Fed Speakers on Tap |Morning News

bull-bear1NOVEMBER 12, 2015

US futures dance along the flat line at this hour after most Asian markets gained ground and European markets remained cautious overnight with traders awaiting any clue on the timing of the first US rate hike. With a weekly jobless claims, job openings and labor turnover on the economic calendar, investors will also hear speeches from Janet Yellen and four regional Fed presidents this morning, as well as Vice Chairman Stanley Fischer this afternoon.Meanwhile, ECB President Draghi said in Brussels today that downside economic risks are “clearly visible,” which may translate into an expansion of QE in December.

NEWS:

  • ANGI: IACI: Angie’s list confirms $8.75/share offer by InterActiveCorp
  • RTN:Raytheon partners with Saudi electronics company, eyes civil orders, reports reuters
  • AZN: announces $6B debt offering
  • BABA: Alibaba’s Singles Day gets stellar results but the stock hit on Jack Ma’s cautionary comments regarding growth
  • FB:Facebook Mulls Ad Changes for Instant Articles After Publisher Pushback, reports wsj
  • AAPL: PYPL: Apple P2P will have little impact on Paypal, 

THE ECONOMIC CALENDAR and FED SPEECHES:

  • 8:30AM: Weekly Jobless Claims
  • 9:05AM: Fed’s Bullard speaks on “Rethinking Monetary Policy”
  • 9:30AM: Janet Yellen speaks
  • 9:45AM: Fed’s Lacker speaks on “Rethinking Monetary Policy”
  • 10AM: Job Openings
  • 10AM: Labor Turnover Survey
  • 11AM: EIA Petroleum Inventories
  • 1PM: $16B, 30 Year Note Auction
  • 2PM Treasury Budget
  • 4:30PM: Money Supply and Fed Balance Sheet

SOME NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

  • NTES: Q3 EPS of RMB14.22 beats by RMB2.97: revenue of RMB6.67B beats by RMB1.07B: revenue +113.8% y/y
  • TTEK: mixed guidance
  • PLKI:Q3 EPS of $0.47 beats by $0.02: revenue of $61.1M misses by $0.8M: revenue +11.3% y/y: strong guidance: announced $200M buyback authorization
  • SYNC:Q3 EPS of -$0.03 beats by $0.03: revenue of $26.35M beats by $2.88M: revenue +0.5% y/y: strong guidance
  • FLO:Q3 EPS of $0.23 in-line: revenue of $885.3M beats by $11.98M: revenue +4.8% y/y: soft guidance
  • SHLX:Q3 EPS of $0.37 beats by $0.08: revenue of $72.4M beats by $9.96M: revenue +54.4% y/y

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:

  • HIMX: Q3 EPS of $0.01 in-line: revenue of $165.58M beats by $8.79M: revenue -25.5% y/y
  • KSS:Q3 EPS of $0.75 beats by $0.06: revenue of $4.43B beats by $20M: revenue +1.4% y/y
  • FLY:Q3 EPS of $0.78 beats by $0.13: revenue of $106.24M misses by $10.82M: revenue +0.7% y/y: launches $100M share repurchase program
  • GIL:Q3 EPS of $0.52 in-line: revenue of $674.5M misses by $28.29M: revenue +1.3% y/y
  • ENR: FQ4 EPS of $0.61 misses by $0.01: revenue of $399.1M beats by $3.78M: revenue -18.0% y/y
  • CAAS:Q3 EPS of $0.13 misses by $0.10: revenue of $90.85M misses by $23.53M: revenue -10.7% y/y
  • AAP: Q3 EPS of $1.95 misses by $0.14: revenue of $2.3B misses by $30M: revenue +0.4% y/y
  • ICL:Q3 EPS of $0.12 misses by $0.01: revenue of $1.38B misses by $20M: revenue -11.5% y/y
  • SBH:FQ4 EPS of $0.38 misses by $0.01: revenue of $964.23M in-line: revenue +2.1% y/y

SOME NOTABLE EARNINGS TO BE REPORTED TODAY AFTER THE CLOSE:

  • AMAT, AMPH, ANAD, CPA, CSCO, DAR, FOSL, JWN, KITE, LOCO, PRSS

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • MGIC: upgrade: equal weight to overweight: Barclays: $8
  • GIB: upgrade: hold to buy: Societe Generale
  • DVN: upgrade: neutral to buy: Guggenheim: $57
  • GALE: upgrade: perform to outperform: Oppenheimer: $4
  • RRC: upgrade: sector perform to outperform: RBC Capital: $47

DOWNGRADES:

  • FRPT: downgrade: buy to neutral: Credit Suisse: pt cut from $19 to $9
  • SUNE: downgrade: neutral to sell: Axiom Capital: $20
  • PWR: downgrade: outperform to neutral: Baird: $24
  • CCK: downgrade: outperform to market perform: Wells Fargo: pt range cut from $58-60 to $53-55

INITIATIONS:

  • EA: initiated: outperform: Oppenheimer: $83
  • VOXX: initiated: outperform: Oppenheimer: $9
  • SYK: initiated: sell: Citi: $88
  • EW: initiated: sell: Citi: $134
  • ISRG: initiated: buy: Citi: $601
  • BSX: initiated: buy: Citi: $23
  • BCR: initiated: buy: Citi: $220
  • DLR: initiated: underweight: BB&T: $79
  • STAG: initiated: underweight: BB&T: $20

PRICE TARGET CHANGES:

  • BABA: pt raised from $89 to $98: Deutsche Bank
  • GIB: pt raised from $60 to $65: RBC Capital
  • CTXS: pt raised from $80 to $90: Mizuho
  • FBC: pt raised from $24 to $26: FBR Capital
  • PRIM: pt aided from $23 to $26: Wunderlich
  • VRNS: pt cut from $30 to $26: Imperial Capital
  • SBRA: pt cut from $30 to $23: Mizuho
  • CF: pt cut from $57 to $54: RBC Capital
  • M: pt cut from $68 to $46: Telsey Advisory
  • FRPT: pt cut from $18 to $9: Stifel
  • GG: pt cut from $18 to $17: RBC Capital

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