Fed digested |Morning News

APRIL 9, 2015

US futures cautiously pull back after earnings season takes off on a negative tone and investors weigh the full impact of the Fed minutes which exhibited a split amongst  Fed members as several call for a June rate hike while others are willing to wait until later in the year. On the docket for today will be weekly jobless claims and wholesale trade data which could give the market some direction. Meanwhile overseas, European markets rose to flirt with all time highs on positive German trade data and reports that Greece has paid, or will pay today, a 450M euro loan. Crude rose as investors took profits after yesterday’s plunge as they await further news on supply.

NEWS:

  • ZNGA: announced late Wednesday that Chief Executive Mattrick will be departing
  • AAPL: Apple’s biggest rival in China sold $335 million worth of phones in just 12 hours, reports Business Insider
  • SUNE:SunEdison Breaks Ground On 22.6 MW Seven Sisters Solar Power Plants In Utah, reports newswire
  • NVGN: announces that experimental drug, Anisina, kills melanoma cells regardless of mutation status
  • PCYC: reports positive phase II data for Imbruvica
  • FB: Pew Research Center ranks Facebook as the most popular social media platform and Instagram as second
  • INO:Inovio Pharmaceuticals Inc HPV Immunotherapy Activates Robust In Vivo T Cell Responses in Head & Neck Cancer Patients, reports Smarter Analyst
  • TASR: TASER Announces First Significant UK Order From The City of London For 178 AXON Body Cameras, reports PR newswire
  • COST: sss for March -2% v consensus -1%
  • JPM: added to US focus list: Credit Suisse
  • DFS: removed from US focus list: Credit Suisse
  • DNKN: added to US focus list: Credit Suisse
  • DVN: added to US focus list: Credit Suisse
  • MRO: added to the US focus list: Credit Suisse

EARNINGS:

  • WBA: FQ2 EPS of $1.18 beats by $0.23.Revenue of $26.57B (+35.5% Y/Y) misses by $1.2B:reaffirms FY16 adjusted EPS view $4.25-$4.60: conference call 8:30AM EST
  • STZ:FQ4 EPS of $1.03 beats by $0.09.Revenue of $1.35B (+4.7% Y/Y) misses by $10M: conference call 10:30AM EST
  • AA: BBBY: both companies reported earnings last night and should see some volatility

ON THE ECONOMIC CALENDAR:

  • Various times: Chain Store Sales
  • 8:30AM: Weekly Jobless Claims : ACTUAL +14K to 281K v 285K consensus: continuing claims -23K to 2.3M
  • 9:45AM: Bloomberg Consumer Comfort Index
  • 10AM: Wholesale Trade Data
  • 10:30AM: Natural Gas Inventory
  • 1PM: $13B 30 Year Note Auction
  • 4:30PM: Money Supply and Fed Balance Sheet

ANALYSTS RATINGS CHANGES:

UPGRADES:

  • PTEN: upgrade: market perform to outperform: Cowen

DOWNGRADES:

  • VALE: downgrade: market perform to underperform: BMO Capital: $4.50
  • CLF: downgrade: market perform to underperform: BMO Capital: $4
  • PHM: downgrade: neutral to underweight: JPM: $21
  • MTH: downgrade: neutral to underweight: JPM: pt cut from $43 to $38

INITIATIONS:

  • MRVL: initiated: outperform: Cowen: $20
  • DNKN: initiated: outperform: Credist Suisse: $56 (added to US FOCUS LIST)
  • ADSK: initiated; buy: Barenberg: $75
  • NLSN: initiated: outperform: Telsey: $53
  • EAT: initiated: buy; Longbow: $76
  • BRCM: initiated: buy: Ladenburg: $51
  • RENT: initiated: outperform: Telsey: $70

PRICE TARGET CHANGES:

  • ZUMZ: pt cut from $45 to $42: Roth Capital
  • PTCT: pt raised from $75 to $115: Deutsche Bank

 

 

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