US futures poised to open lower at this 7AM hour as investors await the important FOMC announcement on interest rates next Wednesday. Economic data due out this morning includes USPPI at 8:30AM and consumer sentiment after the market opens at 10AM. Crude continues its fall with Goldman warning that the commodity could fall to $20.
NEWS:
- DIS: Disney to begin building two ‘Star Wars’ theme park areas in 2016, reports LA Times
- WMT: Wal-Mart’s Suppliers Are Finally Fighting Back reports bloomberg
- EA: ATVI: GME: TTWO: August NPD video game software sales down 10%
- BA: Fragments recovered after fiery aborted Las Vegas takeoff indicate catastrophic engine failure reports AP
- PFE: Pfizer Loses U.K. Patent Case Over Lyrica, reports wsj
ON THE ECONOMIC CALENDAR:
- 8:30AM: Producer Price Index
- 10AM: Reuters/UofM Consumer Sentiment
- 2PM: Treasury Budget
RECAP OF SOME NOTABLE EARNINGS LAST NIGHT AFTER THE CLOSE:
- ZUMZ: FQ2 EPS of $0.12 in-line: revenue of $179.82M in-line: guides below consensus
- RH: FQ2 EPS of $0.85 beats by $0.01: revenue of $506.9M beats by $3.57M: raises guidance, bringing it in-line with consensus
- FNSR:FQ1 EPS of $0.23 misses by $0.03.Revenue of $314.03M misses by $4.68M: soft guidance
ANALYSTS’ RATINGS CHANGES:
UPGRADES:
- CVX: upgrade: neutral to overweight: JP Morgan: $86
- GTE: upgrade: sell to neutral: Goldman
- EPC: upgrade: sell to neutral: UBS: cut pt from $92 to $90
- BLCM: upgrade: neutral to buy: Guggenheim
- CASY: upgrade: underperform to market perform: BMO Capital: $105
- SYT: upgrade: market perform to outperform: Bernstein
- WWAV: upgrade: market perform to outperform: Bernstein
- BKU: upgrade: neutral to buy: BofA/Merrill
- BP: upgrade: sell to neutral: Goldman
- TOT: upgrade: neutral to Conviction buy: Goldman: (double upgrade)
- LULU: upgrade: neutral to outperform: Baird
DOWNGRADES:
- CHD: downgrade: neutral to sell: UBS: $78
- HP: downgrade: hold to underperform: Jefferies: $40
- PBR: downgrade: overweight to neutral: JP Morgan: pt cut from $10.50 to $7
- ROP: downgrade: neutral to underweight: JP Morgan
INITIATIONS:
- SAAS: initiated: buy: Jefferies: $11
- DK: initiated: overweight: JP Morgan: $42
- RRGB: initiated: buy: Maxim Group: $103
- TXRH: initiated: buy: Maxim Group: $45
- ZEN: initiated: outperform: RBC Capital: $27
PRICE TARGET CHANGES:
- PANW: pt raised from $185 to $200: Imperial Capital
- AMZN: pt raised to $705: RBC Capital
- BMO: pt raised from $83 to $84: RBC Capital:
- SLF: pt raised from $49 to $50: RBC Capital
- MSTR: pt raised from $225 to $240: Deutsche Bank
- BWA: pt cut from $56 to $50: RBC Captial
- CHKE: pt cut from $33 to $26: Wunderlich
- PAY: pt cut from $44 to $38: Imperial Capital
- SGY: pt cut from $18 to $7: Imperial Capital
- LULU: pt cut from $66 to $55: FBR Capital
- ZUMZ: pt cut from $25 to $18: Mizuho
- ZUMZ: pt cut from $21 to $16: Wolfe Research
- FNSR: pt cut from $26 to $20: Piper Jaffray