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July 11, 2014
11:17 EDTBBBY, GSAT, BC, UUP, LO, CCE, ZLTQ, BBG, AOL, GLUUHigh option volume stocks
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September 18, 2014
14:16 EDTAOLRumor: AOL moves up on renewed takeover chatter
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14:09 EDTBCBrunswick expects net proceeds of $270M-$290M from retail bowling divestitures
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10:40 EDTBBBYPier 1 Imports falls to 12-month low after weak Q2, lowered outlook
Shares of home furnishings retailer Pier 1 Imports (PIR) hit a 12-month low after the company's second quarter results fell below analysts' consensus estimates and it reduced its fiscal 2015 earnings per share outlook. WHAT'S NEW: Pier 1 Imports reported Q2 EPS of 10c on revenue of $418.6M, missing analysts' consensus estimates of 14c and $426.02M, respectively. Same-store-sales for the quarter were up 4.5%. The retailer lowered its FY15 EPS outlook to 95c-$1.05 from $1.14-$1.22. Analysts' consensus estimates for FY15 EPS prior to the earnings report was $1.13. The company sees FY15 SSS in the mid-to-high single digits and gross profit, as a percentage of sales, are expected to be 40.5%-41.5%. Pier 1 Imports CEO Alex Smith said that he foresees online sales to surpass $400M in 2016. WHAT'S NOTABLE: During the company's conference call, Pier 1 Imports said that it expects to see improving merchandise margins in coming quarters with fewer coupons. The company noted plans to continue returning cash to shareholders in the form of dividends and share buybacks. ANALYST REACTION: This morning, Wells Fargo analyst Matt Neemer downgraded Pier 1 Imports to Market Perform from Outperform. He feels that the stock will be a difficult one to own in the medium term as the retailer moves towards a multi-channel approach. Neemer believes that the company has a difficult journey ahead as it cuts broad-based discounters, and he feels that consumers will take time to get accustomed to the new messaging. He cut his price target range to $15-$16 from $19-$20 for the company. Barclays analyst Alan Rifkin downgraded Pier 1 Imports to Equal Weight from Overweight due to slow revenue growth and heightened promotions. He feels that that the "soft" revenues could continue. He believes that the company's elongated online profitability pipeline and increased promotions are certain to be a burden on the business in ways that the company had not initially thought. Rifkin said that growing the top line will be even harder in the absence of promotions. He reduced his price target for shares to $14 from $18. Argus analyst Christopher Graja downgraded Pier 1 Imports to Hold from Buy due to the company's lower than anticipated Q2 earnings. He feels that in terms of the home furnishings market, companies such as Williams-Sonoma (WSM), Home Depot (HD) and Lowe's (LOW) are more "resilient" for shareholders. Pier 1 Imports was also downgraded to Hold from Buy at BB&T. PRICE ACTION: In morning trading, Pier 1 Imports fell $2.63, or 16.99%, to $12.90. Including today's pull back, the stock is down approximately 45.2% over the past 12 months. OTHERS TO WATCH: Other companies in the home furnishings space include Restoration Hardware (RH), and Bed Bath & Beyond (BBBY).
10:15 EDTZLTQZELTIQ reaffirms 2014 revenue outlook $160M-$165M
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September 17, 2014
10:00 EDTBBGOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AB InBev (BUD) upgraded to Hold from Sell at Societe Generale... Baker Hughes (BHI) upgraded to Outperform from Sector Perform at Howard Weil... Bank of the Ozarks (OZRK) upgraded to Buy from Hold at BB&T... Bill Barrett (BBG) upgraded to Buy from Neutral at Mizuho... Cepheid (CPHD) upgraded to Buy from Hold at Cantor... Cigna (CI) upgraded to Positive from Neutral at Susquehanna... Extra Space Storage (EXR) upgraded to Buy from Hold at Jefferies... GNC Holdings (GNC) upgraded to Outperform from Neutral at Wedbush... MB Financial (MBFI) upgraded at DA Davidson... Mondelez (MDLZ) upgraded to Buy from Hold at Societe Generale... Radian Group (RDN) upgraded to Buy from Neutral at Compass Point... Skullcandy (SKUL) assumed with a Overweight from Neutral at Piper Jaffray... Under Armour (UA) upgraded to Overweight from Neutral at Piper Jaffray.
09:50 EDTBBBYBed Bath & Beyond 2H guidance appears optimistic, says Cleveland Research
Cleveland Research checks indicate Bed Bath & Beyond Q2 sales trends remain flattish to up 1%, similar to Q1. The firm believes 2H guidance is too optimistic, especially for FY comps of +3%. The analyst remains cautious on shares and expect margin pressures to continue. Shares are Neutral rated.
