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News For WMT From The Last 14 Days
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November 16, 2015
16:23 EDTWMTOn The Fly: Top stock stories for Monday
Stock futures were pointing to a higher open early this morning, showing resiliency in the wake of Friday's terrorist attacks in France and the nation's millitary retaliation against ISIS this weekend. However, the futures weakened following the release of manufacturing data from the N.Y. region, leading to a slightly lower open for the broader market. The averages pared their losses and searched for direction in early trading, but by early afternoon the bulls took control and sent the indexes on an uptrend throughout the afternoon. The major averages each notched gains of more than 1% and recaptured much of what they'd lost on Friday. ECONOMIC EVENTS: In the U.S., the Empire State index, which measures manufacturing in the N.Y. region, edged up to -10.74 in November, up from last month's -11.4, but below expectations for a -6.5 reading. In Asia, Japan's gross domestic product declined 0.8% in the third quarter, missing expectations for a 0.2% decrease and taking the nation's economy back into recession. COMPANY NEWS: Starwood Hotels & Resorts (HOT) found a buyer, but not the one that recent reports had been foreshadowing. Starwood and Marriott (MAR) announced a deal under which the companies will combine in a cash and stock transaction valued at $12.2B to create the world's largest hotel company. Starwood, which had been linked in media reports to a number of other potential buyers in the past, including Hyatt (H) most recently, fell 3.6% to $72.27 following the deal announcement, while Hyatt rose 3.4% and Marriott added 1.35%. MAJOR MOVERS: Among the notable gainers was CONSOL Energy (CNX), which advanced 56c, or 7.57%, to $7.96 after Greenlight Capital's David Einhorn reiterated the stock as his "best idea" at Monday's Robin Hood Investors Conference. Also higher was Wal-Mart (WMT), gaining $1.44, or 2.55%, to $57.87 ahead of its third quarter earnings report Tuesday morning, which comes after largely disappointing reports from other major retailers. Among the noteworthy losers was Clovis Oncology (CLVS), which crashed $69.19, or 69.6%, to $30.24 after new data showed the number of patients testing its cancer drug candidate rociletinib with an unconfirmed response who converted to a confirmed response was lower than expected. The company also noted that the FDA requested additional information related to the treatment's confirmed response rates. Also lower was Dillard's (DDS), which lost $4.97, or 6.41%, to $72.54 after reporting lower than expected Q3 results, the latest in a series of disappointments for the sector. Additionally, SunEdison (SUNE) fell 38c, or 7.61%, to $4.55 after quarterly filings revealed that at least two prominent hedge funds exited or trimmed their stakes in the company. INDEXES: The Dow rose 237.77, or 1.38%, to 17,483.01, the Nasdaq gained 56.73, or 1.15%, to 4,984.62, and the S&P 500 advanced 30.15, or 1.49%, to 2,053.19.
15:02 EDTWMTNotable companies reporting before tomorrow's open
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14:08 EDTWMTWal-Mart technical comments ahead of results
The shares are at multi-year lows and in a downtrend heading into earnings news. If there was a bullish surprise, the first important resistance level would be at the 10-week moving average at $60.58. The 10-week is a good proxy for a downtrend resistance line for the current longer-term bearish price channel. Resistance above the top of the channel would be at $61.23. If the news continues to be negative, the channel low at $55.46 would be a first major test of support. Price at that level would mark a fresh 52-week low. Additional support levels to watch as potential downside objectives would be at $53.55 and then at $51.79.
14:00 EDTWMTWal-Mart November 57 straddle priced for 3.5% movement into Q3
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11:42 EDTWMTWal-Mart volatility increases into Q3 and outlook
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11:15 EDTWMTEarnings Watch: Analysts largely downbeat on Wal-Mart after annual meeting
Wal-Mart Stores (WMT) is scheduled to report third quarter earnings before the market open on Tuesday, November 17, with a conference call scheduled for 7:00 am ET. Wal-Mart, a member of the Dow Jones Industrial Average, operates retail stores in various formats under 69 different banners in 27 countries with its "everyday low price" philosophy. EXPECTATIONS: Analysts are looking for earnings per share of 98c on revenue of $117.79B, according to First Call. The consensus range for EPS is $1.07-$1.15 on revenue of $114.86B-$119.57B. In its last earnings report, Wal-Mart forecast Q3 EPS of 93c-$1.05 with Q3 U.S. same store sales projected to grow 2%-3%. LAST QUARTER: Wal-Mart reported second quarter EPS of $1.08, missing analysts' estimate of $1.12, on revenue of $120.2B, beating analysts' estimate of $119.72B. The company said currency negatively impacted Q2 EPS by approximately 4c. Comp sales at Walmart U.S. increased 1.5%, driven by traffic of 1.3%, and Neighborhood Market comps increased approximately 7.3%. Global e-commerce sales for Q2 increased about 16%, the company said. Looking ahead, Wal-Mart cut its outlook for fiscal year 2016 EPS to $4.40-$4.70 from $4.70-$5.05 against estimates at that time for $4.77. Chief Financial officer Charles Holley said operating profit would be pressured for the remainder of the year, due to in store associate wages and additional hours, as well as headwinds from pharmacy reimbursements and ongoing shrink. The company said that the impact from investments in wages, training and additional hours in its stores and clubs will be approximately 24c, including approximately 8c in Q3. Additionally, the company said that along with pharmacy headwinds, higher than expected ongoing shrink in Walmart U.S. will impact full year EPS by around 11c, including about 3c in Q3. Further, the FY16 currency exchange rate impact is expected to be approximately 15c, up 2c from last quarter's revised guidance of 13c. NEWS: At its annual meeting on October 14, Wal-Mart forecast net sales growth of approximately 3% for FY16 excluding the impact of currency exchange fluctuations. The company forecast net sales growth of 3%-4% annually over the next three years, which will add about $45B-$60B in sales. Looking to fiscal year 2017, Wal-Mart forecast EPS down 6%-12% vs. FY16. Wal-Mart also said that the strong dollar is expected to reduce the company's FY15 revenue by $15B, Reuters said. Wal-Mart's board authorized a new $20B share repurchase program and said it expects operating income to bottom out in FY17. During the quarter, Reuters reported that Wal-Mart filed an application with the Federal Aviation Administration to test drones for home delivery, curbside pickup and warehouse inventory checks. The Wall Street Journal said Wal-Mart is slimming down its number of items in an attempt to bolster sales figures, yet the reduction has created tensions with suppliers. STREET RESEARCH: Credit Suisse, Stephens and BofA Merrill Lynch all downgraded Wal-Mart after the retailer's annual meeting based on guidance for declining earnings in FY17 and a lack of earnings growth until FY19. Baird, UBS and Jefferies all cut their price targets on Wal-Mart following the annual meeting. JPMorgan analyst Christopher Horvers said the "depth and degree" of the financial pressures addressed at the annual meeting were "much greater than anticipated." Ahead of the Q3 earnings report, Baird reiterated its Outperform rating and $70 price target and said Wal-Mart shares appear to hold some value for patient investors. Wal-Mart was upgraded to Buy from Neutral at Northcoast on November 13. PRICE ACTION: Wal-Mart shares are down over 21% over the last three months, but are up about 1% to $57.07 in late morning trading ahead of Tuesday's earnings report.
08:36 EDTWMTWal-Mart holds value for patient long-term investors, says Baird
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07:40 EDTWMTBuffett says lower stakes in Goldman, Wal-Mart doesn't reflect lower confidence
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07:36 EDTWMTBerkshire Hathaway discloses new AT&T stake in quarterly update
Berkshire Hathaway gave a quarterly update on its stakes in a filing this morning. NEW STAKES: AT&T (T), Kraft Heinz (KHC), Liberty Lilac Group (LILA). INCREASED STAKES: Phillips 66 (PSX), Charter (CHTR), Liberty Media (LMCK), Suncor (SU), General Motors (GM). DECREASED STAKES: Goldman Sachs (GS), Wal-Mart (WMT), Deere (DE), Chicago Bridge & Iron (CBI), WABCO (WBC). LIQUIDATED STAKES: Viacom (VIAB).
November 13, 2015
16:24 EDTWMTOn The Fly: Top stock stories for Friday
Stocks on Wall Street ended a tough week on a down note, falling after the Commerce Department reported that retail sales grew by an anemic 0.1% last month. This data comes on the heels of this week's downbeat quarterly report from Macy's (M) and a similarly disappointing report last night from peer Nordstrom (JWN). ECONOMIC EVENTS: 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. COMPANY NEWS: Shares of retailers broadly declined following the weaker than expected retail sales data reported by the government as well as third quarter earnings reports from Nordstrom and J.C. Penney (JCP), which fell 15% and 15.5% respectively. Virtually every mass-market, brick-and-mortar retailer was down today, from giants like Wal-Mart (WMT) and Costco (COST), to smaller retailers like Ross Stores (ROST) and Urban Outfitters (URBN)... Shares of Mylan (MYL) jumped 12.9% to $48.78 after the company's offer to acquire Perrigo (PRGO) failed, ending a seven-month fight between the two drug makers. 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 6.16% to $146.90 in the wake of the shareholder vote... Cisco (CSCO) fell 5.8% after its first quarter earnings and revenue beat expectations but its guidance for the new quarter disappointed. A number of analysts that had been bullish on the name trimmed their price targets in response but also recommended the post-earnings weakness as a buying opportunity. MAJOR MOVERS: Among the notable gainers was Springleaf Holdings (LEAF), which surged $5.07, or 11.5%, to $49.27 after reaching a settlement with the U.S. Department of Justice that will allow the company to proceed with closing its previously announced acquisition of OneMain Financial from Citi (C). On the closing of the acquisition, the company will be renamed OneMain Holdings and has applied to the New York Stock Exchange to change its ticker symbol to "OMF," Springleaf noted. Also higher was Illumina (ILMN), which gained $10.26, or 6.6%, to $165.65 after being selected to replace Sigma-Aldrich (SIAL) in the S&P 500. Among the noteworthy losers was Fossil (FOSL), which plunged $18.62, or 36.5%, to $32.39 after the watchmaker gave lower than expected profit guidance for the upcoming quarter and said it continues to expect this fiscal year's results to be "significantly" negatively impacted by foreign currency changes. Also lower were shares of Vipshop (VIPS), which fell $5.03, or 27%, to $13.60 after issuing weaker than expected preliminary third quarter revenue guidance, which it said was partially driven by the warmer-than-expected fall weather in China. INDEXES: The Dow dropped 202.83, or 1.16%, to 17,245.24, the Nasdaq lost 77.20, or 1.54%, to 4,927.88, and the S&P 500 declined 22.93, or 1.12%, to 2,023.04.
