ECONOMIC REPORTS
Domestic economic reports scheduled for today include:
Q4 real GDP at 8:30--consensus up 3.0%
Employment Cost Index for Q4 at 8:30--consensus up 0.6%
Chicago PMI Business Barometer Index for January at 9:45--consensus 57.7
Consumer Sentiment Index for January at 10:00--consensus 98.2
ANALYST RESEARCH
Upgrades
Abbott (ABT) upgraded to Buy from Neutral at BofA/Merrill
Boston Scientific (BSX) upgraded to Outperform from Market Perform at BMO Capital
Chico's FAS (CHS) upgraded to Buy from Neutral at Janney Capital
Foot Locker (FL) upgraded to Overweight from Equal Weight at Barclays
JA Solar (JASO) upgraded to Outperform from Sector Perform at RBC Capital
K12 (LRN) upgraded to Outperform from Market Perform at Wells Fargo
PolyOne (POL) upgraded to Outperform from Neutral at RW Baird
QLogic (QLGC) upgraded to Outperform from Market Perform at BMO Capital
Stanley Black & Decker (SWK) upgraded to Equal Weight from Underweight at Barclays
SunPower (SPWR) upgraded to Outperform from Sector Perform at RBC Capital
TCF Financial (TCB) upgraded to Buy from Neutral at DA Davidson
Textron (TXT) upgraded to Buy from Neutral at BofA/Merrill
Trina Solar (TSL) upgraded to Outperform from Sector Perform at RBC Capital
Umpqua Holdings (UMPQ) upgraded to Outperform from Market Perform at Keefe Bruyette
Valero Energy Partners (VLP) upgraded to Outperform from Neutral at Credit Suisse
Yahoo (YHOO) upgraded to Buy from Hold at Evercore ISI
Zimmer (ZMH) upgraded to Outperform from Neutral at RW Baird
Downgrades
Advanced Emissions (ADES) downgraded to Market Perform from Outperform at Cowen
Albemarle (ALB) downgraded to Neutral from Outperform at RW Baird
Align Technology (ALGN) downgraded to Market Perform from Outperform at JMP Securities
Bank of Montreal (BMO) downgraded to Underweight from Equal Weight at Barclays
Broadcom (BRCM) downgraded to Market Perform from Outperform at JMP Securities
CEMEX (CX) downgraded to Neutral from Buy at Longbow
Cameron (CAM) downgraded to Sector Perform from Outperform at RBC Capital
Computer Programs (CPSI) downgraded to Sell from Hold at Deutsche Bank
DCP Midstream (DPM) downgraded to Market Perform from Outperform at Wells Fargo
Delhaize (DEG) downgraded to Neutral from Overweight at JPMorgan
Dr. Reddy's Labs (RDY) downgraded to Neutral from Outperform at Credit Suisse
Greenhill & Co. (GHL) downgraded to Sell from Neutral at UBS
PulteGroup (PHM) downgraded to Market Perform from Outperform at Wells Fargo
Quest Diagnostics (DGX) downgraded to Underperform from Market Perform at Wells Fargo
Reliance Steel (RS) downgraded to Neutral from Buy at BofA/Merrill
Royal Bank of Canada (RY) downgraded to Underweight from Equal Weight at Barclays
Silicon Graphics (SGI) downgraded to Neutral from Buy at Sterne Agee
Teradyne (TER) downgraded to Neutral from Positive at Susquehanna
Toronto-Dominion (TD) downgraded to Underweight from Equal Weight at Barclays
Triumph Group (TGI) downgraded to Underperform from Outperform at Cowen
Visa (V) downgraded to Market Perform from Outperform at FBR Capital
West Corp. (WSTC) downgraded to Sector Perform from Outperform at RBC Capital
Zimmer (ZMH) downgraded to Buy from Strong Buy at Needham
Initiations
Acuity Brands (AYI) coverage resumed with a Buy at Stifel
Aflac (AFL) initiated with a Hold at Jefferies
American Equity (AEL) initiated with a Hold at Jefferies
Ameriprise (AMP) initiated with a Hold at Jefferies
Assurant (AIZ) initiated with a Hold at Jefferies
Badger Meter (BMI) initiated with a Neutral at Sterne Agee
CDK Global (CDK) initiated with an Underweight at JPMorgan
CNO Financial (CNO) initiated with a Buy at Jefferies
FBL Financial (FFG) initiated with a Hold at Jefferies
Franklin Electric (FELE) initiated with a Buy at Sterne Agee
Genworth (GNW) initiated with a Buy at Jefferies
Lincoln National (LNC) initiated with a Hold at Jefferies
Neptune Technologies (nept) coverage resumed with a Buy at Roth Capital
Pentair (PNR) initiated with a Neutral at Sterne Agee
Principal Financial (PFG) initiated with a Buy at Jefferies
Rexnord (RXN) initiated with a Buy at Sterne Agee
Rockwell Medical (RMTI) initiated with a Buy at BofA/Merrill
StanCorp (SFG) initiated with a Hold at Jefferies
Torchmark (TMK) initiated with a Hold at Jefferies
COMPANY NEWS
Costco (COST) announced a special cash dividend of $5.00 per share
