OPEC ready to Cooperate | Morning News

FEBRUARY 12, 2016
US futures point to a higher opening following green arrows in Europe as the bulked of earnings reports wind down and traders await retail sales data and consumer sentiment numbers. Overnight, oil rebounded off nearly 13 year lows after the UAE energy minister remarked that member of OPEC were ready to cooperate on possible production cuts.(careful, we've heard this before) Meanwhile, investors await the Baker-Hughes rig count at 1PM EST today.

NEWS:

• JPM: Jamie Dimon reports purchase of 500K shares of JPM
• FLR: awarded 5 year clean-up US Dept of Energy contract
• T: AT&T to start 5G wireless testing in the first half of 2016
• BW: announces $18M contract for power plant reheater replacement
• F: reports 10% sales growth in Europe, aided by strong SUV sales
• FB: Court rules that Facebook can be sued in France in nude painting case, reports independent
• SQ: Visa reports a 9.99% stake in Square

THE ECONOMIC CALENDAR:

• 8:30AM: Retail Sales
• 8:30AM: Import/Export Prices
• 10AM: Business Inventories
• 10AM: Reuters/UofM Consumer Sentiment
• 1PM: Baker-Hughes Rig Count

SOME NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

• P: Q4 EPS of $0.04 misses by $0.03: revenue of $336.16M beats by $4.33M: revenue +25.4% y/y: guides Q1 revenue $280M-$290M vs consensus $284M
• AIG: Q4 EPS of -$1.10 misses by $0.19: announces additional $5B share repurchase authorization: raises quarterly dividend 14.3% to $0.32
• ATVI: Q4 EPS of $0.83 misses by $0.03: revenue of $2.12B misses by $80M: revenue -4.1% y/y: guides Q1 adjusted EPS $0.11 vs consensus $0.18: guides FY16 adjusted EPS $1.75 vs consensus $1.57
• CYBR: Q4 EPS of $0.39 beats by $0.19: revenue of $51.5M beats by $7.62M: revenue +41.9% y/y: guides FY16 adjusted EPS $0.83-$0.86 vs consensus $0.91
• FEYE:Q4 EPS of -$036 beats by $0.01: revenue of $184M misses by $0.5M: revenue +29.2% y/y: guides FY16 revenue $815M-$845M vs consensus $815.63M: guides Q1 EPS above estimates
• KN: Q4 EPS of $0.34 beats by $0.13: revenue of $310.5M beats by $5.8M: revenue +8.5% y/y
• NBIX: Q4 EPS of -$0.34 misses by $0.02: guides FY16 revenue $15M
• COLM: Q4 EPS of $0.90 beats by $0.14: revenue of $699.41M beats by $14.81M: revenue +3.3% y/y: guides FY16 EPS $2.55-$2.65 vs consensus $2.55
• GRPN: Q4 EPS of $0.04 beats by $0.04: revenue of $917.2M beats by $71.3M: EBITDA guidance hiked to $80M-$130M: reaffirms FY16 revenue $2.75B-$3.05B vs consensus $2.87B
• SCSS: Q4 EPS of -$0.42 may not be comparable to the consensus of -$0.05: revenue of $214.68M misses by $75.04M: revenue -33.4% y/y: guides FY16 EPS with items $1.25-$1.45 vs consensus $1.57
• ROVI: Q4 EPS of $0.65 beats by $0.28: revenue of $149.5M beats by $18.81M: revenue +11.4% y/y: guides FY16 revenue and adjusted EPS below consensus
• NUS: Q4 EPS of $0.62 misses by $0.11: revenue of $572.2M misses by $13.72M: revenue -6.1% y/y: guides FY16 EPS below estimates: raises quarterly dividend 1.4%: greater China sales down 8%: North Asia sales down 7%
• VRSN:Q4 EPS of $0.79 beats by $0.01: revenue of $272.62M beats by $2.42M: revenue +6.5% y/y: guides FY16 revenue $1.11B-$1.35B vs consensus $.14B
• WYNN: Q4 EPS of $1.03 beats by $0.27: revenue of $946.9M misses by $1.47M: revenue -16.9% y/y: EBITDA from the Macau business was $709M, down 44%
• Z: ZG: Q4 EPS of -$0.01 misses by $0.02: revenue of $169.37M beats by $0.45M: revenue +83.4% y/y: guides FY16 revenue above consensus
• INFN:Q4 EPS of $0.21 beats by $0.01: revenue of $260.6M beats by $1.79M: revenue +39.9% y/y: guides in-line

