ECONOMIC REPORTS
Domestic economic reports scheduled for today include:
Kansas City Fed manufacturing index for December at 11:00--consensus 7
ANALYST RESEARCH
Upgrades
CVS Health (CVS) upgraded to Buy from Neutral at SunTrust
EPR Properties (EPR) upgraded to Hold from Underweight at KeyBanc
First Marblehead (FMD) upgraded to Buy from Neutral at Compass Point
Medical Properties Trust (MPW) upgraded to Hold from Underweight at KeyBanc
Orange SA (ORAN) upgraded to Buy from Hold at Deutsche Bank
Potash (POT) upgraded to Buy from Neutral at UBS
Ryanair (RYAAY) upgraded to Outperform from In-Line at Imperial Capital
Unum Group (UNM) upgraded to Buy from Neutral at Compass Point
WPP PLC (WPPGY) upgraded to Buy from Neutral at Citigroup
Downgrades
Actuant (ATU) downgraded to Hold from Buy at Jefferies
EastGroup Properties (EGP) downgraded to Neutral from Buy at Goldman
Hartford Financial (HIG) downgraded to Neutral from Buy at Citigroup
Healthcare Realty Trust (HR) downgraded to Hold from Buy at KeyBanc
Kinross Gold (KGC) downgraded to Neutral from Buy at UBS
Maxim Integrated (MXIM) downgraded to Neutral from Buy at Goldman
OGE Energy (OGE) downgraded to Hold from Buy at Wunderlich
Otonomy (OTIC) downgraded to Underperform from Neutral at BofA/Merrill
RPC, Inc. (RES) downgraded to Neutral from Buy at Citigroup
STAG Industrial (STAG) downgraded to Hold from Buy at MLV & Co.
Teekay Tankers (TNK) downgraded to Neutral from Buy at UBS
The Pantry (PTRY) downgraded to Underperform from Sector Perform at RBC Capital
Wesco Aircraft (WAIR) downgraded to Sell from Hold at Deutsche Bank
Worthington (WOR) downgraded to Hold from Buy at KeyBanc
Initiations
Adept Technology (ADEP) initiated with an Overweight at Piper Jaffray
AeroVironment (AVAV) initiated with a Neutral at Piper Jaffray
Anadarko (APC) initiated with a Buy at Guggenheim
Ashford (AINC) initiated with a Buy at MLV & Co.
BE Aerospace (BEAV) resumed with a Buy at Citigroup
Capitala Finance (CPTA) initiated with a Buy at UBS
Clean Harbors (CLH) initiated with a Neutral at Macquarie
Continental Resources (CLR) initiated with a Buy at Guggenheim
Corrections Corp. (CXW) initiated with a Market Perform at Wells Fargo
Customers Bancorp (CUBI) initiated with a Market Perform at Keefe Bruyette
Demandware (DWRE) initiated with an Outperform at RBC Capital
Ellie Mae (ELLI) initiated with an Outperform at RBC Capital
Ellington Residential (EARN) initiated with a Market Perform at JMP Securities
Geo Group (GEO) initiated with a Market Perform at Wells Fargo
GrubHub (GRUB) initiated with an Outperform at Oppenheimer
Intermolecular (IMI) initiated with a Market Perform at Northland
Internap (INAP) initiated with a Buy at Stifel
iRobot (IRBT) initiated with an Overweight at Piper Jaffray
Jumei (JMEI) initiated with a Hold at Brean Capital
KLX Inc. (KLXI) initiated with a Hold at Deutsche Bank
Microchip (MCHP) reinstated with a Neutral at Goldman
Newfield Exploration (NFX) initiated with a Buy at Guggenheim
Oasis Petroleum (OAS) initiated with a Buy at Guggenheim
Opco unsure if Twitter (TWTR) has mass market appeal, starts at Perform
RSP Permian (RSPP) initiated with a Neutral at Guggenheim
Rackspace (RAX) coverage resumed with a Buy at Stifel
Rexford Industrial (REXR) initiated with a Hold at Jefferies
SM Energy (SM) initiated with a Neutral at Guggenheim
Sotherly Hotels (SOHO) initiated with an Outperform at JMP Securities
Southwestern Energy (SWN) initiated with a Neutral at Guggenheim
Stericycle (SRCL) initiated with an Outperform at Macquarie
Telefonica (TEF) reinstated with a Sell at Deutsche Bank
Travelport (TVPT) initiated with a Perform at Oppenheimer
