OCTOBER 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