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Stock Market & Financial Investment News

News Breaks
August 15, 2014
09:35 EDTNFLX, KMI, AAPL, JCP, TSLA, ABX, TWTR, AMZNActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL AMZN TSLA KMI TWTR AMAT JCP NFLX ABX
News For AAPL;AMZN;TSLA;KMI;TWTR;JCP;NFLX;ABX From The Last 14 Days
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August 13, 2015
13:05 EDTTSLATesla, Shake Shack move in opposite directions after share offerings
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12:38 EDTJCPEarnings Watch: Analyst says J.C. Penney's FY15 SSS view 'achievable'
J.C. Penney (JCP) is scheduled to report second quarter earnings before the market opens on Friday, August 14 with a conference call scheduled for 8:30 am ET. J.C. Penney operates about 1,100 retail stores and jcp.com. EXPECTATIONS: Analysts are looking for a loss per share of (48c) on revenue of $2.86B, according to First Call. The consensus range for EPS is (56c)-(38c) on revenue of $2.8B-$2.89B. LAST QUARTER: J.C. Penney reported first adjusted earnings per share of (57c) against estimates for (77c), on revenue of $2.86B against estimates for $2.87B. Comparable store sales were up 3.4%. The retailer narrowed its fiscal year 2015 SSS view to up 4%-5% from up 3%-5% and forecast FY15 gross margins to improve 100-150 basis points vs. its previous view of a 50-100 basis point improvement. On its Q1 earnings conference call, the company said that it expected to be free cash flow breakeven in FY15, and predicted FY15 capital expenditures of $250M-$300M and EBITDA of approximately $600M. NEWS: At the Piper Jaffray Consumer Conference on June 10, J.C. Penney said it is on track to meet its $1.2B EBITDA target by 2017 and said that it believes the company can continue to grow gross margin in a "healthy, sustainable way." Marvin Ellison, the company's Chief Executive Officer, said the company's private brands are "perceived as equal" to national brands, and noted that the company's previous strategy "obviously didn't go well," but that customers "never gave up on us." Ellison said that the resilience required to stabilize the business has been "significant." STREET RESEARCH: On the day after its last earnings report, Piper Jaffray and UBS raised their price targets on J.C. Penney, and Baird said the Q1 results were "encouraging." On July 22, Buckingham upgraded J.C. Penney to Buy from Neutral and raised its price target to $12 from $9. The firm believes comps in the second half of 2015 could accelerate and has increased confidence of the company's ability to hit its 2017 EBITDA target of $1.2B. The firm also believes FY15 SSS guidance of 4%-5% is "achievable." During the quarter, shares were also upgraded to Hold from Sell at Evercore. PRICE ACTION: Over the last three months, J.C. Penney shares are down 7%. In early afternoon trading ahead of Thursday's Q2 report, J.C. Penney is down over 2% to $8.10
12:18 EDTTSLAOn The Fly: Top stock stories at midday
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09:37 EDTAAPL, ABX, NFLXActive equity options trading on open
Active equity options trading on open: AAPL CSCO M TSLA BAC GILD BABA FB SLW GPRO SUNE NLY ABX NFLX MSFT
09:28 EDTTWTRTwitter Periscope growth to 10M users an incremental positive, says Jefferies
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09:20 EDTTSLAOn The Fly: Pre-market Movers
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08:26 EDTAAPLApple making third-parties bring packaging in-line with Apple look, BI reports
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08:11 EDTAMZNAmazon leads $8M funding round in Clique Media, Business Insider reports
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07:50 EDTAMZNAmazon.com stock could outperform for extended period, says Stifel
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07:35 EDTTSLATesla volatility flat, announces $500M stock offering
Tesla August weekly call option implied volatility is at 40, August is at 39, September is at 40; compared to its 52-week range of 29 to 62, suggesting non-directional price movement into announcing a $500M stock offering.
07:23 EDTAAPLApple iPhone production cuts due to transitions, not orders, says UBS
UBS attributes reports of Apple cutting iPhone production to the ramping schedule for different components in the supply chain, which the firm noted occurs every year before final mass production. The firm said its checks suggests Apple planned its Q3 production transition back in Q2, which could lead to weakness in Q3 shipments for suppliers. UBS reiterated its Buy rating and $150 price target on Apple shares.
07:15 EDTTSLATesla announces $500M stock offering, Musk to buy $20M in stock
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07:02 EDTTSLATesla CEO interested in buying $20M in shares as part of company offering
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06:58 EDTTSLATesla files to sell 2.1M shares of common stock, Musk to buy shares
Tesla filed to sell 2.1M shares of common stock. Elon Musk, Chief Executive Officer, Product Architect and Chairman of our Board of Directors, has indicated his preliminary interest in purchasing up to an aggregate of 83,974 shares of our common stock in this offering at the public offering price for an aggregate purchase price of approximately $20M. Goldman Sachs, Morgan Stanley, JPMorgan, Deutsche Bank, BofA Merrill, and Wells Fargo are acting as joint book running managers for the offering.
06:50 EDTAAPLNext iPad may come with split-screen support, 9to5Mac reports
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06:45 EDTTSLATesla to unveil charging partnership with Manhattan garages, NY Times reports
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06:42 EDTAAPLApple recalls some Apple TVs due to faulty part, MacRumors reports
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06:24 EDTAAPLApple working with tech companies to make iPad better for work, WSJ reports
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06:00 EDTJCPStocks with implied volatility above IV index mean; WMB JCP
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05:29 EDTAAPLPiper's Munster sees new Apple TV having limited sales impact
Piper Jaffray analyst Gene Munster points out that Buzzfeed last week reported Apple will hold a special event on September 9 to announce the iPhone 6S and possibly a new Apple TV box. The timing of the new TV box are in-line with expectations while the streaming content offering "still appears a wildcard," Munster tells investors in a research note. The new Apple TV device should improve Apple's position in the living room, but given the likely price point of below $99, it will likely have limited impact on revenue, Munster argues. The analyst keeps an Overweight rating on the iPhone maker with a $172 price target. Apple closed yesterday up $1.75 to $115.24.
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