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:

• OFC: Q4 FFO of $0.52 in-line: revenue of $143.33M beats by $28.98M: revenue -2.5 % y/y: guides FY16 adjusted FFO $1.95-$2.05 vs consensus $2.03: appoint Stephen Budorick as CEO
• USAT: FQ2 EPS of $0.02 beats by $0.01: revenue of $18.50M beats by $1.59M: revenue +44.3% y/y: guides FY16 revenue $69M-$71M vs consensus $71.45M
• BAM: Q4 FFO of $0.97: revenue of $5.54B beats by $770M: revenue +18.1% y/y
• VTR: Q4 FFO of $1.03 beats by $0.02: revenue of $841.27M beats by $31.22M: revenue +14.9% y/y
• POR: Q4 EPS of $0.57 misses by $0.05: revenue of $499M misses by $45.39M: revenue -0.2% y/y: guides FY16 EPS $2.30-$2.35 vs consensus $2.34
• LPNT: Q4 EPS of $1.11 beats by $0.05: revenue of $1.37B in-line: revenue +8.7% y/y: guides FY16 EPS below consensus
• ITT: Q4 EPS of $0.58 beats by $0.03: revenue of $666.8M beats by $34.85M: revenue +1.0% y/y
• IPG: Q4 EPS of $0.66 beats by $0.04: revenue of $2.2B beats by $10M: revenue -0.5% y/y
• CPN: Q4 adjusted net income of $67M: revenue of $1.44B beats by $260M: revenue -25.8% y/y

ANALYSTS' RATINGS CHANGES:

UPGRADES:

• AYR: upgrade: market perform to outperform: FBR Capital: pt cut from $22 to $20
• P: upgrade: market perform to outperform: FBR Capital: $16
• IAG: upgrade: sell to neutral: Goldman:
• CDE: upgrade: underperform to market perform: BMO Capital: $3.50
• EFX: upgrade: hold to buy: Deutsche Bank: pt raised from $101 to $111
• TIME: upgrade: hold to buy: Gabelli
• ALLE: upgrade: outperform to buy: CLSA
• IAC: upgrade: hold to buy: Stifel: $52
• SU: upgrade: neutral to buiy: Citi
• CAG: upgrade: neutral to buy: BofA/Merrill: $46
• CAE: upgrade: market perform to outperform: BMO Capital

DOWNGRADES:

• FLO: downgrade: outperform to market perform: BMO Capital: $18
• FLO: downgrade: buy to hold: Deutsche Bank: $18
• NFLX: downgrade: outperform to market perform: FBR Capital: pt cut from $125 to $100
• KAR: downgrade: buy to neutral: Goldman Sachs: $35
• NTAP: downgrade: neutral to underweight: Atlantic Equities: $18
• GPI: downgrade: overweight to sector weight: KeyBanc
• BA: downgrade: overweight to neutral: JP Morgan: pt cut from $142 to $120
• BBBY: downgrade: outperform to perform: Oppenheimer
• BBY: downgrade: outperform to perform: Oppenheimer
• EVEP: downgrade: buy to neutral: Ladenburg: pt cut from $4 to $2
• VNR: downgrade: buy to neutral: Ladenburg
• SGY: downgrade: buy to neutral: Ladenburg: pt cut from $7 to $2.50
• LINE: downgrade: neutral to sell: Citi
• LNCO: downgrade: neutral to sell: Citi
• AEGR: downgrade: market perform to underperform: BofA/Merrill: pt cut from $13 to $6
• FNFV: downgrade: outperform to market perform: Keefe Bruyette: $10

INITIATIONS:

• SFM: initiated: buy: Stifel: $27
• KR: initiated: buy: Stifel: $45
• ADS: initiated: buy: Jefferies: $240

PRICE TARGET CHANGES:

• ROVI: pt raised from $26 to $29: Piper Jaffray
• VCRA: pt raised from $15 to $19: Piper Jaffray
• LOGM:pt cut from $80 to $66: JP Morgan
• TRIP: pt cut from $84 to $70: RBC Capital
• ZG: Z: pt cut from $34 to $21: RBC Capital
• RIG: pt cut from $12 to $10: RBC Capital
• ENSG: pt cut from $27.50 to $24: RBC Capital
• BA: pt cut from $135 to $128: RBC Capital
• ATVI: pt cut from $42 to $35: Mizuho
• ATVI: pt cut from $45 to $40: Atlantic Equities
• ATVI: pt cut from $42 to $39: Piper Jaffray
• ATVI: pt cut from $40 to $32: Barclays
• ATVI: pt cut from $41 to $36: Pacific Crest
• ATVI: pt cut from $36 to $33: Macquarie
• FOSL: pt cut from $44 to $30: Mizuho
• QLIK: pt cut from $36 to $23: Mizuho
• QLIK: pt cut from $36 to $30: RBC Capital
• QLIK: pt cut from $40 to $30: Brean Capital
• QCOM: pt cut from $51 to $47: Mizuho
• QCOM: pt cut from $62 to $60: Cowen
• WWAV: pt cut from $42 to $39: Wunderlich
• PXD: pt cut from $131 to $127: Wunderlich
• AYR: Pt cut from $25 to $22: Cowen
• MPC: pt cut from $60 to $55: Cowen
• TIME: pt cut from $20 to $15: FBR Capital
• PNK: pt cut from $33 to $31: Telsey Advisory
• FEYE: pt cut from $40 to $30: Topeka Capital
• INCY: pt cut from $131 to $92: Brean Capital
• P: pt cut from $26 to $15: Wedbush
• P: pt cut from $17 to $12: Needham
• TWX: pt cut from $92 to $82: Wedbush
• LOGM: pt cut from $84 to $57: Needham
• SSNC: pt cut from $86 to $76: Needham

Yellen and Oil Hits the Markets | Morning News

FEBRUARY 11, 2016
US futures plunge along with global markets as the dollar feels the pressure of Yellens' dovish remarks on future interest rake hikes. Gold soars as investors jump into the safe haven metal.  Overnight, crude dropped below $27 further pressuring the markets around the world. The 10 year Treasury yield is lower by 10 basis points to 1.57%.  Later today Yellen will continue her testimony before Congress as all ears will listen for further confirmation of rate hike possibilities.

NEWS:

• AMZN: announces $5B buyback authorization
• LMT: Pentagon looks to reach $15B deal for F-35s in March
• NVS: Sandoz announces EMA approves MAA for biosimilar pegfilgrastim
• INCY: halts late stage development of Jakafi for solid tumors after an interim analysis failed to show sufficient efficacy
• DDD: announces preliminary earnings: expects Q4 revenue of $183M vs consensus estimate of $161M
• BA: Boeing under investigate by the SEC regarding accounting for its 787 Dreamliner and 747 jets
• ILMN: Illumina enters bioinformatics partnership with Geomics England

THE ECONOMIC CALENDAR:

• 8:30AM: Weekly Jobless Claims
• 9:45AM: Bloomberg Consumer Comfort Index
• 10AM: Yellen's Congressional Testimony on Monetary Policy
• 10:30AM: EIA Natural Gas Inventory
• 1PM: $16B 30 Year Note Auction
• 4:30PM: Money Supply and Fed Balance Sheet

