Walt Disney to Acquire Maker Studios

Walt Disney to Acquire Maker Studios. Disney (DIS) will acquire YouTube content provider Maker Studios for $500M, with as much as $450M in performance earn-outs. Maker Studios receives receives 5.5B monthly video views and has 380M YouTube channel subscribers. Pre-market: 80.40 +0.91 (1.14%)

Upgrades:

Paccar (PCAR): Goldman Sachs raised their rating from Neutral to Buy and raised their target price from $74.00 to $80.00.

SABMiller PLC (SBMRY): Bernstein raised their rating from Market Perform to Outperform.

Downgrades:

Arch Coal (ACI): Jeffries lowered their rating from Buy to Hold and placed a target price of $4.75 on the company.

AT&T (T): HSBC lowered their rating from Overweight to Neutral and lowered their target price from $39.00 to $35.00. Pre-market: 34.34 -0.12 (-0.35%)

KBR (KBR): Goldman Sachs lowered their rating from Buy to Neutral and lowered their target price from $34.00 to $32.00.

Navistar International (NAV): UBS lowered their rating from Buy to Neutral and lowered their target price from $44.00 to $36.00.

Timken (TKR): KeyBanc lowered their rating from Buy to Hold.

Earning Reports:

Carnival (CCL): Reported EPS of $0.00 beating estimates by +$0.08. Pre-market: 38.90 -1.10 (-2.75%)

McCormick (MKC): Reported EPS of $0.62 beating estimates by +$0.02.

Walgreens (WAG): Reported EPS of $0.91 missing estimates -$0.01. Pre-market: 65.25 +0.94 (1.46%)

Markets:
Futures at 6:20: Dow +0.1%. S&P +0.1%. Nasdaq +0.1%. Crude +0.3% to $99.89. Gold -1.6% to $1314.40.  U.S. 10 Year -6/32 to 2.752%.

Europe: London +1.1%. Paris +1.1%. Frankfurt +1.1%.

Asia: Japan -0.4% to 14423. Hong Kong -0.5% to 21732. China +0.05% to 2067. India -0.1% to 22055.

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Overseas Business Activity Slows

Overseas Business Activity Slows. Business activities in both China and the Eurozone are continuing to slow. For the fifth straight month in China, the flash manufacturing PMI fell to 48.1 in March from 48.5 in February and missing economist estimates of 48.7. In the Eurozone the flash composite PMI fell to 53.2 from 53.3 in February but topped economist consensus of 52.6. The latest PMI survey signals a 0.5% increase in Q1 GDP after growth of 0.3% in Q4.

Upgrades:

Boston Scientific (BSX): Bernstein raised their rating from Market Perform to Outperform and raised their target price from $12.00 to $15.00. Pre-market: 13.07 +0.25 (1.95%)

Ensco PLC (ESV): ResearchTeam raised their rating from Reduce to Hold.

Ross Stores (ROST): RBC Capital raised their rating from Sector Perform to Outperform and raised their target price from $79.00 to $81.00. Pre-market: 74.40 +1.43 (1.96%)

United Continental Holdings (UAL): Raymond James raised their rating from Market Perform to Outperform and placed a target price of $52.00 on the company. Pre-market: 45.02 +0.69 (1.56%)

US Bancorp (USB): Atlantic Equities raised their rating from Underweight to Neutral. Pre-market: 43.08 +0.06 (0.14%)

VMware (VMW): Sterne Agee raised their rating from Neutral to Buy. Pre-market: 110.33 +1.12 (1.03%)

Wells Fargo (WFC): Atlantic Equities raised their rating from Underweight to Neutral. Pre-market: 49.50 +0.38 (0.77%)

Yelp (YELP): JMP Securities raised their rating from Market Perform to Outperform and placed a target price of $113.00 on the company. Pre-market: 86.00 +2.57 (3.08%)

Downgrades:

Abbott (ABT): ResearchTeam lowered their rating from Hold to Reduce.

AFLAC (AFL): ResearchTeam lowered their rating from Hold to Reduce.

