Volatility Continues | Morning News

stock market bearsSEPTEMBER 22, 2015

Volatility continues as US futures trade down sharply following European markets deep into the red while Asia traded mixed overnight with the Shanghai and the Hang Seng green in a sea of red. As the S&P impulses lower, tax loss harvesting could push this market to new lows for the year.  Meanwhile, crude got hit overnight as the commodity fell before the release of the US oil supply data.

NEWS:

  • SBUX: Starbucks rolls out mobile ordering to all US locations, reports theverge
  • DNKN: Dunkin Donuts to start delivery services
  • FB:Facebook’s Restrictions on User Data Cast a Long Shadow, reports wsj
  • AAPL: Apple moves forward on auto plans
  • SLH:IHS reportedly mulling counteroffer for Solera
  • TSLA: Tesla is officially launching the Model X at an event on September 29th, reports the verge
  • P: AAPL: Music streaming service Deezer plans IPO
  • MU: SNDK: DRAM price weakness likely to continue through the end of the year, says Piper Jaffray

ON THE ECONOMIC CALENDAR:

  • 8:55AM: Redbook Chain Store Sales
  • 9AM: FHFA House Price Index
  • 10AM: Richmond Fed Manufacturing Gauge
  • 1PM: $26B, 2 Year Note Auction

EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

  • RHT:FQ2 EPS of $0.47 beats by $0.03: revenue of $504.15M beats by $9.5M: revenue +13.1% Y/Y: solid guidance
  • THO:FQ4 EPS of $1.31 beats by $0.01: revenue of $1.06B misses by $90M: revenue +1.9% Y/Y

EARNINGS REPORTED THIS MORNING BEFORE THE OPENING:

  • FDS: FQ4 EPS of $1.48 beats by $0.01: revenue of $261.78M in-line: revenue +9.7% Y/Y: soft guidance
  • GIS: FQ1 EPS of $0.79 beats by $0.10: revenue of $4.21B misses by $40M
  • AZO:FQ4 EPS of $12.75 may not be comparable to consensus of $12.69: revenue of $3.29B beats by $40M: revenue +7.9% Y/Y
  • DRI: FQ1 EPS of $0.68 beats by $0.10: revenue of $1.69B beats by $20M: revenue +5.6% Y/Y: raises guidance FY16 adjusted EPS to $3.15-$3.30 from $3.05-$3.20 vs. consensus $3.13

NOTABLE EARNINGS TO REPORT AFTER THE CLOSE TODAY:

  • CPRT

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • HSBC: upgrade: buy to conviction buy: Goldman:
  • ETR: upgrade: equal weight to overweight: Barclays: $71
  • DD: upgrade: neutral to buy: Citi: pt raised from $58 to $63

DOWNGRADES:

  • ABB: downgrade: neutral to underweight: JP Morgan
  • VA: downgrade: outperform to market perform: Raymond James
  • AAN: downgrade: outperform to market perform: Raymond James: $40
  • HZNP: downgrade: buy to hold: Brean Capital: $40
  • CMI: downgrade: buy to hold: Deutsche Bank
  • TD: downgrade: outperform to neutral: Credit Suisse: :pt cut from C$65 to C$62
  • BLOX: downgrade: buy to hold: Deutsche Bank: $20

INITIATIONS:

  • VBLT: initiated: buy: Chardan Capital: $25
  • QTS: initiated: outperform: RBC Capital: $47
  • MAIN: initiated outperform: RBC Capital: $32
  • LVLT: initiated: outperform: RBC Capital: $62
  • HALO: initiated: overweight: Barclays: $27
  • ADXS: initiated: overweight: Barclays: $40
  • CERU: initiated: overweight: Barclays: $8
  • ISIS: initiated: equal weight: Barclays: $60

PRICE TARGET CHANGES:

  • P: pt raised from $18 to $20
  • NKE: pt raised from $122 to $128: Telsey Advisory Group
  • VJET: pt raised from $6 to $8: Imperial Capital
  • PNR: pt raised from $65 to $66: RBC Capital
  • MRD: pt cut from $24 to $23: RBC Capital

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