SOME NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

• WFM: FQ1 EPS of $0.46 beats by $0.06: revenue of $4.83B beats by $20M: revenue +3.4% y/y: guides FY16 revenue +3%-5%
• CSCO: FQ2EPS of $0.57 beats by $0.03: revenue of $11.93B beats by $170M: revenue -0.1% y/y: guides in-line: announces additional $15B to buyback: raises dividend
• PXD: Q4 EPS of -$0.18 beats by $0.12: revenue of $1.07B beats by $251.51M: revenue -35.9% y/y: lowers FY16 capital budge to $2B
• EXPE: Q4 EPS of $0.77 misses by $0.23: revenue of $1.7B misses by $10M: revenue +25.0% y/y: Q4 gross bookings +40% y/y: guides FY16 EPITDA growth 35%-40% y/y
• TSLA: Q4 EPS of -$0.87 misses by $0.99: revenue of $1.75B misses by $50M: revenue +59.1% y/y: guides delivery of 16K vehicles in Q1: guides delivery of 80K-90K vehicles in FY16
• FRU: Q4 EPS of $1.94 misses by $0.36: revenue of $13.25B beats by $1.72B: revenue -16.3% y/y
• MYL: Q4 EPS of $1.22 misses by $0.05: revenue of $2.5B misses by $200M: revenue +20.2% y/y: guides FY16 adjusted EPS of $4.85-$5.15 vs consensu $4.97
• TWTR: Q4 EPS of $0.16 beats by $0.04: revenue of $710M in-line: revenue +48.2% y/y: guides Q1 revenue $595M-$610M vs consensus $629.25M
• CNO: Q4 EPS of $0.52 beats by $0.15: revenue of $969.6M misses by $19.95M: revenue -3.0% y/y
• EFX: Q4 EPS of $1.14 beats by $0.03: revenue of $666.3M beats by $3.92M: revenue +6.7% y/y: guides revenue above consensus
• CTL: Q4 EPS of $0.80 beats by $0.15: revenue of $4.48B beats by $60M: revenue +0.9% y/y: guides FY16 adjusted EPS $2.50-$2.70 vs consensus $2.36
• SKX: Q4 EPS of $0.19 misses by $0.01: revenue of $722.68 beats by $29.2M: revenue +26.8% y/y: guides in-line
• ZNGA: Q4 EPS of $0.00 in-line: revenue of $182.1M beats by $3.43M: revenue -0.1% y/y
• IRBT: Q4 EPS of $0.60 beats by $0.04: revenue of $206.42M beats by $4.17M: revenue +29.5% y/y: guides FY16 EPS of $1.20-$1.40 vs consensus $1.64
• MKL:Q4 EPS of $14.14 beats by $6.93: revenue of $1.42B beats by $90M: revenue +6.0% y/y
• IFF: Q4 EPS of $1.05 misses by $0.10: revenue of $715.65M misses by $31.41M: revenue -5.3% y/y: guides FY16 revenue up 6.5%-8.5%
• CSRA: Q4 EPS of $0.48 beats by $0.06: revenue of $1.27B misses by $50M: revenue -5.2% y/y: provides mixed guidance
• PPC: Q4 EPS of $0.26 misses by $0.14: revenue of $1.96B misses by $30M: revenue -7.1% y/y
• ORLY: Q4 EPS of $2.19 beats by $0.11: revenue of $1.95B beats by $40M: revenue +10.8% y/y

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:

• PEP: Q4 EPS of $1.06 in-line: revenue of $18.59B beats by $80M: revenue -6.8% y/y: guides FY16 core EPS $4.66 vs consensus $4.76: raises annual dividend $0.20/share
• SON: Q4 EPS of $0.64 beats by $0.02: revenue of $1.27B misses by $10M: revenue -3.8% y/y: guides FY16 EPS $2.64-$2.74 vs consensus $2.69
• MOS: Q4 EPS of $0.53 beats by $0.09: revenue of $2.16B beats by $230M: revenue -9.2% y/y: announces $75M accelerated share repurchase authorization
• ALLE: Q4 EPS of $0.89 beats by $0.15: revenue of $545.4M misses by $16.05M: revenue -4.9% y/y: guides adjusted EPS $3.25-$3.40 vs consensus $3.38
• TU: Q4 EPS of C$0.54 beats by C$0.07: revenue of C$3.22B misses by C$30M: revenue +2.9% y/y: guides FY16 EPS C$2.40-C$2.56 vs consensus C$2.20 FY15: eyes 10% dividend hike in 2016
• TRIP: Q4 EPS of $0.45 beats by $0.12: Revenue of $309M beats by $10.46M: revenue +7.3% y/y
• Q: Q4 EPS of $0.90 beats by $0.03: revenue of $1.13B in-line: revenue +6.6% y/y:guides FY16 adjusted EPS $3.70-$3.85 vs consensus $3.70
• GRA: Q4 EPS of $1.40 beats by $0.08: revenue of $758.7M misses by $31.27M: revenue -5.6% y/y:  guides FY16 adjusted EPS $3.02-$3.21 vs consensus $3.14
• NOK: Q4 EPS of €0.15 beats by €0.03: revenue of €3.6B misses by €280M: revenue +2.9% y/y: announces that the board is considering a special dividend
• TRI: Q4 EPS of $0.65 beats by $0.07: revenue of $3.15B misses by $20M: revenue -1.9% y/y: guides FY16 revenue growth in low single digits 
• BG: Q4 EPS of $1.40 misses by $0.10: revenue of $11.13B misses by $720M: revenue -15.9% y/y
• TIME: Q4 EPS of $0.58 misses by $0.08: revenue of $877M beats by $4.19M: revenue -2.0% y/y: guides revenue above consensus
• TAP: Q4 EPS of $0.49 misses by $0.01: revenue of $844.4M in-line: revenue -13.3% y/y
• GNC: Q4 EPS of $0.63 beats by $0.01: revenue of $618.2M misses by $3.01M: revenue +1.8% y/y: guides: FY15 EPS $3.15-$3.35 vs consensus $3.19
• AVP: Q4 EPS of $0.00 misses by $0.08: revenue of $1.61B msses by $210M: revenue -19.9% y/y
• PBF: Q4 EPS of $0.70 beats by $0.07: revenue of $3.36B misses by $130M: revenue -25.7% y/y
• HUN: Q4 EPS of $0.51 beats by $0.29: revenue of $2.33B misses by $100M: revenue -21.0% y/y
• PNK: Q4 EPS of $0.40 misses by $0.02: revenue of $558.42M misses by $3.21M: revenue +0.7% y/y
• NILE: Q4 EPS of $0.43 in-line: revenue of $150M misses by $14.54M; revenue -4.7% y/y: soft guidance
• AAP: Q4 EPS Of $1.22 beats by $0.01: revenue of $2.03B misses by $20M: revenue -9.4% y/y
• NLSN: Q4 EPS of $0.82 beats by $0.02: revenue of $1.62B beats by $10M: revenue -0.6% y/y
• K: Q4 EPS of $0.79 beats by $0.04: revenue $3.12B misses by $40M: revenue -6.0% y/y