The Manitowoc Company (MTW) announced that its Board of Directors has approved a plan to pursue a separation of the Company's Cranes and Foodservice businesses into two independent, publicly-traded companies
VMware (VMW) announced an expanded agreement with Google (GOOG) to deliver greater enterprise access to public cloud services via VMware vCloud Air
Intercept Pharmaceuticals (ICPT) received breakthrough designation from FDA for steatohepatitis treatment
Books-A-Million (BAMM) announced the receipt of a non-binding proposal from Clyde B. Anderson, executive chairman of the company, on behalf of the Anderson family, to acquire certain outstanding shares of the common stock of Books-A-Million, at a cash purchase price of $2.75 per share
Advanced Emissions (ADES) said it is unlikely to meet SEC filing requirements for NASDAQ listing
Amazon.com (AMZN) reported worldwide paid Prime memberships up 53% in 2014
Google (GOOG) mobile advertising on YouTube is up more than 100%
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Amazon.com (AMZN), Magic Software (MGIC), ImmunoGen (IMGN), Newell Rubbermaid (NWL), Eli Lilly (LLY), Investors Bancorp (ISBC), Robert Half (RHI), Eastman Chemical (EMN), National Fuel (NFG), Minerals Technologies (MTX), NewMarket (NEU), Fair Isaac (FICO), Callaway Golf (ELY), Synaptics (SYNA), Emulex (ELX), Selective Insurance (SIGI), Aviat Networks (AVNW), Unisys (UIS), Validus (VR), First Bancorp (fbnc), Matthews (MATW), SurModics (SRDX), Key Technology (KTEC), SolarWinds (SWI), Cavco Industries (CVCO), Mitek Systems (MITK), Cepheid (CPHD), Bottomline Technologies (EPAY), Lantronix (LTRX), Microchip (MCHP), PerkinElmer (PKI), Gigamon (GIMO), PC Connection (PCCC), Kofax (KFX), QLogic (QLGC), Chubb (CB), Constant Contact (CTCT), C.R. Bard (BCR), Scansource (SCSC), Natural Grocers (NGVC), Hanesbrands (HBI), Proofpoint (PFPT), Harmonic (HLIT), Riverbed (RVBD), Micrel Semiconductor (MRCL), Biogen (BIIB), National Instruments (NATI), Visa (V), Coherent (COHR), Principal Financial (PFG), FCB Financial (FCB), Werner (WERN), Abaxis (ABAX)
Companies that missed consensus earnings expectations include:
Google (GOOG), Beazer Homes (BZH), Mattel (MAT), MB Financial (MBFI), Bridge Bancorp (BDGE), Bridge Bancorp (BDGE), Bankwell Financial (BWFG), First Business Financial (FBIZ), Glacier Bancorp (GBCI), Majesco (COOL), Computer Programs (CPSI), First Financial Bancorp (FFBC), First Community (FCBC), Green Bancorp (GNBC), Green Dot (GDOT), Leggett & Platt (LEG), Deckers Outdoor (DECK), JDSU (JDSU), Merchant Bancshares (MBVT), Manitowoc (MTW), Tuesday Morning (TUES), Align Technology (ALGN)
Companies that matched consensus earnings expectations include:
Quantum (QTM), NetSuite (N), Credit Acceptance (cacc), Electronics for Imaging (EFII), TFS Financial (TFSL), PMC-Sierra (PMCS), Hawaiian Holdings (HA)
Amazon.com (AMZN) sees Q1 revenue $20.9B-$22.9B, consensus $23.05B
Broadcom (BRCM) sees Q1 revenue about $2B, plus or minus $75M, consensus $2.01B
Visa (V) sees FY15 annual diluted class A common stock EPS growth in mid-teens, sees FY15 annual net revenue growth low double digits, consensus $13.86B
Boston Properties (BXP) raises 2015 FFO view to $5.28-$5.43 from $5.22-$5.42
NetSuite (N) sees Q1 revenue $160M-$162M, consensus $162.61M, backs FY15 revenue view $715M-$725M, consensus $722.92M
Eli Lilly (LLY) backs FY15 EPS view of $3.10-$3.20, consensus $3.18
NEWSPAPERS/WEBSITES
GM (GM) will suspend production at its Russian plant for two months, Reuters reports
DuPont (DD) plans to cut bonuses, delay raises for year, WSJ reports
Cablevision (CVC) suing Verizon (VZ) for false advertising over Wi-Fi service, WSJ reports
TransCanada (TRP) Keystone pipeline bill passed by Senate, Bloomberg reports
Philips (PHG): Smart LED lighting to drive demand in 3-4 years, DigiTimes reports (SSNLF, GE, CREE, API, LEDS)
SYNDICATE
Ashford Hospitality (AHT) files to sell 9.5M shares of common stock
Avinger (avgr) 5M share IPO priced at $13.00
India Globalization Capital (IGC) files to sell 1.2M shares of common stock
InfraREIT (HIFR) 20M share IPO priced at $23.00
Performant Financial (PFMT) withdraws common stock and covertible offering
Shake Shack (SHAK) 5M share IPO priced at $21.00
Spark Therapeutics (ONCE) 7M share IPO priced at $23.00
TRACON Pharmaceuticals (TCON) 3.6M share IPO priced at $10.00
Unilife (UNIS) announces common stock offering, no amount given
. Yet after the earnings release its still up around 9+%
