Another day, another all-time high close on the SPY as we near 160. Well SPY actually went above 160 pre-market but has faded a bit on some weaker then expected ADP employment numbers. There are too many earnings reports to mention today, and many more after the bell and tomorrow morning.
We also have the Fed Meeting notes out later today. I expect nothing drastic that would effect markets, but there are talks of a possible reduction in the bond buying (Thanks Mavi for sharing): http://www.livemint.com/Politics/hRd8UQ0mVD7pETr1ZNJqgN/Fed-seen-slowing-stimulus-with-QE-cut-to-50-billion-by-year.html
Played Western Union calls for earnings. The stock ramped to $15 and the calls bought at .25/.30 hit .45/.50. WU reported decent numbers but its more about the turnaround currently in progress, and looks like the company is pointed in the right direction. Shares are red pre-market, but think they will recover. Garmin reported earnings this morning and beat on the revenue side, yet missed on the EPS. Decent numbers but growth still looks questionable going forward and shares may show some weakness at the open. Have the $32 May puts so will wait and see.
Here are some of the analyst changes today:
BWLD Buffalo Wild Wings coverage assumed with a Hold at Jefferies
AMGN Amgen upgraded to Conviction Buy from Neutral at Goldman
Goldman upgraded Amgen (AMGN) based on valuation and its late-stage pipeline which is highly innovative and has the potential to replace key biologic franchises that are coming off patent. Price target raised to $130 from $100. Note the firm downgraded Biogen (BIIB) to Neutral from Conviction Buy.
BIIB Biogen downgraded to Neutral from Conviction Buy at Goldman
Goldman downgraded Biogen (BIIB) citing balanced risk/reward. The firm prefers Amgen (AMGN) which was upgraded to Conviction Buy from Neutral. Biogen's price target raised to $215 from $211.
PPO Polypore initiated with a Neutral at Goldman
TRLA Trulia upgraded to Overweight from Neutral at JPMorgan
JPMorgan upgraded Trulia citing strong subscriber growth and and expanded inventory following the company's Q1 results. The firm raised its price target for shares to $41 from $34.
REGN Regeneron estimates raised on Eylea growth and pipeline at Goldman
Golman raised Regeneron estimates following a physician survey on its pipeline cholesterol drug, REGN727, and for its eye disease drug Eylea following Bayer's Q1 report. Shares are Buy rated with a $240 price target, up from $230.
ICE was a stock I had on watch yesterday but the calls were too pricey going into earnings. Will be watching for a possible play this morning at the open. Also like YELP and SFLY for earnings and will try and get a position in both. Again, remember these earnings plays are 100% crapshoots. So expect them to expire worthless.
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Lets have a great trading day!