GDP Q3 | Morning News

520119b5bd3165a931013fb67d9d784dNOVEMBER 24, 2014

US futures lower and crude higher at this hour after Turkey shoots down Russian Fighter plane they say was violating their airspace. Investors digest the global unrest and look towards a plethora of economic data due out today, in particular will be Q3 GDP revision, which is expected to come in at 2.1%, higher than the original 1.5%.

NEWS:

  • XRX: Icahn discloses a 7.13% stake in Xerox
  • AAPL: Apple Pay to launch in China by February
  • MYL JAZZ: Mylan launches Clozapine Orally Disintegrating Tablets in the US
  • NVS:Novartis’ Entresto approved in Europe
  • CPRT: launches 7,32N share buyback: names new CFO
  • BA:Boeing and EVA Airways have finalized a historic $8B order, recording the largest single commercial airplane purchase in Taiwan aviation history
  • AIRLINE STOCKS: TRAVEL STOCKS: US issues a worldwide travel alert, negative for Airline and Travel stocks, positive for NFLX and AMZN

THE ECONOMIC CALENDAR:

  • 8:30AM: GDP Q3
  • 8:30AM: Corporate Profits
  • 8:30AM: International Trade
  • 8:55AM: Redbook Chain Store Sales
  • 9AM: S&P Case-Shiller Home Price Index
  • 10AM: Consumer Confidence
  • 10AM: State Street Investor Confidence Index
  • 10AM: Richmond Fed Manufacturing
  • 11:30AM: $13B, 2 Year FRN Auction
  • 1PM: $35B, 5 Year Note Auction

SOME NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

  • CXRX: Q3 EPS of $1.46 beats by $0.03: revenue of $94.9M beats by $0.98M: revenue +160.5% y/y
  • BRCD: FQ4 EPS of $0.26 beats by $0.02: revenue of $589M beats by $13.9M: revenue +4.4% y/y: soft guidance
  • PANW:FQ1 EPS of $0.35 beats by $0.03: revenue of $297.2M beats by $12.8M: revenue +54.5% y/y: solid guidance: guides revenue above consensus
  • CUB:FQ4 EPS of $1.05 beats by $0.09.Revenue of $425.9M (+7.5% Y/Y) beats by $14.73M: guides in-line
  • DY:FQ1 EPS of $1.24 beats by $0.23.Revenue of $659.27M (+29.2% Y/Y) beats by $33.65M: guides above estimates
  • POST:FQ4 EPS of $0.06 misses by $0.23.Revenue of $1.3B (+25.0% Y/Y) misses by $30M
  • ENTA:FQ4 EPS of $0.29 beats by $0.14: revenue of $14.42M misses by $2.02M: revenue +446.2% y/y
  • YY:Q3 EPS of $0.71 misses by $0.11: revenue of $234.4M beats by $8.8M: revenue +43.8% y/y

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:

  • FRO: Q3 EPS of $0.09 beats by $0.01: revenue of $90.64M misses by $1.68M: revenue +37.5% y/y
  • DLTR:Q3 EPS of $0.38 misses by $0.15: revenue of $4.95B beats by $110M: revenue +135.7% y/y: guides Q4 sales below consensus: guides FY15 adjusted IPS below estimates
  • CPB: FQ1 EPS of $0.95 beats by $0.19: revenue of $2.20B misses by $10M:revenue -2.7% y/y: raises guidance for FY16 adjusted EPS view to $2.75-$2.83 from $2.53-$2.58
  • CHS: Q3 EPS of $0.13 misses by $0.07: revenue of $641.2M misses by $26.13M: revenue-3.7% y/y
  • SDRL:Q3 EPS of $0.21 misses by $0.24: revenue of $985M misses by $35M: revenue -12.1% y/y
  • HRL:FQ4 EPS of $0.74 beats by $0.05: revenue of $2.4B misses by $120M: revenue -5.5% y/y: guides FY16 EPS above estimates
  • DANG:Q3 EPS of -$0.35 misses by $0.02: revenue of $2.37B misses by $150M: revenue +22.8% y/y
  • TIF:Q3 EPS of $0.70 misses by $0.05: revenue of $938.2M misses by $32.8M: revenue -2.2% y/y: guides FY16 EPS 5%-10% below FY15 EPS
  • LG:FQ4 EPS of -$0.37 misses by $0.02: revenue of $204.2M misses by $82.91M: revenue -8.1% y/y
  • BURL: Q3 EPS of $0.25 beats by $0.02: revenue of $1.24B in-line: revenue +6.9% y/y: guides Q4 adjusted EPS $1.44-$1.48 vs. consensus $1.49
  • TECD:Q3 EPS of $1.28 misses by $0.14: revenue of $6.43B misses by $100M: revenue -4.9% y/y

SOME NOTABLE EARNINGS TO BE REPORTED TODAY AFTER THE CLOSE:

  • CAL, GES, HPQ, QADA, QUNR, TIVO, VEEV, VNET

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • LOW: upgrade: neutral to overweight: Atlantic Equities: pt raised from $79 to $94
  • AVP: upgrade: hold to buy: Citigroup: $5

DOWNGRADES:

  • GME: downgrade: outperform to perform: Oppenheimer:
  • GME: downgrade: buy to neutral: BofA/Merrill: $42
  • BLOX: downgrade: hold to sell: Deutsche Bank: $13
  • BRCD: downgrade: buy to neutral: JP Morgan: $9

INITIATIONS:

  • POWR: initiated: buy: Canaccord: $17
  • EQIX: initiated: buy: SunTrust: $345
  • CONE: initiated: buy: SunTrust: $43
  • CSCO: initiated: buy: SunTrust: $32
  • DFT: initiated: buy: SunTrust: $40
  • COYN: initiated: buy: Maxim Group:$5
  • GVA: initiated: buy: Maxim Group: $50

PRICE TARGET CHANGES:

  • HD: pt raised from $133 to $154: Atlantic Equities
  • AEZS: pt raised from $0.11 to $11: HC Wainwright
  • PANW: pt raised from $200 to $210: Stifel
  • PANW: pt raised from $200 to $210: FBR Capital
  • PANW: pt raised from $215 to $225: Topeka Capital
  • PANW: pt raised from $200 to $205: RBC Capital
  • SUN: pt raised from $50 to $52: RBC Capital
  • TSN: pt raised from $51 to $53: RBC Capital
  • SLAB: pt raised from $58 to $60: Stifel
  • TSL: pt cut from $18 to $15: RBC Capital
  • POT: pt cut from $24 to $20: Cowen
  • BRCD: pt cut from $12 to $11: RBC Capital
  • ETP: pt cut from $67 to $63: RBC Capital
  • GME: pt cut from $47 to $42: Telsey Advisory
  • IPI: pt cut from $7 to $4: Cowen
  • MEOH: pt cut from $52 to $50: Cowen
  • PVH: pt cut from $125 to $111: Pacific Crest
  • SE: pt cut from $40 to $35: Argus
  • X: pt cut from $32 to $19: Argus

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