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