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News Breaks
February 1, 2013
12:04 EDTANF, FSLRStocks with call strike movement; FSLR ANF
First Solar (FSLR) April 33 call volatility decreased 3% to 54, Abercrombie & Fitch (ANF) March 57 call option implied volatility increased 5% to 53 according to iVolatility.
News For ANF;FSLR From The Last 14 Days
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November 20, 2015
10:49 EDTANFAbercrombie & Fitch soars after reporting upbeat Q3 earnings
Abercrombie & Fitch (ANF) shares jumped in morning trading after the company reported better than expected quarterly earnings. WHAT'S NEW: Before the market open, Abercrombie & Fitch reported third quarter adjusted earnings per share of 48c on revenue of $878.6M. The consensus was for EPS of 22c on revenue of $864.65M. The company said that the adjusted EPS figure included year-over-year adverse effects from changes in foreign currency exchange rates amounting to roughly 13c. Commenting on the earnings, executive chairman Arthur Martinez said that the company's results "exceeded" expectations and "provide the strongest validation yet" that the retailer's initiatives are working. WHAT'S NOTABLE: On its Q3 earnings conference call, Abercrombie said that it is eyeing expansion outside of the U.S., aiming to roll out multiple new capabilities in the U.K. The company added that it saw growth in China in the past quarter and plans to add mobile enhancements in China in 2016. STREET RESEARCH: A day before Abercrombie's Q3 earnings release, Susquehanna analyst Thomas Filandro said that the retailer was "well positioned" for the holiday season, though weather and international unrest may lead to a higher degree of near-term uncertainty. Filandro said that his firm sees improved holiday performance as Abercrombie shifts focus on an improved in-store experience, growing U.S. outlets, closing underperforming stores, and evolving its merchandise assortment. The analyst reiterated a Positive rating and a $26 price target on the company's stock. After the retailer reported earnings, KeyBanc analyst Edward Yruma maintained an Overweight rating on Abercrombie's shares, saying that the company's better than expected quarter was "particularly impressive" in light of the recent weakness in the retail sector. Yruma said that the company's new brand initiatives are taking hold and that greater expense control and reduced promotional activity are improving the well-being of the business. PRICE ACTION: In morning trading, Abercrombie & Fitch rallied over 18% to $23.00. OTHERS TO WATCH: American Eagle Outfitters (AEO) was up just under 3%, Aeropostale (ARO) gained 0.75%, Tilly's (TLYS) rallied 3.4%, Urban Outfitters (URBN) jumped more than 4%, Buckle (BKE) was up just under 1%, and Express (EXPR) fell fractionally in morning trading.
10:04 EDTANFActive equity options trading on open
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09:10 EDTANFOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Abercrombie & Fitch (ANF), up 16.3%... Foot Locker (FL), up 4.8%. ALSO HIGHER: Horizon Pharma (HZNP), up 1.6% after withdrawing offer to acquire Depomed (DEPO)... Nike (NKE), up 4.3% after announcing a $12B repurchase program, a two-for-one stock split, and that it will raise its dividend. DOWN AFTER EARNINGS: Nimble Storage (NMBL), down 45.3%... Mentor Graphics (MENT), down 28%. ALSO LOWER: Depomed, down 5.9% after Horizon Pharma withdrew its offer to acquire the company... Builders FirstSource (BLDR), down 3.7% after 7M share Spot Secondary priced at $13.25.
08:54 EDTANFAbercrombie & Fitch to add mobile enhancements in China in 2016
Says traffic has been challenging. Says "pleased" with investments made in mobile. Says has close to 3M cumulative downloads of app. Says looking to rolling out capabilities outside the U.S., particularly in U.K. Says continued to see growth in China in Q3, particularly with Singles Day. Says will add mobile enhancements in China in 2016. Says wholesale business on target to hit $600M goal in margin contribution this year. Says continuing expansion of Kids stores in Adult space. Comments taken from Q3 earnings conference call.
08:17 EDTANFAbercrombie & Fitch sees FY15 CapEx roughly $150M
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08:16 EDTANFAbercrombie & Fitch sees Q4 gross margin rate approximately flat y/y
Sees continued adverse effects from foreign currency exchange rates. Sees operating expense to be roughly flat from last year. Guidance taken from slides to be presented on Q3 earnings conference call.
07:40 EDTANFAbercrombie & Fitch sees Q4 SSS approximately flat
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07:39 EDTANFAbercrombie & Fitch reports Q3 adj. EPS 48c, may not compare to consensus 22c
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November 19, 2015
15:24 EDTANFNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Foot Locker (FL), consensus 94c... Sirona Dental (SIRO), consensus $1.10... Abercrombie & Fitch (ANF), consensus 22c... Hibbett Sport (HIBB), consensus 68c.
14:51 EDTANFAbercrombie & Fitch November 19 straddle priced for 12% movement into Q3
14:26 EDTANFAbercrombie & Fitch technical comments ahead of earnings
The shares have been trading in a sideways but wide range since March of this year. Shares ahead of earnings are currently trading below an important support level, $20, which has held for most of this sideways trading period. A move back above $20 on good news would be a technical positive that could see the highs of the recent range tested. The first resistance level of significance is at the 30-day moving average at $20.93. The 30-day has nearly flattened out in recent months, bisecting the range. Next resistance above the 30-day would be at $21.68, $22.25, and $23.25. If the news is bearish, the shares could drift to the low end of the range. First support would be at $18.74. Below that support, additional downside objectives may be at $17.60 and $16.56. The 52-week low is at $15.42.
13:29 EDTANFEarnings Watch: Abercrombie reports amid ongoing turnaround, CEO search
Abercrombie & Fitch (ANF) is scheduled to report third quarter earnings before the market open on Friday, November 20 with a conference call scheduled for 8:30 am ET. Abercrombie & Fitch is a retailer of casual apparel for men, women and kids. EXPECTATIONS: Analysts are looking for earnings per share of 22c on revenue of $864.65M, according to First Call. The consensus range for EPS is 7c-44c on revenue of $832.7M-$897M. LAST QUARTER: On August 26, Abercrombie & Fitch reported second quarter adjusted EPS of 12c on revenue of $817.8M, beating consensus estimates of (4c) and $811.46M, respectively. The company added that same store sales for Q2 were down 4% year over year. Abercrombie & Fitch also said that it expected same store sales trends to improve in the second half of the year, skewed towards the fourth quarter. NEWS: The company said in its Q2 earnings release that it planned to open 15 full-price stores in fiscal 2015 in China, Japan, and the Middle East, six full price stores in North America, and ten new outlet stores in the U.S. The retailer also said that it expected to close roughly 60 stores in the U.S. during the fiscal year through natural lease expirations. On its Q2 conference call, Abercrombie & Fitch said that its board was "deeply engaged" in its search for a new chief executive officer and that someone will be appointed to the role "in due time." The company added on the call that it was still making adjustments to prices at the Abercrombie brand. STREET RESEARCH: On August 27, Stifel upgraded Abercrombie to Buy from Hold and maintained a $24 price target following the company's upbeat Q2 results. A day later, RBC Capital upgraded the company's stock to Sector Perform from Underperform and raised its price target to $20 from $17, saying that the fundamentals of the Hollister unit are improving while revenue was showing signs of rebounding. On September 24, Standpoint Research downgraded Abercrombie & Fitch to Hold from Buy. On October 19, Wunderlich upgraded the company's shares to Hold from Sell with a $21 price target, saying that there were signs of a business turnaround. On November 19, Susquehanna reiterated a Positive rating and $26 price target on the retailer's stock, saying it believes the company is well positioned for the holiday season. PRICE ACTION: Abercrombie & Fitch shares are flat at $19.75 in afternoon trading ahead of tomorrow's earnings report. The stock is up about 12.5% over the past three months.
08:38 EDTANFAbercrombie & Fitch well positioned for holidays, says Susquehanna
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November 17, 2015
14:46 EDTANFAbercrombie & Fitch volatility elevated into Q3 and outlook
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13:29 EDTFSLRSunEdison selloff continues, shares down 23%
Shares of SunEdison (SUNE) continue to be weak and are down 23% to $3.49 in afternoon trading. Dan Loeb's Third Point last night disclosed it no longer owns the stock while David Einhorn's Greenlight Capital disclosed a reduced stake. Deutsche Bank analyst Vishal Shah lowered his price target for SunEdison this morning to $16 saying language in Vivint Solar's (VSLR) quarterly filing around SunEdison debt financing could concern some investors. SunEdison's solar peers are also weak, with SunPower (SPWR), First Solar (FSLR) and SolarCity (SCTY) all in the red.
08:03 EDTFSLRSolar module makers outlook positive, says Bernstein
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November 16, 2015
11:30 EDTFSLRLoeb exits SunEdison while Deutsche says liquidity worries overdone
Deutsche Bank said that investors' fears that SunEdison (SUNE) will run out of liquidity are unfounded, as the solar energy company is not poised to suffer any liquidity events. Meanwhile, quarterly filings are showing that several prominent hedge funds have exited or trimmed their stakes in SunEdison and another firm downgraded the shares of a SunEdison subsidiary. LIQUIDITY WORRIES OVERDONE: Investors are worried about SunEdison's liquidity, but these fears are overdone, wrote Deutsche Bank analyst Vishai Shah. Only about $3B of the company's total $12B debt consists of recourse loans, the analyst stated. Additionally, in the near-term, investors are primarily worried about a $510M payment that SunEdison has to make in connection with its acquisition of the company Wind Energy, according to the analyst. Although SunEdison will not be able to sell its wind projects to TerraForm (TERP) due to the "disarray" of alternative energy financing markets, SunEdison will instead drop the projects into one of its warehouses, enabling it to recognize cash margins for the projects, the analyst explained. Additionally, the interest owed by SunEdison's project development company will only amount to about $150M, versus the $210M per quarter shown on its income statement, Shah stated. The discrepancy is due to the consolidation of its subsidiaries and the non-recourse debt it holds, he explained. Shah kept a $28 price target and Buy rating on SunEdison shares. HEDGE FUND UPDATES: Leon Cooperman's Omega Advisors lowered its stake in SunEdison last quarter, while Dan Loeb's Third Point sold its entire stake in the solar energy company last quarter, their quarterly filings disclosing their positions as of September 30 revealed. TERRAFORM DOWNGRADE: There is "substantial doubt" about TeraForm's ability to profitably buy assets from SunEdison or third parties, according to UBS analyst Julien Dumoulin-Smith. The analyst said he reached this conclusion because of TeraForm's 10%+ dividend yield and deteriorating balance sheet. Given the yieldco's recently revealed need to invest significantly more capital in projects than expected, its balance sheet will be more stressed than he had predicted, the analyst explained. Dumoulin-Smith lowered his price target on TerraForm to $14 from $30 and downgraded the stock to Neutral from Buy. ANOTHER TO WATCH: After meeting with First Solar's (FSLR) management last week, Shah wrote today that he was more confident about the company's upcoming products and earnings. Although investors are concerned about the company's 2017 earnings outlook, its 2017 earnings should grow to over $4 per share that year, he believes. Among the factors that will increase First Solar's profits are cost reductions, capacity expansion, and strong backlog growth, he believes. Shah kept a Buy rating on the shares. PRICE ACTION: In late morning trading, SunEdison fell 8% to $4.53, TerraForm sank 9% to $12.56 after earlier reaching a 52-week low of $12.51 earlier in the session and First Solar was fractionally higher at $52.90.
November 12, 2015
07:43 EDTFSLRFirst Solar management to meet with Deutsche Bank
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November 11, 2015
13:02 EDTANFOptions with increasing call volume; TAP SPNC NBG ANF XRX ASNA ODP
11:31 EDTFSLRSunEdison sinks after UBS cuts price target to $6
Shares of SunEdison (SUNE) are selling off for a second straight day after UBS cut its price target on the stock to $6. The seller of photovoltaic energy solutions declined yesterday after reporting a larger than expected quarterly loss. UBS analyst Julien Dumoulin-Smith attributed the post-earnings share selloff to "five key factors," including lower than expected margins on retained projects, management's confidence on the pending Vivint Solar (VSLR) acquisition while a renegotiation of the deal would be perceived positively, and LAP Holdings seeking no less than $150M in damages after SunEdison cancelled its acquisition of the Latin America hydropower and wind development maintenance company. Dumoulin-Smith cut his price target for SunEdison this morning to $6 from $9 and kept a Neutral rating on the name. SunEdison is down 15%, or 88c, to $4.89 in late morning trading. Following the stock lower are peers SolarCity (SCTY), SunPower (SPWR) and First Solar (FSLR).
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