Morning News

MARCH 10. 2016

SOME GREAT NEWS THIS MORNING

• My blog is going private.
• My thanks for all the wonderfully positive feedback.
• Best wishes for a plethora of successful trades.
• Remember to stay informed and stay disciplined. 

Volatility Ahead| Stay Disciplined | Morning News

MARCH 09, 2016
US futures pointing to a higher opening at this 7AM hour as global markets trade mixed with European shares green, buoyed by oil prices as traders focus on tomorrow's ECB meeting. Meanwhile, Asian stocks took a hit and closed mostly negative with China breaking a 6 session win streak, burdened by worries over the unstable metal futures. Overnight, oil prices slipped before buyers came into the commodity with crude now seeing green in early morning trading with investors betting that US production data will show further declines when they are announced at 10:30AM EST. In other crude news, Iraq's Deputy Oil Minister commented that the world worlds biggest oil exporters, both in and outside of OPEC, plan to meet in Moscow on March 20 to discuss the output freeze.

NEWS:

• AMZN: launches shopping network arena with live show
• LVLT: expands $775M debt offering
• PLNT: mentioned as a short idea by Ben Axler at the Harbor Investment Conference
• CRWN: Hallmark to buy remaining shares of  Crown Media for $5.05/share
• PFE: announces launch of $5B accelerated share repurchase authorization
• UAL: announces RPM +2.7% 
• MDVN: FDA lifts partial clinical hold on pidilizumab IND
• CMG: four employees fall ill with the norovirus at a Boston area Chipotle
• LMT: announces a voluntary layoff of its Aeronautics business

THE ECONOMIC CALENDAR:

• 7AM EST: MBA Mortgage Applications
• 10AM: Bank of Canada Rate Decision
• 10AM: Wholesale Trade
• 10:30AM: EIA Petroleum Inventories
• 1PM: $20B, 10 Year Note Auction

SOME NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

• WTI: Q4 EPS of -$0.44 beats by $0.39: revenue of $1.04.1M misses by $18.43M; revenue -47.1% y/y: cuts FY16 CapEx budget to $15M
• AMED: Q4 EPS of $0.40 beats by $0.18: revenue of $337.3M beats by $15.29M: revenue +12.2% y/y
• BUFF:Q4 EPS of $0.16 beats by $0.02: revenue of $265.0M beats by $5.8M; revenue +11.3% y/y: guides EPS above consensus
• ZAGG: Q4 EPS of $0.18 misses by $0.06: revenue of $78.6M misses by $4,34M: revenue -23.3% y/y: guides Fy16 revenue $460M-$500M may not be comparable to consensus of $287.37M
• BETR: Q4 EPS of $0.13 beats by $0.04: revenue of $46.4M beats by $2.64M; revenue +40.6% y/y: guides above consensus
• BPI: Q4 EPS of $0.04 beats by $0.07: revenue of $131.4M beats by $.24M; revenue -10.8% y/y
• ATTO: Q4 EPS of $0.31 misses by $0.01: revenue of $457.8M beats by $6.14M: revenue -17.5% y/y: guides FY16 revenue growth of 1%-5%
• NCS: FQ1 EPS of $0.07 beats by $0.05: revenue of $370.0M beats by $6.48M; revenue +14.6% y/y: guides FY16 EBITDA above FY15
• SEMI: Q4 EPS of -$0.74 misses by $0.36: revenue of $181.7M misses by $5.8M; revenue -11.3% y/y
• SYX: Q4 EPS of $0.01 beats by $0.05: revenue of $931.6M : revenue +2.5% y/y
• ABM: FQ1 EPS of $0.38 beats by $0.12: revenue of $1.27B beats by $10M: revenue +6.7% y/y: raises guidance above consensus

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:

• LGIH: Q4 EPS of $0.75 beats by $0.04: revenue of $176.76 misses by $1.27M: revenue +63.0% y/y
• VRA: Q4 EPS of $0.41 in-line: revenue $154.1M beats by $1.46M: revenue +1.0% y/y: launches new flagship store in SoHo: guides Q1 EPS $0.04-$0.06 vs consensus $0.03
• KFY: FQ3 EPS of $0.52 in-line: revenue of $358.88M beats by $4.39M; revenue +38.6% y/y
• EXPR: Q4 EPS of $0.67 beats by $0.02: revenue of $765.55M misses by $3.79M: revenue +5.5% y/y: guides FY16 EPS  $1.56-$1.71 vs consensus $1.58

SOME NOTABLE EARNINGS TO BE REPORTED TODAY AFTER THE CLOSE:

• BOX, CNAT, FCEL, FRPT, FRSH, GTY, HNSN, OME, SFS, SPPI, SQ, TAHO, TLGT, VVUS, WG, XOMA

ANALYSTS' RATINGS CHANGES:

UPGRADES:

• FEYE: upgrade: neutral to overweight: Piper Jaffray: pt raised from $15 to $24
• CASY: upgrade: sector perform to outperform: RBC Capital: pt raised from $128 to $129
• CRH: upgrade: hold to buy: Jefferies

DOWNGRADES:

• NLSN: downgrade: overweight to equal weight: Morgan Stanley: $52
• ROST: downgrade: conviction buy to neutral: Goldman: $61
• PSG: downgrade: outperform to sector perform: RBC Capital: tp cut from $12.50 to $3.50
• CKEC: downgrade: outperform to sector perform: RBC Capital: pt raised from $29 to $30
• BHP: downgrade: buy to hold: Jefferies:
• AMH: downgrade: outperform to market perform: Keefe Bruyette
• KEYS: downgrade: neutral to sell: Goldman Sachs: $24
• RSO: downgrade: outperform to market perform: JMP Securities
• VNR: downgrade: neutral to sell: UBS
• YELP: downgrade: neutral to sell: UBS
• GRPN: downgrade: neutral to sell: UBS

INITIATIONS:

• DTRM: initiated: buy: Moxim Group: $4.50
• KORS: initiated: buy: Jyske Bank: $65

PRICE TARGET CHANGES:

• FEYE: pt raised from $14 to $16: Morgan Stanley
• FEYE: pt raised from $18 to $21: Barclays
• BUFF: pt raised from $22 to $25: Deutsche Bank
• HP: pt raised from $53 to $63: Susquehanna
• HAV: pt raised from $9 to $11; Susquehanna
• NBR: pt raised from $11 to $12: Susquehanna
• NOV: pt raised from $27 to $30: Susquehanna
• PTEN: pt raised from $17 to $20: Susquehanna
• STLD: pt raised from $21 to $24: Nomura
• X: pt raised from $8 to $11: Nomura
• X: pt raised from $8 to $11: Northland Securities
• CVX: pt raised from $84 to $96: Credit Suisse
• CVX: pt raised from $84 to $90: FBC Capital
• JONE: pt raised from $1.25 to $2.50: Imperial Capital
• APC: pt raised from $33 to $39: Barclays
• AKS: pt raised from $2.50 to $3.50: Normura
• APTS: pt raised from $12 to $13: Wunderlich
• AMH: pt raised from $17 to $18: FBR Capital
• SCMP: pt raised from $25 to $26: Maxim Group
• SHEN: pt raised from $20 to $30: FBR Capital
• DKS: pt raised from $39 to $42: RBC Capital
• DKS: pt raised from $45 to $50: Goldman Sachs
• DKS: pt raised from $42 to $51; UBS
• DKS: pt raised from $47 to $50: Brean Capital
• BNFT: pt cut from $36 to $34: RBC Capital
• QVCA: pt cut from $38 to $31: FBR Capital
• DKS: pt cut from $56 to $53: Susquehanna
• ADBE: pt cut from $101 to $92: Goldman Sachs
• ONCS: pt cut from $25 to $17: Wainwright

China exports struggle | Morning News

MARCH 08, 2016
US futures looking to give back some of its recent gains with global markets trading mostly in the red after China's February exports fell to the worst level since 2009. Overnight, crude pulled back only modestly despite negative comments out of Kuwait that they were not on board with the production freeze.

NEWS:

• PRGO: awards millions to execs for fighting hostile Mylan bid
• WTC: announces plans to expand in credit swaps, reports Bloomberg
• AMZN: announces plans to launch digital wallet
• JBLU: warns on Q1 Revenue per available seat mile
• LUV: reports Feb traffic up 13.5%
• WFM: launches coupons on its app
• BA: UAL: United Airlines announce fleet update with the addition of 25 new Boeing aircrafts, reports PRNewswire
• RTN: to face $1B suit claiming fraudulent overfilling, reports reuters
• VSLR: SUNE: Vivant Solar drops SunEdison merger deal
• TNGO: restates results for 2013 and 2014, and part of 2015, and withdraws guidance

THE ECONOMIC CALENDAR:

• 6AM: NFIB Small Business Optimism Index
• 8:55AM: Redbook Chain Store Sales
• 1PM: $24B, 3 Year Note Auction

SOME NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

• PLOW: Q4  EPS of $0.66 beats by $0.10: revenue of $118.8M beats by $3.43M: revenue +18/7% y/y: guides in-line
• NX: FQ1 EPS of -$0.02 beats by $0.10: revenue of $201.47M beats by $1.85M; revenue +57.5% y/y
• THO: FQ2 EPS of $0.86 beats by $0.24: revenue of $975.1M beats by $65.15M: revenue +14.4% y/y
• UNFI: FQ2 EPS of $0.49 in-line: revenue of $2.05B in-line: revenue +1.5% y/y: reaffirms guidance
• CASY: Q4 EPS of $0.97 beats by $0.03: revenue of $1.57B misses by $20M: revenue -6.0% y/y
• URBN: Q4 EPS of $0.61 beats by $0.05: revenue of $1.01B misses by $10M: revenue flat y/y
• SHAK: Q4 EPS of $0.08 beats by $0.01: revenue of $51.1M beats by $0.66M: revenue +47.0% y/y: reaffirms guidance

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:

• BITA: Q4 EPS of RMB1.6B beats by RMB0.45: revenue of RMB1.24B beats by RMB20M: revenue +27.2% y/y: guides Q1 EPS above consensus
• DKS: Q4 EPS of $1.13 misses by $0.02: revenue of $2.24B misses by $40M: revenue +3.7% y/y: guides FY16 and Q1 below consensus
• SCMP:Q4 EPS of $0.43 beats by $0.24: revenue of $55.37M beats by $12.65M: revenue +46.6% y/y:  reaffirms FY15 EPS below consensus
• NAV: FQ1 EPS of -$0.40 beats by $0.29: revenue of $1.77B misses by $300M: revenue -26.9% y/y: guides FY16 revenue $9B-$9.25B vs consensus $9.44B

SOME NOTABLE EARNINGS TO BE REPORTED TODAY AFTER THE CLOSE:

• ABM, BPI, BUFF, CERS, FENG, HRZN, NCS, ORIG, PEN, REGI, SEMI, TEAR, WTI, ZAGG

ANALYSTS' RATINGS CHANGES:

UPGRADES:

• BMRN: upgrade: neutral to outperform: Baird: $110
• SHOP: upgrade: sector weight to overweight: Pacific Crest
• STLD: upgrade: hold to buy: Berenberg: pt raised from $21 to $23.50
• SAN: upgrade: neutral to conviction buy: Goldman Sachs
• MMS: upgrade: buy to hold: Canaccord: pt raised from $59 to $60
• PNRA: upgrade: equal weight to overweight: Morgan Stanley: pt raised from $204 to $250
• TMHC: upgrade: neutral to outperform: Credit Suisse: $17
• PM: upgrade: neutral to outperform: BNP Paribas: pt raised from $85 to $115

DOWNGRADES:

• ALXN: downgrade: outperform to neutral: Baird: pt cut from $221 to $170
• AN: downgrade: neutral to sell: Goldman Sachs: $49
• EC: downgrade: buy to hold: Deutsche Bank: $10
• CLDX: downgrade: buy to hold: Jefferies: pt cut from $31 to $4
• SCOR: downgrade: outperform to neutral: Macquarie: pt cut from $48 to $29
• EPE: downgrade: outperform to neutral: Credit Suisse: $4
• VAL: downgrade: overweight to sector weight: KeyBanc
• AU: outperform to sector perform: RBC Capital
• BCEI; downgrade: outperform to neutral: Credit Suisse: pt cut from $4 to $2
• BMO: downgrade: outperform to neutral: Credit Suisse
• CKEC: downgrade: buy to neutral: B Riley: pt cut from $33 to $30
• SAM: downgrade: outperform to underperform: CLSA
• ATU: downgrade: buy to neutral: SunTrust: pt cut from $26 to $22

INITIATIONS:

• MFS: initiated: equal weight: Barclays: $12
• RARE: initiated: outperform: Baird: $85
• BSTC: initiated: buy: Rodman & Renshaw: $60
• FAST: initiated: buy: Argus: $57
• PCTY: initiated: buy: Craig-Hallum: $39
• REGN: assumes: buy: Brean Capital: $489
• JWN: initiated: sell: Miller Tabak: $42
• JCP: initiated: buy: Miller Tabak: $17
• M: initiated: hold: Miller Tabak: $45
• EXPE: initiated: buy: Moffet/Nathanson: $135

PRICE TARGET CHANGES:

• UNP: pt raised from $82 to $91: UBS
• CASY: pt raised from $124 to $128: RBC Capital
• NCR: pt raised from $25 to $30: RBC Capital
• RRMS: pt raised from $13 to $15: RBC Capital
• SEMG: pt raised from $26 to $30: RBC Capital
• MYRG: pt raised from $25 to $27 FBR Capital
• MTN: pt raised from $140 to $145: Credit Suisse
• ADC: pt raised from $38 to $40.50: Wunderlich
• TPC: pt raised from $17 to $18: FBR Capital
• PIR: pt raised from $4 to $6: Wedbush
• UNFI: pt raised from $36 to $40: Canaccord
• URBN:pt raised from $26 to $29: FBR Capital
• URBN: pt raised from $20 to $30: Mizuho
• URBN: pt raised from $25 to $30: RBC Capital
• URBN: pt raised from $23 to $35: Telsey Advisory
• URBN: pt raised from $22 to $26: Wunderlich
• URBN: pt raised from $32 to $35: Brean Capital
• URBN: pt raised from $23 to $33: UBS
• VRX: pt cut from $112 to $70: Mizuho
• SHAK: pt cut from $48 to $40: Barclays
• MTW: pt cut from $14 to $4: Barclays
• PDCE: pt cut from $60 to $59: RBC Capital
• PDCE: pt cut from $72 to $68: Topeka Capital
• CLDX: pt cut from $28 to $12: Cowen

Oil | Morning News

MARCH 07. 2016
US futures pointing to a modestly lower opening at this 7AM hour as equities struggle after a three week upswing mostly due to the strength in the oil market. With earnings' reports winding down and a light economic calendar, investors remain cautiously optimistic as oil continues its move up on speculation that the key producers will reduce their supply after the UAE energy minister commented that "current prices are forcing all suppliers to freeze their production:.

