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:
- PFPT: initiated: overweight: Morgan Stanley: $70
- COH: initiated: outperform: RBC Capital: $36
- SIG: initiated: outperform: RBC Capital: $160
- THC: initiated: overweight: Barclays: $62
- PFNX: initiated: buy: Evercore: $25
- WDC: initiated: sell: UBS: $71
- STX: initiated: sell: UBS: $38
- FIT: initiated: market perform: Cowen: $38
- AMBA: initiated: buy: Ladenburg: $96
PRICE TARGET CHANGES:
- PANW: pt raised from $175 to $200: FBR Capital
- PANW: pt raised from $185 to $200: Piper Jaffray
- PANW: pt raised from $200 to $220: JMP Securities
- PANW: pt raised from $180 to $190: Pacific Crest
- PANW: pt raised to $215: Credit Suisse
- PANW: pt raised to $202: Needham
- CLVS: pt raised from $115 to $134: WallachBeth
- URBN: pt cut from $46 to $40: Telsey Advisory Group
- BABA: pt cut from $97 to $88: Stifel