DAILY US EQUITY OPENING NEWS - Earnings from Adobe (ADBE), Costco (COST) and Oracle (ORCL)

15th December 2017

EARNINGS

Adobe (ADBE) Q4 (USD) - Adj. EPS USD 1.26 vs Exp. USD 1.16, Revenue 2.01bln vs Exp. USD 1.95bln. Further, it forecasts Q1 (USD) EPS 1.27 vs Exp. 1.24, Revenue 2.04bln vs Exp. 2.04bln. (Newswires)

Costco. (COST) Q1 (USD) – EPS 1.45 vs Exp. USD 1.34, Revenue 31.12bln vs Exp. USD 31.49bln. (Newswires)

Jabil (JBL) Q1 (USD) - EPS 0.80 vs Exp. 0.79. Revenue 5.6bln, 5.5bln. (Newswires)

Oracle Corp. (ORCL) Q2 (USD) - Adj. EPS 0.70 vs Exp. 0.68, Revenue 9.63bln vs Exp. 9.55bln, Cloud revenue up 9% to 1.5bln. Further, it increases its share repurchase programme by 12bln and it forecasts Q3 Adj. EPS 0.68 – 0.70 vs Exp. 0.72. and a revenue growth of 2 – 4%. (Newswires)

DJIA

Disney (DIS) / Fox (FOXA) – Competition experts are warning the deal between the two co.’s may raise antitrust worries. (Newswires)

Exxon Mobil (XOM) – The energy giant announces a strategic alliance with Petrobras to jointly evaluate potential business opportunities. (Newswires)

Merck (MRK) – The pharmaceutical co. Phase 3 Keynote -061 trial of Keytruda did not meet its primary endpoint. (Newswires)

Pfizer (PFE) – The pharmaceutical co. announces its Xeljanz, a treatment for arthritis, has been granted FDA approval. (Newswires)

 

S&P 500

Capital One Financial (COF) – The co. reports November net charge-offs at 5.16% (Prev. 4.7%). (Newswires)  

CSX Corp. (CSX) -  The holding co. announces the CEO, Hunter Harrison, is taking medical leave. (Newswires)

DaVita (DVA) – The healthcare co. takes complete ownership over the DaVita RX settlement. (Newswires)

Discover (DISCA) – Director John Malone purchases 332k shares, according to a filing. (Newswires)

Discover Financial (DFS) – The co. reports November net charge-offs at 3.1%. (Prev. 3.0%)

Hess (HES) – Elliot Management is looking to replace the co.’s CEO. (WSJ)

MetLife (MET) – The co. expects mid digit singles sales growth in 2018 for its Asia Unit, and for its EMEA unit. Further, it expects total retirement and income unit liability exposures to grow 1-3% annually, and P&C unit premium fees and other revenues to grow 1-2% in 2018, and 5-7% in 2019–2020. (Newswires)

PPG (PPG) – The board authorises a USD 2.5bln share repurchase program. (Newswires)

Southwest Airlines (LUV) – The airline announces it would use savings from a potential cut to US corporate tax rate to purchase new planes and fund share buybacks. (Newswires)

Synchrony Financial (SYF) – The co. reports November Net charge-offs at 5.03% (Prev. 5.23%). (Newswires)

Waste Management (WM) – The co. raises its quarterly dividend to (USD) 0.465/shr from 0.425/shr. (Newswires)

 

NASDAQ 100

Alphabet (GOOG) – The co.’s X research division said that India’s Andhra Pradesh state government would purchase its newly developed technology which will provide millions of people with high speed wireless internet; financial terms have not been disclosed. (Newswires)

Amazon (AMZN) – Italy’s Tax Agency says the retail giant will pay EUR 100mln (USD 118mln) to resolve a tax dispute between 2011 and 2015. Further, Luxembourg is appealing a European Commission order to receive EUR 250mln (USD 295mln) in back taxes from the co. (Newswires)

Qualcomm (QCOM) / NXP Semiconductors (NXPI) – Qualcomm announces it has extended its cash tender offer for NXP. (Newswires)

