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Stock Market & Financial Investment News

News Breaks
February 7, 2014
09:51 EDTAAN, RCII, CONNAaron's jumps following buyout offer despite weak outlook
Shares of Aaron's (AAN), which offers consumer electronics, computers, furniture, and household appliances to customers via leases and lease-to-own arrangements, are surging despite the company's weak quarterly results and gloomy outlook after a shareholder made a $30.50 per share takeover offer. WHAT'S NEW: This morning, Vintage Capital, which holds about a 9.5% stake in Aaron's, disclosed that it sent a letter to the company's board containing a non-binding proposal to acquire the company for $30.50 per share of common stock. In its letter, the investor wrote that on three separate occasions since 2011, Vintage privately submitted "bona fide offers" to acquire 100% of the outstanding common stock of Aaronís at "significant premiums" to the then-current market prices. "Each of our offers was summarily ignored by the Board of Directors at the expense of your unknowing stockholders," Vintage stated, adding that it is the firm's "strong belief that Aaronís is at a crossroads that will culminate with a sale of the company." WHAT'S NOTABLE: Aaron's reported fourth quarter adjusted earnings per share of 30c, which fell within the company's lowered guidance of 27c-31c that it had issued in January. Aaron's also reported that is same-store sales in the quarter fell 0.9% and that its customer count grew 'only slightly' in 2013. For the fourth quarter, revenues decreased 2% to $553.9 million and the company said it will take several quarters of increasing the customer base to significantly grow revenue and earnings. Aaron's CEO Ronald Allen stated that 2013 was "a year of challenges and change" for the company, adding that growing revenues and adding customers has been "difficult with the ongoing economic pressures on low to middle income consumers." Aaron's guided to an earnings range for the new year that also fell below the consensus estimate at its midpoint. PRICE ACTION: In early morning trading, Aaron's jumped more than 16% to trade at $31.50, which is $1.00 above the offer made by Vintage Capital. OTHERS TO WATCH: Other retailers competing with Aaron's include Rent-A-Center (RCII) and Connís (CONN), both of which are lower on the session.
News For AAN;RCII;CONN From The Last 14 Days
Check below for free stories on AAN;RCII;CONN the last two weeks.
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July 28, 2014
08:19 EDTAANAaron's price target lowered to $35 from $42 at Stifel
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July 25, 2014
07:14 EDTAANAaron's sees FY14 adjusted EPS $1.65-$1.75, consensus $1.76
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07:13 EDTAANAaron's sees Q3 adjusted EPS 36c-41c, consensus 46c
Sees Q3 excluding franchisees revenue $695M, consensus $701.64M; Sees Q3 Progressive revenue $175M; Sees Q EBITDA for Progressive $15M-$17M
07:12 EDTAANAaron's identified more than $50M in potential annual cost savings
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07:10 EDTAANAaron's reports Q2 adjusted EPS 37c, consensus 35c
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July 24, 2014
19:10 EDTAANAaron's announces COO Dave Buck to retire
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15:29 EDTAANNotable companies reporting before tomorrow's open
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July 21, 2014
16:38 EDTRCIIRent-A-Center sees FY14 EPS $2.00-$2.15, consensus $2.09
Sees FY14 revenue up 2.5%-4%. Sees FY14 SSS up 1.5%-2.5%. Sees FY14 EBITDA $300M-$310M.
16:36 EDTRCIIRent-A-Center sees Q3 EPS 43c-51c, consensus 55c
Sees Q3 revenue up 2%-3%. Sees Q3 SSS up 2%-3%.
16:33 EDTRCIIRent-A-Center reports Q2 adjusted EPS 38c, consensus 38c
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15:30 EDTRCIINotable companies reporting after market close
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12:08 EDTRCIIRent-A-Center technical commentary ahead of results
Shares have underperformed the broader averages, trading lower by more than 5% in the last three months. At the current price of $24.15, price is close to the 52-week low at $23.65. On further disappointment in results or outlook tonight, that low could easily be taken out on the downside. Additional support levels to watch as potential downside objectives would be at $22.90, $21.30, and $19.85. If the news comes in better than expected, traders should be aware that over 17% of the float is short. That could provide fuel for a short-squeeze if the fundamentals provide the right catalyst. Resistance levels to be aware of as potential upside objectives on an increasing band of positive surprise are at $25.96, $27.47, $28.53, and $29.26.
July 16, 2014
06:37 EDTAAN, CONN, RCIIConn's recent sell-off a buying opprotunity, says Piper Jaffray
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July 15, 2014
12:21 EDTAANOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday despite better than expected quarterly reports from two of the nation's largest financial institutions. Stock futures improved during the pre-market trading session, leading to a higher open for the broader market, following better than expected earnings reports from JP Morgan (JPM) and Goldman Sachs (GS). The earnings news also came alongside another huge M&A deal, as tobacco giants Reynolds American (RAI) and Lorillard (LO) confirmed plans to merge. However, the major averages weakened throughout the morning and fell into negative ground against the backdrop of Fed Chair Janet Yellen giving testimony on Capital Hill. In the Board of Governors' Monetary Policy Report, the central bank said valuation metrics in "some sectors" appear substantially stretched, "particularly those for smaller firms in the social media and biotechnology industries." ECONOMIC EVENTS: In the U.S., retail sales increased 0.2% in June compared to the month prior, making for the weakest reading since January and missing the consensus forecast for an increase of 0.6%. The Empire State manufacturing index climbed to a four-year high of 25.6 in July, beating expectations for a reading of 16.5. Import prices rose 0.1% in June, with export prices slipping 0.4%. Business inventories grew 0.5% in May, which was just below the 0.6% consensus growth expectation. In Europe, Germany's ZEW survey missed expectations, as both its Current Situation and Expectations reading were lower than forecast. COMPANY NEWS: Shares of JPMorgan advanced nearly 4% after the bank reported a profit of $1.46 a share, which included a legal expense of 13c a share, beating analysts' consensus forecast of $1.29. The earnings report comes after CEO Jamie Dimon recently disclosed that he has throat cancer. During the company's conference call, Dimon said he was "feeling great," that doctors had found no evidence of cancer anywhere except in the location where it had originally been detected, and that his prognosis for recovery is "excellent"... Also in the large-cap bank sector, Goldman Sachs' headline earnings and revenue similarly beat expectations. The firm, which said it ranks first in worldwide announced and completed mergers and acquisitions for the year-to-date, advanced about 1% following its report... Along with JPMorgan in the Dow Jones Industrial Average, Johnson & Johnson (JNJ) reported quarterly sales and profits that beat expectations and the healthcare conglomerate raised its fiscal year EPS view to $5.85-$5.92 from $5.75-$5.85. However, its increased outlook range still fell short of the $5.90 per share consensus forecast that analysts had prior to its report... Reynolds American confirmed news that has been speculated for many weeks, announcing that it will acquire peer Lorillard in a cash-and-stock transaction currently valued at $68.88 per Lorillard share, or a total of $27.4B, including the assumption of net debt. Shares of both fell afterward, with Lorillard down 8% to trade near $61.75 at midday and Reynolds slipping 5%. MAJOR MOVERS: Among the notable gainers was small-cap pharma biotechnology research company Codexis (CDXS), which surged nearly 50% after announcing a collaboration and license agreement with GlaxoSmithKline (GSK). Among the noteworthy losers was Aaron's (AAN), which is engaged in the lease ownership and retail sale of a variety of consumer products. Its stock fell over 6% after the company lowered its second quarter outlook, citing lower than expected performance of its core business as the reason for the revision. INDEXES: Near midday, the Dow was down 33.45, or 0.2%, to 17,021.97, the Nasdaq was down 40.48, or 0.91%, to 4,399.94, and the S&P 500 was down 9.24, or 0.47%, to 1,967.86.
11:34 EDTRCII, CONN, AANAaron's falls after cutting second quarter outlook
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08:34 EDTAANAaron's expects to close 44 stores by the end of Q3
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08:34 EDTAANAaron's sees Q2 preliminary adjusted EPS 34c-37c, consensus 46c
Sees Q2 preliminary revenue $672M, consensus $677.99M.
08:16 EDTCONNConn's management to meet with Oppenheimer
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