NEWS:
AAPL: Apple users targeted in first known Mac ransom ware campaign, reports reuters

• NVS: JNJ: Novartis's Cosentyx shows longer benefit than Stelara in study, reports Bloomberg
• DIS: Zootopia blows by projected earnings with $73.7M weekend
• BIIB: NVO: DMTX: QURE: FDA approves CSL Behring's IDELVION , their long acting hemophilia B drug. CSL Behring is a private company but the ruling could impact other hep B drug companies
• SPY: Bank for International Settlements says negative rates could have consequences, reports the WSJ
• BMRN: added to Conviction Buy list at Goldman
• CLDX: Board recommends phase 3 stud of RINTEGA be discontinued, reports their newswire
• SDRL: continues strong as shorts cover on takeover speculation 

IN BARRONS OVER THE WEEKEND: 

• DNKN: Dunkin Donuts' same store sales has weakened, writes Vito Racanelli
• MYL: Hurt by Valeant, Mylan stock could rise 30%, writes Jack Hough
• MLM: Martin Marietta Materials shares have 35% upside, writes Avi Salzman
• SBUX: DNKN: Coffee prices head for a bounce as production falls, writes Alexandra Wexler
• GOOG: GOOGL: Google's self driving cars face regulatory barrier, writes Alexander Eule

THE ECONOMIC CALENDAR:

• 8:30AM: Gallup US Consumer Spending Measure
• 10AM: Labor Market Condition Index
• 12:30PM: TD Ameritrade IMX
• 3PM: Consumer Credit

A COUPLE OF NOTABLE EARNING REPORTED TODAY BEFORE THE OPENING: 

• GEF: FQ1 EPS of $0.40 beats by $0.08: revenue of $771.4M misses by $72.91M; revenue -14.5% y/y
• SUP: Q4 EPS of $0.38 beats by $0.04: revenue of $194.62M beats by $3.91M: revenue +4.3% y/y
• SCS: raises guidance

SOME NOTABLE EARNINGS TO BE REPORTED TODAY AFTER THE CLOSE:

• URBN, HIL, PLOW, SSW, SHAK, TEDU, THO, UNFI, CASY, JONE

ANALYSTS' RATINGS CHANGES:

UPGRADES:

• WYNN: upgrade: neutral to buy: UBS: $95
• CAH: upgrade: buy to Conviction buy: Goldman Sachs
• CIB: upgrade: neutral to outperform: Credit Suisse: pt cut from $50 to $38
• SPG: upgrade: hold to buy: Evercore
• UDR: upgrade: market perform to outperform: BMO Capital: $40
• MT: upgrade: underperform to hold: Jefferies: pt raised from $3 to $4.50
• LOPE: upgrade: neutral to outperform: Credit Suisse: pt raised from $39 to $62
• MDCA: upgrade: hold to buy: Evercore: 
• IR: upgrade: neutral to buy: Nomura: pt raised from $56 to $68
• GGP: upgrade: hold to buy: Evercore: 
• EXC: upgrade: hold to buy: Argus: $39

DOWNGRADES:

• ABBV: downgrade: conviction buy to buy: Goldman Sachs
• MU: downgrade: neutral to reduce: Nomura: $8
• QLYS: downgrade: buy to hold: Wunderlich: $26
• MIK: downgrade: overweight to equal weight: Morgan Stanley: $25
• VNR: downgrade: outperform to market perform: FBR Capital
• CKEC: downgrade: buy to hold: Topeka Capital: pt cut from $36 to 432
• CKEC: downgrade: outperform to market perform: Barrington Reesarch
• CKEC: downgrade: outperform to neutral: Wedbush: pt cut from $34 to $30
• AVB: downgrade: outperform to market perform: BMO Capital
• DNKN: downgrade: buy to hold: Guggenheim
• KIM: downgrade; buy to hold: Argus: 
• MD: downgrade: buy to neutral: Susquehanna: $70
• SSYS: downgrade: neutral to underweight; JP Morgan
• MESO: downgrade: overweight to neutral: JP Morgan: $10
• BSAC: downgrade: outperform to neutral: Credit Suisse: pt cut from $23 to $20

INITIATIONS: 

• AVXS: initiated: outperform: BMO Capital: $31
• HELE: initiated: buy: Jefferies: $114
• PTI: initiated: outperform: Baird: $13
• PTI: initiated: outperform: Leerink: $13
• PTI: initiated: outperform: RBC Capital: $20
• BDBD: initiated: buy: Craig Hallum: $14
• SLF: reinstates: overweight: Barclays: $44

PRICE TARGET CHANGE:

• CMG: pt raised from $475 to $550: Credit Suisse
• JOY: pt raised from $10 to $14: FBR Capital
• MCD: pt raised from $125 to $131: UBS
• DOV: pt raised from $68 to $77: Nomura
• NEM: pt raised from $20 to $25: RBC Capital
• LVS: pt raised from $45 to $52: UBS
• T: pt raised from $41 to $42: DA Davidson
• LAYN: pt raised from $4.50 to $8: DA Davidson
• SPLS: pt raised from $10 to $11: Goldman Sachs
• COHR: pt raised from $82 to $100: Stifel
• HPE: pt raised from $13.50 to $19: Maxim Group
• RICE: pt raised from $18 to $22: Iberia Capital
• NNI: pt raised from $48 to $52: Compass Point
• AMBA: pt cut from $90 to $50: Chardan Capital
• AAPL: pt cut from $132 to $127: Pacific Crest
• KR: pt cut from $47 to $42: Oppenheimer
• KND: pt cut from $19 to $16: RBC Capital
• NRF: pt cut from $28 to $18: FBR Capital
• RHT: pt cut from $97 to $90: BMO Capital
• THC: pt cut from $27 to $30: RBC Capital
• SPLS: pt cut from $11 to $10: Deutsche Bank
• SPLS: pt cut from $15 to $10: Credit Suisse
• SPLS: pt cut from $20 to $17: Jefferies
• VIAB: pt cut from $66 to $60: Telsey Advisory
• BLDR: pt cut from $19 to $13: Deutsche Bank
• LNKD; pt cut from $150 to $130: BMO Capital
• MINI: pt cut from $45 to $37: Needham
• PLNT: pt cut from $22 to $20: Wedbush
• WAC: pt cut from $22 to $9: Credit Suisse
• INTC: pt cut from $40 to $36: BofA/Merrill

Jobs Data in Focus | Morning News

MARCH 04. 3016
US futures up modestly at this hour as investors await crucial data on jobs with wage growth being a key reading in the report. Overnight, oil struggled to find directions with crude price up slightly at this hour as investors await the Baker-Hughes Rig Count this afternoon at 1PM EST

NEWS:

• PN: announces new $15M buyback program authorization
• CKEC: AMC: AMC Entertainment to acquire Carmike Cinemas in $1.1B deal
• GS: Goldman announces plans to cut 5% of fixed income workforce, reports Bloomberg
• BAC: Bank of America announces plants to cut 150 job in trading and investment banking, reports Bloomberg
• UA: affirms FY16 revenue guidance
• YHOO: exploring sale of $1B-$3B in "non-core assets" reports reuters

THE ECONOMIC CALENDAR:

• 8:30AM: Non-farm Payrolls
• 8:30AM: Unemployment Rate
• 8:30AM: International Trade
• 10:45AM: Fed's Kaplan to speak on "Monetary Policy"
• 1PM: Baker-Hughes Rig Count

SOME NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

• AVGO: FQ1 EPS of $2.41 beats by $0.11: revenue of $1.77B beats by $20M: revenue +7.9% y/y: guides revenue in-line
• AMBA: FG4 EPS of $0.64 beats by $0.16: revenue of $67.96M beats by $2.13M: revenue +5.0% y/y: soft guidance
• SWHC: FQ3 EPS of $0.59 beats by $0.20: revenue of $210.8M beats by $35.87M: revenue +61.5% y/y: raises guidance above consensus
• CLNE: Q4 EPS of $0.08 beats by $0.18: revenue of $119.3M beats by $16.53M: revenue -9.7% y/y
• HRB: FQ3 EPS of -$0.34 misses by $0.10: revenue of $475M misses by $26.78M: revenue -6.7% y/y
• HPE: FQ1 EPS of $0.41 beats by $0.01: revenue of $12.72B bats by $40M: revenue -3.0% y/y: solid FY16 guidance
• COO: FQ1 EPS of $1.83 beats by $0.25: revenue of $449.64M beats by $7.74M: revenue +1.0% y/y: raises guidance
• NMBL: Q4 EPS of -0.12 in-line: revenue of $90.09M beats by $1.88M: revenue +32.0% y/y: soft guidance
• BLDR: Q4 EPS of $0.00 beats by $0.04: revenue of $1.46B misses by $10M: revenue -1.4% y/y

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:

• BIG: Q4 EPS of $2.00 beats by $0.02: revenue of $1.55B misses by $20M: revenue -0.6% y/y:increases quarterly dividend 10.5% to $0.21/share
• SPLS: Q4 EPS of $0.26 misses by $0.02: revenue of $5.27B misses by $140M: revenue -6.9% y/y

ANALYSTS' RATINGS CHANGES:

UPGRADES:

• JCP: upgrade: hold to buy: Evercore: pt raised from $8 to $15
• MMC: upgrade: neutral to conviction buy: Goldman Sachs: pt raised from $59 to $66
• CNQ: upgrade: neutral to overweight: JP Morgan
• TITN: upgrade: neutral to outperform: Baird
• TPUB: upgrade: underperform to neutral: Macquarie

DOWNGRADES:

• XL: downgrade: conviction buy to neutral: Goldman Sachs; pt cut from $43 to $39
• MON: downgrade: neutral to sell: Goldman Sachs: pt cut from $86 to $84
• HRB: downgrade: outperform to neutral: Wedbush: pt cut from $46 to $32
• DEA: downgrade:outperform to sector perform: RBC Capital: $18
• DSW: downgrade: outperform to neutral: Credit Suisse: $26
• BURL: downgrade: buy to neutral: Citi: $58
• TUMI: downgrade; buy to hold: Jefferies: pt raised from $22 to $26
• NMBL: downgrade: overweight to neutral: Piper Jaffray: pt cut from $20 to $9
• NMBL: downgrade: overweight to neutral: JP Morgan: pt cut from $15 to $8
• PZZA: downgrade: overweight to sector weight: KeyBanc

INITIATIONS:

• SPLK: initiated: outperform: BMO Capital $55
• QLIK: initiated: market perform: BMO Capital: $26
• DATA: initiated: market perform: BMO Capital: $50
• CG: initiated: equal weight; Barclays: $17
• CRM: initiated: outperform: Macquarie: $92
• MSFT: initiated: neutral: Macquarie: $53
• WDAY: initiated: underperform: Macquarie: $49
• ORCL: initiated: outperform: Macquarie: $45
• NOW: initiated: outperform: Macquarie: $72

PRICE TARGET CHANGES:

• MAT: pt raised from $25 to $36: Barclays
• AVGO: pt raised from $170 to $180: RBC Capital
• AVGO: pt raised from $180 to $185: FBR Capital
• AVGO: pt raised from $155 to $175: Goldman
• BURL: pt raised from $62 to $65: Telsey Advisory
• JOY: pt raised from $15 to $16: RBC Capital
• LNKD: pt raised from $127 to $150: Mizuho
• QLIK: pt raised from $23 to $31: Mizuho
• SWHC: pt raised from $29 to $32: Wunderlich
• SWHC: pt raised from $23 to $26: Societe Generale
• WING: pt raised from $25 to $27: Goldman Sachs
• WING: pt raised from $25 to $27: Barclays
• CIO: pt cut from $15.50 to $13.50: Compass Point
• ERJ: pt cut from $33 to $30: RBC Capital
• COST: pt cut from $175 to $170: Telsey Advisory
• PPHM: pt cut from $3.50 to $1: FBR Capital
• AMBA: pt cut from $56 to $55: Morgan Stanley
• NMBL: pt cut from $15 to $12: Susquehanna
• NMBL: pt cut from $16 to $11: Goldman Sachs 

Economic Data On Tap |Morning News

MARCH 03, 2016
US futures dance along the flat line at this hour as market trade mixed around the world and investors await a plethora of economic data today, including PMI services index and ISM non-manufacturing index. Tomorrow before the opening, crucial jobs data is set to be released. Overnight, oil struggled to find direction as crude trades below $35.