Western Digital Corp. (WDC) – The Chinese anti-trust regulators have started a review on the Toshiba Chip sale. (Newswires)

 

OTHER NEWS

Alaska Air (ALK) – The airline reports November traffic up 9.2% with capacity up 9.3%. (Newswires)

Alnylam (ALNY) – The pharmaceutical co. announces with Sanofi (SNY), the FDA has lifted the clinical hold on its Fitusiran. (Newswires)

Centene (CNC) – The co. forecasts 2018 (USD) Adj. EPS 5.47 – 5.87 vs Exp. 4.98, Revenue 60bln – 60.8bln vs Exp. 54.95bln. Further, it backs its 2017 (USD) Ad. EPS 5.47 – 5.87, vs Exp. 4.98, Revenue forecast of 47.4bln - 48.2bln vs Exp. 47.72bln. (Newswires)

DDR Corp. (DDR) – The co. announces the board of directors unanimously approves a plan to spin off a portfolio of 50 assets. (Newswires)

Global Blood Therapeutics (GBT) – The co. files to sell USD 100mln in common stock. (Newswires)

Tesaro (TSRO) – The co. announces the availability of Zejula in Germany. (Newswires)

Wabash (WNC) – The co. CEO is to step down in June 2018. (Newswires)

 

BROKER MOVES

Upgrades

ALNYLAM (ALNY) UPGRADED TO CONVICTION BUY FROM BUY AT GOLDMAN SACHS

AMERICAN HOMES 4 RENT (AMH) UPGRADED TO OVERWEIGHT FROM NEUTRAL AT JPMORGAN

AMERISOURCEBERGEN (ABC) UPGRADED TO BUY FROM NEUTRAL AT GOLDMAN SACHS

BIOMARIN PHARMACEUTICALS (BMRN) UPGRADED TO CONVICTION BUY FROM BUY AT GOLDMAN SACHS

BALL CORP. (BLL) UPGRADED TO BUY ON VALUATION AT VERTICAL RESEARCH

CAMDEN PROPERTY (CPT) UPGRADED TO OVERWEIGHT FROM NEUTRAL AT JPMORGAN

CENTURYLINK (CTL) UPGRADED TO EQUAL WEIGHT FROM UNDERWEIGHT AT BARCLAYS

CRITEO (CRTO) UPGRADED TO OUTPERFORM FROM NEUTRAL AT MACQUARIE

CROCS (CROX) UPGRADED TO BUY ON BRAND MOMENTUM AND SG&A REDUCTION AT STIFEL

EXPRESS SCRIPTS (ESRX) UPGRADED TO OUTPERFORM FROM NEUTRAL AT BAIRD

FORMFACTOR (FORM) UPGRADED TO STRONG BUY FROM BUY AT NEEDHAM

GRUPO TELEVISA (TV) UPGRADED TO OVERWEIGHT FROM NEUTRAL AT JPMORGAN

GULFPORT ENERGY (GPOR) UPGRADED TO OVERWEIGHT FROM NEUTRAL AT JPMORGAN

HCP (HCP) UPGRADED TO OVERWEIGHT FROM NEUTRAL AT JPMORGAN

MARATHON OIL (MRO) UPGRADED TO NEUTRAL FROM UNDERWEIGHT AT JPMORGAN

MEDICAL PROPERTIES TRUST (MPW) UPGRADED TO NEUTRAL FROM UNDERWEIGHT AT JPMORGAN

MSC INDUSTRIAL (MSM) UPGRADED TO BUY FROM NEUTRAL AT NORTHCOAST

RETAIL PROPERTIES OF AMERICA (RPAI) UPGRADED TO OVERWEIGHT FROM NEUTRAL AT JPMORGAN

SEALED AIR (SEE) UPGRADED TO OVERWEIGHT FROM EQUAL WEIGHT AT BARCLAYS

SKECHERS (SKX) UPGRADED TO BUY FROM HOLD AT ARGUS

SONOCO PRODUCTS (SON) UPGRADED TO EQUAL WEIGHT FROM UNDERWEIGHT AT BARCLAYS

STAG INDUSTRIAL (STAG) UPGRADED TO OVERWEIGHT FROM NEUTRAL AT JPMORGAN

TEVA PHARMACEUTICALS (TEVA) UPGRADED TO BUY FROM NEUTRAL AT GOLDMAN SACHS

T-MOBILE (TMUS) UPGRADED TO OUTPERFORM FROM NEUTRAL AT MACQUARIE

UNDER ARMOUR (UA) UPGRADED TO BUY FROM HOLD AT STIFEL

 

Downgrades

AMERICAN CAMPUS (ACC) DOWNGRADED TO UNDERWEIGHT FROM NEUTRAL AT JPMORGAN

AMGEN (AMGN) DOWNGRADED TO BUY FROM CONVICTION BUY AT GOLDMAN SACHS

AVALONBAY (AVB) DOWNGRADED TO NEUTRAL FROM OVERWEIGHT AT JPMORGAN

CARDIOVASCULAR SYSTEMS (CSII) DOWNGRADED TO HOLD FROM BUY AT NEEDHAM

CRITEO (CRTO) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT JMP SECURITIES

