YUM | Morning News

wbOCTOBER 20.2015

US futures pull back following mostly red arrows around the world as earrings season gets into full swing and investors await housing data before the opening. Later today all ears will be tuned into speeches by Janet Yellen and the Fed’s Williams as they speak at 11AM and 9AM respectively.

NEWS:

  • ERII: signs a 15 year, $125M deal with SLB to provide hydraulic pumping system
  • ETN: warns on Q3 revenue: earnings scheduled Oct 30 6:30AM EST
  • MBLX: files to sell 5.4M shares of common stock
  • AAPL: Apple announces Apple Music stats which includes report of 15M users, reports the wsj
  • ACN:Accenture awarded contract to deliver digital transformation for Census Bureau
  • AMZN: Amazon to hire 100K seasonal workers
  • COP: added to BofA/Merrill’s US 1 List
  • PG: announces plans to build a wind farm
  • TSLA: JP Morgan cautious on Tesla: $180 pt: underweight
  • YUM: restructures, poised to separate Chinese business
  • ATVI: EA: GME: TTWO: gamers spent less on software and hardware in Sept, down 9%, reports venturebeat

ON THE ECONOMIC CALENDAR:

  • 8:30AM: Housing Starts
  • 8:55AM: Redbook Chain Store Sales
  • 9AM: Fed’s Williams speaks
  • 11AM: Yellen speaks

SOME NOTABLE EARNING RELEASED YESTERDAY AFTER THE CLOSE:

  • IBM:Q3 EPS of $3.34 beats by $0.04: Revenue of $19.28B misses by $340M: revenue -13.9% Y/Y: lowers guidance FY15 EPS guidance to $14.75-$15.75 from $15.75-$16.50 vs consensus of $15.68
  • SONC: Q4 EPS of $0.43 beats by $0.01: revenue of $175.3M in-line: revenue +7.0% Y/Y:  announces same store sales +7.3% in Q4: sees FY16 same store sales growth of 2-4%:
  • ZION:Q3 EPS of $0.41 misses by $0.01: revenue of $556.19M misses by $10.97M: revenue +4.4% Y/Y
  • CE:Q3 EPS of $1.50 beats by $0.13: revenue of $1.41B misses by $100M: revenue -20.3% Y/Y: raises guidance FY15 adjusted EPS to $5.90-6.10 from $5.70-6.00
  • SIX:Q3 EPS of $1.64 misses by $0.02: revenue of $575M beats by $16.51M: revenue +6.1% Y/Y
  • ELS:Q3 FFO of $0.77 beats by $0.01L revenue of $210.1M beats by $12.31M: revenue +4.6% Y/Y
  • HXL:Q3 EPS of $0.55 misses by $0.04: revenue of $448.8M misses by $13.69M: revenue -0.7% Y/Y: lowers guidance
  • CCK:Q3 EPS of $1.34 beats by $0.03: revenue of $2.46B misses by $80M: revenue -5.0% Y/Y
  • STLD: Q3 EPS of $0.25 in-line: revenue of $1.95B (-16.7% Y/Y) misses by $110M: revenue -16.7% Y/Y: sees more downside of steel industry profitability in Q4
  • RMBS:Q3 EPS of $0.14 misses by $0.01: revenue of $73.78M misses by $2.43M: revenue +5.8% Y/Y: weak guidance: cutting 8% of workforce

SOME NOTABLE EARNINGS REPORTED BEFORE THE OPENING TODAY:

  • TRV:Q3 EPS of $2.97 beats by $0.70: revenue of $6.19B beats by $80M: revenue +2.7% y/y
  • EAT:FQ1 EPS of $0.56 beats by $0.01: revenue of $762.6M misses by $12.2M: revenue +7.3% y/y: guidance in-line
  • LMT: Q3 EPS of $2.77 beats by $0.05: revenue of $11.46B beats by $320M: revenue +3.2% y/y
  • VZ: Q3 EPS of $1.04 beats by $0.02: revenue of $33.16B beats by $220M : revenue +5.0% y/y
  • UTX:Q3 EPS of $1.67 beats by $0.12: revenue of $13.79B misses by $770M: revenue -5.6% y/y
  • DOV:Q3 EPS of $1.14 beats by $0.07: revenue of $1.79B misses by $20M: revenue -14.4% y/y
  • HOG:Q3 EPS of $0.69 misses by $0.09: revenue of $1.14B misses by $70M: revenue +0.9% y/y
  • OMC:Q3 EPS of $0.97 beats by $0.02: revenue of $3.71B beats by $60M: revenue -1.1% y/y
  • BK:Q3 EPS of $0.74 beats by $0.03: revenue of $3.80B misses by $70M: revenue +1.3% y/y
  • FITB:Q3 EPS of $0.51 beats by $0.11: revenue of $1.62B beats by $110M: revenue +13.3% y/y
  • WWW:Q3 EPS of $0.48 in-line: revenue of $678.9M misses by $2.36M: revenue -4.5% y/y
  • RF:Q3 EPS of $0.19 misses by $0.01: revenue of $1.34B beats by $10M: revenue +3.1% y/y
  • SBNY:Q3 EPS of $1.88 beats by $0.06: revenue of $257.82M in-line: revenue +20.9% y/y
  • EDU:FQ1 EPS of $0.84 beats by $0.10: revenue of $458.49M beats by $10.89M: revenue +16.4% y/y

SOME NOTABLE EARNINGS TO BE REPORTED AFTER THE CLOSE TODAY:

  • ACE, CB, CLS, CMG, CPHD, CREE, DFS, EFII, FTI, FULT, ILMN, IRBT, ISRG, MANH, PKG, SHLM, TEX, VASC, VMW, WERN, YHOO

ANALYSTS’ RATINGS CHANGES: 

UPGRADES:

  • WTW: upgrade: underweight to equal weight: Barclays: pt raised from $5 to $14
  • PFE: upgrade: market perform to outperform: Cown: $43
  • GSK: upgrade: underperform to neutral: Credit Suisse
  • TFM: upgrade: underperform to neutral: Credit Suisse: pt raised from $22 to $28
  • ETSY: upgrade: underperform to neutral: Wedbush: $9
  • RICE: upgrade: sector perform to outperform: RBC Capital: $21

DOWNGRADES:

  • PCAR: downgrade: buy to neutral: UBS
  • BIN: downgrade: buy to neutral: Wedbush: $28
  • BIN: downgrade: buy to hold: Stifel
  • BIN: downgrade: outperform to sector perform: CIBC
  • VAR: downgrade: outperform to neutral: Baird: pt cut from $101 to $82
  • AZN: downgrade: neutral to underperform: Credit Suisse
  • CMI: downgrade: buy to neutral: UBS: pt cut from $150 to $111

INITIATIONS:

  • RGNX: initiated: buy: Chardan Capital: $33
  • RCPI: initiated: buy: Maxim Group: $4
  • ATW: initiated: sector perform: RBC Capital: $17
  • FANG: initiated: buy: Canaccord: $86
  • PXD: initiated: buy: Canaccord: $160
  • FE: initiated: buy: Canaccord:
  • RIG: initiated: sell: Citi
  • SHPG: initiated: buy: BTIG: $275

PRICE TARGET CHANGES:

  • FB: pt raised from $120 to $130: Jefferies
  • BANX: pt raised from $20 to $25: Wunderlich
  • HA: pt raised from $26 to $31: Cowen
  • SONC: pt raised from $29 to $34: Telsey Advisory
  • HON: pt raised from $115 to $118 : Argus
  • HAS: pt cut from $93 to $84: Monness Crespi
  • SLB: pt cut from $112 to $92: Argus
  • ETN: pt cut from $59 to $55: RBC Capital
  • GPC: pt cut from $95 to $92: RBC Capital
  • IBM: pt cut from $155 to $15-: RBC Capital
  • IBM: pt cut from $180 to $160: Stifel
  • MS: pt cut from $39 to $38: RBC Capital
  • SNI: pt cut from $80 to $76: RBC Capital
  • MTB: pt cut from $135 to $130: FBR Capital
  • VRX: pt cut from $241 to $193: Piper Jaffray
  • VALE: pt cut from $13 to $10: Stifel

 

 

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