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

Oil Rebounds | Morning News

FEBRUARY 22. 2016
US futures point to a strong opening as equities around the world trade in the green. The Shanghai surged 2.3% after China announces removal of the country's chief stocks regulator. Giving support to the markets, crude prices rebounded, moving higher following steep losses on Friday with US crude moving back above $30 after a fall in US rig count, reports of upcoming shale bankruptcies, challenges of Iran retiring to the global marks and more support for an oil freeze from OPEC countries.

NEWS:

• APC: CLR: HES: MUR: SWN: WED: cut to junk by Moody's
• NFG: NBL: cut to Baa3 by Moody's (this is one notch above junk)
• GRPN: rumors circulate that Alibaba might buy a bigger stake or even mount a takeover big for Groupon
• TRVN:  Jefferies out positive on the stock into Q2 on TRV027 phase lib trial
• DGI: has formed a joint venture with two Saudi firms to form satellite venture
• YHOO: Yahoo approaching potential buyers as soon as today, reports Bloomberg
• PFE: FDA approves expanded use of break cancer drug, IBRANCE
• AN: announces an authorization of an additional $250M to buyback
• CSOD: Praesidium Investment discloses a 6% stake in the company
• FB: Facebook creates "social virtual reality: team, reports Financial Times
• NTRI: added to B Riley's "Focus List"
• FLWS: removed from B Riley's "Focus List"
• MSTX: complete patient enrollment for it's phase 3 EPIC study
• IMAX: IMAX and Pathe plans announces 5 theatre agreement in Switzerland and France
• SNY: announces that the FDA has accepted NDA for Insulin Glargine, Lixedenatide combo
• AMGN: UCB announces that FRAME study met all primary endpoints, however one secondary endpoint was not met
• LL: CDC rules that the cancer risk with Lumber Liquidators flooring is higher than reported
• KTOS: announces $37M DofD contract for AFSAT peculiar spares
• BMY: announces 91% success in phase trial of hep C drug regimen
• HSBC: SEC investigating HSBC over Asia hiring practices
• BABA: China suspends Alibaba Health-run online drug monitoring platform, reports Fortune

IN BARRONS OVER THE WEEKEND:

• SYF: Synchrony, a growing credit card powerhouse, could grow 40% this year, reports Lawrence Strauss
• BABA: SIG: HGC: Analysts Herb Greenberg and Donn Vickrey make the case against Alibaba, Signet Jewelers and Home Capital Group, writes Bill Alpert
• PDCO: Could see big gains in its dental and veterinary supplies units, reports David Englander

THE ECONOMIC CALENDAR:

• 8:30AM: Chicago Fed National Activity Index
• 9:45AM: PMI Manufacturing Index Flash

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:

• EVHC: Q4 EPS of $0.35 in-line: revenue of $1.48B beats by $30M: revenue +27.6% y/y: guides FY16 adjusted EPS $1.31-$1.51 vs consensus $1.49
• DF: Q4 EPS of $0.36 beats by $0.02: revenue of $2.02B misses by $50M: revenue -15.8% y/y: solid guidance
• KOS: Q4 EPS of $0.40 beats by $0.09: revenue of $121.89M misses by $46.03M: revenue -31.6 % y/y: guides FY16 CapEx $650M, down 20% y/y
• VLRS: Q4 EPS of $0.38 beats by $0.11: revenue of $296M beats by $38.29M: revenue +10.0% y/y
• I: Q4 EPS of $0.55 may not be comparable to consensus of $0.36: revenue of $571.26M misses by $4.62M: revenue -7.7% y/y: guides FY16 revenue below consensus
• AGN: Q4 EPS of $3.41 beats by $0.07: revenue of $4.2B beats by $10M: revenue +73.6% y/y: guides FY16 revenue $17B vs consensus $17.66B: Botox revenue rises
• IPXL: Q4 EPS of $0.62 beats by $0.16: revenue of $282.1M beats by $59.26M: revenue +115.% y/y: 

SOME NOTABLE EARNINGS TO BE REPORTED TODAY AFTER THE CLOSE:

• ACC, CHMT, CRZO, DDDS, DEPO, FIT, HLX, HURN, IPSH, IVR, LNT, MDR, MIC, MRC, MSI, NDSN, NLS, OKE, OKS, ONDK, PEB, PSIX, QTS, QUAD, RAIL, ROG, SGY, SHO, SPN, THC, TMH, VECO, VVC

ANALYSTS' RATINGS CHANGES:

UPGRADES:

• CBRL: upgrade: market perform to outperform: Telsey Advisory: $160
• SMI: upgrade: neutral to overweight; JP Morgan
• IMAX: upgrade: market perform to outperform: Wedbush: $38
• SJW: upgrade: neutral to outperform: Baird: pt raised from $35 to $39
• FRC: upgrade: hold to buy: Jefferies: $70
• WCG: upgrade: underperform to neutral: BofA/Merrill: pt raised from $70 to $90
• CSX: upgrade: neutral to buy: BofA/Merrill: $28
• SWFT: upgrade: neutral to buy: BofA/Merrill: $21
• KNX: upgrade: neutral to buy: BofA/Merrill: pt raised from $24 to $28
• WERN: upgrade: underperform to neutral: BofA/Merrill: pt raised from $25 to $28
• STBA: upgrade: neutral to outpeform: Boenning & Scattergood: $30.50
• CREE: upgrade: neutral to overweight: Piper Jaffray: pt raised from $27 to $37
• GWR: upgrade: underperform to neutral: BofA/Merrill: $60

DOWNGRADES:

• HR: downgrade: buy to neutral: Mizuho: $29
• ESRX: downgrade: hold to sell: Deutsche Bank: pt cut from $93 to $61
• LNKD: downgrade: conviction buy to buy: Goldman: pt cut from $200 to $155
• GPOR: downgrade: buy to neutral: Euro Pacific
• FLS: downgrade: buy to hold: Maxim Group: pt cut from $48 to $45
• PRGO: downgrade: neutral to sell: Goldman: pt cut from $160 to $124
• SF: downgrade: neutral to underperform: Credit Suisse: pt cut from $44 to $27
• TRIP: downgrade: hold to sell: Stifel: $53
• EXPE: downgrade: hold to sell: Stifel: $95
• ARII: downgrade: hold to underweight; BB&T
• CCC: downgrade: buy to hold: BB&T:
• DLNG: downgrade: buy to hold: Deutsche Bank: $9
• EPE: downgrade: outperform to market perform: Northland: pt cut from $10 to $2
• BAS: downgrade: market perform to underperform: Raymond James

INITIATIONS:

• HPE: initiated: neutral: Macquarie: $13
• JCP: initiated: market perform: Cowen: $8

PRICE TARGET CHANGES:

• EQIX: pt raised from $325 to $345: RBC Capital
• PEG: pt raised from $45-46 range to $49-51: Wells Fargo
• PWN: pt raised from $68to $69: RBC Capital
• FLS: pt raised from $33 to $35: RBC Capital
• CBRL: pt raised from $150 to $155: Maxim Group
• AMCX: pt cut from $79 to $71: Topeka Capital
• VFC: pt cut from $75 to $70: Telsey Advsiory
• DUK: pt cut from $75 to $72: Mizuho
• TRN: pt cut from $31 to $21: Cowen
• CAA: pt cut from $44 to $32: FBR Capital
• DNR: pt cut from $2.50 to $1.50: RBC Capital
• HT: pt cut from $26 to $24: RBC Capital
• NMBL: pt cut from $16 to $8: RBC Capital
• LHO: pt cut from $32 to $28: RBC Capital
• HCN: pt cut from $73 to $70: RBC Capital
• CMRX: pt cut from $14 to $7: Janney Capital
• TRN: pt cut from $27 to $20: Stifel

Oil Takes Center Stage Again | Morning News

FEBRUARY 19.2016
US futures point to a modestly lower opening, snapping a three day winning streak as global market sell off with oil clearly in the headlights. Overnight, crude remained volatile, trading lower after yesterday's comment from a Saudi official stating that his country was not prepared to cut oil production. Adding pressure to the already weak commodity was the EIA data that showed a jump in petroleum inventories to record levels. Investors will keep their attention on the OPEC countries comments, as well as the Baker-Hughes rig count set to be reported today at 1PM EST.

NEWS:

• ATHM: raises quarterly dividend 4% to $0.65/share
• SNI: raises quarterly dividend 8.7% to $0.25/share
• ATW: cancels quarterly dividend
• BEAV: raises quarterly dividend 10.5% to $0.21/share
• YHOO: forms independent committee to explore strategic alternatives
• AZN: Zurampic approved by European Commission for gout
• SPPI: announces FDA acceptance of NDA filing for EOquin
• C: announces plans to sell Brazil, Argentine and Columbia retail banking businesses
• INO: Piper Jaffray out positive on the company amid the Zika virus worry: Piper has a $31 pt on the stock and overweight rating
• AAPL: Apple has been given until Feb 26th to respond to iPhone hack order

THE ECONOMIC CALENDAR:

• 8AM: Fed's Mester speaks on "Economic Outlook"
• 8:30AM: Consumer Price Index
• 1PM: Baker-Hughes Rig Count

SOME NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

• JWN: Q4 EPS of $1.17 misses by $0.05: revenue of $4.2B misses by $20M: revenue +4.0% y/y: guides FY16 EPS $3.10-$3.35 vx consensus $3.53
• AMAT: FQ1 EPS of $0.26 beats by $0.01: revenue of $2.26B beats by $20M: revenue  -4.2% y/y: guides Q2 adjusted EPS $0.30-$0.34 vs consensus $0.26
• EQIX: Q4 FFO of $2.85 misses by $0.66: revenue of $730.46M beats by $14.57M: revenue +14.5% y/y: raises quarterly dividend 3.6% to $1.75: guides Q1 revenue $838-$832 vx consensus $755.19M
• AHS: Q4 EPS of $0.47 beats by $0.06: revenue of $402.55M beats by $14.94M; revenue +43.9% y/y: guides Q1 revenue $444M-$450M vs consensus $394.13M
• MDRX: Q4 EPS of $0.13 in-line: revenue of $345.6M misses by $112.31M; revenue +0.7% y/y: guides FY16 EPS $0.55-$0.62 vx consensus $0.58
• SAM: Q4 EPS of $1.21 beats by $0.08: revenue of $215.13M misses by $9.05M; revenue -1.2% y/y: guides FY16 EPS $1.21 vs consensus $1.13
• CAA: Q4 EPS of $1.04 beats by $0.28: revenue of $1.67B misses by $110M; revenue +121/6% y/y
• FLR: Q4 EPS of $0.68 misses by $0.25: revenue of $4.12B misses by $420M; revenue -24.5% y/y: reaffirms FY16 EPS guidance $3.50-$4.00 vx consensus $3.72
• FLS: Q4 EPS of $0.89 misses by $0.03: revenue of $1.29B beats by $70M: revenue -6.5% y/y: reaffirms FY16 adjusted EPS guidance $2.40-$2.75 vs consensus $2.65
• KEYS: FQ1 EPS of $0.55 beats by $0.06: revenue of $726M beats by $10.7M; revenue+3.6% y/y: announces new $200M share repurchase authorization

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:

• COMM: Q4 EPS of $0.42 in-line: revenue of $1.14B misses by $20M: revenue +37.7% y/y: guides FY16 adjusted EPS $2.25-$2.35 vs consensus $2.25: guides FY16 revenue $4.9b-$5.05B vs consensus $4.97B
• DE: FQ1 EPS of $0.80 beats by $0.10: revenue of $4.77B miss by $170M: revenue -14.8% y/y: guides Q2 equipment sales down 8%: guides FY16 equipment sales down 10%
• THRM: Q4 EPS of $0.56 in-line: revenue $212.3M misses by $5.24M: revenue +3.5% y/y:  guides FY16 revenue up 10% y/y
• CST: Q4 EPS of $0.55 beats by $0.10: revenue of $2.11B misses by $410M; revenue -21.9% y/y
• BRC:  FQ2 EPS of $0.30 beats by $0.07: revenue of $268.63M beats by $10.53M: revenue -5.0% y/y: raises FY16 EPS guidance to $1.20-$1.35 from $1.20-$1.30 vs consensus $1.26: announces authorization of 2M share increase to buyback plan 
• COG: Q4 EPS of -$0.02 beats by $0.02: revenue of $280.79M misses by $53.36M: revenue -54.6% y/y
• B:Q4 EPS of $0.60 misses by $0.06: revenue of $287.03M misses by $21.25M: revenue -7.5% y/y:  guides FY16 adjusted EPS $2.43-$2.56 vs consensus $2.53
• AUY: Q4 EPS of -$0.01 beats by $0.01: revenue of $463M misses by $9.82M: revenue -14.7% y/y
• ENB: Q4 EPS of C$0.58 beats by C$0.06: revenue of C$8.91B misses by C$110M: revenue +1.3% y/y
• VFC: Q4 EPS of $0.95 misses by $0.06: revenue of $3.41B misses by $230M: revenue -4.7% y/y

ANALYSTS' RATINGS CHANGES:

UPGRADES:

• TCRD: upgrade: market perform to outperform: Keefe Bruyette
• AMAT: upgrade: hold to buy: Needham: $22
• CHH: upgrade: underweight to neutral: JP Morgan: $46
• VRTU: upgrade: neutral to buy: SunTrust: pt cut from $52 to $40
• BCC: upgrade: market perform to outperform: BMO Capital: $23
• MDCA: upgrade: market perform to outperform: BMO Capital: pt raised from $20 to $22
• MCY: upgrade: underperform to market perform: Raymond James