CRITEO (CRTO) DOWNGRADED TO NEUTRAL FROM BUY AT CITI

DCT INDUSTRIAL (DCT) DOWNGRADED TO UNDERWEIGHT FROM NEUTRAL AT JPMORGAN

DUKE REALTY (DRE) DOWNGRADED TO UNDERWEIGHT FROM NEUTRAL AT JPMORGAN

E.L.F. BEAUTY (ELF) DOWNGRADED TO UNDERWEIGHT FROM NEUTRAL AT JPMORGAN

EDR (EDR) DOWNGRADED TO UNDERWEIGHT FROM NEUTRAL AT JPMORGAN

ENERGEN (EGN) DOWNGRADED TO UNDERWEIGHT FROM NEUTRAL AT JPMORGAN

EPR PROPERTIES (EPR) DOWNGRADED TO UNDERWEIGHT FROM NEUTRAL AT JPMORGAN

FIRST INDUSTRIAL REALTY (FR) DOWNGRADED TO UNDERWEIGHT FROM NEUTRAL AT JPMORGAN

FIRST REPUBLIC (FRC) DOWNGRADED TO HOLD FROM BUY AT JEFFERIES

FITBIT (FIT) DOWNGRADED TO SELL FROM HOLD AT STIFEL

HESS CORP. (HES) DOWNGRADED TO UNDERWEIGHT FROM NEUTRAL AT JPMORGAN

JONES ENERGY (JONE) DOWNGRADED TO UNDERWEIGHT FROM NEUTRAL AT JPMORGAN

KILROY REALTY (KRC) DOWNGRADED TO NEUTRAL FROM OVERWEIGHT AT JPMORGAN

KIMCO REALTY (KIM) DOWNGRADED TO NEUTRAL FROM OVERWEIGHT AT JPMORGAN

LAREDO PETROLEUM (LPI) DOWNGRADED TO UNDERWEIGHT FROM NEUTRAL AT JPMORGAN

LIBERTY PROPERTY (LPT) DOWNGRADED TO UNDERWEIGHT FROM NEUTRAL AT JPMORGAN

LIFE STORAGE (LSI) DOWNGRADED TO SELL FROM NEUTRAL AT UBS

NEWFIELD EXPLORATION (NFX) DOWNGRADED TO NEUTRAL FROM OVERWEIGHT AT JPMORGAN

NOBLE ENERGY (NBL) DOWNGRADED TO NEUTRAL FROM OVERWEIGHT AT JPMORGAN

NORDSON (NDSN) DOWNGRADED TO HOLD FROM BUY AT GABELLI

ORACLE (ORCL) DOWNGRADED TO SECTOR PERFORM FROM OUTPERFORM AT RBC CAPITAL

PROLOGIS (PLD) DOWNGRADED TO NEUTRAL FROM OVERWEIGHT AT JPMORGAN

PS BUSINESS PARKS (PSB) DOWNGRADED TO UNDERWEIGHT FROM NEUTRAL AT JPMORGAN

RE/MAX HOLDINGS (RMAX) DOWNGRADED TO UNDERWEIGHT FROM NEUTRAL AT JPMORGAN

REALOGY (RLGY) DOWNGRADED TO UNDERWEIGHT FROM NEUTRAL AT JPMORGAN

REXFORD INDUSTRIAL (REXR) DOWNGRADED TO UNDERWEIGHT FROM NEUTRAL AT JPMORGAN

SANCHEZ ENERGY (SN) DOWNGRADED TO UNDERWEIGHT FROM NEUTRAL AT JPMORGAN

VORNADO (VNO) DOWNGRADED TO NEUTRAL FROM OVERWEIGHT AT JPMORGAN

 

