DAILY US EQUITY OPENING NEWS: Apple (AAPL) – The co.’s latest Apple Watch is facing problems in China, where customers cannot sign up for a connection service. Separately, there is further worry on the demand for the iPhone 8 and iPhone 8 plus.

19th October 2017

EARNINGS

Alcoa (AA) – Q3 EPS ex-items USD 0.72 vs Exp. USD 0.77 and Revenue USD 3bln vs Exp. USD 2.96bln. (Newswires)

Alliance Data Systems (ADS) – Q3 core EPS USD 5.53 vs Exp. USD 5.04 and Revenue USD 1.91bln vs Exp. USD 1.97bln. They forecast FY17 core EPS USD 18.10 vs Exp. USD 18.07 and Revenue USD 7.8bln vs Exp. USD 7.81bln. Further, they see FY2018 core EPS USD 21.50 vs Exp. USD 21.42 and Revenue USD 8.7bln vs Exp. USD 8.66bln. (Newswires)

American Express (AXP) - Q3 EPS USD 1.50 vs Exp. USD 1.48 and Revenue USD 8.40bln vs Exp. USD 8.19bln. (Newswires)

Bank Of New York Mellon (BK) - USD 0.94 vs. Exp. USD 0.93 and revenue USD 4.04bln vs. Exp. USD 3.85bln. (Newswires)

BB&T (BBT) Q3 Adj. EPS USD 0.78 vs. Exp. USD 0.78, revenue USD 2.9bln vs. Exp. USD 2.84bln. (Newswires)

Blackstone (BX) Q3 USD 0.69 vs. Exp. USD 0.67, revenue USD 1.43bln vs. Exp. USD 1.42bln. (Newswires)

Crown Castle (CCI) - Q3 Revenue USD 1.06bln vs Exp. USD 1.04bln. (Newswires)

Crown Holdings (CCK) – Q3 Adj. EPS USD 1.41 vs Exp. USD 1.41 and Revenue USD 2.468bln vs Exp. USD 2.39bln. (Newswires)

Danaher (DHR) - Q3 USD 1 vs. Exp. USD 0.96, revenue USD 4.52bln vs. Exp. USD 4.46bln; boost FY guidance. (Newswires)

eBay (EBAY) - Q3 EPS USD 0.48 vs Exp. USD 0.48 and Revenue USD 2.41bln vs Exp. USD 2.31bln. (Newswires)

KeyCorp (KEY) – Q3 Adj. EPS USD 0.35 vs Exp. USD 0.35 and Revenue USD 1.55bln vs Exp. USD 1.56bln. (Newswires)

Kinder Morgan (KMI) - Q3 EPS USD 0.15 vs Exp. 0.14 USD and Revenue USD 3.28bln vs Exp. USD 3.12bln. (Newswires)

Philip Morris (PM) - Q3 EPS USD 1.27 vs. Exp. USD 1.39 and revenue USD 7.5bln vs. Exp. USD 7.61bln. (Newswires)

PPG (PPG) – Q3 Cont. Ops. EPS USD 1.52 vs Exp. USD 1.52 and Revenue USD 3.8bln vs Exp. USD 3.74bln. (Newswires)

Quest Diagnostics (DGX) – Q3 Adj. EPS USD 1.39 vs Exp. USD 1.35 and Revenue USD 1.93bln vs Exp. USD 1.92bln. (Newswires)

Snap-on Inc. (SNA) – Q3 Adj. EPS USD 2.45 vs Exp. USD 2.42 and Revenue USD 903.8mln vs Exp. USD 889.37mln. (Newswires)

Steel Dynamics (STLD) – Q3 ex items EPS USD 0.66 vs Exp. USD 0.66 and Revenue USD 2.4bln vs Exp. USD 2.39bln. (Newswires)

Textron (TXT) – Q3 Adj. EPS USD 0.65 vs Exp. USD 0.62 and Revenue USD 3.5bln vs Exp. USD 3.55bln. (Newswires)

Travelers (TRV) - Q3 EPS USD 0.91 vs Exp. USD 0.77 and revenue USD 7.33bln vs. Exp. USD 7.04bln. (Newswires)

