Oil | Morning News

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

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

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

IN BARRONS OVER THE WEEKEND: 

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

THE ECONOMIC CALENDAR:

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

A COUPLE OF NOTABLE EARNING REPORTED TODAY BEFORE THE OPENING: 

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

SOME NOTABLE EARNINGS TO BE REPORTED TODAY AFTER THE CLOSE:

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

ANALYSTS' RATINGS CHANGES:

UPGRADES:

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

DOWNGRADES:

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

INITIATIONS: 

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

PRICE TARGET CHANGE:

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