Triple Threat - Oil, China, Earnings | Morning News

FEBRUARY 08, 2016
US futures spike down after most global markets post big losses overnight after Friday's disappointing US jobs reports and the continued pressure on oil with the commodity trading down 2.5% at this hour. Traders focus this week will be on Janet Yellen's testimony before Congress to take place on Wednesday and Thursday. China markets are closed for the week but economic data over the weekend indicated that the country's foreign currency reserve hit the lowest level in more than three years, falling by $99,469B in January.

NEWS:

• LMT: Pentagon's budget plan funds 404 Lockheed F-35 jets, reports reuters
• AAPL: Apple said to be on course for approval to open stores in India, reports Bloomberg
• NVDA: SSNLF: Nvidia wins trial brought by Samsung over memory chip patent, reports Bloomberg
• VZ: YHOO: Verizon CEO confirms interest in buying Yahoo, reports CNBC
• APOL: APO: Apollo Global consortium announces agreement to acquire Apollo Education for $9.50/share
• BCRX: avoralstat fails phase 2/3 HAE study
• FB: India blocks Facebook's plan for free internet, reports CNN
• MHK: named top pick at SunTrust
• F: to double Mexico factory capacity in FY16
• SCTY: Deutsche Bank out positive on the stock, reiterates buy with $64 pt
• XON: CERS: INO: CMRX: Obama administration to ask Congress for $1.8B in funding to fight zika virus, reports CNBC

IN BARRONS OVER THE WEEKEND:

• GILD: CELG: Celgene and Gilead: Two Drug makers with 30% Upside, reports Jack Hough
• VNTV: Vantiv shares could rise another 15%, reported here
• AMZN: Amazon: Almost Down to Fair Value, reported here
• CHD: Church & Dwight is too pricey, reports Avi Salzman
• TMO: Thermo Fisher's Allure, tail winds could help lift the stock 25% or more, reports Avi Saltzman
• USO: Here Comes $20 Oil, reports Gene Epstein

THE ECONOMIC CALENDAR:

• 10AM: Labor Market Condition Index
• 12:30PM: TD Ameritrade IMX

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:

• SIRO: FQ1 EPS of $0.99 beats by $0.01: revenue of $304.2M beats by $3.77M: revenue +3.8% y/y
• VRTU: FQ3 EPS of $0.54 beats by $0.12: revenue of $150.6M misses by $1.05M: revenue +22.4% y/y: guides FY16 non-GAAP EPS lower, $1.96-$1.98 from $2.15-$2.21
• CTSH:Q4 EPS of $0.80 beats by $0.02: revenue of $3.23B misses by $10M: revenue +17.9% y/y: guides FY16 revenue $3.32-$3.44 vs consensus $3.47: guides Q1 EPS $0.78-$0.80 vs consensus $0.81
• DO: Q4 EPS of $0.89 beats by $0.35: revenue of $555.56M beats by $39.93M: revenue -17.7% y/y
• HAS:Q4 EPS of $1.39 beats by $0.09: revenue of $1.47B beats by $100M: revenue +13.1% y/y
• ON: Q4 EPS of $0.19 in-line: revenue of $840.3M misses by $10M: revenue -2.8% y/y: guides Q1 revenue $800M-$840M vs consensus $839.7M

SOME NOTABLE EARNINGS TO BE REPORTED TODAY AFTER THE CLOSE:

• ALSN, BKD, BRX, CMP, CUTR, FOXA, GIG, MODN, MOH, MXL, OI, OMI, PAA, PRE, QLYS, RBC, WCN, YELP

ANALYSTS' RATINGS CHANGES:

UPGRADES:

• OA: upgrade: sector weight to overweight: KeyBanc: $106
• LB: upgrade: hold to buy: Brean Capital: $100
• SUPN: upgrade: hold to buy: Jefferies: $18
• ATHN: upgrade: hold to buy: Topeka Capital: pt cut from $169 to $160
• MRVL: upgrade: sell to buy: B Riley: $12
• AMED: upgrade: perform to outperform: Oppenheimer
• CSCO: upgrade: underperform to neutral: Macquarie: $26
• DLTR: upgrade: market perform to outperform: Telsey Advisory: pt raised from $80 to $95
• ACC: upgrade: hold to buy: Canaccord: pt raised from $43 to $48
• ESS: upgrade: neutral to buy: Mizuho: $234
• ZAGG: upgrade: market perform to outperform: Northland
• ULTI: upgrade: market perform to outperform: FBR Capital: $205
• STJ: upgrade: sell to hold: Canaccord: $54
• ACC: upgrade: hold to buy: Canaccord: $48

DOWNGRADES:

• DATA: downgrade: overweight to equal weight: Morgan Stanley: $55
• NVO: downgrade: neutral to sell: UBS
• PWR: downgrade: buy to neutral: UBS: pt cut from $24 to $20
• GEN: downgrade: neutral to sell: UBS: $1.50
• RL: downgrade: overweight to neutral: Atlantic Equities: pt cut from $155 to $95
• ES: downgrade: overweight to equal weight: Barclays: $58
• BHI: downgrade: overweight to equal weight: Morgan Stanley: $47
• WETF: downgrade: market perform to underperform: Keefe Bruyette: $10
• AMRK: downgrade: buy to neutral: B Riley: $16.75
• CSCO: downgrade: conviction buy to buy: Goldman
• NMR: downgrade: buy to hold: Deutsche Bank
• SPA: downgrade: outperform to market perform: Barrington
• CBOE: downgrade: outperform to underperform: CLSA
• AM: downgrade: outperform to neutral: Baird: pt cut from $32 to $23
• PAA: downgrade: neural to underperform: Baird: pt cut from $25 to $16
• OKE: downgrade: outperform to neutral: Baird: pt cut from $28 to $24
• OKS: downgrade: neutral to underperform: Baird: pt cut from $25 to $24
• DXCM: downgrade: outperform to neutral: Baird: pt cut from $100 to $74

INITIATIONS:

• BDSI: initiated: overweight: Piper Jaffray: $6
• DEPO: initiated: overweight; Piper Jaffray: $23
• ACAD: initiated: buy: BofA/Merrill: $40
• NWL: initiated: buy: Gabelli: 

PRICE TARGET CHANGES:

• WEC: pt raised from $54 to $63: Mizuho
• PNW: pt raised from $60 to $70: Mizuho
• EL: pt raised from $99 to $105: Telsey Advisory
• TSN: pt raised from $53 to $60: RBC Capital
• CME: pt raised from $83 to $86: RBC Capital
• USG: pt raised from $20 to $24: RBC Capital
• LGF: pt cut from $35 to $25: Stifel
• LNKD: pt cut from $220 to $180: Stifel
• CSCO: pt cut from $34 to $30: Stifel
• IDTI: pt cut from $34 to $28: Chardan Capital
• AME: pt cut from $63 to $58: RBC Capital
• ADSK: pt cut from $61 to $55: RBC Capital
• DIS: pt cut from $133 to $131: Topeka Capital
• RDWR: pt cut from $18 to $15: Imperial Capital
• SRCL: pt cut from $135 to $115: Imperial Capital
• SRCL: pt cut from $120 to $119: RBC Capital
• MCO: pt cut from $116 to $96: UBS

Jobs Data in Focus | Morning News

FEBRUARY 05. 2016
US futures struggling at the flatline at this 7AM hour ahead of important jobs data to be released this morning at 8:30AM EST. Traders will pay close attention to which industries are adding workers as well as the size of the labor force. European shares giving back some of its earlier gains as markets trade mixed. Overnight, Asian markets also traded mixed with the Shanghai and Nikkei closing in negative territory. Fundamentally weak crude up modestly with the weakness in the US$ adding some support as investors await the Baker-Hughes rig count to be announced at 1PM EST.

NEWS:

• EW: enters into an accelerated share repurchase agreement to buy back $325M common stock
• ZBH: to repurchase $250M of stock
• WYNN: LVS: MGM: MPEL: traffic into Macau from Mainland China into the Chinese New Year rose 11% over last year 
• AMGN: Repatha, cholesterol lowering drug, met is co-primary endpoints in another phase 3 study
• MDT: announces FDA approval for MRI CRT-D
• VRTX: FDA cannot approve KALYDECO NDA in present form, reports business wire
• CHTR: issuing $1.7B in senior notes, due 2024, at an interest rate of 5.875%/year
• MFLX: China firm DSBJ announces purchase of MFLX for $610M ($23.95/share)

THE ECONOMIC CALENDAR:

• 8:30AM: Non-Farm Payrolls
• 8:30AM: Unemployment Rate
• 8:30AM: Average Hourly Earnings
• 8:30AM: Trade Deficit
• 1PM: Baker-Hughes Rig Count
• 3PM: Consumer Credit

