US futures spike lower after the Shanghai halts trading as stocks plunge 6.9% on weak PMI data. Adding fuel to the bear flames, overnight, Iran cuts diplomatic ties with Saudi Arabia after 47 prisoners including a prominent Shi'ite cleric were executed in Saudi Arabia. Bahrain jumps on the bandwagon and announced this morning that it was also severing diplomatic ties with Iran. Meanwhile, crude gives back some of its overnight gain but still trading higher this morning on the rise in Middle East tensions.
NEWS:
- VRX: Pershing Square cuts stake from 9.9% to 8.5%, reports nasdaq
- V: AXP: Fidelity switches to Visa from American Express for Credit Card Branding, reports NYT
- TSLA: Tesla Hits Low End of Goal, Shipping 17,400 Autos in Q4, reports Bloomberg
- HZNP: receives Notice of Allowance from USPTO for Ravicti
- LGND: GILD: Ligand enters supply agreement with Gilead for Captisol
- NFLX: Netflix rumored to be preparing to enter Russia
- DIS: "Star Wars" poised to pass "Avatar" at the box office
- USO: Saudi Arabia cuts diplomatic ties with Iran over the execution of 47 prisoners which included a prominent Shi'ite cleric
- CCL: RCL: NCLH: Cruise Industry’s Big Three Could Steam to 20% Gains in 2016. reports Jack Hough
- MAT: Mattel has 20% upside, yield 5%
- AMZN: MSFT: ORCL:CSCO: 2016 will be all about the cloud, reports Tiernan Ray
- P: Pandora Stock Could Fall 20% or More, reports Alexander Eule
- DDD: Still bearish on 3D Systems. Shares could fall to $3
- 9:45AM: PMI Manufacturing Index
- 10AM: ISM Manufacturing Index
- 10AM: Construction Spending
- 12:30PM: TD Ameritrade IMX
- 2PM: Gallup US Consumer Spending Measure
UPGRADES:
- REG: upgrade: outperform to top pick: RBC Capital: $78
- ISRG: upgrade: equal weight to overweight: Morgan Stanley: pt raised from $500 to $650
- BKH: upgrade: sector perform to outperform: RBC Capital: pt raised from $52 to $55
- MCD: upgrade: hold to buy: Nomura: pt raised from $112 to $138
- WERN: upgrade: hold to buy: Stifel: $30
- WEN: upgrade: neutral to buy: Normura: pt raised from $11 to $12.50
- LULU: upgrade: hold to buy: Jefferies: $70
- BXP: downgrade: top pick to outperform: RBC Capital: $155
- PYPL; downgrade: neutral to sell: Monness Crespi: $32
- AMZN: downgrade: buy to neutral: Monness Crespi:
- GME: downgrade: buy to neutral: Sterne Agee
- ABT: downgrade: overweight to equal weight: $50
- BDX: downgrade: overweight to equal weight: Morgan Stanley: $170
- PCAR: downgrade: outperform to neutral: Baird: pt cut from $85 to $55
- ALSN: downgrade: outperform to neutral: Baird: pt cut from $35 to $28
- NFLX: downgrade: outperform to neutral: Baird: $115
- SRI: downgrade: overweight to equal weight: Stephens: pt raised from $15 to $16
- CHKP: downgrade: outperform to market perform: Wells Fargo: $87.50
- GBX: downgrade; overweigh to equal weight: Stephens: pt cut from $50 to $37
- CMG: downgrade: outperform to perform: Oppenheimer:
- VFC: downgrade: buy to neutral: B Riley: pt cut from $73 to $66
- DWA: downgrade: buy to neutral: B Riley: $27
- DECK: downgrade: buy to neutral: B Riley
- CL: downgrade: outperform to sector perform: RBC Capital: $71
- LG: downgrade: outperform to sector perform: pt raised from $57 to $63
- FOSL: downgrade: buy to hold: Jefferies: pt cut from $68 to $40
- PLNT: initiated: buy : Roth Capital: $18
- FEYE: initiated: buy: Summit Research: $35
- TEAM: initiated: buy: UBS: $36
- ELY: initiated: buy: Ladenburg: $13
- XOXO: initiated: buy: Axiom Capital: $21
- BEL: initiated: underperform: Telsey Advisory:
- WYN: initiated: outperform: Telsey Advisory: $97
- HLT: initiated: outperform: Telsey Advisory:
- PNRA: pt raised from $210 to $215: Maxim Group
- LXFT: pt raised from $81 to $84: Monness Crespi
- AMC: pt cut from $40 to $30: Stifel
- CNK: pt cut from $40 to $34: Stifel
- CMG: pt cut from $495 to $435: Maxim Group
- FINL: pt cut from $33 to $24: Susquehanna
- CHSP: pt cut from $32 to $30: RBC Capital
- HT: pt cut from $28 to $26: RBC Capital
- LHO: pt cut from $34 to $32: RBC Capital
- PEB: pt cut from $42 to $38: RBC Capital
- RLJ: pt cut from $32 to $29: RBC Capital
- INN: pt cut from $16 to $15: RBC Capital
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