Oil Falls Further | Morning News

grizzly-growlAUGUST 14, 2015

US futures poised to open lower at this 7AM hour as traders look to the economic calendar and some important data due out before the opening, including PPI and industrial production readings.  Overnight, crude oil continued it’s decline, falling to a more than six year low on worries that the demand out of China will soften after the devaluation of the yuan.

NEWS:

  • TTWO: EA: ATVI: Video gaming software sales flat Y/Y
  • GD: announces $881M contract with the Air Force Material Command
  • TSLA: increases share offering to 2.7M shares: prices secondary at $242
  • SNE: July had strong video game sales with Playstation outselling all other consoles, reports venturebeat

ON THE ECONOMIC CALENDAR:

  • 8:30AM: Producer Price Index
  • 9:15AM: Industrial Production
  • 9:15AM: Capacity Utilization
  • 10AM: Reuters/UofM Consumer Sentiment
  • 1PM: Baker-Hughes Oil Rig Count

EARNINGS REPORTS THIS MORNING BEFORE THE OPENING:

  • HLTH: Q2 EPS of -$0.02 misses by $0.04: revenue of $48.87M beats by $6.69M: revenue +223.4% Y/Y
  • SORL: Q2 EPS of $0.12 misses by $0.09: revenue of $59.27M misses by $10.33M

RECAP OF SOME NOTABLE EARNINGS LAST NIGHT AFTER THE CLOSE:

  • AMAT: FQ3 EPS of $0.33 in-line: revenue of $2.49B misses by $50M: guides below expectation
  • announces new $100M buybackJWN: Q2 EPS of $1.09 may not be comparable to consensus of $0.90: revenue of $3.6B misses by $70M: raises revenue guidance above consensus
  • LOCO: Q2 EPS of $0.19 beats by $0.01: revenue of $89.5M misses by $3.46M: soft guidance
  • KING :Q2 EPS of $0.49 beats by $0.06.Revenue of $500M beats by $9.97M: gross bookings fell 13%
  • DAR: Q2 EPS of $0.06 misses by $0.01: revenue of $859.3M misses by $32.47M: announces new $100M buyback

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • DD: upgrade: neutral to overweight: JP Morgan: pt raised from $58 to $60
  • ADS: upgrade: neutral to overweight: JP Morgan:$328
  • CF: upgrade: neutral to overweight: Barclays: $71
  • CYBR: upgrade: market perform to outperform: KeyBanc
  • CYBR: upgrade: market perform to outperform: Wells Fargo: pt range $70-73
  • KMI: upgrade: buy to conviction buy: Goldman: $48
  • EGO: upgrade: market perform to outperform: BMO Capital

DOWNGRADES:

  • WEX: downgrade: neutral to underweight: JP Morgan: pt cut from $100 to $94
  • KING: downgrade: overweight to neutral: JP Morgan: pt cut from $20 to $17
  • ETN: downgrade: overweight to neutral: Atlantic Equities
  • KSS: downgrade: buy to neutral: UBS: $58
  • CPG: downgrade: buy to neutral: UBS
  • CBK: downgrade: buy to hold: Brean Capital:

INITIATIONS:

  • WFM: initiated: sell: Pivotal Research Group: $29

PRICE TARGET CHANGES:

  • HCA: pt raised from $100 to $103: Mizuho
  • KMPH: pt raised from $35 to $55: Cowen
  • AAP: to raised from $180 to $210: RBC Capital
  • NFLX: pt raised from $120 to $140: Raymond James
  • GME: pt raised from $50 to $58: SunTrust
  • AMAT: pt cut from $19 to $16: RBC Capital
  • AMAT: pt cut from $27 to $23: Pacific Crest
  • KING: pt cut from $17 to $15: RBC Capital
  • DDS: pt cut from $125 to $110: Telsey Advisory Group
  • KSS: pt cut from $80 to $75: Telsey Advisory Group
  • CPA: pt cut from $75 to $60: Imperial Capital
  • CNX: pt cut from $35 to $20: Cowen
  • JONE: pt cut form $13 to $7.50: Imperial Capital

 

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