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Stock Market & Financial Investment News

News Breaks
November 5, 2012
10:01 EDTHGG, TGT, NRG, MSG, ENB, BRO, WPZ, QCOM, MNKD, HES, EPB, ARO, STT, PRGO, MON, GCO, CBSOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Aeropostale (ARO) upgraded to Outperform from Market Perform at FBR Capital... Brown & Brown (BRO) upgraded to Buy from Neutral at Sterne Agee... CBS (CBS) upgraded to Overweight from Equal Weight at Barclays... Disney (DIS) upgraded to Buy from Hold at Argus... El Paso Pipeline (EPB) upgraded to Buy from Neutral at Goldman... Enbridge (ENB) upgraded to Buy from Neutral at Goldman... Genesco (GCO) upgraded to Buy from Hold at BB&T... Hess Corp. (HES) upgraded to Buy from Neutral at Global Hunter... Madison Square Garden (MSG) upgraded to Buy from Hold at Maxim... MannKind (MNKD) upgraded to Buy from Neutral at BofA/Merrill... Monsanto (MON) upgraded to Buy from Neutral at Monness Crespi... NRG Energy (NRG) upgraded to Buy from Neutral at Citigroup... Perrigo (PRGO) upgraded to Outperform from Market Perform at Barrington... Qualcomm (QCOM) upgraded to Buy from Neutral at Nomura... State Street (STT) upgraded to Overweight from Equal Weight at Evercore... Target (TGT) upgraded to Overweight from Neutral at JPMorgan... Williams Partners (WPZ) upgraded to Buy from Neutral at Goldman... hhgregg (HGG) upgraded to Above Average from Average at Caris.
News For ARO;BRO;CBS;EPB;ENB;GCO;HES;MSG;MON;MNKD;NRG;PRGO;QCOM;TGT;STT;WPZ;HGG From The Last 14 Days
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February 25, 2015
05:52 EDTMNKDStocks with implied volatility movement; MNKD NE
Stocks with implied volatility movement; MannKind (MNKD) 79, Noble Corp. (NE) 52 according to iVolatility.
February 24, 2015
16:48 EDTMNKDMannKind reports Q4 EPS (9c), consensus (9c)
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15:21 EDTTGTNotable companies reporting before tomorrow's open
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14:47 EDTTGTTarget technical comments ahead of earnings
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12:53 EDTTGTEarnings Preview: Target sees Q4 adjusted EPS $1.43-$1.47, above prior view
Target (TGT) is scheduled to report fourth quarter results before the market open on Wednesday, February 25, with a conference call scheduled for 10:30 am ET. Target offers merchandise at discounted prices through its retail stores and online business. EXPECTATIONS: Analysts are looking for earnings per share of $1.46 on revenue of $21.64B, according to First Call. The consensus range for EPS is $1.44-$1.49 on revenue of $21.42B-$21.94B. LAST QUARTER: Target reported third quarter adjusted EPS of 54c on revenue of $17.73B, against estimates for 47c and $17.56B, respectively. The company said U.S. segment comparable store sales were up 1.2% in Q3, reflecting digital sales growth of over 30%, with Canadian segment SSS up 1.6%. In an interview with CNBC following the earnings report, Chief Executive Officer Brian Cornell said that the company was "not happy" with Target Canada's performance and that the company has "upped our game" with respect to data security. Cornell said the company viewed Q4 as a "notable inflection point." NEWS: In January, Target announced that it plans to discontinue operating stores in Canada through its indirect wholly-owned subsidiary, Target Canada. The company said it expects to report approximately $5.4B of pre-tax losses on discontinued operations in Q4, driven primarily by the write-down of the company's investment in Target Canada, along with costs associated with exit or disposal activities and quarter-to-date