Shanghai plunges | Morning News

grizzly-growlJULY 27.2015

US futures falling at this 7AM hour following red arrows around the world as markets join the Asian routing. Overnight, the Shanghai dropped 8.5%, the largest one day loss since June 2007, on worse than expected industrial production numbers and concerns that the government will slow down it’s buying. Meanwhile, gold found a footing on safe haven demand but oil continued its fall with crude prices down 0.6%.  With little on the economic calendar, traders will begin to look towards the FOMC meeting which begins tomorrow and reports on Wednesday.

 

NEWS:

  • MSFT: SNE: China to end ban of video game consoles, reports the wall street journal
  • MSFT: Microsoft could see a 50% upside over the next 3 years, reports Barrons
  • FB:Instagram Mobile Ad Revenues to Reach $2.81 Billion Worldwide in 2017, reports emarketer
  • TEVA: AGN: MYL: Teva to buy Allergan’s generic drug unit for $40.5B and cancels Mylan bid, reports the wsj
  • TEVA: guides higher, raises FY15 EPS to $5.15-$5.40 from $5.05-$5.35, consensus $5.23
  • SNY: AZN: Sanofi buys cancer drug Caprelsa from AstraZenica for $330M
  • AAPL: BBY: The Apple Watch will debut in more than 100 Best Buy Stores next month
  • LNKD: Brean Capital out negative on LinkedIn ahead of earnings (July 30)
  • BLDR: files to sell 11M shares of common stock
  • MHFI: McGraw Hill is in a $2.2B cash buyout of SNL Financial, reports Bloomberg
  • BLPH: Bellerophon’s Bioabsorbable Cardiac Matrix fails clinical trial
  • PLUG: Plug Power acquires full control of HyPulsion for $11.47M in common stock
  • OIL SECTOR:Sudden Drop in Crude-Oil Prices Roils U.S. Energy Firms’ Rebound, reports the wsj

ON THE ECONOMIC CALENDAR:

  • 8:30M: Durable Goods
  • 10:30AM: Dallas fed Manufacturing Outlook

EARNINGS REPORTED BEFORE THE OPENING TODAY:

  • SOHU: Q2 EPS of -$0.71 beats by $0.09: revenue of $493.57M beats by $12.91M: revenue +23.4% Y?Y
  • CYOU: Q2 EPS of $0.95 beats by $0.29: revenue of $202.15M beats by $12.23M: revenue +13.7% Y/Y:
  • ROP: Q2 EPS of $1.70 beats by $0.06.Revenue of $892.1M misses by $16.14M: cut FY15 EPS: Q3 EPS soft
  • MHFI: Q2 EPS of $1.21 beats by $0.08.Revenue of $1.34B misses by $20M
  • POL: Q2 EPS of $0.57 misses by $0.01.Revenue of $887.1M misses by $64.27M
  • MGLN: Q2 EPS of $0.56 beats by $0.16: revenue of $1.16B  beats by $70M: revenue +30.6% Y/Y

NOTABLE EARNINGS AFTER THE CLOSE TODAY:

  • ACC, AHL, ALSN, AMKR, ARE, AVB, BIDU, BRX, CMP, CNL, CR, EMN, GIG, HIG, KN, MSTR, OMI, PCL, PLT, PRE, RE, SIMO, SWFT, SWN, TMK, UDR, WCN, WRB

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • WFT: upgrade: underweight to equal weight: Barclays: $12
  • QCOM: upgrade: equal weight to overweight: Morgan Stanley
  • SSYS: upgrade: neutral to buy: Dougherty & Company: $45
  • DE: upgrade: underweight to neutral: Goldman:$94
  • BPOP: upgrade: neutral to buy: Guggenheim: $37
  • ANTM: upgrade: neutral to buy: Sterne Agee: $185
  • CI: upgrade: neutral to buy: Sterne Agee

DOWNGRADES:

  • OCR: downgrade: overweight to neutral: JP Morgan: $98
  • GRUB: downgrade: outperform to market perform: Cowen: pt cut from $39 to $30
  • BIIB: downgrade: outperform to neutral: Baird: $316
  • RARE: downgrade: overweight to equal weight: Morgan Stanley
  • MTW: downgrade: neutral to sell: Goldman: $14
  • NAV: downgrade: neutral to sell: Goldman: $12

INITIATIONS:

  • DKS: initiated: market perform: Cowen
  • PYPL: initiated: overweight: First Analysis

PRICE TARGET CHANGES:

  • PFPT: pt raised from $60 to $65: Imperial Capital
  • TEVA: pt raised from $78 to $84: Standpoint Research
  • FB: pt raised to $125: SunTrust
  • TPX: pt raised from $68 to $77: Piper Jaffray
  • XON: pt raised from $55 to $70: Wunderlich
  • IMGN: pt raised from $15 to $20: RBC Capital
  • REGN: pt raised from $560 to $570: RBC Capital
  • BIIB: pt cut from $525 to $450: RBC Capital
  • ECA: pt cut from $14 to $12: RBC Capital
  • JCI: pt cut from $60 to $56: RBC Capital
  • PCRX: pt cut from $81 to $72: Jefferies
  • ESPR: pt cut from $130 to $120: Citi
  • MMM: pt cut from $190 to $181: BofA/Merrill

 

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