The Bears Come out to Play | Morning News

grizzly-growlAUGUST 21, 2015

US futures in the red, unable to find solid footing after China’s factory activity fell to six and a half year lows and the readings hit world markets sending them all further into negative territory.  With a light economic calendar and heading into a summer weekend, traders have little to hand their hats on. Overnight, crude lost more ground as the commodity is poised for it’s eighth weekly decline, the longest weekly losing streak in almost 30 years.

NEWS:

  • TDC: Teradata adds $500M to buyback
  • MCD:McDonald’s signs second franchising deal in Russia, reports reuters
  • AAPL:Apple has formally launched a “benchmark”-sized Australian dollar corporate bond issue, its first ever sale in the currency, with order books swelling to $1.2 billion within two hours, reports The Sydney Morning Herald
  • NAT: the CEO Hansson and his family raised their stake with the purchase of 100K shares
  • WYNN: LVS: MGM: MPEL: check of Macau sees this months revenue as flat to down , reports Wells Fargo
  • IDCC: MSFT:Microsoft files antitrust suit against InterDigital in patent feud, reports reuters
  • NVS: GSK: Novartis announces agreed to buy the remaining rights to Glaxo’s MS drug

ON THE ECONOMIC CALENDAR:

  • 9:45AM: PMI Manufacturing Index Flash

EARNINGS REPORTED BEFORE THE OPENING:

  • HIBB: Q2 EPS of $0.28 in-line: revenue of $199.26M misses by $9.52M
  • FL: Q2 EPS of $0.84 beats by $0.15: revenue of $1.7B beats by $40M.
  • DE: FQ3 EPS of $1.53 beats by $0.09: revenue of $7.59B beats by $420M: cuts guidance

RECAP OF SOME NOTABLE EARNINGS REPORTED AFTER THE CLOSE YESTERDAY:

  • CRM:FQ2 EPS of $0.19 beats by $0.01: revenue of $1.63B beats by $30M: revenue +23.5% Y/Y: strong guidance
  • HPQ: FQ3 EPS of $0.88 beats by $0.03: revenue of $25.35B misses by $90M: guides below consensus
  • TFM: FQ2 EPS of $0.36 misses by $0.04: revenue of $442.1M misses by $16.24M: lowers guidance
  • INTU: FQ4 EPS of -$0.05 beats by $0.07: revenue of $696M misses by $42.98M: raises dividend
  • ROST: Q2 EPS of $0.63 beats by $0.01: revenue of $2.97B  beats by $30M: in-line guidance
  • BRCD: FQ3 EPS of $0.27 beats by $0.05: revenue of $552M beats by $1.46M: in-line guidance
  • GPS: Q2 EPS of $0.64 in-line: revenue of $3.9B misses by $70M: reaffirms above estimates
  • NWY: Q2 EPS of $0.03 beats by $0.01: revenue of $235.7M beats by $3.81M

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • BRCD: upgrade: hold to buy: Summit Research: $14
  • IFF: upgrade: equal weight to overweight: Morgan Stanley: pt raised from $114 to $130
  • ADDDY: upgrade: sell to neutral: Goldman:
  • CRM: upgrade: hold to buy: Pivotal Research Group: pt raised from $79 to $82

DOWNGRADES:

  • SSI: downgrade: buy to neutral: B Riley: pt cut from $20 to $14
  • LUX: downgrade: neutral to sell: Goldman
  • INTU: downgrade: equal weight to underweight: First Analysis Sec

INITIATIONS:

  • TDOC: initiated: outperform: FBR Capital: $40
  • AL: initiated: buy: DA Davidson: $50
  • CIT: initiated: buy: DA Davidson:$56
  • AER: initiated: buy: DA Davidson: $59
  • X: initiated: sell: Axiom: $11
  • JOY: initiated: buy: Axiom: $21
  • URI: initiated: sell: Axiom: $39
  • CLF: initiated: sell: Axiom: $2

PRICE TARGET CHANGES:

  • TDG: pt raised from $255 to $261: RBC Capital
  • GPS: pt cut from $38 to $35: Mizuho
  • GPS: pt cut from $36 to $35: FBR Capital
  • GPS: pt cut from $43 to $38: RBC Capital
  • HPQ: pt cut from $38 to $30: Mizuho
  • HPQ: pt cut form $36 to $35: RBC Capital
  • LB: pt cut from $95 to $87: RBC Capital
  • EL: pt cut from $110 to $105: RBC Capital
  • TUBE: pt cut from $21 to $17: First Analysis
  • TFM: pt cut from $36 to $23: Telsey Advisory Group
  • SSI: pt cut from $21 to $15: Telsey Advisory Group

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