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Stock Market & Financial Investment News

News For ANF;JCP From The Last 14 Days
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March 4, 2015
13:39 EDTANFAbercrombie & Fitch downgraded to Sell from Hold at Topeka
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12:28 EDTANFOn The Fly: Midday Wrap
Stocks on Wall Street opened in negative territory but have paired their losses near midday. There was little reaction to the day’s economic data, which were highlighted by private payrolls growth that was a bit lower than expected and a crude oil inventory build-up that was much greater than expected. Investors are now looking forward to this afternoon, when the Federal Reserve will release its Beige Book report at 2:00 pm EST. ECONOMIC EVENTS: In the U.S., ADP reported private payrolls increased 212K in February, versus the consensus forecast for the addition of 219K jobs. Markit's services PMI rose to 57.1 in the final February reading, which was up from the 57.0 flash print, where it was expected to remain. ISM's services index edged up 0.2 points to 56.9 in February, which was above the consensus 56.5 forecast. In Asia, the biggest news came from India, whose central bank unexpectedly lowered its policy rate for the second time this year. The bank lowered its policy repo rate by 25 basis points to 7.5%, citing "low capacity utilization and still-weak indicators of production" for its pre-emptive policy action. COMPANY NEWS: Shares of a number of hospital operators' stocks jumped after U.S. Supreme Court Justice Anthony Kennedy expressed skepticism about the arguments from challengers' of a key component of the Affordable Care Act. At midday, after the high court ceased hearing arguments for the day, HCA Holdings (HCA) was up over 5.5%, Community Health (CYH) was up 5%, and Tenet Healthcare (THC) was up 4%... Exxon Mobil (XOM) stated at its analyst meeting that the company's capital expenditures came in $1.3B below plan at $38.5B last year and that it plans to cut that to $34B in 2015 based on expectations for reduced Upstream spending and "attractive" Downstream and Chemical investments. For 2016 to 2017, Exxon said it expects capital expenditures to average less than $34B per year. Despite the lower spending, Exxon Mobil sees its total Upstream production to be up 2% in 2015 and grow 3% per year in 2016 and 2017. MAJOR MOVERS: Among the notable gainers following their earnings reports were online-only home goods retailer Wayfair (W), which rose 15% and gunmaker Smith & Wesson (SWHC), which advanced over 10%. Among the noteworthy losers following their earnings reports were Bazaarvoice (BV), which fell 28%, and Abercrombie & Fitch (ANF), which dropped 13%. Also lower were shares of Bob Evans Farms (BOBE), which sunk 22% after its third quarter results fell below analysts' consensus estimates, the company lowered its fiscal year 2015 profit outlook and announced it would not pursue a sale or spin-off of its BEF Foods segment. INDEXES: Near midday, the Dow was down 87.26, or 0.48%, to 18,116.11, the Nasdaq was down 9.46, or 0.19%, to 4,970.44, and the S&P 500 was down 8.51, or 0.4%, to 2,099.27.
10:06 EDTANF, JCPOptions with decreasing implied volatility
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09:08 EDTANFOn The Fly: Pre-market Movers
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08:50 EDTANFAbercrombie & Fitch says CEO selection process continues at 'acceptable pace'
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07:45 EDTANFAbercrombie & Fitch sees significant headwind from foreign currency
Abercrombie & Fitch expects a significant headwind from foreign currency exchange rates in FY15. Recasting adjusted FY14 results using current exchange rates would have reduced sales by approximately $135M and operating income, net of hedging, by approximately $60M. The company is targeting capital expenditures of approximately $150M for the fiscal year, which are prioritized toward new stores and store updates, as well as direct-to-consumer and IT investments to support growth initiatives.
07:43 EDTANFAbercrombie & Fitch not providing EPS, SSS guidance
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07:38 EDTANFAbercrombie & Fitch sees first half of FY15 remaining challenging
Abercrombie & Fitch Executive Chairman, Arthur Martinez, said, "Our 2015 priorities are clear. First, we need to improve comparable sales trends in both our U.S. and international stores driven by an evolved assortment and an increased focus on the customer experience. Second, we will make further strategic investments in our successful DTC and omni-channel business. Third, we will continue to seek ways to reduce expenses and be more efficient. Finally, we will selectively expand our international footprint in high growth markets. We expect the first half of 2015 to remain challenging, with declines in our logo business in 2014 persisting in the early part of 2015, but at reduced rates, as well as significant currency pressure. However, we believe that the benefits of all of the changes we have made will be reflected in improved performance in the second half of the year."
07:35 EDTANFAbercrombie & Fitch reports Q4 adjusted EPS $1.15, consensus $1.15
Reports Q4 revenue $1.12B, consensus $1.17B. Reports Q4 SSS down 10%.
06:10 EDTANFStocks with implied volatility above IV index mean; BBRY ANF
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March 3, 2015
15:57 EDTANFBofA/Merrill retail analysts hold an analyst/industry conference call
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15:20 EDTANFNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include PetSmart (PETM), consensus $1.38... Trina Solar (TSL), consensus 13c... Lexicon Pharmaceuticals (LXRX), consensus (3c)... Abercrombie & Fitch (ANF), consensus $1.15... American Eagle Outfitters (AEO), consensus 34c... E. W. Scripps (SSP), consensus 40c.
12:35 EDTANFAbercrombie & Fitch weekly volatility increases to 181 into Q4 and outlook
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12:11 EDTANFEarnings Preview: Abercrombie's Q4 report to be first since CEO stepped down
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10:22 EDTANFGoldman sees weakness ahead for specialty apparel retailers
The stocks of specialty apparel retailers could drop sharply as a result of the cold February weather and bottlenecks at West Coast ports, Goldman Sachs wrote in a note to investors today. WHAT'S NEW: The cold February and port delays will probably cause specialty retailers to report lower than expected profits for the first half of 2015, Goldman analyst Lindsay Drucker Mann forecast. As a result of these factors, the inventories of companies in the sector will probably be backed up all the way to Easter, wrote Mann, adding that foreign exchange fluctuations are also likely to weigh on specialty retailers' profits. The analyst cut her rating on PVH Corp. (PVH) two notches to Neutral from Conviction Buy, predicting that the company's profits would take longer to recover than she previously believed. Among specialty retail stocks, Mann is most negative on Abercrombie & Fitch (ANF), Francesca's (FRAN), and Ann Inc. (ANN). She maintained Sell ratings on all three names. The analyst predicted that American Eagle's (AEO) stock could fall further, and maintained a Neutral rating on those shares. WHAT'S NOTABLE: On February 26, Morgan Stanley downgraded Abercrombie & Fitch, citing skepticism about the turnaround prospects of its international business and negative foreign exchange trends. The firm predicted that the company's fiscal 2015 EPS guidance would come in below expectations. However, two firms were recently upbeat on American Eagle, with BMO Capital identifying the company as its favorite name for spring, stating that it expects American Eagle to benefit from the 70s fashion trend. Also, BB&T recently initiated the stock with a Buy rating. PRICE ACTION: In early trading, PVH fell 1.4% to $105.23, Abercrombie & Fitch lost 1.6% to $24, Francesca's declined 2% to $14.62, Ann slid 1.1% to $35.36, and American Eagle lost 1% to $14.80.
05:57 EDTANFPVH Corp. downgraded to Neutral from Conviction Buy at Goldman
Goldman Sachs downgraded PVH Corp. (PVH) to Neutral from Conviction Buy saying a cold February and port-related product delays in March will push out the company's earnings recovery. Goldman cut its price target for the owner of Calvin Klein and Tommy Hilfiger to $109 from $143. The stock closed Monday up 21c to $106.74. Within the Specialty Apparel space, Goldman is most negative on Abercrombie & Fitch (ANF), Francesca's (FRAN) and Ann Inc. (ANN), and it sees "fresh downside risk" to American Eagle (AEO). It says the weather and port issues could "throw cold water on the Specialty rally."
05:55 EDTANFStocks with implied volatility above IV index mean; BBRY ANF
Stocks with implied volatility above IV index mean; BlackBerry (BBRY) 62, Abercrombie & Fitch (ANF) 67 according to iVolatility.
March 2, 2015
12:39 EDTANFAbercrombie & Fitch volatility increases into Q4 and outlook
Abercrombie & Fitch March weekly call option implied volatility is at 161, March is at 83, April is at 62; compared to its 26-week average of 44 according to Track Data, suggesting large March price movement into the expected release of Q4 results on March 4.
06:20 EDTANFAbercrombie & Fitch implied volatility of 64 at upper end of index mean range
February 27, 2015
16:22 EDTJCPStocks have another winning week after Greek deal, Yellen reassurance
Stocks ended higher this week after the euro zone sealed its deal to extend Greece's bailout and Fed chair Janet Yellen reiterated that the central bank would take a patient approach to raising interest rates. MACRO NEWS: Last Friday afternoon, Greece reached a framework deal with its euro zone partners to extend its bailout by four months, contingent on a reform proposal being accepted. The proposals were accepted by the EU early this week... In testimony before Congress, Janet Yellen reiterated that the Federal Reserve can remain patient in deciding when to hike interest rates... U.S. economic data was mixed, as the Q4 GDP growth revision, durable goods orders for January, and an index of consumer sentiment beat expectations, but weekly jobless claims and existing home sales for January missed expectations... Somewhat positive economic data came out of China, as the flash HSBC/Markit Purchasing Managers' Index was 50.1, representing a four month high. However, China's export orders declined at the fastest rate in 20 months. COMPANY NEWS: Drug maker Valeant (VRX) agreed to buy Salix (SLXP), which develops gastrointestinal products, for $158 per share. In another development on the M&A front, Bloomberg reported that HP (HPQ) is in talks to make its biggest acquisition in several years by potentially acquiring Aruba Networks (ARUN), which provides Wi-Fi products. Additionally, PTC Therapeutics (PTCT) rose after Reuters said the company is working with financial advisers to explore a potential sale after receiving takeover interest from several companies including Shire (SHPG) and BioMarin (BMRN)... Solar energy company SunPower (SPWR) was one of this week's big winners after its quarterly results topped expectations, and the company announced that it's in advanced talks to form a joint YieldCo vehicle with peer First Solar (FSLR). First Solar also rallied after the news... Among the noteworthy losers this week was Lumber Liquidators (LL), after the company reported Q4 earnings per share and revenue that missed consensus expectations. The flooring retailer also warned on its associated call that an upcoming "60 Minutes" piece may cast the company in an unfavorable light and disclosed in its annual report that the Department of Justice indicated in recent communications that it is contemplating seeking criminal charges under the Lacey Act... Companies that rose after reporting their quarterly results included Home Depot (HD) and Gap (GPS), while HP, TASER (TASR), and J.C. Penney (JCP) dropped after reporting their results. INDEXES: For the week, the Dow was down 0.04% to 18,132.70, the Nasdaq was up 0.15% to 4,963.53, and the S&P 500 was down 0.27% to 2,104.50.
16:14 EDTJCPOn The Fly: Closing Wrap
Stocks on Wall Street were lower for the day, but still rose for the week and the month of February. The market moved in a narrow range for most of today's session despite a host of economic reports that were released earlier in the day. In spite of today's modest declines, the market put the finishing touches on one of its best months ever, with the Dow and S&P posting their best monthly rises since October 2011 and the Nasdaq notching its best month since 1998. ECONOMIC EVENTS: In the U.S., the Commerce Department estimated GDP grew at an annual rate of 2.2% in the last quarter of 2014, which is weaker than the 2.6% rate first estimated last month, but above the consensus forecast for the GDP growth rate to be cut to 2%. The Chicago PMI fell 13.6 points to 45.8 in February, which was much worse than the expected reading of 58.0. The University of Michigan consumer sentiment final February print came in at 95.4, which is a little better that the 93.6 preliminary February print and above the consensus forecast for a 94.0 reading. The pending home sales index bounced 1.7% to 104.2 in January, versus expectations for it to be up 2%. COMPANY NEWS: Two notable retailers moved in opposite directions following their quarterly reports, as Gap (GPS) rose and J.C. Penney fell. Gap gained $1.23, or 3.05%, to $41.60 after the company reported fourth quarter earnings that beat expectations. The owner of Old Navy, Banana Republic and its flagship nameplate also announced a $1B share repurchase program and plans to increase its dividend. J.C. Penney, meanwhile, reported earnings that missed expectations and gave a 2015 gross margin outlook that disappointed some analysts and its shares slid 62c, or 6.8%, to $8.50. MAJOR MOVERS: Among the notable gainers was Monster Beverage (MNST), which jumped $16.38, or 13.13%, to $141.12 after the energy drink maker's fourth quarter results surpassed analysts’ consensus estimates and announced plans to expand distribution with Coca-Cola (KO) bottlers into additional territories. Among the noteworthy losers was Weight Watchers (WTW), which dropped $6.23, or 35.48%, to $11.33 after reporting lower than expected quarterly revenues and issuing a worse than expected profit forecast for its new fiscal year. Also lower were shares of Southwestern Energy (SWN), which fell $1.27, or 4.82%, to $25.08 after becoming the latest oil production company to lower its 2015 capital expenditure forecast. INDEXES: The Dow fell 81.72, or 0.45%, to 18,132.70, the Nasdaq lost 24.36, or 0.49%, to 4,963.53, and the S&P 500 declined 6.24, or 0.3%, to 2,104.50.