SOME NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

• POST:  FQ1 EPS of $0.52 beats by $0.16: revenue of $1.25B misses by $80M: revenue +16.8% y/y: raises EITDA guidance
• LNKD: Q4 EPS of $0.94 beats by $0.16: revenue of $861.9M beats by $4.31M: revenue +34.9% y/y: guides below estimates: field sales growth expected to slow
• DATA: Q4 EPS of $0.33 beats by $0.17: revenue of $202.8M beats by $2.03M: revenue +41.9% y/y: weak FQ1 and FY16 guidance
• TEAM: FQ2 EPS of $0.11 beats by $0.07: revenue of $109.7M beats by $7.03M: revenue +44.7% y/y: guides above consensus
• CTRL: Q4 EPS of $0.07 in-line: revenue of $42.9M beats by $0.23M: revenue +4.2% y/y:  strong guidance
• UBNT: FQ2 EOS of $0.58 beats by $0.07: revenue of $161.9M beats by $6.82M: revenue +5.7% y/y: guides FQ3 above consensus
• QRVO: FQ3 EPS of $1.03 beats by $0.09: revenue of $619.7M miss by $0.64: revenue -16.5% y/y: soft revenue guidance: $750M left on the latest buyback authorization
• HBI: Q4 EPS of $0.44 misses by $0.02: revenue of $1.41B misses by $120M: revenue -7.2% y/y: guides revenue below consensus
• ATHN: Q4 EPS of $0.45 beats by $0.04: revenue of $257.53 in-line: revenue +20.8% y/y: guides in-line
• SWIR: Q4 EPS of $0.08 misses by $0.02: revenue of $144.85M miss by $4.5M: revenue-2.8% y/y: guides FY16 and FQ1 below consensus: announces authorization to buy back up to 3.4M shares of common stock
• PKI: Q4 EPS of $0.86 misses by $0.01: reenue of $608.1M misses by $9.42M: revenue -0.1% y/y: guides FY15 below consensus
• ELY:Q4 EPS of -$0.03 beats by $0.03: revenue of $153.31m beats by $4.95M: revenue +13.9% y/y:  weak guidance
• DECK: FQ3 EPS of $4.78 beats by $0.03: revenue of $795.9M misses by $36.09M; revenue +1.4% y/y: guides below consensus: announces restructuring plan
• NTGR:Q4 EPS of $0.83 beats by $0.17: revenue of $360.9M beats by $15.37M: revenue +2.2% y;y: soft guidance

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:

• WY: Q4 EPS of $0.24 in-line: revenue of $1.7B: revenue -3.4% y/y
• AME: Q4 EPS of $0.63 in-line: revenue of $988M misses by $22M: revenue -3.1% y/y: weak guidance: announces plans to acquire Brookfield Engineering Laboratories and ESP/SurgeX
• EL: Q2 EPS of $1.19 beats by $0.08: revenue of $3.12B beats by $40M: revenue +2.6% y/y: guides Q3 and FY16 below consensus
• AON: Q5 EPS of $2.27 beats by $0.18: revenue of $3.29B misses by $40M: revenue -0.3% y/y
• ATR: Q4 EPS of $0.67 beats by $0.02: revenue of $546.77M misses by $10.84M: revenue -8.7% y.y
• CME: Q4 EPS of $0.92 beats by $0.02: revenue of $814M beats by $3.23M: revenue -3.2% y/y: Q4 average daily volume down 11% to 13.2M contracts
• MCO: Q4 EPS of $1.09 beats by $0.04: revenue of $865.9M beats by $10.01M; revenue -1.3% y/y: guides FY16 EPS $4.75-$4.85 vs consensus $5.01
• CIGI: Q4 EPS of $1.06 beats by $0.10: revenue of $556.1M misses by $42.72M: revenue +2.7% y/y
• TSN: FQ1 EPS of $1.15 beats by $0.26: revenue of $9.16B misses by $940M: revenue -15.3% y/y: raises FY16 EPS above consensus: increases share repurchase authorization by 50M shares
• UFS: Q4 EPS of $1.11 beats by $0.31: revenue of $1.31B misses by $20M: revenue -5.1% y/y

ANALYSTS' RATINGS CHANGES:

UPGRADES:

• UBNT: upgrade: hold to buy: Wunderlich: $40
• FLDM: upgrade: neutral to buy: Mizuho: $8
• GS: upgrade: neutral to buy: UBS: pt raised from $165 to $185
• UNFI: upgrade: sector perform to outperform: RBC Capital: pt cut from $42 to $35
• ALL: upgrade: neutral to buy: Citi: pt raised from $64 to $72
• LPLA: upgrade: negative to neutral: Susquehanna
• SPH: upgrade: neutral to buy: Citi: $29
• KONA: upgrade: market perform to outperform: Telsey Advisory
• KEY: upgrade: neutral to buy: UBS: $14
• SYY: upgrade: hold to buy: Argus: $50
• ABT: upgrade: hold to buy: Argus: $50
• KO: upgrade: negative to neutral: Susquehanna
• CCE: upgrade: negative to neutral: Susquehanna
• CMCSA: upgrade: hold to buy: Argus
• JPM: upgrade: neutral to buy: UBS
• WFT: upgrade: market perform to strong buy: Raymond James
• LVLT: upgrade: equal weight to overweight: Stephens
• RFP: upgrade: sector perform to outperform: RBC Capital: pt cut from $8 to $7
• WFM: upgrade: underperform to neutral: Leerink

DOWNGRADES:

• RL: downgrade: buy to neutral: Credit Suisse: $102
• RL: downgrade; neutral to underperform: BofA/Merrill
• DECK: downgrade: buy to neutral: BofA/Merrill: pt cut from $68 to $54
• CREE: downgrade: overweight to neutral: JP Morgan: $30
• ESL: downgrade: buy to hold: Canaccord: pt cut from $100 to $75
• ESL: downgrade: outperform to market perform: Wells Fargo: pt range cut from $88-$92 to $65-$70
• PPL: downgrade: buy to hold: Deutsche Bank: $37
• QRVO: downgrade: neutral to sell: Citi: pt cut from $45 to $35
• WEC: downgrade: buy to hold: Deutsche Bank: pt raised from $56 to $57
• OUTR: downgrade: overweight to neutral: Piper Jaffray: pt cut from $57 to $32
• OUTR: downgrade: neutral to sell: Roth Capital: $23.50
• LNKD: downgrade: outperform to sector perform: RBC Capital: pt cut from $300 to $156
• LNKD: downgrade: buy to neutral: SunTrust: pt cut from $250 to $155
• LNKD: downgrade: buy to neutral: Mizuho: pt cut from $258 to $150
• LNKD: downgrade: overweight to neutral: JP Morgan: pt cut from $300 to $186 
• LNKD: downgrade: outperform to market perform: Cowen: pt cut from $272 to $140
• TBI: downgrade: outperform to market perform: BMO Capital: pt cut from $280 to $150
• KSS: downgrade: neutral to underweight: Atlantic Equities:
• GRUB: downgrade: outperform to perform: Oppenheimer:
• MPC: downgrade: overweight to neutral: JP Morgan: pt cut from $62 to $4
• LINE: downgrade: market perform to underperform: Raymond James
• PMT: downgrade: overweight to equal weight: Barcalys: pt cut from $21 to $13

INITIATIONS and RESUMED:

• ABBV: initiated: outperform: Blair: $76
• VRTX: resumed: outperform: Leerink: $131
• MDVN: resumed: market perform: Leerink: $41
• CELG: resumed: market perform: Leerink: $129
• BIIB: resumed: market perform: Leerink: $335
• AMGN: resumed: market perform: Leerink: $179
• ALXN: resumed: outperform: Leerink: $217
• GILD: resumed: outperform: Leerink: $125
• REGN: resumed: outperform: Leerink: $534
• PBH: initiated: overweight: Piper Jaffray: $58
• RUBI: initiated: outperform: Boenning & Scattergood: $21 
• LHCG: initiated: buy: Jefferies: $45
• TWX: initiated: outperform: Telsey Advisory: $89

PRICE TARGET CHANGES:

• PACB: pt raised from $8 to $15: Stephens
• MPWR: pt raised from $65 to $80: Pacific Crest
• LNKD: pt cut from $271 to $194: Citi
• LNKD: pt cut from $287 to $175: Piper Jaffray
• LNKD: pt cut from $270 to $170: UBS
• DATA: pt cut from $92 to $65: Jefferies
• DATA: pt cut from $119 to $70: JP Morgan
• DATA: pt cut from $124 to $75: UBS
• AFSI: pt cut from $70 to $35: Compass Point
• PENN: pt cut from $27 to $25: Telsey Advisory Group
• DLPH: pt cut from $84 to $76: RBC Capital
• COP: pt cut from $61 to $50: RBC Capital
• CF: pt cut from $45 to $35: RBC Capital
• ABC: pt cut from $120 to $100: RBC Capital
• AGU: pt cut from $105 to $100: RBC Capital
• DV: pt cut from $28 to $18: Compass Point
• HBI: pt cut from $42 to $35: UBS
• DECK: pt cut from $56 to $55: Brean Capital
• GRUB: pt cut from $40 to $35: Canaccord

Volatility Continues| Morning News

FEBRUARY 04, 2016
US futures struggling around the flat line at this hour as global markets traded mixed overnight with most Asian shares green. The markets are likely to stay volatile in the depth of the earnings season and in front of tomorrows jobs report which includes nonfarm payrolls and unemployment rate.

