Housing Data | Morning News

FEBRUARY 23, 2016
US futures struggling along the flat line at this 7AM hour after most global markets traded overnight in the red. Besides the ever volatile oil market, traders will look to housing data today, as TOL reports before the opening and key readings will be on tap including existing home sales as well as the Case-Shiller home price index.

NEWS:

• COG files to sell 38M shares of common stock, priced at $20
• GOOG: GOOGL: announces plans to halt Google Compare
• TMUS: announces CIO will step down
• SFLY: reports that private equity firm is interested in purchasing the company
• XOM: COP: Wells Fargo out positive on the companies, naming them "Top Pick"
• TMO: offers EUROIMMUN Anti-Zika virus test kits, reports business wire
• PTCT: receives refuse to file letter from FDA for Translarna
• MBLY: enters new autonomous driving tech partnership with Nissan
• CSCO: announces  5 year contract with Saudi company Mobily

THE ECONOMIC CALENDAR:

• 8:55AM: Redbook Chain Store Sales
• 9AM: S&P Case-Shiller Home Price Index
• 10AM: Consumer Confidence
• 10AM: State Street Investor Confidence Index
• 10AM: Richmond Fed Manufacturing
• 10AM: Existing Home Sales
• 1PM: $26B, 2 Year Note Auction
• 8:30PM: Fed's Fischer speaks on "Monetary Policy"

SOME NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

• MDR:Q4 EPS of $0.06 beats by $0.17: revenue of $667.4M misses by $90.42M: revenue -17.2% y/y:  mixed guidance
• FIT: Q4 EPS of $0.35 beats by $0.10: revenue of $711.6M bats by $63.78M: revenue +92.2% y/y: guides Q1 adjusted EPS $0.00-$0.02 vs consensus $0.24: guides FY16 in-line
• DEPO: Q4 EPS of $0.16 misses by $0.13: revenue of $111.2M beats by $0.96: revenue -42.9% y/y: guides revenue in-line
• THC: Q4 EPS of $0.35 beats by $0.01: revenue of $5.03B beats by $210M: revenue +12.5 %y/y: guides FY16 adjusted EPS $1.18-$2.25 vs consensus $2.15
• VVC: Q4 EPS of $0.79 beats by $0.09: revenue of $604M misses by $91.24M: revenue +10.8% y/y: reaffirms FY16 EPS guidance $2.45-$2.65 vs consensus $2.53
• MSI: Q4 EPS of $1.58 beats by $0.16: revenue of $1.69B in-line: revenue -7.7% y/y: guides Q1mixed: guides FY16 above consensus
• ROG: Q4 EPS of $0.69 beats by $0.14: revenue of $152.9M beats by $7.85M; revenue +3.5% y/y:  guides EPS above consensus
• TMH: Q4 EPS of $0.61 misses by $0.01: revenue of $979.6M misses by $3.67M: revenue +23.9% y/y: strong guidance
• TXRH: Q4 EPS of $0.32 beats by $0.02: revenue of $454.35M in-line: revenue +12.3% y/y: guides FY16 CapEx $165M-$175M: views positive comparable sales growth for FY16: raises quarterly dividend 12% to $0.19/share
• LNT: Q4 EPS of $0.31 misses by $0.12: revenue of $740.1M misses by $114.41M: revenue -8.0% y/y: guides FY16 EPS $3.60-$3.90 vs consensus $3.78
• QUAD: Q4 EPS of $0.64 beats by $0.17: revenue of $133B beats by $30M: revenue -6.3% y/y:  reaffirms FY16 revenue guidance of $4.4B-$4.6B vs consensus $4.45B
• MRC: Q4 EPS of $0.12 beats by $0.10: revenue of $967M beats by $9.91M: revenue -36.0% y/y
• SPN: Q4 EPS Of -$0.41 beats by $0.10: revenue of $545.15M misses by $5.6M: revenue -53.8% y/y: guides FY16 CapEx "significantly" lower from FY15 levels

SOME NOTABLE EARNING REPORTED TODAY BEFORE THE OPENING:

• HD: Q4 EPS of $1.17 beats by $0.07: revenue of $21B beats by $6120M: revenue +9.6% y/y: guides FY16 EPS $6.12-$6.18 vs consensus $6.16: guides FY16 revenue growth in 5-6% range: raises dividend 16.9% to $0.69/share
• M: Q4 EPS of $2.09 beats by $0.20: revenue of $8.9B beats by %70M: revenue -4.9% y/y: guides FY16 EPS $3.80-$3.90 vs consensus $3.83
• FDP: Q4 EPS of -$0.11 miss by $0.15: revenue of $977.9M beats by $46.05M: revenue +5.2% y/y
• SJM: FQ3 EPS of $1.76 beats by $0.12: revenue of $1.97B misses by $80M: revenue +36.8% y/y: raises FY16 adjusted non_GAAP EPS
• STAY: Q4 EPS of $0.15 beats by $0.02: revenue of $286.34M beats by $3.41M: revenue +4.8% y/y: guides FY16 revenue in-line
• ODP: Q4 EPS of $0.07 misses by $0.04: revenue of $3.4B misses by $80M: revenue -9.1% y/y: soft FY16 guidance
• BMO: FQ1 EPS of$1.75 beats by $0.03: revenue of $5.08B beats by $200M: revenue +0.4% y/y
• CBRL: FQ2 EPS of $1.91 in-line: revenue of $764M misses by $2.71M: revenue +1.1% y/y: guides FQ3 EPS above consensus: raises FY16 adjusted EPS
• SNI: Q4 EPS of $1.35 beats by $0.34: revenue of $851.75M beats by $13.76M; revenue +27.3% y/y
• WWW: Q4 EPS of $0.17 misses by $0.01: revenue of $58.28M beats by $1.19M: revenue +56.28% y/y: guides FY16 adjusted EPS and revenue below consensus 
• AAC: guide FY16 adjusted EPS $0.95-$1.03 vs consensus $0.99
• VSI: Q4 EPS of $0.39 beats by $0.01: revenue of $293.5M miss by $0.67M: revenue +1.2% y/y: guides FY16 EPS $2.25-$2.45 vs consensus $2.35
• ICLR: Q4 EPS of $1.11 beats by $0.01: revenue of $403.35M miss by $6.07M: revenue +3.4% y/y:guides FY16 EPS $4.60-$4.80 vs consensus $4.68
• EXLS:Q4 EPS of $0.56 beats by $0.04: revenue of $165.86M beats by $2.99M: revenue +22.6% y/y:  guides FY16 adjusted EPS and revenue in-line
• TOL: FQ1 EPS of $0.40 misses by $0.01: revenue of $928.6M beats by $13.35M: revenue  +8.8% y/y: announces retirement of co-founder and Vice Chairman Bruce Toll: guides FY16 delivery of home 5700-6400

SOME NOTABLE EARNINGS TO BE  REPORTED TODAY AFTER THE CLOSE:

• ALDR, ARC, CAR, CONE, CPRT, CVG, CZR, DWA, DY, ENPH, ETSY, EXAM, EXR, FIVN, FMI, FSLR, HAWK, HLS, INFI, JAZZ, JBT, KRA, MSA, ORA, PEI, PRA, PZZA, RP, RUBI, SF, SLCA, SM, TGB, TX, VRSK, WBMD, WTR, Y

ANALYSTS' RATINGS CHANGES:

UPGRADES:

• NLY: upgrade: market perform to outperform: FBR Capital: pt raised from $11 to $12
• LNG: upgrade: neutral to buy: Goldman: pt cut from $52 to $46
• HIMX: upgrade: hold to buy: Craig Hallum: pt raised from $8 to $11
• TWTR: upgrade: market perform to outperform: Raymond James: $25
• MYCC: upgrade: underperform to neutral: Macquarie: $10
• ABBV: upgrade: neutral to buy: Citi: $65

DOWNGRADES:

• FIT: downgrade: overweight to neutral: Piper Jaffray: pt cut from $24 to $14
• FIT: downgrade: outperform to neutral: Baird: pt cut from $30 to $16
• FIT: downgrade: outperform to market perform: Leerink: pt cut from $33 to $18
• FIT: downgrade: overweight to sector weight; Pacific Crest
• CMG: downgrade: hold to sell: Deutsche Bank: $400
• SCTY: downgrade: overweight to neutral: JP Morgan: pt cut from $44 to $29
• GWR: downgrade: overweight to equal weight: Morgan Stanley: pt cut from $67 to $58
• LSTR: downgrade: equal weight to underweight: Morgan Stanley: pt cut from $57 to $56
• CMRX: downgrade: equal weight to underweight: Morgan Stanley: pt cut from $8 to $5
• UNP: downgrade: overweight to equal weight: Morgan Stanley: pt cut from $87 to $74
• CSX: downgrade: overweight to underweight: Morgan Stanley: pt cut from $26 to $20
• CCOI: downgrade: overweight to neutral: JP Morgan: $38
• X: downgrade: outperform to market perform: Cowen: pt cut from $30 to $8
• MT: downgrade: outperform to market perform: Cowen
• JONE: downgrade: outperform to in-line: Imperial Capital: pt cut from $7.50 to $1.25
• VLRS: downgrade: outperform to market perform: Cowen: pt raised from $20 to $21
• FCX: downgrade: neutral to sell: Citi
• EXC: downgrade: neutral to sell: Citi
• VRN: downgrade: outperform to underperform: Raymond James
• EVEP: downgradE: neutral to underperform: BofA/Merrill: $1
• MEMP: downgrade: neutral to underperform: BofA/Merrill: $1
• VNR: downgrade: neutral to underperform: BofA/Merrill: $2
• CPPL: downgrade: outperform to neutral: Credit Suisse: $22
• CRC: downgrade: buy to neutral: BofA/Merrill: $2
• AGR: downgrade: buy to neutral: Janney Capital: to cut from $44 to $39
• OREX: downgrade: outperform to market perform: Leerink
• CMRX: downgrade: overweight to equal weight; Barclays: pt cut from $12 to $6
• CMRX: downgrade: buy to neutral: Citigroup: to cut from $13 to $9
• LADR: downgrade; outperform to market perform: Keefe Bruyette: $13
• CERN: downgrade: buy to neutral: Goldman: pt cut from $62 to $54

INITIATIONS:

• IDCC: initiated: buy: B Riley: $65
• OCRX: initiated: buy: Brean Capital: $10
• SEDG: initiated: overweight; JP Morgan: $34
• SALE: initiated: neutral: Wedbush: $7

PRICE TARGET CHANGES:

• TXRH: pt raised from $41 to $42: RBC Capital
• SAVE: pt raised from $46 to $57: Citi
• EDR: pt raised from $42 to $45: Canaccord
• EDR: pt raised from $40 to $43: RBC Capital
• MU: pt raised from $12 to $13: Mizuho
• PDCE: pt raised from $66 to $69: Wunderlich
• KMI: pt raised from $17 to $19: Stifel
• PSIX: pt cut from $23 to $18: Wunderlich
• CMRX: pt cut from $14 to $10: FBR Capital
• DEPO: pt cut from $26 to $24: RBC Capital
• ELGX: pt cut from $15 to $11: RBC Capital
• IPLX: pt cut from $48 to $40: RBC Capital
• CIE: pt cut from $7 to $6: RBC Capital
• PEG: pt cut from $43 to $44: RBC Capital
• POLI: pt cut from $5 to $4: RBC Capitl
• FIT: pt cut from $38 to $20: MIzuho
• ONDK: pt cut from $14 to $11: FBR Capital
• SBRA: pt cut from $26 to $24: FBR Capital
• IPXL: pt cut from $55 to $43: Susquehanna
• BMRN: pt cut from $149 to $120: Leerink
• AGN: pt cut from $396 to $340: Canaccord