05:59 EDTBBGBill Barrett upgraded to Buy from Neutral at Mizuho
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September 16, 2014
08:18 EDTAOLFCC to hold a roundtable
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07:37 EDTBBGBill Barrett cuts FY14 oil production to 26%, total production to 9.4-9.8 MMBoe
This reduces previous guidance by approximately 1.4 MMBoe, approximately 10% oil, as a result of production attributable to sold assets. It also narrows the previous guidance range toward the lower end of the range, primarily as a result of natural gas production year-to-date. Third quarter of 2014 total production is expected to range between 2.6-2.7 MMBoe. 2014 exit rate production is expected to be approximately 21 MBoe/d. Capital expenditures of $525-$550 million, narrowed to the upper end of previous estimates, primarily as a result of an increased well count in the Uinta Oil Program, due to faster drilling times, and the increased working interest acquired in the Northeast Wattenberg. Lease operating expenses of $58-$62 million. The Company was on track to the mid-point of previous guidance and the adjustment reflects only these asset sales. The run-rate in the fourth quarter of 2014 is expected to approximate $6.50 per Boe, reflecting the higher proportion of oil in the production mix. Gathering, transportation and processing expenses of $36-$37 million. This reflects a significantly reduced fourth quarter run-rate of $1-$2 million total for the quarter. Certain obligations associated with firm natural gas gathering and transportation agreements are expected to be written-off in the third quarter of 2014. The Company may record non-cash charges in the third quarter of 2014 associated with certain of these transactions, including the write-offs of the company's Ruby Pipeline and other firm transportation agreements for an estimated $128M, subject to final review of financial reporting requirements and estimated losses on property sales totaling approximately $100M. The company expects that the transactions will not incur a material current tax liability.
07:35 EDTBBGBill Barrett announces $757M divestiture of Power River, Piceance properties
Bill Barrett announced that it has signed purchase and sale agreements with several undisclosed purchasers for the sale of the majority of its Powder River Basin acreage and the company's remaining position in the Gibson Gulch natural gas program in the Piceance Basin. The transactions include an acreage exchange whereby Bill Barrett Corporation acquires 7,856 net acres and 390 barrels of oil equivalent per day net production within the southern block of its operated Northeast Wattenberg area in exchange for acreage in the Powder River Basin. The total value of the transactions is $757M and includes $568M in cash proceeds, $69M estimated value for assets acquired in an exchange, $36M for the assumption by a purchaser of a lease financing obligation and $84M in future commitments assumed by a purchaser for natural gas firm gathering and transportation obligations. The company expects to reduce its debt to $450M from $1.1B, pro forma as of June 30, 2014. It also anticipates that 2014 exit rate production will have a commodity mix that is more than 70% oil. The asset sales include 46,510 net acres in the Powder River Basin with net production that averaged 1,479 Boe/d in the second quarter of 2014 and proved reserves of 4.2 MMBoe at year-end 2013, and 12,000 net acres in the Piceance Basin with net production that averaged 80 million cubic feet natural gas equivalent per day in the second quarter of 2014 and proved reserves of 438 billion cubic feet natural gas equivalent at year-end 2013. These assets provided 33% of field level cash flow in the second quarter of 2014. The Company plans to sell its remaining Powder River Basin position, which includes 17,649 net acres and 170 Boe/d of production, based on the second quarter of 2014 results.
07:22 EDTBBGVanguard sees Bill Barrett deal 'immediately accretive' to cash flow at closing
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07:17 EDTBBGVanguard Natural acquires natural gas, oil, NGLs for $525M from Bill Barrett
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06:20 EDTZLTQZELTIQ to host investor day
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September 15, 2014
09:59 EDTBCBrunswick management to meet with Barrington
Meeting to be held in Montreal on September 17 hosted by Barrington.
September 12, 2014
11:03 EDTBBBYOptions with increasing implied volatility
Options with increasing implied volatility: ADHD VNET AVNO RAX VALE NLY EWZ BBBY SYY GGP
September 10, 2014
11:23 EDTUUPOptions with increasing implied volatility
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September 8, 2014
08:07 EDTAOLAOL introduces Road Devil Interstitial for Mobile
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05:58 EDTGLUUGlu Mobile positioned to meet Q3 estimates, says Piper Jaffray
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September 5, 2014
16:42 EDTGLUUGlu Mobile, Kardashian extend licensing agreement term by additional three years
Glu Mobile and Kimsaprincess, Inc., or KAP, Kim Kardashian Westís corporation, entered into an amendment to their existing license agreement dated November 5, 2013. Pursuant to the amendment, Glu and KAP agreed to extend the term of the KAP license agreement by an additional three years such that the term is now scheduled to end on June 30, 2019. During the term, Glu may elect to develop additional games featuring Kardashian in addition to continuing to develop updates for Gluís existing game, Kim Kardashian Hollywood. Once the term ends, Glu is permitted to continue selling the games it developed during the term during a sell-off period which, pursuant to the amendment, has been extended by six months to a total of 12 months. During the term, Kardashian and her property and marks may not appear in any other game that is playable on a mobile device or any other device on which games are playable. Pursuant to the amendment, KAP has agreed to provide additional property for inclusion in the games, including additional vocal recordings and video clips of Kardashian. Furthermore, KAP has agreed to cause Kardashian to conduct additional marketing and promotional activities in support of the games, including through various social media channels and a launch event for the next major update of Kim Kardashian Hollywood.
05:57 EDTUUPStocks with implied volatility movement; SMG UUP
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