NEWS:

• AZN: FDA approves new indication for Faslodex, reports nasdaq
• TUMI: Samonite nears deal to buy luxury luggage maker Tumi, reports the WSJ
• TGT: Target culling products in its store to help resolve out-of-stock issues, reports WSJ
• CBI: named Top Pick in JP Morgan's engineering and construction sector, rated overweight with a $52 pt
• QLIK: Elliott Associates discloses 8.88% stake in the company
• HLF: Herballife identifies errant "active new member" metric and corrective action taken, reports street insider
• INTC: Intel working on an augmented reality headset, reports WSJ
• DD: Dupont sees ag sector to remain challenged in FY16
• M: President Jeffrey Gennette files purchase of 25K shares of stock
• LB: sss up 5% in Feb
• BKE: sss down 8.9% in Feb

THE ECONOMIC CALENDAR:

• VARIOUS TIMES: Chain Store Sales
• 7:30AM: Challenger Job Cut Report
• 8:30AM: Weekly Jobless Claims
• 8:30AM: Productivity and Costs
• 8:30AM: Gallup Good Jobs Rate
• 9:45AM: PMI Services Index
• 9:45AM: Bloomberg Consumer Comfort Index
• 10AM: ISM Non-Manufacturing Index
• 10AM: Factory Orders
• 10:30AM: EIA Natural Gas Inventory
• 10:45AM: Fed's Kaplan speaks on "Monetary Policy"
• 4:30PM: Money Supply and Fed Balance Sheet

SOME NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

• JOBS: Q4 EPS of $0.52 beats by $0.17: revenue of $94.29M beats by $4.39M: revenue +10.7% y/y: guides Q1 above consensus
• LHCG: Q4 EPS of $0.53 beats by $0.08: revenue of $218.99M beats by $5.6M: revenue +13.2% y/y: guides EPS below consensus
• SKUL: Q4 EPS of $0.26 beats by $0.03: revenue of $96.05M misses by $0.86M: revenue -0.8% y/y: soft guidance
• AEO:Q4 EPS of $0.42 in-line: revenue of $1.11B misses by $10M: revenue +3.7% y/y: guides EPS above consensus
• BIOS: Q4 EPS of -$0.13 misses by $0.05: revenue of $243.75M beats by $5.45M: revenue +1.7% y/y: provides mixed guidance
• HABT: Q4 EPS of $0.05 beats by $0.01: revenue of $60.64M misses by $0.11M: revenue +25.4% y/y: guides FY16 below consensus
• PSTG: Q4 EPS of -$0.12 beats by $0.04: revenue of $150.23M beats by $11.66M: revenue +128.1% y/y: strong Q1 and FY guidance
• WB: Q4 EPS of $0.15 beats by $0.02: revenue of $149M beats by $0.41M: revenue +41.6% y/y: guides revenue below consensus

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:

• BURL: Q4 EPS of $1.49 beats by $0.03: revenue of $1.55B beats by $10M: revenue +4.0% y/y: guides Q1 EPS $0.44-$0.48 vs consensus $0.49
• CIEN: FQ1 EPS of $0.18 beats by $0.04: revenue of $573.12M misses by $3.18M: revenue +8.3% y/y: guides Q2 revenue $615M-$645M vs consensus $644.63M
• BLD: Q4 EPS of $0.52 misses by $0.01: revenue of $426.5M misses by $1.66M: revenue +7.1% y/y
• KR: Q4 EPS of $0.57 beats by $0.03: revenue of $26.17B misses by $110M: revenue +3.8% y/y: guides FY16 EPS $2.19-$2.28 vs consensus $2.24
• JOY: FQ1 EPS of -$0.23 misses by $0.11: revenue of $526M misses by $5.91M: revenue -25.3% y/y: guides FY16 EPS $0.10-$0.50 vs consensus $0.25
• MEI:FQ3 EPS of $0.45 beats by $0.02: revenue of $184.6M misses by $5.71M;revenue -10.4% y/y: reaffirms FY16 EPS $2.06-$2.18 vs consensus $2.11
• SSI: Q4 EPS of $0.91 misses by $0.15: revenue of $502.63M beats by $1.14M: revenue -4.2% y/y: guides FY16 EPS below consensus
• SSYS: Q4 EPS Of -$0.01 beats by $0.11: revenue of $173.36M beats by $5.05M: revenue -20.2% y/y: guides FY16 EPS $0.17-$0.43 vs consensus $0.18: guides FY16 revenue $700M-$730M: vs consensus $700.6M
• TSL: Q4 EPS of $0.43 beats by $0.15: revenue of $961.9M beats by $137.66M: revenue +36.4% y/y
• BKS: FQ3 EPS of $1.04 misses by $0.02: revenue of $1.41B misses by $10M: revenue -2.1% y/y
• EGL: Q4 EPS of $0.66 beats by $0.08: revenue of $537M beats by $2.61M: revenue  +68.1% y/y: reaffirms FY16 EPS $1.01-$1.15 vs consensus $1.01
• TECD: Q4 EPS of $2.29 beats by $0.20: revenue of $7.49B beats by $380M: revenue +2.0% y/y: guides Q1 EPS below consensus

SOME NOTABLE EARNINGS TO BE REPORTED TODAY AFTER THE CLOSE:

• AMBA, AREX, AVGO, BLDR, CKP, CLNE, COO, CORT, CYTX, EYES, HCI, HRB, IRG, LADR, MENT, NMBL, PLNT, SNAK, SWHC, XOXO, UNXL

ANALYSTS' RATINGS CHANGES:

UPGRADES:

• DIS: upgrade: equal weight to overweight: Piper Jaffray:pt raised from $105 to  $120
• INTC: upgrade: perform to outperform: Baird: pt raised from $33 to $38
• PBPB: upgrade: underweight to neutral: Piper Jaffray: pt raised from $12 to $13
• VTR: upgrade: hold to buy: Mizuho: $68
• BWLD: upgrade: neutral to outperform: Wedbush: pt raised from $160 to $200
• SPG: upgrade: buy to conviction buy: Goldman: pt raised from $222 to $237
• MPC: upgrade: neutral to buy: BofA/Merrill
• WU: upgrade: reduce to neutral: SunTrust: pt raised from $14 to $16
• VLO: upgrade: underperform to neutral: BofA/Merrill
• ITRI: upgrade: hold to buy: Argus: $48
• SHW: upgrade: neutral to buy: Citi: pt raised from $281 to $316
• INXN: upgrade: market perform to outperform: Raymond James: $35

DOWNGRADES:

• BA: downgrade: buy to hold: Canaccord: $135
• CKP: downgrade: outperform to in-line: Imperial Capital: $10.15
• BCEI: downgrade: buy to hold: Societe Generale: pt cut from $8 to $1.20
• NDLS: downgrade: neutral to underweight: Piper Jaffray: $8
• CRK: downgrade: outperform to in-line: Imperial Capital: pt cut from $1.50 to $0.75
• CHSP: downgrade: buy to in-line: RBC Capital: $29
• EPR: downgrade: buy to neutral: Ladenburg
• FCX: downgrade: buy to neutral: UBS: $9
• SUNE: downgrade: buy to hold: Macquarie: $2
• GARS: downgrade: buy to hold: Cantor Fitzgerald: pt cut from $16 to $12
• AA: downgrade: buy to neutral: BofA/Merrill: $10.50
• CXP: downgrade: overweight to equal weight: Morgan Stanley: $21

INITIATIONS:

• REGN: initiated: neutral: SunTrust: $450
• SGEN: initiated: neutral: SunTrust: $34
• CRMD: initiated: outperform: FBR Capital: $7
• LGND: initiated: buy: Wainwright: $146
• MCRB: initiated: buy: Guggenheim: $41
• RES: initiated: strong buy: Raymond James: $17
• AA: initiated: hold: Berenberg: $9
• ATI: initiated: hold: Berenberg: $13.90
• FCS: reinstated: neutral: JP Morgan: $20
• ON: reinstated: neutral: JP Morgan: $10
• GWPH: initiated: sell: Numis Securities: 
• IL: initiated: buy: B Riley: $14.30

PRICE TARGET CHANGES:

• VAC: pt raised from $64 to $68: Telsey Advisory
• TGT: pt raised from $86 to $88: Cowen
• UNH: pt raised from $133 to $138: Credit Suisse
• URBN: pt raised from $26 to $29: Baird
• ANF: pt raised from $26 to $31: Baird
• PSTG: pt raised from $22 to $27: Maxim Group
• INXN: pt raised from $35 to $36: Stifel
• BMRN: pt raised from $105 to $107: Stifel
• BMRN: pt raised from $110 to $114: Credit Suisse
• SMTC: pt raised from $19 to $22: RBC Capital
• ASCMA: pt cut from $30 to $20: Imperial Capital
• ECR: pt cut from $2 to $1.50: Topeka Capital
• DY: pt cut from $100 to $80: Stifel
• PCOM: pt cut from $18 to $17: RBC Capital
• ECYT: pt cut from $12 to $8: Wedbush
• OCN: pt cut from $8 to $4: Compass Point
• MON: pt cut from $110 to $105: Deutsche Bank
• NBL: pt cut from $20 to $11: Argus

ADP and Beige Book on Tap | Morning News

MARCH 02, 2016
US futures struggling in modestly negative territory at this hour as European markets fall from their highs after crude futures turned down with the API report late yesterday that US crude stockpiles expanded by 9.9M barrels last week vs the 2.6M consensus figure trumping the output freeze plan. EIA reports petroleum inventories this morning at 10:30AM EST. Meanwhile, traders will look to some key economic data today with ADP jobs report due out before the opening and the Beige Book data announced at 2PM EST.

NEWS:

• AVGR: FDA approves enhance version of Avinger's Pantheris system
• ZNGA: Mark Pincus leaving as CEO
• JNJ: launches a $7.5B aggregate pinciple amount debt offering
• WFT: announces 80M share public offering of common shares
• T: announces plans to offer DirecTV streaming services in Q4
• RH: Eminence Capital reports a 3.1% passive stake in the company
• FB: Facebook wants celebrities for its Live Streaming Service and its willing to pay cash, reports re/code
• CP: CSX: Canadian Pacific approaches CSX about a takeover
• FB: German anti-trust regulator investigates Facebook over user data
• COST: falling gas prices should benefit Costco, reports the WSJ
• APC: garnishes a "Top Pick" designation from Macquarie, reaffirms outperform and $60pt
• IBM: announces 10 year contract with Telefonica
• HON: reaffirms FY16 EPS of $6.45-$6.70 vs consensus $6.59
• CLNE: awarded $10M NJ Transit contract

THE ECONOMIC CALENDAR:

• 7AM: MBA Mortgage Applications
• 8:15AM: ADP Jobs Report
• 8:30AM: Gallup US Job Creation Index
• 10AM: Fed's Williams to speak on "Economic Outlook"
• 10:30AM: EIA Petroleum Inventories
• 2PM: Beige Book

SOME NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

• ROST: Q4 EPS of $0.66 beats by $0.02: revenue of $3.25B beats by $40M: revenue +7.3% y/y: guides FY16 EPS $2.59-$2.71 vs consensus $2.75
• ASNA: Q2 EPS of $0.01 beats by $0.02: revenue of $1.84B misses by $40M: revenue +42.6% y/y: reaffirms guidance
• EPIQ: Q3 EPS of $0.29 beats by $0.04: revenue of $144.63 beats by $3.65M: revenue +25.6% y/y: guides below consensus
• TIVO: Q4 net income of $7.58M: revenue of $101.75M misses by $0.98M: revenue +11.0% y/y guides revenue below consensus
• BOBE: FQ3 EPS of $0.62 beats by $0.08: revenue of $346.5M misses by $1.02M; revenue -3.0% y/y: narrows guidance
• NPTN: Q4 EPS of $0.16 beats by $0.06: revenue of $89.12M beats by $4.67M: revenue +12.8% y/y: strong guidance: guides Q1 adjusted EPS $0.10-$0.18 vs consensus $0.08
• VEEV: FQ4 EPS of $0.15 beats by $0.04: revenue of $114.3M beats by $3.79M: revenue +31.4% y/y: mixed guidance
• GWRE: FQ2 EPS of $0.24 beats by $0.09: revenue of $102.13M beats by $5.35M; revenue +14.2% y/y: revenue +14.2% y/y: strong FY16 guidance
• CHUY:Q4 EPS of $0.18 beats by $0.05: revenue of $71.0M beats by $0.61M; revenue +15.0% y/y: guides in-line: guides FY16 CapEx $33M-$38M
• DAR: Q4 EPS of $0.54 beats by $0.29: revenue of $809.7M misses by $33.91M: revenue -19.0% y/y

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:

• ANF: Q4 adjusted EPS of $1.08 beats by $0.09: revenue of $1.11B beats by $10M: revenue -0.9% y/y
• FVE: Q4 EPS of -$0.13: revenue of $344.6M bets by $1.92M: revenue +3.6% y/y
• MCRN: Q4 EPS of $0.48 beats by $0.09: revenue of $306.3M beats by $4.96M: revenue -4.4% y/y
• FRP: Q4 EPS of $1.56 beats by $0.28: revenue of $209.82M misses by $3.03M: revenue -3.4% y/y: guides FY16 free cash flow $105M-$120M: guides FY16 CapEx $115M-$120M

SOME NOTABLE EARNINGS TO BE REPORTED TODAY AFTER THE CLOSE:

• AEO, BIOS, BREW, CABO, COST, HABT, NOG, PQ, PSTG, SINA, SKUL, SQNM, SUPN, TSE, WB

ANALYSTS' RATINGS CHANGES:

UPGRADES:

• ROST: upgrade: neutral to buy: MKM Partners: pt raised from $52 to $65
• MEOH: upgrade: market perform to outperform: Raymond James: $40
• HABT: upgrade: market perform to outperform: Cowen: $30
• UHS: upgrade: underperform to neutral: Sterne Agee: $144
• STAG: upgrade: equal weight to overweight: Capital One: $20
• PGRE: upgrade: equal weight to overweight: Capital One: 
• MELI: upgrade: sell to hold: HSBC

