Crude | Morning News

wbSEPTEMBER 23, 2015

US futures up modestly at this 7AM hour, following European markets into the green after the Eurozone PMI came in below estimates but still indicated expansion with a 53.9 reading. Asian shares mostly lower, lead by the Shanghai as activity in China’s factory sector falls to the lowest level in over six years. Overnight, crude rose after the American Petroleum Institute indicated US crude stockpiles fell 3.7M barrels last week and ahead of EIA petroleum inventories data set to be released at 10:30AM EST.

NEWS:

  • TOT: announces plans to reduce capex to a range of $20B to $21B in 2016 and $17B to $19B a year beyond that as it adjusts to lowered expectations for growth
  • FB: Instagram announces that users now exceed 400M in number
  • FB:Facebook just revealed how it will make money from messages with “click to message”, reports businessinsider
  • BA:Boeing’s new refueling tanker is scheduled to make its first flight as soon as Friday, reports the wsj

ON THE ECONOMIC CALENDAR:

  • 7AM: MBA Mortgage Applications
  • 9AM: ECB President Draghi hearing before the Committee on Economic and Monetary Policy
  • 9:45AM: PMI Manufacturing Index Flash
  • 10:30AM: EIA Petroleum Inventories
  • 11:30AM: $13B, 2 Year FRN Auction
  • 12:30PM: Fed’s Lockhart to speak ( He is a voting member)
  • 1PM: $35B, 5 Year Note Auction

EARNINGS REPORTED AFTER THE CLOSE YESTERDAY:

  • CPRT: FQ4 EPS of $0.41 beats by $0.02: revenue of $282.29M in-line: revenue -1.8% Y/Y

SOME NOTABLE EARNINGS TODAY AFTER THE CLOSE:

  • FUL, SCS, WOR

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • CCL: upgrade: neutral to buy: Nomura: $62
  • FINL: upgrade: market perform to outperform: FBR Capital: pt raised from $28 to $30
  • RM: upgrade: hold to buy: Jefferies: $21
  • INTC: upgrade: underperform to market perform: Bernstein
  • BMR: upgrade: hold to buy: Canaccord: pt raised from $21 to $23
  • FMC: upgrade: hold to buy: Jefferies: $47
  • RTN: upgrade; market perform to outperform: Bernstein:$132

DOWNGRADES:

  • SHW: downgrade: buy to neutral: Longbow
  • KMX: downgrade: outperform to perform: Oppenheimer
  • LPI: downgrade: neutral to underperform: BofA/Merrill
  • CYT: downgrade: buy to hold: Jefferies: $75

INITIATIONS:

  • XOM: initiated: underperform: Macquarie: $60
  • CVX: initiated: underperform: Macquarie: $65
  • FPI: initiated; buy: Wunderlich: $12
  • ENLC: initiated: overweight: Barclays: $28
  • ALLE: coverage assumed: outperform: Credit Suisse: $74
  • AOS: initiated: buy: Fintrust: $80

PRICE TARGET CHANGES:

  • HRTX: pt raised from $38 to $57: Leerink
  • HRTX: pt raised from $47 to $58: Jefferies
  • AZO: pt raised from $704 to $726: RBC Capital
  • ODFL: pt cut from $90 to $83: RBC Capital

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