SOME NOTABLE EARNINGS TO BE REPORTED TODAY AFTER THE CLOSE:

• AIG, ATVI, BCOR, CBS, COLM, CRAY, CYBR, DDR, DNB, DVA, EGN, FEYE, GRPN, GUID, HE, INFN, KN, LOGM, NBIX, NUS, NUVA, P, PDFS, QLIK, ROVI, RSG, SCSS, SSNC, TRUP, VRNS, VRSN, WYNN

ANALYSTS' RATINGS CHANGES:

UPGRADES:

• VOYA: upgrade: underweight to neutral: JP Morgan: pt cut from $45 to $41
• TEN: upgrade: equal weight to overweight: Barclays
• ULTA: upgrade: outperform to strong buy: Raymond James: pt cut from $205 to $188
• ASNA: upgrade: sell to neutral: Goldman Sachs: $7
• FDC: upgrade: neutral to outperform: Credit Suisse: pt cut from $20 to $12
• LVLT: upgrade: equal weight to overweight: Morgan Stanley: $60
• APAM: upgrade: sell to neutral: Citi
• OHI: upgrade: market perform to outperform: JMP Securities: $31
• CSCO: upgrade: hold to buy: Jefferies: pt raised from $26 to $27.50
• HMN: upgrade: neutral to buy: Janney Capital
• WAL: upgrade: neutral to buy: DA Davdison: $37
• OHI: upgrade: market perform to outperform: JMP Securities: $31
• TWX: upgrade: buy to conviction buy: Goldman: pt cut from $83 to $80
• SKT: upgrade: neutral to buy: Hilliard Lyons
• WAL: upgrade: neutral to buy: DA Davidson: $37
• CHRW: upgrade: neutral to buy: Buckingham: pt raised from $63 to $80

DOWNGRADES:

• TWTR: downgrade: overweight to equal weight: Barclays: $19
• TWTR: downgrade: buy to hold: Topeka Capital: pt cut from $35 to $15
• RUN: downgrade: overweight to equal weight: Barclays: $7
• SCTY: downgrade: overweight to equal weight: Barclays: pt cut from $49 to $20
• CSTE: downgrade: overweight to equal weight: Barclays: $38
• WEN: downgrade: buy to neutral: JP Morgan: $10.50
• SNV: downgrade: market perform to underperform: Morgan Stanley: $29
• RF: downgrade: overweight to equal weight: Morgan Stanley: $9
• HCP: downgrade: hold to sell: Stifel: $23
• ARMH: downgrade: market perform to underperform: Bernstein
• FLO: downgrade: buy to neutral: SunTrust: pt cut from $30 to $20
• PSEC: downgrade: market perform to underperform: Raymond James
• DFS: downgrade: buy to neutral: BofA/Merrill: pt cut from $60 to $48
• COF: downgrade: buy to neutral: BofA/Merrill: $66
• MA: downgrade: buy to neutral: BofA/Merrill: pt cut from $105 to $92
• V: downgrade: buy to neutral: BofA/Merrill: $75
• SEMI: downgrade: neutral to sell: Citi
• IFF: downgrade: buy to hold: Deutsche Bank
• BID: downgrade: buy to hold: Stifel
• DEI: downgrade: hold to sell: Stifel: $23.50

INITIATIONS:

• SQ: initiated: neutral: SunTrust: $9
• GILD: initiated: outperform: Oppenheimer: $120
• EL: initiated: overweight: Atlantic Equities: $102

PRICE TARGET CHANGES:

• AXTA: pt raised from $31 to $32: RBC Capital
• O: pt raised from $56 to $66: Oppenheimer
• ZNGA: pt cut from $3 to $2.50: Piper Jaffray
• WIX: pt cut from $36 to $35: RBC Capital
• VOYA: pt cut from $53 to $46: RBC Capital
• UDR: pt cut from $38 to $37: RBC Capital
• TWTR: pt cut from $34 to $23: RBC Capital
• TWTR: pt cut from $21 to $15: Mizuho
• TSLA: pt cut from $240 to $180: RBC Capital
• TSLA: pt cut from $180 to $155: JP Morgan
• TSLA: pt cut from $325 to $240: Credit Suisse
• PRU: pt cut from $91 to $80: RBC Capital
• PXD: pt cut from $175 to $165: Topeka Capital
• NTAP: pt cut from $28 to $26: RBC Capital
• EXPE: pt cut from $180 to $165: RBC Capital
• CAH: pt cut from $105 to $85: RBC Capital
• PAA: pt cut from $23 to $19: RBC Capital
• HDP: pt cut from $25 to $18: Mizuho
• HDP: pt cut from $36 to $17: Wunderlich
• FDC: pt cut from $20 to $17: Mizuho
• CSOD: pt cut from $42 to $34: FBR Capital
• NGL: pt cut from $15. to $7.50: Wunderlich
• HUBS: pt cut from $68 to $46: UBS
• TYL: pt cut from $219 to $211: Maxim Group
• FSFR: pt cut from $11 to $9: Maxim Group
• INCY: pt cut from $125 to $65: RBC Capital

Yellen in Focus | Morning News

FEBRUARY 10, 2016
US futures point to a higher opening, following green arrows in Europe with banks staging a strong rally after Deutsche Bank announced its willingness to a bond buyback. In Asia, while China markets remain closed for the holiday, the Nikkei fell 2.3% but closed well off its lows. Overnight, crude found solid footing after Iran announced it was open to cooperation with Saudi Arabia, although traders remain cautious on the commodity due to the pressure from oversupply. EIA petroleum inventories to be announced at 10:30AM EST. Investors focus today will turn to Janet Yellen's congressional testimony to get any indication of either her dovishness or hawkishness concerning future rate hikes.

NEWS:

• DIS: ESPN and DraftKings end their exclusive relationship, reports the WSJ
• KMPH: KP201/APAP NDA grated priority review by FDA
• CTIC: PDA puts full clinical hold on the company's blood cancer drug
• AMBS: Eltoprazine granted FDA Orphan Drug Designation
• VAL: Valspar to caquire ISVA Vernici
• BK: files automatic securities shelf
• VSAT: files automatic securities shelf
• FIT: Vanguard reports 9.21% stake in Fitbit
• ABBV: Elagolix successful in second late stage study

THE ECONOMIC CALENDAR:

• 7AM: MBA Mortgage Applications
• 10AM: Yellen's Congressional Testimony to begin
• 10:30AM: EIA Petroleum Inventories
• 1PM: $23B, 10 Year Note Auction
• 2PM: Treasury Budge

SOME NOTABLE EARNINGS REPORTED YESTERDAY AFTER THE CLOSE:

• AKAM: Q4 EPS of $0.72 beats by $0.10: revenue of $579.16M beats by $10.44M: revenue +8.0% y/y: announces $1B buyback authorization: reorganization announced: guides Q1 EPS of $0.61-$0.64 vs consensus $0.61
• DIS: FQ1 EPS of $1.63 beats by $0.18: revenue of $15.24B beats by $490M: revenue +13.8% y/y
• SCSC: FQ2 EPS Of $0.88 beats by $0.14: revenue of $993.52M beats by $73.79M: revenue +23.1% y/y: soft Q1 guidance
• PNRA: Q4 EPS of $1.88 beats by $0.10: revenue of $691.77M misses by $3.66M: revenue +2.9% y/y: guides FY16 operating margin down 50-100 bps: guise FY16 adjusted EPS growth 2-5%, consensus $6.54
• WU: Q4 EPS of $0.42 in-line: revenue of $1.38B misses by $20M: revenue -2.1% y/y
• NUAN: FQ1 EPS Of $0.36 beats by $0.03: revenue of $494.87M beats by $3.41M: revenue +1.2% y/y: guides FY16 adjusted EPS $1.41-$1.51 vs consensus $1.43
• RGC: Q4 EPS of $0.36 beats by $0.04: revenue of $848.2M beats by $7.27M: revenue +6.1% y/y
• OTEX: FQ2 EPS of $1.01 beats by $0.11: revenue of $465.3M beats by $2.76M: revenue -0.5% y/y
• AMRK: FQ2 EPS of $0.19 in-line: revenue of $1.53B beats by $30M: revenue -0.6% y/y
• SCTY: Q4 EPS of -$2.37 beats by $0.22: revenue of $115.5M beats by $9.88M: revenue +60.8% y/y: soft guidance: 
• USNA: Q4 EPS of $1.83 misses by $0.16: revenue of $232.6M misses by $6.31M: revenue +2.1% y/y
• MKTO: Q4 EPS of -$.013 beats by $0.10: revenue of $58.3M beats by $0.16M: revenue +37.7% y/y: guides FY16 EPS above consensus
• PAYC: Q4 EPS of $0.10 beats by $0.02: revenue of $65.1M beats by $3.92M: revenue +47.8% y/y: guides Q1 revenue above consensus
• NCR: Q4 EPS of $0.92 beats by $0.05: revenue of $1.68B misses by $20M: revenue -5.1%y/y: guides Q1 EPS $0.30-$0.35 vs consensus $0.52
• RKUS: Q4 EPS of $0.13 in-line: revenue of $100.11M misses by $1.76M: revenue +16.6% y/y: guides Q1 EPS in-line
• CTLT: FQ2 EPS of $0.36 beats by $0.02: revenue of $454.9M beats by $14.64M: revenue -0.2% y/y
• CSC: FQ3 EPS of $0.71 beats by $0.02: revenue of $1.75B misses by $100M: revenue -10.3% y/y: guides FY16 adjusted EPS of $2.40-$2.60 vs consensus $2.60

SOME NOTABLE EARNINGS REPORTED TODAY BEFORE THE OPENING:

• ORBK:Q4 EPS of $0.54 beats by $0.03: revenue of $188.24M misses by $0.48M: revenue -4.7% y/y: guides Q1 revenue $184M-$192M vs consensus $185.96M
• TWX:Q4 EPS of $1.06 bets by $0.05: revenue of $7.08B misses by $450M: revenue -5.9% y/y: guides FY16 adjusted EPS of $5.30-$5.40 vs consensus $5.26: announces new $5B share repurchase program authorization: raises quarterly dividend 15%
• HSIC: Q4 EPS of $1.67 beats by $0.02: revenue of $2.85B beats by $30M; revenue +5.6% y/y: reaffirm FY16 adjusted EPS $6.55-$6.65 vs consensus $6.61
• WIX:Q4 EPS of -$0.13 beats by $0.04: revenue of $56.83M beats by $1.01M; revenue +36.7% y/y: guides FY16 revenue $270M-$275M vs consensus $266.83M
• CG:Q4 EPS of $0.24 misses by $0.07: revenue of $490.9M misses by $38.66M: revenue -24.3% y/y: announces $200M share repurchase authorization
• CRL: Q4 EPS of $1.00 beats by $0.06: revenue of $353.85M beats by $4.65M: revenue +7.4% y/y: guides FY16 adjusted EPS $4.07-$4.17 vs consensus $4.16
• DTE: Q4 EPS of $1.01 beats by $0.02: revenue of $2.49B misses by $680M: revenue -19.2% y/y
• ARMK: FQ1 EPS of $0.50 beats by $0.01: revenue of $3.71B beats by $10M: revenue +0.3% y/y
• SEE: Q4 EPS of $0.76 beats by $0.26: revenue of $1.75B misses by $30M: revenue -11.2% y/y: guides FY16 adjusted EPS $2.52-$2.60 vs consensus $2.57
• OC: Q4 EPS of $0.66 beats by $0.21: revenue of 1.3B in-line: revenue +3.2% y/y

SOME NOTABLE EARNINGS TO BE REPORTED TODAY AFTER THE CLOSE:

• AEM, BGC, BRKR, CDE, CLW, CSCO, CTL, CUZ, CYS, EXPE, FLO, FMC, FNFN, HDP, HUBS, IFF, IO, IRBT, JCOM, LGND, LOCK, MYL, O, OHI, IOO, ORLY, PPC, PRI, PRU, PXD, QUIK, REG, RYN, SB, SCI, SKX, TCO, TSLA, TWTR, VNDA, WFM, ZNGA

