MAY 27, 2015
US futures quiet following yesterday’s plunge after the sharp rise in the dollar saw investors dumping equities and commodities. With a light economic calendar, retailers could give some directions with TIF, KORS and CHS reporting earnings before the market opens , and retail chain store sales data due out at 8:55.
NEWS:
- OZRK: Bank of the Ozarks will replace Exelis in the S&P MidCap 400
- HRL: Hormel Foods buys Applegate for $775M
- FEYE: announces plans to offer $600M senior notes
- BLUE: FPRX: bluebird bio and Five Prime enter into partnership on CAR T cell therapy development and commercialization
- AAPL: Apple granted multi-touch keyboard patent
- INO: Inovio Pharmaceuticals Partners with GeneOne Life Science for MERS Immunotherapy Clinical Development, as reported by the company website
- ABBV:MS: announces repurchase of $5B in common stock from Morgan Stanley, reports wsj
- PLUG: Plug Power Announces Master Sales Agreement With Large Footwear Manufacturer for GenKey Hydrogen Fuel Cell Solution, reports cnn
- EOX: announced that they will not go ahead with the previously announced stock offering
ON THE ECONOMIC CALENDAR:
- 7AM: MBA Mortgage Applications
- 8:55AM: Redbook Chain Store Sales
- 1PM: $13B, 2 Year FRN Auction
- 1PM: $35B, 5 Year Note Auction
EARNINGS:
- KORS: FQ4 EPS of $0.90 misses by $0.01.Revenue of $1.08B in-line: weak guidance: conference call 8AM EST
- CHS:Q1 EPS of $0.28 in-line.Revenue of $693.3M misses by $20.74M conference call 8:30AM EST
- TIF: Q1 EPS of $0.81 beats by $0.11.Revenue of $962M beats by $43.32M: strong guidance
- TOL: FQ2 EPS of $0.37 beats by $0.02.Revenue of $852.58M misses by $8.57M: conference call 11AM EST
- BMO:Q1 EPS of $1.71 beats by $0.05.Revenue of $4.5B misses by $40M: conference call 2:00PM EST
- BWS: Q1 EPS of $0.44 beats by $0.08.Revenue of $602.28M beats by $8.96M: raises FY15 EPS view to $1.84-$1.94 from $1.78-$1.88:conference call 9AM EST
- DSW: Q1 EPS of $0.53 beats by $0.06.Revenue of $655.49M beats by $2.08M: conference call 8:30AM EST
NOTABLE EARNINGS AFTER THE CLOSE TODAY:
ANW, COST, CPRT, PANW, PLKI, RENT, SMTC, TLYS, UHAL
NOTABLE EARNINGS RECAP FROM LAST NIGHT:
- VNET:FQ1 EPS of RMB0.12 misses by RMB0.09.Revenue of RMB860.1M misses by RMB39.26M soft guidance
- TIVO: FQ1 EPS of $0.08 beats by $0.01.Revenue of $92.4M beats by $1.05M: strong guidance
- NMBL:FQ1 EPS of -$0.10 beats by $0.03.Revenue of $71.3M beats by $1.53M strong guidance
ANALYSTS’ RATINGS CHANGES:
UPGRADES:
- TSO: upgrade: perform to outperform: Oppenheimer: $105
- PSX: upgrade: perform to outperform: Oppenheimer:$55
- MPC: upgrade: perform to outperform: Oppenheimer:
- HFC: upgrade: perform to outperform: Oppenheimer
- RAI: upgrade: market perform to outperform: Cowen: $86
- AMED: upgrade: hold to buy: SunTrust:pt raised from $31 to $36
- CCE: upgrade: hold to buy: HSBC: $48
DOWNGRADES:
- RYAYY: downgrade: outperform to in-line: Imperial Capital: pt cut from $85 to $70
- YHOO: downgrade: buy to hold: Evercore: $48
- AOL: downgrade: buy to hold: Needham
- AZO: downgrade: buy to hold: Gabelli
- TMUS: downgrade: outperform to neutral: Macquarie
INITIATIONS:
- SCOR: initiated: buy: Needham: $66
- HDP: initiated: outperform: Oppenheimer: $50
- RAD: initiated: buy: Mizuho: $10
- EBAY: initiated: buy: Topeka: $68
- ABBV: reinstated: overweight: JP Morgan: $75
- VIPS: initiated: buy: Stifel: $32
PRICE TARGET CHANGES:
- ANF: pt cut from $23 to $19: Mizuho
- EXPR: pt raised from $18 to $20: Mizuho
- VLO: pt raised from $65 to $70: Oppenheimer
- BMRN: pt raised from $125 to $140: JP Morgan