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stock market newsOCTOBER 2, 2015

US futures poised to open higher at this 7 AM hour following green arrows around the world as traders await key jobs data due out before the opening, Overnight, crude traded higher as the commodity gets a lift from the tensions intensifying in Syria.

NEWS:

  • CUDA: announces $50M buyback authorization
  • GMCR: US sales and marketing chief resigns
  • AEP: announces plans to sell its River Operations commercial barge transportation unit for $550M
  • FB: unveils new mobile profile features, reports Facebook newsroom
  • REGN: announces license deal for fasinumab in Asia, valued at $325M
  • SWHC: shooting in Oregon puts guy ownership back in focus
  • JWN: announces sale of its credit card portfolio for $2.2B, using the proceeds to pay out a special dividend and buyback shares of its stock

ON THE ECONOMIC CALENDAR:

  • 8:30AM: Non-farm Payrolls
  • 8:30AM: Unemployment Rate
  • 8:30AM: Average Hourly Earnings
  • 8:30AM: Fed’s Rosengren speaks on “Macro Prudential Monetary Policy”
  • 8:45AM: Fed’s Harker speaks on “Credit and Payment Markets”
  • 9AM: Fed’s Kocherlakota speaks on “Macro Prudential Monetary Policy”
  • 10AM: Factory Orders
  • 11AM: Fed’s Mester speaks on “Macro Prudential Monetary Policy”
  • 12PM: Stanley Fisher at Boston Fed Conference
  • 1PM: Fed’s Bullard speaks on “US Economy and Monetary Policy”

EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

  • MU: FQ4 EPS of $0.37 beats by $0.04: revenue of $3.6B (-14.9% Y/Y) beats by $40M: revenue -14.9% Y/Y: guides light
  • BEBE: FQ4 EPS of -$0.05 misses by $0.01: revenue of $104.3M misses by $2.03M: revenue +0.7% Y/Y: reaffirms guidance: announces workforce reorganization: board authorizes $5M share repurchase program
  • CAMP: FQ2 EPS of $0.27 beats by $0.01: revenue of $69.8M beats by $1.84M: revenue +17.9% Y/Y: narrows guidance in-line with consensus estimates
  • PRGS: FQ3 EPS of $0.39 beats by $0.02: non-GAAP revenue of $100.7M misses by $3.59M: revenue +27.7% Y/Y: guides revenue below estimates: announces $100M buyback authorization
  • RGLS:Q2 EPS of -$0.41 misses by $0.12: revenue of $3.83M beats by $1.43M: revenue +424.7% Y/Y

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • FINL: upgrade: sell to neutral: Goldman: $20
  • GOOG: GOOGL: upgrade: perform to outperform: Oppenheimer: pt raised from $670 to $700
  • VRTX: upgrade: hold to buy: Argus Research: $126
  • BLK: upgrade: neutral to buy: UBS: pt cut from $370 to $350
  • ALXN: upgrade: equal weight to overweight: Morgan Stanley: $211
  • JCI: upgrade: neutral to buy: Normura: $50
  • PFE: upgrade: equal weight to overweight: Morgan Stanley: $38

DOWNGRADES:

  • AIG: downgrade: outperform to market perform: FBR Capital: pt cut from $68 to $63
  • GILD: downgrade: overweight to equal weight: Morgan Stanley: $127
  • TROW: downgrade: buy to neutral: UBS: $68
  • LPLA: downgrade: neutral to sell: UBS:

INITIATIONS:

  • DPZ: initiated: buy: Normura: $130
  • MCD: initiated: neutral: Normura: $103
  • PZZA: initiated: buy: Normura: $85
  • WEN: initiated: neutral: Nomura: $10
  • YUM: initiated: buy: Normura: $106
  • BMRN: initiated: outperform: Raymond James: $148
  • RDUS: initiated: overweight: JP Morgan:
  • FB: assumed: outperform: Wedbush:
  • TWTR: assumed: neutral: Wedbush:
  • LNKD: assumed: neutral: Wedbush
  • FANG: initiated: buy: Evercore: $86

PRICE TARGET CHANGES:

  • AMC: pt cut from $30 to $28: Topeka Capital
  • MU: pt cut from $25 to $24: Cowen
  • SPN: pt cut from $25 to $20: Imperial Capital

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