US futures surging, following green arrows around the world as global markets get a lift from the Bank of Japan's surprise move when they announced that they would adopt a negative interest rate policy for the first time ever. Overnight, crude made a modest move higher after possibility of coordinated output cuts looks more likely. Traders await Baker-Hughes rig count today at 1PM EST.
NEWS:
- BA: wins P-8A aircraft Navy contract in a $2.5B deal
- MRK: FDA approves Merck's chronic hep Cinfection single table combination therapy
- FB: A patent application published reveals that Facebook is looking to get into ridesharing, reports CNN Money
- RDY: FDA approves Dr Reddy's ZEMBRACESynTough injection for migraines
- AAPL: in works with partners to develop new wireless charing technology, reports Bloomberg
THE ECONOMIC CALENDAR:
- 8:30AM: GDP Q4
- 8:30AM: International Trade in Goods
- 8:30AM: Employment Cost Index
- 9:45AM: Chicago PMI
- 10AM: Reuters/UofM Consumer Sentiment
- 1PM: Baker-Hughes Rig Count
- 3PM: Farm Prices
SOME NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:
- AMGN: Q4 EPS of $2.61 beats by $0.32: revenue of $5.54B in-line: revenue +3.9% y/y: guidance raised
- EA: FQ3 EPS of $1.83 beats by $0.02: revenue of $1.8B misses by $10M: revenue +25.9% y/y: soft Q4 guidance
- AMZN: Q4 EPS Of $1.00 misses by $0.56: revenue of $35.75B misses by $180M: revenue +21.9% y/y: guides Q1 revenue of $26.5B-$29B vs consensus of $27.65B
- MSFT: FQ2 EPS of $0.78 beats by $0.07: revenue of $25.7B beats by $440M; revenue -2.9% y/y
- FLEX: FQ3 EPS of $0.35 beats by $0.04: revenue of $6.76B beats by $250M: revenue -3.8% y/y: guides in-line
- SWKS: FQ1 EPS of $1.60 beats by $0.02: revenue of $926.8M beats by $6.84M: revenue +15.1% y/y: guides Q2 below estimates
- SYNA: FQ2 EPS of $1.60 beats by $0.02: revenue of $470.5M misses by $7.61M: revenue +1.5% y/y: guides revenue below consensus
- WERN: Q4 EPS of $0.51 beats by $0.05: revenue of $527.78M misses by $19.78M:revenue -4.6% y/y
- QLGC: FQ3 EPS of $0.33 beats by $0.07: revenue of $122.73M beats by $5.36M: revenue -12.5% y/y: guides Q4 above estimates
- V: FQ1 EPS of $0.69 beats by $0.01: revenue of $3.57B misses by $50M: revenue +5.6% y/y
- WDC: FQ2 EPS of $1.60 beats by $0.06: revenue of $3.32B misses by $30M: revenue -14.7% y/y: weak guidance
- FTNT: Q4 EPS of $0.18 in-line: revenue of $296.52M beats by $0.3M: revenue +32.4% y/y: guides Q1 below consensus: guides FY16 in-line : authorizes $200M buyback
- HON: Q4 EPS of $1.58 in-line: revenue of $9.98B in-line: revenue -2.8% y/y: guides FY16 EPS ex-items of $6.45-$6.70 vs consensus of $6.57
- IMGN: FQ2 EPS of -$0.38 misses by $0.02: revenue of $18.03M beats by $0.16M: revenue -62.7% y/y; reaffirms FY16 revenue guidance of $70M-$80M vs consensus $75.14M
- TYC: FQ1 EPS of $0.42 beats by $0.01: revenue of $2.38B beats by $50M: revenue -4.0% y/y: guides in-line
- WHR: Q4 EPS of $4.10 beats by $0.19: revenue of $5.56B misses by $180M: revenue -7.3% y/y: guides FY16 ongoing business EPS $14.00-$14.75 vs consensus $14.42