Canadian Segment operating losses prior to today. Target expects to report approximately $275M of pre-tax losses on discontinued operations in FY15. Target expects this decision will increase its earnings in FY15 and beyond, and increase its cash flow in fiscal year 2016 and beyond. Based on performance through November and December, Target now expects to report Q4 U.S. comparable sales of approximately 3%, better than prior guidance of approximately 2%, driven primarily by increased traffic and stronger-than-expected digital sales. The company raised its Q4 adjusted EPS view to $1.43-$1.47 from $1.13-$1.23. The company said GAAP results are expected to include losses related to liquidation of Target Canada,net of taxes, net expenses related to the 2013 data breach, which are not expected to be material, the impact of the reduction of the beneficial interest asset recognized in connection with the 2013 sale of the companyís credit card portfolio, which is expected to reduce GAAP EPS by approximately 2c. The company noted that the "vast majority" of exit costs from Canada are non-cash and said the exit will allow a quicker return to share repurchases. During the quarter, Target named Mike McNamara as executive VP and Chief Information Officer. Target said it is planning open 15 stores in FY15, including three distinct store formats: eight TargetExpress locations, one CityTarget and six general merchandise stores. The U.S. Supreme Court declined to hear a challenge by retailers including Target to the Federal Reserve's rules for debit card "swipe fees," meaning the U.S. Court of Appeals for the District of Columbia Circuit decision, which upheld the rules, will must be followed, said Reuters. New York Attorney General Eric Schneiderman sent a letter to Target and other retailers for "allegedly selling store brand herbal supplement products in New York that either could not be verified to contain the labeled substance, or which were found to contain ingredients not listed on the labels." The letters call for the retailers to "immediately stop the sale of certain popular products," including Echinacea, Ginseng, St. Johnís Wort, and others. Target recently announced that all online orders of $25 or more now qualify for free shipping. Target agreed to pay $3.9M to settle a lawsuit alleging the company used inaccurate price scanners, misrepresented product weight, and charged higher prices than advertised, The San Francisco Gate reported, citing prosecutor statements. Target announced on its website that it will shutter its online streaming service Target Ticket on March 7. STREET RESEARCH: BofA/Merrill upgraded Target to Neutral from Underperform. The firm sees a more stable outlook for Target with the exit of the Canada division and expects the U.S. improvements to continue. RW Baird says that while Target's decision to exit Canada should help cash flows longer term, its view on the company's U.S. fundamentals remain unchanged. The firm says it's hard to call the company's above-plan Q4 comps "robust" given the easy compare. Wells Fargo believes that Target's decision to exit Canada came sooner than expected and removes a major ''weight off the shoulders'' of the company. The firm estimates Target's U.S. earnings can grow to as high as $5.50 in 2016. Stifel downgraded Target to Hold from Buy. The firm believes near-term tactical opportunities are play out and management commentary indicates investments will be necessary in order to modernize. PRICE ACTION: Target shares are up over 6.5% over the past three months. In early afternoon trading ahead of Wednesday's earnings report, shares are down 0.5% to $76.27.
10:00 EDTWPZOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AMC Networks (AMCX) downgraded to Neutral from Outperform at Macquarie... American Airlines (AAL) downgraded to Market Perform at Cowen... Armstrong World (AWI) downgraded to Hold from Buy at KeyBanc... Basic Energy (BAS) downgraded to Outperform from Strong Buy at Raymond James... CSC (CSC) downgraded at Stifel... Chevron (CVX) downgraded to Perform from Outperform at Oppenheimer... Choice Hotels (CHH) downgraded to Underweight from Equal Weight at Barclays... Eni SpA (E) downgraded to Underperform from Hold at Jefferies... Fifth Street Asset (FSAM) downgraded to Neutral from Outperform at Credit Suisse... HSBC (HSBC) downgraded to Neutral from Buy at UBS... Home Loan Servicing (HLSS) downgraded to Neutral from Overweight at Piper Jaffray... Huntington Ingalls (HII) downgraded to Underperform from Neutral at Credit Suisse... International Paper (IP) downgraded to Hold from Buy at Deutsche Bank... Kayne Anderson (KED) downgraded at Stifel... Landstar System (LSTR) downgraded to Hold from Buy at Deutsche Bank... Multi-Color (LABL) downgraded to Neutral from Long-Term Buy at Hilliard Lyons... Newmont Mining (NEM) downgraded to Neutral from Overweight at HSBC... ONEOK Partners (OKS) downgraded to Underweight from Neutral at JPMorgan... ONEOK (OKE) downgraded to Underweight from Neutral at JPMorgan... Olympic Steel (ZEUS) downgraded to Underperform from Neutral at Credit Suisse... Polypore (PPO) downgraded to Market Perform from Outperform at William Blair... Rosetta Resources (ROSE) downgraded to Equal Weight from Overweight at Stephens... Salix (SLXP) downgraded to Neutral from Buy at UBS... Sprint (S) downgraded to Sell from Neutral at BTIG... St. Jude Medical (STJ) downgraded to Underperform from Outperform at Credit Suisse... Timmins Gold (TGD) downgraded on lack of near-term production catalysts at RBC Capital... Transocean Partners (RIGP) downgraded to Underweight from Equal Weight at Barclays... Vodafone (VOD) downgraded to Underperform from Neutral at BofA/Merrill... Williams Partners (WPZ) downgraded to Neutral from Buy at Citigroup... Williams (WMB) downgraded to Neutral from Buy at Citigroup... Worthington (WOR) downgraded to Neutral from Outperform at Credit Suisse... Zillow Group (Z) downgraded at Macquarie.
07:37 EDTTGTTarget February weekly volatility elevated into Q4 and outlook
Target February weekly call option implied volatility is at 57, March is at 25, April is at 23, July is at 20; compared to its 26-week average of 20 according to Track Data, suggesting larger near term price movement into the expected release of Q4 results on February 25.
06:16 EDTWPZWilliams Partners downgraded to Neutral from Buy at Citigroup
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06:06 EDTQCOMStocks with implied volatility below IV index mean; FOSL QCOM
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February 23, 2015
15:06 EDTMNKDMannKind volatility increases into Q4 and outlook
MannKind February weekly call option implied volatility is at 103, March is at 63, April is at 60. May is at 55; compared to its 26-week average of 70 according to Track Data, suggests large near term price movement into the expected release into the expected release of Q4 result on February 24.
09:35 EDTSTTState Street to hold analyst and investor day
Analyst and Investor Day to be held on February 25 at 12:30 pm. Webcast Link
08:32 EDTTGTTarget lowers online free shipping minimum to $25
Target announced that, effective immediately, all online orders of $25 or more now qualify for free shipping, with virtually no exclusions. The new minimum is decreased from $50.
06:11 EDTQCOMStocks with implied volatility below IV index mean; FOSL QCOM
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February 22, 2015
17:25 EDTQCOMChip designer CEVA takes on Qualcomm in China, Bloomberg says
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February 20, 2015
16:40 EDTSTTState Street says legal accrual does not affect Q4, FY14 results
The increased legal accrual does not affect State Streetís previously announced operating-basis Q4 and FY14 financial results, which are not presented on a GAAP-basis.
16:39 EDTSTTState Street increases Q4 legal accrual to $115M
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11:47 EDTQCOMQualcomm mentioned positively at Pacific Crest
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07:20 EDTTGTWal-Mart wage increase may pressure Target, Staples, Reuters says
Wal-Mart's (WMT) wage increase announcement will likely pressure the retail, fast-food, and restaurant sectors to potentially follow suit, reports Reuters, citing an Edward Jones analyst and the managing director of consultancy firm Strategic Resource Group. The analysts specifically named Target (TGT) and Staples (SPLS). Reference Link
07:08 EDTPRGOAmerican Academy of Allergy, Asthma and Immunology to hold annual meeting
2015 Annual Meeting of AAAAI is being held in Houston, Texas on February 20-24.
04:50 EDTQCOMStocks with implied volatility movement; QCOM KO
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