Bank of America (BAC): Alantic Equities lowered their rating from Overweight to Neutral and lowered their target price from $20.00 to $18.50. Pre-market: 45.02 +0.69 (1.56%)

National Oilwell (NOV): ResearchTeam lowered their rating from Hold to Reduce. Pre-market: 74.58 +0.11 (0.15%)

Nike (NKE): ResearchTeam lowered their rating from Hold to Reduce. Pre-market: 75.49 +0.28 (0.37%)

Tiffany & Co. (TIF): Goldman Sachs lowered their rating from Conviction Buy to Buy and lowered their target price from $101.00 to $100.00. Pre-market: 89.11 -1.62 (-1.79%)

Coverage Initiated:

T-Mobile (TMUS): Evercore initiated coverage with an Equal Weight rating and target price of $34.00.

Markets: 
Futures at 8:34: Dow +0.20%. S&P +0.26%. Nasdaq +0.31%. Crude +0.52% to $99.98. Gold -0.97% to $1323.10. U.S. 10 Year -6/32 to 2.768%.

Europe: London -0.13%. Paris -0.20%. Frankfurt -0.23%. 

Asia: Japan +1.77% to 14475.3. Hong Kong +1.91% to 21846. China +0.91% to 2066. India +1.38% to 22055. 

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Fannie and Freddie Share Continue Selloff

Fannie and Freddie Share Continue Selloff. Both Fannie Mae (FNMA) and Freddie Mac (FMCC) shares are poised to continue their selloff which began yesterday. Shares sold off yesterday after the Senate introduced a bill that would continue government backing of mortgages, but would wind down the companies. Shares of Fannie fell -31%, while shares of Freddie fell -27%. The proposal has the backing of President Obama. FNMA Pre-market: 3.67 -0.36 (-8.93%) FMCC Pre-market: 3.51 -0.53 (-13.12%)

Upgrades:

Rite Aid (RAD): Goldman Sachs raised their rating from Neutral to Buy and raised their target price from $5.00 to $8.00.

Downgrades:

Airgas (ARG): BGC Financial lowered their rating from Buy to Hold.

American Eagle Outfitters (AEO): Morgan Stanley lowered their rating from Equal Weight to Underweight and placed a target price of $11.00 on the company. Pre-market: 12.70 -0.40 (-3.05%)

American International Group (AIG): Deutsche Bank lowered their rating from Buy to Hold and lowered their target price from $58.00 to $55.00.

Church & Dwight (CHD): Credit Suisse lowered their rating from Outperform to Neutral and lowered their target price from $66.00 to $63.00.

Clean Harbors (CLH): RBC Capital lowered their rating from Top Pick to Outperform and lowered their target price from $58.00 to $54.00.

Forest Labs (FRX): Piper Jaffrey lowered their rating from Overweight to Neutral and lowered their target price from $96.00 to $91.00.

Pulte Group (PHM): Credit Suisse lowered their rating from Outperform to Neutral and placed a target price of $20.00 on the company. Pre-market: 19.47 -0.46 (-2.31%)

Toll Brothers (TOLL): Credit Suisse lowered their rating from Outperform to Neutral and placed a target price of $39.00 on the company.

Earning Reports:

Caesars Entertainment (CZR): Reported EPS of -$12.83 missing estimates by -$11.34. Pre-market: 24.95 -0.62 (-2.42%)

Diamond Foods (DMND): Reported EPS of $0.09 beating estimates by +$0.01. Pre-market: 31.19 +1.24 (4.14%)

Express (EXPR): Reported EPS of $0.57 missing estimates by -$0.02. Pre-market: 16.09 -2.15 (-11.79%)

Men's Wearhouse (MW): Reported EPS of -$0.38 missing estimates by -$0.26. Pre-market: 56.50 -0.64 (-1.12%)

Markets: 
Futures at 8:44: Dow -0.33%. S&P -0.38%. Nasdaq -0.41%. Crude -1.61% to $98.42. Gold +1.18% to $1362.80. U.S. 10 Year +6/32 to 2.746%.

Europe: London -1.17%. Paris -1.54%. Frankfurt -1.45%.

Asia: Japan -2.59% to 14830. Hong Kong -1.65% to 21902. China -0.17% to 1998. India +0.14% to 21856. 

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China Data Sends Markets Lower

China Data Sends Markets Lower. Chinese exports tumbled -18.1% in February after expanding +10.6% in January missing economist estimates of +6.8% by a wide margin. Some are questioning whether the data was distorted by the Lunar New Year holiday and fake invoicing that boosted the data a year earlier. The news sent Asian markets lower, while the Shanghai Composite fell -2.9%.

Upgrades:

Allegheny Technologies (ATI): ReaserchTeam raised their rating from Reduce to Hold.

