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