PCLN | Morning News

shaky-bull-marketNOVEMBER 09, 2015

US futures trading mixed at this hour as European markets pull back. Overnight, China and Japan rose to 2 1/2 month highs while the rest of the Asian market traded mostly in the negative. As earnings season winds down this week, investors turn more attention to the timing of interest rates and Fed member speeches scheduled this week.

NEWS:

  • WY: PCL:Weyerhaeuser announces plans to acquire Plum Creek in a merger that will create a Northwest US timber giant
  • USO: Saudi Arabia plans to keep on pumping oil with no plans to cut output, reports ft
  • HAS: Piper Jaffray comes out positive on the stock and names it a Top Pick with an $85 pt
  • BA: Jet Airways placed an $8.2B order for 75, 737 max aircraft at Dubai Air Show
  • QCOM:Qualcomm’s China Struggles Continue as It Fails to Reach Patent Deals, reports wsj
  • RXDX: LLY: Ignyta licenses oral cancer drug candidate from Eli Lilly for up to $53M
  • FB: Snapchat closes video gap with Facebook, reports ft
  • AAPL:Apple Wins Dismissal of Suit Over Retail Worker Bag Searches, reports Bloomberg
  • ATRA: Atara Biotherapeutics files $335M mixed securities shelf
  • ATVI:King Digital Deal Will Let Activision Reign Supreme, reports barrons

ON THE ECONOMIC CALENDAR:

  • 10AM: Labor Market Condition Index
  • 12:30PM: TD Ameritrade IMX

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE BELL:

  • BITA: Q3 EPS of RMB 1.81 beats by RMB 0.13: revenue of RMB 1.07B beats by RMB 20M: revenue +76.0% y/y: guides FY15 revenue light
  • DISH:Q3 EPS of $0.42 beats by $0.03: revenue of $3.73B misses by $60M: revenue +1.4% y/y
  • PCLN: Q3 EPS of $25.35 beats by $1.12: revenue of $3.1B beats by $50M: revenue +9.2% y/y:  weak guidance
  • HTZ:Q3 EPS of $0.49 misses by $0.03: revenue of $2.98B misses by $90M: revenue -4.5% y/y
  • DF:Q3 EPS of $0.30 beats by $0.06: revenue of $2.03B misses by $10M: revenue -14.3% y/y
  • ISIS:Q3 EPS of -$0.30 beats by $0.01: revenue of $49.12M misses by $3.81M: revenue +11.5% y/y
  • BLT:Q3 EPS of $0.25 beats by $0.05: revenue of $209.17M  misses by $14.18M: revenue -14.7% y/y
  • ACI:Q3 EPS of -$3.38 beats by $2.07: revenue of $688.54M beats by $9.91M: revenue -7.2% y/y
  • BID:Q3 EPS of -$0.26 beats by $0.01: revenue of $137.99M beats by $26.91M: revenue +46.5% y/y
  • RBC:Q3 EPS of $1.43 beats by $0.01: revenue of $882.3M misses by $34.05M: revenue +6.3% y/y

SOME NOTABLE EARNINGS TO BE REPORTED TODAY AFTER THE CLOSING:

  • AEGR, AMBC, APEI, APPS, APU, ASEI, ATW, BDE, BEAT, CALL, CZR, DEPO, ENV, FF, GALE, HALO, HMIN, IFF, IPAR, JAZZ, JIVE, JMBA, KEYW, LEAF, LF, LGF, LGND, MDR, MODN, NOR, NSPH, OMER, OPK, PDM, PFIE, PINC, PSIX, PTCT, PTLA, PVA, RARE, RAX, RBCN, REN, REXX, RLD, RMTI, SB, SBRA, SCLN, SUNE, TERP, TPC, TUBE, TXTR, UGI, VSAT, WWD, XON, XONE, ZGNX

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • SAH: upgrade: sell to neutral: Goldman: pt raised from $20 to $27
  • WAC: upgrade: underperform to market perform: Keefe Bruyette: $10
  • BWLD: upgrade: sector weight to overweight: KeyBanc: $175
  • PZZA: upgrade: sector weight to overweight: KeyBanc

DOWNGRADES:

  • AA: downgrade: buy to neutral: Nomura: pt cut from $14 to $8
  • SSYS: downgrade: buy to hold: Deutsche Bank: pt cut from $40 to $28
  • RF: downgrade: buy to hold: Deutsche Bank: $11
  • KEY: downgrade: buy to hold: Deutsche Bank: pt cut from $16 to $14
  • ADSK: downgrade: buy to neutral: UBS
  • X: downgrade: overweight to equal weight: Morgan Stanley
  • EOG: downgrade: outperform to market perform: Raymond James
  • TDC: downgrade: hold to sell: Summit Research: pt cut from $27 to $22
  • FMS: downgrade: equal weight to underweight: Barclays
  • INSM: downgrade: buy to neutral: UBS: pt cut from $35 to $18

INITIATIONS:

  • RH: initiated: buy: UBS: $125
  • PIR: initiated: sell: UBS: $7
  • TGT: initiated: buy: Citi: $88
  • TREE: initiated: outperform: RBC Capital: $150
  • JD: initiated: buy: Goldman: $37
  • VBLT: initiated: overweight: Piper Jaffray
  • FDC: initiated: overweight: Barclays: $20
  • FDC: initiated: buy: Mizuho: $20
  • FDC: initiated: buy: Goldman: $21
  • JAH: reinstated: overweight: Barclays: $54

PRICE TARGET CHANGES:

  • CPE: pt raised from $11 to $13: Imperial Capital
  • MELI: pt raised from $120 to $150: Piper Jaffray
  • ATVI: pt raised from $32 to $42: Piper Jaffray
  • MATX: pt raised from 445 to $52: FBR Capital
  • SP: pt raised from $29 to $31: Barrington Research
  • TTI: pt raised from $9 to $12: Wunderlich
  • PSA: pt raised from $215 to $221: RBC Capital
  • HUM: pt cut from $223 to $215: RBC Capital
  • FEYE: pt cut from $55 to $32: Imperial Capital
  • CI: pt cut from $182 to $172: RBC Capital
  • RRMS: pt cut from $55 to $47: FBR Capital
  • SGM: pt cut from 410 to $8: FBR Capital
  • CROX: pt cut from $17 to $13: Monness, Crespi and Hardt
  • CIT: pt cut from $52 to $50: Stifel
  • MDVN: pt cut from $50 to $40: RBC Capital
  • MATX: pt raised from $45 to $52: FBR Capital

TOP NYSE JUMPS IN SHORTS:

  • TWTR, MON, GE, AA, BABA, SWN, BSX, COP, EMC, AEO, DHI, JBL, SKX, ETE, VRX, DDR, KATE, THC

TOP NYSE DROPS IN SHORTS:

  • DOW, FCX, AKS, HLT, MRO, OLN, AVP, BBD, O, LVS, CAT, COH, CNX, HAL, JOY,MRK, BBY

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