2013-08-23 Events

2013-08-23 Events

• WHAT TO WATCH:
    * Nasdaq says cause of connectivity issue has been addressed
      * Nasdaq shuts trading for 3 hours after computer errors
      * SEC’s White vows tech safeguards after Nasdaq failure
    * JPMorgan said to face London Whale fines as soon as next mo.
    * CFTC said near releasing high-speed trading regulation plans
    * Amgen said to push for lower Onyx price amid drug-data dispute
    * Koch Industries backs away from bid for Tribune’s newspapers
    * Moody’s mulls downgrade of big banks as U.S. support wanes
    * Mitsubishi aircraft gets U.S. airlines’ backing amid delays
    * AMR, US Airways want trial for U.S. antitrust suit in Nov.
      * Southwest blind spot eroding U.S. bid to bar AMR-US Airways
    * Alibaba said to ask HKEx to allow partners to nominate board
    * Wells Fargo eyes 20% ann. growth in Asia fund-services clients
    * ADM says Graincorp offer extended to Nov 16 from Aug 31
    * Richmond says bondholders’ suit over eminent domain too early
    * Baidu buys 59% stake in Renren website for $160m
    * Amazon said to have tested wireless network in California
    * U.K. economy grows a more-than-estimated 0.7% as exports rise
  
• EQUITY PREVIEW:
•   * Aeropostale (ARO): Sees 3Q adj. loss vs est. profit
    * Autodesk (ADSK): 3Q adj. EPS, rev. views trail ests; 2Q beat
    * Expedia (EXPE): Expedia, Travelocity enter strategic marketing agreement
    * Lions Gate (LGF): U.S. box office open of “You’re Next”
    * Marvell (MRVL): Sees 3Q rev. above est.
    * Net 1 Ueps Tech (UEPS): EPS beats 2 ests.
    * New York & Co (NWY): 2Q loss per shr 4c, est. loss 3c
    * Nordson (NDSN): 4Q view below ests.
    * Pandora (P): 3Q adj. EPS view misses; raises yr view
    * Retailmenot (SALE): 2Q rev. beat est.
    * Ross (ROST): Boosts yr EPS view; 2Q EPS, rev. top ests.
• EARNINGS (all times ET, times are approximate):
    * Hibbett Sports (HIBB) 6:30am, $0.38
    * Foot Locker (FL) 7am, $0.47
    * Ann Inc (ANN) 7:30am, $0.65
• Obama to Act ’Very Deliberately’ on Syria Chemical Arms: Aide
  
       Aug. 23 (Bloomberg) -- President Obama has told intelligence services to gather “facts and evidence” to determine if chemical arms were used by regime of Syrian President Bashar al-Assad, White House spokeswoman Bernadette Meehan says in statement.
    * “Once we ascertain the facts, the President will make an informed decision about how to respond. We have a range of options available, and we are going to act very deliberately”
    * NOTE: Obama said in interview broadcast today on CNN reports of chemical weapons use by Syria “troublesome”
• 
  
• UPGRADES:
    * Autodesk (ADSK) to buy: B. Riley
    * Centurylink (CTL) to neutral: Nomura
    * Children’s Place (PLCE) to buy: Topeka
    * FMC Technologies (FTI) to buy: Societe Generale
    * Exlservice (EXLS) to outperform: Baird
    * First Solar (FSLR) to market perform: Raymond James
    * Kirkland’s (KIRK) to outperform: Wedbush
    * Oneok Partners (OKS) to buy: BofA Merrill
    * Simon Property (SPG) to outperform: BMO
    * SunEdison (SUNE) to buy: Needham
    * Trina Solar (TSL) to market perform: Raymond James
    * VMWare (VMW) to buy: Jefferies
    * Williams Partners (WPZ) to buy: BofA Merrill
  
  
  DOWNGRADES:
    * Abercrombie (ANF) to neutral: Robert Baird
    * Aeropostale (ARO) to underperform: BofA Merrill
    * Aeropostale (ARO) to hold: Topeka
    * Arch Coal (ACI) to hold: Deutsche Bank
    * Brookfield Asset (BAM) to market perform: Wells Fargo
    * Dendreon (DNDN) to sell: Deutsche Bank
    * DFC Global (DLLR) to market perform: William Blair
    * DFC Global (DLLR) to market perform: JMP
    * Dick’s Sporting (DKS) to market perform: Oppenheimer
    * Edwards Group (EVAC) to sector perform: RBC
    * General Growth (GGP) to market perform: BMO
    * Guess? (GES) to neutral: Piper
    * Jiayuan.com (DATE) to perform: Oppenheimer
    * Pandora Media (P) to market perform: Rayond James
    * Pandora Media (P) to hold: Stifel
    * Staples (SPLS) to neutral: Credit Suisse
    * TC Pipelines (TCP) to underperform: BofA Merrill
  
  
  INITIATIONS:
    * Apricus Biosciences (APRI) hold: Cantor, P $2
    * Bancorpsouth (BXS) outperform: RBC, PT $23
    * Hancock Holding (HBHC) sector perform: RBC, PT $35