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Non-Farm Payrolls Report 11-6-15DECEMBER 03, 2015

US futures look to take back some of yesterday’s losses as investors eye the data heavy economic calendar, Yellen’s testimony and Mario Draghi’s new conference this morning at 8:30AM EST. Overnight, crude rebounded, taking back the $40 level and ahead of the OPEC meeting.

NEWS:

  • NTAP: files automatic mixed securities shelf
  • FB: Facebook Partners With 50 Publishers To Launch Instant Articles In Asia, reports tech crunchNFLX: AMZN: GOOGL: GOOG: YouTube Seeks Streaming Rights to TV Shows, Movies, reports wsj
  • MCD: EU to Announce Probe Into McDonald’s Tax Affairs, reports wsj
  • TEVA: prices secondary at $62.50
  • GE: GE in talks to sell its commercial lending and leasing business in Germany and France, reports reuters
  • GS: BAC: STT: BK: WFC: JPM: MS:C: 8 US banks downgraded by S & P 
  • BIDU:iQIYI Announces Paid Subscribers Reach Ten Million, reports pr newswire

THE ECONOMIC CALENDAR:

  • Various times: Chain Store Sales
  • 7:30AM: Challenger Job Cut Report
  • 8:30AM: Weekly Jobless Claims
  • 8:30AM: Gallup Good Jobs Rate
  • 9;45AM: PMI Services Index
  • 9:45AM: Blomberg Consumer Comfort Index
  • 10AM: Factory Orders
  • 10AM: ISM Non-Manufacturing Index
  • 10AM: Yellen to testify before Joint Economic Committee
  • 10:30AM: EIA Natural Gas Inventory
  • 4:30PM Money Supply and Fed Balance Sheet

SOME NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

  • NWY: Q3 EPS of -$0.05 misses by $0.04: revenue of $219.8M beats by $2.62M: revenue +4.5% y/y
  • AVGO:FQ4 EPS of $2.51 beats by $0.13: revenue of $1.85B in-line: revenue +14.9% y/y
  • AEO:Q3 EPS of $0.35 beats by $0.01: revenue of $919M misses by $8.36M: revenue +7.6% y/y: guides in-line
  • PSUN:Q3 EPS of -$0.05 beats by $0.03: revenue of $205.92M beats by $7.95M: revenue -3.0% y/y: guides revenue above consensus
  • BOX: FQ3 EPS of -$0.31 in-line: revenue of $78.7M beats by $1.94M: revenue +37.9% y/y: solid guidance
  • VRNT:Q3 EPS of $0.78 misses by $0.01: revenue of $285.3M misses by $13.47M: revenue -1.1% y/y: guides lower
  • PVH:Q3 EPS of $2.66 beats by $0.19: revenue of $2.16B in-line: revenue -3.1% y/y: soft guidance
  • ARO:Q3 EPS of -$0.31 beats by $0.04: revenue of $363.3M misses by $29.37M: revenue -19.8% y/y: weak guidance
  • TLYS:Q3 EPS of $0.16 beats by $0.02: revenue of $141.69M beats by $3.44M: revenue +7.9% y/y: weak Q4 guidance

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:

  • SHLD: Q3 EPS of -$2.86 misses by $0.02: revenue of $5.75B beats by $240M: revenue -20.2% y/y
  • DG:Q3 EPS of $0.88 beats by $0.01: revenue of $5.07B misses by $20M: revenue +7.4% y/y: announces authorization of $1B buyback program
  • EXPR:Q3 EPS of $0.31 beats by $0.02: revenue of $546.62M beats by $5.19M: revenue +9.8% y/y
  • TD:FQ4 EPS of $1.14 beats by $0.01: revenue of $8.05B beats by $480M: revenue +8.1% y/y
  • TITN: Q3 EPS of $0.20 in-line: revenue of $344.98M misses by $67.51M: revenue -30.0% y/y: weak guidance
  • LE: Q3 EPS of $0.33 misses by $0.02: revenue of $334.43M misses by $7.52M: revenue -10.4% y/y

SOME NOTABLE EARNINGS TO BE REPORTED TODAY AFTER THE CLOSE:

  • AMBA, COO, EXA, FIVE, MRVL, OVTI, SEAC, ULTA, ZUMZ

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • FE: upgrade: neutral to buy: Guggenheim
  • HIMX: upgrade: market perform to outperform: Northland: pt raised from $7 to $10
  • WRE: upgrade: equal weight to overweight: Capital One: $32
  • HLT: upgrade: neutral to outperform: Macquarie: $30
  • MNK: upgrade: equal weight to overweight: Morgan Stanley: $88
  • P: upgrade: market perform to outperform: Raymond James: $17
  • COST: upgrade: hold to buy: Deutsche Bank: pt raised from $152 to $200

DOWNGRADES:

  • TRV: downgrade: buy to neutral: BofA/Merrill
  • UNM: downgrade: buy to neutral: BofA/Merrill
  • PKI: downgrade: outperform to neutral: Wedbush
  • ACC: downgrade: hold to sell: Goldman

INITIATIONS:

  • TMH: initiated: neutral: Mizuho: $59
  • GRUB: initiated: buy: Mizuho: $31
  • EVHC: initiated: neutral: Mizuho: $30
  • LAND: initiated: buy: Janney Capital: $10.50
  • PBMD: initiated: outperform: FBR Capital: $6
  • P: initiated: market perform: BMO Capital: $14

PRICE TARGET CHANGES:

  • AVGO: pt raised from $150 to $155: RBC Capital
  • AVGO: pt raised from $165 to $175: Mizuho
  • AVGO: pt raised from $170 to $180: Brean Capital
  • CAB: pt raised from $45 to $56: MKM Partners
  • HA: pt raised from $37 to $39: Cowen
  • OGE: pt cut from $30 to $28: Wunderlich
  • VRNT: pt cut from$63 to $53: FBR Capital
  • VRNT: pt cut from $62 to $52: RBC Capital
  • KMI: pt cut from $36 to $29: RBC Capital
  • ISLE: pt cut from $25 to $24: Telsey Advisory

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