SEPTEMBER 8, 2015
Volatility continues. 
US futures soar, up almost 2%, at this 7AM hour following Europe into the green after the eurozone revised economic growth upwards and hopes that Shanghai will announce further stimulus and Bejing announced plans to introduce a “circuit breaker” for its stock exchanges.
NEWS:
- AMZN: Amazon.com Inc plans to release a $50 tablet in time for the holiday season, reports reuters
- LMT: Lockheed Martin wins 10-year Navy contract worth up to $428M
- TE: Emera to acquire TECO Energy in $10.4B deal ($27.55/share)
- AAPL :iPhone supply chain makers set to see strong sales in September, reports digitimes
- BABA: Alibaba announces strategic partnership with Germany’s METRO Group
- BIDU:According to the CEO, Uber to enter 100 more Chinese cities over the next 12 months, reports reuters
- JD: launches $1B share repurchase
- SSNLF: Samsung to cut 10% of headquarters employees, reports bloomberg
- DIS: AMZN: MSFT:Amazon and Microsoft’s stores connect to Disney Movies Anywhere, reports engadget
- NFLX: Netflix releases trailer for its first feature film, the controversial “Beasts of No “
ON THE ECONOMIC CALENDAR:
- 6AM: NFIB Small Business Optimism Index
- 8:30AM: Gallup US Consumer Spending Measure
- 10AM: Labor Market Condition Index
- 12:30PM: TD Ameritrade IMX
- 1PM: $24B, 3 Year Note Auction
- 3PM: Consumer Credit
EARNINGS REPORTED BEFORE THE OPENING:
- YGE:Q2 EPS of -$0.53 misses by $0.31: revenue of $438.08M misses by $56.54M: revenue =20.3% Y/Y
SOME NOTABLE EARNINGS AFTER THE CLOSE TODAY:
- CASY, FCEL, HQY, KFY, MW, PBY, PLAY, PPHM, PSUN, SPA, TIVO
ANALYSTS’ RATINGS CHANGES:
UPGRADES:
- REGN: upgrade: sell to buy: UBS: $565 (that’s a double upgrade!)
- AMGN: upgrade: neutral to buy: UBS: pt raised from $165 to $168
- ACHN: upgrade: neutral to buy: UBS: $11.50
- FIT: upgrade: equal weight to overweight: Morgan Stanley: $58
- BAC: upgrade: neutral to buy: Nomura:
- MC: upgrade: underperform to neutral: Credit Suisse: $28
- SNDK: upgrade: neutral to overweight: JP Morgan: $70
- WFC: upgrade: hold to buy: Evercore: $57
- AET: upgrade: sector perform to outperform: RBC Capital: $162
- COT: upgrade: sector perform to outperform: RBC Capital
- SWN: upgrade: underperform to neutral: Credit Suisse: pt cut from $19 to $18
- WEC: upgrade; market perform to outperform: Wells Fargo
- AEP: upgrade: neutral to buy: Guggenheim
- PG: upgrade: neutral to buy: SunTrust: $80
- MU: upgrade: neutral to buy: MKM Partners: $23
- TFM: upgrade: underperform to neutral: Sterne Agee
DOWNGRADES:
- INFN: downgrade: neutral to sell: Goldman: pt cut from $24 to $19
- CCE: downgrade: outperform to sector perform: RBC Capital: $54
- MRVL: downgrade: overweight to neutral: JP Morgan: $12
- EOG: downgrade: outperform to neutral: Credit Suisse: $84
- PZN: downgrade: overweight to neutral: JP Morgan: pt cut from $13 to $9
INITIATIONS:
- SSS: initiated: buy: Evercore: $97
- TNP: initiated: buy: Evercore:
- GBT: initiated: overweight: Morgan Stanley: $67
- FB: initiated: buy: Moffett Nathanson: $105
- GOOG: GOOG: initiated: buy: Moffett Nathanson: $730
- NTAP: initiated: neutral: Susquehanna: $32
- SIMO: initiated: positive: Susquehanna:$35
- NMBL: initiated: positive: Susquehanna: $35
PRICE TARGET CHANGES: