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08:50
01/23/20
01/23
08:50
01/23/20
08:50

The 6k initial claims bounce to a still-lean 211k

The 6k initial claims bounce to a still-lean 211k in the BLS survey week caps a 5-week string of declines to 205k (was 204k) in the second week of January from a 2-year high of 252k in the first week of December. Holiday distortions likely explain the current undershoot for claims into January after an overshoot in December that coincided with a late Thanksgiving. Volatility should extend through next week's MLK holiday week reading. Claims are averaging just 209k thus far in January, following an elevated 232k in December, and higher prior averages of 217k in November, 215k in October and 213k in September. Analysts saw a 212k cycle-low in July that was also seen in September of 2018. Today's 211k BLS survey week reading undershot recent elevated survey week levels of 235k in December and 228k in November. Our 150k January nonfarm payroll estimate with a lean 127k private payroll rise reflects an assumed -20k factory payroll drop attributable to the Boeing 737 MAX production halt, alongside a 12k boost from assumed Census hiring. Payrolls face downside risk from the production halt at Boeing. Analysts face some upside risk from a tightening in claims since the holidays, a likely January bounce in vehicle sales and assemblies after declines in December, high levels of consumer confidence, and a solid 202k December ADP rise.

TODAY'S FREE FLY STORIES

Downgrade
Morgan Stanley downgrades Wayfair to Underweight, cuts target to $65 » 06:29
02/24/20
02/24
06:29
02/24/20
06:29
W

Wayfair

$80.12 /

-2.23 (-2.71%)

Morgan Stanley analyst…

Morgan Stanley analyst Simeon Gutman downgraded Wayfair to Underweight from Equal Weight with a price target of $65, down from $75. The stock closed Friday down $2.19 to $80.14. Wayfair's fundamentals deteriorate when the market is less tolerant of unprofitable online retailers, Gutman tells investors in a research note. Further, he believes a recovery at the company may be prolonged due soft near-term trends and macro risks. As such, the stock's risk/reward "skews negative," Gutman says. Further, the analyst's analysis suggests the stock's "true bear value is lower than perceived." He believes the market is pricing in greater stabilization in 2020 revenue trends and a faster path to profitability than he expects for Wayfair. Channel checks suggest the company's revenue growth is still decelerating, and macro headwinds are rising, the analyst contends.

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SoftBank leads $165M capital boost for liquid biopsy firm Karius » 06:27
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Builders FirstSource upgraded to Buy from Hold at Benchmark » 06:25
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BLDR

Builders FirstSource

$26.68 /

-1.49 (-5.29%)

Benchmark analyst Reuben…

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PepsiCo to acquire Chinese snack brand Be & Cheery for $705M » 06:25
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PepsiCo

$145.86 /

+0.7 (+0.48%)

PepsiCo announced that it…

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Stephens downgrades Martin Marietta on valuation, demand uncertainty » 06:24
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Martin Marietta

$251.41 /

-6.645 (-2.58%)

Stephens analyst Trey…

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Floor & Decor upgraded to Neutral from Underperform at BofA » 06:24
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Floor & Decor

$57.59 /

+2.72 (+4.96%)

BofA analyst Elizabeth…

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NanoViricides says it has sufficient funding for FY20 planned expenditures  06:23
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NNVC

NanoViricides

$6.60 /

+0.63 (+10.55%)

 
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Carter's: Q1, FY20 guidance does not include potential effects of coronavirus » 06:23
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Carter's

$110.76 /

-0.61 (-0.55%)

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UniCredit confirms Jean Pierre Mustier to stay on as CEO » 06:22
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UniCredit

$0.00 /

+ (+0.00%)

UniCredit said in a…

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Periodicals
Goldman Sachs pleads not guilty over 1MDB bond sales, Reuters reports » 06:21
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GS

Goldman Sachs

$230.62 /

-2.17 (-0.93%)

Three Goldman Sachs units…

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Consolidated Edison downgraded to Neutral from Buy at Mizuho » 06:20
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ED

Consolidated Edison

$90.11 /

-4.45 (-4.71%)

Mizuho analyst Anthony…

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Earnings
Carter's sees Q1 adjusted EPS approximately 60c, consensus 95c » 06:20
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Carter's

$110.76 /

-0.61 (-0.55%)

For the first quarter of…

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Initiation
Chewy initiated with an Outperform at Evercore ISI » 06:20
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CHWY

Chewy

$30.44 /

+1.155 (+3.94%)

Evercore ISI analyst…

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Periodicals
Stada to buy 15 consumer healthcare brands from Glaxo, Reuters reports » 06:20
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GSK

GlaxoSmithKline

$43.11 /

+0.35 (+0.82%)

Stada, a private…

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United Therapeutics, DEKA announce additional FDA clearance for Remunity pump » 06:19
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UTHR

United Therapeutics

$106.96 /

-0.6 (-0.56%)

United Therapeutics and…

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Americold Realty Trust downgraded to Neutral from Buy at BofA » 06:18
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COLD

Americold Realty Trust

$34.82 /

-2.52 (-6.75%)

BofA analyst Joshua…

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Carter's announces new $500M share repurchase plan, raises dividend 20% » 06:18
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Carter's

$110.76 /

-0.61 (-0.55%)

The company's Board…

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Teck Resources upgraded to Neutral after selloff at BofA » 06:18
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TECK

Teck Resources

$10.91 /

-1.98 (-15.36%)

BofA analyst Timna…

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Earnings
Carter's sees FY20 adjusted EPS growth 4%-6%, consensus $7.05 » 06:17
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CRI

Carter's

$110.76 /

-0.61 (-0.55%)

Sees FY20 net sales…

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Earnings
Carter's reports Q4 adjusted EPS $2.81, consensus $2.89 » 06:16
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CRI

Carter's

$110.76 /

-0.61 (-0.55%)

Reports Q4 revenue $1.1B,…

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BofA double downgrades First Solar to Underperform with $54 price target » 06:15
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FSLR

First Solar

$50.59 /

-8.725 (-14.71%)

BofA analyst Julien…

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Galapagos downgraded to Underperform from Neutral at BofA » 06:15
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GLPG

Galapagos

$273.79 /

+13.47 (+5.17%)

BofA analyst Jason…

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JPMorgan in discussions to launch digital bank in the U.K., FT reports » 06:15
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JPM

JPMorgan

$135.81 /

-1.68 (-1.22%)

, GS

Goldman Sachs

$230.62 /

-2.17 (-0.93%)

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Barclays to start search for next CEO, FT reports » 06:13
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BCS

Barclays

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-0.06 (-0.64%)

Barclays is preparing to…

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TWST

Twist Bioscience

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-0.06 (-0.18%)

GenapSys announced a new…

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