Volatility Roller Coaster | Morning News

rollercoaster1AUGUST 28, 2015

US futures on pace for a lower opening at this 7AM hour after an historic volatility roller coaster ride this past week where the Dow saw a +200 point gain or loss  for a record 6 days in a row. European markets are trading lower despite starting out strong. Oil prices are little changed as the commodity found support after Venezuela requested an emergency meeting of OPEC.  All ears will be out west this weekend as the Jackson Hole Symposium gets underway, where key Fed members are due to speak on the economy. Fed Vice Chairman Fischer will speak this morning as investors look for any hint on rate hike timing.

NEWS:

  • BA: Boeing wins $1.49 billion order for 13 P-8A aircraft, reports reuters
  • BA: AAPL:Pentagon teams up with Apple, Boeing to develop wearable tech, reports reuters
  • AMGN:FDA approves Amgen’s cholesterol-lowering drug Repatha, reports reuters
  • FCX: Carl Icahn files disclosure, 8.46% stake in the company
  • FB: Facebook hits a milestone with a billion users in a single day
  • WY: announces new 500M share repurchase program: raises quarterly dividend to 31c/share, 6.9%
  • JD: JD.com Announces Partnerships With Leading Australian Brands Blackmores and Sanger Australia, reports nasdaq
  • AAPL:Key Apple Music / Beats 1 director Ian Rogers leaves Apple. reports 9to5mac
  • MU: China’s Unigroup chairman visiting US to discuss Micron bid, reports reuters
  • ATVI: PLL:Activision Blizzard will replace Pall Corp in the S&P 500 after the close of trading today
  • UAL: HSP: United Continental will replace Hospira in the S&P 500 after the close of trading on Sept. 2

ON THE ECONOMIC CALENDAR:

  • 8:30AM: Personal Income and Outlays
  • 10AM: Reuters/UofM Consumer Sentiment
  • 1PM: Baker Hughes Rig Count

EARNINGS REPORTED AFTER THE BELL YESTERDAY:

  • ULTA :Q2 EPS of $1.15 beats by $0.03: revenue of $877M beats by $7.24M: revenue +19.4% Y/Y: guides revenue above estimates
  • SPLK: FQ2 EPS of $0.03 beats by $0.01: revenue of $148.3M beats by $7.99M: revenue +46.0% Y/Y: raises guidance above consensus
  • ADSK: FQ2 EPS of $0.19 beats by $0.02: revenue of $609.5M misses by $2.92M: guides lower
  • ZOES: Q2 EPS of $0.05 beats by $0.01: revenue of $54.5M beats by $0.67M: +30.1% Y/Y: guides EPS in-line, guides revenue above estimates
  • GME: FQ2 EPS of $0.31 beats by $0.06: revenue of $1.76B beats by $20M: raises guidance closer to estimates

EARNINGS REPORTED BEFORE THE BELL TODAY:

  • BIG: Q2 EPS of $0.40 beats by $0.06: revenue of $1.21B beats by $10M: guides above estimates, FY15 adjusted EPS $2.90-$3.00, consensus $2.87
  • RGS: FQ4 EPS of $0.01 misses by $0.07: revenue of $462.89M misses by $13.05M
  • BNS: FQ3 EPS of C$1.45 in-line: revenue of C$5.94B misses by C$220M

ANALYSTS’ RATING CHANGES:

UPGRADES:

  • INN: upgrade: neutral to outperform: Baird: $15
  • R: upgrade: buy to strong buy: Raymond James: $105
  • CTRP: upgrade: hold to buy: Stifel: $88
  • KNX: upgrade: buy to strong buy: Raymond James:
  • LOCO: upgrade: hold to buy: Stifel: $17
  • USB: upgrade: neutral to buy: Guggenheim:
  • RF: upgrade: neutral to buy: Guggenheim:
  • C: upgrade: neutral to buy: Guggenheim:
  • HBAN: upgrade: neutral to buy: Guggenheim:
  • QUNR: upgrade: hold to buy: Stifel: $44
  • PDCO: upgrade: neutral to overweight: Piper Jaffray: $54
  • AKAM: upgrade: market perform to outperform: JMP Securities: $85
  • HABT: upgrade: hold to buy: Stifel: $35
  • ANF: upgrade: underperform to sector perform: RBC Capital: pt raised from $17 to $20
  • GHDX: upgrade: underperform to market perform: Raymond James

DOWNGRADES:

  • IDXX: downgrade: outperform to market perform: Raymond James
  • FMC: downgrade: buy to neutral: Longbow:
  • BWA: downgrade: outperform to neutral: Baird: pt cut from $61 to $50

INITIATIONS:

  • DNKN: initiated: buy: Maxim Group: $81
  • DPZ: initiated: buy: Maxim Group: $124

PRICE TARGET CHANGES:

  • CM: pt raised from $97 to $109: RBC Capital
  • DG: pt raised from $86 to $88: RBC Capital
  • GME: pt raised from $42 to $47: Telsey Advisory Group
  • SIG: pt raised from $155 to $165: Telsey Advisory Group
  • SWHC: pt raised from $10 to $21: Wunderlich
  • TD: pt raised from $55 to $61: RBC Capital
  • ADSK: pt cut from $75 to $70: RBC Capital

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