Jobs in Focus | Morning News

APRIL 6, 2015

US futures mixed, giving back most of its overnight gains at this 7am hour, as traders look to ADP jobs data and Janet Yellen’s speech. Oil pushed higher overnight helped by the weaker dollar as well as Saudi Arabia raising its official selling prices to North America and Europe. EIA Petroleum Inventories will be released at 10:30AM which could give another jolt to crude.

NEWS:

  • INTC: Intel launches high-end Xeon server CPUs, reports tweektown
  • AMZN: GOOG: GOOGL:the FAA is planning to announce an initiative today to study drone flights beyond the sight of an operator, reports the wsj
  • AAPL: FTC looking into Beat’s antitrust issue, reports bloomberg
  • ALXN: Solaris reduces rejection 67% in kidney transplant patients
  • GWPH: launches Phase 2 clinical trial of GWP42006 in adult patients with epilepsy
  • BRDR: PBI: Pitney Bowes announces intent to acquire Borderfree for $14/share

ON THE ECONOMIC CALENDAR:

  • 7AM: MBA Mortgage Applications: ACTUAL:Composite Index: -4.6% vs. -2.3% last week
  • 8:15AM: ADP Jobs Report: expectation 193K
  • 8:30AM: Productivity and Costs
  • 8:30AM: Gallup US Job Creation Index
  • 8:30AM: Treasury Refunding Quarterly Annoumcement
  • 9:15AM: Janet Yellen speaks
  • 10:30AM: EIA Petroleum Inventories
  • 1:15PM: Fed’s George speaks: credit market boons and busts (not a voting member)
  • 1:30PM: Fed’s Lockhart speaks: Monetary Policy

EARNINGS:

  • WEN: Q1EPS of 6c beats by 1c, revenue of $466.25M misses by $9.38M: guidance FY15 EPS 33-35C v 33c consensus: conference call 9AM EST
  • SODA: Q1 EPS of 29c beats by 26c, revenue of $91.3M misses by $9.64M
  • CHK: Q1 EPS of $0.11 beats by $0.07.Revenue of $2.76B (-45.3% Y/Y) misses by $920M: guidance raises FY15 production guidance to 640-650 mboed
  • OXY:Q1 EPS of $0.04 in-line.Revenue of $3.09B (-37.7% Y/Y) misses by $210M: guidance raises FY15 average production growth view to 60K-80K boepd: conference call 10AM EST
  • BUD: Q1 EPS of $1.40 beats by $.06, revenue of $10.45B beats by $210M
  • VSI: Q1 EPS of $0.63 misses by $0.11.Revenue of $336.84M (+9.4% Y/Y) misses by $7.82M

SOME NOTABLE EARNINGS RECAPs FROM LAST NIGHT:

  • EA: FQ4 EPS of $0.39 beats by $0.1, Revenue of $896M (-2.0% Y/Y) beats by $45.77M : authorizes $1B share repurchase
  • GRPN:Q1 EPS of $0.03 beats by $0.02.Revenue of $750.4M misses by $61.79M : strong dollar had negative impact: light guidance
  • ZAGG: Q1 EPS of $.11 beats by $.05, revenue of $57.22M beats by $1.2M:
  • NDLS:Q1 EPS of $0.03 misses by $0.02.Revenue of $105.76M (+18.1% Y/Y) misses by $2.98M: lowers guidance
  • ZU: Q1 EPS of $0.01 beats by $0.04.Revenue of $306.6M (+28.9% Y/Y) misses by $6.53M: weak guidance
  • SCTY:Q1 EPS of -$1.52 beats by $0.06.Revenue of $67.48M (+6.2% Y/Y) beats by $9.75M: soft guidance
  • SKUL:Q1 EPS of -$0.13 in-line.Revenue of $46.2M (+18.2% Y/Y) beats by $3.1M
  • HLF:Q1 EPS of $1.29 beats by $0.28.Revenue of $1.11B (-11.9% Y/Y) beats by $20M: raises guidance

SOME NOTABLE EARNINGS AFTER TODAY CLOSE:

ACAS, ALB, ATO, ATVI, AUQ, AWK, BEAT, BGC, BNFT, BREW, BRKR, BWC, CCRN, CECO, CF, CHEF, CKP, CLR, CLVS, CODI, CPA, CPE, CSLT, CSOD, CUZ, CXW, CZR, DMD EPM, EQC, ESS, ETE, ETP, GMCR, HIVE, HR, HUBS, IL, IO, IVR, JKHY, JONE, KIM, KND, MELI, MET, MITT, MRIN, MRO, MTDR, NEWP, NLY, NP, NSIT, NSTG, NUS, OAS, ORA, PMT, PNNT, PRAA, PRI, PRU, REG, RIG, RIGP, RST, RYN, SBY, SD, SGM, SLH, SN, SQNM, SUN, SWM, TRIP, TSLA, TUMI, TWO, VECO, VNDA, VRNS, VVC, WBMD, WFM, WGL, WTI

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • KMT: upgrade: sell to neutral: Goldman
  • YNDX: upgrade: neutral to buy: UBS
  • SRPT: upgrade: neutral to outperform: Baird: pt raised from $16 to $20
  • VOD: upgrade: neutral to outperform: BNP Paribas

DOWNGRADES:

  • NSM: downgrade: market perform to underperform: FBR Capital: pt cut from $25 to $15
  • FOSL: downgrade; outperform to market perform: Cown
  • AMTD: downgrade; buy to neutral: BofA/Merrill
  • ZU: downgrade: buy to hold: Stifel
  • ZU: downgrade: outperform to perform: Oppenheimer

INITIATIONS:

  • REGN: assumed: outperform: Credit Suiise: $400

PRICE TARGET CHANGES:

  • DVN: pt raised from $76 to $82: RBC Capital
  • EOG: pt raised from $110 to $116: Wunderlich
  • REGN: pt raised from $527 to $559: Leerink
  • KORS: pt cut from $70 to $64: Piper

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