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Stock Market & Financial Investment News

News For BBY;COF From The Last 14 Days
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November 21, 2014
16:36 EDTBBYMarket ends week higher as domestic data, foreign central banks boost shares
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11:30 EDTBBYGameStop plummets after Q3 results, profit outlook trail analysts' estimates
Shares of video game retailer GameStop (GME) are sinking after reporting third quarter results, as well as its fourth quarter and full year profit forecasts, that trailed analysts’ consensus estimates. WHAT'S NEW: GameStop last night reported Q3 adjusted earnings per share of 57c and revenue of $2.09B, trailing analysts' consensus estimates of 61c and $2.2B, respectively. Consolidated comparable store sales dropped 2.3% for the quarter. The company said topline and comparable store sales were negatively impacted by the delayed release of Assassin’s Creed Unity. GameStop said new hardware sales increased 147.4% during the quarter, outpacing industry growth of 102.4%. Additionally, GameStop said it reached 47.3% new software market share in Q3. WHAT’S NOTABLE: Looking ahead, GameStop forecast adjusted Q4 EPS of $2.08-$2.24, below analysts' estimates of $2.28. GameStop expects Q4 SSS to be down 5% to up 2%. The company cited several titles being moved out of 2014 and the current sales trends of prior generation software for the weak outlook. For FY14, GameStop narrowed its EPS view to $3.40-$3.55 from $3.40-$3.70, trailing analysts' estimates of $3.68. Full year comparable store sales growth is now expected to be up 2%-5%, down from its prior view of 6%-12% growth. ANALYST REACTION: This morning, research firm Telsey Advisory downgraded GameStop to Market Perform given that the previous thesis for a robust new gaming cycle has not materialized. They said soft Q3 results and lowered guidance indicate the gaming cycle is not as strong as previously thought, and lowered their price target on the shares to $45 from $51. Another firm, RW Baird, called GameStop's Q3 results disappointing, citing its accelerating declines in old generation hardware and software sales, reduced guidance and a key title delay. Baird maintained its Outperform rating on GameStop shares, but lowered its price target to $50 from $52. Janney Capital said that GameStop's mobile miss is surprising and disappointing given the iPhone 6 launch and the company's need for mobile growth to break its dependence on the game cycle. Prior-gen software declines have been steeper, pushing out the software inflection beyond Q4, which the firm said is later than expected. However, Janney maintained the value of discs will be more evident and ease concerns as game file sizes increase. The firm maintained its Buy rating on the stock, but lowered its fair value estimate to $45 from $50. PRICE ACTION: In late morning trading, GameStop fell $5.9, or 13.52%, to $37.66 on more than three times its average daily trading volume. Including today’s pullback, the stock has lost approximately 23% over the past twelve months. OTHERS TO WATCH: Other video game retailers include Best Buy (BBY), which is up 1%.
10:26 EDTBBYOptions with decreasing implied volatility
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10:00 EDTBBYOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Best Buy (BBY) upgraded to Outperform from Market Perform at Telsey Advisory... BlackRock (BLK) upgraded to Outperform from Market Perform at Bernstein... Cerner (CERN) upgraded to Outperform from Market Perform at Cowen... Community Health (CYH) upgraded to Outperform from Market Perform at Raymond James... Lockheed Martin (LMT) upgraded to Neutral from Sell at UBS... Teekay Offshore Partners (TOO) upgraded to Buy from Neutral at Citigroup... Trinity Industries (TRN) upgraded to Buy from Neutral at Longbow... Zebra Technologies (ZBRA) upgraded to Overweight from Neutral at JPMorgan... Ross Stores (ROST) upgraded to Hold from Sell at Maxim... St. Jude Medical (STJ) upgraded to Outperform from Market Perform at Cowen... Wolverine World Wide (WWW) upgraded to Buy from Neutral at DA Davidson... D.R. Horton (DHI) upgraded to Market Perform from Underperform at Raymond James... KB Home (KBH) upgraded to Market Perform from Underperform at Raymond James... Sony (SNE) upgraded to Overweight from Neutral at JPMorgan.
06:22 EDTBBYBest Buy price target raised to $43 from $36 at Citigroup
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06:11 EDTBBYBest Buy upgraded to Outperform from Market Perform at Telsey Advisory
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November 20, 2014
16:24 EDTBBYOn The Fly: Closing Wrap
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12:54 EDTBBYBest Buy strength a selling opportunity, says Evercore ISI
12:46 EDTBBYOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday despite disappointing purchasing managers' index readings in both China and Europe. The market took its early lead from Europe and opened lower, though the major averages moved into positive territory following a trio of better than expected domestic economic reports, as the leading economic indicators, Philadelphia Fed survey, and existing home sales all beat consensus forecasts. ECONOMIC EVENTS: In the U.S., initial jobless claims fell 2K to 291K in the week ended November 15, versus expectations for 280K first-time claims. The Consumer Prices Index was unchanged in October, versus expectations for a drop of 0.1%. The core CPI reading, which excludes food and energy, rose 0.2%, versus expectations for an increase of 0.1%. Markit's flash manufacturing PMI slipped 1.2 points to 54.7 in November, versus the consensus forecast for a 56.5 reading. Existing home sales rose 1.5% to a 5.26M rate in October, which beat expectations for a decline to a 5.15M unit rate. The index of leading indicators climbed 0.9% to 105.2 in October, beating expectations for a 0.5% increase. The Philadelphia Fed manufacturing index surged to 40.8 in November, easily topping the consensus expectation for a 18.0 reading. In Asia, the HSBC/Markit manufacturing PMI for China fell to a six-month low of 50.0 in the flash reading for November, which is down from a final reading of 50.4 in October and below the 50.3 consensus forecast. In Europe, Markit's flash eurozone PMI composite output index, which tracks surveys from both the manufacturing and services sectors, came in at 51.4 for November, which was down from 52.1 in October and represents the measure's lowest level in 16 months. COMPANY NEWS: Shares of Best Buy (BBY) advanced 7% after its third quarter profit beat estimates and it reported that its domestic same-store sales grew 3.2%. The electronics retailer also said the sales trends it is seeing as its enters the critical fourth quarter are "encouraging from a top-line perspective." MAJOR MOVERS: Among the notable gainers was Williams-Sonoma (WSM), which rose nearly 10% after the home goods retailer's third quarter results surpassed analysts’ consensus estimates and the company raised its fiscal 2014 outlook. Also higher following its own "beat and raise" quarterly report was Kirkland's (KIRK), which advanced 18%. Among the noteworthy losers was Liquidity Services (LQDT), which dropped 9% after its fourth quarter earnings missed expectations and the company said it will no longer give yearly guidance. Also lower was Keurig Green Mountain (GMCR), which dropped 6% after its first quarter profit outlook fell short of analysts’ consensus estimates and the company's Chief Financial Officer announced plans to depart. INDEXES: Near midday, the Dow was up 7.84, or 0.04%, to 17,693.57, the Nasdaq was up 22.08, or 0.47%, to 4,697.80, and the S&P 500 was up 3.01, or 0.15%, to 2,051.73.
10:35 EDTBBYOptions with decreasing implied volatility
Options with decreasing implied volatility: DKS SPLS WB GMCR VRX HTZ WSM VIPS BBY AMAT
10:02 EDTCOFOn The Fly: Analyst Initiation Summary
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09:21 EDTBBYOn The Fly: Pre-market Movers
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08:50 EDTBBYBest Buy says will evaluate cash position, potential buybacks after Q4
Best Buy says its knows how important that the matter of cash return is to investors, and that its use of cash will be evaluated after Q4, but also notes that its "number one priority" for its cash is investing in growth.
08:40 EDTBBYBest Buy says few stores not cash flow positive
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08:24 EDTBBYBest Buy cites strength in televisions, computing, tablets helping Q3 top-line
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07:05 EDTBBYBest Buy says internal, external factors could pressure operating income rate
CFO McCollam said "The sales trends we are seeing in our business as we enter the fourth quarter are encouraging from a top-line perspective. But to drive these results, similar to Q3, there are internal and external factors that we believe could put pressure on our operating income rate. The internal factors include: (1) the increased mix of faster growing, but lower-margin products in our revenue; (2) the potential impact of higher incentive compensation, particularly in our retail stores, based on our expected year-over-year improvement in performance; (3) higher growth in our lower-margin online channel; and (4) intensified investments in customer-facing initiatives. The external factors include: (1) an intensely promotional competitive environment; (2) a possible constraint in product availability in recent high-profile product launches; and (3) a potential supply chain disruption related to the West Coast port delays.”
