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Stock Market & Financial Investment News

News Breaks
April 2, 2014
10:00 EDTAMP, ISRG, ILMN, TCB, WOR, VEEV, PTRY, PAG, LPI, FTNT, DOV, DSW, CMA, CTSH, AJG, APOL, NSRGYOn The Fly: Analyst Upgrade Summary
Actuant (ATU) upgraded to Buy from Neutral at SunTrust... Ameriprise (AMP) upgraded to Overweight from Equal Weight at Morgan Stanley... Apollo Education (APOL) upgraded to Outperform from Market Perform at Wells Fargo... Arthur J. Gallagher (AJG) upgraded to Buy from Neutral at Compass Point... Cognizant (CTSH) upgraded to Buy from Neutral at UBS... Comerica (CMA) upgraded to Market Perform from Underperform at Wells Fargo... DSW (DSW) upgraded to Hold from Sell at Brean Capital... Dover (DOV) upgraded to Outperform from Neutral at Credit Suisse... Fortinet (FTNT) upgraded to Outperform from Market Perform at Wells Fargo... Laredo Petroleum (LPI) upgraded to Buy from Neutral at SunTrust... Penske Automotive (PAG) upgraded to Buy from Neutral at Sterne Agee... The Pantry (PTRY) upgraded to Buy from Hold at Benchmark Co... Veeva (VEEV) upgraded to Overweight from Equal Weight at Morgan Stanley... Worthington (WOR) upgraded to Buy from Hold at KeyBanc... TCF Financial (TCB) upgraded to Buy from Hold at Sandler O'Neill... Illumina (ILMN) upgraded at Macquarie... Intuitive Surgical (ISRG) upgraded to Outperform, price target $700 at JMP Securities... Carter's (CRI) upgraded to Overweight from Neutral at Piper Jaffray... Nestle (NSRGY) upgraded to Outperform from Market Perform at Bernstein.
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August 26, 2014
10:03 EDTDSWDSW shares climb higher as Q2 results beat expectations
Shares of footwear and accessory retailer DSW (DSW) are climbing higher after the company reported second quarter earnings per share and revenue that exceeded analysts' consensus. WHAT'S NEW: DSW's reported Q2 adjusted EPS of 37c on revenue of $587.1M, beating analysts' consensus estimates of 32c and $564.84M, respectively. Comparable sales for the quarter increased by 0.8%. Looking ahead, DSW said that it anticipates fiscal year 2014 adjusted EPS in the range of $1.50-$1.65, which compares with analysts' expectations of $1.53. The company noted that its FY14 view assumes flattish comps and total revenue growth in the mid-single digit range. The company said that it met its target of eliminating inventory balances during the quarter and noted that all major categories recorded improved sales performance during Q2. WHAT'S NOTABLE: During the company's conference call, DSW said that it plans to open 34 new stores in FY14. It is projecting that managing inventories will be conservative heading into the fall season. The company foresees its FY14 merchandise margin to be between 100 basis points and 150 basis points lower compared to last year and anticipates markdowns to normalize for the rest of FY14. DSW sees SG&A expense increasing in the mid-teens range as the company enters the fall and still believes that the cost of its omni-channel initiative will be accretive to EPS after FY14. PRICE ACTION: During morning trading, shares of DSW rose $2.46 or 8.67%, to $30.82. Since its last earnings report, DSW is down over 6.6%.
09:35 EDTDSWActive equity options trading on open
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09:04 EDTFTNTFortinet plans to establish R&D center in Singapore
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08:56 EDTDSWOn The Fly: Pre-market Movers
HIGHER: Tim Hortons (THI), up 10.5% after announcing merger agreement with Burger King (BKW), which is up 4% after the news. Burger King CEO Schwartz will become group CEO of the new company and Berkshire Hathaway (BRK.A) has committed $3B of preferred equity financing for the deal... DSW (DSW), up 12% after reporting Q2 earnings beat, FY14 outlook above consensus... Kite Pharma (KITE), up 17% after announcing phase 1-2a results from trial of potential treatment of non-Hodgkin's lymphoma... Mobileye (MBLY), up 4.4% after coverage of stock initiated at several research firms, including Morgan Stanley which started with an Overweight rating and $46 price target and named it a new top pick... Kandi Technologies (KNDI), up 9% following Bloomberg report on Chinese government considering funding for electric car chargers. LOWER: Best Buy (BBY), down 3.7% after reporting Q2 revenue below consensus, Q2 same-store sales decline of 2.7%... Sanderson Farms (SAFM), down 5.9% after Q3 earnings, revenue miss estimates... Movado (MOV), down 5.1% after Q2 revenue miss expectations... DOWN AFTER EARNINGS: Prospect Capital (PSEC), down 3.5%... Trina Solar (TSL), down 7.6%.
08:49 EDTDSWDSW plans to open 34 new stores in FY14
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07:22 EDTISRGISI Group to hold a field trip
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07:07 EDTDSWDSW says achieved goal of eliminating inventory imbalances in Q2
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07:03 EDTDSWDSW sees FY14 adjusted EPS $1.50-$1.65, consensus $1.53
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07:01 EDTDSWDSW reports Q2 adjusted EPS 37c, consensus 32c
Reports Q2 revenue $587.1M, consensus $564.84M. For the thirteen week period ended August 2, comparable sales increased by 0.8%.
August 25, 2014
15:18 EDTDSWNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Best Buy (BBY), consensus 31c; Golar LNG (GLNG), consensus (7c); DSW (DSW), consensus 32c; Tech Data (TECD), consensus 77c; Sanderson Farms (SAFM), consensus $3.82; Movado (MOV), consensus 54c; Trina Solar (TSL), consensus 14c.
07:23 EDTAPOLGovernment not looking to push other colleges out of business, says Wells Fargo
In the wake of Corinthian Colleges' (COCO) dissolution due to actions taken by the Department of Education, Wells Fargo thinks the government did not intend for this scenario to unfold. After speaking with unnamed "knowledgeable sources" about the issue, the firm does not expect the department to take similar actions in the future because doing so would create too much of a workload for the department, Wells believes. Publicly traded companies in the space include American Public Education (APEI), Apollo Education (APOL), Bridgepoint Education (BPI), Career Education (CECO), Corinthian Colleges (COCO), DeVry (DV), Grand Canyon (LOPE), ITT Educational (ESI) and Strayer (STRA).
August 24, 2014
21:59 EDTCTSHVMware to hold a conference
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August 22, 2014
09:34 EDTPTRYThe Pantry downgraded to Neutral from Buy at Sidoti
August 21, 2014
13:00 EDTISRGIntuitive Surgical receives FireFly FDA clearance for Vinci Xi system
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05:42 EDTILMNIllumina announces strategic partnership with AstraZeneca, Sanofi, Janssen
Illumina (ILMN) announced it has formed collaborative partnerships with leading pharmaceutical companies to develop a universal next-generation sequencing, or NGS,-based oncology test system. The system will be used for clinical trials of targeted cancer therapies with a goal of developing and commercializing a multi-gene panel for therapeutic selection, resulting in a more comprehensive tool for precision medicine. Initial strategic partners include AstraZeneca (AZN), Janssen Biotech, a Johnson & Johnson (JNJ) company, and Sanofi (SNY). Illumina is working with the strategic partners to develop assays that detect and measure multiple variants simultaneously to support partners’ clinical trials, with the objectives of securing regulatory agency approvals and test commercialization. In parallel, Illumina is working with key thought leaders to set standards for NGS-based assays in routine clinical oncology practice, as well as to define regulatory frameworks to enable this new testing paradigm. Together, Illumina and its strategic partners aim to transition from single-analyte companion diagnostics to panel-based assays that select for “companion therapeutics.”
August 20, 2014
10:04 EDTILMNOn The Fly: Analyst Upgrade Summary
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08:31 EDTCTSHCognizant deal with Health Net has encouraging read through, says Cowen
Cowen noted Cognizant (CTSH) shareholders were concerned over its deal with Health Net (HNT) but noted management feels the deal is a true partnership. The firm feels management's positive comments are encouraging and address the execution and profitability concerns of shareholders. Shares of Cognizant are Outperform rated with a $50 price target.
07:18 EDTILMNIllumina upgraded to Outperform from Neutral at Wedbush
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August 19, 2014
15:12 EDTAPOLApollo Education management to meet with Piper Jaffray
Meeting to be held in Los Angeles on August 21 hosted by Piper Jaffray.
11:32 EDTILMNLabCorp prenatal test a negative for Sequenom, says Maxim
Maxim views LabCorp's (LH) announcement today that it will begin offering the informaSeq prenatal test as a long-term negative for Sequenom (SQNM) due to increased competition. The news is also negative for Illumina (ILMN) and PerkinElmer (PKI), who both offer Non-Invasive Prenatal Tests, Maxim adds. The firm recommends buying shares of LabCorp and keeps a Buy rating on the name with a $130 price target.
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