ANALYSTS' RATINGS CHANGES:

UPGRADES:

• TDG: upgrade: sector perform to outperform: RBC Capital: $253
• KO: upgrade:sell to hold: Societe Generale: pt raised from $37 to $44
• SHPG: upgrade: sector perform to outperform: RBC Capital: $240
• CRM: upgrade: outperform to buy: CLSA
• GT: upgrade: underperform to outperform: CLSA
• DF: upgrade: market perform to outperform: Bernstein: pt raised from $21 to $25
• SPKE: upgrade: neutral to buy: Janney Capital
• AKAM: upgrade: neutral to buy: B Riley: $60
• HES:upgrade: neutral to conviction buy: Goldman: $59
• RDY: upgrade: underperform to buy: CLSA
• SCTY: upgrade: outperform to strong buy: Raymond James: pt cut from $75 to $60
• USBS: upgrade: market perform to outperform: Wells Fargo:pt range $44-$46

DOWNGRADES:

• SALE: downgrade: sector perform to underperform: RBC Capital: pt cut from $12 to $6
• TAHO: downgrade: outperform to sector perform: RBC Capital: pt cut from $15 to $13
• MCC: downgrade: outperform to market perform: FBR Capital: pt cut from $11 to $8.50
• MCC: downgrade: buy to neutral: Citi
• MCC: downgrade: buy to hold: Jefferies: pt cut from $9 to $7
• SCTY: downgrade: buy to neutral: Roth Capital: pt cut from $65 to $19
• PKY: downgrade: buy to hold: Stifel
• P: downgrade: outperform to market perform: Cowen: pt cut from $21 to $9
• CTIC: downgrade: overweight to neutral: Piper Jaffray: pt cut from $4 to $0.75
• RKUS: downgrade: buy to neutral: SunTrust: pt cut from $14 to $8.50
• FSC: downgrade: overweight to neutral: JP Morgan: pt cut from $7 to $6
• ITC: downgrade: outperform to market perform from outperform: Wells Fargo
• KNX: downgrade: buy to hold: Evercore
• XL: downgrade: hold to sell: Deutsche Bank
• AR: downgrade: buy to neutral: Goldman: $26.50
• VLO: downgrade: conviction buy to buy: Goldman
• KB: downgrade: buy to hold: Deutsche Bank: pt cut from $22 to $14
• CMFN: downgrade: strong buy to outperform: Raymond James: pt cut from $16 to $13

INITIATIONS:

• CNDA: initiated: buy: Janney Capital: $12
• LAKE: initiated: buy: Singular Research: $17.50
• TEAM: initiated: neutral: Baird: $23
• IRBT: initiated: buy: Chardan: $42

PRICE TARGET CHANGES:

• WCN: pt raised from $60 to $65: Imperial Capital
• ATSG: pt raised from $11.50 to $12: Cowen
• UTEK: pt raised from $23 to $26: Benchmark Co
• AKAM: pt cut from $58 to $45: Credit Suisse
• AKAM: pt cut from $49 to $42: FBR Capital
• SGEN: pt cut from $44 to $33: Piper Jaffray
• VIAB: pt cut from $70 to $49: Stifel
• SCTY: pt cut from $80 to $65: Stifel
• SCTY: pt cut from $69 to $44: JP Morgan
• PAYC: pt cut from $49 to $35: Stifel
• P: pt cut from $22 to $20: Stifel
• DIS: pt cut from $110 to $101: FBR Capital
• BKD: pt cut from $37 to $25: RBC Capital
• DWRE: pt cut from $51 to $41: Mizuho
• DWRE: pt cut from $64 to $40: FBR Capital
• DWRE: pt cut from $52 to $50: RBC Capital
• GWR: pt cut from $75 to $69: Cowen
• RPXC: pt cut from $17 to $14: Cowen
• FCX: pt cut from $20 to $10: Cowen
• QLYS: pt cut from $49 to $30: Imperial Capital
• CVS: pt cut from $113 to $104: Mizuho
• CDW: pt cut from $51 to $46: RBC Capital
• WU: pt cut from $20 to $18: Compass Point
• REGN: pt cut from $659 to $489: Brean Capital
• REGN: pt cut from $645 to $575: UBS
• PRO: pt cut from 425 to $15: Needham
• BRS: pt cut from $26 to $20: Scotia Howard Weil
• BCOR: pt cut from $23 to $20: Benchmark Co