United Continental (UAL) - Q3 EPS USD 2.22 vs Exp. USD 1.87 and Revenue USD 9.9bln vs Exp. USD 9.86bln. (Newswires)

Verizon (VZ) - Q3 2017 EPS USD 0.98 vs Exp. USD 0.98, Revenue USD 31.7bln vs Exp. USD 31.1bln. (Newswires)

 

DJIA

American Express (AXP) – Kenneth Chenault steps down as CEO, Stephen Squeri is to replace him effective of Feb 2018. (Newswires)

Apple (AAPL) – The co.’s latest Apple Watch is facing problems in China, where customers cannot sign up for a connection service. Separately, there is further worry on the demand for the iPhone 8 and iPhone 8 plus. (Newswires)

General Electric (GE) – The co. CEO is planning to cut expenses from previous luxuries the company provided, as well as employee cuts. (Newswires)

Johnson & Johnson (JNJ) – The co. announces a collaboration with Arcturus (ADHD) for RNA medicines. (Newswires)

Verizon (VZ) – The co. is aiming for the launch of its new online TV service to begin in Spring 2018. Separately, their Q3 wireline revenues increased 1.1% to USD 7.7bln. (Newswires)

Visa (V) – The co. announces their Visa ID Intelligence which allows issuers, acquirers, and merchants to adopt to emerging technologies. (Newswires)

Wal-Mart (WMT) – The co. is near a deal with Lord & Taylor website space, where Lord & Taylor customers will be able to pick up and return items in 4700 Wal-Mart stores. (Newswires)

 

S&P 500

CBRE Group (CBG) – The co. announces the acquisition of Custom Spaces; financial terms not disclosed. (Newswires)

CME Group (CME) – The co. and Japan Exchange Group (JPX) enter into an agreement to launch TOPIX futures contract on CME Globex by Q1 of 2018. (Newswires)

CSX Group. (CSX) – The co. will cut the number of locomotives served by a long-term maintenance agreement, a move which cuts service bills under the agreement by USD 3.3bln. (Newswires)

Hewlett Packard Enterprise (HPE) – The co. announces an organisational restructure, which is to save USD 1.5bln. Separately, the co. they raise their share buyback by USD 5bln and raises their regular dividend by 15%.  The co. forecasts FY18 Adj. EPS USD 1.15 – USD 1.25 vs Exp. USD 1.20 and sees FY2017 Adj. EPS USD 1.00 vs Exp. USD 1.40 and sees Revenue growth by 5% vs Exp. USD 33.1bln. (Newswires)

Pacific Gas & Electric corp. (PCG) – The co. announces they have nearly completed restoration to customers after California fires. (Newswires)  

PPG (PPG) – The co. announces they are committed to spending more than USD 3.5bln on acquisitions. (Newswires)

United Continental (UAL) – The co. forecasts October and November passenger revenue roughly flat y/y. (Newswires)

 

 

NASDAQ 100

Adobe (ADBE) – The co. announces the acquisition of Kyle Brush.com; financial terms not disclosed. Separately, the co. backs their Q4 Adj. EPS forecast of USD 1.15 vs Exp. USD 1.16 and backs Q4 Revenue USD 1.95bln vs Exp. USD 1.95bln. (Newswires)

Alphabet (GOOG) – The co. and Ryanair have reached a settlement to end legal proceedings in Irish high court over misleading advertisements for Ryanair. (Newswires)

Amazon (AMZN) – The co.’s web services announce a strategic collaboration with Nokia. (Newswires)

Celgene (CELG) – The co. is to show their data regarding the efficacy and safety for ozanimod at MS Paris 2017 on October 25th. (Newswires)

Gilead (GILD) – The co. announces the FDA has granted approval for Yescarta, a drug owned by Kite, a Gilead company. (Newswires)

Micron (MU) – The co. price target has been raised to USD 50 from USD 39.50. (Newswires)

Priceline (PCLN) – The co.’s Booking.com signs a global deal with UEFA national team football competitions. (Newswires)

Qualcomm (QCOM) – The co. and LG electronics are teaming up to develop a range of next-gen connected car technology. (Newswires)

 

OTHER NEWS

Automobile Names - Nissan (7201 JT) says they are to suspend vehicle production for Japanese market and Nissan and Nissan Shantai plants. (Newswires)

