DOW DD | Morning News

1799e31167498fe7c3eb4c577874873fDECEMBER 09. 2015

US futures trading along the flatline at this hour as markets around the world traded mixed with Asian shares getting hit despite positive news out of Chian. Overnight, crude recovered modestly, although still below $40/bbl for a 4th day as traders await EIA inventories this morning at 10:30AM EST.

NEWS:

  • DOW: DD:Dow Chemical and DuPont are in advanced talks to merge, reports the wsj
  • MA: raised its quarterly dividend from $0.16 to $0.19: announces new $4B buyback plan
  • YHOO: BABA:Yahoo Shelves Plans to Spin Off Alibaba Stake, reports the wsj
  • KMI: cuts dividend by 75%
  • AAPL: Apple suspends TV service plans as big media resists, reports Bloomberg
  • WYNN:Steve Wynn buys 1 million shares of Wynn Resorts on open market

THE ECONOMIC CALENDAR:

  • 7AM: MBA Mortgage Applications
  • 10AM: Wholesale Trade
  • 10:30AM: EIA Petroleum Inventories
  • 1PM: $21B, 10 Year Note Auction

SOME NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

  • SIGM:FQ3 EPS of $0.13 beats by $0.02: revenue of $61.58M misses by $1.01M: revenue +14.5% y/y: soft guidance
  • SWHC:FQ2 EPS of $0.25 beats by $0.05: revenue of $143.24M beats by $4.55M: revenue +32.1% y/y: raises guidance
  • PLAY: Q3 EPS of $0.12 beats by $0.09: revenue of $192.8M beats by $7.41M: revenue +17.9% y/y: raises guidance
  • KKD:FQ3 EPS of $0.19 in-line: revenue of $128.54M misses by $4.92M: revenue +4.6% y/y: narrows guidance
  • GTIM:FQ4 EPS of $0.00 in-line: revenue of $14.55M beats by $0.09M: revenue +75.1% y/y: guides FY16 revenue below consensus
  • AVAV:FQ2 EPS of $0.19 beats by $0.28: revenue of $64.73M beats by $6.99M: revenue +22.9% y/y: reaffirms guidance
  • HELI: FQ2 EPS of -$0.41 beats by $0.11: revenue of $360.75M misses by $4.75M: revenue -21.3% y/y
  • ABM: FQ4 EPS of $0.55 beats by $0.01: revenue of $1.28B (-1.5% Y/Y) misses by $80M: revenue -1.5% y/y

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:

  • LULU:Q3 EPS of $0.35 misses by $0.02: revenue of $479.69M misses by $2.44M: revenue +14.4% y/y
  • COST: FQ1 EPS of $1.09 misses by $0.08: revenue of $27.22B misses by $430M: revenue +1.3% y/y
  • FRAN:Q3 EPS of $0.16 in-line: revenue of $103.73M beats by $1.84M: revenue +19.1% y/y
  • FGP: FQ1 EPS of -$0.79 may not be comparable to consensus of -$0.12: revenue of $471.15M misses by $80.82M: revenue +6.3 % y/y

SOME NOTABLE EARNINGS TO BE REPORTED TODAY AFTER THE CLOSE:

  • CMTL, LAYN, MNR, MW

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • TD: upgrade: hold to buy: Canaccord: pt raised from C457 to C$59
  • GSK: upgrade: neutral to buy: BofA/Merrill
  • A: upgrade: neutral to outperform: Baird: pt raised from $45 to $48
  • INTC: upgrade: neutral to buy: Nomura: pt raised from $33 to $42
  • ACHI: upgrade: market perform to outperform: Cowen: $5
  • CSC: upgrade: hold to buy: Jefferies: pt cut from $70 to $37
  • QEP: upgrade: hold to buy: Deutsche Bank: $18
  • TOT: upgrade: neutral to buy: BofA/Merrill

DOWNGRADES:

  • SWHC: downgrade: outperform to sector perform: RBC Capital: pt raised from $21 to $23
  • FFIV: downgrade: neutral to reduce: Nomura: pt cut from $110 to $90
  • KMI: downgrade: outperform to sector perform: RBC Capital: pt cut from $29 to $19
  • FELP: downgrade: outperform to market perform: Cowen: pt cut from $8 to $2.50
  • ASGN: downgrade: buy to hold: Deutsche Bank
  • MAN: downgrade: buy to hold: Deutsche Bank: pt cut from $95 to $83
  • RHI: downgrade: buy to neutral: BofA/Merrill: pt cut from $60 to $47
  • SXC: downgrade: neutral to undeperform: BofA/Merrill: $3
  • SXCP: downgrade: buy to underperform: BofA/Merrill: $6
  • NCLH: downgrade: neutral to sell: Goldman: $50
  • FINL: downgrade: overweight to neutral: Piper Jaffray: pt cut from $25 to $19
  • RAS: downgrade: outperform to market perform: JMP Securities

INITIATIONS:

  • RLYP: initiated: strong buy: Street Watchdog Research: $65
  • ICE: initiated: sector perform: RBC Capital: $266
  • NDAQ: initiated: outperform: RBC Capital: $69
  • CME: initiated: underperform: RBC Capital: $83
  • CBOE: initiated: outperform: RBC Capital: $82
  • CBRL: initiated: buy: Maxim Group: $150
  • EGRX: initiated: buy: Mizuho: $112
  • GVA: initiated: buy: Stifel: $50
  • QTWO: initiated: outperform: Northland: $35
  • WPX: initiated: overweight: JP Morgan: $9
  • WLL: initiated: overweight: JP Morgan: $19
  • PXD: initiated: overweight: JP Morgan: $167
  • PE: initiated: overweight: JP Morgan: $24
  • PDCE: initiated: overweight: JP Morgan: $72
  • NFX: initiated: overweight: JP Morgan: $47
  • NBL: initiated; overweight: JP Morgan: $42
  • MRO: initiated: underweight: JP Morgan: $15
  • MRD: initiated: overweight: JP Morgan: $19
  • LPI: initiated: underweight: JP Morgan: $9.50
  • FANG: initiated: overweight: JP Morgan: $94
  • DVN: initiated: overweight: JP Morgan: $46
  • CXO: initiated: overweight : JP Morgan: $123
  • CLR: initiated: overweight: JP Morgan: $38
  • AR: initiated: underweight: JP Morgan: $19

PRICE TARGET CHANGES:

  • AMZN: pt raised from $700 to $850: Nomura
  • LLY: pt raised from $121 to $123: Piper Jaffray
  • YHOO: pt raised from $39 to $44: FBR Capital
  • AVAV: pt raised from $28 to $35: Piper Jaffray
  • ALV: pt raised from $115 to $125: RBC Capital
  • AZO: pt raised from $726 to $789: RBC Capital
  • PLCE: pt raised from $54 to $57: Wolfe Research
  • MNK: pt raised from $67 to $72: Mizuho
  • RNG: pt raised from $26 to $27: RBC Capital
  • CACI: pt raised from $105 to $119: Stifel
  • ECHO: pt cut from $33 to $28: Stifel
  • CONN: pt cut from $35 to $32: Stifel
  • LLL: pt cut from $131 to $129: RBC Capital
  • PLCE: pt cut from $70 yo $61: Telsey Advisory
  • JOY: pt cut from $14 to $8: Goldman Sachs
  • CAT: pt cut from $72 to $67: Goldman Sachs
  • DVN: pt cut from $66 to $64: RBC Capital
  • HDS: pt cut from $39 to $37: RBC Capital
  • KKD: pt cut from $27 to $24: Roth Capital
  • ZBRZ: pt cut from $115 to $110: Imperial Capital

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