Ubiquiti Networks (UBNT) initiated with a Sell at Goldman
Wabtec (WAB) initiated with a Neutral at Macquarie
Whiting Petroleum (WLL) initiated with a Neutral at Guggenheim
Wright Medical (WMGI) initiated with a Market Perform at Wells Fargo
COMPANY NEWS
Ally Financial (ALLY) received DOJ subpoena over subprime automotive finance
Ally Financial (ALLY) to exit Troubled Asset Relief Program
Atos to buy Xerox's (XRX) IT outsourcing business for $1.05B
Carnival (CCL) announces two new ship orders with Fincantieri
DuPont (DD) announces restructuring, spinoff of chemicals company
Eli Lilly (LLY), Adocia to co-develop BioChaperone Lispro
FMC Technologies (FTI) awarded $393M subsea systems contract
ImmunoGen reports Phase III MARIANNE study met non-inferiority endpoint
Journal Communications (JRN) and DISH reach retransmission agreemnt
Madison Square Garden (MSG) board directs management to consider additional spin-offs
Maximus (MMS) awarded North East Yorkshire, Humber work Work Programme contract
Men's Wearhouse (MW), Eminence in standstill agreement amendment
MetLife (MET) says 'disappointed' in FSOC decision
NQ Mobile (nq) to sell FL Mobil to Tack Fiori International
RCS Capital (RCAP) issues statement regarding recent market developments
Red Hat (RHT) CFO to retire in next 12 months
Roche (RHHBY) says breast cancer study did not meet PFS superiority endpoint
Roche (RHHBY) to discontinue Phase III study of Alzheimer's disease drug
Solazyme (SZYM) begins restructuring plan to reduce 2015 operating expenses by $18.0M
Stadium Capital Management urges Big 5 Sporting (BGFV) to eliminate 'staggered board'
Transocean (RIG) to scrap seven floaters, sees Q4 charge of $100M-$140M
Wabash (WNC) authorizes stock repurchase program for up to $60M
Xerox (XRX) to sell IT outsourcing business to Atos for $1.05B
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Cintas (CTAS), Nike (NKE), AAR Corp. (AIR), Red Hat (RHT)
Companies that matched consensus earnings expectations include:
Pier 1 Imports (PIR)
Xerox (XRX) lowers FY14 adjusted EPS to $1.04-$1.06 from $1.11-$1.13, consensus $1.12
Xerox (XRX) lowers Q4 adjusted EPS view to 28c-30c from 30c-32c, consensus 31c
Xerox (XRX) lowers FY15 adjusted EPS to $1.05-$1.11 from $1.11-$1.17, consensus $1.17
Nike (NKE) sees Q3 constant dollar revenue growth in low teens
Nike (NKE) backs FY15 constant dollar revenue growth view
Nike (NKE) sees FY15 China revenue growth in mid teens range
Red Hat (RHT) sees Q4 EPS 40-41c, consensus 41c
Red Hat (RHT) raises FY15 EPS to $1.57-$1.58, consensus $1.55
NQ Mobile (NQ) raises FY14 revenue view to $325M-$326M from $320M-$325M
Cintas (CTAS) sees FY15 EPS ex-tems $3.20-$3.25, consensus $3.15
Pier 1 Imports (PIR) backs FY15 EPS view 95c-$1.05, consensus 98c
NEWSPAPERS/WEBSITES
Fortress (FIG) looks to sell TRAC Intermodal, Reuters says
Google's (GOOG) next version of Android to be built directly into cars, Reuters says
Obama administration to ease many parts of Cuba embargo, NY Times says
Oracle (ORCL) looks like a 'buy', Barron's says
Sony (SNE) loss on 'Interview' may not be covered by insurance, NY Post says
Sony (SNE) shares could climb 50%, Barron's says
Sony (SNE) unable to find outlet for film as relationships damaged, NY Times reports
Toyota (TM) to consolidate seat-making operations, Nikkei reports
SYNDICATE
Alcoa (AA) files to sell 36.52M shares of common stock for holders
Ally Financial (ALLY) files automatic common stock shelf
Juno Therapeutics (JUNO) 11M M share IPO priced at $24.00
PlasmaTech (PTBI) 3.5M share Secondary priced at $4.00
Teekay Tankers (TNK) files to sell 20M shares of Class A common stock