Teva Pharmaceuticals (TEVA) – The co. announces they are going to present data for their multiple sclerosis program, as well as their copaxone. (Newswires)

 

BROKER MOVES

Upgrades

ADOBE (ADBE) UPGRADED TO HOLD FROM SELL AT PIVOTAL RESEARCH

ANGI HOMESERVICES (ANGI) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT WELLS FARGO

AQUA AMERICA (WTR) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT WELLS FARGO

GRAINGER (GWW) UPGRADED TO NEUTRAL FROM UNDERWEIGHT AT ATLANTIC EQUITIES

HALCON RESOURCES (HK) UPGRADED TO BUY FROM ACCUMULATE AT JOHNSON RICE

MERCER (MERC) UPGRADED TO OUTPERFORM FROM SECTOR PERFORM AT RBC CAPITAL

 

Downgrades

ALLERGAN (AGN) DOWNGRADED TO NEUTRAL FROM BUY AT MIZUHO

ALLETE (ALE) DOWNGRADED TO SECTOR WEIGHT FROM OVERWEIGHT AT KEYBANC

BENCHMARK ELECTRONICS (BHE) DOWNGRADED TO HOLD FROM BUY AT NEEDHAM

ERICSSON (ERIC) DOWNGRADED TO UNDERPERFORM AT COWEN

GRAINGER (GWW) DOWNGRADED TO SELL FROM NEUTRAL AT UBS

HAIN CELESTIAL (HAIN) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT BMO CAPITAL

KB HOME (KBH) DOWNGRADED TO NEUTRAL FROM OUTPERFORM AT WEDBUSH

MAA (MAA) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT JMP SECURITIES

MAZOR ROBOTICS (MZOR) DOWNGRADED TO UNDERWEIGHT FROM EQUAL WEIGHT AT BARCLAYS

NIKE (NKE) DOWNGRADED TO NEUTRAL FROM BUY AT GOLDMAN SACHS

PRIMERICA (PRI) DOWNGRADED TO HOLD FROM BUY AT SUNTRUST

SONIC AUTOMOTIVE (SAH) DOWNGRADED TO UNDERPERFORM FROM NEUTRAL AT BOFA/MERRILL

SPRINT (S) DOWNGRADED TO NEUTRAL FROM OUTPERFORM AT MACQUARIE

SUPERVALU (SVU) DOWNGRADED TO NEUTRAL FROM BUY AT NORTHCOAST

 

Initiations

BAKER HUGHES (BHGE) INITIATED WITH A NEUTRAL AT UBS

DIAMOND OFFSHORE (DO) INITIATED WITH A HOLD AT HSBC

EIGER BIOPHARMACEUTICALS (EIGR) INITIATED WITH A BUY AT ROTH CAPITAL

ENSCO (ESV) INITIATED WITH A BUY AT HSBC

EVOKE PHARMA (EVOK) REINSTATED WITH A BUY AT FBR CAPITAL

JAZZ PHARMACEUTICALS (JAZZ) INITIATED WITH A BUY AT FBR CAPITAL

NOBLE CORP. (NE) INITIATED WITH A BUY AT HSBC

NORTHERN DYNASTY (NAK) INITIATED WITH A BUY AT H.C. WAINWRIGHT

REDFIN (RDFN) INITIATED WITH AN OUTPERFORM AT WILLIAM BLAIR

RLJ LODGING TRUST (RLJ) INITIATED WITH A HOLD AT SUNTRUST

ROWAN COMPANIES (RDC) INITIATED WITH A BUY AT HSBC

SHIRE (SHPG) INITIATED WITH A BUY AT FBR CAPITAL

SUPERNUS (SUPN) INITIATED WITH A BUY AT FBR CAPITAL

TERRAFORM POWER (TERP) REINSTATED WITH A NEUTRAL AT JPMORGAN

TRANSOCEAN (RIG) INITIATED WITH A HOLD AT HSBC

WAYFAIR (W) INITIATED WITH A BUY AT MKM PARTNERS

 

Ex-Dividends

Procter & Gamble Co (PG)- USD 0.69 

PerkinElmer Inc (PKI)- USD 0.07

19 Oct 2017 - 13:28- Research Sheet- Source: RANsquawk

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