Morning News

MAY 5, 2015

US futures struggling at this hour as traders look ahead to important jobs data due out later this week as well as trade and retail sales data  today. Asian stocks took a hit overnight with Shanghai down more than 4% following fears of another crackdown on margin financing added to already existing worries about the slowing economy

NEWS:

  • CSCO: set to unveil today, a converged cable access platform, enabling cable operators to offer download speeds of one gigabit a second or more, reports wsj
  • P: the FCC has ruled to approve waiver for Pandora to buy radio station
  • JAH: Ackman calls out Jarden as “undervalued” at conference
  • TSLA: Tesla Launches Used Car Sales Via Web, reports the WSJ
  • FB: introduces the internet.org platform, reports fb

ON THE ECONOMIC CALENDAR:

  • 8:30AM: International Trade
  • 8:30AM: Gallup US ECI
  • 8:55AM: Redbook Chain Store Sales
  • 9:45AM: PMI Services Index
  • 10AM: ISM Non Manufacturing Index

EARNINGS:

DIS: NO TIME GIVEN, EARNINGS MOVED TO THIS MORNING SO EMPLOYEES COULD ATTEND DAVE GOLDBERG’S FUNERAL

SOME NOTABLE EARNINGS RECAP FROM LAST NIGHT:

  • EOG: Q1 EPS of $0.03 beats by $0.03.Revenue of $2.32B (-43.1% Y/Y) misses by $390M
  • APC: Q1 EPS of -$0.72 misses by $0.07.Revenue of $2.3B (-60.6% Y/Y) misses by $220M
  • INVN:FQ4 EPS of $0.12 in-line.Revenue of $99.27M (+68.3% Y/Y) beats by $2.06M
  • QLYS: Q1 EPS of $0.15 beats by $0.04.Revenue of $37.5M (+23.5% Y/Y) misses by $0.49M

SOME NOTABLE EARNINGS AFTER THE MARKET CLOSES TODAY:

ACLS, AGU, AIZ, ALL, ARC, ATSG, AWR, AXLL, BIO, CSU, CTL, CVG, CYH, DK, DKL, DLR, DTLK, DVN, EA, ENPH, EXAM, GPOR, GRPN, HK, HLF, HRZN, IAG, ICUI, IGTE, IRWD, JIVE, KAR, KGC, KONA, LC, MM, MYGN, MYL, NDLS, OCLR, OKE, OKS, OUT, PAA, PACB, PAGP, PBPB, PKD, PXD, PZZA, QGEN, RNR, RP, RUBI, SBRA, SCTY, SKUL, SLF, SM, SPA, SUPN, TEG, TMH, VVUS WGP, WR, WSR, WTR, WTW, Y, ZAGG, ZEN, ZLTQ, ZU

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • ARRS: upgrade: neutral to buy: Goldman: pt raised from $38 to $42
  • NFLX: upgrade: underperform to buy: BofA/Merrill: pt raised from $350 to $722
  • QLYS: upgrade: neutral to outperform: Baird: $50
  • CVA: upgrade: neutral to outperform: Baird: pt raised from $23 to $25
  • JBLU: upgrade: neutral to overweight: JP Morgan: $28

DOWNGRADES:

  • AOL: downgrade: neutral to sell: Goldman: $38
  • BIDU: downgrade: buy to neutral: JP Morgan: $215
  • TRIP: downgrade: outperform to sector perform: RBC Capital: $91
  • PTCT: downgrade: buy to neutral: Roth: pt cut from $75 to $63
  • SJM: downgrade: outperform to market perform: Bernstein: $125

INITIATIONS:

  • TSLA: initiated: buy: Jefferies: $350

PRICE TARGET CHANGES:

  • KERX: pt cut from $27 to $23: Roth
  • QLYS: pt cut from $47 to $38: RBC Capital
  • DO: pt raised from $25 to $28: Cowen

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