GDDY | Morning News

APRIL 11, 2015

US futures failing to add conviction to last Friday’s rally as they waver along the flat line at this 7AM hour, totally ignoring China’s latest rate cut and ensuing Shanghai’s rally.  Overseas, European markets are struggling as investors await the outcome of a meeting of eurozone finance ministers who, once again, are trying to broker a deal with Greece.

NEWS:

  • ZU: BABA: Alibaba announces 9.3% stake in Zulily, reports wsj
  • NBL: ROSE: Noble purchases Rosetta for $2.1B in all stock deal
  • NVRO: FDA approves Senza, spinal stimulation system
  • TSLA:  Tesla’s batteries grab $800M in its first week, reports bloomberg
  • NWSA: News Corp announced that it will commence its first buyback ( of A shares) since 2013
  • SYT: MON: Monsanto set to press ahead with Syngenta takeover plan, reports reuters
  • DIS: The Avengers, Age of Ultron, leads box office revenue again this past weekend
  • DDD: 3D systems shares could fall another 30%, sees stock trading at $15, says barrons
  • KSS: Kohl’s could continue to outperform, says barrons
  • DUK, SO, ED, EIX, PCG, AEP, D, NEE: Barrons out positive on some utilities
  • MCD: Barrons sees $97 as top in McDonalds
  • GE: General Electric wins deal worth up to $2 billion for engines for Taiwan, others, reports reuters
  • OIL ETF’s:  China pulls past US as top oil importer, buying 7.4M bpd v. US 7.2 bpd (barrels per day)

ON THE ECONOMIC CALENDAR:

  • 10AM: Labor Market Conditions Index

EARNINGS:

  • ACT: Q1 EPS of $4.30 beats by $0.36: revenue of $4.2B beats by $170M: North American brands up 192%: conference call 8AM EST
  • ENDP:Q1 EPS of $1.17 beats by $0.11.Revenue of $714.13M (+51.7% Y/Y) in-line: raises FY15 EPS guidance
  • RDNT: guidance FY16 raised from $745-765M to $785-805M
  • DISH: Q1 net income of $351M v. $175M in 2014Q1: revenue of $3.7B misses by $40M: added 554K new pay-tv subscribers: conference call 12PM EST
  • ICPT: Q1 EPS of -$1.78 misses by $0.09: revenue of $1.45M misses by $0.25M: conference call 9:45AM EST
  • MBLY:Q1 EPS of $0.08 beats by $0.01.Revenue of $45.58M (+27.9% Y/Y) beats by $1.35M
  • PLUG: Q1 EPS of -$0.07 in line: revenue of $9.4M misses by $8.72M: conference call 10AM EST
  • BID: Q1 EPS of $0.11 beats by $0.11: revenue of $155.67M beats by $3.9M
  • BDSI:Q1 EPS of -$0.16 beats by $0.03.Revenue of $13.05M  beats by $2.28M.
  • SSYS:Q1 EPS of $0.04 beats by $0.01.Revenue of $172.73M in-line
  • LGND: conference 9AM EST

SOME NOTABLE EARNINGS AFTER THE CLOSE:

CALL, CLNE, CYTX, DEPO, DRYS, ELON, FMC, FMI, HALO, JUNO, MBI, MDR, MNTX, MR, OME, OMER, ONTY, OPK, PAAS, RAX, REN, SF, TEP, XON, YY, ZGNX

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • CAT: upgrade: neutral to outperform: Baird: pt raised from $80 to $101
  • RCL: upgrade: market perform to outperform: Wedbush: pt raised from $81 to  $88
  • JOY: upgrade: neutral to outperform: Baird: pt raised from $45 to  $62
  • SFM: upgrade: market perform to outperform: BMO Capital: $34
  • MNST: upgrade; neutral to buy: Citigroup: $151
  • SBH: upgrade: market perform to outperform: Raymond James
  • CSCO: upgrade: neutral to overweight: Pacific Crest: $36
  • Z: upgrade: neutral to buy: SunTrust : $130
  • SYT: upgrade; neutral to buy: UBS: CHF535

DOWNGRADES:

  • PTEN: downgrade; buy to neutral: Citigroup: $22
  • NTAP: downgrade: sector perform to underperform: Pacific Crest
  • NOV: downgrade; neutral to sell: Citigroup: $45
  • ETSY: downgrade: neutral to underperform: Wedbush: $20
  • JPM: downgrade: buy to neutral: MKM Partners: $65
  • AOL: downgrade: underperform to sell: CLSA
  • CRM: downgrade: best idea list to overweight: Morgan Stanley: $80: “stock trading at acquisition premium”

INITIATIONS:

  • GDDY: initiated: overweight: Morgan Stanley: $29
  • GDDY: initiated: overweight: Barclays; $32
  • GDDY: initiated: outperform: JMP Securities: $30
  • GDDY: initiated: overweight: Piper: $36
  • VIRT: initiated: buy: Evercore: $25
  • VIRT: initiated: neutral :Goldman: $23
  • ETSY: initiated: neutral: Goldman: $20
  • ETSY: initiated: equal weight: Morgan Stanley: $20

PRICE TARGET CHANGES:

  • NXPI: pt raised from $115 to $125: Deutsche Bank
  • JPM: pt raised from $68 to $73: BofA/Merrill
  • AGU: pt cut from $138 to $126: Susquehanna

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