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Stock Market & Financial Investment News

News Breaks
May 21, 2014
11:57 EDTAEO, URBN, ANFAmerican Eagle slides after sales miss, more store closures signaled
Shares of apparel retailer American Eagle Outfitters (AEO) are sliding this morning after the company reported first quarter results that reflected weaker than expected sales and increased markdowns and forecast second quarter earnings per share that fell short of analyst expectations. WHAT'S NEW: American Eagle reported Q1 EPS of 2c and revenue of $646M, which compare to analysts' consensus estimates of 0c and $647.74M, respectively. For the quarter, comparable store sales declined 10%. Interim CEO Jay Schottenstein said results were consistent with the company's expectations, reflecting weak sales and increased markdowns. Schottensetin said the company is committed to improved profitability and is working to strengthen its brands. The company forecast its second quarter to be approximately break-even in terms of profit on a high single digit decline in comparable sales. The consensus forecast of analysts for Q2 prior to the report was for 4c per share in earnings. The company said it has identified an additional 150 stores to close over the next three years in North America, with plans to close around 50 AE and 20 aerie stores in North America beginning this year. American Eagle sees annualized after-tax savings of $10M-$15M related to the closures beginning in 2015. WHAT'S NOTABLE: On its earnings conference call, the company said its search for a permanent CEO is "underway." Executives said the retailer is "committed to finding a strong successor," and will take the necessary time to find the "right person to do so." In the meantime, American Eagle's focus is "unwavering," and the "very strong" team will facilitate the company's recovery plan. PRICE ACTION: Near noon, American Eagle fell 63c, or 5.6%, to $10.70. OTHERS TO WATCH: Shares of American Eagle peer Abercrombie & Fitch (ANF) are down 1.26% to $36.70 while another retailer, Urban Outfitters (URBN), is also down around 1% to $32.63.
News For AEO;ANF;URBN From The Last 14 Days
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March 29, 2015
18:01 EDTURBNInvestors should use caution with Urban Outfitters, Barron's says
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March 27, 2015
10:03 EDTAEOOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AEGON (AEG) downgraded to Neutral from Buy at Goldman... Alkermes (ALKS) downgraded to Neutral from Buy at Citigroup... American Eagle (AEO) downgraded to Sell from Neutral at Goldman... ArcelorMittal (MT) downgraded to Sell from Neutral at Citigroup... Black Diamond (BDE) downgraded to Sell from Hold at Feltl... Diodes (DIOD) downgraded to Outperform from Strong Buy at Raymond James... EMC (EMC) downgraded at Pacific Crest... Epizyme (EPZM) downgraded to Neutral from Buy at Citigroup... FutureFuel (FF) downgraded Neutral at Roth Capital... GameStop (GME) downgraded to Neutral from Buy at B. Riley... MSC Industrial (MSM) downgraded to Neutral from Outperform at RW Baird... Pioneer Energy (PES) downgraded to Hold from Buy at Deutsche Bank... Power Integrations (POWI) downgraded to Market Perform at Raymond James... Precision Drilling (PDS) downgraded to Hold from Buy at Deutsche Bank... SanDisk (SNDK) downgraded to Hold from Buy at Evercore ISI... Semtech (SMTC) downgraded to Outperform from Strong Buy at Raymond James... Swiss Re (SSREY) downgraded to Hold from Buy at Jefferies... Vantiv (VNTV) downgraded at SunTrust... Vivendi (VIVHY) downgraded to Underperform from Outperform at Exane BNP Paribas... WESCO (WCC) downgraded to Neutral from Outperform at RW Baird... World Acceptance (WRLD) downgraded to Underperform from Neutral at Macquarie... Zurich Insurance (ZURVY) downgraded to Neutral from Buy at Goldman.
05:52 EDTAEO, URBN, ANFAmerican Eagle downgraded to Sell from Neutral at Goldman
Goldman Sachs downgraded American Eagle (AEO) to Sell saying it sees 29% downside risk over the next six months. Goldman believes declining mall traffic and "aggressive competition" from low cost stores puts the retailer in a multi-year period of diminishing productivity, margins, and returns. Its six-month price target for American Eagle is $12. Shares of the retailer closed yesterday up 17c to $16.92. Goldman lists Ann Inc. (ANN), Abercrombie & Fitch (ANF) and American Eagle as its top sell ideas in the Specialty Apparel space. Its lone Buy rated name in the group is Urban Outfitters (URBN).
March 25, 2015
09:25 EDTAEOAmerican Eagle announces license agreements in Chile, Peru
American Eagle Outfitters (AEO) announced plans to further expand its global retail presence with a series of licensed stores throughout Chile and Peru. The company has signed a multi-year license agreement with Eurofashion Limitada, a Chilean company and division of Cencosud (CNCO). The agreement includes American Eagle Outfitters stores, which will offer the American Eagle Outfitters and Aerie assortments. The first stores are expected to open in Chile in 3Q15 and in Peru in early 2016.
March 24, 2015
10:20 EDTANFAbercrombie & Fitch sees ongoing expense reduction as way of life going forward
10:16 EDTANFAbercrombie & Fitch sees 'sigificant' FX headwinds in 2015
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07:27 EDTANFTelsey Advisory to hold a conference
2015 Consumer Conference is being held in New York on March 24-25.
March 17, 2015
07:53 EDTAEOMatson American Eagle Jack Henry named triple play at Oppenheimer
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March 16, 2015
10:14 EDTURBNOptions with decreasing implied volatility
Options with decreasing implied volatility: EXPR ULTA SGMS QIHU BKS PAY URBN AGN AGNC

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