DAILY US EQUITY OPENING NEWS: Tesla (TSLA) – The co. announces amendments to their warehouse agreements which will increase commitments to USD 1.1bln from USD 600mln. Separately, the co. agrees on a deal to build new cars in China by the end of 2017.

23rd October 2017

EARNINGS

Emerson (EMR) – Q4 EPS ex-items USD 0.83 vs Exp. USD 0.78, revenue USD 4.4bln vs Exp. USD 4.4bln. (Newswires)

Halliburton (HAL) - Q3 EPS USD 0.42 vs. Exp. USD 0.38, revenue USD 5.4bln vs. Exp. USD 5.32bln. (Newswires)

Illinois Tool Works (ITW) - EPS USD 1.85 vs. Exp. USD 1.65, revenue USD 3.62bln vs. Exp. 3.57bln. (Newswires)

Kimberly-Clark (KMB) – Q3 EPS USD 1.60 vs Exp. USD 1.54, revenue USD 4.6bln vs Exp. USD 4.56bln. (Newswires)

State Street (STT) - Q3 EPS USD 1.71 vs. Exp. USD 1.62, revenue USD 2.85bln vs. Prev. USD 2.95. (Newswires)

T-Mobile (TMUS) - Q3 EPS USD 0.63 vs. Exp. USD 0.44, revenue USD 10bln vs. Exp. USD 10; boosts FY17 EPS guidance. (Newswires)

VF Corp (VFC) - Q3 EPS USD 1.23 vs. Exp. USD 1.12, revenue USD 3.5bln vs. Exp. USD 3.39bln. (Newswires)

 

DJIA

Boeing (BA) – The co. announces an agreement with Mitsubishi Heavy Industries to lower the cost on 787 production. (Newswires)

Johnson & Johnson (JNJ) – A Judge decided to cancel a USD 417mln verdict against the company, in a lawsuit by a woman who claimed the co.’s talc-based products gave her ovarian cancer. (Newswires)

JP Morgan (JPM) – The co. unveils Finn by Chase, a smartphone app which gives consumers more control of their spending and saving. (Newswires)

Merck (MRK) – The co. announces their Zepatier resulted in high sustained virologic response rates. Separately, the co. and Astra Zenica announce they have submitted a new drug application to Japan’s pharmaceuticals and the Medical Devices Agency for the use of Lynparza tablets. (Newswires)  

Wal-Mart (WMT) – The co. announces the launch of a private label brand on Jet.com called Uniquely J, which offers over 50 products now but is looking to expand to over 100. (NY Post)

 

S&P 500

AT&T (T) / Time Warner (TWX) – The companies announce they will be extending their deadline to close the deal past the 22nd October, the original deadline. (Newswires)

Charles Schwab (SCHW) – of note for the company, Social Finance are holding talks for a potential USD 8bln sale, Charles Schwab are one of companies in talks. (Newswires)

Defensive names- US President Trump says he wants to eliminate government spending caps soon, so military expenditure can increase. (Newswires)

Eli Lilly (LLY) – The co. announces a USD 72mln investment into diabetes manufacturing. (Newswires)

Hartford Financial (HIG) – The co. announces they have entered into a definitive agreement to acquire Aetna’s Group Life and Disability unit for USD 1.45bln. (Newswires)

Praxair (PX) – Germany’s Linde have cut their approval level to 60 from 75%, and extended the acceptance period from 24th October to November 7th, for the USD 80bln tie up with the co. (Newswires)

Target (TGT) – The co. announces plans for the holidays, including new brands, free shipping and gifts under USD 15. (Newswires)

 

NASDAQ 100

Alphabet (GOOG) – The co. plans to share revenues with news publishers (Financial Times)

Amazon (AMZN) – The co. announces the launch of their Handmade Gift Shop which offers 1000s of handcrafted products.  (Newswires)

Automatic Data Processing (ADP) – The co. prepares for a proxy fight with Bill Ackman and Pershing Square. (Newswires)

Biogen (BIIB) – The co. announces an expansion of their collaboration agreement with Eisai Co. ltd. (Newswires)

Gilead (GILD) – The co.’s Kite, have extended their research and license agreement with Alpine Immune Sciences (ALPN). (Newswires)

