade: underperform to neutral: Wedbush
- TK: upgrade: hold to buy: Deutsche Bank: pt raised from $7 to $10
DOWNGRADES:
- MW: downgrade: buy to neutral: Mizuho: pt cut from $70 to $30
- CMG: downgrade: buy to neutral: Baird: pt cut from $850 to $675
- MW: downgrade: buy to hold: Jefferies: pt cut from $67 to $32
- SKUL: downgrade: buy to hold: Jefferies
- GLUU: downgrade: buy to hold: Canaccord
- TIME: downgrade: outperform to market perform: Wells Fargo:
- THS: downgrade: outperform to market perform: BMO Capital
- DUK: downgrade: outperform to market perform: BMO Capital: pt cut from $86 to $74
- TRIP: downgrade: buy to neutral: Guggenheim
- TRIP: downgrade: outperform to market perform: Oppenheimer
INITIATIONS:
- UBS: initiated: strong buy: Dougherty: $76
- BURL: initiated: outperform: RBC Capital: $58
- TJX: initiated: outperform: RBC Capital: $82
- ROST: initiated: sector perform: RBC Capital: $55
- HPQ: inititated: buy: Brean Capital
- SIG: assumed: overweight: JP Morgan
- FSLR: initiated: outperform: Macquarie
- SPWR: initiated: outperform : Macquarie: $34
- BIN: initiated: underperform: Credit Suisse: $21
- WCN: initiated: outperform: Credit Suisse: $60
- WM: initiated: outperform: Credit Suisse: $61
PRICE TARGET CHANGES:
- EGN: pt raised from $78 to $80: Topeka Capital
- NVDA: pt raised from $26 to $30: Roth Capital
- NVDA: pt raised from $34 to $38: Jefferies
- NVDA: pt raised from $24 to $32: Topeka Capital
- ICUI: pt raised from $125 to $130: Roth Capital
- DATA: pt raised from $110 to $115: FBR Capital
- RL: pt raised from $142 to $150: Telsey Advisory
- PDCE: pt raised from $68 to $71: Wunderlich
- WK: pt raised from $20 to $25: Northland Capital
- ATHM: pt cut from $50 to $43: Brean Capital
- IT: pt cut from $81 to $78: FBR Capital
- IT: pt cut from $90 to $88: RBC Capital
- TDC: pt cut from $33 to $27: Mizuho
- WAC: pt cut from $14 to $7: FBR Capital
- SWIR: pt cut from $28 to $23: Northland Capital
- SWIR: pt cut from $32 to $27: RBC Capital
- TRIP pt cut from 486 to $84: RBC Capital
- ESPR: pt cut from $105 to $65: RBC Capital
- HCP: pt cut from $29 to $37: RBC Capital
- SFM: pt cut from 435 to $33: RBC Capital