PANW |Morning News

SEPTEMBER 10. 2015

Despite red arrows around the world, US futures remain in the green at this 7AM hour on the heels of yesterday’s selloff, continuing the volatility traders have seen in the last few weeks. The Nikkei took a 2.5% dive after Japan’s machinery orders fell 3.6%. Meanwhile, oil futures rise ahead of EIA petroleum inventories due out this morning at 10:30AM.

NEWS:

EWZ :Standard & Poor’s cuts Brazil’s investment-grade credit rating to junk
FB:Facebook rakes in users in Nigeria and Kenya, eyes rest of Africa, reports reuters
AMZN: GOOG: GOOGL: Amazon, Google Emerge Victorious In California Drone Bill Battle, reports recode
CBS: CEO Les Moonves: Stephen Colbert Could Become A “Significant Profit Center”
TRIP: Brown Advisory reports 5.19% stake in TripAdvisor
STX: Seagate to cut 2% of global headcount, or approximately 1,050 people
CRM: 11 months after Salesforce launched its cloud-based Wave analytics/business intelligence software platform, the exec in charge of the product, Keith Bigelow, has stepped down, reports SA

ON THE ECONOMIC CALENDAR:

8:30AM: Weekly Jobless Claims
8:30AM: Import/Export Prices
9:45AM: Bloomberg Consumer Comfort Index
10AM: Wholesale Trade
10:30AM: EIA Natural Gas Inventory
10:30AM: EIA Petroleum Inventory
1PM: $13B, 30 Year Bond Auction
4:30PM: Money Supply and Fed Balance Sheet

EARNINGS REPORTED BEFORE THE BELL:

LULU:Q2 EPS of $0.34 beats by $0.01: revenue of $453.01M beats by $7.25M: revenue +15.9% Y/Y: raises FY15 guidance

RECAP OF SOME NOTABLE EARNINGS FROM YESTERDAY AFTER THE CLOSE:

KKD: FQ2 EPS of $0.15 misses by $0.04: revenue of $127.3M misses by $4.67M: guides lower
PANW: FQ4 EPS of $0.28 beats by $0.03: revenue of $283.9M beats by $27.64M: revenue +59.3% Y/Y: strong guidance
SIGM: FQ2 EPS of $0.12 beats by $0.06: revenue of $58.1M beats by $2.41M: revenue +35.7% Y/Y
BOX: FQ2 EPS of -$0.28 beats by $0.01: revenue of $73.45M (+42.8% Y/Y) beats by $3.64M: revenue +42.8% Y/Y: raises guidance

SOME NOTABLE EARNINGS AFTER THE CLOSE TODAY:

ACET, DDC, EGAN, FNSR, RH, ZUMZ

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

INTU: upgrade: equal weight to overweight: Barclays: pt raised from $102 to $105
AVGO: upgrade: market perform to outperform: JMP Securities: $165
ACC: upgrade: sell to neutral: Goldman: $37
EDR: upgrade: sell to neutral: Goldman
BP: upgrade: market perform to outperform: Bernstein
SWI: upgrade: equal weight to overweight: Morgan Stanley: $50
CBS: upgrade: hold to buy: Deutsche Bank
ZEN: upgrade: equal weight to overweight: Morgan Stanley

DOWNGRADES:

CTLT: downgrade; buy to hold: Jefferies: $29
PFG: downgrade: neutral to sell: Goldman: pt cut from $57 to $50
DLTR: downgrade: market perform to underperform: Credit Suisse: $60
JIVE: downgrade: equal weight to underweight: Morgan Stanley: pt cut from $5 to $4
EBAY: downgrade: buy to hold: Cantor:$27
CNW: downgrade: outperform to market perform: Raymond James
WMB: downgrade; outperform to market perform: Wells Fargo:
ATR: downgrade: outperform to market perform: BMO Capital

INITIATIONS: