|November 1, 2012|
|14:58 EDT||ORLY, PBY, AZO, AAP||Advance Auto Parts jumps after CNBC says exploring possible sale|
Advance Auto Parts (AAP) has hired Blackstone to explore a sale of the company, CNBC's David Faber repots, citing sources. Advance Auto is speaking mainly to private equity firms, and a sale price could top $6B, Faber added. Shares of Advance Auto Parts jumped 8.8% following the report, before being halted for volatility. Peers of Advance Auto Parts include Pep Boys (PBY), O'Reilly Automotive (ORLY), AutoZone (AZO).
News For AAP;PBY;ORLY;AZO From The Last 14 Days
|November 24, 2015|
|10:00 EDT||PBY||On The Fly: Analyst Downgrade Summary|
Today's noteworthy downgrades include: Advanced Drainage (WMS) downgraded to Hold from Buy at Deutsche Bank... Atlas Resource Partners (ARP) downgraded to Market Perform at FBR Capital... Brocade (BRCD) downgraded to Neutral from Overweight at JPMorgan... Burberry (BURBY) downgraded to Neutral from Buy at Nomura... CNX Coal Resources (CNXC) downgraded to Neutral from Buy at BofA/Merrill... GameStop (GME) downgraded to Neutral from Buy at BofA/Merrill... Hatteras Financial (HTS) downgraded to Neutral from Buy at Nomura... Infoblox (BLOX) downgraded to Hold from Buy at Needham... Intrepid Potash (IPI) downgraded to Hold from Buy at Vertical Research... Navios Maritime (NM) downgraded on cash burn, weak cash flow at Stifel... Norfolk Southern (NSC) downgraded on valuation at BMO Capital... Pep Boys (PBY) downgraded to Sell from Hold at Argus... Redwood Trust (RWT) downgraded to Neutral from Buy at Nomura... Rex Energy (REXX) downgraded to In-Line from Outperform at Imperial Capital... Swatch Group (SWGAY) downgraded to Neutral from Buy at Nomura... TeleCommunication Systems (TSYS) downgraded to Market Perform at Northland.
|07:37 EDT||PBY||Pep Boys downgraded to Sell from Hold at Argus|
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|November 23, 2015|
|18:30 EDT||PBY||Bridgestone announces early termination of HSR waiting period for Pep Boys deal|
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|November 16, 2015|
|08:32 EDT||PBY||Bridgestone commences previously announced tender offer to acquire Pep Boys |
Bridgestone PRDCY) announced that its wholly owned subsidiary TAJ Acquisition, a subsidiary of Bridgestone Retail Operations, LLC, is commencing a cash tender offer to purchase all outstanding shares of The Pep Boys (PBY). Bridgestone and Pep Boys previously announced on Monday, October 26, 2015, that they had entered into a definitive merger agreement under which BSRO will acquire Pep Boys. The tender offer is being made pursuant to an Offer to Purchase, dated November 16, 2015. Upon successful closing of the tender offer, shareholders of Pep Boys will receive $15.00 in cash for each share of Pep Boys common stock validly tendered and not validly withdrawn in the offer, without interest and less any applicable withholding tax. BSRO and Purchaser will file today with the SEC a tender offer statement on Schedule TO that includes the Offer to Purchase and related Letter of Transmittal that set forth the terms and conditions of the tender offer. Additionally, Pep Boys will file with the SEC a solicitation/recommendation statement on Schedule 14D-9 that includes the recommendation of the Pep Boys board of directors that Pep Boys shareholders tender their shares in the tender offer. The tender offer will expire at 5:00 p.m. on Monday, January 4, 2016, unless the offer period is extended in accordance with the definitive merger agreement and the applicable rules and regulations of the SEC. The completion of the tender offer will be conditioned on Pep Boys' shareholders tendering at least a majority of Pep Boys' outstanding shares, determined on a fully diluted basis, and other customary closing conditions, including expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
|November 13, 2015|
|16:26 EDT||AAP||Stocks end week lower as retail gets routed|
Stocks ended the week sharply lower after weak retail earnings reports, highlighted by Macy's (M), were followed by a worse than expected government report on retail sales performance in October. MACRO NEWS: In the U.S., retail sales rose 0.1% in the month of October, versus expectations for an increase of 0.3%. When autos and gas are removed, the core reading was up 0.3%, versus expectations for a rise of 0.4%. Producer prices fell 0.4%, versus expectations for them to be up 0.2%. When food and energy are removed, the core reading was down 0.3%, versus expectations for it to be up 0.1%. Business inventories grew 0.3% in September while sales were flat compared to August. Consumer sentiment, as measured by the preliminary print from the University of Michigan survey, improved 3.1 points to 93.1 in November, which was better than the 91.5 reading that was expected. In Europe, data showed that eurozone's economy grew by just 0.3% in the third quarter, which was a slowdown from the 0.4% GDP growth recorded three months earlier and weaker than the 0.4% consensus growth forecast. In China, exports declined for a fourth straight month in October, sliding 3.6%, while imports fell for a 12th straight month, declining 16% in yuan terms. China's foreign-exchange reserves rose in October for the first time in six months, increasing to $3.53T from $3.51T at the end of September, the People's Bank of China reported. Industrial output in China rose 5.6% in October, matching March's reading as the weakest since 2008. Retail sales climbed 11% last month, beating expectations. COMPANY NEWS: Shares of retailers broadly declined following disappointing earnings reports and commentary from a number of department store operators, including Macy's, Nordstrom (JWN) and J.C. Penney (JCP). Weather was cited by a number of them, and analysts also pointed to the continued rise in competition felt by brick-and-mortar retailers from e-commerce players, mainly Amazon.com (AMZN)... Among earnings reporters outside of the retail sector, Viacom (VIAB) and Rackspace (RAX) rose immediately following their reports, while Cisco (CSCO), Priceline (PCLN), Hertz (HTZ), and Advance Auto Parts (AAP) fell right after their own... During the company's investor meeting, McDonald's (MCD) raised its global refranchising target to 4,000 restaurants through 2018 with a new long-term goal to become 95% franchised, announced plans to increase its dividend by 5% and said that after "robust" debate it had decided to not pursue a REIT spin-off transaction for its real estate holdings... Anheuser-Busch InBev (BUD) and SABMiller (SBMRY) came to terms on a deal to combine the companies in a transaction worth $107B. In relation to their deal, Molson Coors (TAP) agreed to purchase SABMiller's 58% stake in MillerCoors, the joint venture formed in the United States in 2008, in a deal valued at $12B. Molson Coors was the biggest winner in terms of percentage stock gains immediately following the announcements, rising over 4% on Wednesday... Mylan (MYL) jumped after the company's offer to acquire Perrigo (PRGO) failed, ending a seven-month fight between the two drugmakers. Perrigo Chief Executive Officer Joseph Papa said he was "delighted" that his company's shareholders rejected the offer and the company added that it will immediately commence its previously announced $2B share buyback program, but its shares slid in the wake of the shareholder vote... PayPal (PYPL) shares saw three straight days of losses after the Wall Street Journal reported that Apple (AAPL) is working on a mobile payments service that could compete with the firm's Venmo platform... Angie's List (ANGI) advanced after IAC/InterActiveCorp (IACI), the parent company of HomeAdvisor, made public a $8.75 per share cash buyout offer. Yelp (YELP), which also connects people with local businesses via its web-based and mobile services, also rose following the revelation of the takeout bid for Angie's List... Alibaba Group (BABA) reported blockbuster sales for the 11.11 shopping festival, better known as "Singles' Day." By the end of Wednesday in China, gross merchandise volume on Alibaba's platforms hit $14.3B, far exceeding last year's 24-hour total of $9.3B and topping the company's $11B forecast. INDEXES: The Dow lost about 3.7% to close at 17,245.24, the S&P 500 fell about 4.25% to close at 2,023.04, and the Nasdaq declined about 3.6% to close at 4,927.88.
|10:00 EDT||AAP||On The Fly: Analyst Downgrade Summary|
Today's noteworthy downgrades include: Abbott (ABT) downgraded to Neutral from Buy at Goldman... Advance Auto Parts (AAP) downgraded after Q3 miss at Sterne Agee CRT... CafePress (PRSS) downgraded to Underperform from Market Perform at Raymond James... Ctrip.com (CTRP) downgraded to Outperform from Strong Buy at Raymond James... CubeSmart (CUBE) downgraded to Outperform from Strong Buy at Raymond James... Deutsche Bank (DB) downgraded to Neutral from Buy at Citi... Digital Ally (DGLY) downgraded to Neutral from Buy at Roth Capital... El Pollo Loco (LOCO) downgraded to Neutral at Baird... F5 Networks (FFIV) downgraded to Market Perform from Outperform at William Blair... FirstMerit (FMER) downgraded on stock outperformance at Raymond James... Fly Leasing (FLY) downgraded to Underweight from Neutral at JPMorgan... GameStop (GME) downgraded on valuation, digital impact at Pacific Crest... Histogenics (HSGX) downgraded to Neutral from Buy at BTIG... MaxPoint (MXPT) downgraded to Hold from Buy at Needham... Memorial Resource (MRD) downgraded to Outperform at Scotia Howard Weil... Rite Aid (RAD) downgraded to Neutral from Overweight at JPMorgan... Rubicon Minerals (RBY) downgraded to Sell from Hold at Canaccord... SABMiller (SBMRY) downgraded to Hold from Buy at Berenberg... Sensata (ST) downgraded at SunTrust... Stryker (SYK) downgraded to Neutral from Buy at Goldman.
|08:44 EDT||AAP||Advance Auto Parts downgraded after Q3 miss at Sterne Agee CRT|
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|08:34 EDT||AAP||Advance Auto Parts downgraded to Neutral from Buy at Sterne Agee CRT|
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|07:28 EDT||AAP||Advance Auto Parts has upside as integration progresses, says UBS|
UBS said much of the weakness in Advance Auto Parts' Q3 results stemmed from disruptions from its integration with acquisitions, particularly at the legacy Carquest stores. The firm said new members added to the board, a search for a CEO, and a motivated investor are all likely to change the way the company will look a year from now. UBS said they see upside as the integration continues and reiterated its Buy rating, but lowered its price target to $190 from $200 on Advance Auto shares.
|November 12, 2015|
|16:27 EDT||AAP||On The Fly: Top stock stories for Thursday|
Stocks on Wall Street opened in negative territory and weakened throughout the day, pushing equities down to their lowest levels of November. Comments made by Fed officials early in the day lent more uncertainty, not more clarity, regarding the chances of a rate hike at the FOMC meeting in December. The commodity sector was also weak, led by oil, which saw benchmark U.S. prices hit a three month low as WTI crude slid below $42 per barrel. ECONOMIC EVENTS: In the U.S., initial jobless claims were unchanged at 276,000 in the week of November 7, versus expectations for 270,000 first-time claims. The JOLTS report showed job openings rebounded 149,000 to 5.53M in September. In Europe, European Central Bank president Mario Draghi, in remarks delivered in a hearing in the European Parliament, once again signaled that the bank is ready to boost stimulus at its December meeting, if warranted. COMPANY NEWS: Shares of Angie's List (ANGI) gained $1.05, or 13.26%, to $8.97 after IAC/InterActiveCorp (IACI), the parent company of HomeAdvisor, made public a $8.75 per share cash buyout offer. Yelp (YELP), which also connects people with local businesses via its web-based and mobile services, rose 92c, or 3.66%, to $25.90 following the revelation of the takeout bid for Angie's List... Department store owner Kohl's (KSS) advanced $2.64, or 6.12%, to $45.80 after its third quarter earnings and revenues beat expectations... Shares of PayPal (PYPL) were weak for a second straight session following a report yesterday afternoon alleging that Apple (AAPL) is set to launch a competitor to one of the payment technology company's offerings. Shares of PayPal slipped 1.8% to close at $36.33 yesterday following The Wall Street Journal's report, then dipped another 2.1% to close at $35.57 today. MAJOR MOVERS: Among the notable gainers was Eros International (EROS), which rebounded 65c, or 7.88%, to $8.90 after calling allegations of security laws violations "baseless and misleading." Also higher was Splunk (SPLK), which rose $1.61, or 2.82%, to $58.78 after research firm JMP Securities reiterated an Outperform rating on the name, saying recent checks indicate that spending on Splunk products "remains healthy." JD.com (JD) advanced 3.2% to $28.78 after reporting 130% sales growth for China's Singles Day event. Among the noteworthy losers was Fairmount Santrol (FMSA), which fell 66c, or 22%, to $2.34 after reporting downbeat third quarter earnings and suspending its earnings guidance due to market "uncertainty." Also lower was Advance Auto Parts (AAP), which declined $30.00, or 15.41%, to $164.67 after its quarterly report missed analyst expectations, which came alongside a retirement announcement by its CEO and news of Starboard chief Jeff Smith being appointed to the company's board. Additionally, Derma Sciences (DSCI) lost 27.9% to $4.04 after terminating its Phase 3 clinical trials of aclerastide for the treatment of foot ulcers due to futility. INDEXES: The Dow fell 254.15, or 1.44%, to 17,448.07, the Nasdaq lost 61.94, or 1.22%, to 5,005.08, and the S&P 500 dropped 29.03, or 1.4%, to 2,045.97.
|12:02 EDT||AAP||On The Fly: Top stock stories at midday|
Stocks on Wall Street opened deep in negative territory but the averages began to pare their losses almost immediately. All eyes and ears were on Fed Chair Janet Yellen, who gave a welcoming speech at a Fed conference, though she did not discuss policy or the economy. Other Fed speakers talked about the lack of inflation as well as interest rate expectations, but their comments so far this morning have failed to clarify expectations for the December meeting. ECONOMIC EVENTS: In the U.S., initial jobless claims were unchanged at 276,000 in the week of November 7, versus expectations for 270,000 first-time claims. The JOLTS report showed job openings rebounded 149,000 to 5.53M in September. In Europe, European Central Bank president Mario Draghi, in remarks delivered in a hearing in the European Parliament, once again signaled that the bank is ready to boost stimulus at its December meeting as warranted. COMPANY NEWS: Shares of Angie's List (ANGI) jumped 12% after Barry Diller's IAC/InterActiveCorp (IACI), the parent company of HomeAdvisor, made public a $8.75 per share cash buyout offer. Yelp (YELP), which also connects people with local businesses via its web-based and mobile services, advanced 8% following the revelation of the takeout bid for Angie's List... Department store owner Kohl's (KSS), which was weak yesterday along with virtually every company in the space following Macy's (M) disappointing results, bounced back 6% after its third quarter report topped expectations on both the top and bottom lines... Advance Auto Parts (AAP) sunk 13% after its earnings missed the consensus forecast, its profit guidance was lowered, its CEO announced plans to retire and Starboard's CEO Jeff Smith was appointed to the company's board. MAJOR MOVERS: Among the notable gainers was Eros International (EROS), which rallied more than 8.5% after it called allegations of security laws violations "baseless and misleading." Also higher was Viacom (VIAB), which gained 2.5% after it quarterly earnings came in roughly in-line with consensus estimates. Among the noteworthy losers was Fairmount Santrol (FMSA), which fell 20% after reporting downbeat third quarter earnings and suspending its earnings guidance due to market uncertainty. Also lower was Flower Foods (FLO), which dropped 10% after it reported quarterly earnings and narrowed its fiscal 2015 guidance. INDEXES: Near midday, the Dow was down 147.82, or 0.84%, to 17,554.40, the Nasdaq was down 18.15, or 0.36%, to 5,048.87, and the S&P 500 was down 13.77, or 0.66%, to 2,061.23.
|11:55 EDT||PBY, ORLY, AZO, AAP||Advance Auto Parts sinks after missing Q3 estimates, cutting guidance|
Shares of Advance Auto Parts (AAP) an automotive aftermarket parts supplier, are falling after the company reported lower than expected third quarter results and cut its fiscal 2015 profit outlook. The company also said its chief executive officer will step down in January. WHAT'S NEW: This morning, Advance Auto Parts reported Q3 comparable cash earnings per share of $1.95 and revenue of $2.3B, below analysts' consensus estimates of $2.09 and $2.33B, respectively. Same-store sales for the quarter increased 0.5%. GUIDANCE: Due to the Q3 earnings shortfall coupled with continuing integration headwinds and the soft start to its lowest volume quarter, Advance Auto Parts lowered its comparable cash EPS out look for fiscal year 2015 to $7.75-$7.90 from $8.10-$8.35, well below analysts' estimates of $8.28. Chief Financial Officer Mike Norona said that the revised outlook assumes flat to slightly negative fourth quarter SSS, roughly flat year over year Q4 gross margin rate and the achievement of its FY synergies target of $45M-$55M. Additionally, as part of its on-going process of store evaluations, the company said it is planning to close, an additional 30 stores in the latter part of 2015. The one-time expense impact of these closures is expected to be between $10M-$15M in 2015, which increases the FY15 outlook for one-time integration and restructuring expenses to $101M-$120M from $91M-$105M. WHAT'S NOTABLE: Advance Auto Parts also announced that CEO Darren Jackson plans to retire and step down from the Board on January 2, 2016, and the company named President George Sherman as interim CEO, effective January 3. Sherman will succeed Jackson as CEO, the company said. The company also announced that effective immediately, current Board Chairman John Brouillard will become Executive Chairman. SHAREHOLDER ACTIVISM: Advance Auto Parts announced that it has entered into an agreement with Starboard Value LP and its affiliates, which owns about 3.7% of Advance Auto Parts' shares, regarding the membership and composition of the company's Board of Directors. Under the terms of the agreement, the company named Starboard CEO and Chief Investment Officer Jeffrey Smith to its board of directors, effective immediately, expanding the board to 13 members. Additionally, Starboard will designate two independent directors to be added to the Advance Auto Parts Board as soon as practical. PRICE ACTION: In late morning trading, Advance Auto Parts fell $25.07, or 12.88%, to $169.68 on more than three times its average daily trading volume. Despite today's pull back, the shares have gained over 16% over the past 12 months. OTHERS TO WATCH: Other auto parts suppliers include Pep Boys (PBY), down 0.3%, O'Reilly Automotive (ORLY), down 0.9%, AutoZone (AZO), down 0.9%, and Genuine Parts Company (GPC), down 1.41%.
|09:21 EDT||AAP||On The Fly: Pre-market Movers |
UP AFTER EARNINGS: Kohl's (KSS), up 5.4%... NetEase (NTES), up 6.3%... SunPower (SPWR), up 3.4%. ALSO HIGHER: Angie's List (ANGI), up 12.1% after after IAC (IAC) proposes to acquire the company... OHR Pharmaceutical (OHRP), up 7.4% after submitting a Special Protocol Assessment request to the FDA for OHR-102... Galena Biopharma (GALE) up 6.2% after being upgraded to Outperform from Perform at Oppenheimer... MannKind (MNKD), up 5.4% after confirming a planned stock sale. DOWN AFTER EARNINGS: Freshpet (FRPT), down 25%... Advance Auto Parts (AAP), down 11.1%... Viacom (VIAB), down marginally. ALSO LOWER: Derma Sciences (DSCI), down 30.4% after ending its Phase 3 clinical trials with aclerastide, DSC127, for diabetic foot ulcer healing... Sunedison (SUNE), down 11.2% after being downgraded to Sell from Neutral at Axiom.
|06:51 EDT||AAP||Advance Auto Parts announces agreement with Starboard Value|
Advance Auto Parts announced that it has entered into an agreement with Starboard Value LP and its affiliates, which has an ownership stake of approximately 3.7% of Advance Auto Parts' shares, regarding the membership and composition of the Advance Auto Parts Board of Directors. Under the terms of the agreement, Jeffrey C. Smith, Starboard's CEO and Chief Investment Officer, has been appointed to the Advance Auto Parts board, effective immediately, and the size of the Board has been expanded from 12 to 13 members. Smith will serve as chair of the Nominating and Corporate Governance Committee and will also be a member of the Compensation and Finance Committees. In addition, Starboard will designate two independent directors to be added to the Advance Auto Parts Board as soon as practical. The company will name two additional independent directors designated by the Nominating and Corporate Governance Committee for election at the Company's 2016 Annual Meeting. It is expected that following the 2016 Annual Meeting the Board will have 12 or 13 members. As part of the agreement, Starboard has agreed to vote all of its shares in favor of the company's nominees at the 2016 Annual Meeting as well as other customary standstill and voting commitments. The full agreement between Advance Auto Parts and Starboard will be filed with the Securities and Exchange Commission.
|06:49 EDT||AAP||Advance Auto Parts announces CEO Darren Jackson to retire|
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|06:48 EDT||AAP||Advance Auto Parts to close additional 30 stores in latter part of 2015|
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|06:48 EDT||AAP||Advance Auto Parts sees Q4 comparable store sales to be slightly negative|
Sees Q4 gross margin rate to be roughtly flat YoY.
|06:48 EDT||AAP||Advance Auto Parts cuts FY15 cash EPS to $7.75-$7.90 from $8.10-$8.35|
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|06:46 EDT||AAP||Advance Auto Parts reports Q3 cash EPS $1.95, consensus $2.09|
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