DOWNGRADES:

• DLTR: downgrade: strong buy to market perform: Raymond James:
• VRX: downgrade: buy to hold: Canaccord: $75
• JOY: downgrade: hold to sell: Axiom: $10
• EQT: downgrade: overweight to equal weight: Morgan Stanley: $65
• CLNY: downgrade: outperform to market perform: FBR Capital: pt cut from $24 to $18
• BCEI: downgrade: outperform to n-line: Imperial Capital: pt cut from $8.50 to $1
• SNDK: downgrade: buy to neutral: Mizuho: $78.50
• CPK: downgrade: buy to neutral: Baird
• PSO: downgrade: hold to sell: Goldman Sachs:
• XEL: downgrade: outperform to neutral: Baird

INITIATIONS:

• INFI: initiated: outperform: FBR Capital: $15
• ADRO: initiated: outperform: FBR Capital: $30
• AMZN: initiated: outperform: BMO Capital: $700
• EBAY: initiated: market perform: BMO Capital: $26
• QTWO: initiated: overweight: First Analysis: $26
• RCKY: initiated: buy: B Riley: $15

PRICE TARGET CHANGES:

• ROST: pt raised from $55 to $60: Telsey Advisory
• ROST: pt raised from $55 to $60: Wedbush
• ROST: pt raised from $61 to $63: Needham
• AEGN: pt raised from $20 to $22: Needham
• AZO; pt raised from $800 to $870: Wedbush
• GWRE: pt raised from $55 to $65: Stephens
• TLP: pt raised from $33 to $38: Stifel
• FDC: pt raised from $12 to $16: Stifel
• BPL: pt raised from $60 to $68: Stifel
• CHUY: pt raised from $36 to $38: Telsey Advisory
• NPTN: pt raised from $12 to $16: Needham
• AYR: pt raised from $20 to $22: FBR Capital
• HL: pt raised from $1.50 to $2: FBR Capital
• RSO: pt cut from $14 to $13: FBR Capital
• ACRE: pt cut from $13.50 to $13: FBR Capital
• TIVO: pt cut from $10 to $9.50: FBR Capital
• TIVO: pt cut from $16 to $13: Piper Jaffray
• OA: pt cut from $100 to $95: Stifel
• JASN: pt cut from $9 to $8: Stifel
• ENDP: pt cut from $55 to $42: Mizuho
• CMA: pt cut from $43 to $40: Compass Point
• LMCA: pt cut from $52 to $40: Pivotal Research
• LBRDA: pt cut from $80 to $74: Pivotal Research
• MDT: pt cut from $91 to $88: Needham
• GBT: pt cut from $94 to $66: Needham
• KATE: pt cut from $32 to $30: Wedbush
• KONA: pt cut from $25 to $21: Wedbush

China PMI Contracting | Morning News

MARCH 01.2016
US futures rebounding with markets around the world trading positive as investors await ISM and construction spending data out of the US this morning at 10AM EST. Overnight, crude lifted off support even as traders remain cautious on the commodity after China PMI data disappointed and stayed below the crucial 50 mark.

NEWS:

• QLYS: HGR: Qualys to replace Hanger in S&P 600 after the close tomorrow, March 2.
• DUK: announces a public offering of 9.25M common shares
• PVCT: awarded patent for PV-10 investigational drug
• DIS: removed from US #1 List at BofA/Merrill
• AN: FRC: added to US #1 list at BofA/Merrill
• XOM: reports sale of $12B worth of bonds 
• TASR: announces $50M stock buyback authorization
• AAPL: wins favorable decision in NY for iPhone case, reports FT

THE ECONOMIC CALENDAR:

• 9:45AM: Markit PMI
• 10AM: ISM
• 10AM: Construction spending
• Various Times: Motor Vehicle Sales

SOME NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

• WDAY: FQ4 EPS of -$0.01 beats by $0.04: revenue of $323.4M beats by $3.77M: revenue +42.9% y/y: guides Q1 revenue below consensus: guides FY17 in-line
• CROC: Q4 adjusted net loss of $52.9M: revenue of $208.68M beats by $7.09M: revenue +1.1% y/y: guides revenue below consensus
• APEI: Q4 EPS of $0.75 beats by $0.21: revenue of $85.91M beats by $1.81M: revenue -5.9% y/y: guides in-line
• CECO: Q4 EPS of $2.08 may not be comparable to consensus of -$0.06: revenue of $199.94M beats by $49.24M: revenue -8.1% y/y
• HALO: Q4 EPS of $0.03 beats by $0.11: revenue of $52.2M beats by $10.14M: revenue +71.8% y/y: guides in-line
• EXEL: Q4 EPS of -$0.19 beats by $0.03: revenue of $9.9M beats by $1.74M: revenue +34.7% y/y
• RMTI: Q4 EFP of -$0.12 misses by $0.14: revenue of $14.1M misses by $5.88M: revenue -2.4% y/y
• OPWR: Q4 EPS of -$0.14 in-line: revenue of $40.5M beats by $0.53M: revenue +16.2% y/y: issues soft guidance
• DPLO: Q4 EPS of $0.21 beats by $0.01: revenue of $987M beats by $17.3M: revenue +61.3% y/y: guides EPS below consensus
• TUBE: Q4 EPS Of -$0.04 beats by $0.08: revenue of $58.5M beats by $6.21M: revenue +62.1% y/y: guides FY16 revenue above consensus

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:

• OA: Q4 EPS of $1.45 beats by $0.34: revenue of $1.14B beats by $30M: revenue -8.8% y/y: guides FY16 EPS $5.25-%.50 vs consensus $5.55
• JKS: Q4 EPS of $2.44 beats by $1.16: revenue of $937.68M beats by $224.91M; revenue +95.8% y/y: guides FY16 solar module shipments 6GW-6.5GW
• BNS: Q4 EPS of C$1.43 beats by C$0.01: revenue of C$6.37B beats by C$100M: revenue +8.7% y/y: raises quarterly dividend to $0.72/share
• JD: Q4 non-GAAP EPS of -RMB48 misses by RMB36: revenue of RMB54.61B beats by RMB2.71B: revenue +57.3% y/y
• ACRE: Q4 EPS of $0.31 beats by $0.04: revenue of $20.92M misses by $0.04M: revenue +0.6% y/y: raises quarterly dividend to $0.26: announces expansion of stock repurchase authorization to $30M
• AZO: FQ2 EPS of $7.43 beats by $0.15: revenue of $2.26B in-line: revenue +5.6% y/y
• DLTR: Q4 EPS of $1.01 misses by $0.06: revenue of $5.36B misses by $50M: revenue +116.1% y/y: guides FY16 EPS $3.35-$3.65 vs consensus $3.76
• KATE: Q4 EPS of $0.32 in-line: revenue of $428.96M misses by $12.68M; revenue +7.6% y/y: announces launch in India later this year: guides FY16 EPS $0.70-$0.80 vs consensus $0.82
• MDT: FQ3 EPS of $1.06 in-line: revenue $6.93B misses by $60M: revenue +60.4% y/y

SOME NOTABLE EARNINGS TO BE REPORTED TODAY AFTER THE CLOSE:

• ASNA, AVD, BBG, DMD, KONA, ROST, TIVO, XCO

ANALYSTS' RATINGS CHANGES:

UPGRADES:

• TLP: upgrade: neutral to buy: UBS: pt raised from $32 to $40
• RIO: upgrade: underperform to sector perform: RBC Capital
• HP: upgrade: sector perform to outperform: RBC Capital:pt raised from $49 to $65
• WDAY: upgrade: equal weight to overweight: JP Morgan: $85
• WBA: upgrade: neutral to buy: Mizuho: $90
• DGX: upgrade: neutral to buy: Mizuho: $75
• RIG: upgrade: sell to hold: Canaccord: $8.50
• CQP: upgrade: equal weight to overweight: Morgan Stanley: $29
• CQH: upgrade: equal weight to overweight: Morgan Stanley: $20
• DEG: upgrade: equal weight to overweight: Morgan Stanley:
• KALU: upgrade: hold to buy: Deutsche Bank: pt raised from $85 to $90
• E: upgrade: underweight to equal weight: Barclays:

DOWNGRADES:

• TMH: downgrade: buy to hold: Jefferies: $49
• USPH: downgrade: buy to hold: Jefferies: pt cut from $56 to $50
• CBPO: downgrade: outperform to neutral: Credit Suisse: $129
• NE: downgrade: outperform to sector perform: RBC Capital:  pt cut from $13 to $9.50
• VRX: downgrade: outperform to sector perform: RBC Capital: pt cut from $194 to $85
• SUNE: downgrade: outperform to perform: Oppenheimer
• SAN: downgrade: buy to hold: HSBC: 
• PTCT: downgrade: outperform to neutral: Wedbush: pt cut from $27 to $11
• ESRX: downgrade: buy to neutral: Mizuho: $77
• DPLO: downgrade: buy to neutral: Mizuho: $30
• MCK: downgrade: buy to neutral: Mizuho: $164 
• DPZ: downgrade: conviction buy to buy: Goldman: $138
• GLOG: downgrade: overweight to equal weight: Morgan Stanley: $10
• OPWR: downgrade: overweight to sector weight: Pacific Crest
• SXL: downgrade: buy to neutral: Credit Suisse
• DSW: downgrade: neutral to sell: Goldman: $20
• SNDK: downgrade: buy to hold: Stifel: 
• SWN:downgrade: equal weight to underweight: Barclays: pt cut from $7 to  $4
• UTX:downgrade: outperform to sector perform: RBC Capital: pt raised from $100 to $109

INITIATIONS:

• BLUE: initiated: buy: BTIG Research: $72
• WAT: initiated: equal weight: Barclays: $125
• PKI: initiated: underweight: Barclays: $46
• BRKR: initiated: overweight: Barclays: $30
• JNP: initiated: buy: Wainwright: $18
• CLDX: initiated: buy: Wainwright: $25

PRICE TARGET CHANGES:

• AMT: pt raised from $122 to $128: RBC Capital
• XON: pt raised from $28 to $29: Mizuho
• MLNK: pt cut from $62 to $52: Mizuho
• WDAY; pt cut from $90 to $80: FBR Capital
• WDAY: pt cut from $100 to $76: Pacific Crest
• OPWR: pt cut from $16 to $9: Wunderlich
• STRZA: pt cut from $35 to $29: Pivotal Research
• UNFI: pt cut from $34 to $25: Pivotal Research
• UNFI: pt cut from $35 to $33: RBC Capital
• DSGX: pt cut from $15 to $14: RBC Capital
• INN: pt cut from $15 to $14: RBC Capital
• PTCT: pt cut from $11 to $9: RBC Capital
• PEGI: pt cut from $29 to $25: RBC Capital
• GB: pt cut from $52 to $42: RBC Capital
• MU:pt cut from $22 to $20: Cowen
• RRC: pt cut from $35 to $23: Pivotal Research
• CMRX: pt cut from $9 to $5: Citi
• LL: pt cut from $15 to $13: Wedbush
• AMC: pt cut from $36 to $33: Wedbush
• UNFI: pt cut from $47 to $32: Wedbush
• BANX: pt cut from 425 to $22: Wunderlich
• RESI: pt cut from $17 to $14: Compass Point

Eurozone Inflation | Morning News

FEBRUARY 29, 2016
US futures following red arrows around the world as Eurozone inflation turns sharply negative. The Shanghai closed with broad losses to levels not seen since 2014 after the G20 summit failed to come to any coordinated plan to drive global growth and the PBOC guided the yuan to its weakest level in three weeks. Meanwhile, crude futures fell modestly overnight with Friday's data showing a drop in rig count.