Tesla (TSLA) – The co. announces amendments to their warehouse agreements which will increase commitments to USD 1.1bln from USD 600mln. Separately, the co. agrees on a deal to build new cars in China by the end of 2017. (Newswires)

 

OTHER NEWS

Arconic (ARNC) – The co. names Charles Blankenship as CEO and John Plant has been appointed chairman of the board. (Newswires)

Broad Soft (BSFT) – The co. announces they are being acquired by Cisco (CSCO) for roughly USD 1.9bln, at USD 55/share. (Newswires)

DBV Technologies (DBVT) – The co. announces their Pepites phase 3 trial did not meet its primary endpoint. (Newswires)

Enanta (ENTA) – The co. announces positive phase 1 a/b results for their study of EDP-305. (Newswires)

Global Blood Therapeutics (GBT) – The co. announces they are going to discontinue their IPF program for the treatment of idiopathic pulmonary fibrosis. (Newswires)

HB Fuller (FUL) – The co. announces they have finalised their acquisition of Royal Adhesives & Sealants for USD 1.575bln.

Poltach (PCH) / Deltic Timber (DEL) – The companies have entered into a definitive agreement to combine in an all-stock transaction with Mike Covey to continue as chairman and CEO. (Newswires)

Twitter (TWTR) / Snapchat (SNAP) - Saudi prince Alwaleed says he is optimistic about Twitter Investment, and that the future of Twitter and Snapchat are secure. (Newswires)

United Therapeutics (UTHR) – The co. announces the FDA have approved TD-300/A for use with Tyvaso inhalation solutions. (Newswires)

Xencor (XNCR) – The co. announces that all 12 patients from their XmAb 5871 study achieved their primary endpoints. (Newswires)

 

BROKER MOVES

Upgrades

ATHENAHEALTH (ATHN) UPGRADED TO EQUAL-WEIGHT FROM UNDERWEIGHT AT FIRST ANALYSIS

CAI INTERNATIONAL (CAI) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT COWEN

CEMEX (CX) UPGRADED TO NEUTRAL FROM SELL AT CITI

DR PEPPER SNAPPLE (DPS) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT WELLS FARGO

GENERAL ELECTRIC (GE) UPGRADED TO BUY FROM NEUTRAL AT BOFA/MERRILL

ILLUMINA (ILMN) UPGRADED TO BUY FROM HOLD AT DEUTSCHE BANK

J.B. HUNT (JBHT) UPGRADED TO BUY FROM NEUTRAL AT UBS

MULESOFT (MULE) UPGRADED TO BUY FROM HOLD AT CANACCORD

OCEAN RIG UDW (ORIG) UPGRADED TO BUY FROM HOLD AT DNB MARKETS

SAIC (SAIC) UPGRADED TO BUY FROM NEUTRAL AT CITI

SERVICENOW (NOW) UPGRADED TO OVERWEIGHT FROM NEUTRAL AT PIPER JAFFRAY

SIERRA ONCOLOGY (SRRA) UPGRADED TO BUY FROM HOLD AT JEFFERIES

SM ENERGY (SM) UPGRADED TO OVERWEIGHT FROM NEUTRAL AT JPMORGAN

TERRAFORM POWER (TERP) UPGRADED TO OUTPERFORM FROM NEUTRAL AT BAIRD

 

