New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
February 3, 2013
16:56 EDTAVPAnxious Wall St. waits for explanations from new Avon CEO, NYT says
Avon (AVP) replaced much maligned former Avon CEO Andrea Jung with Sherilyn S. McCoy, who came from J&J in April and started an ambitious turnaround plan at the beauty products company, says the New York Times, adding that Ms. McCoy has yet to explain to impatient investors how she intends to turnaround the company. Reference Link
News For AVP From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
February 11, 2016
12:27 EDTAVPOn The Fly: Top stock stories at midday
U.S. stocks are having another awful session as markets around the world continue to slide. The culprits are many: the prospects of slower global growth, the diminished power of central banks to prop up the markets, lower oil prices, renewed concern over the European banking system and the deleterious effect of negative interest rates are all being pointed to as contributors. Adding another dagger to the Dow is the slide in Boeing (BA), which is down nearly 10% following a report that the SEC is looking into its accounting practices. The Dow is leading the market lower with losses of about 2%, but the Nasdaq and S&P are sharply lower as well. ECONOMIC EVENTS: In the U.S., initial jobless claims dropped to 269,000 last week, versus expectations for 280,000 first-time claims. Federal Reserve Chair Janet Yellen is back on Capitol Hill this morning, this time in front of the Senate after giving testimony yesterday to members of the House of Representatives. In her testimony yesterday, Yellen said she was not certain whether she had the legal authority to cut rates into negative territory. However, other central banks around the world have recently been doing just that, with Sweden's Riksbank the latest. Sweden's central bank surprised analysts by cutting its main repo rate to minus 0.5% from minus 0.35%. In Asia, Hong Kong markets re-opened after being closed in the first three days of the week for the New Year holiday and closed deeply in the red, catching up with recent global stock weakness. COMPANY NEWS: Shares of Cisco (CSCO) advanced 9% after the company beat expectations for both sales and earnings, raised its dividend by 24% and approved a $15B increase to its stock repurchase program. The stock was virtually the only bright spot for the Dow, which saw almost every other bluechip member slide, led by laggard Boeing after Bloomberg said the SEC may investigate its accounting and projections for its 787 Dreamliner and the 747 programs... The shares of Twitter (TWTR) are falling and hit a new 52-week low earlier in the session after the company reported that its user base was flat last quarter. Research firm Pacific Crest responded to the news by downgrading the stock, with analyst Evan Wilson saying the stock may fall to as low as $11 per share as the "hope trade" ends... Tesla (TSLA) unexpectedly reported sharp losses for its fourth quarter, but its stock rallied 7% after the electric carmaker also projected that it will deliver 80,000-90,000 vehicles in 2016. MAJOR MOVERS: Among the noteworthy gainers was Expedia (EXPE), which rallied 10% following the company's Q4 earnings report. Also higher were j2 Global (JCOM) and TripAdvisor (TRIP), which gained 16% and 17.5%, respectively, after reporting quarterly earnings. Among the notable losers was Mylan (MYL), which fell 18% after it reported quarterly earnings and announced it would buy Meda Aktiebolag for $9.9B. Also lower were Incyte (INCY), which fell 18.5% after the company reported earnings and said it was discontinuing studies of ruxolitinib for pancreatic cancer. Avon Products (AVP) and Monster Worldwide (MWW), slid 14% and 31%, respectively, after their own quarterly reports. INDEXES: Near midday, the Dow was down 351.43, or 2.21%, to 15,563.31, the Nasdaq was down 54.49, or 1.27%, to 4,229.10, and the S&P 500 was down 33.49, or 1.81%, to 1,818.37.
10:33 EDTAVPAvon dives after reporting fourth quarter losses
Shares of Avon Products (AVP) are plunging after the company reported fourth quarter results that fell well below analysts' estimates. Avon manufactures and markets beauty products such as fragrances and cosmetics, and also offers jewelry and accessories. WHAT'S NEW: Avon this morning said its adjusted continuing operations earnings per share were breakeven, compared with 21c in the year-ago period and analysts' consensus estimate of 8c. Including items, Avon's loss from continuing operations for Q4 was 70c per share. Revenue for the quarter came in at $1.6B, below analysts' estimate of $1.82B. Total revenue was down 20%, but up 3% in constant dollars excluding the divestiture of Liz Earle. Excluding Liz Earle and certain Brazil items, the company said constant dollar revenue would have been up about 6%. Avon said active representatives were up 2% year over year, but that average order was down 1% and was negatively impacted due to the Brazil value added tax credits that did not recur in 2015, as well as the Brazil Industrial Production Tax in 2015 and the Liz Earle divestiture. Avon also said Q4 beauty sales fell 21%, but were up 2% in constant dollars. COMMENTARY: Looking ahead to 2016, Avon said on its earnings conference call that it expects 1%-2% active representative growth for the company. Avon also expects Brazil to be a "challenging" environment, but said it believes Brazil will be "relatively flat with ups and downs" over the course of the year. Further, Avon expects Mexico to deliver "solid" performance, the U.K. will deliver flat to slightly positive growth by year-end and that Russia will continue to grow. The company also expects to have a resolution for its China business during 2016. Avon said a specific challenge in China has been its business model and noted that it is looking at strategic partnerships. Avon said it expects to take "significant" price increases moving forward. Lastly, Avon said it will execute more cost take out in 2016 of $70M. INVESTOR DAY AND HEADCOUNT REDUCTION: Avon held its investor day in January and said it expects to cut $350M in costs over the next three years. At the time, CEO Sheri McCoy said the company would look at "all alternatives" for its China division, which represents about 1% of total sales. Following Avon's investor day, Piper Jaffray analyst Stephanie Wissink upgraded Avon Products to Overweight from Neutral and said the company offered a viable strategy to modernize the company. Earlier in the month, Avon disclosed in a regulatory filing that it would cut headcount related to an information technology infrastructure outsourcing initiative. Avon said it would record total charges of about $30M before taxes. PRICE ACTION: Avon Products is down 15% to $2.75 in morning trading. Shares are down more than 65% over the last 12 months.
06:49 EDTAVPAvon Products reports Q4 adjusted EPS 0c, consensus 8c
Subscribe for More Information
February 10, 2016
14:32 EDTAVPNotable companies reporting before tomorrow's open
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the theflyonthewall.com disclaimer & terms of use