07:04 EDTBBYBest Buy says total Renew Blue annualized cost reductions at $965M
Since its Q2 FY15 earnings release, Renew Blue annualized cost reductions have increased an additional $65 million, bringing the total Renew Blue annualized cost reductions to $965 million.
07:03 EDTBBYBest Buy sees Q4 revenue, SSS growth 'near-flat' y/y
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07:01 EDTBBYBest Buy reports Q3 continuing ops EPS 32c, consensus 25c
Reports Q3 revenue $9.38B, consensus $9.11B. Reports Q3 SSS up 2.2%.
06:35 EDTBBYStocks with implied volatility above IV index mean; BBY GME
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November 19, 2014
16:38 EDTCOFCapital One initiated with an Outperform at Bernstein
15:31 EDTBBYNotable companies reporting before tomorrow's open
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15:01 EDTBBYBest Buy technical comments before results
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13:33 EDTBBYBest Buy November 36 straddle priced for 8.2% move into Q3
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07:51 EDTCOFClearing House Payments Company to hold a conference
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07:26 EDTBBYBest Buy November volatility elevated into Q3 and holiday outlook
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05:58 EDTBBYStocks with implied volatility above IV index mean; BBY SPLS
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November 18, 2014
15:02 EDTBBYBest Buy management to meet with Jefferies
Meeting to be held in Boston on November 25 hosted by Jefferies.
15:01 EDTBBYBest Buy management to meet with B. Riley
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November 17, 2014
15:45 EDTBBYBest Buy remains a top pick for the holiday season at BofA/Merrill
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07:39 EDTBBYBest Buy price target raised to $42 from $35 at Stifel
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07:05 EDTBBYBest Buy price target raised to $40 from $36 at RBC Capital
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06:08 EDTCOFCapital One reports October charge-off rate 3.16% vs. 2.79% last month
Reports October 30-plus day performing delinquency rate 3.31% vs. 3.21% last month.
November 14, 2014
17:07 EDTBBYSoros Fund Management gives quarterly update on stakes
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12:53 EDTCOFOmega Advisors gives quarterly update on stakes
NEW STAKES: AerCap Holdings (AER), Nordic American Offshore (NAO), Melco Crown Entertainment (MPEL), Groupon (GRPN), and Ashland (ASH). INCREASED STAKES: QEP Resources (QEP), United Continental (UAL), Cabot Oil & Gas (COG), Actavis (ACT), and KAR Auction Services (KAR). DECREASED STAKES: Sprint (S), SandRidge Energy (SD), Sirius XM Holdings (SIRI), Kinder Morgan (KMI), and Transocean (RIG). LIQUIDATED STAKES: QUALCOMM (QCOM), Ocwen Financial (OCN), Freeport-McMoRan (FCX), Boston Scientific (BSX), and Capital One (COF).
11:48 EDTBBYStocks with call strike movement; GILD BBY
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07:36 EDTBBYBest Buy price target raised to $36 from $32 at UBS
UBS raised its price target on Best Buy to $36 from $32 ahead of its Q3 results. The firm sees a favorable near-term set-up, citing the company's cash balances, selection of premium products, and focused strategy of promotions deployment and expenses. UBS reiterates its Buy rating on Best Buy shares.
November 13, 2014
10:01 EDTCOFOn The Fly: Analyst Initiation Summary
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05:39 EDTCOFDiscover downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank downgraded Discover (DFS) to Hold with a $68 price target citing valuation and high expectations for loan growth. The firm sees a better risk/reward in shares of Capital One (COF), which it initiated this morning with a Buy.
05:36 EDTCOFCapital One initiated with a Buy at Deutsche Bank
Target $92.
November 12, 2014
07:28 EDTCOFBofA/Merrill to hold a conference
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November 11, 2014
10:00 EDTCOFOn The Fly: Analyst Downgrade Summary
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08:34 EDTBBYBest Buy to open over 1,000 stores at 5 pm local time on Thanksgiving
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07:00 EDTCOFCapital One downgraded to Neutral from Buy at Nomura
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06:57 EDTBBYBest Buy November volatility elevated into Q3 and holiday outlook
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November 10, 2014
07:08 EDTCOFCredit Suisse to hold a conference
2014 Boston Financials 1:1 Conference to be held in Boston on November 10-11.
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