DAILY US EQUITY OPENING NEWS: Toshiba has told bankers that the sale of its chip unit has been delayed as Apple has not agreed on key terms, according to sources.

EARNINGS

Target (TGT) – The company sees Q3 EPS at USD 0.85 and revenue at USD 16.54bln; sees FY EPS at USD 4.51 and FY revenue at USD 70.71bln. (Newswires)

 

DJIA

Cisco (CSCO) – The company completes the acquisition of Springpath for USD 320mln in cash and assumed equity awards, and additional retention based incentives. (Newswires)

 

Chevron (CVX) – The company are planning to invest USD 4bln next year to raise Permian Basin output. (Newswires)

 

General Electric (GE) – The company’s industrial solutions unit is to be sold to ABB (ABB) for USD 2.6bln. (Newswires)

 

Intel (INTC) – The company unveils their 8th gen intel core processer family for desktop, which will be available for purchase October 5th. (Newswires)

 

Johnson & Johnson (JNJ) – The company announced the FDA has declined the company’s rheumatoid arthritis drug, Sirukumab. (Newswires)

 

Walt Disney (DIS) – The company has threatened to pull its programming from Altice USA. (Newswires)

 

 

S&P 500

Agilent (A) – The company receives expanded FDA approval for the use of Dako PD-L1 IHC 22C3. (Newswires)

 

Allergan (AGN) –The company has also announced a new USD 2bln share repurchase plan. Further for the company, they received a refusal to file letter from the FDA regarding its new drug application for Vrayler.  (Newswires)

 

American International Group (AIG) – The company said it would reorganise into three new business units, and they will no longer have Commercial and Consumer business, instead they will have General Insurance. (Newswires)

 

Boston Scientific (BSX) – The company announced FDA approval of Resonat family of ICD systems. (Newswires)

 

Bristol Myers Squibb (BMY) – The company announces FDA approval of Opdivo. (Newswires)

 

D.R. Horton (DHI) – The company cuts FY17 cash flow view to roughly USD 150mln from USD 300mln. (Newswires)

 

Genuine Parts (GPC) – The company are to acquire Alliance Automotive Group for roughly USD 2bln. (Newswires)

 

Northrop Grumman (NOC) – The company announces support contract for UK CUTLASS vehicles. (Newswires)

 

Target (TGT) – The company have raised minimum hourly wage to USD 11. (Newswires)

 

NASDAQ 100

Amazon (AMZN) – The company launches Kindle promotion with Alibaba (BABA). (Newswires)

 

Apple (AAPL)/Western Digital (WDC) – Toshiba has told bankers that the sale of its chip unit has been delayed as Apple has not agreed on key terms, according to sources. (Newswires) 

 

Facebook (FB) – The company cancels their plan for new class of shares. Zuckerberg also plans to sell up to 75m shares to fund charity initiatives. (Newswires)

 

Gilead Sciences (GILD) – The company announces that the China Food and Drug Administration has approved Sovaldi for treatment of chronic HCV infection. (Newswires)

 

OTHER NEWS

Exelexis (EXEL) – The company announced that its partner Daichi Sankyo (DSNKY) has reported positive top line results from a phase 3 trial. (Newswires)

 

Novocure (NVCR) – The company announced results from its phase 3 trial for Optune with Temozolomide which demonstrated five-year survival and patients could maintain a quality standard of life. (Newswires)

 

Snap (SNAP) – JP Morgan are bringing down their 2017 & 2018 revenue estimates by 10% & 15%. (Newswires)

 

Sprint (S) – The company has hired a lobbying firm with close ties to US President Trump’s administration, adding to the company’s stable of federal lobbyists as it nears a deal to merge with T-Mobile (TMUS). (Newswires)

 

Unilever (UN) – The company are to acquire Carver Korea for EUR 2.27bln from Bain Capital Private Equity and Goldman Sachs. (GS)

 

BROKER MOVES

Upgrades

ABN AMRO (ABMRF) UPGRADED TO BUY FROM HOLD AT DEUTSCHE BANK
ALSEA (ALSSF) UPGRADED TO OVERWEIGHT FROM EQUAL WEIGHT AT BARCLAYS
AMERICAN OUTDOOR BRANDS (AOBC) UPGRADED TO OUTPERFORM FROM NEUTRAL AT WEDBUSH
AVALONBAY (AVB) UPGRADED TO OUTPERFORM FROM IN LINE AT EVERCORE ISI
BOX (BOX) UPGRADED TO OUTPERFORM FROM MARKET PERFORM AT RAYMOND JAMES
BUENAVENTURA (BVN) UPGRADED TO OVERWEIGHT FROM EQUAL WEIGHT AT MORGAN STANLEY
COLGATE-PALMOLIVE (CL) UPGRADED TO OVERWEIGHT FROM EQUAL WEIGHT AT MORGAN STANLEY
COMPASS MINERALS (CMP) UPGRADED TO OVERWEIGHT FROM NEUTRAL AT JPMORGAN
CORPORATE OFFICE PROPERTIES (OFC) UPGRADED TO BUY FROM HOLD AT JEFFERIES
DIAMOND OFFSHORE (DO) UPGRADED TO BUY FROM NEUTRAL AT UBS
ELDORADO GOLD (EGO) UPGRADED TO NEUTRAL FROM UNDERPERFORM AT CREDIT SUISSE
ENSCO (ESV) UPGRADED TO BUY FROM NEUTRAL AT UBS
ESSEX PROPERTY TRUST (ESS) UPGRADED TO IN LINE FROM UNDERPERFORM AT EVERCORE ISI
GENERAL MOTORS (GM) UPGRADED TO BUY FROM HOLD AT DEUTSCHE BANK
HCP (HCP) UPGRADED TO IN LINE FROM UNDERPERFORM AT EVERCORE ISI
NEW ORIENTAL EDUCATION (EDU) UPGRADED TO BUY FROM NEUTRAL AT BOFA/MERRILL
NOBLE CORP. (NE) UPGRADED TO BUY FROM NEUTRAL AT UBS
PSEG (PEG) UPGRADED TO OUTPERFORM FROM IN LINE AT EVERCORE ISI
ROSS STORES (ROST) UPGRADED TO OVERWEIGHT FROM NEUTRAL AT JPMORGAN
ROWAN COMPANIES (RDC) UPGRADED TO BUY FROM NEUTRAL AT UBS
STAAR SURGICAL (STAA) UPGRADED TO BUY FROM HOLD AT CANACCORD
TRANSOCEAN (RIG) UPGRADED TO BUY FROM NEUTRAL AT UBS
UNDER ARMOUR (UAA) UPGRADED TO OVERWEIGHT FROM SECTOR WEIGHT AT KEYBANC