NEWS:

• HOG: raises quarterly dividend 12.9%
• BABA: hackers attack 20M accounts on Alibaba's Taobao shopping site, reports WWD
• BXLT: files to sell $100M of common stock
• DUK: considering sale of International Energy unit
• DB: to face US suit over $3.1B in shareholder losses, reports reuters
• HOG: announces 20M share repurchase authorization
• OSIR: announces that President and CEO Debravandere has resigned for personal reasons

THE ECONOMIC CALENDAR:

• various times: Chain Store Sales
• 7:30AM: Challenger Job Cut Report
• 8:30AM: Weekly Jobless Claims
• 8:30AM: Productivity and Costs
• 8:30AM: Gallup Good Jobs Rate
• 9:45AM: Bloomberg Consumer Comfort Index
• 10AM: Factory Orders
• 10:30AM: EIA Natural Gas Inventory
• 4:30PM: Money Supply and Fed Balance Sheet

SOME NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

• LNC: Q4 EPS of $1.54 misses by $0.02: revenue of $3.35B misses by $30M: revenue -12.5% y/y
• YUM: Q4 EPS of $0.68 beats by $0.02: revenue of $3.95B misses by $70M: revenue -1.3% y/y
• MET: Q4 EPS of $1.23 misses by $0.13: revenue of $17.11B misses by $500M: revenue -6.2% y/y
• GPRO: Q4 EPS of -$0.08 misses by $0.08: revenue of $436.6M misses by $59.5M: revenue -31.1% y/y: guides Q1 revenue $160M-$180M vs consensus $298M: weak FY16 guidance 
• TBI: Q4 EPS of $0.57 misses by $0.03: revenue of $810.73M beats by $5.33M: revenue +70.3% y/y: guides revenue above estimates
• SFLY: Q4 EPS of $3.45 misses by $0.11: revenue of $548.08M beats by $3.38M; revenue +13.4% y/y: guides FY16 revenue $1.12B-$1.16B vs consensus $1.19B
• BWLD: Q4 EPS of $1.32 misses by $0.16: revenue of $490.22M misses by $17.01M: revenue +19.9% y/y: soft revenue guidance : guides FY16 EPS below consensus
• TTWO: FQ3 EPS of $0.89 beats by $0.39: revenue of $486.8M beats by $34.01M: revenue -49.0% y/y: raises FY16 guidance above estimates
• SEDG:FQ2 EPS of $0.44 beats by $0.08: revenue of $124.83 beats by $5.33M; revenue +70.3% y/y: strong FQ3 guidance
• ALL: Q4 EPS of $1.60 beats by $0.25: revenue of $7.55B misses by $50M: revenue +3.6% y/y
• AWH: Q4 EPS of $0.47 misses by $0.12: revenue of $622.8M misses by $23.5M: revenue +8.6% y/y
• GLUU: Q4 EPS of $0.02 beats by $0.05: revenue of $57.9M beats by $7.44M: revenue -24.0% y/y: mixed guidance
• RE: Q4 EPS of $8.17 beats by $2.91: revenue of $1.43B beats by $100M: revenue +5.1% y/y

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:

• CI: Q4 EPS of $1.87 beats by $0.07: revenue of $9.53B beats by $10M: revenue +7.1% y/y: guides FY16 adjusted EPS $8.85-$9.25 vs consensus $9.30
• CSL: Q4 EPS of $1.24 beats by $0.13: revenue of $876.2M beats by $13M: revenue +10.9% y.y
• GRUB: Q4 non-GAAP EPS of $0.19 beats by $0.05: revenue of $99.96M beats by $0.54M: guides FY16 revenue $445M-$465M vs consensus $448.78M
• DNKN: Q4 EPS of $0.52 beats by $0.02: revenue of $203.8M beats by $0.49M: revenue +5.5% y/y: raises quarterly dividend 13.2% to $0.30: guides FY16 adjusted EPS $2.17-$2.19 vs consensus $2.18
• CLX:FQ2 EPS of $1.14 beats by $0.08: revenue of $1.35B in-line: revenue flat y/y: raises FY16 EPS guidance
• CFX: Q4 EPS of $0.51 beats by $0.08: revenue of $1.06B beats by $40M: revenue -12.4% y/y
• PTEN: Q4 EPS of -$0.40 beats by $0.08: revenue of $338.56M beats by $15.01M; revenue -62.4% y/y
• MD: Q4 EPS of $1.13 beats by $0.03: revenue of $741.74M misses by $6.14M: revenue +14.0% y/y: weak guidance
• HIMX: Q4 EPS of $0.04 beats by $0.01: revenue of $178M beats by $6.06M: revenue -21.6% y/y: guides above consensus
• DLPH: Q4 EPS of $1.39 beats by $0.01: revenue of $3.88B beats by $100M: revenue +2.6% y/y: weak guidance
• TDY: Q3 EPS of $1.34 beats by $0.03: revenue of $555.4M misses by $28.9M: revenue -7.6% y/y: soft Q1 and FY16 EPS guidance
• AZN: Q4 EPS of $0.94 beats by $0.03: revenue of $6.4B beats by $130M: revenue -4.8% y/y: guides FY16 core EPS lower
• OXY: Q4 EPS of -$0.17 misses by $0.05: revenue of $2.8B misses by $150M: revenue -35.0% y/y
• PM: Q4 EPS of $0.81 in-line: revenue of $6.39B misses by $100M: revenue -11.3% y/y: weak FY16 EPS guidance
• SBH: FQ1 TPS of $0.43 beats by $0.06: revenue of $998.03M beats by $5.6M: revenue +3.5% y/y
• BSX: Q4 EPS of $0.26 beats by $0.01: revenue of $1.98B misses by $10M: revenue +4.8% y/y; guides in-line