Downgrades

AEROJET ROCKETDYNE (AJRD) DOWNGRADED TO HOLD FROM BUY AT JEFFERIES

BIOGEN (BIIB) DOWNGRADED TO NEUTRAL FROM BUY AT CITI

CELGENE (CELG) ASSUMED WITH A NEUTRAL FROM OVERWEIGHT AT PIPER JAFFRAY

CLEVELAND-CLIFFS (CLF) DOWNGRADED TO NEUTRAL FROM OVERWEIGHT AT JPMORGAN

EASTGROUP PROPERTIES (EGP) DOWNGRADED TO NEUTRAL FROM BUY AT MIZUHO

EQUIFAX (EFX) DOWNGRADED TO SECTOR PERFORM FROM OUTPERFORM AT RBC CAPITAL

FOOT LOCKER (FL) DOWNGRADED TO NEUTRAL FROM BUY AT BUCKINGHAM

GENERAL ELECTRIC (GE) DOWNGRADED TO NEUTRAL FROM BUY AT UBS

GENERAL ELECTRIC (GE) DOWNGRADED TO UNDERWEIGHT FROM EQUAL WEIGHT AT MORGAN STANLEY

IBERIABANK (IBKC) DOWNGRADED TO NEUTRAL FROM OUTPERFORM AT BAIRD

MERCADOLIBRE (MELI) DOWNGRADED TO SECTOR WEIGHT FROM OVERWEIGHT AT KEYBANC

RANGE RESOURCES (RRC) DOWNGRADED TO NEUTRAL FROM OVERWEIGHT AT JPMORGAN

SUNTRUST (STI) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT RAYMOND JAMES

WHITEHORSE FINANCE (WHF) DOWNGRADED TO NEUTRAL FROM OUTPERFORM AT BAIRD

 

Initiations

ALEXION (ALXN) ASSUMED WITH AN OVERWEIGHT AT PIPER JAFFRAY

AMAG PHARMACEUTICALS (AMAG) INITIATED WITH A NEUTRAL AT PIPER JAFFRAY

BALL CORP. (BLL) INITIATED WITH A BUY AT UBS

BIOGEN (BIIB) ASSUMED WITH AN OVERWEIGHT AT PIPER JAFFRAY

BIOVERATIV (BIVV) ASSUMED WITH AN OVERWEIGHT AT PIPER JAFFRAY

DECIPHERA (DCPH) INITIATED WITH A BUY AT NOMURA INSTINET

DECIPHERA (DCPH) INITIATED WITH AN OUTPERFORM AT JMP SECURITIES

DECIPHERA (DCPH) INITIATED WITH AN OVERWEIGHT AT JPMORGAN

FIBRIA CELULOSE (FBR) RESUMED WITH A NEUTRAL AT GOLDMAN SACHS

GERDAU (GGB) RESUMED WITH A BUY AT GOLDMAN SACHS

MONGODB (MDB) INITIATED WITH A HOLD AT NEEDHAM

NIGHTSTAR THERAPEUTICS (BITE) INITIATED WITH AN OUTPERFORM AT BMO CAPITAL

NIGHTSTAR THERAPEUTICS (NITE) INITIATED WITH A BUY AT JEFFERIES

NIGHTSTAR THERAPEUTICS (NITE) INITIATED WITH AN OUTPERFORM AT LEERINK

NIGHTSTAR THERAPEUTICS (NITE) INITIATED WITH AN OUTPERFORM AT WEDBUSH

NUCANA (NCNA) INITIATED WITH A BUY AT CITI

NUCANA (NCNA) INITIATED WITH A BUY AT JEFFERIES

NUCANA (NCNA) INITIATED WITH AN OUTPERFORM AT COWEN

ROKU (ROKU) INITIATED WITH A NEUTRAL AT CITI

ROKU (ROKU) INITIATED WITH A PERFORM AT OPPENHEIMER

ROKU (ROKU) INITIATED WITH A SECTOR PERFORM AT RBC CAPITAL

ROKU (ROKU) INITIATED WITH AN EQUAL WEIGHT AT MORGAN STANLEY

SOUTHERN COPPER (SCCO) RESUMED WITH A NEUTRAL AT GOLDMAN SACHS

TESARO (TSRO) ASSUMED WITH A NEUTRAL FROM OVERWEIGHT AT PIPER JAFFRAY

TESARO (TSRO) INITIATED WITH AN EQUAL WEIGHT AT BARCLAYS

VALE (VALE) RESUMED WITH A NEUTRAL AT GOLDMAN SACHS

 

Ex-Dividends

CVS Health Corp (CVS)- USD 0.50 

Invitation Homes Inc (INVH)- USD 0.08 

Thor Industries Inc (THO)- USD 0.37

 

 

23 Oct 2017 - 13:29- EnergyResearch Sheet- Source: RANsquawk

Subscribe Now to RANsquawk

Click here for a 1 week free trial

RANsquawk provides audio news and commentary for over 15,000professional traders and brokers worldwide. Services include: