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News For BBY;SAM;CLWR;S;CVS;RIGL;ENDP;YELP;AAPL From The Last 14 Days
Check below for free stories on BBY;SAM;CLWR;S;CVS;RIGL;ENDP;YELP;AAPL the last two weeks.
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August 26, 2014
19:53 EDTAAPLApple may introduce a thinner, lighter MacBook as early as Q4, Digitimes says
16:22 EDTBBYOn The Fly: Closing Wrap
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16:02 EDTAAPLOptions Update; August 26, 2014
iPath S&P 500 VIX Short-Term Futures up 27c to 27.69. Option volume leaders: AAPL TSLA TWTR AMZN GILD JNS NFLX according to Track Data.
15:24 EDTBBYBest Buy valuation compelling, says BofA/Merrill
14:59 EDTAAPLApple readying larger iPad for 2015 launch, Bloomberg says
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14:58 EDTBBYBest Buy still poised to beat Q4 expectations, says Jefferies
After Best Buy reported lower than expected Q2 revenue, Jefferies still expects the company to rebound in 2H14, with Q4 results beating expectations. The firm expects the company to benefit from positive product cycle trends in 2H14 and says that its Q2 sales were in-line with its expectations. Jefferies keeps a $38 price target and Buy rating on the shares.
14:54 EDTBBYBest Buy risk/reward favorable, says Credit Suisse
Credit Suisse remains a buyer of Best Buy and said risk/reward is favorable. The firm was not surprised by negative comps and lower earnings forecasts for the rest of the year and believes the company is poised to report Q4 upside. Shares are Outperform rated with a $40 price target.
14:47 EDTBBYBest Buy shares defended at Jefferies
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14:24 EDTAAPLL.A. school district halts $1B Apple iPad contract, LA Times reports
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14:17 EDTBBYInvestors should sell Best Buy, Barron's reports
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13:48 EDTAAPLApple granted patent on flexible screen technology, AppleInsider says
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12:24 EDTBBYOn The Fly: Midday Wrap
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11:23 EDTBBYTRW September volatility elevated
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11:12 EDTBBYHigh option volume stocks
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11:09 EDTBBYBest Buy shares decline as Best Buy reports Q2 sales drop
Shares of multi-channel Best Buy (BBY) are retreating after the firm reported that sales declines continued through the second quarter. WHAT'S NEW: Best Buy's Q2 earnings per share from continuing operations was 44c, exceeding analysts' consensus estimates of 31c. The company's Q2 revenue was $8.9B, which was slightly lower than analysts' $8.99B consensus. Same-store-sales for the quarter declined 2.7%, which is better than the overall industry sales decline of 2.5% as reported by NPD. Best Buy Chief Executive Officer Hubert Joly noted that traffic to the company's brick and mortar stores continued to decline as consumers research and buy online. Joly noted that in-store conversion and online traffic continued to increase during the quarter. Joly said that in the back half of the year, the retailer plans to intensify its investments in customer-facing initiatives. Chief Financial Officer and Chief Administrative Officer Sharon McCollam reiterated that industry-wide sales are continuing to decline in many of the consumer electronics cateogries in which it competes, and said the retailer is seeing "ongoing softness" in the mobile phone category ahead of new product launches. She forecast SSS down in the low single digits for both the third and fourth quarters and sees Q3 and Q4 operating income in line with the first half of the year. For the back half of the year, McCollam sees continued industry softness and higher promotionality in Canada and China. WHAT'S NOTABLE: During the company's conference call, Best Buy said that it is "encouraged" by the response to 4K televisions and aims to expand its holiday gift centers within stores. The company's CFO McCollam said that the firm's mobile phone category is "complicated to forecast." She feels that the disruption of carriers "could have impact" that the technology retailer did not anticipate. McCollam said that despite great excitement for some high-profile phone launches, there is still a great deal of competition in the lower-end of the phone market. In terms of the start of the upcoming quarter, Best Buy feels that the beginning has been "in-line" with expectations. ANALYST OPINION: ISI analyst Greg Melich feels that Best Buy's Q2 EPS beat was due to a slightly less dramatic decrease in gross margins and improved cost controls. He feels that the market is likely to pay close attention to continued sales decreases when predicting the rest of the year despite the better than anticipated quarterly EPS results. Melich said that he will keep an eye out for positive signs that Q4 will experience an improvement given the highly promotional and competitive landscape last year. The analyst keeps the stock with a neutral rating and a $31.99 price target. PRICE ACTION: In morning trading, Best Buy fell $1.59, or 4.97%, to $30.40. OTHERS TO WATCH: Best Buy peers include RadioShack (RSH) and hhgregg (HGG).
11:01 EDTBBYBest Buy shares defended at Morgan Stanley
10:15 EDTAAPLApple volatility low as shares near record high into iPhone 6 cycle
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09:35 EDTAAPLActive equity options trading on open
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08:56 EDTBBYOn The Fly: Pre-market Movers
HIGHER: Tim Hortons (THI), up 10.5% after announcing merger agreement with Burger King (BKW), which is up 4% after the news. Burger King CEO Schwartz will become group CEO of the new company and Berkshire Hathaway (BRK.A) has committed $3B of preferred equity financing for the deal... DSW (DSW), up 12% after reporting Q2 earnings beat, FY14 outlook above consensus... Kite Pharma (KITE), up 17% after announcing phase 1-2a results from trial of potential treatment of non-Hodgkin's lymphoma... Mobileye (MBLY), up 4.4% after coverage of stock initiated at several research firms, including Morgan Stanley which started with an Overweight rating and $46 price target and named it a new top pick... Kandi Technologies (KNDI), up 9% following Bloomberg report on Chinese government considering funding for electric car chargers. LOWER: Best Buy (BBY), down 3.7% after reporting Q2 revenue below consensus, Q2 same-store sales decline of 2.7%... Sanderson Farms (SAFM), down 5.9% after Q3 earnings, revenue miss estimates... Movado (MOV), down 5.1% after Q2 revenue miss expectations... DOWN AFTER EARNINGS: Prospect Capital (PSEC), down 3.5%... Trina Solar (TSL), down 7.6%.
08:54 EDTBBYBest Buy CEO says beginning of quarter has been 'in-line with expectations'
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