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News Breaks
March 14, 2014
10:14 EDTTKC, NSH, INDB, TESO, TEVA, NS, BANC, PPC, SIGI, LOWOn The Fly: Analyst Upgrade Summary
Banc of California (BANC) upgraded to Buy from Neutral at Sterne Agee... Independent Bank (INDB) upgraded to Outperform from Market Perform at Keefe Bruyette... Lowe's (LOW) upgraded to Outperform from Perform at Oppenheimer... NuStar Energy (NS) upgraded to Buy from Neutral at Goldman... NuStar GP Holdings (NSH) upgraded to Neutral from Sell at Goldman... Selective Insurance (SIGI) upgraded to Outperform from Market Perform at Keefe Bruyette... Teva (TEVA) upgraded to Neutral from Underweight at JPMorgan... Turkcell (TKC) upgraded to Buy from Neutral at UBS... Pilgrim's Pride (PPC) upgraded to Overweight from Equal Weight at Stephens... Tesco (TESO) upgraded to Overweight from Equalweight at Capital One.
News For BANC;INDB;LOW;NS;NSH;SIGI;TEVA;TKC;PPC;TESO From The Last 14 Days
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August 19, 2015
10:46 EDTLOWLowe's shares look fairly valued, says Cantor
Cantor Fitzgerald analyst Laura Champine says shares of Lowe's (LOW) look fairly valued following the company's Q2 results. Earnings missed expectations on lighter margins, Champine tells investors in a research note. Lowe's same-store-sales kept pace with Home Depot's (HD) for the first time in over five years, however, she points out. The analyst keeps a Hold rating on the name with a slightly increased price target of $69.
10:26 EDTLOWLowe's advances as Q2 revenue increases 4.5% from prior year
Shares of Lowe's (LOW) are advancing after the company reported second quarter revenue that increased 4.5% and a comparable store increase of 4.3%. WHAT'S NEW: Lowe's reported Q2 earnings per share of $1.20, missing analysts' estimates of $1.24, on revenue of $17.35B, slightly beating estimates of $17.27B and an increase of 4.5% from the prior year. Comparable store sales for the quarter rose 4.3%, the company said. Regarding the quarter, Robert Niblock, the company's chairman, president and Chief Executive Officer, said that the company was able to capitalize on big-ticket market share opportunities with "strong" growth in categories including outdoor power equipment and appliances. Looking ahead, the company forecast fiscal year 2015 EPS of about $3.29, above analysts' consensus estimates of $3.28, and revenue for the year up 4.5%-5% year over year. This guidance is in line with previously provided guidance. Lowe's added that it sees FY15 SSS rising 4%-4.5% over last year and it expects to add 15-20 stores in FY15. Additionally, the company sees FY15 operating margin up 80-100 basis points and expects the effective income tax rate will be approximately 38.1%. WHAT'S NOTABLE: On its earnings conference call, Lowe's noted that recovery within the housing market continues and that drivers for the improvement include disposable personal income, home prices and housing turnover. Lowe's said it expects to repurchase $3.8B of stock in 2015, in line with prior forecasts. The company said it is planning to open 70 stores in Canada by 2017. The Fly notes that Lowe's announced earlier this month plans to open its first Manhattan store "in the coming weeks." STREET RESEARCH: Following the release of the company's earnings, Baird said that it views weakness in Lowe's shares as a buying opportunity and that the company's confidence in their unchanged FY15 guidance implies significant flow-through improvement and 30%+ EPS growth over the second half of the year. Baird added that upgraded online/project management functionality and installation/delivery optimization capabilities coming in 2015 show that progress on providing a seamless shopping experience for consumers should continue. In addition, Bank of America Merrill Lynch reiterated its Buy rating on the Lowe's shares due its view of the company as a beneficiary of the consumer shift into bigger ticket purchases, which should sustain comp growth. OTHERS TO WATCH: Lowe's peer Home Depot (HD) yesterday reported Q2 adjusted EPS of $1.71, in line with analysts' consensus estimates of $1.71, on revenue of $24.83B, relatively in line with the consensus estimate of $24.69B. Home Depot said SSS rose 4.2%, with U.S. SSS up 5.7%. The company also raised its FY15 EPS growth view to 13% from 11%-12%, with analysts expecting $5.27, and its FY15 sales growth view to 5.2%-6% from 4%-4.6%, with analysts expecting $87.02B. PRICE ACTION: In morning trading, shares in Lowe's are up 0.63% to $73.50. Meanwhile, Home Depot is up 0.14% to $122.96.
09:51 EDTLOWLowe's reiterated as a Buy at BofA/Merrill
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09:25 EDTPPCBB&T to hold a conference
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09:24 EDTLOWLowe's sees FY15 EBIT increase of 80-100 basis points
Expects choppiness throughout the year. Most of EBIT improvement will come from SG&A. Expects fixed cost leverage associated with sales growth.
09:19 EDTLOWOn The Fly: Pre-market Movers
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09:06 EDTLOWLowe's expects to open 70 stores in Canada by 2017
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09:05 EDTLOWLowe's sees FY15 cash flow from operations $5B, CapEx $1.3B
The company expects to repurchase $3.8B of stock in 2015. Sees FY15 effective income tax rate of 38.1%.
