Morning News

MAY 13, 2015

US futures rise with most markets around the world as investors navigate the volatile waters of trading. The pound fell overnight in trading after the UK growth view was cut, however, for the first time since the 2010, all four of the eurozone’s largest economies (Germany, France, Italy and Spain) recorded growth. Oil extended gains overnight after posting its strongest daily rise in weeks, on speculation that US crude stockpiles will fall for a second straight week as production slows. EIA petroleum inventories are set to be release at 10:30AM EST.

NEWS:

  • FB: Facebook kicks off “Instant Articles” with NYT
  • AES: announces secondary offering of 60M shares
  • SBLK: announces public offering of $150M of common shares
  • CTRL: announces $20M buyback program
  • CAT: JOY: S&P Capital says mostly likely that CAT and JOY have bottomed
  • TASR:Scottsdale Police Department Upgrades to 460 TASER X2 Smart Weapons. reports prnewswire
  • BABA: DIS: Alibaba and Disney announce partnership, reports businesswire
  • INTC: partnering with eASIC to create programmable Xeon CPUs
  • LNG: Cheriere Energy gets final US approval to export natural gas from its plant in Texas

ON THE ECONOMIC CALENDAR:

  • 7AM: MBA Mortgage Applications
  • 8:30AM: Retail Sales
  • 8:30AM: Import/Export Prices
  • 10AM: Atlanta Fed’s Business Inflation Expectations
  • 10AM: Business Inventories
  • 10:30AM: EIA Petroleum Inventories
  • 1PM: $24B, 7 Year Note Auction

EARNINGS RECAP FROM LAST NIGHT:

  • VSLR: Q1 EPS of -$0.57 misses by $0.19: revenue of $9.54M beats by $1.48M:  guidance light
  • VJET: Q1 EPS of -€0.49 v. -€0.22 in 1Q14: revenue of €5.59M: guidance reaffirmed
  • TUBE:Q1 EPS of -$0.24 misses by $0.06.Revenue of $30.32M (+37.6% Y/Y) beats by $0.91M: guidance strong
  • HDP: Q1 EPS of -$0.77 beats by $0.09: revenue of $22.8M beats by $4.58M: guidance strong
  • GDDY: Q1 EPS of -$0.34 may not be comparable to consensus of $0.35: revenue of $376.3M : guidance strong
  • Z: Q1 EPS of $0.05 beats by $0.17: Revenue of $127.7M (+92.8% Y/Y) misses by $7.97M: guidance reaffirmed

SOME NOTABLE EARNINGS AFTER TODAY’S CLOSE:

CSCO, CTRP, FENG, FPRX, JACK, JCP, MIDD, NTES, RNDY, SHAK, TGB, VIPS, VOXX, WX

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • AEO: upgrade: market perform to outperform: Cowen: $19
  • KMB: upgrade: equal weight to overweight: Barclays: $124
  • MSFT: upgrade: hold to buy: Deutsche Bank: pt raised from $44 to $55

DOWNGRADES:

  • VALE: downgrade: outperform to neutral: Macquarie
  • NBR: downgrade: outperform to market perform: BMO Capital: $18

INITIATIONS:

  • HRZN: initiated: outperform: Oppenheimer: $15
  • MACK: initiated: buy: Guggenheim: $15

PRICE TARGET CHANGES:

  • TASR: pt raised from $28 to $31: JP Morgan
  • FMI: pt cut from $60-65 range to $48-52 range: Wells Fargo

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