DOWNGRADES:

• CXP: downgrade: hold to sell: Goldman: pt cut from $24 to $18
• BBY: downgrade: buy to neutral: Goldman: $33
• DUK: downgrade: overweight to neutral: JP Morgan: $81
• SYNT: downgrade: outperform to market perform: Wells Fargo: pt range cut from $51-$53 to $44-$46
• FLR: downgrade: outperform to market perform: FBR Capital: pt cut from $57 to $46
• LADR: downgrade: outperform to market perform: Wells Fargo: pt cut from $23 to $21.50
• ETR: downgrade: overweight to equal weight; Barclays: $76
• PRGO: downgrade: buy to neutral: B Riley: pt cut from $239 to $146
• IM: downgrade: outperform to market perform: Raymond James
• BKCC: downgrade: outperform to market perform: Keefe Bruyette: pt cut from $10.50 to $9.50
• CLMT: downgrade: buy to neutral: Credit Suisse: $18
• EPE: downgrade; buy to neutral: UBS: pt cut from $4.50 to $2.75
• TRUE: downgrade: outperform to market perform: JMP Securities
• TRN: downgrade: buy to underweight: BB&T:
• RS: downgrade: buy to neutral: BofA/Merrill: $62

INITIATIONS:

• LAYN: initiated: buy: Maxim Group: $8
• ACN: initiated: outperform: Cowen: $115
• CTSH: initiated: outperform: Cowen: $65
• EXLS: initiated: outperform: Cowen: $52
• INFY: initiated: market perform: Cowen: $18
• VFC: initiated: outperform: Macquarie: $90
• RARE: initiated: outperform: Leerink: $80
• BERY: initiated: outperform: RBC Capital: $38
• SEE: initiated: outperform: RBC Capital: $53
• MPLX: initiated: buy: Goldman: $30
• OSIS: initiated: buy: B Riley: $71.50
• WFT: initiated: buy: DA Davidson: $9
• SLB: initiated: buy: DA Davidson: $94
• HAL: initiated: buy: DA Davidson: $41
• BHI: initiated: buy: DA Davidson: $54 
• MNK: initiated: outperform: Wells Fargo: pt range $75-$78
• VRX: initiated: underperform: Wells Fargo: $65-$68
• AGN: initiated: outperform: Wells Fargo: pt range $345-$350

PRICE TARGET CHANGES:

• VA: pt raised from $30 to $34: Cowen
• HR: pt raised from $27 to $29: RBC Capital
• ROVI: pt raised from $23 to $34: JP Morgan
• SFLY: pt raised from $49 to $51: Axiom Capital
• H: pt raised from $47 to $40: Telsey Advisory Group
• ONE: pt raised from $3 to $4.50: Compass Point
• SIX: pt raised from $58 to $60: Janney Capital
• CMG: pt raised from $551 to $605: Citi
• AXE: pt cut from $70 to $49: Imperial Capital
• HCN: pt cut from $66 to $60: Mizuho
• TWX: pt cut from $81 to $73: FBR Capital
• PSIX: pt cut from $40 to $23: Wunderlich
• JWN: pt cut from $80 to $69: Topeka Capital
• JWN: pt cut from $57 to $52: Telsey Advisory Group
• NMIH: pt cut from $11 to $8: FBR Capital
• LGF: pt cut from $31 to $23: FBR Capital
• DISCA: pt cut from $33 to $28: FBR Capital
• CHH: pt cut from $52 to $51: Telsey Advisory Group
• ATHM: pt cut from $43 to $35: Brean Capital
• VMI: pt cut from $121 to $118: Wedbush
• JACK: pt cut from $105 to $90: Wedbush
• MDCA: pt cut from $26 to $24: Wedbush
• PRT: pt cut from $18 to $77: Wedbush
• MDRX: pt cut from $19 to $17: RBC Capital
• MRO: pt cut from $15 to $13: RBC Capital
• SPLK: pt cut from $69 to $56: RBC Capital
• PANW: pt cut from $205 to $185: RBC Capital
• GEL: pt cut from $44 to $38: RBC Capital

Patience is Mandatory | Morning News

FEBRUARY 18, 2016
US futures follow mostly green arrows around the world, pointing to added gains at this hour as investors weigh the Feds' Bullard's comment that raising interest rates would be unwise. Overnight, crude gained another leg up, adding to yesterday's strength after Iran's oil minister said he would support a production ceiling to stabilize oil prices.

NEWS:

• TM: recalls 1M+ RAV4's on seat belt flaw
• ZFGN: announces successful mid-stage obesity study for beloranib
• ATHX: announces one year follow up shows encouraging results from MultiStem therapy
• KAR: raises quarterly dividend 7.2% to $0.29
• FL: raises quarterly dividend 10% to $0.275
• DLR: raises quarterly dividend 3.5% to $0.88
• NHI: raises quarterly dividend 5.9% to $0.90
• IM: Chinese logistics firm Tianjim Tianhai to acquire Ingram Micro in $6B deal or $38.90/share (TECD, SNX, ARW trading higher on this news)
• COP: announces an additional $300M will be added to their buyback
• MRVL: announces that the company has settled the Carnegie Mellon's infringement suit for $750M
• RDY: announces authorization of a share repurchases plan to up to $235M
• AMZN: Amazon expanding deliveries by its "on-demand" drivers, reports reuters
• EA: prices $1B in senior debt: announces that it may use some proceeds for $500M buyback

THE ECONOMIC CALENDAR:

• 7:30AM: ECB minutes of January meeting
• 8:30AM: Weekly Jobless Claims
• 8:30AM: Philly Fed Business Outlook
• 9:45AM: Bloomberg Consumer Comfort Index
• 10AM: Leading Indicators
• 10:30AM: EIA Natural Gas Inventory
• 10:30AM: EIA Petroleum Inventories
• 4:30: Money Supply and Fed Balance Sheet

