US futures point to a higher opening at this hour after global markets were lifted by better than expected economic data out of China, even as the Shanghai failed to recover on the news and closed down 2.41%. Overnight, crude rose for the first time in eight days with US oil further away from the closely watched $30 level breached last session following data from the American Petroleum Institute. All eyes will be on the EIA Petroleum Inventories due out at 10:30AM EST.
NEWS:
- CMG: to speak at the ICR Conference today at 1:30PM EST
- FANG: files to sell 2.25M shares
- FDX: UPS: AMZN: FedEx expands into Europe
- MET: announces plans to spin off its US retail business
- AGN: announces launch of a $432M share buyback plan and plans to cut costs and improve profitability
- GE: announces plans to cut 6500 jobs in Europe at ex-Alstom units
- GM: lifts its outlook for FY16 EPS from $5.00-5.50 to $5.25-5.75 vs consensus $5.44
- GM: boosts its buyback allowance by $4B
- GM: announces increase in dividend to $0.38/share
- GOOG: GOOGL: Alphabet appoints new virtual-reality chief, reports the WSJ
- EA: announces launch of new subscription plan for PC gamers, reports the WSJ
- GILD: US FTC clears Galapagos-Gilead collaboration to develop filgotinib
THE ECONOMIC CALENDAR:
- 7AM: MBA Mortgage Applications
- 10AM: Atlanta Fed's Business Inflation Expectations
- 10:30AM: EIA Petroleum Inventories
- 1PM: $21B 10 Year Note Auction
- 2PM: Fed's Beige Book
- 2PM: Treasury Budget
ANALYSTS' RATINGS CHANGES:
UPGRADES:
- MTRX: upgrade: neutral to buy: Citi:
- LNG: upgrade: neutral to buy: Citi:$47
- CNI: upgrade: hold to buy: Canaccord: pt cut from C$86 to C$84
- PHM: upgrade: equal weight to overweight: JP Morgan: $22.50
- QCOM: upgrade: neutral to positive: Susquehanna: pt raised from $53 to $60
- MSFT: upgrade: equal weight to overweight: Morgan Stanley: $66
- CME: upgrade: equal weight to overweight: JP Morgan: $96
- TYC: upgrade: sell to neutral: UBS: $31
- FIVE: upgrade: hold to buy: Stifel: $42
- PVTB: upgrade: sector perform to outperform: RBC Capital: $44
- ESCA: upgrade: hold to buy: Wunderlich: $18
- CSOD: upgrade: market perform to outperform: FBR Capital: $42
DOWNGRADES:
- CFR: downgrade: equal weight to underweight: Barclays: $6
- CHD: downgrade: neutral to sell: Goldman Sachs
- DOV: downgrade: hold to sell: UBS: $52
- AXP: downgrade: buy to neutral: Goldman Sachs
- JNS: downgrade: overweight to neutral: JP Morgan: $15
- DPS: downgrade: neutral to sell: Goldman: $87
INITIATIONS:
- TWTR: initiated: neutral: Mizuho: $21
- PYPL: reinitiated: buy: Mizuho: $40
- AXP: initiated: neutral: DA Davidson: $70
- SYF: initiated: buy: DA Davidson: $37
- DFS: initiated: buy: DA Davidson: $63
- COF: initiated: neutral: DA Davidson: $70
- AMSC: initiated: buy: Rodman & Renshaw: $10
- X: assumed: hold: Jefferies: pt cut from $12.75 to $6.50
PRICE TARGET CHANGES:
- MXL: pt raised from $21 to $25: Roth Capital
- SWKS: pt cut from $120 to $90: Stephens
- HAIN: pt cut from $72 to $63: Maxim Group
- IHS: pt cut from $136 to $123: Stifel
- GME: pt cut from $42 to $38: Telsey Advisory
- HTGC: pt cut from $15 to $14: RBC Capital
- TSCO: pt cut from $105 to $100: Telsey Advisory
- TSCO: pt cut from $94 to $90: RBC Capital
- FANG: pt cut from $92 to $90: Topeka Capital
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