SOME NOTABLE EARNINGS TO BE REPORTED TODAY AFTER THE CLOSE:

• ACET, AHL, AIV, ATHN, ATR, BMI, CATM, CTRL, DATA, DCT, DECK, ECHO, ECOM, ELY, ESL, FLT, G, HBI, HIG, IPHI, LGF, LNKD, MOBL, NTGR, OMCL, PCTY, PDM, POST, PPS, QRVO, RDEN, RNG, SKYW, SRCL, THG, UBNT

ANALYSTS' RATINGS CHANGES:

UPGRADES:

• KMT: upgrade: underperform to neutral: Longbow
• AMBA: upgrade: neutral to buy: Dougherty: $43
• MAT: upgrade: hold to buy: Argus: $38
• EDU: upgrade: neutral to buy: Mizuho
• HUBG: upgrade: hold to buy: Stifel: $41
• ZUMZ: upgrade: hold to buy: Brean Capital: $24
• ATW: hold to accumulate: KLR Group: pt raised from $6.50 to $6.75
• CREE: upgrade: market perform to outperform: Northland: pt raised from $30 to $35
• W: upgrade: neutral to buy: Goldman: pt raised from $50 to $53
• YHOO: upgrade: neutral to buy: Citi:$32
• CAPL: upgrade: neutral to outperform: Barid: pt raised from $25 to $26
• WHR: upgrade: neutral to buy: Goldman: $174
• BWLD: upgrade: market perform to outperform: Raymond James: $165

DOWNGRADES:

• GPRO: downgrade: buy to neutral: Dougherty: 
• GPRO: downgrade: buy to neutral: Sterne Agee
• FINV: downgrade: outperform to neutral: Credit Suisse: pt cut from $57 to $53
• ST: downgrade: overweight to neutral: Atlantic Equities
• BWLD: downgrade: buy to neutral: Longbow: $142
• ILMN: downgrade: buy to hold: Canaccord: $160
• SNCR: downgrade: buy to hold: Stifel
• BTU: downgrade: market perform to underperform: FBR Capital
• WAB: downgrade: buy to neutral: Goldman
• CYOU: downgrade: outperform to neutral: Credit Suisse
• PACB: downgrade: buy to neutral: Piper Jaffray: $11
• MTCH: downgrade: overweight to equal weight: Barclays: $14

INITIATIONS:

• ZTS: initiated: outperform: Credit Suisse: $58
• T: initiated: buy: DA Davidson: $41
• VZ: initiated: neutral: DA Davidson: $53
• SHEN: initiated: buy:  BWS Finacial: $35
• WOOF: initiated: outperform: Credit Suisse: $63
• PETX: initiated: outperform: Credit Suisse: $11
• PETS: initiated: underperform: Credit Suisse: $13
• PAHC: initiated: outperform: Credit Suisse: $42
• SEAS: initiated: neutral: Janney Capital: $20
• NYET: initiated: outperform: Credit Suisse: $11

PRICE TARGET CHANGES:

• RNR: pt raised from $113 to $117: RBC Capital
• LULU: pt raised from $65 to $72: Wedbush
• ETN: pt raised from $56 to %57: RBC Capital
• SEDG: pt raised from $36 to $38: FBR Capital
• SEDG: pt raised from $34 to $38: Needham
• NOV: pt cut from $36 to $25: Cowen
• NOV: pt cut from $35 to $29: RBC Capital
• IMS: pt cut from $33 to $29: Topeka Capital
• ADSK: pt cut from $67 to $61: RBC Capital
• SFLY: pt cut from $52 to $48: RBC Capital
• SFLY: pt cut from $55 to $50: Needham
• GPRO: pt cut from $21 to $17: JP Morgan
• GPRO: pt cut from $7.50 to $7: Piper Jaffray
• GPRO: pt cut from $18 to $13: Wedbush
• LNC: pt cut from $59 to $52: RBC Capital
• ATW: pt cut from $12 to $6: RBC Capital
• MAN: pt cut from $94 to $88: RBC Capital
• MSLZ: pt cut from $51 to $49: RBC Capital
• GM: pt cut from $35 to $30: RBC Capital
• CMCSA: pt cut from $68 to $67: RBC Capital
• ADP: pt cut from $88 to $87: RBC Capital
• IAC: pt cut from $70 to $56: RBC Capital
• IAC: pt cut from $78 to $62: Needham
• BDX: pt cut from $162 to $153: RBC Capital
• APO: pt cut from $23 to $14: UBS
• RDWR: pt cut from $18 to $15: Needham
• IMPV: pt cut from $88 to $56: Needham
• IMPV: pt cut from $80 to $65: Topeka Capital
• IMPV: pt cut from $80 to $62: Wunderlich
• OSIR: pt cut from $8 to $4: Goldman
• LCI: pt cut from $46 to $28: Canaccord
• VRTX: pt cut from $154 to $140: Argus

