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Stock Market & Financial Investment News

News Breaks
May 30, 2014
10:55 EDTBIG, FDO, DLTRBig Lots advances after results top estimates, guidance raised
Shares of closeout retailer Big Lots (BIG) are sharply higher this morning after the company reported first quarter results that exceeded expectations. WHAT'S NEW: Big Lots reported Q1 earnings per share from continuing operations of 50c and revenue of $1.28B, which topped analysts’ consensus estimates of 44c and $1.26B, respectively, and beat the company's EPS guidance of 40c-45c per share. Same store sales for the quarter increased 0.9%. Inventory at the end of the quarter was $835M compared to $885M a year ago. Looking ahead, the company forecast second quarter EPS of 24c-30c and SSS to rise 1%-3%. The consensus forecast of analysts for Q2 EPS prior to the report was 28c. The company also raised fiscal year 2014 EPS guidance to $2.35-$2.50 from $2.25-$2.45, on revenue of flat to slightly up and SSS up 1%-2%. The consensus forecast of analysts for FY EPS prior to the report was $2.38. The company sees FY14 cash flow of approximately $170M from continuing U.S. operations and consolidated cash flow of approximately $145M after the impact of the wind down of our discontinued Canadian operations. WHAT'S NOTABLE: On its earnings conference call, Big Lots admitted that its Q1 results "could have been better," but believes the issue was weather. The company noted that some of the early groundwork is being established int he social advertising space. The company said "nothing has changed" regarding its gross margin rate forecast. PRICE ACTION: Big Lots is trading up $4.62, or 12.3%, to $42.14 in mid-morning trading. OTHERS TO WATCH: Shares of Big Lots peer Dollar Tree (DLTR) are down modestly to $52.88, while another retailer in the space, Family Dollar (FDO), is virtually unchanged at $58.16.
News For BIG;DLTR;FDO From The Last 14 Days
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January 27, 2015
06:04 EDTFDOTrian sold 6M shares yesterday of Family Dollar
Nelson Peltz's Trian Fund Management disclosed that on January 26, it sold an aggregate of 6M Family Dollar shares. Following such sales, Trian continues to beneficially own an aggregate of 2.36M shares, representing approximately 2.07% of the company.
January 26, 2015
10:38 EDTFDO, DLTRFamily Dollar reports January preliminary SSS up 1.2%
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07:39 EDTDLTRDollar Tree reinstated with a Neutral at BofA/Merrill
Target $80.
January 23, 2015
07:46 EDTDLTRDollar General CEO stays until 2016, may seek smaller acquisitions, Reuters says
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January 22, 2015
17:31 EDTFDOTrian Fund Management voting restrictions with Family Dollar have terminated
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09:37 EDTFDO, DLTRDollar Tree says Family Dollar merger could close as soon as March
Dollar Tree (DLTR) commented on the outcome of the shareholder vote of Family Dollar Stores (FDO) to approve the pending merger with Dollar Tree. It said, "Today’s vote of approval by Family Dollar shareholders represents a crucial step toward combining Dollar Tree, North America’s leading fixed-price point discount retailer, with Family Dollar, a leading multi-price point retailer with a 50+ year history of serving low and middle income customers By adding Family Dollar to our portfolio of brands, Dollar Tree will soon operate more than 13,000 stores in 48 states and five Canadian provinces with annual sales exceeding $18 billion. This merger enhances our geographic footprint and diversifies our business model. We intend to operate and grow both banners." Dollar Tree added that "several steps" need to take place to facilitate the successful completion of the acquisition. By the end of January, Dollar Tree expects to reach a preliminary agreement with the FTC staff on the list of substantially all of the stores to be divested. Dollar Tree then plans to finalize divestiture agreements with the selected buyers, to address any concerns of the investigating state attorneys general, and to execute a consent order with the FTC’s Bureau of Competition. Dollar Tree and Family Dollar have agreed to provide the FTC with four weeks’ notice prior to closing. Dollar Tree expects to initiate this four-week notice period after Dollar Tree executes a consent decree with the FTC’s Bureau of Competition, which should enable the closing of the merger as soon as March 2015.
09:25 EDTFDO, DLTRFamily Dollar shareholders approve Dollar Tree merger
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09:24 EDTFDO, DLTRFamily Dollar shareholders approve Dollar Tree merger
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09:23 EDTFDO, DLTRDollar General says Rick Dreiling to continue as chairman and CEO
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09:21 EDTFDO, DLTRFamily Dollar holders approve Dollar Tree deal, Bloomberg reports
Family Dollar (FDO) shareholders approved today the buyout offer from Dollar Tree (DLTR), Bloomberg reports.
06:05 EDTDLTR, FDOFamily Dollar investors expected to approve Dollar Tree deal, NY Post reports
Family Dollar (FDO) investors are poised to approve Dollar Tree's (DLTR) $8.5B cash and stock takeover offer at a meeting today, The New York Post reports. Reference Link
January 21, 2015
11:18 EDTBIGSnow Capital reports 5.2% passive stake in Big Lots
January 16, 2015
10:01 EDTFDOOn The Fly: Analyst Downgrade Summary
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06:02 EDTDLTR, FDOFamily Dollar downgraded to Hold from Buy at Jefferies
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