US futures follow European and Chinese shares higher amid speculation that the country's central bank will ease monetary policy as traders await retail sales data later this morning. Oil has resumed it's decline as commodity volatility hit a 2 year high. This years Cyber Monday sales slowed from a projected 13-15% to 8%.
ON THE ECONOMIC CALENDAR:
VARIOUS TIMES: Auto Sales
7:45AM: ICSC Retail Store Sales
8:30AM: Gallup US ECI
8:55AM: Redbook Chain Store Sales
10AM: Construction Spending
NEWS:
DRYS: DryShips repays 5% convertible notes due 2014
AAPL: opening statements for Apple's antitrust trial are schedules for today
AVNR: Otsuka to acquire Avanir for $17/share
AV: Aviva and Friends Life have agreed on a $8.8B merger, creating the UKs largest insurance, savings and asset management company
FBI warns of 'destructive' malware in wake of Sony attack, reports Reuters
WMT: Wal-Mart planning 250 job cuts in China division, WSJ reports
WMT: reports record online sales on Cyber Monday
BMRN: SPRT: Deutsche Bank says BioMarin is likely to assert its intellectual property in the U.S. to keep Sarepta's Etelipersen off of the market or demand royalty on the drug
HMC: reports sales in China during November fell 12.1% Y/Y to 72,973 vehicles
U.S. ICSC Goldman Sachs chain store sales index declined 1.8%
EARNINGS:
GWPH earnings: GW Pharmaceuticals: FQ4 EPS of $0.Revenue of $12.03M (+4.4% Y/Y) misses by $2.52M
BMO earnings: Bank of Montreal: FQ4 EPS of C$1.63 misses by C$0.04.Revenue of C$4.34B (+3.6% Y/Y) misses by C$10M : Quarterly dividend boosted by $0.02 to $0.80. Announces 15M share repurchase plan, roughly 2.3% of the float
UPGRADES & DOWNGRADES:
ACGL: upgrade: neutral to buy: BofA/Merrill: pt raised from $61 to $64
SYK: added to Goldman's Conviction Buy list
MLNX: upgrade: equal weight to overweight: Barclays: pt raised from $50 to $57
PKI: downgrade; conviction buy to neutral: Goldman: $47 (thats a double downgrade): $47
PCLN: downgrade: outperform to market perform: FBR Capital: $1225
APA: downgrade: buy to neutral: Mizuho: $70
PH: downgrade; buy to neutral: Goldman: $131
DATA: initiated: overweight: JP Morgan: $100
DATA: initiated: overweight: Barclays: $97
MSFT: initiated: overweight: JP Morgan: $53
CPE: initiated: buy: Roth Capital: $13.50
CRM: initiated: overweight: JP Morgan: $74
FRPT: initiated: buy: Canaccord: $20
FRPT: initiated; buy: Stifel: $20
FRPT: initiated: buy: Goldman:
FRPT: initiated: outperform: Baird
FANG: coverage resumed: buy: Roth Capital: $87.50
KORS: reiterates; buy: Jefferies: $100
SNA: pt raised from $140 to $160: Wunderlich
TTWO: pt raised from $25 to $32: Piper Jaffray
EA: pt raised from $44 to $47: Piper Jaffray
FDX: pt raised from $190 to $210: Citigroup
FDX: added to US 1 List at BofA/Merrill
AAPL: pt raised from $120 to $135: Canaccord
AAPL: pt raised from $120 to $130: BofA/Merrill
PHM: pt raised from $25 to $26: Top Pick: BofA/Merrill
AVGO: pt raised from $87 to $105: Brean Capital
GNW: pt cut from $18 to $11: JP Morgan
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