US futures getting hit hard as the continued selloff in Asia and falling oil prices trigger a flight from risky assets. Overnight, crude futures got slammed again as US oil falls to its lowest level since Sept 2003 on continued worries over a global glut.
NEWS:
- BHP: cuts FY16 iron ore guidance
- TASR: announces multiple orders of its next generation smart weapons
- THS: files to sell $750M in common stock
- SYN: announces that their drug SYN-010 for IBS-C was successful in second mid-stage study
THE ECONOMIC CALENDAR:
- 7AM: MBA Mortgage Applications
- 8:30AM: Consumer Price Index
- 8:30AM: Housing Starts
- 8:55AM: Redbook Chain Store Sales
SOME NOTABLE EARNINGS REPORTED AFTER THE CLOSE YESTERDAY:
- WWD: FQ1 EPS of $0.56 beats by $0.05: revenue of $445M misses by $7.81M: revenue -8.7% y/y
- CREE: FQ2 EPS of $0.30 beats by $0.06: revenue of $435.8M beats by $1.47M: revenue +5.5% y/y
- IBM: Q4 EPS of $4.84 beats by $0.03: revenue of $22.06B beats by $20M: revenue -8.5% y/y: soft guidance: guidesFY16 operating EPS at least $13.50, consensus $15.00
- NFLX: Q4 EPS of $0.07 beats by $0.05: revenue of $1.82B misses by $10M: revenue +23.0% y/y: 1.56M net subscribers vs consensus 1.37M:
- IBKR: Q4 EPS of $0.25 misses by $0.01: revenue of $271M misses by $56.65M: revenue +30.2% y/y
- AMD: Q4 EPS of -$0.10 in-line: revenue of $958M beats by $3.2M: revenue -22.7% y/y
SOME NOTABLE EARNINGS REPORTED BEFORE THE OPENING TODAY:
- AMTD: Q4 EPS of $0.39 beats by $0.03: revenue of $812M in-line: revenue -0.9% y/y
- ASML: Q4 EPS of €0.68 misses by €0.03: revenue of €1.43B misses by €160M: revenue -4.0% y/y
- EAT: FQ2 EPS of $0.78 beats by $0.03: revenue of $788.61 misses by $10.28M: revenue +6.2% y/y
- GS: Q4 EPS of $4.68 beats by $1.14: revenue of $7.27B beats by $200M: revenue -5.5% y/y
- NTRS: Q4 EPS of $0.99 beats by $0.08: revenue of $1.16B in-line: revenue +2.7% y/y
- TEL: FQ1 EPS of $0.84 beats by $0.08: revenue of $2.83B beats by $30M: revenue -7.2% y/y: guides FY16 adjusted EPS $3.80-4.20 vs consensus $3.95
SOME NOTABLE EARNINGS TO BE REPORTED AFTER THE CLOSE TODAY:
- FFIV, KMI, LOGI, PTC, RJF, SLM, XLNX, BGG
UPGRADES:
- SANM: upgrade: underperform to sector perform: RBC Capital: $18
- CMA: upgrade: market perform to outperform: FBR Capital:$48
- SHW: upgrade: neutral to buy: Goldman
- VOYA: upgrade: neutral to buy: BofA/Merrill: $41
- BIN: upgrade: underweight to overweight: Barclays: $27
- WFC: upgrade: neutral to positive: Susquehanna: $56
- LEN: upgrade: neutral to positive: Susquehanna: $53
- GCO: upgrade: neutral to overweight: Piper Jaffray: $65
- SCM: upgrade: neutral to outperform: Barid: pt cut from $12 to $11
- ANTM: upgrade: neutral to buy: Guggenheim: pt raised from $160 to $168
- BSFT: upgrade: market perform to outperform: Wells Fargo: pt range $38-42
DOWNGRADES:
- RKUS: downgrade: buy to neutral: Guggenheim
- CUDA: downgrade: buy to neutral: Guggenheim
- UNVR: downgrade: buy to neutral: Goldman
- PRU: downgrade: buy to neutral: BofA/Merrill: $85
- PH: downgrade: buy to hold: Jefferies: pt cut from $115 to $95
- TKR: downgrade: buy to hold: Jefferies: pt cut from $35 to $27
- TIF: downgrade: buy to neutral: Goldman: pt cut from $96 to $71
- FTNT: downgrade: overweight to neutral: Piper Jaffray: pt cut from $50 to $30
- RDN; downgrade: outperform to neutral: Macquarie: pt cut from $16 to $12
INITIATIONS:
- MANT: initiated: underperform: Jefferies: $24
- EGL: initiated: buy: Jefferies: $39
- BAH: initiated: buy: Jefferies:$36
- GILD: initiated: outperform: Credit Suisse: $125
- CHRS: initiated: outperform: Credit Suisse: $25
- MESO: initiated:outperform: Credit Suisse: $10
- XNPT: initiated: outperform: Credit Suisse: $4
- VRTX: initiated: outperform: Credit Suisse: $151
- AMGN: initiated: outperform: Credit Suisse: $205
- CELG: initiated: outperform: Credit Suisse: $149
- INCY: initiated: outperform: Credit Suisse: $110
- BMRN: initiated: outperform: Credit Suisse: $110
- PTCT: initiated: outperform:Credit Suisse: $36
- REGN: initiated: neutral: Credit Suisse: $552
PRICE TARGET CHANGES:
- MDXG: pt raised from $11 to $14: First Analysis
- BIN: pt raised from $28 to $30: RBC Capital
- NFLX: pt raised from $119 to $126: Credit Suisse
- NFLX: pt raised from $105 to $120: Jefferies
- NFLX: pt raised from $137 to $141: JP Morgan
- NFLX: pt raised from $115 to $120: Mizuho
- NFLX: pt cut from $138 to $125: FBR Capital
- NFLX: pt cut from $165 to $155: Pivotal Research
- FEYE: pt cut from $32 to $21: Wunderlich
- IBM: pt cut from $125 to $110: Credit Suisse
- WTFC: pt cut from $58 to $50: RBC Capital
- WFT: pt cut from $11 to $9: RBC Capital
- SYMC: pt cut from $24 to $23: RBC Capital
- JNPR: pt cut from $35 to $33: RBC Capital
- OAS: pt cut from $18 to $12: Topeka Capital
- TIF: pt cut from $100 to $80: Telsey Advisory
- MS: pt cut fro $42 to $34: UBS
- HALO: pt cut from $28 to $22: UBS
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