US futures add to yesterday’s rally as world market traded mostly in the green heading into the final countdown before the holiday break. On tap for today, traders will get a look at durable goods data as well as home sales and consumer sentiment. Overnight, oil traded higher into EIA Petroleum Inventories due to be reported at 10:30AM EST.
NEWS:
- CVX:Chevron slashes 1200 jobs from Gorgon LNG project in Western Australia, reports the Guardian
- AZN: FDA clears AstraZeneca’s gout drug Zurampic
- UPS: FDX: US Postal Service Is on Track to Gain Larger Share of Holiday Deliveries, reports the WSJ
- UPS: Amazon Seeks to Ease Ties With UPS, reports the WSJ
- GOOG: GOOGL:Google developing intelligent messaging app, reports the WSJ
- PM: RAI: MO: The European Court of Justice has issued a preliminary ruling against Philip Morris and British American Tobacco , stating that the EU Tobacco Products Directive of 2014 is valid
- ACRX: AcelRx receives EMA notice of eligibility for centralized review of ARX-0
THE ECONOMIC CALENDAR:
- 7AM: MBA Mortgage Applications
- 8:30AM: Durable Goods
- 10AM: New Home Sales
- 10AM: Reuters/UofM Consumer Sentiment
- 10:30AM: EIA Petroleum Inventories
- 11:30AM: $13B, 2 Year FRN Auction
SOME NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:
- NKE:FQ2 EPS of $0.90 beats by $0.04: revenue of $7.69B misses by $120M: revenue +4.2% y/y: solid guidance
- MU:FQ1 EPS of $0.24 beats by $0.01.Revenue of $3.35B (-26.7% Y/Y) misses by $110M: revenue -26.7 y/y: light guidance
- CAMP:FQ3 EPS of $0.31 beats by $0.02: revenue of $74.7M beats by $0.9M: revenue +18.2% y/y
ONE NOTABLE EARNINGS TO BE REPORTED TODAY AFTER THE CLOSE:
- CALM
ANALYSTS’ RATINGS CHANGES:
UPGRADES:
- FINL: upgraded: hold to buy: Brean Capital: $23
- PII: upgrade: underperform to neutral: Longbow
- DLPH: upgrade: neutral to buy: Sterne Agee: $120
- EEFT: upgrade: neutral to buy: Monness Crespi & Hardt: $86
- SLF: upgrade: hold to buy: Argus: $37
DOWNGRADES:
- MU: downgrade: strong buy to outperform: Raymond James: pt cut from $26 to $17
- SCS: downgrade: outperform to market perform: Raymond James
INITIATIONS:
- ONCE: initiated: neutral: Chardan Capital: $45
- EYEG: initiated: buy: Chardan Capital: $6
- NXRT: initiated: buy: DA Davidson: $16
- NRX: initiated: outperform: JMP Securities: $!5
- CUI: initiated: buy: Rodman & Renshaw: $12
- AMBA: initiated: buy: Craig-Hellum: $80
PRICE TARGET CHANGES:
- NKE: pt raised from $142 to $144: Telsey Advisory Group
- GE: pt raised from $34 to $36: Argus
- AAPL: pt cut from $175 to $150: FBR Capital
- BBBY: pt cut from $65 to $52: Telsey Advisory Group
- MACK: pt cut from $16 to $13: Mizuho
- ACAT: pt cut from $27 to $22: KeyBanc
- VIAB: pt cut from $49 to $45: Topeka Capital
- MU: pt cut from $19 to $16: Topeka Capital
- MU: pt cut from $24 to $44: Cowen