US futures spike higher on the heels of a 3.2% rise in the Shanghai which raises hopes for a further easing of the monetary policy. Earnings season turns up the heat this week. A number of banks report this morning as bulls and bears duke it out with a key level of the S&P at the August 25th low of 1867.61. Overnight, oil found support after selling off yesterday with the lifting of sanctions on Iran that many feared could send a deluge of crude to the already oversupplied market.
NEWS:
- PM: Thailand changes Philip Morris with tax evasion, reports the WSJ
- PEGI: announces completion of a 150MW Amazon wind farm in Indiana
- TWTR: announces widespread outages overnight
- TIF: cuts guidance and staff after weak holiday season
- V: Sam's Club to accept Visa cards as of Feb 1, 2016
- POT: announces suspension of potash operations in New Brunswick
- NRZ: announces $200M repurchase program
- USO: IEA cites unseasonably warm weather and rising supply will keep the pressure on oil until the end of 2016
- 10AM: NAHB Housing Market Index
- 4PM: Treasury International Capital
- UNH: Q4 EPS of $1.40 beats by $0.02: revenue of $43.6B beats by $370M: revenue +30.4% y/y: affirms FY16 EPS of $7.60-7.80 vs consensus $7.72
- EDU: FG2 EPS of $0.07 beats by $0.07: revenue of $278.1M beats by $7.47M: revenue +17.7% y/y
- MS: Q4 EPS (excluding DVA) of $0.43 beats by $0.10: revenue (excluding DVA) of $7.9B beats by $310M: revenue -1.4% y/y
- WCN: Q4 EPS of $0.48 beats by $0.01: revenue of $531.9M beats by $10.92M: revenue +1.1% y/y: Waste Connections and Progressive Waste to merge in all stock deal
- FHN: Q4 EPS of $0.20 may not be comparable to consensus of $0.21: revenue of $297.44M beats by $5.37M: revenue +6.7% y/y
- MTB: Q4 EPS of $2.09 beats by $0.13: revenue of $1.15B meioses by $90M: revenue +1.8% y/y
- CMA: Q4 EPS of $0.71 beats by $0.02: revenue of $703M beats by $10.61M: revenue +9.8% y/y
- BAC: Q4 EPS of $0.28 beats by $0.02: revenue of $19.53B misses by $250M: revenue +4.3% y/y
- DAL: Q4 EPS of $1.18 misses by $0.01: revenue of $9.5B misses by $110M: revenue -1.6% y/y
- IBM, NFLX, WWD, CREE, AMD, FULT, IBKR, ADTN
UPGRADES:
- AZN: upgrade: underweight to equal weight: Barclays: $50
- REGN: upgrade: neutral to buy: Roth Capital
- EV: upgrade: negative to neutral: Susquehanna: $28
- AMED: upgrade: neutral to buy: Mizuho: pt raised from $45 to $49
- DHI: upgrade: neutral to buy: Sterne Agee: $33
- LEN: upgrade: neutral to buy: Sterne Agee: $52
- NYCB: upgrade: underperform to market preform: FBR Capital: $15
- KITE: upgrade: market perform to outperform: FBR Capital: $75
- SHOP: upgrade: equal weight to overweight: Morgan Stanley: $34
- MCHP: upgrade: equal weight to overweight: Morgan Stanley: $55
- ALL: upgrade: neutral to outperform: Macquarie
- BECN: upgrade: market perform to outperform: William Blair:
- SHAK: upgrade: market perform to outperform: William Blair: (35% short interest)
- AAN: upgrade: market perform to strong buy: Raymond James
- CHL: upgrade: hold to buy: Deutsche Bank
- FSC: upgrade: market perform to outperform: Wedbush
- P: upgrade: sell to neutral: BTIG
- SWKS: upgrade: hold to buy: Needham: $73
- PENN: upgrade: market perform to outperform: BTIG Research: $27
- BURL: upgrade: hold to buy: BB&T
- KORS: upgrade: underweight to neutral: Piper Jaffray: $38
- RF: upgrade: neutral to overweight; Piper Jaffray: $11
- EXEL; upgrade: market perform to outperform: Leerink: pt raised from $6 to $7
- CTXS: downgrade: equal weight to underweight: Morgan Stanley: $70
- SRPT: downgrade: outperform to sector perform: pt cut from $62 to $15
- EXRX: downgrade: outperform to market perform: Leerink: pt cut from $95 to $80
- MKC: downgrade: neutral to underweight: JP Morgan: $76
- ACGL: downgrade: outperform to neutral: Macquarie
- DNKN: downgrade: outperform to market perform: William Blair
- ADMS: initiated:neutral: Mizuho: $26
- CSRA: initiated: outperform: RBC Capital: $37
- CMRX: pt raised from $11 to $18: Piper Jaffray
- MET: pt raised from $61 to $65: RBC Capital
- USB: pt cut from $48 to $46: RBC Capital
- C: pt cut from $65 to $60: RBC Capital
- NTCT: pt cut from $40 to $33; RBC Capital
- COG: pt cut from $34 to $25: Topeka Capital
- LGF: pt cut from $44 to $43: Topeka Capital
- MU: pt cut from $15 to $12: Mizuho
- STX: pt cut from $38 to $32: Mizuho
- WDC: pt cut from $69 to $51: Mizuho
- HDP: pt cut from $31 to $25: Mizuho
- HPT: pt cut from $34 to 430: FBR Capital
- SNAK: pt cut from $12 to $9: Canaccord
- FRPT: pt cut from $11 to $9: Canaccord
- CLSN: pt cut from $12 to $9: Maxim Group
- CHEK: pt cut from $18 to $11: Maxim Group
- WFC: pt cut from $55 to $54: Compass Point
- DIS: pt cut from $130 to $110: Stifel
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