Oil Still the Focus | Morning News

FEBRUARY 02, 2016
Despite a stellar earrings beat from heavy-weight Google parent companyAlphabet,  US futures getting hit again as global markets remain under pressure from crude. Apart from auto sales data to be announced throughout the day, a light economic calendar has traders keeping track on oil futures as the commodity remains volatile and OPEC policy change remains uncertain.

NEWS:

• CAMP: LOJN: CalAmp to acquire LoJack for $6.45/share
• TWTR:Leaked Twitter API data shows the number of tweets is in serious decline, reports Business Insider
• AAPL: AMZN: SSNLF: Tablet shipments decline 10.1% in 2015, leades Apple and Samsung both lose market share, reports IDC
• TSLA: Pacific Crest out negative on the stock, lowering estimates and saying that investors should "avoid" the stock
• HNSN: FDA clears Hansen's Robotic Catherter eKit
• JCP: Piper Jaffray out positive on JC Penney, reiterating the company as a "top pick for 2016"

THE ECONOMIC CALENDAR FOR THE DAY:

• VARIOUS TIMES: Auto Sales
• 8:30AM: Gallup US ECI
• 8:55AM: Redbook Chain Store Sales
• 1PM: Fed's George speaks on "Monetary Policy and Economic Policy"

SOME NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

• PVH: Q3 EPS of $2.66 beats by $0.19: revenue of $2.1B in-line: revenue -3.1% y/y: raises guidance
• GOOG: Q4 EPS of $8.67 beats by $0.58: revenue of $21.33B beats by $560M: revenue +17.8% y/y: paid clicks surge (+31% y/y): gmail tops 1B monthly active users
• MAT: Q4 EPS of $0.67 beats by $0.06: revenue of $2B beats by $90M: revenue +0.5% y/y:
• IDTI: FQ3 EPS of $0.35 in-line: revenue of $177.6M beats by $2.19M: revenue +17.5% y/y
• RCII: Q4 EPS of $0.54 beats by $0.02: revenue of $793.8M misses by $13.36M: revenue -0.4% y/y
• PLT: FQ3 EPS of $0.83 beats by $0.07: revenue of $225.7M misses by $4.91M: revenue -2.6% y/y: guides earnings below estimates
• GGP: Q4 FFO of $0.43 beats by $0.01: revenue of $644.63 beats by $15.36M: revenue -4.2% y/y: guides FY16 FFO below consensus
• APC: Q4 EPS of -$0.57 beats by $0.52: revenue of $2.05B misses by $40M: revenue -35.5% y/y
• HAIN: FQ2 EPS of $0.57 beats by $0.03: revenue of $752.6M beats by $2.58M: revenue +7.3% y/y: reaffirms guidance
• LMNX: Q4 EPS of $0.56 may not be comparable to consensus of $0.15: revenue of $60.4M beat by $0.2M; revenue +3.9% y/y: guides revenue in-line
• FN: FQ2 EPS of $0.50 beats by $0.04: revenue of $233M beats by $12.25M: Revenue +23.7% y/y: guides above consensus
• AFL: Q4 EPS of $1.56 beats by $0.09: revenue of $5.32B beats by $110M: revenue -3.4% y/y: guides in-line
• LEG: Q4 EPS of $0.64 beats by $0.13: revenue of $945M misses by $51.98M: revenue -0.9% y/y: guides revenue below estimates

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:

• UPS; Q4 EPS of $1.57 beats by $0.15: revenue of $16.05B misses by $230M: revenue +0.9% y/y: guides FY16 EPS $5.70-$5.90 vs consensus $5.73
• XOM: Q4 EPS of $0.67 beats by $0.01: revenue of $59.8B beats by $8.44B: revenue -31.5% y/y
• R: Q4 EPS of $1.72 misses by $0.02: revenue of $1.67B misses by $20M: revenue +0.6% y/y: guides FY16 comparable EPS below estimates
• PNR: Q4 EPS of $1.13 beats by $0.09: revenue of $1.76B beats by $10M: revenue -2.2% y/y: provides mixed guidance: guides Q1adjusted EPS below estimates:guides FY16 adjusted EPS in-line
• SIRI:Q4 EPS of $0.03 in-line: revenue of $1/2B beats by $10M: revenue +10.1% y:y: guides FY16 revenue below consensus
• CHD: Q4 EPS of $0.82 beats by $0.01: revenue of $873.6M beats by $10.1M: revenue +0.9% y/y: guides Q1 adjusted EPS below consensus
• BAX: Q4 EPS of $0.43 beats by $0.11: revenue of $2.6B beats by $50M: revenue -6.8% y/y:guides FY15 ex-itmes above estimates
• PBI: Q4 EPS of $0.48 misses by $0.06: revenue of $936.95M misses by $12.35M: revenue -4.8% y/y: guides FY16 EPS below consensus
• KORS:FQ3 EPS of $1.59 bets by $0.13: revenue of $1.4B beats by $40M: revenue +6.9% y/y:  guides FY16 EPS above estimates: mobile traffic increasing m/m
• PFE: Q4 EPS of $0.53 beats by $0.01: revenue of $14.05B beats by $480M: revenue +7.2% y/y: guides FY16 adjusted EPS below consensus: net income down 50%
• ADM: Q4 EPS of $0.61 misses by $0.05: revenue of $16.45B misses by $3.07B: revenue -21.3% y/y: 

SOME NOTABLE EARNINGS TO BE REPORTED TODAY AFTER THE CLOSE:

• AFG, ATW, BKH, CHRW, CMG, CPHD, DOX, EW, FISV, GILD, ILMN, KIM, MOD, MYGN, NANO, OLN, QGEN, RNR, SLGN, SPA, TDW, TSRA, ULTI, UNM, WRB, YHOO

ANALYSTS' RATINGS CHANGES:

UPGRADES:

• MAT: upgrade: hold to buy: Stifel: $33
• GOL: upgrade: sell to neutral: Goldman: pt raised from $1 to $1.25
• IDTI: upgrade: neutral to outperform: Wedbush: pt raised from $26 to $27
• MS: upgrade: neutral to outperform: Macquarie: $33
• NFLX: upgrade: equal weight to overweight: Piper Jaffray: $122
• KSS: upgrade: neutral to buy: Buckingham
• TJX: upgrade: perform to outperform: BMO Capital: $85

DOWNGRADES:

• TWTR: downgrade: hold to sell: Stifel: $14
• ALR: downgrade: outperform to market perform: Raymond James
• HAIN: downgrade: buy to neutral: Piper Jaffray: $38
• SWN: downgrade: buy to neutral: SunTrust
• AR: downgrade: neutral to reduce: SunTrust
• SWN: downgrade: buy to neutral: JP Morgan: $8
• SWN: downgrade: buy to neutral: SunTrust: $9
• ALR: downgrade: buy to hold: Jefferies: $56
• ALR: downgrade: buy to hold: Canaccord: $56
• NOK: downgrade: buy to underperform: CLSA: pt cut from $9 to $6.60
• PLT: downgrade: market perform to underperform: Raymond James

INITIATIONS:

• COG: initiated: buy: RBC Capital: $31
• KITE: initiated: outperform: RBC Capital: $85
• FIT: initiated: outperform: Oppenheimer: $25
• MLNX: initiated: buy: Roth Capital: $60
• BBRY: initiated: buy: TD Securities: $9
• CLS: initiated: hold: TD Securities: $10

PRICE TARGET CHANGES:

• FN: pt raised from $26 to $31: Stifel
• FN: pt raised from $28 to $32: Needham
• GOOGL: pt raised from $900 to $925: Nomura
• GOOGL: pt raised from $900 to $930: Stifel
• GOOGL: pt raised from $890 to $924: Citi
• GOOGL: pt raised from $800 to $900: Barclays
• GOOGL: pt raised from $880 to $1000: RBC Capital
• GOOGL: pt raised from $809 to $941: RBC Capital
• IDTI: pt cut from $29 to $26: Topeka Capital
• AET: pt cut from $142 to $140: RBC Capital
• AFL: pt cut from $66 to $64: RBC Capital
• HAIN: pt cut from $47 to $44: Canaccord
• DNKN: pt cut from $57 to $54: Maxim Group
• FLS: pt cut from $37 to $33: RBC Capital
• FLS: pt cut from $55 to $48: Maxim Group
• PFG: pt cut from $59 to $52: RBC Capital
• ROP: pt cut from $190 to $186: Stifel
• SPG: pt cut from $225 too $215: RBC Capital