Oil Pressures Stocks | Morning News

DECEMBER 28, 2016

US futures under pressure from oil at this hour as the end of 2015 draws near and traders remain cautious in light trading. The Shanghai slid 2.6%, its biggest loss in a month, as industrial profits declined and a looming revamp of the nation’s IPO system gave investors little reason for optimism. Overnight, crude dropped  2.5% as the oil glut puts pressure on the commodity and investors look to the increase in crude output as more oil looks to flood global markets from Iran with the end of Western sanctions.

NEWS:

• DIS:Star Wars: The Force Awakens passes $1B in worldwide ticket sales this weekend and becomes the first picture to reach that mark so quickly
• CMRX: Chimerix announces top-line results failed in Phase 3 SUPPRESS trial of brincidofovir
• ICON: Iconix Brand Group announces SEC has issued a Formal Order of Investigation 
• AMZN: Amazon Celebrates a Record-Setting Holiday for Prime, Amazon Original Series and Amazon Devices, reports business wire
• SLB: HAL: BHI: WFT: Large oil services companies estimates cut at Sterne Agee
• FIT: Fitbit was top free app on App Store this Christmas
• NOC: Northrop to build drone for smaller warships after winning $93M Navy contract
• LULU: Holiday sales robust at Lululemon reports both Wedbush and FBR Capital
• FDX: Delays in holiday package causes “FedExFail” to trend on Twitter
• GM:GM recalling almost 9M Chevrolet Colorado trucks and GMC Canyon trucks
• F: Ford recalling more than 9M Escape vehicles and 2013-2014 Focus ST vehicles
• VRX: announces CEO on medical leave due to pneumonia
• GOOG: GOOGL:Why YouTube Is Twice as Valuable as Netflix. argues Jack Hogue in Barrons
• QCOM:Qualcomm, QiKu sign 3G/4G Chinese patent license agreement
• AAPL:Stifel Sees CQ415 Apple iPhone Exports up 9.5% Y/Y, reaffirmed $140 pt,  reports streetinsider
• SIG:Signet Jewelers’ Stock Is a Diamond in the Rough, posts Reshma Kapadia in Barrons

THE ECONOMIC CALENDAR:

• 10:30AM: Dallas Fed Manufacturing Index
• 1PM: $25B, 2 Year Note Auction

ANALYSTS’ RATINGS CHANGES:

INITIATIONS:

• HCI: initiated: overweight: Piper Jaffray: $43

PRICE TARGET CHANGES:

• GOOGL: pt raised from $900 to $1000: Axiom Capital
• AMZN: pt raised from $727 to $797: Axiom Capital
• NKE: pt raised from $75 to $77: Argus
• INTC: pt raised from $27 to $28: Deutsche Bank
• DISCA: pt cut from $39 to $38: Topeka Capital
• GLUU: pt cut from $7 to $4: Craig Hallum