Archer Daniels Midland (ADM): BMO Capital raised their rating from Market Perform to Outperform and raised their target price from $42.00 to $50.00.

Avery Dennison (AVY): ReaserchTeam raised their rating from Reduce to Hold.

Bank of New York (BK): ReaserchTeam raised their rating from Reduce to Hold.

Big Lots (BIG): FBR Capital raised their rating from Market Perform to Outperform and raised their target price from $35.00 to $45.00. Pre-market: 36.36 +0.39 (1.08%)

Coca-Cola (KO): ReaserchTeam raised their rating from Reduce to Hold. Pre-market: 38.52 -0.03 (-0.08%)

DreamWorks Animation (DWA): B. Riley raised their rating from Neutral to Buy and raised their target price from $32.00 to $37.00. Pre-market: 29.95 +0.49 (1.66%)

National Oilwell (NOV): ReaserchTeam raised their rating from Hold to Accumulate.

Qualcomm (QCOM): ReaserchTeam raised their rating from Hold to Accumulate. Pre-market: 76.94 +0.15 (0.20%)

W.P. Carey (WPC): ReaserchTeam raised their rating from Reduce to Hold.

United States Steel (X): Nomura raised their rating from Neutral to Buy. Pre-market: 24.75 -0.09 (-0.36%)

Downgrades:

D.R. Horton (DHI): Citigroup lowered their rating from Buy to Neutral and lowered their target price from $27.00 to $26.00.

International Paper (IP): ResearchTeam lowered their rating from Hold to Reduce.

Royal Caribbean (RCL): ResearchTeam lowered their rating from Accumulate to Hold.

Staples (SPLS): BB&T lowered their rating from Buy to Hold.

Coverage Initiated:

Laboratory Corp. (LH): Piper Jaffrey initiated coverage with a Neutral rating and target price of $91.00.

Quest Diagnostics (DGX): Piper Jaffrey initiated coverage with a Neutral rating and target price of $51.00.

Markets: 
Futures at 8:03: Dow -0.11%. S&P -0.11%. Nasdaq +0.01%. Crude -1.22% to $101.33. Gold +0.06% to $1339.10. U.S. 10 Year -3/32 to 2.797%.

Europe: London +0.3%. Paris +0.9%. Frankfurt -0.1%. 

Asia: Japan -1% to 15120. Hong Kong -1.8% to 22265. China -2.9% to 1999. India +0.3% to 21983. 

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Economy Adds 175,000 Jobs in February

Economy Adds 175,000 Jobs in February. After two disappointing job reports in December and January the Labor Department reported that 175,000 jobs were added in February. Economists had expected only 157,000 new jobs would have been created for the month. The unemployment rate did rise to 6.7% from 6.6%. While the December report was revised upward from 75,000 to 82,000 and January was revised to 129,000 from 113,000.

Upgrades:

Charter Communications (CHTR): Northland Securities raised their rating from Market Perform to Outperform.

Clean Harbors (CLH): Raymond James raised their rating from Market Perform to Buy and placed a target price of $60.00 on the company.

Fresh Market (TFM): UBS raised their rating from Neutral to Buy and raised their target price from $45.00 to $48.00. Pre-market: 34.90 +0.90 (2.65%)

Safeway (SWY): UBS raised their rating from Sell to Neutral. Pre-market: 38.08 -1.39 (-3.52%)

Sirius XM (SIRI): Macquarie raised their rating from Neutral to Outperform.

Skullcandy (SKUL): DA Davidson raised their rating from Underperform to Neutral. Pre-market: 9.27 +1.84 (24.76%)

Downgrades:

Safeway (SWY): BB&T lowered their rating from Buy to Hold. Pre-market: 38.08 -1.39 (-3.52%)

Staples (SPLS): Argus lowered their rating from Buy to Hold. Pre-market: 28.66 +0.27 (0.95%)

Coverage Initiated:

MGM Resorts (MGM): Ascendiant initiated coverage with a Buy rating and target price of $33.00. Pre-market: 28.66 +0.27 (0.95%)

Magna International (MGA): TD Securities initiated coverage with a Buy rating.