SOME NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

• NVDA: Q4 EPS of $0.52 beats by $0.20: revenue of $1.4B beats by $90M: revenue +12.0% y/y:  guides revenue above consensus: announces plans to cut 12% of workforce
• ARRS: Q4 EPS of $0.62 beats by $0.15: revenue of $1.1B misses by $30M: revenue -12.7% y/y: soft Q1 guidance
• CF: Q4 EPS of $0.76 misses by $0.06: revenue of $1.12B beats by $40M: revenue -8.2% y/y
• JACK: FQ1 EPS of $0.93 misses by $0.10: revenue of $470.82M misses by $4.67M: revenue +0.5% y/y: lowers guidance but remains in-line
• ABX: Q4 EPS of $0.08 beats by $0.02: revenue of $2.24B beats by $20M; revenue -10.8% y/y: guides FY16 CapEx $1.35-$1.65
• SNPS: FQ1 EPS of $0.68 beats by $0.06: revenue of $568.6M in-line: revenue +4.9% y/y: guides Q2 above estimates: reaffirms FY16 guidance
• BRCD: FQ1 EPS of $0.29 beats by $0.05: revenue of $574M beats by $12.84M: revenue -0.4% y/y: guides in-line
• SPWR: Q4 EPS of $1.73 beats by $0.20: revenue of $1.36B beats by $90M: revenue +123.1% y/y: lowers guidance
• NTAP:FQ3 EOS if $0.70 beats by $0.02: revenue of $1.39B misses by $60M: revenue -10.3% y/y:  guides below consensus
• LZB: FQ3 EPS of $0.43 beats by $0.03: revenue of $384.01M beats by $7.47M: revenue +7.3% y/y: 
• MRO: Q4 EPS of -$0.48 in-line: revenue of $1.48B beats by $310M: revenue -40.8% y/y:  cutting CapEx by 50%+
• OIS: Q4 EPS  of 40.13 beats by $0.15: revenue of $234.47M misses by $13.35M: revenue -51.5% y/y: announces resignation of chairman Stephen Wells
• GDDY: Q4 EPS of $0.00 beats by $0.03: revenue of $425.4M beats by $1.93M; revenue +14.4% y/y: guides sales in-line
• IPAS: Q4 EPS of -$0.04 misses by $0.01: revenue of $15.42M misses by $0.54: revenue -10.1% y/y: announces plants to cut 30% of workforce: guides revenue below consensus
• MAR: Q4 EPS of $0.77 beats by $0.01: revenue of $3.71B misses by $10M: revenue +4.2% y/y: guides FY16 EPS in-line
• CPA: Q4 EPS of $0.73 beats by $0.10: revenue of $532.6M misses by $11.07M: revenue -18.6% y/y
• ALB: Q4 EPS of $1.03 beats by $0.20: revenue of $930.3M beats by $44.56M: revenue +55.4% y/y: guides FY16 adjusted EPS of $3.45-$3.80 vs consensus $3.90
• GPOR: Q4 EPS of -$.016 misses by $0.05: revenue of $190.3M beats by $29.29M: revenue -28.9% y/y:guides Fy16 CapEx $425M-$475M, down 36% 36%-43% y/y
• NEM: Q4 EPS of $0.04 misses by $0.08: revenue of $1.82B in-line: revenue -9.9% y/y

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:

• PRGO:Q4 EPS Of $1.80 misses by $0.12: revenue of $1.42B misses by $40M: revenue +32.7% y/y:  guides FY16 adjusted EPS $9.50-$9.80 vs consensus $9.74
• DISH: FY15 EPS of $1.61 may not be comparable to consensus of $1.97: revenue of $15.1B beats by $80M: revenue +3.1% y/y
• MGM: Q4 EPS of -$0.05 misses by $0.13: revenue of $2.19B misses by $60M: revenue -8.4% y/y
• SODA: Q4 EPS of $0.24 beats by $0.07: revenue of $112.94M beats by $2.79M: revenue -10.7% y/y
• VA: Q4 EPS of $1.20 in-line: revenue of $391.47M misses by $0.69M: revenue +5.2% y/y: guides Q1 PRASM down 3-5%
• MPEL: Q4 EPS of $0.09 beats by $0.04: revenue of $1.06B in-line: revenue -5.4% y/y
• WMT: Q4 EPS of $1.49 beats by $0.06: revenue of $129.7B misses by $950M: revenue -1.4% y/y:  raises annual dividend to $2.00 from $1.96/share: cuts sales guidance:  sss +0.6% vs consensus 0.9%
• HOT: Q4 EPS ex-items $0.89 beats by $0.10: guides FY16 EPS before special times $2.74-$2.84 vs consensus $3.27: guides Q1 EPS $0.56-$0.59 vs consensus $0.71
• CAB: Q4 EPS of $1.26 beats by $0.05: revenue of $1.4B beats by $20M: revenue +10.2% y/y: guides FY16 revenue high single digit growth
• BCC: Q4 EPS of $0.06 misses by $0.22: revenue of $876.54 beats by $19.55M: revenue +1.7% y/y: lowers Q1 EBITDA guidance in Wood Products business: guides FY16 CapEx $85M-$95M
• KEG: Q4 EPS of -$0.27 beats by $0.04: revenue of $150.2M misses by $2.92M: revenue -57.7% y/y
• H: Q4 EPS of $0.21 misses by $0.03: revenue of $1.11B beats by $10M: revenue +2.8% y/y: guides comparable systemwide RevPAR up 3%-5%
• WM:  Q4 EPS of $0.71 beats by $0.03: revenue of $3.25B misses by $30M: revenue -5.5% y/y: guides FY16 adjusted EPS $2.74-$2.79 vs consensus $2.76
• VAL: FQ1 EPS of $0.66 beats by $0.01: revenue of $885.8M misses by $20.5M: revenue -12.3 % y/y: guides FY16 adjusted EPS $4.80-$5.00 vs consensus $4.88
• GTS: Q4 EPS of $0.45 beats by $0.20: revenue of $768.34M beats by $1.99M; revenue +35.9% y/y
• DAN:Q4 EPS of $0.34 misses by $0.03: revenue of $1.38B beats by $30M: revenue -12.7% y/y
• DUK: Q4 EPS of $0.87 misses by $0.03: guides FY16 adjusted EPS $4.50-$4.70 vs consensus $4.66
• NI: Q4 EPS of $0.31 beats by $0.01: revenue of $1.12B misses by $160M: revenue -19/4% y/y: reaffirms FY16 EPS of $1.00-$1.10 vx consensus $1.06
• NHI: Q4 FFO of $1.17 in-line: revenue of $58.07M beats by $1.5M; revenue +28.4% y/y: guides FY16 FFO 4$4.82-$4.88 vs consensus $4.90

SOME NOTABLE EARNINGS TO BE REPORTED TODAY AFTER THE CLOSE:

• AHS, AMAT, ANET, ARII, AUY, BAS, CAA, CENX, CHEF, CUBE, ECOL, ED, EQIX, FLR, FLS, FR, HTA, INAP, IRWD, JWN, KEYS, LHO, MDRX, MRIN, SAM, TRN, TRUE, WAGE, WIRE, WRE, YUME

ANALYSTS' RATINGS CHANGES:

UPGRADES:

• ATRO: upgrade; sector weight to overweight: KeyBanc: $35
• STNG: upgrade: hold to buy: Deutsche Bank: $9
• RHT: upgrade: neutral to buy: Citi: pt cut from $82 to $79
• AMZN: upgrade: hold to buy: Canaccord: pt raised from $600 to $750
• SHOP: upgrade: hold to buy: Canaccord: $30
• HT: upgrade: market perform to outperform: FBR Capital: pt raised from $26 to $28
• STM: upgrade: sell to neutral: UBS:
• DORM: upgrade: sell to neutral: B Riley
• CVA: upgrade: hold to buy: Stifel: $16.50
• BA: upgrade: underperform to neutral: Buckingham
• BRCD: upgrade: hold to buy: Wunderlich: pt raised from $9.50 to $10.50
• OCUL: upgrade: equal weight to overweight: Morgan Stanley: $15
• LXK: upgrade: sell to underperform: Credit Suisse: $31
• IBM: upgrade: equal weight to overweight: Morgan Stanley: pt raised from $135 to  $140 

DOWNGRADES:

• MEP: downgrade: outperform to underperform: Credit Suisse: pt cut from $16 to $5
• GRMN: downgrade: neutral to underweight: JP Morgan: pt raised from $33 to $36
• ENLC: downgrade; buy to hold: Wunderlich: pt cut from $17 to $8
• NTAP: downgrade: buy to neutral: Baird: pt cut from $35 to $27
• HRL: downgrade: market perform to underperform: CLSA
• FANG: downgrade: buy to hold: Canaccord: pt cut from $71 to $65
• TMH: downgrade: buy to neutral: UBS: pt cut from $67 to $40
• DNKN: downgrade: buy to neutral: CL King
• IM: downgrade: buy to neutral: Citi
• MKC: downgrade: buy to hold: BB&T: 
• EVEP: downgrade: market perform to underperform: Wells Fargo: pt cut from $3-$6 to $1-$4
• LNCO: downgrade:market perform to underperform: Wells Fargo: pt cut to $0-$1

INITIATIONS:

• ADHD: initiated: buy: Jefferies: $10
• SHOO: initiated: buy: Jefferies: $40
• SWN: initiated: buy: Drexel Hamilton: $13
• TRN: initiated: sell: Axiom: $10
• MGNX: initiated: buy: Janney Capital: $36
• RICE: initiated: buy: Drexel Hamilton: $18
• RRC: initiated: buy: Drexel Hamilton: $37
• COG: initiated: buy: Drexel Hamilton: $25
• GTT: initiated: buy: SunTrust: $27
• VSTO: initiated: buy: DA Davidson: $58
• BLKB: initiated: buy: Wunderlich: $69
• PAYC: initiated: buy: Wunderlich: $34

PRICE TARGET CHANGES:

• MRVL: pt raised from $12 to $15: Cowen
• PCLN: pt raised from $1300 to $1460: Oppenheimer
• URBN: pt raised from $23 to $25: RBC Capital
• ITRI: pt raised from $42 to $47: Baird
• NVDA: pt raised from $30 to $34: Wedbush
• NVDA: pt raised fro $38 to $40: Jefferies (reaffirms Top Pick)
• GPOR: pt raised from $30 to $32: Stifel
• DPS: pt raised from $98 to $102: Stifel
• NTAP: pt cut from $43 to $40: Maxim Group
• TYL: pt cut from $211 to $201: Maxim Group
• ARRS; pt cut from $34 to $28: Needham
• CLMT: pt cut from $27 to $22: RBC Capital
• CLMT: pt cut from $32 to $23: Cowen
• SCCO: pt cut from $26 to $24: Cowen
• KALU: pt cut from $88 to $86: Cowen
• FTI: pt cut from $37 to $29: Cowen
• NBR: pt cut from $13.50 to $8.75: Cowen
• SPWR: pt cut from $43 to $38: Cowen
• FUN: pt cut from $64 to $60: FBR Capital
• WCIC: pt cut from $28 to $23: FBR Capital
• CNK: pt cut from $45 to $44: Topeka Capital
• EGN: pt cut from $40 to $35: Topeka Capital
• GPOR: pt cut from $42 to $38: Topeka Capital
• HTS: pt cut from $18 to $16.50: Compass Point
• SCOR: pt cut from $62 to $60: Telsey Advisory
• TOL: pt cut from $37 to $35: RBC Capital
• TEP: pt cut from $48 to $40: RBC Capital
• ENLC: pt cut from $16 to $10: RBC Capital
• ENLK: pt cut from $20 to $14: RBC Capital
• DVN: pt cut from $50 to $35: RBC Capital
• CVA: pt cut from $18.50 to $17: Imperial Capital
• CYBR: pt cut from $42 to $41: Imperial Capital
• WPX: pt cut from $10 to $5.50: Imperial Capital
• SPLK: pt cut from $81 to $44: Citi
• RIG: pt cut from $6 to 42: Citi
• CSLT: pt cut from $7 to $6: Stifel
• DLNG: pt cut from $20 to $18: Stifel
• CYH: pt cut from $35 to $27: UBS
• GWPH: pt cut from $129 to $100: Leerink
• PANW: pt cut from $220 to $165: JMP Securities

FOMC and OPEC in focus | Morning News

FEBRUARY 17. 2016
US futures point to a higher opening following Europe into the green as investors await a plethora of economic data this morning including PPI and industrial production numbers, as well as E-commerce retail sales. This afternoon minutes from the FOMC meeting will be announced at 2PM EST.  Adding fuel to the rally, late yesterday, voting Fed member, Rosengren, commented that "monetary policy normalization should be unhurried". Overnight, crude found support as the commodity remains volatile into the OPEC meeting later today.

NEWS:

• KMI: Berkshire Hathaway reports a new 26.5M share stake in Kinder Morgan
• CCE: raises quarterly dividend 7.1% to $0.30
• ADI: raises quarterly dividend 5% to $0.42
• CMI: files automatic securities shelf
• QRVO: announces $500M accelerated buyback authorization
• STJ: announces FDA approval of a new treatment therapy for patients suffering from chronic intractable pain
• OCUL: announces late stage development plan of OTX-TP with a lower efficacy bar
• FLXN: reports successful results in phase 3 clinical trial assessing lead product candidate, FX006 
• MDT: FDA approves Metronic DBS for people with Parkinson's Disease with recent onset of motor complications, reports nasdaq
• RGLS: HCV candidate shows 97% cure rate after eight weeks in mid-stage study
• EGN: files to sell 12M shares of common stock
• TEX: Zoomlion confirms offer to buy US crane maker Terex for $30/share
• INO: DNA vaccine for Zika Virus demonstrated potential, shows response in mice
• XON: Wunderlich sees Zika as an opportunity for Intrexon
• BA: in a $1.3B deal, Okay Airlines commits for twelve 737s, pending Chinese government approval 
• BA: says 787 production will ramp to 12 per month by summer, reports reuters
• MAT: Stifel out positive on Mattel on new product lines 
• WIX: City Football Group and Wix.com announce formation of a global partnership
• AZN: bladder cancer drug, durvalumab, granted breakthough designation 
• SCTY: Elon Musk raises stake in Solar City from 21.7% to 22.6%

THE ECONOMIC CALENDAR:

• 7AM: MBA Mortgage Applications
• 8:30AM: Producer Price Index
• 8:30AM: Housing Starts
• 8:55AM: Redbook Chain Store Sales
• 9:15AM: Industrial Production
• 9:15AM: Capacity Utilization
• 10AM: Atlanta Fed's Business Inflation Expectations
• 10AM: E-Commerce Retail Sales
• 2PM: FOMC minutes

SOME NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

• FTI: Q4 EPS of $0.46 misses by $0.02: revenue of $1.43B misses by $120M: revenue -33.8% y/y
• NBR: Q4 EPS of -$0.35 beats by $0.03: revenue of $739M beats by $6.11M: revenue -58.5% y/y
• FE: Q4 EPS of $0.58 beats by $0.01: revenue of $3.5B misses by $420M: revenue +0.6% y/y: guides Q1 operating EPS $0.75-$0.85 vs consensus $0.72
• TRU: Q4 EPS of $0.31 beats by $0.07: revenue of $386M beats by $16.85M: revenue +15.0% y/y:: guides Q1 adjusted EPS $0.26-$0.27 vs consensus $0.25
• CVA: Q4 EPS of $0.03 may not be comparable to  $0.11: revenue of $432M beats by $18.67M: revenue -0.7% y/y
• DVN: Q4 EPS of $0.77 beats by $0.06: revenue of $2.9B misses by $730M: revenue -51.7% y/y: cuts quarterly dividend 75% to $0.06: guides FY16 top line core production down 6% 
• CAKE: Q4 EPS of $0.54 beats by $0.02: revenue of $526.84M misses by $2.28M: revenue +5.4% y/y: reaffirms FY16 EPS guidance $2.56-$2.68 vs consensus $2.64
• FANG: Q4 EPS of $0.58 beats by $0.14: revenue of $114.3M misses by $20.89M: revenue -13.1% y/y
• FOSL: Q4 EPS of $1.46 beats by $0.16: revenue of $992.5M beats by $68.64M: revenue -6.4% y/y: guides FY16 EPS $2.80-$3.60 vs consensus $3.18
• RAX: Q4 EPS of $0.31 beats by $0.08: revenue of $522.8M beats by $1.41M: revenue +10.7% y/y: guides Q1 and FY16 revenue below consensus
• EEP: Q4 EPS of $0.11 misses by $0.11: revenue of $1.14B misses by $270M: revenue -44.9% y/y
• ESRX: Q4 EPS of $1.56 in-line: revenue of $26.2B misses by $380M: revenue -0.4% y/y: guides Q1 EPS below consensus
• A: FG1 EPS of $0.46 beats by $0.03: revenue of $1.03B beats by $10M: revenue flat y/y: lowers FY16 EPS guidance to $1.81-$1.87 from $1.85-$1.91 vs consensus $1.89
• CERN: Q4 EPS of $0.61 beats by $0.04: revenue of $1.18B beats by $10M: revenue +27.4% y/y: guides FY16 adjusted EPS $2.30-$2.40 vs consensus $2.36

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:

• SPNS: Q4 EPS of $0.13 beats by $0.01: revenue of $48.7M beats by $0.52M: revenue +16.6% y/y: guides FY16 revenue above consensus
• NBL: Q4 EPS of $0.44 beats by $0.48: revenue of $846M misses by $194M: revenue -20.9% y/y: guides FY16 CapEx $1.5B, down 50% y/y
• ADI: FQ1 EPS of $0.56 beats by $0.03: revenue of $769M beats by $8M: revenue -0.4% y/y: 
• DPS: Q4 core EPS of $1.00 beats by $0.02: revenue of $1.55B beats by $20M: revenue +2.6% y/y:  guides FY16 core EPS $4.20-$4.30 vs consensus $4.33 
• ATHM: Q4 EPS of RUB2.86 beats by RUB-.60: revenue of RUB1.08B beats by RUB90.42M: revenue +46.1% y/y: guides Q1 revenue above consensus
• HST:  Q4 FFO of $0.39 beats by $0.04: revenue of $1.33B misses by $20M: revenue +0.8% y/y: guides FY16 adjusted FFO $1.65-$1.60 vs consensus $1.63
• GEO: Q4 FFO of $0.80 beats by $0.02: revenue of $500.1M misses by $13.69M:revenue +16.9% y/y: guides FY16 adjusted FFO $3.52-$3.62 vs consensus $3.38
• BLMN: Q4 EPS of $0.30 beats by $0.01: revenue of $1.05B misses by $10M: revenue -5.4% y/y: announces $250M share repurchase program authorization: guides FY16 adjusted EPS growth of at least 10%
• SHOP: Q4 adjusted EPS -$0.01 beats by $0.04: revenue of $70.2M beats by $8.79M: revenue +99.5% y/y:   guides FY16 revenue $320M-$330M vs consensus $286.66M
• PCLN: Q4 EPS of $12.63 beats by $0.83: revenue of $2B beats by $40M: revenue +8.7% y/y:  guides Q1 EPS $9.00-$9.60 vs consensus $9.60: gross travel bookings rose 12.7%
• CLMT: Q4 EPS of -$0.74 may not be comparable to consensus of $0.02: revenue$898M misses by $36.84M: revenue -33.0% y/y
• SCOR: Q4 adjusted EPS $0.48 may not be comparable to consensus of $0.03: revenue of $97.67M misses by $1.27M: revenue +8.4% y/y: guides Q1 revenue $105M-$111M vs consensus $101.45M: guides FY16 revenue $508M-$532M vs consensus $434.25M
• GRMN: Q4 EPS of $0.74 beats by $0.26: revenue of $781M beats by $20.92M: revenue -2.8% y/y: guides FY15 pro forma EPS $2.25 vs consensus $2.30

SOME NOTABLE EARNINGS TO BE REPORTED TODAY AFTER THE CLOSE:

• ABX, ALB, BEAT, BRCD, CF, CHE, CIM , CLD, CPA, DENN, ELNK, EQC, GDDY, GPOR, HOS, HY, JACK, JIVE, KAR, KEG, LOPE, LZB, MANT, MAR, MRO, NEM, NGD, NTAP, NVDA, NVMI, OGS, OIS, PKD, QDEL, SNPS, SPRT, SPWR, SSS, STR, SWM, TEP, TYL, UNTD, VMI, WMB

ANALYSTS' RATINGS CHANGES:

UPGRADES:

• CG: upgrade: equal weight to overweight: Morgan Stanley: $22
• ICE: upgrade: hold to buy: Argus: $270
• DISH: upgrade: sell to hold: Wunderlich: $48
• TYL: upgrade: neutral to buy: B Riley: $150
• JUNO: upgrade: neutral to buy: Guggenheim
• AR: upgrade: reduce to neutral: SunTrust:pt raised from $21 to $26
• SEMI: upgrade: sell to neutral: Goldman: $3.80
• SUM: upgrade: neutral to buy: Citi
• TSN: upgrade: equal weight to overweight: Stephens
• HSTM: upgrade: hold to buy: Needham: $26

