NKE | UA | Morning News

uaSEPTEMBER 25, 2015

US futures spiking higher at this 7AM hour after Janet Yellen’s speech last night drives the market rebound. Meanwhile, investors are getting ready for the third and final reading of GDP for the second quarter, to be released at 8:30AM EST. Overnight, crude rose, spurred on by Yellen’s speech and a pullback in supply. Later today, rig count should give more clarity to the direction of the commodity.

NEWS:

  • AAPL:The iPhone 6s and 6s Plus go on sale in many countries today, including the U.S., U.K., China, Australia, Canada and Germany
  • AAPL: FB: GOOG: GOOGL:Indian prime minister to meet with top executives from Google, Facebook and Apple, reports the wsj
  • FB: Facebook’s Oculus and Samsung Electronics have unveiled a new version of Gear VR for $99, saying the virtual reality headset would ship in time for Black Friday
  • FXI: China to announce cap and trade program at today’s summit
  • NVS: Novartis announces CHMP adopted positive opinion for Entresto
  • AMZN: announces plans to launch its video streaming service in Japan, along with its Fire TV stick and Fire TV box

ON THE ECONOMIC CALENDAR:

  • 8:30AM: GDP 2Q revision
  • 8:30AM: Corporate Profits
  • 9:15AM: Fed’s Bullard speaks on “US Monetary Policy”
  • 10AM: Reuters/UofM Consumer Sentiment
  • 1:25PM: Fed’s George speaks on “Monetary Policy and Economic Policy”

EARNINGS LAST NIGHT AFTER THE CLOSE:

  • NKE: FQ1 EPS of $1.34 beats by $0.15: revenue of $8.41B beats by $190M: revenue +5.4% Y/Y: solid guidance
  • JBL: FQ4 EPS of $0.53 beats by $0.08: revenue of $4.68B beats by $130M: revenue +15.3% Y/Y: strong guidance
  • BBBY:FQ2 EPS of $1.21 in-line: revenue of $2.99B misses by $40M: revenue +1.7% Y/Y: guides in-line
  • CTAS:FQ1 EPS of $0.93 beats by $0.03: revenue of $1.2B (+9.1% Y/Y) beats by $30M: revenue +9.1% y?Y: raises guidance in-line with consensus
  • PIR: FQ2 EPS of $0.04 misses by $0.03: revenue of $430Mmisses by $5.38M: revenue +2.7% Y/Y: guidance cut below estimates

EARNINGS THIS MORNING BEFORE THE OPENING:

  • BBRY: FQ2 EPS of -$0.13 misses by $0.04: GAAP Revenue of $490M: revenue -46.5% Y/Y

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • SAVE: upgrade: market perform to outperform: Cowen: $60
  • CYBR: upgrade: neutral to buy: Nomura:$62
  • BOX: upgrade: hold to buy: Canaccord:
  • ACE: upgrade: neutral to buy: Goldman
  • EXC: upgrade: neutral to buy: Guggenheim
  • INTC: upgrade: underperform to market perform: JMP Securities
  • BBBY: upgrade: underperform to market perform: Telsey Advisory: $65

DOWNGRADES:

  • VA: downgrade: outperform to market perform: Cowen: $39
  • FFIV: downgrade; outperform to market perform: Raymond James
  • AAWW: downgrade: outperform to in-line: Imperial Capital: pt cut from $65 to $42

INITIATIONS:

  • LECO: initiated: neutral: Baird: $57
  • URI: initiated: overweight: Barclays: $77
  • CAT: initiated: equal weight: Barclays: $75
  • MTW: initiated: equal weight: Barclays: $16
  • JOY: initiated: equal weight; Barclays: $16
  • NVRO: initiated: outperform: BMO Capital: $65
  • JBL: initiated: buy: JBL Advisors: $48
  • CMI: initiated: underweight: Barclays: $99
  • ALSN: initiated: overweight: Barclays: $33
  • GEL: initiated: buy: Cowen: $50
  • GEL: initiated: buy: Wunderlich: $50

PRICE TARGET CHANGES:

  • NKE: pt raised from $125 to $140: Deutsche Bank
  • NKE: pt raised from $109 to $120: FBR Capital
  • NKE: pt raised from $120 to $130: Piper Jaffray
  • NKE: pt raised from $121 to $135: JP Morgan
  • ARWR: pt raised from $12 to $20: Piper Jaffray
  • AXON: pt cut from $9.50 to $8: Chardan Capital
  • PIR: pt cut from $13 to $10: Telsey Advisory
  • WYNN: pt cut from $63 to $54: FBR Capital
  • KERX: pt cut from $22 to $18: Brean Capital

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