TSLA | Morning News

tesla-logoSEPTEMBER 3.2015

US futures up solidly at this 7AM hour with European markets positive after the Eurozone business activity data shows an acceleration at its fastest pace in more than four years last month, as output growth increased in both the manufacturing and services sectors. Investors await some key reports that could move the market today including ECB announcement and jobless claims before the opening, as well as PMI services and ISM non-manufacturing data after the opening. Chinese markets are closed today and tomorrow.

NEWS:

  • NVS: launched the first “biosimilar” copy of a biotechnology drug approved in the United States
  • AAPL:Japan Display CEO hints at strong Apple orders ahead of new iPhone launch, reports reuters
  • TSLA:Tesla will begin taking preorders for its smaller and lower cost Model 3 in March with the price being $35K, tweets Elon Musk
  • BA: announces delivery14 of its 787 Dreamliners in August, exceeding its target of 10 per month for the second straight month and suggesting strong financial performance later in the year, reports reuters
  • SAGE: announces positive results from SAGE-547 candidate
  • SYT:Syngenta announces plans to buy back more than $2B of shares and sell its global vegetable seeds business
  • CSIQ: Canadian Solar Wins Five Solar Power Projects Totaling 185 MW in Brazil, reports Marketwatch
  • IBM: ARMH: IBM, ARM Collaborate To Accelerate Delivery Of Internet Of Things, reports rttnews

ON THE ECONOMIC CALENDAR:

  • Chain Store Sales: various tiles
  • 7:30AM: Challenger Job Cut Report
  • 8:30AM: ECB policy decision
  • 8:30AM: Gallup US Payroll to Population
  • 8:30AM: Weekly Jobless Claims
  • 8:30AM: International Trade
  • 9:45AM: PMI Services Index
  • 10AM: ISM Non Manufacturing Index
  • 10:30AM: EIA Natural Gas Inventory
  • 4:30PM: Money Supply and Fed Balance Sheet

EARNINGS REPORTED BEFORE THE BELL:

  • MEI: FQ1 EPS of $0.60 beats by $0.06: revenue of $203.3M misses by $5.93M
  • LE: Q2 EPS of $0.23 beats by $0.16: revenue of $312.41M beats by $7.27M
  • JOY: FQ3 EPS of $0.54 misses by $0.07: revenue of $792M misses by $6.73M: revenue -9.6% Y/Y: weak guidance, views FY15 adjusted EPS $1.80 vs. consensus $2.43: Q3 bookings -31% to $635M

RECAP OF SOME NOTABLE EARNINGS LAST NIGHT AFTER THE CLOSE:

  • PLNT:Q2 EPS of $0.13 beats by $0.01: revenue of $78.95M beats by $1.55M
  • OOMA:FQ2 Non-GAAP EPS of -$0.58 vs. -$0.59 in 2Q14: revenue of $21.13M beats by $0.63M: revenue +26.5% Y/Y
  • FIVE: FQ2 EPS of $0.13 in-line: revenue of $182.2M misses by $2.49M: guides Q3 below estimates but reaffirms FY15
  • VRNT:FQ2 EPS of $0.76 beats by $0.08: revenue of $297.1M beats by $7.23M: soft guidance
  • OXM:FQ2 EPS of $1.32 beats by $0.09: revenue of $250.69M misses by $1.44M: raises guidance to be in-line with consensus
  • NCS:: FQ3 EPS of $0.15 beats by $0.01: revenue of $420.8M misses by $21.52M
  • ABM:FQ3 EPS of $0.47 misses by $0.02.Revenue of $1.35B beats by $20M

SOME NOTABLE EARNINGS AFTER THE CLOSE TODAY:

  • BLOX, COO, ESL, MRVL, PAY, UTIW, VNCE

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • LVLT: upgrade: neutral to outperform: Macquarie: $53
  • HAL: upgrade: hold to buy: HSBC: $44
  • SLB: upgrade: neutral to buy: Citi:
  • CAM: upgrade: neutral to buy: Citi: pt raised from $55 to $76
  • PII: upgrade: sector perform to outperform: RBC Capital: $158

DOWNGRADES:

  • SDRL: downgrade: neutral to underperform: Credit Suisse: $5
  • PACD: downgrade: outperform to neutral: Credit Suisse: $3

INITIATIONS:

  • RARE: initiated: sell: Citi: $87
  • KERX: initiated: sell: Citi: $1.50
  • CMRX: initiated: buy: Citi: $80
  • OPHT: initiated: buy: Citi: $90

PRICE TARGET CHANGES:

  • GIII: pt raised from $65 to $74: Telsey Advisory Group
  • VRA: pt raised from $12 to $14: Telsey Advisory Group
  • VRNT: pt cut from $68 to $63: FBR Capital
  • AMCX: pt cut for $80 to $78: Topeka Capital
  • BA: pt cut from $159 t0 $145: RBC Capital

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