- NS: Q4 EPS of $0.61 beats by $0.05: revenue of $464.92 misses by $60.94M: revenue -31.8% y/y
- CNX: Q4 EPS of -$0.11 misses by $0.02: revenue of $761.93M beats by $44.67M: revenue -18.6% y/y
- AAL: Q4 EPS of $2.00 beats by$0.03: revenue of $9.63B in-line: revenue -5.2% y/y
- XRX: Q4 EPS of $0.32 beats by $0.04: revenue of $4.65B misses by $80M: revenue -7.6% y/y: confirms split into two companies:guides FY16 adjusted EPS $1.10-$1.20 vs consensus $0.99
- PX: Q4 EPS of $1.47 in-line: revenue of $2.59B misses by $70M: revenue -13.4% y/y: guides Q1 $1.20-$1.28 vs consensus $1.41: soft FY16 guidance: increases dividend 5% to $0.75
ANALYSTS' RATINGS CHANGES:
UPGRADES:
- TXTR: upgrade: market perform to outperform: Northland: $25
- ICPT: upgrade: underweight to equal weight: Morgan Stanley: $100
- JBLU: upgrade: hold to buy: Evercore
- JDP: upgrade: sell to neutral: Credit Suisse: $7
- DO: upgrade: sell to neutral: Citi
- FCFS: upgrade: neutral to buy: Janney Capital: $45
- TEAM: upgrade: market perform to outperform: JMP Securities
- FLEX: :upgrade: market perform to strong buy: Raymond James: $12.50
- FLEX: upgrade: hold to buy: Stifel: $13
- OSK: upgrade: neutral to buy: SunTrust: $38
- CX: upgrade: hold to buy: Jefferies: pt cut from $8 to $7
- RYN: upgrade: market perform to outperform: BMO Capital
- RRC: downgrade: overweight to equal weight: Barclays: $25
- URI: downgrade: buy to neutral: UBS: $56
- URI: downgrade: buy to neutral: Longbow
- DRI: downgrade: market perform to underperform: Raymond James
- CHUY: downgrade: outperform to market perform: Raymond James
- SPR: downgrade: neutral to sell: Goldman: pt cut from $52 to $37
- GLP: downgrade: overweight to neutral: Mitsubishi UFJ:
- ABT: downgrade: outperform to market perform: William Blair:
- XEL: downgrade: outperform to neutral: Macquarie
INITIATIONS:
- JUNO: initiated: buy: SunTrust: $50
- KITE: initiated: buy: SunTrust: $70
- NTRI: initiated: buy: Wunderlich: $25
- MED: initiated: neutral: Wunderlich: $32
- FANG: initiated: outperform: BMO Capital: $74
- PE: initiated: outperform: BMO Capital: $20
- AEL: initiated: outperform: RBC Capital: $24
PRICE TARGET CHANGES;
- KMI: pt raised from $15 to $17: RBC Capital
- NOC: pt raised from $219 to $222: RBC Capital
- OSK: pt cut from $47 to $39: Barrington
- HP: pt cut from $69 to $66: FBR Capital
- HOG: pt cut from $44 to $43: RBC Capital
- HCA: pt cut from $90 to $86: RBC Capital
- ABT: pt cut from $51 to $45: RBC Capital
- BABA: pt cut from $95 to $89: RBC Capital
- ADS: pt cut from $355 to $287: RBC Capital
- AMZN: pt cut from $785 to $780: Citi
- AMZN: pt cut from $720 to $685: Mizuho
- AMZN: pt cut from $775 to $715: RBC Capital
- CELG: pt cut from $150 to $135: RBC Capital
- GIL: pt cut from $34 to $33: RBC Capital
- TGI: pt cut from $55 to $36: RBC Capital
- SWKS: pt cut from $100 to $90: Topeka Capital
- SWKS: pt cut from $110 to $105: Canaccord
- SC: pt cut from $20 to $13: Compass Point
- MEOH: pt cut from $45 to $34: RBC Capital
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