ECONOMIC REPORTS
Domestic economic reports scheduled for today include:
Q3 GDP will be reported at 8:30--consensus up 3.3%
FHFA house price index for September at 9:00--consensus up 0.4%
Richmond Fed manufacturing index for November at 10:00--consensus 16
Consumer confidence for November at 10:00--consensus 96.5
ANALYST RESEARCH
Upgrades
Boyd Gaming (BYD) upgraded to Neutral from Underperform at Macquarie
Montpelier Re (MRH) upgraded to Equal Weight from Underweight at Barclays
Petrobras (PBR) upgraded to Buy from Neutral at Citigroup(?????)
TJX (TJX) upgraded to Overweight from Neutral at JPMorgan
United Technologies (UTX) upgraded to Outperform from Market Perform at Wells Fargo
Williams Partners (WPZ) upgraded to Buy from Hold at Jefferies
Downgrades
ASML (ASML) downgraded to Neutral from Buy at UBS
Aviv REIT (AVIV) downgraded to Sector Perform from Outperform at RBC Capital
BankUnited (BKU) downgraded to Neutral from Buy at Guggenheim
Brocade (BRCD) downgraded to Hold from Buy at Wunderlich
CyberArk (CYBR) downgraded to Market Perform from Outperform at William Blair
CyberArk (CYBR) downgraded to Neutral from Buy at Nomura
Global Brass and Copper (BRSS) downgraded to Neutral from Buy at Goldman
Hospitality Properties (HPT) downgraded to Market Perform at Wells Fargo
Level 3 (LVLT) downgraded to Neutral from Outperform at Macquarie
Pinnacle Entertainment (PNK) downgraded to Neutral from Buy at Sterne Agee
Tupperware Brands (TUP) downgraded to Neutral from Buy at B. Riley
Initiations
3M Company (MMM) initiated with an Underperform at RBC Capital
Actuant (ATU) initiated with a Sector Perform at RBC Capital
Ametek (AME) initiated with an Outperform at RBC Capital
AstraZeneca (AZN) initiated with an Outperform at Exane BNP Paribas
Avago (AVGO) initiated with a Buy at CLSA
Carlisle (CSL) initiated with a Sector Perform at RBC Capital
Colfax (CFX) initiated with a Sector Perform at RBC Capital
Crane (CR) initiated with an Outperform at RBC Capital
Fifth Street Asset (FSAM) initiated with a Buy at MLV & Co.
Flowserve (FLS) initiated with an Underperform at RBC Capital
General Electric (GE) initiated with an Outperform at RBC Capital
GlaxoSmithKline (GSK) initiated with an Underperform at Exane BNP Paribas
Grainger (GWW) initiated with a Sector Perform at RBC Capital
HD Supply (HDS) initiated with a Sector Perform at RBC Capital
Hanesbrands (HBI) initiated with a Buy at UBS
HomeStreet (HMST) initiated with a Neutral at Macquarie
Honeywell (HON) initiated with an Outperform at RBC Capital
IDEX Corp. (IEX) initiated with an Outperform at RBC Capital
Illinois Tool Works (ITW) initiated with a Sector Perform at RBC Capital
Ingersoll-Rand (IR) initiated with a Sector Perform at RBC Capital
Magnum Hunter (MHR) coverage assumed with a Buy at Canaccord
ManTech (MANT) initiated with a Buy at Maxim
Noodles & Company (ndls) initiated with a Buy at Janney Capital
Novartis (NVS) initiated with an Outperform at Exane BNP Paribas
Novo Nordisk (NVO) initiated with a Neutral at Exane BNP Paribas
Nu Skin (NUS) initiated with a Neutral at Citigroup
Pentair (PNR) initiated with an Outperform at RBC Capital
Roche (RHHBY) initiated with an Outperform at Exane BNP Paribas
Roper Industries (ROP) initiated with an Outperform at RBC Capital
SPX Corp. (SPW) initiated with a Sector Perform at RBC Capital
Sanofi (SNY) initiated with an Outperform at Exane BNP Paribas
SciQuest (SQI) initiated with a Neutral at JPMorgan
Tyco (TYC) initiated with an Outperform at RBC Capital
Unit Corp. (UNT) initiated with a Buy at Brean Capital
United Technologies (UTX) initiated with an Outperform at RBC Capital
WESCO (WCC) initiated with an Outperform at RBC Capital
COMPANY NEWS
Mallinckrodt (MNK) said Questcor received subpoena from FTC in June
Banco Santander (SAN) named CFO Jose Antonio Alvarez as CEO
Outerwall (OUTR) boosted Redbox DVD rental price to $1.50
Nuance (NUAN) said well positioned for return to growth in FY15
Hormel Foods (HRL) increased dividend 25%, making the annual dividend $1.00 per share in 2015
ING Groep (ING) to cut 1,700 jobs over the next three years
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Taomee (TAOM), Yingli Green Energy (YGE), Copart (CPRT), Post Holdings (POST), Qihoo 360 (QIHU), Dycom (DY), Workday (WDAY), Brocade (BRCD), Nuance (NUAN), Palo Alto (PANW), Violin Memory (VMEM)
Companies that missed consensus earnings expectations include:
American Woodmark (AMWD), Hormel Foods (HRL), Tech Data (TECD), Dangdang (DANG), Aegean Marine (ANW), Amira Nature Foods (ANFI)
Companies that matched consensus earnings expectations include:
Sungy Mobile (GOMO)
Hormel Foods (HRL) sees FY15 non-GAAP EPS $2.45-$2.55, consensus $2.59
Hormel Foods (HRL) expects to exceed 10% earnings growth in FY15, consensus $2.59
Nuance (NUAN) Sees FY15 EPS $1.10-$1.20, consensus $1.15
Nuance (NUAN) sees Q1 EPS 21c-23c, consensus 27c
Workday (WDAY) sees Q4 revenue $219M-$222M, consensus $220.46M
Brocade (BRCD) sees Q1 EPS 23c-25c, consensus 24c
Palo Alto (PANW) sees Q2 EPS 16c-17c, consensus 16c
NEWSPAPERS/WEBSITES
Honda (HMC) admits to underreporting death and injury incidents, WSJ reports
Wal-Mart's (WMT) Duncan Mac Naughton expected to announce departure, WSJ reports
HBO (TWX), Tencent (TCEHY) sign deal to distribute dramas, movies online in China, WSJ reports
Sony Pictures Entertainment (SNE) suffers widespread hack, LA Times reports
Actavis (ACT) plans to cut employees and expand in China, Bloomberg reports (AGN)
Canadian funds near $85 per share deal for Loral Space (LORL), Bloomberg reports
SYNDICATE
Golden Minerals (AUMN) files to sell 8.7M shares for holders
Medgenics (MDGN) files to sell common stock
Revolution Lighting (RVLT) files automatic common stock shelf