 

Downgrades
ABBVIE (ABBV) DOWNGRADED TO NEUTRAL FROM BUY AT UBS
ALBEMARLE (ALB) DOWNGRADED TO NEUTRAL FROM OUTPERFORM AT BAIRD
ANGLO AMERICAN (NGLOY) DOWNGRADED TO SELL FROM HOLD AT DEUTSCHE BANK
BUTTERFIELD (NTB) DOWNGRADED TO NEUTRAL FROM BUY AT CITI
CARMAX (KMX) DOWNGRADED TO NEUTRAL FROM BUY AT GOLDMAN SACHS
CONSUMER DISCRETIONARY SECTOR (XLY) DOWNGRADED TO UNDERWEIGHT AT MORGAN STANLEY
FRANCO-NEVADA (FNV) DOWNGRADED TO NEUTRAL FROM OUTPERFORM AT CREDIT SUISSE
LIFE STORAGE (LSI) DOWNGRADED TO UNDERPERFORM FROM NEUTRAL AT BOFA/MERRILL
PROLOGIS (PLD) DOWNGRADED TO IN LINE FROM OUTPERFORM AT EVERCORE ISI
QUEST DIAGNOSTICS (DGX) DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT RAYMOND JAMES
UNDER ARMOUR (UAA) DOWNGRADED TO NEUTRAL FROM BUY AT GUGGENHEIM
VERSARTIS (VSAR) DOWNGRADED TO NEUTRAL FROM BUY AT CITI
VF CORP. (VFC) DOWNGRADED TO SECTOR WEIGHT FROM OVERWEIGHT AT KEYBANC

 

Initiations

AMERISAFE (AMSF) INITIATED WITH A NEUTRAL AT BOENNING & SCATTERGOOD
BAKER HUGHES (BHGE) INITIATED WITH AN UNDERPERFORM AT BOFA/MERRILL
BIG LOTS (BIG) INITIATED WITH AN OVERWEIGHT AT MORGAN STANLEY
BLUE APRON (APRN) INITIATED WITH A BUY AT GUGGENHEIM
CORESITE REALTY (COR) INITIATED WITH A NEUTRAL AT JPMORGAN
CHROMADEX (CDXC) INITIATED WITH A BUY AT LADENBURG
EAGLE POINT CREDIT (ECC) INITIATED WITH A BUY AT LADENBURG
ELDORADO RESORTS (ERI) INITIATED WITH A BUY AT DEUTSCHE BANK
EMERGE ENERGY (EMES) INITIATED WITH A NEUTRAL AT PIPER JAFFRAY
ESCALADE (ESCA) INITIATED WITH A BUY AT AEGIS
GRUBHUB (GRUB) ASSUMED WITH A BUY AT CRAIG-HALLUM
HI-CRUSH PARTNERS (HCLP) INITIATED WITH AN OVERWEIGHT AT PIPER JAFFRAY
HOSTESS BRANDS (TWNK) INITIATED WITH AN EQUAL WEIGHT AT MORGAN STANLEY
JANUS HENDERSON GROUP (JHG) INITIATED WITH A MARKET PERFORM AT WELLS FAR
JOHNSON & JOHNSON (JNJ) INITIATED WITH A NEUTRAL AT CITI
KCAP (KCAP) FINANCIAL INITIATED WITH A NEUTRAL AT LADENBURG
LEXINGTON REALTY (LXP) INITIATED WITH A NEUTRAL AT DA DAVIDSON
OLLIE'S BARGAIN OUTLET (OLLI) INITIATED WITH AN EQUAL WEIGHT AT MORGAN STANLEY
ONE LIBERTY PROPERTIES (OLP) INITIATED WITH A NEUTRAL AT DA DAVIDSON
STELLUS CAPITAL (SCM) INITIATED WITH A BUY AT LADENBURG
WABCO (WBC) INITIATED WITH A BUY AT BERENBERG
ZILLOW (ZG) INITIATED WITH A NEUTRAL AT MACQUARIE

25 Sep 2017 - 13:30- EnergyResearch Sheet- Source: RANsquawk

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