Retail Sales Focus|Morning News

shaky-bull-marketOCTOBER 14, 2015

US futures flat at this 8AM hour as global markets pull back and call/put ration hoists a warning flag. Overnight, economic data out of China was disappointing, yet again, as PPI falls 5.9% signaling the 43rd month of deflation. Crude slipped lower as over supply and concerns over China’s slowing economy weighed on the commodity.

NEWS:

  • JMBA: Morgan Stanley reports 5.1% stake in Jamba
  • SNDK: MU: WDC: Sandisk in merger talks with Micron and Western Digital, reports Financial Times
  • HABT: Wells Fargo reports 10.94% stake in Habit Restaurants
  • FB: Facebook testing dedicated video channel, rivaling YouTube
  • LLY: INCY:Eli Lilly, Incyte report positive topline results in phase 3 study of RA-BEAM
  • REGI: cuts Q3 guidance below consensus
  • LCI:Lannett reports FDA approval for Memantine Oral Solution 2 mg/mL
  • AAPL:Apple loses patent lawsuit to University of Wisconsin, faces hefty damages. reports reuters

ON THE ECONOMIC CALENDAR:

  • 7AM: MBA Mortgage Applications
  • 8:30AM: Producer Price Index
  • 8:30AM: Retail Sales
  • 10AM: Business Inventories
  • 2PM: Fed’s Beige Book

NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

  • CSX:Q3 EPS of $0.52 beats by $0.02: revenue of $2.94B misses by $40M: revenue -8.7% Y/Y: weak guidance due to the domestic coal volume declining
  • INTC: Q3 EPS of $0.64 beats by $0.05: revenue of $14.47B beats by $250M: revenue -0.5% Y/Y: guides in-line
  • JPM:Q3 EPS of $1.32 misses by $0.05: revenue of $23.54B misses by $150M: revenue -6.4% Y/Y
  • VOXX:FQ2 EPS of -$0.18 may not be comparable to consensus of $0.08: revenue of $154.2M misses by $5.34M: revenue -13.0% Y/Y
  • HAWK: Q3 EPS of $0.35 beats by $0.05: revenue of $352.7M beats by $156.39M: revenue +31.1% Y/Y: soft guidance

NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING: 

  • BAC:Q3 EPS of $0.37 beats by $0.04: revenue of $20.91B beats by $140M: revenue -2.4% Y/Y
  • CFX:Q3 EPS of $0.24 misses by $0.17.: revenue of $969.14M misses by $25.16M: revenue -16.5% Y/Y
  • BLK:Q3 EPS of $5.00 beats by $0.43: revenue of $2.91B beats by $90M: revenue +2.1% Y/Y
  • DAL:Q3 EPS of $1.74 beats by $0.03: revenue of $11.12B beats by $20M: revenue -0.5% Y/Y
  • PNC:Q3 EPS of $1.90 beats by $0.18: revenue of $3.78B misses by $20M: revenue -1.6% Y/Y
  • CBSH:Q3 EPS of $0.66 misses by $0.05: revenue of $273.18M misses by $9.62M: revenue +2.3% Y/Y
  • WFC:Q3 EPS of $1.05 in-line: revenue of $21.88B beats by $120M: revenue +3.2% Y/Y
  • JBHT:Q3 EPS of $0.99 beats by $0.02: revenue of $1.59B misses by $30M: revenue -0.6% Y/Y

SOME NOTABLE EARNINGS TO BE REPORTED AFTER THE CLOSE TODAY:

  • CNS, DRWI, NFLX, WTFC, XLNX

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • CF: upgrade: underperform to market perform: Cowen
  • IPI: upgrade: underperform to market perform: Cowen: $7
  • ADBE: upgrade: neutral to overweight: Atlantic Securities:
  • INTC: upgrade: hold to buy: Summit Research: $40

DOWNGRADES:

  • GPRO: downgrade: overweight to neutral: Piper Jaffray: pt cut from $54 to $25
  • UA: downgrade: overweight to neutral: Piper Jaffray: $113
  • TWTR: downgrade: outperform to market perform: JMP Securities
  • WLL: downgrade: buy to hold: Deutsche Bank: $23
  • ORCL: downgrade: outperform to market perform: JMP Securities

INITIATIONS:

  • MNK: initiated: outperform: Northland: $92
  • SHPG: initiated: outperform: Northland: $288
  • JAZZ: initiated: outperform: Northland: $200
  • HAIN: initiated: outperform: Cowen: $64
  • CE: initiated: sector perform: RBC Capital: $34
  • EMN: initiated: outperform: RBC Capital: $88
  • RPM: initiated: sector perform: RBC Capital: $47
  • WPX: initiated: outperform: Imperial Capital: $14

PRICE TARGET CHANGES:

  • CMG: pt raised from $740 to $825: RBC Capital
  • UA: pt raised from $105 to $130: Canaccord
  • INTC: pt raised from $33 to $34: Cowen
  • INTC: pt raised from $33 to $34: RBC Capital
  • INTC: pt raised from $37.50 to $39: Northland
  • ETR: pt cut from $76 to $67.50: Mizuho
  • EPE: pt cut from $16 to $12: Topeka Capital
  • CMCM: pt cut from $30 to $22: Summit Research
  • CPHD: pt cut from $66 to $62: Piper Jaffray
  • CPHD: pt cut from $70 to $47: Needham
  • FAST: pt cut from $42 to $41: Stifel
  • CAB: pt cut from $54 to $47: DA Davidson

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