Salesforce.com (CRM): B. Riley initiated coverage with a Neutral rating and target price of $65.00. Pre-market: 63.14 0.00 (0.00%)

Earning Reports:

Big Lots (BIG): Reported EPS of $0.98 missing estimates by -$0.22. Pre-market: 34.02 +4.77 (16.31%)

Foot Locker (FL): Reported EPS of $0.82 beating estimates by +$0.06. Pre-market: 45.10 +2.37 (5.55%)

Skullcandy (SKUL): Reported EPS of $0.13 beating estimates by +$0.04. Pre-market: 9.27 +1.84 (24.76%)

Markets: 
Futures at 8:33: Dow +0.44%. S&P +0.40%. Nasdaq +0.30%. Crude +0.25% to $101.81. Gold -0.08% to $1350.70. U.S. 10 Year -17/32 to 2.799%.

Europe: London +0.05%. Paris +0.22%. Frankfurt -0.29%. 

Asia: Japan +0.92% to 15274. Hong Kong -0.19% to 22660. China -0.08% to 2058. India +1.89% to 21920. 

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Labor Department Reports Unemployment Drops

Labor Department Reports Unemployment Drops. The Labor Department announced that U.S. unemployment benefits dropped 26,000 last week to a seasonally adjusted 323,000, the lowest level in three months. The less volatile four-week average came in at 336,500. 3.4 million Americans remain unemployed as of Feb. 15 down from 3.49 million the previous week.

On Friday, the Labor Department will release its February jobs report in which economist estimate that 145,000 jobs will have been added. That would follow two bad reports in which December saw only 75,000 new jobs being created and January’s 113,00 jobs.

Upgrades:

Anadarko (APC): Argus raised their rating from Hold to Buy and placed a target price of $95.00 on the company. Pre-market: 85.82 +0.41 (0.48%)

Biogen Idec (BIIB): BMO Capital raised their rating from Market Perform to Outperform raised their target price from $286.00 to $422.00. Pre-market: 346.50 +7.50 (2.21%)

Consolidated Edison (ED): Argus raised their rating from Hold to Buy and placed a target price of $60.00 on the company. Pre-market: 55.68 +0.40 (0.72%)

Teva Pharmaceutical (TEVA): Leerink raised their rating from Market Perform to Outperform and raised their target price from $48.00 to $65.00. Pre-market: 50.80 +1.00 (2.01%)

Tiffany & Co. (TIF): Citigroup raised their rating from Neutral to Buy and raised their target price from $100.00 to $110.00. Pre-market: 94.55 +1.49 (1.60%)

Yum! Brands (YUM): RW Baird raised their rating from Neutral to Outperform raised their target price from $79.00 to $87.00. Pre-market: 75.99 +1.18 (1.58%)

Downgrades:

adidas AG (ADDYY): Citigroup lowered their rating from Buy to Neutral.

Bed Bath & Beyond (BBBY): Wedbush lowered their rating from Outperform to Neutral and lowered their target price from $86.00 to $66.00.

Exelon (EXC): Tudor Pickering lowered their rating from Accumulate to Hold and placed a target price of $27.00 on the company. Pre-market: 30.24 -0.04 (-0.13%)

Lowe’s (LOW): Wedbush lowered their rating from Outperform to Neutral and lowered their target price from $60.00 to $50.00.

Coverage Initiated:

Microsoft (MSFT): B. Riley initiated coverage with a Neutral rating and target price of $39.00. Pre-market: 38.23 +0.12 (0.31%)

Oracle (ORCL): B. Riley initiated coverage with a Buy rating and target price of $48.00. Pre-market: 39.56 +0.06 (0.15%)

Earning Reports:

Ciena (CIEN): Reported EPS of $0.13 beating estimates by +$0.07. Pre-market: 25.50 +0.14 (0.55%)

Costco (COST): Reported EPS of $1.05 missing estimates by -$0.12. Pre-market: 113.40 -3.07 (-2.64%)

Joy Global (JOY): Reported EPS of $0.49 missing estimates by -$0.15. Pre-market: 56.69 +0.90 (1.61%)

Staples (SPLS): Reported EPS of $0.33 missing estimates by -$0.06. Pre-market: 11.71 -1.69 (-12.61%)

Markets: 
Futures at 6:20: Dow +0.20%. S&P +0.23%. Nasdaq +0.15%. Crude -0.68% to $100.77. Gold -0.22% to $1337.30. U.S. 10 Year -7/32 to 2.732%

Europe: London +0.32%. Paris +0.80%. Frankfurt +0.31%. 

Asia: Japan +1.59% to 15135. Hong Kong +0.55% to 22703. China +0.32% to 2060. India +1.11% to 21514. 

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