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News Breaks
August 15, 2014
Today's noteworthy upgrades include: Alcentra Capital (ABDC) upgraded at RW Baird... Anglo American (AAUKY) upgraded to Sector Perform from Underperform at RBC Capital... Athlon Energy (ATHL) upgraded to Buy from Accumulate at Tudor Pickering... Bill Barrett (BBG) upgraded to Buy from Neutral at Global Hunter... China Mobile (CHL) upgraded to Neutral from Underperform at Mizuho... Compressco (GSJK) upgraded to Overweight from Neutral at JPMorgan... Cypress Energy (CELP) upgraded to Outperform from Neutral at RW Baird... Dangdang (DANG) upgraded to Neutral from Underweight at JPMorgan... Diamondback Energy (FANG) upgraded to Buy from Accumulate at Tudor Pickering... G&K Services (GK) upgraded to Overweight from Neutral at JPMorgan... Johnson Matthey (JMPLY) upgraded to Conviction Buy from Neutral at Goldman... MBIA (MBI) upgraded to Buy from Neutral at BTIG... Monster Beverage (MNST) upgraded to Outperform from Underperform at CLSA... Perrigo (PRGO) upgraded at B. Riley... Starwood (HOT) upgraded to Overweight from Equal Weight at Barclays... Steven Madden (SHOO) upgraded to Buy from Neutral at Sterne Agee... Taubman Centers (TCO) upgraded at Morgan Stanley... Ultra Petroleum (UPL) upgraded to Overweight from Equalweight at Capital One.
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October 28, 2014
07:17 EDTHOTStarwood sees Q4 EPS 73c-77c, consensus 78c
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07:12 EDTHOTStarwood sees FY14 earnings to be negatively impacted by approx $35M
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07:10 EDTHOTStarwood sees FY14 EPS ex-items $2.79-$2.83, consensus $2.84
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07:08 EDTHOTStarwood reports Q3 EPS ex-items from cont. ops. 66c, consensus 65c
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07:02 EDTGKG&K Services ups FY15 EPS view to $3.15-$3.30 from $3.10-$3.25
FY14 EPS consensus $3.19. Sees FY15 revenue $930M-$950M, consensus $942.58M.
07:01 EDTGKG&K Services reports Q1 EPS from cont. ops. 81c, consensus 72c
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October 27, 2014
15:36 EDTHOTNotable companies reporting before tomorrow's open
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October 23, 2014
08:13 EDTUPLCabot among Marcellus producers hardest hit by glut, WSJ says
The rapid growth of production from the Marcellus Shale has caused gas prices to drop and forced drillers to re-evaluate operations, with Cabot Oil and Gas (COG) among the hardest hit, said The Wall Street Journal. Other companies mentioned as being impacted and having responded in the report include Ultra Petroleum (UPL), Chesapeake Energy (CHK) and Carrizo Oil & Gas (CRZO). Reference Link
08:12 EDTHOTStarwood Hotels November volatility elevated into Q3 and outlook
Starwood Hotels November call option implied volatility is at 29, December and January is at 27; compared to its 26-week average of 22 according to Track Data, suggesting larger near term price movement into the expected release of Q3 results on October 28.
October 22, 2014
12:02 EDTHOTStarwood extends global partnership with Mercedes AMG Petronas
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October 21, 2014
06:44 EDTPRGOActavis among bidders for Omega Pharma, Bloomberg reports
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October 20, 2014
16:01 EDTHOTStarwood announces sale of The St. Regis for $150.7M
Starwood Hotels & Resorts Worldwide announced that it has sold The St. Regis, Rome to subsidiaries of Constellation Hotels Holding Limited for approximately $150.7M. Starwood will continue to operate the hotel under the St. Regis brand flag as part of a new long-term management agreement.
13:14 EDTSHOODSW's FY14 guidance more at risk today, says Sterne Agee
Sterne Agee said DSW's (DSW) FY14 EPS guidance is more at risk today following Steven Madden's (SHOO) guidance cut this morning. The analyst said lower price points and higher shipping costs are reflected in margin guidance but not the need for increased promotional activity.
13:10 EDTSHOOSteve Madden tumbles after providing preliminary Q3 results, FY14 outlook
Shares of shoe and accessory company Steve Madden (SHOO) are tumbling after the company announced preliminary third quarter results that were below analysts' consensus along with a reduction to its fiscal year 2014 outlook. WHAT'S NEW: Steve Madden announced that it is anticipating Q3 earnings per share to be approximately 61c-62c and net sales of $392M, below analysts' consensus estimates of 67c and $415.72M, respectively. The company noted that retail comparable store sales for the quarter are anticipated to be down 7.4%. Steve Madden also reduced its FY14 EPS outlook to $1.81-$1.86 from $2.00-$2.10, well below analysts' $2.02 consensus. The company lowered its net sales projection for the year, and now sees net sales up 1%-2% over fiscal year 2013 versus its previous net sales guidance for up 2%-4% over FY13. The new guidance factors in the recent acquisition of Dolce Vita and current expectations for remainder of the year. On August 14, Steve madden acquired Dolce Vita for $60.3M in cash and previously said the deal would be accretive to earnings in FY14 by 2c-3c and be "modestly accretive" in FY15. WHAT'S NOTABLE: Steve Madden's Chief Executive Officer Edward Rosenfeld said that the company's Q3 earnings were "disappointing" and were the result of weaker than expected retail segment performance. He believes that retail trends in the footwear space will continue to be difficult through the fourth quarter due to a lack of noteworthy fashion trends in the industry. The CEO said that the company's full-year guidance results from this pattern, along with a lowered reorder outlook in its wholesale segment. Rosenfeld is still confident, however, in the company's business model and believes that its acquisitions of Dolce Vita and its Mexican licensee will fuel the business forward over the long term. OTHERS TO WATCH: Competitors of Steve Madden include Michael Kors (KORS), Coach (COH), Kate Spade (KATE), and Vera Bradley. PRICE ACTION: During afternoon trading, shares of Steve Madden fell $2.62 or 8.2%, to $29.32. Over the last twelve months, the stock has fallen over 15%.
09:22 EDTSHOOOn The Fly: Pre-market Movers
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08:17 EDTGSJKCompressco board increases quarterly dividend to 46c
Compressco announced that the board of its general partner has declared a cash distribution attributable to the quarter ended September 30, 2014 of 46c per outstanding unit, or $1.84 per outstanding unit on an annualized basis. This amount is an increase over the previous distribution of 45.25c, and an increase of 3c per outstanding unit over the distribution of 43c attributable to the third quarter of 2013. This cash distribution will be paid on November 14, 2014 to all unitholders of record as of the close of the business on October 31, 2014.
08:04 EDTSHOOSteven Madden cuts FY14 EPS view to $1.81-$1.86, consensus $2.02
Previous guidance was $2.00-$2.10. Now sees FY14 net sales up 1%-2% over FY13, consensus $1.38B. Previous net sales guidance was up 2%-4% over FY13.
08:02 EDTSHOOSteven Madden sees Q3 EPS approx. 61c-62c, consensus 67c
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08:02 EDTFANGDiamondback, Viper sell-offs 'significantly overdone,' says Wunderlich
Wunderlich believes the recent sell-offs in shares of Diamondback Energy (FANG) and Viper Energy (VNOM) are "significantly overdone." The firm thinks recent news from Viper suggests that Diamondback's work in the Permian is continuing to provide strong growth in production and cash flow. It keeps a Buy rating on Diamondback with a $110 price target.
06:26 EDTCHLEU, China settle telecoms case at Joint Committee
Intensive discussions between the European Commission and the Chinese government were concluded by an amicable settlement on the trade defense investigation into Chinese telecoms. The Commission took the official decision that it no longer considers it necessary to pursue this investigation. Regarding telecoms, the main points of the settlement include tasking an independent body with the monitoring of the Chinese and EU telecoms networks markets, guaranteeing access to the relevant Chinese standard setting body for European companies without discrimination, equal treatment of companies bidding for publically funded research and development projects and the EU and China will also advance the work of the International Working Group on Export Credits, whose objective is to adopt sectorial and horizontal disciplines in the field. The talks culminated on October 18 at the EU-China Joint Committee. Some telecom companies in China include China Telecom (CHA), China Unicom (CHU) and China Mobile (CHL). Reference Link
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