Yellen speaks |Morning News

Stock-Market-A-Lucrative-Investment-SolutionJULY 10, 2015

US futures spiking at this 7AM hour along with overseas markets as a deal in the Greek monetary crisis seems finally within reach. With a slow day on the economic calendar and the Greek drama dying down, focus will turn to Yellen at 12:30PM today as investors look for any clue to rate hike changes. Overnight, oil gained for the second day in a row as nuclear talks with Iran dragged on without a deal as the deadline passed but cautious words out of the IEA pared gains

NEWS:

  • GCI: Carl Icahn ups stake in Gannet to 6.5% from 6.0%
  • USO: The rebalancing of the oil market that started last year has yet to run its course and a bottom in prices “may still be ahead,” the International Energy Agency warned in its widely followed monthly report. reports SA
  • WBA: settles in medicaid suit for $22.4M, reuters reports
  • Z: announces retirement of CFO Chad Cohen
  • SJM: announces 4.9M share stock offering
  • MIK: announces 12.5M shares secondary offering
  • DOV: lowers FY15 revenue to $7.05B-$7.13B vs. $7.26 consensus estimate and EPS to $3.75-$3.90 vs. prior guidance of $4.20-$4.40 and below $4.16 consensus
  • PTC: issues FQS revenue warning, guides below consensus
  • FEYE: PANW: FTNT: CYBR: Millions more Americans hit by government personnel data hack, reports reuters
  • TTM:Defense order book at Rs 1,500 crore; see potential market for FICV at $39 billion, reports Economic Times
  • F: GM: TM: HMC: China car sales forecast slashed in wake of stock slump, reports reuters
  • EBAY: in talks to sell its Enterprise division to Thomas H Lee for close tot $1B

ON THE ECONOMIC CALENDAR:

  • 10AM: Wholesale Trade
  • 12:30PM: Yellen speaks on US growth, inflation and the job market

RECAP OF SOME NOTABLE EARNINGS LAST NIGHT AFTER THE CLOSE:

  • CUDA: FQ1 EPS of $0.09 beats by $0.01.Revenue of $77.97M beats by $0.72M: revenue +17.8% y/y: billing revenue misses consensus estimates: revenue guidance soft
  • HELE: FQ1 EPS of $1.06 misses by $0.04.Revenue of $345.3M beats by $7.61M: revenue +10.8% y/y

ANALYSTS’ RATINGS CHANGES:

UPGRADES:

  • MOS: upgrade: neutral to overweight: Atlantic Equities:
  • DVN: upgrade: neutral to outperform: Macquarie: $72
  • ICE: upgrade: neutral to buy: Deutsche Bank: $252
  • BHP: upgrade: neutral to buy: Citi
  • CAM: upgrade: sector perform to outperform: RBC Capital: pt raised from $55 to $65
  • COST: upgrade: perform to outperform: Oppenheimer:

DOWNGRADES:

  • GPS: downgrade: buy to neutral: UBS
  • AMP: downgrade: buy to neutral: Goldman: pt cut from $140 to $130
  • VRTS: downgrade: neutral to sell: Goldman:
  • RIG: downgrade: hold to sell: Clarkson Capital
  • DO: downgrade: hold to sell: Clarkson Capital:

INITIATIONS:

  • LNKD: initiated: buy: Mizuho: $240
  • CYBR: initiated: market perform: Wells Fargo: pt range $60-64
  • T: assumes: buy: Stifel Nicolaus: $41.50

PRICE TARGET CHANGES:

  • WBA: pt raised from $86 to $89: Mizuho
  • WBA: pt raised from $95 to $105: Leerink
  • PEP: pt raised from $108 to $110: Stifel
  • CP: pt cut from $220 to $216: RBC Capital
  • SLW: pt cut from $30 to $25: RBC Capital

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