ECONOMIC REPORTS
Domestic economic reports scheduled for today include:
ISM New York for November at 9:45--consensus 55.0
Construction spending for October at 10:00--consensus up 0.5%
ANALYST RESEARCH
Upgrades
Cypress Semiconductor (CY) upgraded to Buy from Hold at Topeka
Dycom (DY) upgraded to Outperform from Market Perform at Wells Fargo
HD Supply (HDS) upgraded to Buy from Sell at Goldman
ITT Corp. (ITT) upgraded to Buy from Neutral at Goldman
Mellanox (MLNX) upgraded to Overweight from Equal Weight at Barclays
Nanometrics (NANO) upgraded to Buy from Hold at Stifel
SVB Financial (SIVB) upgraded to Buy from Hold at Jefferies
Xcel Energy (XEL) upgraded to Neutral from Underweight at JPMorgan
Downgrades
Agios Pharmaceuticals (AGIO) downgraded to Neutral from Overweight at JPMorgan
American Tower (AMT) downgraded to Outperform from Strong Buy at Raymond James
Apache (APA) downgraded to Neutral from Buy at Mizuho
Bellatrix downgraded to Market Perform from Outperform at BMO Capital
Bill Barrett (BBG) downgraded to Neutral from Buy at Mizuho
Covanta (CVA) downgraded to Equal Weight from Overweight at Barclays
Crown Castle (CCI) downgraded to Market Perform from Outperform at Raymond James
Cubic (CUB) downgraded to Neutral from Overweight at JPMorgan
Dover (DOV) downgraded to Neutral from Buy at Global Hunter
Dover (DOV) downgraded to Sell from Neutral at Goldman
Kennametal (KMT) downgraded to Accumulate from Buy at Global Hunter
Laredo Petroleum (LPI) downgraded to Neutral from Buy at Mizuho
MRC Global (MRC) downgraded to Accumulate from Buy at Global Hunter
Parker-Hannifin (PH) downgraded to Neutral from Buy at Goldman
PerkinElmer (PKI) downgraded to Neutral from Conviction Buy at Goldman
Priceline (PCLN) downgraded to Market Perform from Outperform at FBR Capital
Initiations
Callon Petroleum (CPE) initiated with a Buy at Roth Capital
Clayton Williams (CWEI) initiated with a Buy at Roth Capital
Coherus Biosciences (CHRS) initiated with an Overweight at JPMorgan
comScore (SCOR) initiated with a Buy at SunTrust
Diamondback Energy (FANG) coverage transferred with a Buy at Roth Capital
Dyax (DYAX) coverage assumed with an Outperform at Wedbush
FS Investment (FSIC) initiated with a Neutral at JPMorgan
Freshpet (FRPT) initiated with a Buy at Canaccord
Freshpet (FRPT) initiated with a Buy at Goldman
Freshpet (FRPT) initiated with a Buy at Stifel
Freshpet (FRPT) initiated with a Buy at Stifel
Freshpet (FRPT) initiated with an Outperform at RW Baird
HubSpot (HUBS) assumed with a Neutral at JPMorgan
Hyperion Therapeutics (HPTX) initiated with an Outperform at Wedbush
INC Research (INCR) initiated with a Buy at Goldman
Marketo (MKTO) initiated with an Overweight at JPMorgan
Microsoft (MSFT) initiated with an Overweight at JPMorgan
NetSuite (N) initiated with an Overweight at JPMorgan
Norwegian Cruise Line (NCLH) reinstated with an Overweight at Barclays
PS Business Parks (PSB) initiated with a Market Perform at Wells Fargo
Paycom (PAYC) assumed with an Overweight at JPMorgan
RSP Permian (RSPP) initiated with a Buy at Roth Capital
Ring Energy (REI) initiated with a Buy at Roth Capital
Salesforce.com (CRM) initiated with an Overweight at JPMorgan
Splunk (SPLK) initiated with a Neutral at JPMorgan
Tableau (DATA) initiated with an Overweight at Barclays
Tableau (DATA) initiated with an Overweight at JPMorgan
Theravance Biopharma (TBPH) initiated with an Outperform at Leerink
Triumph Bancorp (TBK) initiated with a Market Perform at Keefe Bruyette
Ultimate Software (ULTI) initiated with an Overweight at JPMorgan
VMware (VMW) initiated with a Neutral at JPMorgan
COMPANY NEWS
Cypress (CY), Spansion (CODE) to merge in $4B all-stock deal. The merger is expected to achieve more than $135M in cost synergies on an annualized
basis within three years and to be accretive to non-GAAP earnings within the first full year after the transaction closes
NTELOS (NTLS) decided to focus its business operations exclusively in its Western Markets and exit Eastern Markets. The company expects to incur
costs of $55M to complete the wind-down process
Royal Caribbean (RCL) to replace Bemis (BMS) in S&P 500 as of 12/4 close
Wal-Mart (WMT) said Cyber Monday was the biggest online day in history for orders
Avanir (AVNR) said it will be acquired by Otsuka Pharmaceutical for $3.5B
Blackstone announced that funds affiliated with Blackstone Real Estate Partners VI & VII agreed to sell their wholly-owned U.S. industrial platform, IndCor Properties, to affiliates of GIC, Singapore’s sovereign wealth fund, for $8.1B
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Vince Holding (VNCE), Shoe Carnival (SCVL)
Companies that missed consensus earnings expectations include:
Qunar (QUNR), Thor Industries (THO)
UnitedHealth (UNH) sees FY15 EPS $6.00-$6.25, consensus $6.13
UnitedHealth (UNH) backs FY14 EPS view $5.60-$5.65, consensus $5.64
Envivio (ENVI) reports Q3 adjusted EPS (15c), one estimate (8c)
Mattress Firm (MFRM) backs FY14 EPS view of $2.03-$2.13, consensus $2.10
Shoe Carnival (SCVL) sees Q4 EPS 6c-10c, consensus 9c
Vince Holding (VNCE) sees FY14 adjusted EPS 90c-94c, consensus 94c
NEWSPAPERS/WEBSITES
Wal-Mart (WMT) planning 250 job cuts in China division, WSJ reports
Samsung to sell fibre optics operations to Corning, Reuters reports
Vale (VALE) considers IPO for part of base metals business, Reuters reports
New York Times (NYT) may cut jobs after falling short of buyout goals, NY Post reports
GM (GM) recalls 316K vehicles for faulty low-beam headlights, Reuters reports
DreamWorks Animation (DWA) looks expensive, Barron's says
SYNDICATE
Advanced Drainage (WMS) files to sell 10M shares for holders
AerCap (AER) files to sell 14.92M ordinary shares for holders
National Health Investors (NHI) files to sell 3.5M shares of common stock
Strategic Hotels (BEE) files to sell 20M shares of common stock
Just laying in the cut hoping for a SPY drop
. This is gonna be a long month and change until the commercials start rolling out. Had to transfer 3000 more dollars into my trading account just to prevent a margin call.
CDS premium calculating 80% chance of default in 5 years
