AMZN | Morning News

trading diciplineNOVEMBER 11. 2015

US futures following green arrows around the world with European markets trading positive even as Asian stock markets struggled overnight after a mixed batch of Chinese data showed growth in the world’s second largest economy is still idling. *Bond markets are closed today for Veteran’s Day.

NEWS:

  • STAY: announces a new secondary offering of 15M shares
  • SWKS: announces authorization of a $400M stock buyback plan
  • JCP: announces a 6.4% increase in comparable-store sales in Q3: announces settlement of lawsuit
  • AAPL:Apple Music launches on Android to tap billion-strong new audience, reports the guardian
  • BABA:Alibaba Smashes Singles’ Day Sales Record; on Track to Hit $13 Billion, reports wsj

ON THE ECONOMIC CALENDAR:

  • 7AM: MBA Mortgage Applications

SOME NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

  • JUNO:Q3 EPS of -$0.26 beats by $0.15: revenue of $1.6M misses by $4.81M: reaffirms guidance
  • WPRT:Q3 EPS of -$0.58 misses by $0.32: revenue of $22.3M misses by $5.98M: revenue -11.9% y/y: reaffirms guidance
  • BOOT:FQ2 EPS of $0.04 in-line: revenue of $129.7M: revenue +50.1% y/y: cuts guidance

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:

  • MGIC:Q3 EPS of $0.13 misses by $0.01: revenue of $45.33M beats by $2M: revenue +12.8% y/y
  • M:Q3 EPS of $0.56 beats by $0.03: revenue of $5.9B misses by $190M: revenue -4.8% y/y: cuts FY15 EPS guidance: guides Q4 EPS $2.54-$2.64 vs consensus $2.90
  • GIB:FQ4 EPS of $0.82 beats by $0.02: revenue of $2.59B beats by $40M: revenue +4.4% y/y
  • AVOL: Q3 EPS of $0.92 beats by $0.14: revenue of $201.94M beats by $15.08M: revenue +22.8% y/y

SOME NOTABLE EARNINGS TO BE REPORTED TODAY AFTER THE CLOSE:

  • ECR, FLO, FNV, NTES, PLKI, RNDY, SHLX, SPTN, SYNC, TGB, TTEK

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • TYC: upgrade: neutral to overweight; JP Morgan: $42
  • GPOR: upgrade: sell to neutral: Goldman: $28
  • VOYA: upgrade equal weight to overweight: Morgan Stanley: pt raised from $45 to $48
  • DEPO: upgrade: hold to buy: WallachBeth: $33
  • XON: upgrade: underperform to neutral: Mizuho: pt cut from $45 to $42

DOWNGRADES:

  • MET: downgrade: overweight to equal weight: Morgan Stanley: $56
  • EMC: downgrade: outperform to market perform: Wells Fargo:pt range cut from $29-30 to $25-28
  • AMED: downgrade: buy to neutral: Mizuho: $45
  • PVA: downgrade: buy to hold: Canaccord
  • ORCL: downgrade: overweight to equal weight; Morgan Stanley: $45
  • BCRX: downgrade: neutral to underperform: BofA/Merrill: pt cut from $12 to $10
  • ROK: downgrade: outperform to underperform: CLSA:
  • REXX: downgrade: outperform to market perform: Northland: pt cut from $5 to $2.75
  • BNK: downgrade: strong buy to market perform: Raymond James

INITIATIONS:

  • FARO: initiated: market perform: FBR Capital: $30
  • IPGP: initiated: outperform: FBR Capital: $120
  • CVC: initiated: neutral: SunTrust: $35
  • CHTR: initiated: buy: SunTrust: $242

PRICE TARGET CHANGES:

  • MCD: pt raised from $120 to $125: RBC Capital
  • AMZN: pt raised from $750 to $800: Morgan Stanley
  • ATVI: pt raised from $34 to $41: Argus
  • MCD: pt raised from $118 to $128: Credit Suisse
  • AER: pt raised from $68 to $70: RBC Capital
  • ATW: pt raised from $17 to $19: RBC Capital
  • DHI: pt raised from $32 to $34: RBC Capital
  • AHKT: pt raised from $16 to $18: Roth Capital
  • REI: pt raised from $12 to $14: Wunderlich
  • W: pt raised from $56 to $61: Cowen
  • VTR: pt cut from $58 to $54: Mizuho
  • NGL: pt cut from $28 to $24: Wunderlich
  • NGL: pt cut from $32 to $24: RBC Capital
  • NGL: pt cut from $31 to $25: Stifel
  • ARNA: pt cut from $5 to $2: RBC Capital
  • AMAT: pt cut from $24 to $21.50: Cowen
  • SUNE: pt cut from $24 to $20: RBC Capital
  • VRX: pt cut from $265 to $225: JP Morgan
  • ICPT: pt cut from $273 to $192: FBR Capital
  • ROK: pt cut from $135 to $120: UBS

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