Santa Rally Slips on Oil? | Morning News

Santa_Claus_Accident_-_Fall_Wallpaper_o7e6qDECEMBER 29, 2015

US futures pointing to a low volume but higher opening at this hour as global markets trade mostly in the green heading into the last two days of 2015 with traders wondering if we will get our Santa rally or will oil pull the rug out from under it. Meanwhile, crude traded modestly higher even as the oil glut continues to put pressure on the commodity.

NEWS:

  • AAPL: iPhone shipments from production lines in 4Q15 to be 5-10% short of original expectation, reports digitimes
  • DNKN: Dunkin’ Brands announces a new partnership with Madison Square Garden
  • QCOM:Qualcomm, Tianyu sign 3G/4G Chinese patent license agreement
  • PBY: the company out positive on Icahn $18.50 offer

THE ECONOMIC CALENDAR:

  • 8:30AM: International Trade in Goods
  • 8:55AM: Redbook Chain Store Sales
  • 9AM: S&P Case-Shiller Home Price Index
  • 10AM: Consumer Confidence
  • 10AM: State Street Investor Confidence Index
  • 1PM: $35B, 5 Year Note Auction

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • PRMW: upgrade: market perform to outperform: Barrington Research: $9.50

DOWNGRADES:

  • CMRX: downgrade: overweight to neutral: JP Morgan: pt cut from $65 to $15
  • CMRX: downgrade: outperform to market perform: FBR Capital: $14
  • CMRX; downgrade: outperform to market perform: pt cut from $62 to $12
  • TAT: downgrade: buy to hold: TD Securities: $3.25

INITIATIONS:

  • PSTG: initiated: hold: Summit Research: $15

PRICE TARGET CHANGES:

  • CMRX: pt cut from $65 to $12: Barclays
  • CVA: pt cut from $23 to $21: Wedbush
  • NTAP: pt cut from $27 to $23: Monness Crespi & Hardt

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