09:04 EDTLOWLowe's says key drivers in home improvement include disposable personal income
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07:34 EDTLOWLowe's weakness a buying opportunity, says Baird
Baird said weakness in Lowe's shares following its Q2 earnings miss is a buying opportunity. The firm cited management's confidence in their unchanged full year guidance implying a significant flow through improvement and 30%+ earnings growth over the second half of the year. Baird reiterated its Outperform rating and $83 price target on Lowe's shares.
07:22 EDTNSCitigroup to hold a conference
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06:06 EDTLOWLowe's sees FY15 EPS about $3.29, consensus $3.28
Sees FY15 revenue up 4.5%-5%. Sees FY15 SSS up 4%-4.5%. The company expects to add 15-20 stores in FY15.
06:05 EDTLOWLowe's reports Q2 EPS $1.20, consensus $1.24
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August 18, 2015
14:51 EDTLOWNotable companies reporting before tomorrow's open
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14:08 EDTLOWLowe's August 72.50 straddle priced for 3.5% movement into Q2
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12:54 EDTLOWEarnings Watch: Analysts bullish on Lowe's ahead of Q2 earnings
Lowe's Companies (LOW), a home improvement retailer, is scheduled to report its second quarter earnings before the market open on Wednesday, August 19, with a conference call scheduled for 9:00 am ET. EXPECTATIONS: Analysts are looking for earnings per share of $1.24 on revenue of $17.27B, according to First Call. The consensus range for EPS is $1.21-$1.27 on revenue of $16.97B-$17.48B. LAST QUARTER: On May 20, Lowe's reported first quarter EPS of 70c on revenue of $14.13B, falling short of analysts' estimates of 74c and $14.28B, respectively. The company also said Q1 same-store sales rose 5.3% year-over-year. The company forecast fiscal year 2015 EPS of about $3.29 against estimates at the time of $3.31 and said it expects revenue to grow 4.5%-5%. Lowe's also forecast FY15 SSS to grow 4%-5% and added that it expected to open 15-20 home improvement and hardware stores in FY15. On its Q1 conference call, Lowe's forecast FY15 effective tax rate of approximately 38.1%, operating margin up 80-100 basis points, capital expenditures of roughly $1.4B, and cash flow from operations of approximately $5.1B. The company added that it continues to expect steady recovery within the housing market including positive trends in turnover and moderate home price appreciation. NEWS: On May 29, Lowe's announced that its board declared a 21.7% increase in its quarterly cash dividend to 28c per share, payable August 5 to shareholders of record as of July 22. On June 10, the company said at the Piper Jaffray Consumer Conference that it was seeing modestly improving wages and saw the income environment as constructive to the industry. It added that it was starting to see pickup from the bottom in housing and modest home price appreciation in 2015. At the Oppenheimer Global Consumer Conference on June 24, Lowe's said it was more focused on asset productivity than square footage, that it was contemplating new geographies, and that it expected to further capitalize on market opportunity in 2015. STREET RESEARCH: The day Lowe's reported Q1 earnings, Cantor Fitzgerald analyst Laura Champine lowered her price target for the company's shares to $68 from $75 due to lower-than-expected results. Cantor maintained its Hold rating on the stock. The same day, Bank of America Merrill Lynch said the company was still a top pick and reiterated its Buy rating, saying that, despite the Q1 earnings miss, it continued to expect Lowe's to benefit from investments. The day after Lowe's reported Q1 earnings, UBS said it believed the company's shares had room to run from at the time current levels. UBS reiterated its Buy rating for the company and lowered its price target to $82 from $83 on its shares. On June 8, Atlantic Equities initiated its coverage on Lowe's shares with a Neutral rating and a $79 price target. Exactly one week later, Wedbush upgraded Lowe's to Outperform from Neutral, saying it thought at the time that the company was benefiting from strong housing trends as well as Sears' (SHLD) increasing share losses, its previous investments, and macro tailwinds. Wedbush said the company will be a "winner" as long as interest rates remain low and increased its price target for the company's shares to $82 from $80. On June 30, BMO Capital upgraded Lowe's to Outperform and increased its price target to $81 from $73, citing expectations of stronger relative housing improvement and overall economic activity in Southeastern states, where Lowe's has a larger store footprint. BMO added that sales in the Pro segment could accelerate and potentially narrow the gap in comp-store sales with Home Depot (HD) if growth broadens in the coming months. On July 20, Deutsche Bank lowered its Q2 comparable sales and earnings estimates for both Lowe's and Home Depot below consensus to reflect "weak" industry data for building material, garden equipment, and supplies. Deutsche cut its Q2 comp estimate for Lowe's to 3.0% from 4.5% and earnings estimate to $1.23, below the consensus at the time of $1.25. Deutsche maintained its Buy rating on Lowe's stock. PRICE ACTION: Over the last three months, Lowe's shares are up fractionally. In early trading ahead of Wednesday's report, Lowe's are up over 1% to $73.34.
08:04 EDTTEVATeva shares reflect Copaxone franchise risk, says Morgan Stanley
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08:03 EDTLOWLowe's August volatility elevated into Q2 and outlook
Lowe's August call option implied volatility is at 48, September is at 23; compared to its 52-week range of 16 to 29, suggesting large price movement into the expected release of Q2 results on Aug 19.
August 17, 2015
12:55 EDTLOWEarnings Watch: Home Depot up 6% over last three months
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August 14, 2015
17:08 EDTTEVAPaulson & Co gives quarterly update on stakes
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