Initiations

ARISTA NETWORKS (ANET) RESUMED WITH A BUY AT STIFEL

BIOHAVEN PHARMACEUTICAL (BHVN) INITIATED WITH A BUY AT CANACCORD

BP MIDSTREAM (BPMP) INITIATED WITH A NEUTRAL AT MUFG

DELPHI TECHNOLOGIES (DLPH) INITIATED WITH AN OVERWEIGHT AT KEYBANC

EXELON (EXC) INITIATED WITH AN UNDERPERFORM AT MIZUHO

FRONTIER COMMUNICATIONS (FTR) INITIATED WITH AN UNDERWEIGHT AT BARCLAYS

INTRA-CELLULAR (ITCI) INITIATED WITH A BUY AT CANACCORD

OCEAN RIG UDW (ORIG) INITIATED WITH AN OUTPERFORM AT CREDIT SUISSE

PATRICK INDUSTRIES (PATK) INITIATED WITH AN OVERWEIGHT AT KEYBANC

PRA HEALTH (PRAH) INITIATED WITH AN OVERWEIGHT AT MUFG

RIGEL PHARMACEUTICALS (RIGL) INITIATED WITH AN OVERWEIGHT AT CANTOR FITZGERALD

TYME TECHNOLOGIES (TYME) INITIATED WITH A BUY AT H.C. WAINWRIGHT

VIASAT (VSAT) INITIATED WITH AN EQUAL WEIGHT AT MORGAN STANLEY

WINDSTREAM (WIN) INITIATED WITH AN UNDERWEIGHT AT BARCLAYS

 

Ex-Dividends

ltra Industrial Motion Corp (AIMC) USD - 0.17 

Amphenol Corp (APH) USD - 0.19 

C.H. Robinson Worldwide Inc (CHRW) USD - 0.46 

DTE Energy Co (DTE) USD - 0.88 

Eastman Chemical Co (EMN) USD - 0.56 

Eversource Energy (ES) USD - 0.48 

First Citizens BancShares Inc (FCNCA) USD - 0.35 

Greif Inc (GEF) USD - 0.42 

Huntington Bancshares Inc (HBAN) USD - 0.11 

Hess Corp (HES) USD - 0.25 

Hillenbrand Inc (HI) USD - 0.21 

Horace Mann Educators Corp (HMN) USD - 0.28 

Hudson Pacific Properties Inc (HPP) USD - 0.25 

John Bean Technologies Corp (JBT) USD - 0.10 

Lamar Advertising Co (LAMR) USD - 0.83 

Leidos Holdings Inc (LDOS) USD - 0.32 

MTS Systems Corp (MTSC) USD - 0.30 

Prologis Inc (PLD) USD - 0.44 

Spirit AeroSystems Holdings Inc (SPR) USD - 0.10 

Switch Inc (SWCH) USD - 0.01 

Tootsie Roll Industries Inc (TR) USD - 0.09 

Western Union Co (WU) USD - 0.18 

 

15 Dec 2017 - 13:48- EnergyResearch Sheet- Source: RANsquawk

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