14:21 EDTWMTWal-Mart volatility elevated into Q3 and outlook
Wal-Mart November call option implied volatility is at 34, December is at 25; compared to its 52-week range of 23 to 28, suggesting large near term price movement into the expected release of Q3 results on November 17.
09:27 EDTWMTWal-Mart upgraded to Buy from Neutral at Northcoast
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November 12, 2015
18:19 EDTWMTWal-Mart workers group to launch 15-day protest into Black Friday, Reuters says
A Wal-Mart Stores worker group that has urged the retailer to increase pay and benefits is conducting a 15-day protest leading up to Black Friday to rekindle the fight for a $15 per hour minimum wage and more opportunities to work full time, Reuters reports. Reference Link
08:01 EDTWMTJuniper names Kevin Walker as Security Chief Technology Officer
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06:17 EDTWMTWal-Mart starts Black Friday earlier on Thanksgiving day, WSJ says
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November 11, 2015
07:07 EDTWMTWal-Mart volatility elevated into Q3 and outlook
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November 10, 2015
13:26 EDTWMTBritish retailers scale back Black Friday offers, FT reports
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12:00 EDTWMTAb InBev, HSBC, Google, among firms to testify at EU tax hearing, Reuters says
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11:06 EDTWMTBattleground: Wayfair pits noted short sellers against Wall Street analysts
Shares of Wayfair (W), which describes itself as "one of the world's largest online destinations for home furnishings and decor," are sharply lower following its report last night of its third quarter results. The company posted a loss that was not as bad as forecast, reported better than expected revenues and guided to higher than expected sales in its upcoming quarter, but its stock is falling as bears and bulls debate its prospects for future profitability. BEARS: Whitney Tilson of Kase Capital Management, who previously accused Lumber Liquidators (LL) of selling wood with dangerous levels of formaldehyde, is making the same claims against Ark Floors, a California importer that has sold its products via Wayfair and through (WMT), reported The New York Times. Jane Carpenter, a spokeswoman for Wayfair, said the company had previously removed all of Ark's laminate from its website and said it had sold just 10 orders for Ark products since December 2014, including one order through, the report noted. According to a letter that Tilson sent to investors last night, published on Seeking Alpha, he stated that Wayfair is currently his largest short position "by far." Tilson noted that Wayfair competes head-to-head versus Amazon (AMZN), Home Depot (HD), Target (TGT), and Williams-Sonoma (WSM) and he believes the company's chances of "ever reaching breakeven, much less earning a profit, much less earning enough of a profit to justify a $4B market cap are close to zero," he wrote. Tilson predicts the stock will be below $10 within a year. Short-selling blog Citron Research, which has also previously disclosed a short position in Wayfair, linked to a Wall Street Journal article in an October 20 tweet, saying UPS (UPS) "destroys" Wayfair's core model of free shipping on oversized items. The Journal article detailed the shipping giant's plans to charge websites that share "generous shipping discounts with vendors." BULLS: Piper Jaffray analyst Neely Tamminga raised her price target for Wayfair to $73 from $60 this morning, saying the company posted "exceptional" growth in Q3 amid an otherwise "lackluster" retail environment. After the New York Times article citing Wayfair's association with a vendor viewed as at-risk given a short-seller's testing of laminate flooring, Tamminga points out that all laminate flooring accounts for 0.2% of the company's sales. She continues to recommend Wayfair as a top pick for 2015. Analysts at Wells Fargo previously said in September that reports on Wayfair by short sellers included many inaccuracies. For example, Wells said that shorts' view that Wayfair loses money on every transaction relies on a "flawed view" of the company's customer acquisition costs and payback. Shorts compare Wayfair with Overstock (OSTK), but Wayfair is growing much more quickly that the latter company, Wells stated. According to the firm, which kept an Outperform rating on the shares, Wayfair has by far the highest organic revenue growth rate among U.S. consumer companies. PRICE ACTION: In morning trading, Wayfair fell $5.08, or 11.2%, to $40.50 per share.
10:34 EDTWMTWayfair flooring vendor accused of selling tainted products, NY Times reports
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