DOWNGRADES:

• RAX: downgrade: outperform to neutral: Credit Suisse: $22
• RAX: downgrade: buy to hold: Stifel
• RAX: downgrade: overweight to equal weight: Barclays: pt cut from $35 to $21
• HRL: downgrade: buy to hold: Jefferies: $43
• CERN: downgrade: buy to hold: Evercore: pt cut from $68 to $52
• SCCO: downgrade: overweight to neutral: JP Morgan: $28
• BTU: downgrade: buy to neutral: Sterne Agee
• GPC: downgrade: outperform to neutral: Wedbush: pt cut from $93 to $91
• CCO: downgrade: buy to sell: Topeka Capital: pt cut from $11 to $2
• KKR: downgrade: overweight to equal weight: Morgan Stanley: $14
• CTAS: downgrade: equal weight to underweight: Morgan Stanley: $79
• ENLC: downgrade: neutral to underperform: BofA/Merrill: pt cut from $18 to $10
• ADT: downgrade: outperform to in-line: Imperial Capital: pt raised from $40 to $42

INITIATIONS:

• WFM: initiated: market perform: Wells Fargo: pt range $27-$28
• CNXR: initiated: equal weight: First Analysis Sec: $8
• TZOO: initiated: speculative buy: WBB Securities: $11
• OXM: initiated: buy: B Riley: $82
• EVOK: resumed: outperform: FBR Capital: $17
• MRTX: assumed: buy: Jefferies: $33

PRICE TARGET CHANGES:

• FOSL: pt raised from $30 to $36: Mizuho
• FOSL: pt raised from $35 to $40: Telsey Advisory Group
• BYD: pt raised from $23 to $24; Telsey Advisory Group
• CAKE: pt raised from $55 to $56: Telsey Advisory Group
• NNN: pt raised from $40 to $43: Wunderlich
• SO: pt raised from $50 to $54: Argus
• LBTYA: pt raised from $52 to $55: RBC Capital
• TRU: pt raised from $28 to $29: RBC Capital
• QSR: pt raised from $36 to $38: RBC Capital
• O: pt raised from $51 to $58: RBC Capital
• AAV: pt raised from $8 to $9: RBC Capital
• BXMT: pt cut from $33 to $29: FBR Capital
• ASNA: pt cut from $20 to $18: FBR Capital
• VTR: pt cut from $70 to $62: RBC Capital
• VAR: pt cut from $86 to $84: RBC Capital
• ADS: pt cut from $287 to $275: RBC Capital
• RAX: pt cut from $31 to $26: RBC Capital
• RAX: pt cut from $52 to $36: Cowen
• INTC: pt cut from $33 to $31: RBC Capital
• CYH: pt cut from $45 to $18: RBC Capital
• CYH: pt cut from $27 to $18: Wedbush
• CASY: pt cut from $134 to $124: RBC Capital
• DIOD: pt cut from $25 to $22: Topeka Capital
• XEC: pt cut from $95 to $85: Topeka Capital
• FANG: pt cut from $90 to $85: Topeka Capital
• CERN: pt cut from $75 to $68: UBS
• WY: pt cut from $43 to $28: Argus
• NTAP: pt cut from $45 to $43: Maxim Group
• WDAY; pt cut from $90 to $60: Stephens
• FOSL: pt cut from $52 to $38: Stephens

Bulls get Fuel from Draghi and Oil |Morning News

FEBRUARY 16. 2016
US futures jumping into the global rally with Europe posting its strongest day in 3 weeks after Draghi hinted that March could see more easing. Crude also joining the party after energy ministers from Saudi Arabia, Venezuela, Russia and Qatar agreed to freeze crude production at January levels (the caveat is that "only if other major oil nations follow suit") And just to add fuel to the bull rally, after a week holiday, China reported over the weekend that retail sales rose 11% during the key Golden Week holiday period. Traders are likely to key an eye on the Empire State Manufacturing Index to be announced this morning at 8:30AM EST. Analysts are looking for a -12 reading, from -19.4 in January, which was the lowest since March 2009.

NEWS:

• MAT: Mattel unveils ThingMaker, a $300 3D printer that lets you design and create your own toys, reports The Verge
• GRPN: Alibaba is the fourth largest stakeholder in Groupon, Forbes questions if there is a possible buyout here 
• CSIQ: guides Q4 module shipments of 1.35GW-1.4GW, raised from 1.3GW-1.35GW: revenue guidance raised to $1.02B-$1.07B from $930M-$980M
• GE: explores oil and gas business in Iran with top executive visit, reports reuters
• MRK:  FDA rejects Merck's ZETIA/VYTORIN sNDA for claim of lower risk of CV events
• BP: expands scope of $16B Khazzan gas field project in Oman
• AAPL: Apple Pay to launch in China on February 18, reports reuters
• JWN: launches Nordstrom Rack in Canada, opening the first store in Toronto 
• SYK: announces agreement to buy Physio-Control International in a $1.28B deal: raises FY16 adjusted EPS guidance to $5.57-$5.77 from $5.55-$5.75
• LOW: TGT: JP Morgan removes Target and adds Lowe's to its "Focus List"

IN BARRONS OVER THE WEEKEND:

• BMY: Bristol-Myers' cancer drug could push the stock 25% higher, reports Sandra Ward
• KEY: KeyCorp:An overlooked banking bargain, could jump 30% over the next year, reports Jack Hough
• CORE: Core-Mark stock looks vulnerable, reports Bill Alpert
• UA: NKE: Under Armour's CEO is bent on beating Nike in the sports apparel game, reports Crystal Kim
• CSCO: Cisco, why it suddenly looks like a winner, reports Tiernan Ray
• CUB: ESL: Cubic Corp and Esterline are both poised to rebound, reports David Englander

THE ECONOMIC CALENDAR:

• 8:30AM: Empire State Manufacturing Index
• 9AM: Fed's Harker Speaks on his "2016 Economic Forecast"
• 10AM: NAHB Housing Market Index
• 10:30AM: Fed's Kashkari Speaks on "Lessons Learned from the Financial Crisis"
• 4PM: Treasury International Capital
• 7:30PM Fed's Rosengren speaks on "Economic Outlook"

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:

• QSR: Q4 EPS of $0.35 beats by $0.05: revenue of $1.06B beats by $30M: revenue -3.6% y/y:
• BXLT: Q4 EPS of $0.57 beats by $0.02: revenue of $1.76B beats by $50M: revenue +4.8% y/y: guides Q1 adjusted EPS below consensus 
• HRL: FQ1 EPS of $0.43 beats by $0.06: revenue of $2.29B misses by $100M: revenue -4.6% y/y: raises FY16 EPS guidance to $1.50-$1.56 from $1.43-$1.46 vs consensus $1.57
• ZTS: Q4 EPS  of $0.43 beats by $0.04: revenue of $1.27B beats by $20M: revenue -3.8% y/y: guides FY16 adjusted EPS of $1.71-$1.81 vs consensus $1.81: cuts sales outlook
• BBW: Q4 EPS of $0.62 beats by $0.09: revenue of $117.6M misses by $0.12M: revenue -10.5% y/y
• BEBE: FQ2 EPS of -$0.05 beats by $0.01: revenue of $122.4M beats by $11.55M: revenue -5.1% y/y: guidance will be halted until the company has increased it visibility on its turnaround plan
• SONS: Q4 EPS of $0.23 beats by $0.03: revenue of $76.3M beats by $2.39M: revenue -0.7% y/y: guides FY16 adjusted EPS $0.20-$0.27 vs consensus $0.24
• YNDX: Q$ adjusted net income of RUB3.63B: revenue of RUB18.09B beats by RUB 130M: revenue +23.3% y/y
• GNRC: Q4 EPS of $0-.97 beats by $0.08: revenue of $357.8M beats by $11.2M: revenue -11.4% y/y: guides FY16 sales growth of +10%-12%
• SCCO: Q4 EPS of $0.08 misses by $0.11: revenue of $1.25B beats by $20M: revenue -15.0% y/y (reported on 02/14)

SOME NOTABLE EARNINGS TO BE REPORTED TODAY AFTER THE CLOSE:

• A, BXMT, CAKE, CERN, CSV, CVA, DAC, DVN, EFC, EXRX, FE, FOSL, FTI, HR, HSTM, HT, HTS, LPI, MEP, MXWL, NBR, NP, PSA, RAX, SAAS, TEX, TTOO, VDSI, VNO, WRI, WTS, XEC, ZEN

ANALYSTS' RATINGS CHANGES:

UPGRADES:

• PG: upgrade: neutral to buy: Sterne Agee: $90
• AXTA: upgrade: hold to buy: Jefferies: $29
• PANW: upgrade: neutral to buy: DA Davidson: $186
• GS: upgrade: underweight to overweight: JP Morgan: pt raised from $170 to $180
• QCOM: upgrade: market perform to outperform: Bernstein
• AZO: upgrade; neutral to outperform: Wedbush: pt raised from $775 to $800
• COMM: upgrade: market perform to outperform: Raymond James: $24
• MU: upgrade: neutral to buy: Mizuho: $12
• REGN: upgrade: sell to neutral: Chardan Capital: pt cut from $400 to $375
• NSP: upgrade: equal weight to overweight: First Analysis : $58
• SCHW: upgrade: underperform to outperform: CLSA (that's a double upgrade)
• BMRN: upgrade: hold to buy: Stifel: $105
• TOT: upgrade: market perform to outperform: Bernstein
• CYS: upgrade; market perform to outperform: JMP Securities
• UNVR: upgrade: equal weight to overweight: Barclays: pt cut from $23 to $18
• DISH: upgrade: underweight to equal weight: Barclays: pt cut from $62 to $59
• TTM: upgrade: sell to neutral: Goldman: 
• DG: upgrade: equal weight to overweight: Morgan Stanley: pt raised from $80 to $95
• DLTR: upgrade: underweight to equal weight: Morgan Stanley: pt raised from $65 to $90
• H: upgrade: equal weight to overweight: Morgan Stanley
• SKT: upgrade: neutral to buy: Citi
• FLO: upgrade: hold to buy: BB&T: $19
• ATVI: upgrade: neutral to buy: Hilliard Lyon
• WD: upgrade: equal weight to overweight: Morgan Stanley: $31
• GDOT: upgrade: neutral to buy: BTIG: $23
• LPLA: upgrade: neutral to outperform: Credit Suisse: pt cut from $28 to $24
• MS: upgrade: neutral to overweight: JP Morgan: pt cut from $33 to $29

DOWNGRADES:

• O: downgrade: hold to sell: Wunderlich: pt raised from $47.50 to $53
• KYN: downgrade: buy to neutral: Ladenburg: pt cut from $45 to $33
• SUNE: downgrade: buy to neutral: BofA/Merrill: $2.50
• POR: downgrade: overweight to sector weight: KeyBanc
• CC: downgrade: buy to hold: Jefferies: $4.50
• KWR: downgrade: buy to hold: Jefferies: 
• POL: downgrade: buy to hold: Jefferies: pt cut from $47 to $26
• MOS: downgrade: buy to sell: Societe Generale
• BWA: downgrade: buy to neutral: Sterne Agee: $40
• CYH: downgrade: buy to hold: Jefferies
• CYH: downgrade: outperform to market perform: Avondale
• CYH: downgrade: neutral to underperform: Mizuho: pt cut from $25 to $14.50
• PHG: downgrade: hold to underperform: Jefferies
• CELP: downgrade: outperform to neutral: Baird: pt cut from $13 to $6
• BTU: downgrade: hold to underweight: BBT: 
• SHO: downgrade: overweight to equal weight: Morgan Stanley: pt cut from $14 to $13
• CS: downgrade overweight to neutral: JP Morgan

INITIATIONS:

• AVGO: resumed: overweight: JP Morgan: $170
• AVGO: initiated: hold: Topeka Capital: $130
• KTOV: initiated: buy: Rodman & Renshaw: $10
• VRX: initiated: buy: Rodman & Renshaw: $150
• FNV: initiated: buy: Clarksons Platou: $67

PRICE TARGET CHANGES:

• BKH: pt raised from $55 to $59: RBC Capital
• COR: pt raised from $64 to $70: RBC Capital
• EBAY: pt cut from $34 to $30: Axiom Capital
• SPLK: pt cut from $78 to $35: Piper Jaffray
• MSFT: pt cut from $66 to $62: Piper Jaffray
• N: pt cut from $72 to $40: Piper Jaffray
• ORCL: pt cut from $46 to $43: Piper Jaffray
• RHT: pt cut from $95 to $78: Piper Jaffray
• VMW: pt cut from $65 to $55: Piper Jaffray
• FET: pt cut from $15 to $11: Cowen
• BRS: pt cut from $41 to $16: Cowen
• AXL: pt cut from $19 to !7: RBC Capital
• WEB: pt cut from $25 to $23: RBC Capital
• NMBL: pt cut from $9 to $6.50: DA Davidson
• LPNT: pt cut from $96 to $84: RBC Capital
• LPNT: pt cut from $74 to $59: Mizuho
• CPN: pt cut from $21 to $20: RBC Capital
• LXFT: pt cut from $84 to $65: UBS
• DRI: pt cut from $73 to $70: Maxim Group
• EGN: pt cut from $49 to $47: Wunderlich
• ALNY: pt cut from $152 to $120: Leerink
• INCY: pt cut from $118 to $94: Leerink
• PANW: pt cut from $225 to $163: Stephens