NEWS:

• LSCC: Lattice Semiconductor explores sale amid Chinese interest, reports reuters
• AMZN: Amazon enters Britain's fresh food market with Morrisons deal, reports reuters
• SBUX: announces 2017 plans to open stores in Italy
• COST: AXP: C: American Express to sell Costco US cobranded card portfolio to Citbank
• PPG: LKQ: LKQ Corpt to acquire Pittsburgh Glass Works in a $635M deal
• VRA: RJET: Vera Bradley will replace Republic Airways Holding in the S&P Small Cap 600, after the close today, Feb 29
• AMAG, DMND: AMAG pharma to replace Diamond Foods in the S&P 600 after the close today, Feb 29
• PVTB: SIRO: Private Bancorp to replace Sirona Dental in the S&P 400 after the close today, Feb 29
• NJR: SFG: New Jersey Resources will replace StanCorp Financial group in the S&P MidCap 400 after the close on March 7
• CWT: NJR: California Water Service Group will replace New Jersey Resources in the S&P SmallCap 600 after the close on March 7
• ADBE: files mixed securities shelf, reports ADVFN
• BA: Boeing plans layoffs for airplane engineers, reports reuters
• EXPE: files 175K common shelf for shareholders
• NVS: FDA approves new indication for Novartis drug Afinitor, reports multivu
• C: has received a subpoena in connection with the FIFA bribery scandal
• C: to sell its 20% stake in China GuanfaBank for $3B
• PBR: has secured a $10B loan from China Development Bank
• RTN: awarded $270.5M modification contract by the US Navy, reports defense,gov
• GD: awarded $101.8M modification contract by the Army, reports defense.gov
• GD: awarded with Elwood National Forge Co, a $682.9 foreign military sales contract by the US Army, reports defense.gov
• EGLT: FDA accepts NDA for Arymo ER extended release tabs
• PVCT: announces resignation of Chairman and CEO H.Craig Dees

IN BARRONS OVER THE WEEKEND:

• MDT: As Medtronic's trims costs, integrates Coviden and introduces new medical devices, shares could return 20%, writes Jack Hough
• WMT: Wal-Mart's turnaround could lift shares 30%, writes Robin Goldwyn Blumenthal
• CHKP: FTNT: PANW: Cybersecurity stocks to buy now, writes Reshma Kapadia
• VZ: T: Verizon, AT&T, face new threat: eSIM cards, writes Tiernan Ray
• LLY: MRK: BMY: GILD: LLY: JNJ: ZTS: AMGN: PRGO: Nine drug makers that could boost their payouts, writes Lawrence Strauss

THE ECONOMIC CALENDAR:

• 9:45AM: Chicago PMI
• 10AM: Pending Home Sales
• 10:30AM: Dallas Fed Manufacturing Survey
• 3PM: Farm Prices

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:

• LL: Q4 EPS of -$0.73 misses by $0.53: revenue of $234.8M misses by $19.66M: revenue -13.7% y/y: sss decline 17.2%: "too much uncertainty" to guides for FY16
• MGLN: Q4 EPS of $1.30 beats by $0.56: revenue of $1.27B beats by $50M: revenue +29.3% y/y
• AMC: Q4 EPS of $0.43 beats by $0.03: revenue of $783.9M misses by $17.85M: revenue +10.1% y/y
• ENDP: Q4 EPS of $1.36 beats by $0.09: revenue of $1.07B in-line: revenue +60.0% y/y: guides FY16 adjusted EPS $5.85-$6.20 vs consensus $6.02
• ARES: Q4 EPS of $0.15 misses by $0.14: revenue of $165.9 misses by $0.33M: revenue +3.0% y/y
• TASR: Q4 EPS of $0.09 beats by $0.05: revenue of $56.04M beats by $5.32M: revenue +19.7% y/y
• IPI: Q4 EPS of -$0.26 misses by $0.15: revenue of $42.82M misses by $18.85M: revenue -56.4% y/y
• FDML: Q4 EPS of $0.22 beats by $0.10: revenue of $1.8B misses by $10M: revenue +0.6% y/y: receives merger proposal from Icahn
• OCN: Q4 EPS of -$1.79 misses by $1.50: revenue of $362.46M misses by $5.16M: revenue -26.5% y/y

SOME NOTABLE EARNINGS TO BE REPORTED TODAY AFTER THE CLOSE:

• AEGN, ANAC, ARNA, ATML, BRX, CECO, CODI, CROX, DPLO, EXEL, GB, GLF, HALO, HTZ, JUNO, KITE, MBI, MCEP, OA, OCN, OPK, OPWR, PACD, PTCT, TMTI, SYKE, TPC, TUBE, VGR, WDAY, XON

ANALYSTS' RATINGS CHANGE:

UPGRADES:

• CPB: upgrade: sell to neutral: Goldman: $62
• NFX: upgrade: market perform to strong buy: Raymond James: 
• GGG: upgrade: underperform to sector perform: RBC Capital: pt raised from $71 to $81
• TPH: upgrade: market perform to market outperform: JMP Securiites: $12.50
• TCO: upgrade: outperform to hold: Jefferies
• XLRN: upgrade: hold to buy: Janney Capital
• KBR: upgrade: sell to neutral: citi: $15
• FFIN: upgrade: underperform to market perform: Hovde group: $27.50
• KERX: upgrade: market perform to outperform: FBR Capital; $10
• VIPS upgrade: under weight to equal weight; Morgan Stanley: $13

DOWNGRADES:

• DDS: downgrade: neutral to sell: Deutsche Bank: $44
• KEYW: downgrade: outperform to sector perform: RBC Capital: pt cut form $11 to $7
• EOG: downgrade: buy to hold: Wunderlich: pt cut from $80 to $64
• HCLP: downgrade: outperform to market perform: Cowen: pt cut from $12.50 to $4.20
• FMSA: downgrade: outperform to market perform: Cowen: pt cut from $5 to $2.20
• EMES: downgrade: outperform to market perform: Cowen: pt cut from $14 to $3.70
• SNDK: downgrade: outperform to sector perform: Pacific Crest
• SSP: downgrade: outperform to market perform: Wells Fargo
• TNC: downgrade: buy to neutral: Dougherty & Company
• ARP: downgrade: hold to sell: Stifel: $0.50
• EQIX: downgrade: overweight to neutral: JP Morgan: $335
• SSS: downgrade; buy to hold: Evercore: 
• GM: downgrade: buy to hold: Argus
• OREX: downgrade: outperform to sector perform: RBC Capital: $1
• SWN: downgrade: market perform to underperform: Raymond James

INITIATIONS:

• FCX: initiated: hold: Berenberg: $7.40
• SCCO: initiated: sell: Berenberg: $20
• NLSN: initiated: buy: Jefferies: $58
• SCOR: initiated: hold: Jefferies: $45
• BGNE: initiated: buy: Goldman Sachs: $33
• BGNE: initiated: outperform: Baird: $44
• EDIT: initiated: neutral: JP Morgan: $32
• EDIT: initiated: equal weight; Morgan Stanley: $28
• EDIT: initiated: outperform: JMP Securities: $40
• KNX: initiated: underweight; JP Morgan: $21
• SWFT: initiated: neutral: JP Morgan: $16
• R: initiated: neutral: JP Morgan: $61
• FET: initiated: buy: JP Morgan: $13
• ATNM: initiated: buy: Wainwright: $8
• PRTK: initiated: buy: Wainwright: $32
• NTES: assumed: outperform: Credit Suisse: $200

PRICE TARGET CHANGES:

• SABR: pt raised from $30 to $32: Mizuho
• YHOO: pt raised from $29 to $32: Mizuho
• CMG: pt raised from $479 to $590: Piper Jaffray
• ROST: pt raised from $59 to $67: SunTrust
• JCP: pt raised from $10 to $12: Telsey Advisory
• DLR: pt raised from $84 to $86: Stifel
• CRAY: pt raised from $42 to $49: Stifel
• CLR: pt raised from $25 to $28: Stifel
• CLVS: pt cut from $23 to $21: Mizuho
• LB: pt cut from $95 to $90: Wolfe Research
• DRQ: pt cut from $70 to $63: FBR Capital
• FTI: pt cut from $31 to $28: FBR Capital
• FET: pt cut from $16 to $13: FBR Capital
• NSAM: pt cut from $23 to $15: FBR Capital
• MTZ: pt cut from $26 to $24: FBR Capital
• AMH: pt cut from $20 to $17: FBR Capital
• RDC: pt cut from $30 to $25: FBR Capital
• TPRE: pt cut from $16 to $15: Compass Point
• AL: pt cut from $40 to $36: Cowen
• OMER: pt cut from $65 to $62: Wedbush
• BMRN: pt cut from $117 to $105: Wedbush
• AMZN: pt cut from $800 to $770: Bernstein: reiterates outperform rating

Bulls Take Charge .. at least Temporarily | Morning News

FEBRUARY 26, 2016
US futures pointing to a higher opening with global market joining the rally as traders await economic data this morning, including QDP Q4 and consumer sentiment. Overnight, crude futures found support after the Venezuelan oil minister reaffirmed a March meeting with some OPEC countries and Russia to stabilize prices. Investors attention will be on the Baker-Hughes rig count to be reported this afternoon at 1PM EST.
NEWS:

• JASO: pre-announces strong Q4 earnings
• ABBV: approves venetoclax as an orphan drug for the treatment of AML
• BABA: Alibaba in talks with bank for up to $4B loan, reports WSJ
• POT: announces plans to slow production at two Canadian mines
• BMY: announces two positive CHMP opinions for Opdivo
• BIIB: announces positive CHMP opinion for Hemophilia B drug
• F: upgrades Cleveland Plant, adding 150 jobs
• BOTA: announces results of phase 1 BTA585
• GILD: announces positive CHMP for fixed dose Descovy combo
• DOW: announces settlement of urethanes class actions suit for $835M 
• RJET: files for for Chapter 11 bankruptcy
• CARA: provides disappointing update of CLIN3001 pivotal trial 
• GGT: decreases quarterly dividend 21.4% to $0.22
• BCV: decreases quarterly dividend 75.6% to $0.25

THE ECONOMIC CALENDAR:

• 8:30AM: QDP Q4
• 8:30AM: International Trade in Goods
• 8:30AM: Personal Income and Outlays
• 10AM: Reuters/UofM Consumer Sentiment
• 10:15AM: Fed's Powell Speaks on "Fed Communication Away from the Zero Lower Bound"
• 10:15AM: Fed's Williams Speaks on "Fed Commuication Away from the Zero Lower bound"
• 11:30AM: $28B 7 Year Note Auction
• 1PM: Baker-Hughes Rig Count
• 1:30PM: Fed's Brainard Speaks

SOME NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

• INTU: FQ2 EPS of $0.25 beats by $0.06: revenue of $923M beats by $29.77M: revenue +23.2% y/y:: strong Q3 guidance 
• SWN: Q4 EPS of -$0.02 in-line: revenue of $687M misses by $63.9M: revenue -28.6% y/y
• BLOX: FQ2 EPS of $0.17 beats by $0.02: revenue of $96M beats by $0.48M: revenue +29.2% y/y: soft FQ3 and FY16 guidance
• RRC: Q4 EPS of $0.25 beats by $0.13: revenue of $455.8M beats by $36.08M: revenue -12.2% y/y: guides FY16 CapEx $495M, down 45% y/y
• PBA: Q4 EPS of $0.32 in-line: revenue of $1.24B misses by $40M: revenue -1.6% y/y
• DLR: Q4 FFO of $1.38 beats by $0.10: revenue of $500.44M beats by $11.05M: revenue +21.4% y/y: reaffirms guidance
• UHS: Q4 EPS of $1.71 misses by $0.03: revenue of $2.32B beats by $30M: revenue +10.0% y/y: guides revenue above consensus
• BIDU: Q4 EPS of RMB7.61 beats by RMB0.66: revenue of RMB18.7B beats by RMB150M: revenue +33.1% y/y: guides Q1 below expectations
• WTW: Q4 EPS of -$0.03 misses by $0.05: revenue of $259.2M beats by $1.53M: revenue -20.9% y/y: guides in-line
• IM: Q4 EPS of $1.01 misses by $0.03: revenue of $11.31B misses by $1.07B: revenue -19.0% y/y
• EOG: Q4 EPS of -$0.27 beats by $0.04: revenue of $1.8B misses by $380M: revenue -61.3% y/y
• CBI: Q4 EPS of $1.56 beats by $0.03: revenue of $3.27B misses by $40M: revenue -3.0% y/y: guides in-line
• HLF: Q4 EPS of $1.19 beats by $0.25: revenue of $1.1B beats by $40M: revenue -2.7% y/y: soft guidance
• GPS: Q4 EPS of $0.57 in-line: revenue of $4.39B misses by $70M: revenue -6.8% y/y: guides below consensus
• NEWM: Q4 EPS of $1.26 may not be comparable to consensus of $0.41: revenue of $333.65M beats by $5.91M: revenue +78.6% y/y
• PANW: FQ2 EPS of $0.40 beats by $0.01: revenue of $334.7M beas by $16.38M: revenue +53.8% y/y: guides revenue above consensus: guides earnings below consensus
• MNST: Q4 EPS of $0.68 misses by $0.14: revenue of $645.43 misses by $52.97M; revenue +6.6% y/y: announces additional $1.75B share repurchase authorization
• SPLK: Q4 EPS of $0.11 beats by $0.03: revenue of $220M beats by $17.03M: revenue +49.3% y/y: strong FQ1 and FY17 guidance
• MDVN: Q4 EPS of $0.29 beats by $0.05: revenue of $377.75M beats by $5.81M: revenue +37.5% y/y: guides FY16 EPS $1.30-$1.40 vs consensus $1.35
• KHC: Q4 EPS of $0.62 beats by $0.04: revenue of $7.12B: revenue -5.1% y/y
• BMRN: Q4 EPS of $0.39 may not be comparable to consensus of $0.99: revenue of $227.9M beats by $3.52M: revenue -0.9% y/y: guides revenue below consensus
• MHK: Q4 EPS of $2.82 beats by $0.09: revenue of $2B misses by $40M: revenue +2.6% y/y: guides Q1 below consensus
• MELI: Q4 EPS of $0.88 beats by $0.19: revenue of $180.73M beats by $9.11M: revenue +12.0% y/y
• ADSK: Q4 EPS of $0.21 beats by $0.10: revenue of $648.3M beats by $13.38M: revenue -2.5% y/y:guides revenue below consensus
• STMP: Q4 EPS of $1.57 beats by $0.63: revenue of $69.88M beats by $11.92M: revenue +67/0% y/y: strong guidance above consensus
• ALRM: Q4 EPS of $0.14 beats by $0.13: revenue of $56.9M beats by $9.77M: revenue +24.8% y/y: guides above consensus

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:

• MGA: Q4 EPS of $1.19 beats by $0.08: revenue of $8.57B beats by $260M: revenue -2.5% y/y: guides FY16 revenue $34.6B-$36.3B vs consensus $35.58B: raises quarterly dividend by 14% to $.025
• RDC: Q4 EPS of $0.95 beats by $0.21: revenue of $535.8M beats by $5.64M: revenue -3.7% y/y
• KBR: Q4 EPS of $0.36 beats by $0.07: revenue of $1.08B misses by $50M: revenue -23.9% y/y: guides FY16 EPS $1.20-$1.45 vs consensus $1.42
• PMC: Q4 EPS of $0.45 beats by $0.04: revenue of $52-.6M beats by $14.2M: revenue -0.6% y/y: guides FY16 adjusted EPS $1.95-$2.05 vs consensus $2.31
• REV: Q4 EPS of $1.17: revenue of $521.9M: revenue +4.2% y/y: announces president and CEO Delpani to step down
• FL:Q4 EPS of $1.16 beats by $0.04: revenue of $2.01B beats by $10M: revenue +5.2% y/y:  sss +7.9%
• JCP: Q4 EPS of $0.39 beats by $0.16: revenue of $4B beats by $10M; revenue +2.8% y/y' guides FY16 gross margins up 40-60bbs
• HLT: Q4 EPS of $0.22 in-line: revenue of $2.89B misses by $70M: revenue +2.1% y/y: guides Q1 adjusted EPS $0.15-$0.17 vs consensus $0.17
• CNP:Q4 EPS of $0.26 beats by $0.03: revenue of $1.79B misses by $1.22B: revenue -24.5% y/y: reaffirms FY16 EPS of $1.12-$1.20 vs consensus $1.11
• BID: Q4 EPS of $1.19 beats by $0.05: revenue of $335.82M beats by $4.68M: revenue -4.4% y/y: issues warning on forward earnings
• AMT: Q4 FFO of $1.27 beats by $0.04: revenue of $1.26B beats by $30M: revenue +22.3% y/y: guides FY16 AFFO $2.355B-$2.455B: currency fluctuations pressuring revenue

ANALYSTS' RATINGS CHANGES:

UPGRADES:

• MYCC: upgrade: market perform to outperform: Wells Fargo
• MNST: upgrade: outperform to buy: CLSA: pt cut from $170 to $150
• FLTX: upgrade: in-line to outperform: Imperial Capital: pt cut from $60 to $50
• TS: upgrade: sell to neutral: Credit Suisse: 
• TRGP: upgrade: sell to neutral: Credit Suisse: $33
• ACHN: upgrade: perform to outperform: Baird: $10
• DISH: upgrade: sell to hold: HSBC: $47
• SPXC: upgrade: sell to hold: Deutsche Bank: $10
• KHC: upgrade: neutral to overweight: JP Morgan: pt raised from $78 to $85

DOWNGRADES:

• BBY: downgrade: overweight to neutral: Piper Jaffray: pt cut from $34 to $31
• TUP: downgrade: overweight to sector weight: KeyBanc
• BXP: downgrade: overweight to equal weight; Capital One: pt cut from $145 to $133
• RSE: downgrade: buy to hold: Canaccord: pt cut from $22 to $18
• CWT: downgrade: outperform to neutral: Baird: pt cut from $26 to $24
• HNT: downgrade: buy to neutral: Sterne Agee
• DGI: downgrade: buy to neutral: Chardan Capital
• SWN: downgrade: hold to underperform: Jefferies: pt cut from $11 to $4
• AWR: downgrade: neutral to sell: Ladenburg: $40
• PRAA: downgrade: buy to neutral: Janney Capital: pt cut from $47 to $31
• AWK: downgrade: buy to neutral: Janney Capital
• OMF: downgrade: buy to neutral: Compass Point: pt cut from $64 to $30
• EME: downgrade: buy to neutral: DA Davidson: pt cut from $52 to $50
• EURN: downgrade: buy to hold: Deutsche Bank: $8.50
• GG: downgrade: hold to sell: Deutsche Bank: $13.50
• PPHM: downgrade: buy to neutral: Roth Capital:
• RIG: downgrade: buy to hold: Deutsche Bank: pt cut from $12 to $6
• KO: downgrade: buy to neutral: Sterne Agee
• VIPS: downgrade: outperform to neutral: Credit Suisse
• BID; downgrade: outperform to market perform: Barrington Research
• STN: downgrade: outperform to market perform: Raymond James:
• TNK: downgrade: buy to hold: Deutsche Bank: pt cut from $6 go $5

INITIATIONS:

• MO: initiated: neutral: UBS: $63
• AVGO: initiated: buy: B Riley: $175
• RKUS: initiated: buy: BTIG: $13
• SPWR: initiated: outperform: Northland: $27
• CRUS: initiated: buy: Topeka Capital: $42
• MXL: initiated: buy: Topeka Capital: $20
• AZN: initiated: buy: Cantor: 
• SHPG: initiated: buy: Cantor: 
• SYN: initiated: outperform: FBR Capital: $10
• CNX: assumed: outperform: FBR Capital: $21

PRICE TARGET CHANGES:

• BBY: pt raised from $35 to $38: Telsey Advisory Group
• KSS: pt raised from $49 to $54: Telsey Advisory Group
• SGMS: pt raised from $7 to $8: Telsey Advisory Group
• SFM: pt raised from $27 to $31: Stifel
• SPLK: pt raised from $45 to $51: Stifel
• SPLK: pt raised from $67 to $72: Maxim Group
• RSPP: pt raised from $26 to $29: Wunderlich
• JCP: pt raised from $18 to $20: Piper Jaffray (reaffirms Top Pick)
• VSTO: pt raised from $57 to $60: Wunderlich
• TRGP: pt raised from $20 to $24: Wunderlich
• CCOI: pt raised from $38 to $40: RBC Capital
• INTU: pt raised from $91 to $93: RBC Capital
• PANW: pt raised from $185 to $195: RBC Capital
• TREX: pt cut from $54 to $50: FBR Capital
• NSM: pt cut from $19 to $15: FBR Capital
• TWOU: pt cut from $40 to $36: Compass Point
• PN: pt cut from $17 to $13: Compass Point
• ESPR: pt cut from $18 to $13: Chardan Capital
• GLOG: pt cut from $30 to $20: Cowen
• XPO: pt cut from $41 to $31: Cowen
• PFMT: pt cut from $3 to $2.50: Compass Point
• WLL: pt cut from $7 to $4: Wunderlich
• PTXP: pt cut from $15 to $12: Wunderlich
• PGTI: pt cut from $12 to $11: RBC Capital
• BMRN: pt cut from $155 to $125: RBC Capital
• SNAK: pt cut from $13 to $10: Wunderlich
• LGF: pt cut from $42 to $41: Topeka Capital
• CLVS: pt cut from $45 to $30: Stifel
• BUD: pt cut from $145 to $138: Stifel
• PANW: pt cut from $202 to $171: Needham

Financials Lead Europe Higher | Morning News

FEBRUARY 25, 2016
US futures point to a modestly higher opening at this 7AM hour with European markets, led by financials, trade firmly in the green. Asian markets closed mostly lower with the Shanghai plunging 6.4% as surging money-market rates signaled tighter liquidity and the offshore yuan weakened for a fifth day. For today, traders will have to digest Fed's Bullard comment that rate hikes could threaten inflation target, as well as today's economic calendar which includes durable goods data and weekly jobless claims.

NEWS:

• RH: warns and announces preliminary Q4 earnings
• AAL: awarded $125.92M government contract modification
• BA: Boeing, Aeromexico, Mexican Government collaborate on sustainable aviation biofuel R&D
• DRII: announces formation of a committee to explore strategic alternatives to maximize shareholder value
• SPAR: awarded contract to supply pumpers to City of Toronto
• BT: evades breakup but should unbundle telecom network, reports FT

THE ECONOMIC CALENDAR:

• 8:30AM: Weekly Jobless Claims
• 8:30AM: Durable Goods
• 9AM: FHFA House Price Index
• 9:45AM: Bloomberg Consumer Comfort Index
• 10:30AM: EIA Natural Gas Inventory
• 11AM: Kansas City Fed Manufacturing Survey
• 1PM: $28B, 7 Year Note Auction
• 4:30PM: Money Supply and Fed Balance Sheet

SOME NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

• VIPS: Q4 EPS of RMB1.18 beats by RMB0.12: revenue of RMB13.9B beats by RMB1.6B: revenue +64.7% y/y: guides Q1 revenue RMB11.8B-RMB12.3B
• HPQ: FQ1 EPS of $0.36 in-line: revenue of $12.25B beats by $50M: revenue -12.0% y/y: guides FY16 adjusted EPS $1.59-$1.69 vs consensus $1.60: Q1 desktop units down 13%
• TUMI: Q4 EPS of $0.38 beats by $0.06: revenue of $167.66M beats by $3.29M: revenue +2.3% y/y: guides FY16 EPS $0.93-$0.97 vs consensus $1.00: sss down 4.6%
• NTES: Q4 EPS of RMB17.78 beats by RMB2.99: revenue of RMB7.9B beats by RMB210M: revenue +128.3% y/y: raises dividend
• WLL: Q4 EPS of -$0.43 misses by $0.13: revenue of $423.5M misses by $69.97M: revenue -39.2% y/y
• LB: Q4 EPS of $2.15 beats by $0.10: revenue of $4.4B beats by $30M: revenue +8.1% y/y:weak guidance
• IMAX: Q4 EPS of $0.39 misses by $0.04: revenue of $119.33M beats by $3.5M: revenue +16.5% y/y
• MMLP: Q4 EPS of $0.38 beats by $0.05: revenue of $254.4M misses by $43.55M: revenue -32.5% y/y
• AVG: Q4 EPS of $0.47 beats by $0.02: revenue of $109.52M beats by $1.68M: revenue +9.3% y/y: guides FY16 adjusted EPS $1.90-$1.96 vs consensus $1.90
• CRM: Q4 EPS of $0.19 in-line: revenue of $1.81B beats by $20M: revenue +25.7% y/y: guides Q1 above consensus: guides FY16 in-line
• GDOT: Q4 EPS of $0.06 beats by $0.03: revenue of $151.05M beats by $1.56M: revenue -1.3% y/y: guides EPS above consensus

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:

• GTLS: Q4 EPS of $0.19 beats by $0.17: revenue of $260.76M beats by $34.99M: revenue -20.0% y/y: guides FY16 EPS $0.50-$1.00 vs consensus $0.63: guides FY16 revenue above consensus
• SDRL: Q4 EPS of $0.54 beats by $0.08: revenue of $959M misses by $17.11M: revenue -23.9% y/y: will announce refinancing plan to address its $10B debt in 1H16
• VALE: Q4 EPS of -$0.20 misses by $0.19: revenue of $5.9B misses by $340M: revenue -35.0% y/y: sees continued challenges for FY16
• CHS: Q4 EPS of $0.07 beats by $0.07: revenue of $627.4M beats by $2.41M: revenue -4.5% y/y: 
• DPZ: Q4 EPS of $1.15 beats by $0.04: revenue of $741.2M beats by $34.15M: revenue +15.3% y/y: raises domestic sss growth from 2-4% to 2-5%
• PF:Q4 EPS of $0.70 beats by $0.01: revenue of $722.48M misses by $5.72M: revenue +2.4% y/y:  guides FY16 adjusted EPS $2.08-$2.13 vs consensus $2.10
• KSS: Q4 EPS of $1.58 beats by$0.02: revenue of $6.39B in-line: revenue +0.8% y/y: guides FY16 EPS $4.05-$4.25 vs consensus $4.24: sss up 0.4%: raises quarterly dividend 11% to $0.50/share: 
• BBY: Q4 EPS of $1.53 beats by $0.14: revenue of $13.62B in-line: revenue -4.2% y/y: raises regular dividend 22% to $0.29/share: announces special dividend of $0.45/share: announces $1B buyback authorization
• MPG:Q4 EPS of $0.29 may not be comparable to consensus of $0.41: revenue of $735.3M: misses by $2.65M: revenue -3.5% y/y: guides FY16 revenue $2.75B-$2.95B vs consensus $2.93B: announces $25M share repurchase authorization
• CRI: Q4 EPS of $1.40 beats by $0.11: revenue of $867M beats by $12.31M: revenue -0.3% y/y: raises quarterly dividend 50% to $0.33: announces new $500M share repurchase authorization
• SHLD: Q4 EPS of -$1.70 misses by $0.34: revenue of $7.3B beats by $40M: revenue -9.9% y/y: comparable store sales fell 7.1% in Q4
• ZBRA: Q4 EPS of $1.51 beats by $0.04: revenue of $952.74M misses by $7.52M: revenue +20.5% y/y: guides Q1 EPS $1.19-$1.34 vs consensus $1.37
• RRD: Q4 EPS of $0.48 beats by 0.04: revenue of $2.93B misses by $10M: revenue -4.6% y/y: guides FY16 revenue $11.3B-$11.5B vs consensus $11.42B
• PWR: Q4 EPS of $0.30 beats by $0.02: revenue of $1.9B beats by $120M; revenue -7.3% y/y: guides FY16 adjusted EPS $1.58-$1.78 vs consensus $1.68
• VWR: Q4 EPS of $0.47 beats by $0.05: revenue of $1.11B beats by $20M: revenue +0.9% y/y: guides FY16 adjusted EPS $1.62-$1.70 vs consensus $1.68

SOME NOTABLE EARNINGS TO BE REPORTED TODAY AFTER THE CLOSE:

• ADSK, AEGR, AGO, AHT, AL, AMH, BGS, BIDU, BLOX, BMRN, CBI, CLVS, CSU, CVT, DGI, DK, DLR, ENV, EOG, EVC, GG, GPS, GSAT, HK, HLF, HWAY, IM, IMMR, INTU, KBR, KHC, KND, MACK, MAIN, MDVN, MELI, MHK, MNST, MTZ, NDLS, NNI, NTRI, OLED, OUT, OVAS, PANW, PBA, PEGA, RARE, RBA, RPTP, RRC, RRMS, RTRX, SEM, SEMG, SPLK, SSRI, STAG, STMP, SWN, TSRO, TXMD, UHS, WIFI, WPG, WTW, ZOES

ANALYSTS' RATINGS CHANGES:

UPGRADES:

• MRD: upgrade: outperform to strong by: Raymond James: pt cut from $22 to $20
• XRAY: upgrade: sell to neutral: UBS: pt raised from $50 to $60
• BIN: upgrade: sell to neutral: Credit Suisse: $32
• KEYW: upgrade: neutral to buy: Chardan Capital: $8.50
• MSCC: upgrade: outperform to Top Pick: RBC Capital: pt raised from $45 to $46
• CTB: upgrade: sell to neutral: Goldman
• ABCO: upgrade: hold to buy: Deutsche Bank: pt cut from $53 to $43
• BIN: upgrade: underperform to neutral: Credit Suisse: pt raised from $21 to $32
• CHTR: upgrade: neutral to oveweight; JP Morgan: $210

DOWNGRADES:

• LQ: downgrade: buy to hold: Stifel
• SLCA: downgrade: buy to neutral: Ladenburg: $16
• CNL: downgrade: neutral to sell: Ladenburg: pt cut from $55 to $44
• KGC: downgrade: buy to neutral: UBS
• MRC: downgrade: buy to neutral: Longbow
• RH: downgrade: outperform to neutral: Baird: pt cut from $92 to $52
• EQT: downgrade: buy to neutral: SunTrust
• POWR: downgrade: buy to hold: Canaccord
• RATE: downgrade: outperform to sector perform: RBC Capital: pt cut from $16 to $9
• ECA: downgrade; sector perform to underperform: CIBC
• TILE: downgrade: overweight to equal weight: Barclays: $17
• CVG: downgrade: outperform to market perform: Wells Fargo

INITIATIONS:

• GILD: initiated: buy: Citi: $110
• CELG: initiated: buy: Citi: $130
• REGN: initiated: buy: Citi: $480
• BIIB: initiated: buy: Citi: $345
• KITE: initiated: buy: Citi: $67
• AMGN: initiated: neutral: Citi: $165
• ALXN: initiated: neutral: Citi: $165
• MGNX: initiated: equal weight: Morgan Stanley: $20
• MLNX: initiated: overweight: Barclays: $58
• MCFT: initiated: buy: B Riley: $25
• BSX: initiated: buy: SunTrust: $21
• PSXP: initiated: overweight: Morgan Stanley: $69
• VLP: initiated: overweight: Morgan Stanley: $60
• CPPL: initiated: overweight: Morgan Stanley: $21
• ENBL: initiated: underweight: Morgan Stanley: $6

PRICE TARGET CHANGES:

• GDOT: pt raised from $19 to $22: Compass Point
• CRM: pt raised from $81 to $87: Citi
• CONE: pt raised from $41 to $45: Stifel
• MTDR: pt raised from $17 to $20: Stifel
• PE: pt raised from $24 to $26: Topeka Capital
• PE: pt raised from$26 to $27: RBC Capital
• SHOO: pt raised from $38 to $40: Telsey Advisory Group
• SLCA: pt cut from $27 to $22: Cowen
• CJES: pt cut from $5.50 to $2.25: Cowen
• TJX: pt cut from $79 to $78: Telsey Advisory Group
• TJX: pt cut from $82 to $80: Wolfe Research
• CRM: pt cut from $88 to $82: FBR Capital
• PGRE: pt cut from $18 to $16: Mizuho
• LB: pt cut from $98 to $93: FBR Capital
• DEPO: pt cut from $19 to $16: Mizuho
• BLUE: pt cut from $125 to $117: Piper Jaffray
• TOL: pt cut from $35 to $29: RBC Capital
• SM: pt cut from $24 to $15: RBC Capital
• SSTK: pt cut from $38 to $35: RBC Capital
• MRD: pt cut from $17 to $15: RBC Capital
• GIL: pt cut from $33 to $30: RBC Capital
• GIL: pt cut from $36 to $32: Stifel
• FIG: pt cut from $10 to $9: RBC Capital
• CHK: pt cut from $5 to $4: RBC Capital
• FLTX: pt cut from $62 to $56: RBC Capital
• RH: pt cut from $85 to $60: Deutsche Bank
• RIG: pt cut from $10 to $5: Credit Suisse
• ESPR: pt cut from $105 to $64: Stifel

Oil Dragging Down Markets .. Again | Morning News

FEBRUARY 24, 2016
US futures and global markets retreating at this hour, dragged down by the pressure of crude prices dropping as the very volatile oil markets reacts to every comment from OPEC and Middle Eastern oil ministers.  China shares were the exception with the Shanghai closing +0.88 after authorities guided the yuan lower. Investors face a quiet economic calendar today but do have several Fed speeches to turn to for interest rate clues.

NEWS:

• SWX: raises quarterly dividend 11.1% to $0.45
• KO: EU judges rule against Coca-Cola in bottle trademark case
• IMNP: publishes new data on eotaxin-1
• BBRY: launches new professional cybersecurity services practice to expand portfolio, reports market wired
• WMB: to put Canadian assets up for sale, could generate up to $1B, reports the WSJ
• VZ: SPLK: Verizon and Splunk join forces to advance threat detection for enterprises, reports prnewswire
• RIG: ExxonMobil terminates contract with Transocean Rig early with no compensation
• AGN: announces FDA approval for NDA and priority review of Avycaz
• FIT: AAPL: MSI: GRMN: global wearables market rose 171.6% in FY16 and 126.9% in Q4

THE ECONOMIC CALENDAR:

• 7AM: MBA Mortgage Applications
• 8AM: Fed's Lacker speaks on "Monetary Policy"
• 9:45AM: PMI Services Index Flash
• 10AM: New Home Sales
• 10:30AM: EIA Petroleum Inventories
• 1PM: $34B, 5 Year Note Aucton
• 1:15PM: Fed's Kaplan Speaks on "Monetary Policy"
• 6:30PM: Fed's Bullard speaks on "The Economy and Monetary Policy"

SOME NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

• EIX: Q4 EPS of $0.88 bats by $0.28: revenue of $2.34B misses by $1B: revenue -24.8% y/y: guides FY16 EPS $3.81-$4.01 vs consensus $3.75
• DWA: Q4 EPS of $0.55 may not be comparable to consensus of $0.16: revenue of $319.34 beats by $45.32M; revenue +36.3% y/y
• CAR: Q4 EPS of $0.18 beats by $0.01: revenue of $1.90B misses by $20M: revenue +0.5% y/y: weak EPS guidance
• CVG: Q4 EPS of $0.53 beats by $0.06: revenue of $751.8M misses by $2.22M: revenue -1.6% y/y: guides FY16 adjusted EPS growth 5-8% 
• DY: FQ2 EPS of $0.54 misses by $0.02: revenue of $559.5M beats by $15.52M: revenue +26.8% y/y: announces additional $50M added to repurchase program: guides Q3 adjusted EPS below consensus
• WBMD: Q4 EPS of $0.60 beats by $0.03: revenue of $192.1M beats by $2.17M: revenue +18.0% y/y: guides FY16 EPS above consensus: guides FY16 revenue in-line
• CZR: Q4 EPS of -$0.54 may not be comparable to consensus of -$0.09: revenue of $1.12B misses by $500M: revenue -47.4% y/y
• JAZZ: Q4 EPS of in-line: revenue $340.9M misses by $8.93M: revenue +3.9% y/y: guides FY16 adjusted EPS below guidance
• VRSK: Q4 EPS of $0.80 beats by $0.06: revenue of $560.56 misses by $5.87M; revenue +20.6% y/y
• CC: Q4 EPS of $0.03 misses by $0.05: revenue of $1.36B in-line: revenue -12.3% y/y
• CONE: Q4 FFO of $0.61 beats by $0.04: revenue of $113.3M misses by $2.06M: revenue +30.4% y/y: guides FY16 FFO $2.45-$2.55 vs consensus $2.46
• HAWK: Q4 EPS of $1.26 beats by $0.01: revenue of $381.1M in-line: revenue +22.2% y/y' guides FY16 adjusted EPS below consensus
• PZZA: Q4 EPS of $0.62 beats by $0.05: revenue of $416.82M misses by $8.94M: revenue -2.0% y/y: guides FY16 CapEx approx $55M-$60M: guides FY16 EPS $2.30-$2.40 vs consensus $2.38
• FSLR: Q4 EPS of $1.60 beats by $0.82: revenue of $942.3M beats by $13.29M: revenue -6.7% y/y:  capacity utilization hits 100% in Q4: lowers revenue guidance which is in-line with consensus

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:

• HFC: Q4 EPS of $0.24 misses by $0.06: revenue of $2.95B beats by $360M: revenue -31.1% y/y
• TJX: Q4 EPS of $0.99 beats by $0.05: Revenue of $8.96B beats by $230M: revenue +8.0% y/y: guides FY17 and Q1 EPS below consensus: announces authorization to repurchase $1.5-$2B shares of stock in FY16
• TGT: Q4 EPS of $1.52 misses by $0.02: revenue of $21.63B misses by $120M; revenue -0.6% y/y: guides FY16 adjusted EPS $5.20-$5.40 vs consensus $5.16
• MBLY: Q4 EPS of $0.15 beats by $0.01: revenue of $71.82M: beats by $1.06M: revenue +81.1% y/y: guides FY16 EPS $0.68-$0.69 vs consensus $0.70
• SSTK: Q4 EPS of $0.38 beats by $0.05 : revenue of $116M misses by $1.42M: revenue +27.2% y/y:  guides FY16 revenue below consensus
• AVA: Q4 EPS of $0.re misses by $0.05: revenue of $387.31M misses by $245.34M: revenue -6.0% y/y: guides FY16 EPS $1.96-$2.16 vs consensus $2.04
• GIL: Q4 EPS of $0.28 in-line: revenue of $543.8M beats by $37.95M: revenue +39.2% y/y
• CNK: Q4 EPS of $0.50 beats by $0.03: revenue of $707.22M misses by $5.62M: revenue +7.2% y/y: raises annual dividend 8% to $1.08/share
• AES: Q4 EPS of $0.34 beats by $0.01: revenue of $3.4B misses by $3.11B: revenue -17.1% y/y: cuts FY16 adjusted EPS guidance below consensus
• LOW: Q4 adjusted EPS of $0.59 in-line: revenue of $13.24B beats by $170M: revenue +5.6% y/y: guides FY16 EPS $4.00 vs consensus $3.97: Q4 sss +5.2%
• ADPT: Q4 adjusted EPS of $0.45 beats by $0.11: revenue of $105.43 beats by $9.21M: revenue +50.5% y/y: guides FY16 adjusted EPS $2.50 to $2.60 vs consensus $2.16
• VER: Q4 AFFO of $0.20 in-line: revenue of $383.4M beats by $32.23M: revenue -8.5% y/y: guides FY16 AFFO below consensus
• HPT: Q4 FFO of $0.54 misses by $0.01: revenue of $467.44M misses by $4.32M: revenue +8.6% y/y
• CHK: Q4 EPS of -$0.16 beats by $0.01: revenue of $2.65B beats by $20M: revenue -53.4% y/y: guides FY16 adjusted production decline of 0-5%: guides FY16 CapEx down 57%

SOME NOTABLE EARNINGS TO BE REPORTED TODAY AFTER THE CLOSE:

• ANIK, AR, AWK, BLDP, BWLT, CLGX, CLI, CLR, CRM, CW, CWT, DAVE, DOOR, DPM, DYN, EPR, ESV, ETE, ETP, FARO, FOE, FUEL, GDOT, GMED, HPQ, HTH, IL, IMAX, INN, KEYW, LB, LQ, MTDR, NFX, NLY, NTES, OAS, PE, PHH, RATE, RBCN, RICE, RIG, RLYP, SBY, SN, SPTEN, SRC, SUN, TAL, TILE, TS, TUMI, TXTR, VIPS, WES, WILL, WPX, WR, WSR, XPO

ANALYSTS' RATINGS CHANGES:

UPGRADES:

• PTCT: upgrade: underperform to hold: Jefferies: $12
• DE: upgrade: hold to buy: Argus: $85
• DKS: upgrade: neutral to buy: B Riley
• NCLH: upgrade: sell to neutral: Goldman: pt raised from $41 to $45
• XXIA: upgrade: hold to buy: Wunderlich: pt raised from $11 to  $12
• MLNX: upgrade: hold to buy: Topeka Capital: pt raised from $46 to $60
• RGA: upgrade: sell to neutral: Goldman: pt raised from $90 to $96

DOWNGRADES:

• PTCT: downgrade: outperform to sector perform: RBC Capital: pt cut from $56 to $11
• PTCT: downgrade: buy to neutral: Citi: pt cut from $90 to $13
• CJES: downgrade: buy to neutral: Citi: pt cut from $5 to $2
• RDUS: downgrade: buy to hold: Jefferies: $37
• GOLD: downgrade: outperform to sector peform: RBC Capital
• M: downgrade: buy to hold: Stifel
• F: downgrade: neutral to underperform: Credit Suisse: $13
• CNFR: downgrade: outperform to market perform: BMO Capital: $7
• NEWP: downgrade: buy to neutral; B Riley: $23
• ABCO: downgrade: outperform to market perform: FBR Capital: pt cut from $55 to $40
• SWC: downgrade: buy to neutral: Goldman: pt cut from $11 to $8
• AUY: downgrade: neutral to sell: Goldman: pt cut from $2.40 to $1.80
• TMK: downgrade: neutral to sell: Goldman
• VOYA: downgrade: conviction buy to buy: Goldman
• ENLC: downgrade: buy to neutral: UBS: $6.50
• CBRL: downgrade: buy to neutral: SunTrust: $151
• DRQ: downgrade: buy to neutral: SunTrust: pt cut from $65 to $51
• AI: downgrade: buy to neutral: Compass Point: $13

INITIATIONS:

• WWAV: initiated: buy: UBS: $49
• KHC: initiated: buy: UBS: $87
• MDLZ: initiated: buy: UBS: $47
• PF: initiated: neutral: UBS: $60
• MKC: initiated: neutral: UBS: $91
• K: initiated: neutral: UBS: $80
• HAIN: initiated: sell: UBS: $33
• CPB: initiated: sell UBS: $52
• WUBA: initiated: buy: Brean Capital: $65
• S: initiated: hold: Deutsche Bank: $3
• WIN: initiated: hold: Deutsche Bank: $6
• CTL: initiated: hold: Deutsche Bank: $28
• V: initiated: hold: Deutsche Bank: $49
• FTR: initiated: buy: Deutsche Bank: $6.50
• T: initiated: buy: Deutsche Bank: $40
• AMT: initiated: buy: Deutsche Bank: $104
• CCI: initiated: buy: Deutsche Bank: $98
• TMUS: initiated: buy: Deutsche Bank: $46
• CSRA: initiated: buy: Stifel: $41
• QURE: assumed: buy: Wainwright

PRICE TARGET CHANGES:

• M: pt raised from $40 to $44: Telsey Advisory Group
• FTR: pt raised from $6.50 to $8: Stephens
• ANGI: pt raised from $6 to $7: RBC Capital
• EIX: pt raised from $60 to $69: Mizuho
• STOR: pt raised from $25.50 to $29: Wunderlich
• ODP: pt cut from $7.50 to ^.50: Telsey Advisory
• DEPO: pt cut from $33 to $27: WallachBach
• SM: pt cut from $26 to $15: Topeka Capital
• CRZO: pt cut from $48 to $30: Imperial Capital
• CRZO: pt cut from $34 to $33: RBC Capital
• JAZZ: pt cut from $140 to$124: Mizuho
• ICPT: pt cut from $340 to $275: Citi
• SNDK: pt cut from $86.50 to $79.50: Mizuho
• WMS: pt cut from $30 to $24: RBC Capital
• AER: pt cut from $57 to $52: Cowen
• AER: pt cut from $51 to $50: FBR Capital
• ALQA: pt cut from $6 to $3: RBC Capital
• ALQA: pt cut from $4.25 to $2.25: Chardan Capital
• VIAB: pt cut from $44 to $40: Topeka Capital
• ALDR: pt cut from $62 to $41: Leerink
• DXCM: pt cut from $100 to $81; Canaccord
• BNFT: pt cut from $44 to $35: Canaccord

Housing Data | Morning News

FEBRUARY 23, 2016
US futures struggling along the flat line at this 7AM hour after most global markets traded overnight in the red. Besides the ever volatile oil market, traders will look to housing data today, as TOL reports before the opening and key readings will be on tap including existing home sales as well as the Case-Shiller home price index.

NEWS:

• COG files to sell 38M shares of common stock, priced at $20
• GOOG: GOOGL: announces plans to halt Google Compare
• TMUS: announces CIO will step down
• SFLY: reports that private equity firm is interested in purchasing the company
• XOM: COP: Wells Fargo out positive on the companies, naming them "Top Pick"
• TMO: offers EUROIMMUN Anti-Zika virus test kits, reports business wire
• PTCT: receives refuse to file letter from FDA for Translarna
• MBLY: enters new autonomous driving tech partnership with Nissan
• CSCO: announces  5 year contract with Saudi company Mobily

THE ECONOMIC CALENDAR:

• 8:55AM: Redbook Chain Store Sales
• 9AM: S&P Case-Shiller Home Price Index
• 10AM: Consumer Confidence
• 10AM: State Street Investor Confidence Index
• 10AM: Richmond Fed Manufacturing
• 10AM: Existing Home Sales
• 1PM: $26B, 2 Year Note Auction
• 8:30PM: Fed's Fischer speaks on "Monetary Policy"

SOME NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

• MDR:Q4 EPS of $0.06 beats by $0.17: revenue of $667.4M misses by $90.42M: revenue -17.2% y/y:  mixed guidance
• FIT: Q4 EPS of $0.35 beats by $0.10: revenue of $711.6M bats by $63.78M: revenue +92.2% y/y: guides Q1 adjusted EPS $0.00-$0.02 vs consensus $0.24: guides FY16 in-line
• DEPO: Q4 EPS of $0.16 misses by $0.13: revenue of $111.2M beats by $0.96: revenue -42.9% y/y: guides revenue in-line
• THC: Q4 EPS of $0.35 beats by $0.01: revenue of $5.03B beats by $210M: revenue +12.5 %y/y: guides FY16 adjusted EPS $1.18-$2.25 vs consensus $2.15
• VVC: Q4 EPS of $0.79 beats by $0.09: revenue of $604M misses by $91.24M: revenue +10.8% y/y: reaffirms FY16 EPS guidance $2.45-$2.65 vs consensus $2.53
• MSI: Q4 EPS of $1.58 beats by $0.16: revenue of $1.69B in-line: revenue -7.7% y/y: guides Q1mixed: guides FY16 above consensus
• ROG: Q4 EPS of $0.69 beats by $0.14: revenue of $152.9M beats by $7.85M; revenue +3.5% y/y:  guides EPS above consensus
• TMH: Q4 EPS of $0.61 misses by $0.01: revenue of $979.6M misses by $3.67M: revenue +23.9% y/y: strong guidance
• TXRH: Q4 EPS of $0.32 beats by $0.02: revenue of $454.35M in-line: revenue +12.3% y/y: guides FY16 CapEx $165M-$175M: views positive comparable sales growth for FY16: raises quarterly dividend 12% to $0.19/share
• LNT: Q4 EPS of $0.31 misses by $0.12: revenue of $740.1M misses by $114.41M: revenue -8.0% y/y: guides FY16 EPS $3.60-$3.90 vs consensus $3.78
• QUAD: Q4 EPS of $0.64 beats by $0.17: revenue of $133B beats by $30M: revenue -6.3% y/y:  reaffirms FY16 revenue guidance of $4.4B-$4.6B vs consensus $4.45B
• MRC: Q4 EPS of $0.12 beats by $0.10: revenue of $967M beats by $9.91M: revenue -36.0% y/y
• SPN: Q4 EPS Of -$0.41 beats by $0.10: revenue of $545.15M misses by $5.6M: revenue -53.8% y/y: guides FY16 CapEx "significantly" lower from FY15 levels

SOME NOTABLE EARNING REPORTED TODAY BEFORE THE OPENING:

• HD: Q4 EPS of $1.17 beats by $0.07: revenue of $21B beats by $6120M: revenue +9.6% y/y: guides FY16 EPS $6.12-$6.18 vs consensus $6.16: guides FY16 revenue growth in 5-6% range: raises dividend 16.9% to $0.69/share
• M: Q4 EPS of $2.09 beats by $0.20: revenue of $8.9B beats by %70M: revenue -4.9% y/y: guides FY16 EPS $3.80-$3.90 vs consensus $3.83
• FDP: Q4 EPS of -$0.11 miss by $0.15: revenue of $977.9M beats by $46.05M: revenue +5.2% y/y
• SJM: FQ3 EPS of $1.76 beats by $0.12: revenue of $1.97B misses by $80M: revenue +36.8% y/y: raises FY16 adjusted non_GAAP EPS
• STAY: Q4 EPS of $0.15 beats by $0.02: revenue of $286.34M beats by $3.41M: revenue +4.8% y/y: guides FY16 revenue in-line
• ODP: Q4 EPS of $0.07 misses by $0.04: revenue of $3.4B misses by $80M: revenue -9.1% y/y: soft FY16 guidance
• BMO: FQ1 EPS of$1.75 beats by $0.03: revenue of $5.08B beats by $200M: revenue +0.4% y/y
• CBRL: FQ2 EPS of $1.91 in-line: revenue of $764M misses by $2.71M: revenue +1.1% y/y: guides FQ3 EPS above consensus: raises FY16 adjusted EPS
• SNI: Q4 EPS of $1.35 beats by $0.34: revenue of $851.75M beats by $13.76M; revenue +27.3% y/y
• WWW: Q4 EPS of $0.17 misses by $0.01: revenue of $58.28M beats by $1.19M: revenue +56.28% y/y: guides FY16 adjusted EPS and revenue below consensus 
• AAC: guide FY16 adjusted EPS $0.95-$1.03 vs consensus $0.99
• VSI: Q4 EPS of $0.39 beats by $0.01: revenue of $293.5M miss by $0.67M: revenue +1.2% y/y: guides FY16 EPS $2.25-$2.45 vs consensus $2.35
• ICLR: Q4 EPS of $1.11 beats by $0.01: revenue of $403.35M miss by $6.07M: revenue +3.4% y/y:guides FY16 EPS $4.60-$4.80 vs consensus $4.68
• EXLS:Q4 EPS of $0.56 beats by $0.04: revenue of $165.86M beats by $2.99M: revenue +22.6% y/y:  guides FY16 adjusted EPS and revenue in-line
• TOL: FQ1 EPS of $0.40 misses by $0.01: revenue of $928.6M beats by $13.35M: revenue  +8.8% y/y: announces retirement of co-founder and Vice Chairman Bruce Toll: guides FY16 delivery of home 5700-6400

SOME NOTABLE EARNINGS TO BE  REPORTED TODAY AFTER THE CLOSE:

• ALDR, ARC, CAR, CONE, CPRT, CVG, CZR, DWA, DY, ENPH, ETSY, EXAM, EXR, FIVN, FMI, FSLR, HAWK, HLS, INFI, JAZZ, JBT, KRA, MSA, ORA, PEI, PRA, PZZA, RP, RUBI, SF, SLCA, SM, TGB, TX, VRSK, WBMD, WTR, Y

ANALYSTS' RATINGS CHANGES:

UPGRADES:

• NLY: upgrade: market perform to outperform: FBR Capital: pt raised from $11 to $12
• LNG: upgrade: neutral to buy: Goldman: pt cut from $52 to $46
• HIMX: upgrade: hold to buy: Craig Hallum: pt raised from $8 to $11
• TWTR: upgrade: market perform to outperform: Raymond James: $25
• MYCC: upgrade: underperform to neutral: Macquarie: $10
• ABBV: upgrade: neutral to buy: Citi: $65

DOWNGRADES:

• FIT: downgrade: overweight to neutral: Piper Jaffray: pt cut from $24 to $14
• FIT: downgrade: outperform to neutral: Baird: pt cut from $30 to $16
• FIT: downgrade: outperform to market perform: Leerink: pt cut from $33 to $18
• FIT: downgrade: overweight to sector weight; Pacific Crest
• CMG: downgrade: hold to sell: Deutsche Bank: $400
• SCTY: downgrade: overweight to neutral: JP Morgan: pt cut from $44 to $29
• GWR: downgrade: overweight to equal weight: Morgan Stanley: pt cut from $67 to $58
• LSTR: downgrade: equal weight to underweight: Morgan Stanley: pt cut from $57 to $56
• CMRX: downgrade: equal weight to underweight: Morgan Stanley: pt cut from $8 to $5
• UNP: downgrade: overweight to equal weight: Morgan Stanley: pt cut from $87 to $74
• CSX: downgrade: overweight to underweight: Morgan Stanley: pt cut from $26 to $20
• CCOI: downgrade: overweight to neutral: JP Morgan: $38
• X: downgrade: outperform to market perform: Cowen: pt cut from $30 to $8
• MT: downgrade: outperform to market perform: Cowen
• JONE: downgrade: outperform to in-line: Imperial Capital: pt cut from $7.50 to $1.25
• VLRS: downgrade: outperform to market perform: Cowen: pt raised from $20 to $21
• FCX: downgrade: neutral to sell: Citi
• EXC: downgrade: neutral to sell: Citi
• VRN: downgrade: outperform to underperform: Raymond James
• EVEP: downgradE: neutral to underperform: BofA/Merrill: $1
• MEMP: downgrade: neutral to underperform: BofA/Merrill: $1
• VNR: downgrade: neutral to underperform: BofA/Merrill: $2
• CPPL: downgrade: outperform to neutral: Credit Suisse: $22
• CRC: downgrade: buy to neutral: BofA/Merrill: $2
• AGR: downgrade: buy to neutral: Janney Capital: to cut from $44 to $39
• OREX: downgrade: outperform to market perform: Leerink
• CMRX: downgrade: overweight to equal weight; Barclays: pt cut from $12 to $6
• CMRX: downgrade: buy to neutral: Citigroup: to cut from $13 to $9
• LADR: downgrade; outperform to market perform: Keefe Bruyette: $13
• CERN: downgrade: buy to neutral: Goldman: pt cut from $62 to $54

INITIATIONS:

• IDCC: initiated: buy: B Riley: $65
• OCRX: initiated: buy: Brean Capital: $10
• SEDG: initiated: overweight; JP Morgan: $34
• SALE: initiated: neutral: Wedbush: $7

PRICE TARGET CHANGES:

• TXRH: pt raised from $41 to $42: RBC Capital
• SAVE: pt raised from $46 to $57: Citi
• EDR: pt raised from $42 to $45: Canaccord
• EDR: pt raised from $40 to $43: RBC Capital
• MU: pt raised from $12 to $13: Mizuho
• PDCE: pt raised from $66 to $69: Wunderlich
• KMI: pt raised from $17 to $19: Stifel
• PSIX: pt cut from $23 to $18: Wunderlich
• CMRX: pt cut from $14 to $10: FBR Capital
• DEPO: pt cut from $26 to $24: RBC Capital
• ELGX: pt cut from $15 to $11: RBC Capital
• IPLX: pt cut from $48 to $40: RBC Capital
• CIE: pt cut from $7 to $6: RBC Capital
• PEG: pt cut from $43 to $44: RBC Capital
• POLI: pt cut from $5 to $4: RBC Capitl
• FIT: pt cut from $38 to $20: MIzuho
• ONDK: pt cut from $14 to $11: FBR Capital
• SBRA: pt cut from $26 to $24: FBR Capital
• IPXL: pt cut from $55 to $43: Susquehanna
• BMRN: pt cut from $149 to $120: Leerink
• AGN: pt cut from $396 to $340: Canaccord