"risk is the price we pay for opportunity"
US futures off its overnight highs as markets trade mixed around the world and both gold and oil move into positive territory. US traders await a plethora of economic data this morning and the Beige Bookthis afternoon.
ON THE ECONOMIC CALENDAR:
7AM: MBA Mortgage Applications
8:15AM: ADP Jobs Report
8:30AM: Gallup US Job Creation Index
8:30AM: Productivity : forecast is 2.5%
8:30AM: Unit Labor Costs: forecast is -0.9%
9:45AM: PMI Services Index
10AM: ISM Non-Manufacturing Index: forecast is 57.7%
10:30AM: EIA Petroleum Inventories
11AM: Global Composite PMI
11AM: Global Services PMI
12:30AM: Fed's Plosser speaks: US Economic Outlook
2PM : Fed's Reserve Gov Leal Brainard on "Financial Stability"
2PM: Fed's Beige Book
EARNINGS:
ANF earnings: Abercrombie & Fitch: Q3 EPS of $0.42 beats by $0.01.Revenue of $911M (-11.6% Y/Y) misses by $5M : Gross profit rate -80 bps to 62.2% on increased promotional activity : U.S. comp was down 5% and the international comp sank 15%
NEWS:
Some notable earnings after today's close: ARO, AVGO, GES, NWY, PSUN, PVH, SEAC, SNPS, VRNT
TGT: GOOG: Target announces partnership with Google on Art, Copy and Code project, reports Business Wire
DAL: Delta November traffic results disappoint
POT: Potash conducting strategic review of equity investments worth $4.5B
IBM: WPPGY: IMB strikes $1.5B deal, expands alliance with ad giant WPP
DDD: infringement lawsuit dismissed
DDD: Chairman Walter Lowenbaum has disclosed he bought 4800 shares last Friday: he also bought 26,479 shares in November
SCTY: SUNE: TSL: SPWR: VSLR: Deutsche Bank analyst sees "almost no impact" on solars from low oil prices : recommends 5 solar companies
CYTR: aldoxorubicin trial placed on partial clinical hold by FDA
DDD: SSYS: XONE: Medical applications for 3D printing faces 3 challenges, reports DigiTimes
ARMK: files to sell 22.5M shares of common stock for holders
UPGRADES & DOWNGRADES:
SPN: upgrade; inline to outperform: Imperial Capital: NOTE: pt cut from $30 to $28
NTLS: upgrade; underperform to market perform: FBR Capital: $6.50
LOCO: upgrade; underperform to equal perform: Morgan Stanley: $25
ROST: removed from Goldman's Conviction Buy list BUT pt raised from $96 to $99AVNR: downgrade: buy to neutral: Mizuho: $17
TASR: downgrade; overweight to neutral: JP Morgan: $20
DISH: downgrade; hold to sell: Wunderlich: $67
WFT: initiated: outperform: Oppenheimer: $19
HAL: initiated: outperform: Oppenheimer: $71
SLB: initiated: outperform: Oppenheimer: $114
BHI: initiated: perform: Oppenheimer: $71
SNDK: initiated: buy: Citigroup: $125
KEG: pt cut from $4 to $2.50: Imperial Capital
UNH: pt raised from $95 to $100: FBR Capital
EMES: pt cut from $130 to $100: Wunderlich
AVGO: pt raised from $100 to $105 : Citigroup
PBYI: pt cut from $292 to $263: Citigroup
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