13:10 EDTANFAbercrombie & Fitch March volatility elevated into Q4 and outlook
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12:54 EDTJCPOn The Fly: Midday Wrap
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11:04 EDTJCPStocks with call strike movement; JCP DDD
J.C. Penney (JCP) August 10 call option implied volatility decreased 5% to 44, 3D Systems (DDD) August 34 call option implied volatility increased 7% to 44 according to IVolatility.
10:12 EDTANFGap rises after Q4 earnings top forecast, capital return plans announced
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09:37 EDTJCPJ.C. Penney tumbles, levels to watch
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09:24 EDTJCPOn The Fly: Pre-market Movers
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09:23 EDTJCPJ.C. Penney 2017 financial targets are unattainable, says Craig-Hallum
Craig-Hallum said J.C. Penney's 2015 gross margin outlook supports its view the company's 2017 financial targets are unattainable. Given the continued double digit growth of the margin dilutive e-commerce channel, the firm does not see meaningful upside to gross margin targets and reiterates Sell rating.
07:11 EDTJCPJ.C. Penney remains a 'show me story,' says Deutsche Bank
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06:46 EDTJCPJ.C. Penney sell-off a buying opportunity, says Piper Jaffray
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05:56 EDTANFAbercrombie & Fitch implied volatility of 66 at upper end of index mean range
February 26, 2015
18:43 EDTJCPOn The Fly: After Hours Movers
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17:55 EDTJCPJ.C. Penney sees Q1 sales to be impacted less than 1% due to West Coast ports
Management stated that they believe that the West Coast port shutdown impacted holiday business. The company did see a slowdown in January and ended FY14 $30M-$50M lower than was expected. The company is attempting to leverage other ports on the East Coast and Gulf Coast. The company is mitigating late shipments by transporting more goods via roadway than by rail. The company expects Q1 sales to be impacted less than 1% and Impacts to gross margins to be less than $20M. Both the Q1 sales and Q1 gross margin impact is accounted for in the company's FY15 guidance.
17:35 EDTJCPJ.C. Penney CEO Ullman says company is 'back and competing effectively'
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17:25 EDTJCPJ.C. Penney reports men's apparel, home, fine jewelry were top performers in Q4
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17:21 EDTJCPJ.C. Penney reports FY14 positive free cash flow of $57M
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16:13 EDTJCPJ.C. Penney down 5.6% after Q4 earnings miss expectations
16:12 EDTJCPJ.C. Penney sees FY15 comparable store sales up 3%-5%
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16:11 EDTJCPJ.C. Penney ended year with liquidity of approximately $2.1B
For Q4, gross margin improved 540 basis points to 33.8% of sales, compared to 28.4% in the same quarter last year. Gross margin was positively impacted by significant improvement in the company's merchandise mix and margin on clearance sales over the prior year quarter.
16:10 EDTJCPJ.C. Penney reports Q4 adjusted EPS 0c, consensus 11c
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15:30 EDTJCPNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Monster Beverage (MNST), consensus 59c... Ross Stores (ROST), consensus $1.11... Gap (GPS), consensus 74c... Autodesk (ADSK), consensus 24c... Universal Health Services (UHS), consensus $1.50... Southwestern Energy (SWN), consensus 50c... Ensco (ESV), consensus $1.36... J.C. Penney (JCP), consensus 11c... Nimble Storage (NMBL), consensus (14c)... Herbalife (HLF), consensus $1.22... Allscripts Healthcare (MDRX), consensus 9c... SBA Communications (SBAC), consensus 2c... Aruba Networks (ARUN), consensus 27c... Splunk (SPLK), consensus 4c... Air Lease (AL), consensus 61c... Ingram Micro (IM), consensus 99c... Weight Watchers (WTW), consensus 7c... Northern Oil and Gas (NOG), consensus 19c... Envision Healthcare (EVHC), consensus 36c... Infoblox (BLOX), consensus 5c... Live Nation (LYV), consensus (41c)... OmniVision (OVTI), consensus 29c... Bonanza Creek Energy (BCEI), consensus 27c.
13:03 EDTJCPJ.C. Penney February weekly 9 straddle priced for 10.2% movement into Q4
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12:48 EDTJCPEarnings Preview: J.C. Penney sees Q4 SSS at high end of 2%-4% view
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12:01 EDTJCPAppeals court revives two claims by Macy's against J.C. Penney, Reuters says
A New York appeals court has revived two claims by Macy's (M) against J.C. Penney (JCP) that accuse J.C. Penney of contract interference and unfair competition related to a Martha Stewart contract, though the appeals court reaffirmed the prior decision that Macy's did not deserve punitive damages, reports Reuters, citing court statements. Reference Link
11:52 EDTJCPMacy's claims against J.C. Penney to be reinstated after appeal, Bloomberg says
10:00 EDTANFOn The Fly: Analyst Downgrade SummaryStarz
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08:08 EDTANFAbercrombie & Fitch downgraded at Morgan Stanley
As previously reported, Morgan Stanley downgraded Abercrombie & Fitch to Underweight from Equal Weight. The analyst is skeptical Abercrombie's international business can turn around, and when combined with FX headwinds, will result in FY15 guidance significantly below consensus of $1.69. Morgan Stanley continues to believe teen retailers are in a structural decline and cut Abercrombie's FY15 EPS estimate to $1.30 and lowered its price target to $18 from $28.
07:36 EDTJCPJ.C. Penney volatility elevated into Q4 and outlook
J.C. Penney February weekly call option implied volatility is at 168, March weekly calls are at 91, April is at 55; compared to its 26-week average of 54 according to Track Data, suggesting large near term price movement into the expected release of Q4 results today.
07:34 EDTANFAbercrombie downgraded to Underweight from Equal Weight at Morgan Stanley
06:49 EDTANFAbercrombie & Fitch engaged in Supreme Court trial over Muslim scarf, WSJ says
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06:11 EDTANFStocks with implied volatility above IV index mean; ANF HLF
Stocks with implied volatility above IV index mean; Abercrombie & Fitch (ANF) 64, Herbalife (HLF) 94 according to iVolatility.
February 25, 2015
10:10 EDTANFBofA/Merrill retail analysts hold an analyst/industry conference call
Head of European General Retail Equity Research Steegers, along with Head of U.S. General Retail Equity Research Hutchinson, discuss the global apparel sector, focusing on international expansion, pricing and sustainability of margins and returns on an Analyst/Industry conference call to be held on February 25 at 10 am.
08:53 EDTANFAbercrombie & Fitch Q4 results could be at low end of view, says Janney Capital
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05:53 EDTANFStocks with implied volatility above IV index mean; ANF HLF
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February 24, 2015
06:48 EDTJCPPiper reiterates J.C. Penney as top pick for 2015
Piper Jaffray analyst Neely Tamminga reiterates J.C. Penney as a top pick for 2015 ahead of the retailer's year-end 2014 earnings report. Tamminga believes Penny's comp for February, the first month of its fiscal year, could be tracking up 4%. The analyst also thinks Penny management could express conviction in the retailer's plan to recapture share among moderate consumers on Thursday's earnings call. Tamminga has an Overweight rating on Penny with a $12 price target.
05:44 EDTANFStocks with implied volatility above IV index mean; ANF HLF
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February 23, 2015
06:09 EDTANFStocks with implied volatility above IV index mean; ANF HLF
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February 20, 2015
09:23 EDTANFGoldman sees select Apparel and Footwear opportunities due to FX risk
Goldman said translation currency exposure in the Apparel and Footwear has created volatility and opportunity to gain exposure to this theme. Goldman's analyst sees a positive near-term set-up for Nike (NKE) and Tiffany (TIF) and a negative set-up for Crocs (CROX) and Abercrombie & Fitch (ANF) and of upcoming earnings reports.
06:00 EDTANFAbercrombie & Fitch March volatility elevated into Q4 and spring outlook
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04:19 EDTANFStocks with implied volatility movement; AMAT ANF
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February 19, 2015
14:41 EDTJCPJ.C. Penney volatility elevated into Q4 and outlook
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05:31 EDTANFStocks with implied volatility above IV index mean; HLF ANF
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February 18, 2015
10:00 EDTJCPJ.C. Penney move higher attributed to real estate speculation
The move higher in shares of J.C. Penney (JCP) is being attributed to speculation the company may look to monetize its real estate assets. The speculation seems to be originating from a Jones Lang LaSalle (JLL) employee's webpage showing the retailer as a client. The JLL employee, Stephen Bridges, specializes in "assisting industrial users with the lease, purchase, and sale of real estate." It is not clear when Penny became a client of JLL. Shares of Penny rallied to a high of $8.50, and are trading up 16c to $8.29 in early trading. Reference Link
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