Volatility Remains | Morning News

rollercoaster1SEPTEMBER 19.2015

US futures tracking to open lower at this 7AM hour as volatile market activity continues worldwide. The US$ pulling back further and gold futures are pacing upwards as Yellen’s remarks on interest rates reverberates around the globe. Meanwhile, overnight, crude slipped as the commodity is also hit by the uncertainty presented in the FOMC statement.

NEWS:

  • AAPL: Apple wins key patent appeal against Samsung
  • QCOM: Qualcomm slashed 1,314 full-time jobs in San Diego and hundreds of jobs elsewhere
  • PYPL: Two Years After Acquisition, Braintree’s Authorized Payment Volume to Cross $50B this Year, reports braintree
  • ATVI: Destiny: The Taken King — the new game from Activision Blizzard  set a record for day-one downloads on Sony’s PlayStation
  • TXN: announces increase of dividend b 12%, and increases buyback plan by $7.5B
  • AGN: FDA approves Allergan’s Vraylar
  • PE:Parsley Energy announces a public offering of 13M common shares
  • AKS: issues a better than expectedQ3 guidance
  • VZ: Verizon offers roaming in Cuba
  • NVS: Novartis drug, Entresto, approved by Swissmedic

ON THE ECONOMIC CALENDAR:

  • 10AM: Leading Indicators
  • 1PM: Baker Hughes Rig Count

EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

  • ADBE: FQ3 EPS of $0.54 beats by $0.04: revenue of $1.22B beats by $10M: revenue +20.8% Y/Y

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • CLB: upgrade: sector perform to outperform: RBC Capital: pt raised from $125 to $130
  • FMC: upgrade; market perform to outperform: Cowen: pt cut from 460 to $51
  • AET: upgrade: hold to buy: Cantor: pt raised from $100 to $140

DOWNGRADES:

  • HP: downgrade: outperform to sector perform: RBC Capital: pt cut from $83 to $55
  • FMSA: downgrade: outperform to sector perform: RBC Capital: pt cut from $7 to $4.50
  • SPN: downgrade: outperform to sector perform: RBC Capital: pt cut from $25 to $17
  • SLCA: downgrade: outperform to sector perform: RBC Capital: pt cut from $28 to $20

INITIATIONS:

  • JOY: initiated: underperform: FBR Capital: $14
  • CLD: initiated: underperform: FBR Capital: $2
  • SWC: initiated: market perform: FBR Capital: $9
  • BTU: initiated: market perform: FBR Capital: $1.50
  • BWLD: initiated: hold: Maxim Group: $217
  • RGLD: initiated: outperform: FBR Capital: $56
  • SCCO: initiated: outperform: FBR Capital: $34

PRICE TARGET CHANGES:

  • ED: pt raised from $64 to $66: Mizuho
  • WEG: pt raised from $50 to $54: Mizuho
  • MOH: pt raised from $85 to $92: Susquehanna
  • ADBE: pt raised to $82: Jefferies
  • LLY: pt raised from $105 to $115: Jefferies
  • ABX: pt cut from 410 to $8: RBC Capital

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