China weakens | Morning News

china bull_bear-2NOVEMBER 10, 2015

US futures adding to yesterday’s selloff as global markets trade mostly lower overnight after disappointing inflation data out of China. Crude struggling for direction after the IEA said the decision by the OPEC countries to keep pumping could depress prices until 2020.

NEWS:

  • ACI: Arch Coal expects to file for bankruptcy protection within months, reports reuters
  • FIT: announces launch of proposed 21M share follow-on offering, reports business wire
  • AMGN: results show Amgen’s ABP 501 equivalent to Humira in late state RA study
  • BABA: Alibaba‚Äôs Global Ambitions Face Counterfeit Challenge, reports the wsj
  • LNG:Carl Icahn raises stake in Cheniere Energy to 12.52% from 12.07%

ON THE ECONOMIC CALENDAR:

  • 6AM: NFIB Small Business Optimism Index
  • 8:30AM: Import/Export Prices
  • 8:55AM: Redbook Chain Store Sales
  • 10AM: Wholesale Trade
  • 1PM: $24B, 10 Year Note Auction

SOME NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

  • JAZZ:Q3 EPS of $2.52 misses by $0.04: revenue of $340.9M misses by $7.25M: revenue +11.2% y/y: revises guidance below consensus
  • RAX:Q3 EPS of $0.26 beats by $0.06: revenue of $508.9M beats by $5.82M: revenue +10/7% y/y: $350M debt offering announced
  • JIVE: Q3 EPS of -$0.03 beats by $0.03: revenue of $49.91M beats by $0.55M: revenue +7.1% y/y: strong guidance above consensus
  • HALO:Q3 EPS of -$0.19 misses by $0.03: revenue of $20.8M misses by $3.21M: revenue +42.2% y/y: reaffirms guidance
  • LGND:Q3 EPS of $0.56 beats by $0.14: revenue of $17.7M misses by $0.1M: revenue +18.2% y/y: weak guidance
  • XONE:Q3 EPS of -$0.70 misses by $0.59: revenue of $8.9M misses by $7.78M: revenue -7.8% y/y: guides FY15 revenue $40M vs. consensus $55.14M
  • CZR:Q3 EPS of -$5.44 misses by $6.11: revenue of $1.14B misses by $550M: revenue -48.4% y/y
  • DEPO:Q3 EPS of $0.33 beats by $0.14: revenue of $105M beats by $3.36M: revenue +104.0% y/y: raises guidance in-line with consensus
  • MDR:Q3 EPS of $0.09 beats by $0.14: revenue of $805.9M beats by $52.47M: revenue +4.4% y/y

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:

  • BZH:FQ4 EPS of $11.16 beats by $10.27: revenue of $632.85M misses by $17.99M: revenue +15.9% y/y
  • CSIQ: Q3 EPS of $0.79 beats by $0.51: revenue of $849.81M beats by $115.88M: revenue -7.1% y/y: raises revenue guidance
  • ZBRA:Q3 EPS of $1.39 beats by $0.16: revenue of $916.27M misses by $2.22M: revenue +202.1% y/y
  • SUNE:Q3 EPS of -$0.92 misses by $0.23: revenue of $476M beats by $38.55M: revenue +1.5% y/y
  • W: Q3 EPS of -$0.13 beats by $0.11: revenue of $593.97M beats by $70.58M: revenue +76.6% y/y
  • ROK:FQ4 EPS of $1.57 misses by $0.22: revenue of $1.61B misses by $70M: revenue -9.6% y/y
  • ARES:Q3 EPS of $0.00 misses by $0.17: revenue of $162.21M misses by $4.54M: revenue +5.6% y/y

SOME NOTABLE EARNINGS TO BE REPORTED TODAY AFTER THE CLOSE:

  • ARNA, DOX, EXEL, FENG, HIL, HTHT, JUNO, KGC, NVGS, OPWR, PNNT, WPRT, ZFGN

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • HERO: upgrade: sell to hold: Deutsche Bank
  • NEWT: upgrade: market perform to outperform: Raymond James
  • RIO: upgrade: equal weight to overweight: Barclays

DOWNGRADES:

  • JAZZ: downgrade: buy to neutral: Mizuho: pt cut from $164 to $140
  • CEVA: downgrade: buy to hold: Wunderlich: pt raised from $26 to $28
  • ADSK: downgrade: overweight to equal weight: Morgan Stanley: $68
  • DF: downgrade: market perform to underperform: Credit Suisse: $19
  • BITA: downgrade: outperform to underperform: CLSA: pt cut from $36 to $29
  • TXTR: downgrade: outperform to market perform:¬†Northland Capital: pt cut from $40 to $25
  • CYBR: downgrade: buy to neutral: BofA/Merrill: $48
  • FL: downgrade: buy to neutral: Buckingham:

INITIATIONS:

  • IP: initiated: neutral: Macquarie: $43
  • JD: initiated: buy: HSBC: $37
  • JWN: initiated: buy: Guggenheim: $76

PRICE TARGET CHANGES:

  • DTSI: pt raised from $28 to $40: Dougherty
  • FANG: pt raised from $75 to $80: Stephens
  • MNST: pt raised from $164 to $170: Argus
  • MSFT: pt raised from $53 to $64: Piper Jaffray
  • APA: pt raised from $60 to $62: RBC Capital
  • CYTK: pt raised from $14 to $24: FBR Capital
  • GT: pt raised from $35 to $37: Argus
  • HZNP: pt raised from $32 to $34: Mizuho
  • JAZZ: pt cut from $215 to $170: Canaccord
  • ISIS: pt cut from $91 to $88: Needham
  • MDVN: pt cut from $74 to $54: Maxim Group
  • BID: pt cut from $50 to $38: Stifel
  • AVG: pt cut from $26 to $21: Imperial
  • BDSI: pt cut from $17 to $14: FBR Capital
  • JCAP: pt cut from $22 to $18: Wunderlich
  • URBN: pt cut from $34 to $30: Mizuho
  • EXAR: pt cut from $10 to $8: Roth Capital

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