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Stock Market & Financial Investment News

News Breaks
January 10, 2014
10:39 EDTTLYS, APP, AEO, ANF, GPSAbercrombie & Fitch rallies after raising full year profit view
Shares of casual apparel retailer Abercrombie & Fitch (ANF) are rallying after the company raised its full year adjusted profit view. WHAT'S NEW: Last night, Abercrombie & Fitch reported its fourth quarter comparable sales for the nine weeks ended January 4, including direct-to-consumer sales, decreased 6%. However, based on higher than expected sales for the fourth quarter-to-date, and ongoing cost reduction efforts, the company raised its full year adjusted earnings per share view to $1.55-$1.65 from its prior guidance of $1.40-$1.50. The consensus forecast of analysts prior to the company update was $1.47. ANALYST REACTION: This morning, analyst commentary was positive on A&F. Research firm Janney Capital upgraded Abercrombie to Buy from Neutral with a price target of $49. Another firm, Wells Fargo, increased its price target on the stock to $37-$39 from $33-$36, but kept a Market Perform rating on the shares. Brean Capital said it remained a buyer of Abercrombie & Fitch’s shares. Brean rates the shares a Buy with a $48 price target. PRICE ACTION: In early trading, Abercrombie & Fitch rose $3.86, or 11.6%, to $37.07 on twice its average daily trading volume. However, over the past twelve months, the shares are down about 24%. OTHERS TO WATCH: Abercrombie’s competitors include American Eagle Outfitters (AEO), American Apparel (APP), and Tilly’s (TLYS). Another Abercrombie competitor, The Gap (GPS), reported last night that its comparable sales in the months of November and December grew 1% and that, given the holiday performance, the company is "comfortable" delivering at the high end of its prior full-year earnings per share guidance range. Gap shares are up 0.8% to $39.75 after its own holiday sales update.
News For ANF;AEO;GPS;APP;TLYS From The Last 14 Days
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November 14, 2014
06:23 EDTAEOAmerican Eagle implied volatility of 59 at upper end of index mean range
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05:35 EDTANFAbercrombie & Fitch downgraded to Neutral from Outperform at Credit Suisse
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November 12, 2014
10:00 EDTAEOAmerican Eagle rises on raised Q3 guidance, levels to watch
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08:03 EDTAEOAmerican Eagle raises Q3 adjusted EPS view to 22c from 17c-19c
Consensus is 18c. Including restructuring and asset impairment charges of (17c), GAAP earnings are estimated to be 5c per share. Last year, the company earned adjusted EPS of 19c in the third quarter, which excluded asset impairment charges of (6c). The earnings improvement over last year was primarily due to an improvement in markdowns and lower expenses. Third quarter net revenues declined slightly on a comparable sales decline of 5%. The EPS guidance excludes charges of approximately (17c) primarily due to store impairments and corporate overhead reductions related to the company’s profit improvement initiatives. These actions are expected to enable the company to fund key initiatives and generate savings to strengthen future earnings. “Third quarter earnings exceeded our expectations and margins were ahead of last year. We are encouraged by our ability to reduce promotional activity, particularly given the challenging and highly promotional retail climate,” said Jay Schottenstein, Interim CEO. “The team is making steady progress on merchandise improvements. Yet as we approach the holidays, we remain cautious given the ongoing weakness in mall traffic. The restructuring activities reflect our resolve to strengthen our business to deliver higher profitability and returns to shareholders.” Third quarter ending inventories are expected to be down, consistent with prior guidance.
06:00 EDTAEOAmerican Eagle implied volatility of 60 at upper end of index mean range
November 11, 2014
07:49 EDTANF, AEOBofA/Merrill retail and consumer analysts hold analyst/industry conference call
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05:59 EDTAEOAmerican Eagle implied volatility of 60 at upper end of index mean range
November 10, 2014
16:32 EDTAPPAmerican Apparel reports Q3 EPS (11c), consensus (4c)
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15:57 EDTGPSWorldwide Business Research to hold a conference
ProcureCon for Digital & Marketing Services 2014 is being held in San Antonio on November 11-13.
12:36 EDTANFAbercrombie, American Eagle sink after analyst downgrades
Shares of specialty teen apparel retailers Abercrombie & Fitch (ANF) and American Eagle Outfitters (AEO) are falling after a number of analysts issued negative notes on the companies. WHAT'S NEW: Oppenheimer analyst Anna Andreeva downgraded Abercrombie & Fitch to Perform from Outperform. The company's earnings outlook has become less clear as its U.S. brand has not yet become popular, and retail brand turnarounds usually take awhile, Oppenheimer analyst Anna Andreeva wrote in a note to investors. Additionally, Abercrombie's international business, which has deteriorated further this year, faces "mounting uncertainty,” the analyst stated. The analyst slashed her price target on the name to $30 from $50. Meanwhile, Barclays analyst Matthew McClintock downgraded American Eagle Outfitters to Equal Weight from Overweight. McClintock has become more pessimistic about the outlook for American Eagle's comparative store sales in the second half of 2014, given recent data points from a number of retailers, including Abercrombie & Fitch, Kohl's (KSS), Wal-Mart (WMT), J.C. Penney (JCP), and Ann Inc. (ANN). The analyst said he saw no reason why American Eagle should significantly outperform the overall apparel sector. McClintock cut his price target on the name to $11 from $15. Meanwhile, the analyst lowered his rating on the Softline Retail sector to Negative from Positive, as he believes that the sector, which includes companies that sell products like apparel, towels, and jewelry - is facing structural difficulties that are likely to persist for the next several years. Separately, research firm Janney Capital downgraded Abercrombie to Neutral from Buy in a note to investors today. PRICE ACTION: In early afternoon trading, Abercrombie & Fitch sank 3.5% to $28.50 and American Eagle dropped 4% to $12.40.
10:04 EDTAEO, ANFOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Abercrombie & Fitch (ANF) downgraded at Oppenheimer... American Eagle (AEO) downgraded to Neutral from Buy at B. Riley... BP (BP) downgraded to Neutral from Overweight at JPMorgan... Callon Petroleum (CPE) downgraded to Neutral from Buy at SunTrust... EP Energy (EPE) downgraded to Hold from Buy at Deutsche Bank... Eaton Vance (EV) downgraded at Sterne Agee... Ecopetrol (EC) downgraded to Underperform from Sector Perform at RBC Capital... General Mills (GIS) downgraded to Sector Perform from Outperform at RBC Capital... Genworth (GNW) downgraded to Market Perform from Outperform at Keefe Bruyette... MasTec (MTZ) downgraded to Hold from Buy at BB&T... Ocean Rig UDW (ORIG) downgraded to Neutral from Buy at Guggenheim... Performant Financial (PFMT) downgraded at Morgan Stanley... Petrobras (PBR) downgraded to Market Perform from Outperform at Cowen... R.R. Donnelley (RRD) downgraded to Hold from Buy at Benchmark Co.... Rex Energy (REXX) downgraded to Market Perform from Outperform at BMO Capital... Salix (SLXP) downgraded to Neutral from Buy at Mizuho... Siemens (SIEGY) downgraded to Neutral from Overweight at JPMorgan... Solazyme (SZYM) downgraded to Equal Weight from Overweight at Morgan Stanley... Stonegate Mortgage (SGM) downgraded to Market Perform at FBR Capital... Syngenta (SYT) downgraded to Neutral from Overweight at HSBC... ViaSat (VSAT) downgraded to Hold from Buy at Needham... Vistaprint (VPRT) downgraded to Neutral from Buy at SunTrust... Walter Investment (WAC) downgraded at Sterne Agee... WesBanco (WSBC) downgraded to Market Perform from Outperform at Keefe Bruyette... Whiting USA Trust II (WHZ) downgraded to Underperform at Raymond James... Wipro (WIT) downgraded to Sell from Buy at UBS... XOMA (XOMA) downgraded to Neutral from Buy at Ladenburg... Yanzhou Coal (YZC) downgraded to Sell from Hold at Deutsche Bank.
07:50 EDTANFAbercrombie & Fitch downgraded at Oppenheimer
As noted earlier, Oppenheimer downgraded to Abercrombie & Fitch Perform from Outperform. The firm downgraded the stock, citing lack of visibility, following the company's negative preannouncement. Target to $30 from $50.
07:22 EDTAEO, GPSU.S. Retail Softlines sector downgraded to Negative at Barclays
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07:11 EDTAEOOpen Mobile Media to hold a summit
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06:34 EDTANFAbercrombie & Fitch downgraded to Neutral from Buy at Janney Capital
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06:16 EDTAEOAmerican Eagle downgraded to Neutral from Buy at B. Riley
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05:54 EDTAEOStocks with implied volatility movement; WFM AEO
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05:48 EDTGPS, ANF, AEOU.S. Retail Softlines industry cut to Negative at Barclays
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05:40 EDTANFAbercrombie & Fitch downgraded to Perform from Outperform at Oppenheimer
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05:36 EDTAEOAmerican Eagle downgraded to Equal Weight from Overweight at Barclays
Barclays downgraded American Eagle to Equal Weight after reducing its outlook for the retail industry. The firm says its industry data suggests substantial risk to its sales expectations for American Eagle. Barclays lowered its price target for shares to $11 from $15.
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